Document:

LONE OAK ACQUISITION CORPORATION

 

VOTING AGREEMENT

 

This Voting Agreement
(this “Agreement”) is made as of December 24, 2013 by and among Lone Oak Acquisition Corporation, a Cayman Islands
company (the “Company”), and each of the individuals and entities signatory hereto (each a “Voting
Party” and collectively, the “Voting Parties”). For purposes of this Agreement, capitalized terms
used and not defined herein shall have the respective meanings ascribed to them in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS,
the Company, Arabella Exploration Corp., a Delaware corporation (the “Acquiror”), Arabella Exploration, Limited
Liability Company, a Texas limited liability company (the “Target”), and each of the Stockholders set forth
on Schedule I thereto, entered into an Agreement and Plan of Reorganization, dated as of October 23, 2013, as amended (the “Merger
Agreement”);

 

WHEREAS,
pursuant to Section 2.4 of the Merger Agreement, the Voting Parties have agreed to execute and deliver this Agreement;

 

WHEREAS,
each of the Voting Parties, including the current shareholders of the Company (the “Lone Oak Shareholders”),
currently owns, or on closing of the transactions contemplated by the Merger Agreement, will own, shares of the Company’s
capital stock, and wishes to provide for orderly elections of the Company’s Board of Directors and the other matters described
herein; and

 

NOW
THEREFORE, in consideration of the foregoing and of the promises and covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.           Agreement
to Vote. During the term of this Agreement, to the extent they are entitled under the Company’s constituent or organizational
documents or agreements to vote on a particular matter, each Voting Party agrees to vote all securities of the Company that may
vote in the election of the Company’s directors that such Voting Party owns from time to time (hereinafter referred to as
the “Voting Shares”) in accordance with the provisions of this Agreement, whether at a regular or special meeting
of stockholders or any class or series of stockholders or by written consent.

 

    	 

    	 

    

 

2.           Election
of Boards of Directors.

 

2.1         Voting.
During the term of this Agreement, and subject to the Company’s Amended and Restated Memorandum and Articles of Association,
each Voting Party agrees to vote all Voting Shares in such manner as may be necessary to elect (and maintain in office) as members
of the Company’s Board of Directors the following persons:

 

(a)         
Four (4) persons (each a “Stockholder Designee,” and collectively, the “Stockholder Designees”)
designated by Jason Hoisager, or if he is unavailable, by the Voting Parties (excluding the Voting Parties who were Lone Oak Shareholders
prior to the date hereof) holding a majority of shares of capital stock owned by such Voting Parties (as applicable, the “Arabella
Selector”); and

 

(b)         
Three (3) persons (each a “Lone Oak Designee,” and collectively, the “Lone Oak Designees”)
designated by Berke Bakay, or if he is unavailable, by the Voting Parties (excluding the Voting Parties who were members or employees
of or consultants to Target prior to the date hereof) (as applicable, the “Lone Oak Selector”), to serve for
a minimum of four (4) years from the Closing.

 

(c)         Insofar
as the Company has a staggered board of directors, one director designated pursuant to Section 2.1(a) and one director designated
pursuant to Section 2.1(b) shall be in each class of directors except that the class of directors whose next election is furthest
from the date of this Agreement shall include Mr. Hoisager and one other director appointed pursuant to Section 2.1(a).

 

2.2         Initial
Designees. The initial Stockholder Designee shall be Susan Hoisager, and the remaining Shareholder Designees shall be designated
as provided in Section 2.1(a) after the date hereof. The initial Lone Oak Designees are to be (i) Berke Bakay, (ii) Richard Hauser,
and (iii) William B. Heyn.

 

2.3         Size
of the Board. The parties hereto agree that they shall, and that they shall cause their respective designees to, maintain the
size of the Company’s Board of Directors at not more than seven (7) persons for the four (4) year period following the closing
date of the transactions contemplated by the Merger Agreement.

