Document:

EXHIBIT 10.15

                           RAM ENERGY RESOURCES, INC.

                              EMPLOYMENT AGREEMENT

                                                         Larry E. Lee

<PAGE>

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of May 8,
2006 (the "Effective Date"), by and between RAM ENERGY RESOURCES, INC., a
Delaware corporation (the "Company"), and LARRY E. LEE, an individual (the
"Executive").

     WHEREAS, the Board of Directors of the Company (the "Board"), has
determined that it is in the best interests of the Company and its shareholders
to assure that the Company will have the continued dedication of the Executive;

     WHEREAS, the Board believes it is important to diminish the inevitable
distraction of the Executive by virtue of the personal uncertainties and risks
created by a pending or threatened loss of employment, and to encourage the
Executive's full attention and dedication to the affairs of the Company during
the term of this Agreement and upon the occurrence of such event;

     WHEREAS, the Board also believes the Company is best served by providing
the Executive with compensation arrangements which provide the Executive with
individual financial security and which are competitive with those of other
corporations; and

     WHEREAS, in order to accomplish these objectives, the Board has caused the
Company to enter into this Agreement.

     NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

     1. Employment Period. The Company hereby agrees to continue the Executive
in its employ, and the Executive hereby agrees to remain in the employ of the
Company, for the period commencing on the Effective Date and ending on the third
anniversary of such date (the "Employment Period").

     2. Terms of Employment.

          (a) Position and Duties.

               (i) During the Employment Period, (A) the Executive's position
          (including status, offices, secretarial and administrative support,
          titles and reporting requirements), authority, duties and
          responsibilities shall be that of President and Chief Executive
          Officer, and (B) unless the Executive consents to the contrary, the
          Executive's services shall be performed at the Company's principal
          executive offices in Tulsa, Oklahoma.

               (ii) During the Employment Period, and excluding any periods of
          vacation and sick leave to which the Executive is entitled, the
          Executive agrees to devote reasonable attention and time during normal
          business hours to the business and affairs of the Company and, to the
          extent necessary to discharge the responsibilities assigned to the
          Executive hereunder, to use the Executive's reasonable best efforts to
          perform faithfully and efficiently such responsibilities. During the
          Employment Period it shall not be a violation of this Agreement for
          the Executive to (A) serve on civic or charitable boards or
          committees, (B) deliver lectures, fulfill speaking engagements or
          teach at educational institutions and (C) manage personal investments,
          so long as such activities do not significantly interfere with the
          performance of the Executive's responsibilities as an employee of the
          Company in accordance with this Agreement.

          (b) Compensation.

               (i) Base Salary. During the Employment Period, the Executive
          shall receive an annual base salary ("Base Salary") at least equal to
          $450,000. Such Base Salary shall be payable monthly in cash. Base
          Salary shall be computed prior to any reductions for (i) any deferrals
          of compensation made pursuant to Sections 125 or 401(k) of the Code or
          pursuant to any other program or arrangement provided by the Company
          and (ii) any withholding, income or employment taxes. During the
          Employment Period, the Base Salary shall be reviewed at least annually
          and shall be increased at any time and from time to time as shall be
          determined by the Board. Any increase in Base Salary shall not serve
          to limit or reduce any other obligation to the Executive under this
          Agreement. Base Salary shall not be reduced after any such increase.

               (ii) Bonus. In addition to Base Salary, the Executive may be
          paid, for any fiscal year during the Employment Period, a bonus
          ("Bonus"), either pursuant to the incentive compensation plan of the
          Company or otherwise as may be determined by the Board.

               (iii) Incentive, Savings and Retirement Plans. In addition to
          Base Salary and Bonus, the Executive shall be entitled to participate
          during the Employment Period in all incentive, savings and retirement
          plans, practices, supplemental retirement plan policies and programs
          applicable to other key management employees of the Company and its
          subsidiaries.

               (iv) Welfare Benefit Plans. During the Employment Period, the
          Executive and/or the Executive's family, as the case may be, shall be
          eligible for participation in and shall receive all benefits under
          welfare benefit plans, practices, policies and programs provided by
          the Company and its subsidiaries (including, without limitation, any
          medical, prescription, dental, disability, salary continuance,
          employee life, group life, accidental death and travel accident
          insurance plans and programs).

               (v) Expenses. During the Employment Period, the Executive shall
          be entitled to receive prompt reimbursement for all reasonable
          business expenses incurred by the Executive in accordance with the
          policies, practices and procedures of the Company and its subsidiaries
          provided to other key management employees of the Company and its
          subsidiaries.

               (vi) Automobile. During the Employment Period, the Executive
          shall be entitled to the use of a Company-owned automobile
          commensurate with his position as President and Chief Executive
          Officer of the Company (the make, model, cost and frequency of
          replacement of which shall be subject to approval by the Board), and
          reimbursement by the Company for all reasonable expenses related to
          the use and operation of such automobile.

               (vii) Office and Support Staff. During the Employment Period, the
          Executive shall be entitled to an office or offices of a size and with
          furnishings and other appointments, and to secretarial and other
          assistance, commensurate with his position as President and Chief
          Executive Officer of the Company.

               (viii) Vacation. During the Employment Period, the Executive
          shall be entitled to paid vacation in accordance with Company
          policies.

               (ix) Effect of Increases. Any increase in Base Salary, Bonus or
          any other benefit or perquisite described in the foregoing Sections
          (i)-(viii) shall in no way diminish any obligation of the Company
          under the Agreement.

     3. Termination.

          (a) Death or Disability. This Agreement shall terminate automatically
     upon the Executive's death. If the Company determines in good faith that
     the Disability of the Executive has occurred (pursuant to the definition of
     "Disability" set forth below), it will give to the Executive written notice
     of its intention to terminate the Executive's employment. In such event,
     the Executive's employment with the Company shall terminate effective on
     the 30th day after the date of such notice (the "Disability Effective
     Date"), provided that, within such time period, the Executive shall not
     have returned to full-time performance of the Executive's duties. For
     purposes of this Agreement, "Disability" means disability (either physical
     or mental) which (i) materially and adversely affects Executive's ability
     to perform the duties required of his office, and (ii) at least 26 weeks
     after its commencement, is determined to be total and permanent by a
     physician selected by the Company or its insurers and acceptable to the
     Executive or the Executive's legal representative (such agreement as to
     acceptability not to be withheld unreasonably).