 

2.4         Obligations;
Removal of Directors; Vacancies. The obligations of the Voting Parties pursuant to this Section 2 shall include any stockholder
vote to amend the Company’s Amended and Restated Memorandum and Articles of Association as required to effect the intent
of this Agreement. Each of the Voting Parties and the Company agree not to take any actions that would materially and adversely
affect the provisions of this Agreement and the intention of the parties with respect to the composition of the Company’s
Board of Directors as herein stated. The parties acknowledge that the fiduciary duties of each member of the Company’s Board
of Directors are to the Company’s stockholders as a whole. In the event any director elected pursuant to the terms hereof
ceases to serve as a member of the Company’s Board of Directors, the Company and the Voting Parties agree to take all such
action as is reasonable and necessary, including the voting of shares of capital stock of the Company by the Voting Parties as
to which they have beneficial ownership, to cause the election or appointment of such other substitute person to the Board of Directors
as may be designated on the terms provided herein.

 

    	-2-

    	 

    

 

3.          Board
Actions.

 

3.1         Board
Approval of Certain Transactions. The Company covenants and agrees that, from the date hereof through the termination of this
Agreement, the Company shall not take any of the following actions without the approval of at least two-thirds (2/3) of the members
of the Company’s Board of Directors (of which one of the members voting in favor must be a Lone Oak Designee), whether at
a meeting or pursuant to written consent:

 

(a)         Issue
any Parent Ordinary Shares or securities convertible into or exercisable for Parent Ordinary Shares;

 

(b)         Appoint
or remove the Company’s Chief Executive Officer or Chief Financial Officer;

 

(c)         Repay
the loan to the Target from Jason Hoisager outstanding as of the date hereof;

 

(d)         Amend
the Merger Agreement;

 

(e)         Amend
the Public Peer Set

 

(f)         Retain
an investor relations firm;

 

(g)         Appoint
or hire an employee to provide internal investment relations management; and

 

(h)         Adopt
an equity incentive plan for officers, directors or employees.

 

3.2         Prohibition
on Loans to Employees.  Promptly after the Closing, the Company shall establish a policy that prohibits loans to employees,
except for advances of approved expenses.

 

3.3         Violation
of Sections 3.1 and 3.2.  In the event that the Company breaches either Section 3.1 or Section 3.2 of this Agreement for any
reason, the parties hereto agree that the provisions of Section 2.1(b) will be deemed to be automatically amended to read as follows:

 

(a)         Three
(3) persons (each a “Stockholder Designee,” and collectively, the “Stockholder Designees”)
designated by the Arabella Selector; and

 

(b)         Four
(4) persons (each a “Lone Oak Designee,” and collectively, the “Lone Oak Designees”) designated
by Lone Oak Selector, to serve for a minimum of four (4) years from the Closing.

 

All other provisions of this Agreement
would remain in full force and effect.

 

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4.         Successors
in Interest of the Voting Parties and the Company. The provisions of this Agreement shall be binding upon the successors in
interest of any Voting Party with respect to any of such Voting Party’s Voting Shares or any voting rights therein, unless
such shares are sold into the public markets. Each Voting Party shall not, and the Company shall not, permit the transfer of any
Voting Party’s Voting Shares (except for sales of Voting Shares into the public markets), unless and until the person to
whom such securities are to be transferred shall have executed a written agreement pursuant to which such person becomes a party
to this Agreement and agrees to be bound by all the provisions hereof as if such person was a Voting Party hereunder.

 

5.         Covenants.
The Company and each Voting Party agrees to take all actions required to ensure that the rights given to each Voting Party hereunder
are effective and that each Voting Party enjoys the benefits thereof. Such actions include, without limitation, the use of best
efforts to cause the nomination of the designees, as provided herein, for election as directors of the Company. Neither the Company
nor any Voting Party will, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to
be performed hereunder by the Company or any such Voting Party, as applicable, but will at all times in good faith assist in the
carrying out of all of the provisions of this Agreement and in the taking of all such actions as may be necessary or appropriate
in order to protect the rights of each Voting Party hereunder against impairment.

 

6.         Grant
of Proxy. The parties agree that this Agreement does not constitute the granting of a proxy to any party or any other person;
provided, however, that should the provisions of this Agreement be construed to constitute the granting of proxies, such proxies
shall be deemed coupled with an interest and are irrevocable for the term of this Agreement.