          (b) Cause. The Company may terminate the Executive's employment for
     "Cause." For purposes of this Agreement, termination of the Executive's
     employment by the Company for Cause shall mean termination for one of the
     following reasons: (i) the conviction of the Executive of a felony by a
     federal or state court of competent jurisdiction; (ii) an act or acts of
     dishonesty taken by the Executive and intended to result in substantial
     personal enrichment of the Executive at the expense of the Company; or
     (iii) the Executive's failure to follow a direct, reasonable and lawful
     written order from the Board, within the reasonable scope of the
     Executive's duties, which failure is not cured within 30 days. Further, for
     purposes of this Section (b), )the Executive shall not be deemed to have
     been terminated for Cause unless and until there shall have been delivered
     to the Executive a copy of a resolution duly adopted by the affirmative
     vote of a majority of the Board (excluding Executive if Executive is then a
     member of the Board) at a meeting of the Board called and held for such
     purpose (after reasonable notice to the Executive and an opportunity for
     the Executive, together with the Executive's counsel, to be heard before
     the Board), finding that in the good faith opinion of the Board the
     Executive was guilty of conduct set forth in clauses (i), (ii) or (iii)
     above and specifying the particulars thereof in detail.

          (c) Good Reason. The Executive's employment may be terminated by the
     Executive for Good Reason. For purposes of this Agreement, "Good Reason"
     means:

               (i) the assignment to the Executive of any duties inconsistent in
          any respect with the Executive's position (including status, offices,
          titles and reporting requirements), authority, duties or
          responsibilities as contemplated by Section 2(a) of this Agreement, or
          any other action by the Company which results in a diminution in such
          position, compensation, authority, duties or responsibilities,
          excluding for this purpose an isolated, insubstantial and inadvertent
          action not taken in bad faith and which is remedied by the Company
          within ten (10) days after receipt of notice thereof given by the
          Executive;

               (ii) any failure by the Company to comply with any of the
          provisions of Section 2(b) of this Agreement, other than an isolated,
          insubstantial and inadvertent failure not occurring in bad faith and
          which is remedied by the Company within ten (10) days after receipt of
          notice thereof given by the Executive;

               (iii) the Company's requiring the Executive to be based at any
          office or location other than that described in Section 2(a)(i)(B)
          hereof, except for periodic travel reasonably required in the
          performance of the Executive's responsibilities;

               (iv) any purported termination by the Company of the Executive's
          employment otherwise than as expressly permitted by this Agreement; or

               (v) any failure by the Company to comply with and satisfy Section
          10(c) of this Agreement.

     For purposes of this Section 3(c), any good faith determination of "Good
Reason" made by the Executive shall be conclusive unless such determination is
rejected by vote of a majority of the Board (excluding Executive if Executive is
then a member of the Board), in which event Executive may refer the
determination of "Good Reason" to binding arbitration by and between the Company
and the Executive conducted pursuant to the Commercial Arbitration Rules of the
American Arbitration Association ("AAA") by a single arbitrator appointed by the
AAA. The decision of the arbitrator in such matter shall be final, unappealable
and binding upon the Company and the Executive.

          (d) Notice of Termination. Any termination by the Company for Cause or
     by the Executive for Good Reason shall be communicated by Notice of
     Termination to the other party hereto given in accordance with Section
     12(b) of this Agreement. For purposes of this Agreement, a "Notice of
     Termination" means a written notice which (i) indicates the specific
     termination provisions in this Agreement relied upon, (ii) sets forth in
     reasonable detail the facts and circumstances claimed to provide a basis
     for termination of the Executive's employment under the provision so
     indicated and (iii) if the Date of Termination (as defined below) is other
     than the date of receipt of such notice, specifies the termination date
     (which date shall be not more than 15 days after the giving of such
     notice). The failure by the Company or the Executive to set forth in the
     Notice of Termination any fact or circumstance which contributes to a
     showing of Cause or Good Reason shall not waive any right of the Company or
     the Executive hereunder or preclude the Company or the Executive from
     asserting such fact or circumstance in enforcing its or his rights
     hereunder.

          (e) Date of Termination. "Date of Termination" means the date of
     receipt of the Notice of Termination by either the Company or the Executive
     as the case may be or any later date specified therein; provided, however,
     that if the Executive's employment is terminated by reason of death or
     Disability, the Date of Termination shall be the date of death of the
     Executive or the Disability Effective Date, as the case may be.

     4. Obligations of the Company upon Termination.

          (a) Death. If the Executive's employment is terminated by reason of
     the Executive's death, this Agreement shall terminate without further
     obligations to the Executive's legal representatives under this Agreement,
     other than those obligations accrued or earned and vested (if applicable)
     by the Executive as of the Date of Termination, including, for this purpose
     (i) the Executive's annual full Base Salary through the Date of Termination
     at the rate in effect on the Date of Termination, (ii) the product of the
     Bonus (defined in Section 2(b)(ii)) paid to the Executive for the last full
     fiscal year and a fraction, the numerator of which is the number of days in
     the current fiscal year through the Date of Termination, and the
     denominator of which is 365, (iii) the amount equal to the Executive's
     current Base Salary for twelve (12) months or such shorter period as may
     remain in the Employment Period, and (iv) any compensation previously
     deferred by the Executive (together with any accrued interest thereon) and
     not yet paid by the Company and any accrued vacation pay not yet paid by
     the Company (such amounts specified in clauses (i), (ii), (iii) and (iv)
     are hereinafter referred to as "Accrued Obligations"). All such Accrued
     Obligations shall be paid to the Executive's estate or beneficiary, as
     applicable, in a lump sum in cash within 30 days of the Date of
     Termination.

          (b) Disability. If the Executive's employment is terminated by reason
     of the Executive's Disability, this Agreement shall terminate without
     further obligations to the Executive, other than those obligations accrued
     or earned and vested (if applicable) by the Executive as of the Date of
     Termination, including for this purpose, all Accrued Obligations. All such
     Accrued Obligations shall be paid to the Executive in a lump sum in cash
     within 30 days of the Date of Termination.

          (c) Cause; Other than for Good Reason. If the Executive's employment
     shall be terminated by the Company for Cause, or by the Executive for Other
     than Good Reason, this Agreement shall terminate without further
     obligations to the Executive other than the obligation to pay to the
     Executive the Base Salary accrued through the Date of Termination plus the
     vested amount of any compensation previously deferred by the Executive.

          (d) Good Reason; Termination Other Than for Cause or Disability. If,
     during the Employment Period, the Company shall terminate the Executive's
     employment other than for Cause, Disability, or death or if the Executive
     shall terminate his employment for Good Reason:

               (i) the Company shall pay to the Executive in a lump sum in cash
          within 30 days after the Date of Termination the aggregate of the
          following amounts:

                    A. to the extent not theretofore paid, the Executive's Base
               Salary through the Date of Termination; and

                    B. the product of (i) an amount equal to the Bonus paid to
               the Executive for the last full fiscal year (if any) ending
               during the Employment Period or, if higher, the Bonus paid to the
               Executive for any full fiscal year during the Employment Period
               (as applicable, the "Recent Bonus"), and (ii) a fraction, the
               numerator of which is the number of days in the current fiscal
               year through the Date of Termination and the denominator of which
               is 365; and

                    C. the product obtained by multiplying two (2) times the
               current Base Salary; and

                    D. in the case of compensation previously deferred by the
               Executive, all vested amounts previously deferred and not yet
               paid by the Company, and any accrued vacation pay not yet paid by
               the Company; and

               (ii) for the remainder of the Employment Period, or such longer
          period as any plan, program, practice or policy may provide, the
          Company shall continue benefits to the Executive and/or the
          Executive's family equal to those which would have been provided to
          them in accordance with the plans, programs, practices and policies
          described in Section 2(b)(iv) of this Agreement if the Executive's
          employment had not been terminated, including, without limitation,
          health insurance and life insurance, and for purposes of eligibility
          for retiree benefits pursuant to such plans, practices, programs and
          policies, the Executive shall be considered to have remained employed
          until the end of the Employment Period and to have retired on the last
          day of such period.

     5. Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any benefit, bonus,
incentive or other plans, programs, policies or practices, provided by the
Company or any of its subsidiaries and for which the Executive may qualify, nor
shall anything herein limit or otherwise affect such rights as the Executive may
have under any stock option or other agreements with the Company or any of its
subsidiaries. Amounts which are vested benefits or which the Executive is
otherwise entitled to receive under any plan, policy, practice or program of the
Company or any of its subsidiaries at or subsequent to the Date of Termination
shall be payable in accordance with such plan, policy, practice or program.

     6. Acceleration of Vesting. In the event that the Company has any type of
plan, program or arrangement which include, by example, not by limitation, stock
option plans, restricted stock award plans, phantom stock plans and supplemental
retirement income plans (the "Other Plans") and the Executive is not 100% vested
in his benefits in the Other Plans at the time of his termination of employment,
and the Executive would otherwise be entitled to the payment of benefits
pursuant to the terms of this Agreement, then, the Executive shall be deemed to
be 100% vested and non-forfeitable in his benefits in the Other Plans; provided,
no acceleration of vesting shall occur in the Other Plans if (i) termination of
the Executive's employment is by the Company for Cause or by the Employee for
Other than Good Reason, (ii) such act would result in the disqualification of or
otherwise adversely affect the tax qualified status of such Other Plans or the
participants in such Other Plans, or (iii) acceleration is not permitted by the
terms of the Other Plans. Further, in the event that the Company is unable to
accelerate vesting in the Other Plans because such acceleration would adversely
effect the tax status of any of the Other Plans or the participants in such
Other Plans, then, the Company shall pay to the Executive the amount equal to
the benefits which have been lost due to the inability to accelerate vesting in
the Other Plans; and such additional amounts shall be paid at the same time in
the same manner as benefits would otherwise be paid pursuant to the terms of
this Agreement.

     7. Full Settlement. In no event shall the Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement. The
Company agrees to pay, to the full extent permitted by law, all legal fees and
expenses which the Executive may reasonably incur as a result of any contest
(regardless of the outcome thereof) by the Company or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by the
Executive about the amount of any payment pursuant to Section 8 of this
Agreement), plus in each case interest at the applicable Federal rate provided
for in Section 7872(f)(2) of the Code.

     8. Certain Additional Payments by the Company.

          (a) No payments made pursuant to this Agreement are contingent upon a
     change in control as defined in Section 280G of the Internal Revenue Code
     of 1986, as amended (the "Code"). Anything in this Agreement to the
     contrary notwithstanding, in the event it shall be determined that any
     payment or distribution by the Company to or for the benefit of the
     Executive, whether paid or payable or distributed or distributable pursuant
     to the terms of this Agreement or otherwise, including, by example and not
     by way of limitation, acceleration by the Company of the date of vesting or
     payment or rate of payment under any plan, program or arrangement of the
     Company (a "Payment"), would be subject to the excise tax imposed by
     Section 4999 of the Code or any interest or penalties with respect to such
     excise tax (such excise tax, together with any such interest and penalties,
     are hereinafter collectively referred to as the "Excise Tax"), then the
     Executive shall be entitled to receive an additional payment (a "Gross-Up
     Payment") in an amount such that after payment by the Executive of all
     income and excise taxes with respect to the Payment (including any interest
     or penalties imposed with respect to such taxes), and specifically
     including any Excise Tax imposed on the Gross-Up Payment, the Executive
     retains an amount of the Gross-Up Payment equal to the Excise Tax imposed
     on the Payment.

          (b) Subject to the provisions of Section 8(c), all determinations
     required to be made under this Section 8, including whether a Gross-Up
     Payment is required and the amount of such Gross-Up Payment, shall be made
     by a public accounting firm designated by the Company (the "Accounting
     Firm") which shall provide detailed supporting calculations both to the
     Company and the Executive within 15 business days of the receipt of notice
     from the Executive that there has been a Payment which would be subject to
     the Excise Tax, or such earlier time as is requested by the Company. The
     initial Gross-Up Payment, if any, as determined pursuant to this Section
     8(b), shall be paid to the Executive within five days of the receipt of the
     Accounting Firm's determination. If the Accounting Firm determines that no
     Excise Tax is payable by the Executive, it shall furnish the Executive with
     an opinion that he has substantial authority not to report any Excise Tax
     on his federal income tax return. Any determination by the Accounting Firm
     shall be binding upon the Company and the Executive. As a result of the
     uncertainty in the application of Section 4999 of the Code at the time of
     the initial determination by the Accounting Firm hereunder, it is possible
     that Gross-Up Payments which will not have been made by the Company should
     have been made ("Underpayment"), consistent with the calculations required
     to be made hereunder. In the event that the Company exhausts its remedies
     pursuant to Section 8(c) and the Executive thereafter is required to make a
     payment of any Excise Tax, the Accounting Firm shall determine the amount
     of the Underpayment that has occurred and any such Underpayment shall be
     promptly paid by the Company to or for the benefit of the Executive.

          (c) The Executive shall notify the Company in writing of any claim by
     the Internal Revenue Service that, if successful, would require the payment
     by the Company of the Gross-Up Payment. Such notification shall be given as
     soon as practicable but no later than ten business days after the Executive
     knows of such claim and shall apprise the Company of the nature of such
     claim and the date on which such claim is requested to be paid. The
     Executive shall not pay such claim prior to the expiration of the 30-day
     period following the date on which he gives such notice to the Company (or
     such shorter period ending on the date that any payment of taxes with
     respect to such claim is due). If the Company notifies the Executive in
     writing prior to the expiration of such period that it desires to contest
     such claim, the Executive shall:

               (i) give the Company any information reasonably requested by the
          Company relating to such claim,

               (ii) take such action in connection with contesting such claim as
          the Company shall reasonably request in writing from time to time,
          including, without limitation, accepting legal representation with
          respect to such claim by an attorney reasonably selected by the
          Company,

               (iii) cooperate with the Company in good faith in order
          effectively to contest such claim, and

               (iv) permit the Company to participate in any proceedings
          relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax, including interest and
penalties with respect thereto, imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 8(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or contest the claim
in any permissible manner, and the Executive agrees to prosecute such contest to
a determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis and shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or income
tax, including interest or penalties with respect thereto, imposed with respect
to such advance or with respect to any imputed income with respect to such
advance; and further provided that any extension of the statute of limitations
relating to payment of taxes for the taxable year of the Executive with respect
to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company's control of the contest shall be
limited to issues with respect to which a Gross-Up Payment would be payable
hereunder and the Executive shall be entitled to settle or contest, as the case
may be, any other issue raised by the Internal Revenue Service or any other
taxing authority.

          (d) If, after the receipt by the Executive of an amount advanced by
     the Company pursuant to Section 8(c), the Executive becomes entitled to
     receive any refund with respect to such claim, the Executive shall (subject
     to the Company's complying with the requirements of Section 8(c)) promptly
     pay to the Company the amount of such refund (together with any interest
     paid or credited thereon after taxes applicable thereto). If, after the
     receipt by the Executive of an amount advanced by the Company pursuant to
     Section 8(c), a determination is made that the Executive shall not be
     entitled to any refund with respect to such claim and the Company does not
     notify the Executive in writing of its intent to contest such denial of
     refund prior to the expiration of thirty days after such determination,
     then such advance shall be forgiven and shall not be required to be repaid
     and the amount of such advance shall offset, to the extent thereof, the
     amount of Gross-Up Payment required to be paid.

     9. Confidential Information; Non-Solicitation.

          (a) The Executive shall hold in a fiduciary capacity for the benefit
     of the Company all secret or confidential information, knowledge or data
     relating to the Company or any of its subsidiaries, and their respective
     businesses, which shall have been obtained by the Executive during the
     Executive's employment by the Company or any of its subsidiaries and which
     shall not be or become public knowledge (other than by acts by the
     Executive or his representatives in violation of this Agreement). After
     termination of the Executive's employment with the Company, the Executive
     shall not, without the prior written consent of the Company, communicate or
     divulge any such information, knowledge or data to anyone other than the
     Company and those designated by it. In no event shall an asserted violation
     of the provisions of this Section 9 constitute a basis for deferring or
     withholding any amounts otherwise payable to the Executive under this
     Agreement.

          (b) Executive agrees that, during his employment with the Company and
     for a period of one (1) year from the date of termination of this Agreement
     for any reason, Executive will not, directly or indirectly, solicit, or
     hire, or attempt to solicit or hire any employee of the Company; provided,
     however, that there shall be excepted from the foregoing prohibition
     Executive's personal assistant.

     10. Successors.

          (a) This Agreement is personal to the Executive and without the prior
     written consent of the Company shall not be assignable by the Executive
     otherwise than by will or the laws of descent and distribution. This
     Agreement shall inure to the benefit of and be enforceable by the
     Executive's legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
     the Company and its successors and assigns.

          (c) The Company will require any successor (whether direct or
     indirect, by purchase, merger, consolidation or otherwise) to all or
     substantially all of the business and/or assets of the Company to assume
     expressly and agree to perform this Agreement in the same manner and to the
     same extent that the Company would be required to perform it if no such
     succession had taken place. As used in this Agreement, "Company" shall mean
     the Company as hereinbefore defined and any successor to its business
     and/or assets which assumes and agrees to perform this Agreement by
     operation of law, or otherwise.

     11. Indemnification and Insurance. The Executive shall be indemnified and
held harmless by the Company during the term of this Agreement and following any
termination of this Agreement for any reason whatsoever in the same manner as
would any other key management employee of the Company with respect to acts or
omissions occurring prior to (a) the termination of this Agreement or (b) the
termination of employment of the Executive. In addition, during the term of this
Agreement and for a period of five years following the termination of this
Agreement for any reason whatsoever, the Executive shall be covered by a Company
held Directors and Officers liability insurance policy covering acts or
omissions occurring prior to (a) the termination of this Agreement or (b) the
termination of employment of the Executive. Provided, in no event will the
obligation of the Company to indemnify the Executive or provide Directors and
Officers insurance to the Executive under this Section be less than the
obligation and insurance coverage which the Company had to the Executive
immediately prior to the occurrence of the Executive's Date of Termination.

     12. Miscellaneous.

          (a) This Agreement shall be governed by and construed in accordance
     with the laws of the State of Oklahoma, without reference to principles of
     conflict of laws. The captions of this Agreement are not part of the
     provisions hereof and shall have no force or effect. This Agreement may not
     be amended or modified otherwise than by a written agreement executed by
     the parties hereto or their respective successors and legal
     representatives.

          (b) All notices and other communications hereunder shall be in writing
     and shall be given by hand delivery to the other party or by registered or
     certified mail, return receipt requested, postage prepaid, addressed as
     follows:

If to the Executive:       At his last known address evidenced on the Company's
                           payroll records

If to the Company:
                           RAM Energy Resources, Inc.
                           Meridian Tower, Suite 650
                           5100 E. Skelly Drive
                           Tulsa, OK 74135
                           Attention: Chief Financial Officer

With a copy to:            McAfee & Taft A Professional Corporation
                           10th Floor, Two Leadership Square
                           Oklahoma City, Oklahoma  73102
                           Attention:  C. David Stinson, Esq.

     or to such other address as either party shall have furnished to the other
     in writing in accordance herewith. Notice and communications shall be
     effective when actually received by the addressee.

          (c) The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement.

          (d) The Company may withhold from any amounts payable under this
     Agreement such federal, state or local taxes as shall be required to be
     withheld pursuant to any applicable law or regulation.

          (e) The Executive's failure to insist upon strict compliance with any
     provision hereof shall not be deemed to be a waiver of such provision or
     any other provision thereof.

          (f) This Agreement contains the entire understanding of the Company
     and the Executive with respect to the subject matter hereof.

     13. No Trust. No obligation of the Company under this Agreement shall be
construed as creating a trust, escrow or other secured or segregated fund, in
favor of the Executive or his beneficiary. The status of the Executive and his
beneficiary with respect to any liabilities assumed by the Company hereunder
shall be solely those of unsecured creditors of the Company. Any asset acquired
or held by the Company in connection with liabilities assumed by it hereunder,
shall not be deemed to be held under any trust, escrow or other secured or
segregated fund for the benefit of the Executive or his beneficiary or to be
security for the performance of the obligations of the Company, but shall be,
and remain a general, unpledged, unrestricted asset of the Company at all times
subject to the claims of general creditors of the Company.

     14. No Assignability. Neither the Executive nor his beneficiary, nor any
other person shall acquire any right to or interest in any payments payable
under this Agreement, otherwise than by actual payment in accordance with the
provisions of this Agreement, or have any power to transfer, assign, anticipate,
pledge, mortgage or otherwise encumber, alienate or transfer any rights
hereunder in advance of any of the payments to be made pursuant to this
Agreement or any portion thereof which is expressly declared to be nonassignable
and nontransferable. No right or benefit hereunder shall in any manner be liable
for or subject to the debts, contracts, liabilities, or torts of the person
entitled to such benefit.

     IN WITNESS WHEREOF, the Executive has hereunto set his hand and, pursuant
to the authorization from its Board of Directors, the Company has caused these
presents to be executed in its name on its behalf, all as of the day and year
first above written.

                                     "EXECUTIVE'

                                     /s/ Larry E. Lee
                                     Larry E. Lee

                                     "COMPANY"

                                     RAM ENERGY RESOURCES, INC.

                                     By     /s/ Larry E. Lee
                                         Name:  Larry E. Lee
                                         Title: PresidentEXHIBIT 10.16

                                ESCROW AGREEMENT

     ESCROW AGREEMENT ("Agreement") dated May 8, 2006 is executed and delivered
by and among TREMISIS ENERGY ACQUISITION CORPORATION, a Delaware corporation
("Tremisis"), Larry E. Lee, as the RAM Stockholders' Representative, being the
representative of the former stockholders of RAM Energy, Inc., a Delaware
corporation (the "Representative"), and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, as escrow agent (the "Escrow Agent").

     Tremisis, RAM Energy, Inc. ("RAM"), the stockholders of RAM, and RAM Energy
Acquisition, Inc., a Delaware corporation and wholly-owned subsidiary of
Tremisis ("Merger Subsidiary"), are the parties to an Agreement and Plan of
Merger and Reorganization dated as of October 20, 2005 (the "Merger Agreement")
pursuant to which the Merger Subsidiary has merged with and into RAM so that RAM
has become a wholly-owned subsidiary of Tremisis. Pursuant to the Merger
Agreement, Tremisis is to be indemnified in certain respects. The parties desire
to establish an escrow fund as collateral security for the indemnification
obligations under the Merger Agreement. The Representative has been designated
pursuant to the Merger Agreement to represent all of the former stockholders of
RAM (the "Stockholders") and each Permitted Transferee (as hereinafter defined)
of the Stockholders (the Stockholders and all such Permitted Transferees are
hereinafter referred to collectively as the "Owners"), and to act on their
behalf for purposes of this Agreement. Capitalized terms used herein which are
not otherwise defined herein shall have the meanings ascribed to them in the
Merger Agreement.

     The parties agree as follows:

     1. (a) Concurrently with the execution hereof, each of the Stockholders is
delivering to the Escrow Agent, to be held in escrow pursuant to the terms of
this Agreement, stock certificates issued in the name of such Stockholder
representing twelve and one-half percent (12.5%) of the total number of shares
of Parent Common Stock received by such Stockholder pursuant to the Merger
Agreement, together with ten (10) assignments separate from certificate,
executed in blank by such Stockholder. The shares of Parent Common Stock
represented by the stock certificates so delivered by the Stockholders to the
Escrow Agent are herein referred to in the aggregate as the "Escrow Fund." The
Escrow Agent shall maintain a separate account for each Stockholder's, and
subsequent to any transfer permitted pursuant to Paragraph 1(e) hereof, each
Owner's, portion of the Escrow Fund.

     (b) The Escrow Agent hereby agrees to act as escrow agent and to hold,
safeguard and disburse the Escrow Fund pursuant to the terms and conditions
hereof. It shall treat the Escrow Fund as a trust fund in accordance with the
terms of this Agreement and not as the property of Tremisis. The Escrow Agent's
duties hereunder shall terminate upon its distribution of the entire Escrow Fund
in accordance with this Agreement.

     (c) Except as herein provided, the Owners shall retain all of their rights
as stockholders of Tremisis with respect to shares of Parent Common Stock
constituting the Escrow Fund during the period the Escrow Fund is held by the
Escrow Agent (the "Escrow Period"), including, without limitation, the right to
vote their shares of Parent Common Stock included in the Escrow Fund.

     (d) During the Escrow Period, all dividends payable in cash with respect to
the shares of Parent Common Stock included in the Escrow Fund shall be paid to
the Owners, but all dividends payable in stock or other non-cash property
("Non-Cash Dividends") shall be delivered to the Escrow Agent to hold in
accordance with the terms hereof. As used herein, the term "Escrow Fund" shall
be deemed to include the Non-Cash Dividends distributed thereon, if any.

     (e) During the Escrow Period, no sale, transfer or other disposition may be
made of any or all of the shares of Parent Common Stock in the Escrow Fund
except (i) to a Permitted Transferee (as hereinafter defined), (ii) by virtue of
the laws of descent and distribution upon death of any Owner, or (iii) pursuant
to a qualified domestic relations order; provided, however, that such permissive
transfers may be implemented only upon the respective transferee's written
agreement to be bound by the terms and conditions of this Agreement. As used in
this Agreement, the term Permitted Transferee shall include: (x) members of a
Stockholder's "Immediate Family;" (y) an entity in which (A) a Stockholder
and/or members of a Stockholder's Immediate Family beneficially own 100% of such
entity's voting and non-voting equity securities, or (B) a Stockholder and/or a
member of such Stockholder's Immediate Family is a general partner and in which
such Stockholder and/or members of such Stockholder's Immediate Family
beneficially own 100% of all capital accounts of such entity; and (z) a
revocable trust established by a Stockholder during his lifetime for the benefit
of such Stockholder or for the exclusive benefit of all or any of such
Stockholder's Immediate Family. As used in this Agreement, the term "Immediate
Family" means, with respect to any Stockholder, a spouse, parents, lineal
descendants, the spouse of any lineal descendant, and brothers and sisters (or a
trust, all of whose current beneficiaries are members of an Immediate Family of
the Stockholder). In connection with and as a condition to each permitted
transfer, the Permitted Transferee shall deliver to the Escrow Agent an
assignment separate from certificate executed by the transferring Stockholder,
or where applicable, an order of a court of competent jurisdiction, evidencing
the transfer of shares to the Permitted Transferee, together with ten (10)
assignments separate from certificate executed in blank by the Permitted
Transferee with respect to the shares transferred to the Permitted Transferee.
Upon receipt of such documents, the Escrow Agent shall deliver to Tremisis the
original stock certificate out of which the assigned shares are to be
transferred, together with the executed assignment separate from certificate
executed by the transferring Stockholder, or a copy of the applicable court
order, and shall request that Tremisis issue new certificates representing (m)
the number of shares, if any, that continue to be owned by the transferring
Stockholder, and (n) the number of shares owned by the Permitted Transferee as
the result of such transfer. Tremisis, the transferring Stockholder and the
Permitted Transferee shall cooperate in all respects with the Escrow Agent in
documenting each such transfer and in effectuating the result intended to be
accomplished thereby. During the Escrow Period, no Owner shall pledge or grant a
security interest in such Owner's shares of Parent Common Stock included in the
Escrow Fund or grant a security interest in their rights under this Agreement.

     2. (a) Tremisis, acting through the current or former member of Tremisis's
Board of Directors who has been appointed by Tremisis to take all necessary
actions and make all decisions on behalf of Tremisis with respect to its rights
to indemnification under the Merger Agreement (the "Committee"), may make a
claim for indemnification pursuant to the Merger Agreement ("Indemnity Claim")
against the Escrow Fund by giving notice (a "Notice") to the Representative
(with a copy to the Escrow Agent) specifying (i) the covenant, representation,
warranty, agreement, undertaking or obligation contained in the Merger Agreement
which it asserts has been breached or otherwise entitles Tremisis to
indemnification, (ii) in reasonable detail, the nature and dollar amount of any
Indemnity Claim, and (iii) whether the Indemnity Claim results from a Third
Party Claim against Tremisis. The Committee also shall deliver to the Escrow
Agent (with a copy to the Representative), concurrently with its delivery to the
Escrow Agent of the Notice, a certification as to the date on which the Notice
was delivered to the Representative.

     (b) If the Representative shall give a notice to the Committee
(with a copy to the Escrow Agent) (a "Counter Notice"), within 30 days following
the date of receipt (as specified in the Committee's certification) by the
Representative of a copy of the Notice, disputing whether the Indemnity Claim is
indemnifiable under the Merger Agreement, the Committee and the Representative
shall attempt to resolve such dispute by voluntary settlement as provided in
paragraph 2(c) below. If no Counter Notice with respect to an Indemnity Claim is
received by the Escrow Agent from the Representative within such 30-day period,
the Indemnity Claim shall be deemed to be an Established Claim (as hereinafter
defined) for purposes of this Agreement.

     (c) If the Representative delivers a Counter Notice to the Escrow Agent,
the Committee and the Representative shall, during the period of 60 days
following the delivery of such Counter Notice or such greater period of time as
the parties may agree to in writing (with a copy to the Escrow Agent), attempt
to resolve the dispute with respect to which the Counter Notice was given. If
the Committee and the Representative shall reach a settlement with respect to
any such dispute, they shall jointly deliver written notice of such settlement
to the Escrow Agent specifying the terms thereof. If the Committee and the
Representative shall be unable to reach a settlement with respect to a dispute,
such dispute shall be resolved by arbitration pursuant to paragraph 2(d) below.

     (d) If the Committee and the Representative cannot resolve a dispute prior
to expiration of the 60-day period referred to in paragraph 2(c) above (or such
longer period as the parties may have agreed to in writing), then such dispute
shall be submitted (and either party may submit such dispute) for arbitration
before a single arbitrator in Dallas, Texas, in accordance with the commercial
arbitration rules of the American Arbitration Association then in effect and the
provisions of Section 10.12 of the Merger Agreement to the extent that such
provisions do not conflict with the provisions of this paragraph. The Committee
and the Representative shall attempt to agree upon an arbitrator; if they shall
be unable to agree upon an arbitrator within 10 days after the dispute is
submitted for arbitration, then either the Committee or the Representative, upon
written notice to the other, may apply for appointment of such arbitrator by the
American Arbitration Association. Each party shall pay the fees and expenses of
counsel used by it and 50% of the fees and expenses of the arbitrator and of
other expenses of the arbitration. The arbitrator shall render his decision
within 90 days after his appointment and may award costs to either the Committee
or the Representative if, in his sole opinion reasonably exercised, the claims
made by any other party had no reasonable basis and were arbitrary and
capricious. Such decision and award shall be in writing and shall be final and
conclusive on the parties, and counterpart copies thereof shall be delivered to
each of the parties. Judgment may be obtained on the decision of the arbitrator
so rendered in any Oklahoma state sitting in Oklahoma or Tulsa County, or any
federal court sitting in Oklahoma having jurisdiction, and may be enforced in
accordance with the law of the State of Oklahoma. If the arbitrator shall fail
to render his decision or award within such 90-day period, either the Committee
or the Representative may apply to any Oklahoma state court sitting in Oklahoma
or Tulsa County, or any federal court sitting in Oklahoma then having
jurisdiction, by action, proceeding or otherwise, as may be proper to determine
the matter in dispute consistently with the provisions of this Agreement. The
parties consent to the exclusive jurisdiction of the Oklahoma courts sitting in
Oklahoma or Tulsa County, Oklahoma, or any federal court having jurisdiction and
sitting in Oklahoma, for this purpose. The prevailing party (or either party, in
the case of a decision or award rendered in part for each party) shall send a
copy of the arbitration decision or of any judgment of the court to the Escrow
Agent.

     (e) As used in this Agreement, "Established Claim" means any (i)
Indemnification Claim deemed established pursuant to the last sentence of
paragraph 2(b) above, (ii) Indemnification Claim resolved in favor of Tremisis
by settlement pursuant to paragraph 2(c) above, resulting in a dollar award to
Tremisis, (iii) Indemnification Claim established by the decision of an
arbitrator pursuant to paragraph 2(d) above, resulting in a dollar award to
Tremisis, (iv) Third Party Claim which has been sustained by a final
determination (after exhaustion of any appeals) of a court of competent
jurisdiction, or (v) Third Party Claim which the Committee and the
Representative have jointly notified the Escrow Agent has been settled in
accordance with the provisions of the Merger Agreement.

     (f) (i) Promptly after an Indemnity Claim becomes an Established Claim, the
Committee and the Representative shall jointly deliver a notice to the Escrow
Agent (a "Joint Notice") directing the Escrow Agent to pay to Tremisis, and the
Escrow Agent promptly shall pay to Tremisis, an amount equal to the aggregate
dollar amount of the Established Claim (or, if at such time there remains in the
Escrow Fund less than the full amount so payable, the full amount remaining in
the Escrow Fund).

        (ii) Payment of an Established Claim shall be made in shares of Parent
Common Stock, pro rata from the account maintained on behalf of each Owner. For
purposes of each payment, such shares shall be valued at the "Fair Market Value"
(as defined below). However, in no event shall the Escrow Agent be required to
calculate Fair Market Value or make a determination of the number of shares to
be delivered to Tremisis in satisfaction of any Established Claim; rather, such
calculation shall be included in and made part of the Joint Notice. The Escrow
Agent shall transfer to Tremisis out of the Escrow Fund that number of shares of
Parent Common Stock necessary to satisfy each Established Claim, as set out in
the Joint Notice. Any dispute between the Committee and the Representative
concerning the calculation of Fair Market Value or the number of shares
necessary to satisfy any Established Claim, or any other dispute regarding a
Joint Notice, shall be resolved between the Committee and the Representative in
accordance with the procedures specified in paragraph 2(d) above, and shall not
involve the Escrow Agent. Each transfer of shares in satisfaction of an
Established Claim shall be made by the Escrow Agent delivering to Tremisis one
or more stock certificates held in each Owner's account evidencing not less than
such Owner's pro rata portion of the aggregate number of shares specified in the
Joint Notice, together with assignments separate from certificate executed in
blank by such Owner and completed by the Escrow Agent in accordance with
instructions included in the Joint Notice. Upon receipt of the stock
certificates and assignments, Tremisis shall deliver to the Escrow Agent new
certificates representing the number of shares owned by each Owner after such
payment. The parties hereto (other than the Escrow Agent) agree that the
foregoing right to make payments of Established Claims in shares of Parent
Common Stock may be made notwithstanding any other agreements restricting or
limiting the ability of any Owner to sell any shares of Tremisis stock or
otherwise. The Committee and the Representative shall be required to exercise
utmost good faith in all matters relating to the preparation and delivery of
each Joint Notice. As used herein, "Fair Market Value" means the average
reported closing price for the Parent Common Stock for the ten trading days
ending on the last trading day prior to the day the Established Claim is paid.

        (iii) Notwithstanding anything herein to the contrary, at such time as
an Indemnification Claim has become an Established Claim, the Representative
shall have the right to substitute for the Escrow Shares that otherwise would be
paid in satisfaction of such claim (the "Claim Shares"), cash in an amount equal
to the Fair Market Value of the Claim Shares ("Substituted Cash"). In such event
(i) the Joint Notice shall include a statement describing the substitution of
Substituted Cash for the Claim Shares, and (ii) substantially contemporaneously
with the delivery of such Joint Notice, the Representative shall cause currently
available funds to be delivered to the Escrow Agent in an amount equal to the
Substituted Cash. Upon receipt of such Joint Notice and Substituted Cash, the
Escrow Agent shall (y) in payment of the Established Claim described in the
Joint Notice, deliver the Substituted Cash to Tremisis in lieu of the Claim
Shares, and (z) cause the Claim Shares to be returned to the Representative.

     3. On the first Business Day after June 30, 2007, upon receipt of a Joint
Notice, the Escrow Agent shall distribute and deliver to each Owner certificates
representing the shares of Parent Common Stock then in such Owner's account in
the Escrow Fund, unless at such time there are any Indemnity Claims with respect
to which Notices have been received but which have not been resolved pursuant to
Section 2 hereof or in respect of which the Escrow Agent has not been notified
of, and received a copy of, a final determination (after exhaustion of any
appeals) by a court of competent jurisdiction, as the case may be (in either
case, "Pending Claims"), and which, if resolved or finally determined in favor
of Tremisis, would result in a payment to Tremisis, in which case the Escrow
Agent shall retain, and the total amount of such distributions to such Owner
shall be reduced by, the "Pending Claims Reserve" (as hereafter defined). The
Committee shall certify to the Escrow Agent the Fair Market Value to be used in
calculating the Pending Claims Reserve and the number of shares of Parent Common
Stock to be retained therefor. Thereafter, if any Pending Claim becomes an
Established Claim, the Committee and the Representative shall deliver to the
Escrow Agent a Joint Notice directing the Escrow Agent to pay to Tremisis an
amount in respect thereof determined in accordance with paragraph 2(f) above,
and to deliver to each Owner shares of Parent Common Stock then in such owner's
account in the Escrow Fund having a Fair Market Value equal to the amount by
which the remaining portion of his account in the Escrow Fund exceeds the then
Pending Claims Reserve (determined as set forth below), all as specified in a
Joint Notice. If any Pending Claim is resolved against Tremisis, the Committee
and the Representative shall deliver to the Escrow Agent a Joint Notice
directing the Escrow Agent to pay to each Owner the amount by which the
remaining portion of his account in the Escrow Fund exceeds the then Pending
Claims Reserve. Upon resolution of all Pending Claims, the Committee and the
Representative shall deliver to the Escrow Agent a Joint Notice directing the
Escrow Agent shall pay to such Owner the remaining portion of his or her account
in the Escrow Fund.

     "Pending Claims" shall automatically include the Great Plains Claim (as
defined in the Merger Agreement) if same has not been adjudicated, settled,
dismissed or otherwise resolved in its entirety with respect to RAM and its
subsidiaries and affiliates prior to June 30, 2007.

     As used herein, the "Pending Claims Reserve" shall mean, at the time any
such determination is made, that number of shares of Parent Common Stock in the
Escrow Fund having a Fair Market Value equal to (i) the sum of the aggregate
dollar amounts claimed to be due with respect to all Pending Claims (as shown in
the Notices of such Claims), other than the Great Plains Claim, plus (ii) (a)
the aggregate dollar amount of the potential liability of RAM and its
subsidiaries and affiliates in connection with the Great Plains Claim, if such
potential liability is reasonably quantifiable as of June 30, 2007 or (b) if
such potential liability is not reasonably quantifiable, the lesser of (1) 50%
of the number of shares originally constituting the Escrow Fund and (2) the
number of shares contained in the Escrow Fund that are not otherwise subject to
the Pending Claims Reserve and would be otherwise releasable to the
Stockholders.

     4. The Escrow Agent, the Committee and the Representative shall cooperate
in all respects with one another in the calculation of any amounts determined to
be payable to Tremisis and the Owners in accordance with this Agreement and in
implementing the procedures necessary to effect such payments.

     5. (a) The Escrow Agent undertakes to perform only such duties as are
expressly set forth herein. It is understood that the Escrow Agent is not a
trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

     (b) The Escrow Agent shall not be liable for any action taken or omitted by
it in good faith and in the exercise of its own best judgment, and may rely
conclusively and shall be protected in acting upon any order, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Escrow Agent to be genuine and to be
signed or presented by the proper person or persons. The Escrow Agent shall not
be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement unless evidenced by a writing delivered to the
Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written
consent thereto.

     (c) The Escrow Agent's sole responsibility upon receipt of any notice
requiring any payment to Tremisis pursuant to the terms of this Agreement or, if
such notice is disputed by the Committee or the Representative, the settlement
with respect to any such dispute, whether by virtue of joint resolution,
arbitration or determination of a court of competent jurisdiction, is to pay to
Tremisis the amount specified in such notice, and the Escrow Agent shall have no
duty to determine the validity, authenticity or enforceability of any
specification or certification made in such notice.

     (d) The Escrow Agent shall not be liable for any action taken by it in good
faith and believed by it to be authorized or within the rights or powers
conferred upon it by this Agreement, and may consult with counsel of its own
choice and shall have full and complete authorization and indemnification under
Section 5(g), below, for any action taken or suffered by it hereunder in good
faith and in accordance with the opinion of such counsel.

     (e) The Escrow Agent may resign at any time and be discharged from its
duties as escrow agent hereunder by its giving the other parties hereto written
notice and such resignation shall become effective as hereinafter provided. Such
resignation shall become effective at such time that the Escrow Agent shall turn
over the Escrow Fund to a successor escrow agent appointed jointly by the
Committee and the Representative. If no new escrow agent is so appointed within
the 60 day period following the giving of such notice of resignation, the Escrow
Agent may deposit the Escrow Fund with any court it reasonably deems
appropriate.

     (f) In the event of a dispute between the parties as to the proper
disposition of the Escrow Fund, the Escrow Agent shall be entitled (but not
required) to deliver the Escrow Fund into the United States District Court for
the Southern District of New York and, upon giving notice to the Committee and
the Representative of such action, shall thereupon be relieved of all further
responsibility and liability.

     (g) The Escrow Agent shall be indemnified and held harmless by Tremisis
from and against any expenses, including counsel fees and disbursements, or loss
suffered by the Escrow Agent in connection with any action, suit or other
proceeding involving any claim which in any way, directly or indirectly, arises
out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Fund held by it hereunder, other than expenses or losses arising
from the gross negligence or willful misconduct of the Escrow Agent. Promptly
after the receipt by the Escrow Agent of notice of any demand or claim or the
commencement of any action, suit or proceeding, the Escrow Agent shall notify
the other parties hereto in writing. In the event of the receipt of such notice,
the Escrow Agent, in its sole discretion, may commence an action in the nature
of interpleader in an appropriate court to determine ownership or disposition of
the Escrow Fund or it may deposit the Escrow Fund with the clerk of any
appropriate court and be relieved of any liability with respect thereto or it
may retain the Escrow Fund pending receipt of a final, non-appealable order of a
court having jurisdiction over all of the parties hereto directing to whom and
under what circumstances the Escrow Fund are to be disbursed and delivered.

     (h) The Escrow Agent shall be entitled to reasonable compensation from
Tremisis for all services rendered by it hereunder. The Escrow Agent shall also
be entitled to reimbursement from Tremisis for all expenses paid or incurred by
it in the administration of its duties hereunder including, but not limited to,
all counsel, advisors' and agents' fees and disbursements and all taxes or other
governmental charges.

     (i) From time to time on and after the date hereof, the Committee and the
Representative shall deliver or cause to be delivered to the Escrow Agent such
further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively
the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

     (j) Notwithstanding anything herein to the contrary, the Escrow Agent shall
not be relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

     6. This Agreement expressly sets forth all the duties of the Escrow Agent
with respect to any and all matters pertinent hereto. No implied duties or
obligations shall be read into this Agreement against the Escrow Agent. The
Escrow Agent shall not be bound by the provisions of any agreement among the
parties hereto except this Agreement and shall have no duty to inquire into the
terms and conditions of any agreement made or entered into in connection with
this Agreement, including, without limitation, the Merger Agreement. 7. This
Agreement shall inure to the benefit of and be binding upon the parties and
their respective heirs, successors, assigns and legal representatives, shall be
governed by and construed in accordance with the law of Delaware applicable to
contracts made and to be performed therein except that issues relating to the
rights and obligations of the Escrow Agent shall be governed by and construed in
accordance with the law of New York applicable to contracts made and to be
performed therein. This Agreement cannot be changed or terminated except by a
writing signed by the Committee, the Representative and the Escrow Agent. 8. The
Committee and the Representative each hereby consents to the exclusive
jurisdiction of the Oklahoma state courts sitting in Oklahoma or Tulsa County
and federal courts sitting in Oklahoma with respect to any claim or controversy
arising out of this Agreement. Service of process in any action or proceeding
brought against the Committee or the Representative in respect of any such claim
or controversy may be made upon it by registered mail, postage prepaid, return
receipt requested, at the address specified in Section 9, with a copy delivered
by nationally recognized overnight carrier to Graubard Miller, The Chrysler
Building, 405 Lexington Avenue, New York, N.Y. 10174-1901, Attention: David Alan
Miller, Esq. 9. All notices and other communications under this Agreement shall
be in writing and shall be deemed given if given by hand or delivered by
nationally recognized overnight carrier, or if given by telecopier and confirmed
by mail (registered or certified mail, postage prepaid, return receipt
requested), to the respective parties as follows:

            A.       If to the Committee, to it at c/o Tremisis
                     Energy Acquisition Corporation 1775
                     Broadway, Suite 604 New York, New York 10019
                     Attention: Lawrence S. Coben Telecopier No.:
                     212-253-4047

                     with a copy to:

                     Graubard Miller
                     The Chrysler Building
                     405 Lexington Avenue
                     New York, New York  10174-1901
                     Attention:  David Alan Miller, Esq.
                     Telecopier No.: 212-818-8881

            B. If to the Representative, to him at

                     Larry E. Lee
                     Meridian Tower, Suite 650
                     5100 East Skelly Drive
                     Tulsa, OK 74135
                     Telecopier No.: 918-663-9214

                     with a copy to:

                     C. David Stinson
                     McAfee & Taft, A Professional Corporation
                     211 North Robinson, 10th Floor Oklahoma
                     City, Oklahoma 73102-7103 Telecopier No.:
                     405-235-9439

            C. If to the Escrow Agent, to it at:

                     Continental Stock Transfer & Trust Company
                     2 Broadway
                     New York, New York 10004
                     Attention: Steven G. Nelson
                     Telecopier No.: 212-509-5150

or to such other person or address as any of the parties hereto shall specify by
notice in writing to all the other parties hereto.

     10. (a) If this Agreement requires a party to deliver any notice or other
document, and such party refuses to do so, the matter shall be submitted to
arbitration pursuant to paragraph 3(d) of this Agreement.

     (b) All notices delivered to the Escrow Agent shall refer to the provision
of this Agreement under which such notice is being delivered and, if applicable,
shall clearly specify the aggregate dollar amount due and payable to Tremisis.

     (c) This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original instrument and all of which together
shall constitute a single agreement.

     IN WITNESS WHEREOF, each of the parties hereto has duly executed this
Agreement on the date first above written.

                             TREMISIS ENERGY ACQUISITION CORPORATION

                             By:  /s/ Lawrence S. Coben
                             Name:    Lawrence S. Coben
                             Title: Chairman of the Board

                             THE REPRESENTATIVE

                                  /s/ Larry E. Lee
                               Name:  Larry E. Lee

                             ESCROW AGENT

                             CONTINENTAL STOCK TRANSFER & TRUST COMPANY

                             By:   /s/ Steven G. Nelson
                             Name:     Steven G. Nelson
                             Title:    Chairman

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