 

7.         Restrictive
Legend. Until the termination of this Agreement, each certificate representing any of the Voting Shares shall be marked by
the Company with a legend reading as follows:

 

“THE SHARES
EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY BE OBTAINED FROM THE ISSUER) AND BY ACCEPTING ANY INTEREST
IN SUCH SHARES THE PERSON HOLDING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID
VOTING AGREEMENT.”

 

8.         Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach
of this Agreement by any party hereto, that this Agreement shall be specifically enforceable, and that any breach of this Agreement
shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives any
claim or defense that there is an adequate remedy at law for such breach or threatened breach and agrees that a party’s rights
would be materially and adversely affected if the obligations of the other parties under this Agreement were not carried out in
accordance with the terms and conditions hereof.

 

    	-4-

    	 

    

 

9.           Manner
of Voting. The voting of shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any
other manner permitted by applicable law.

 

10.         Termination.
This Agreement shall terminate upon the first to occur of the following:

 

10.1         The
date that is four (4) years from the closing date of the transactions contemplated by the Merger Agreement; or

 

10.2         immediately
prior to a transaction pursuant to which a person or group other than current shareholders of the Company or the Voting Parties,
or their respective affiliates, will control greater than 50% of the Company’s voting power with respect to the election
of directors of the Company.

 

11.         Amendments
and Waivers. Except as otherwise provided herein, additional parties may be added to this Agreement, and any provision of this
Agreement may be amended or the observance thereof may be waived (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of (a) the Company, and (b) the holders of a majority of Voting Shares then held
by the Voting Parties; provided, however, that the right of the Lone Oak Shareholders to nominate the Lone Oak Designees
shall not be amended without the written consent of a majority in interest of the Lone Oak Shareholders; and provided further,
that the right of the Stockholders to nominate the Stockholder Designees shall not be amended without the written consent of a
majority in interest of Stockholders.

 

12.         Stock
Splits, Stock Dividends, etc. In the event of any stock split, stock dividend, recapitalization, reorganization or the like,
any securities issued with respect to Voting Shares held by Voting Parties shall become Voting Shares for purposes of this Agreement
and the minimum number of Voting Shares pursuant to which certain Voting Parties may name designees will be appropriately adjusted.

 

13.         Severability.
In the event that any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

14.         Governing
Law. This Agreement and the legal relations between the parties arising hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York without reference to its conflicts of laws provisions.

 

15.         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

16.         Successors
and Assigns. Except as otherwise expressly provided in this Agreement, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors and assigns of the parties hereto.

 

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17.         Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties, and supersedes any
prior agreement or understanding among the parties, with regard to the subjects hereof and thereof, and no party shall be liable
or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein
or therein.

 

[Remainder of page
intentionally left blank; signature page follows]

 

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This Voting Agreement is hereby executed
effective as of the date first set forth above.

 

“COMPANY”

 

	LONE OAK ACQUISITION CORPORATION,	 
	a Cayman Islands company	 
	 	 
	By:	 	 
	Name:  	 	 
	Title:  	 	 

 

    	 

    	 

    

 

	“VOTING PARTIES”	 
	 	 
	 	 
	Berke Bakay	 
	 	 
	 	 
	Baris Merzeci	 
	 	 
	 	 
	Can Aydinoglu	 
	 	 
	 	 
	Jason Hoisager	 
	 	 
	 	 
	Chad D. Elliott	 
	 	 
	 	 
	Richard J. Hauser	 
	 	 
	 	 
	William B. Heyn	 
	 	 
	 	 
	Jason Hoisager	 
	 	 
	 	 
	Greg McCabe	 

    	 

    	 

    

 

“VOTING PARTIES” (continued)

 

	BBS CAPITAL FUND, LP	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	HAUSER HOLDINGS LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	RAMPANT DRAGON, LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	TRAVIS STREET ENERGY, LLC	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:LOCK-UP AGREEMENT 

 

This LOCK-UP AGREEMENT
(this “Agreement”) is dated as of December 24, 2013 by and among Lone Oak Acquisition Corporation, a Cayman
Islands company (the “Company”), and each of the persons or entities set forth on Exhibit A hereto (each, an
“Investor” and collectively, the “Investors”).

 

WHEREAS, the parties
hereto entered into an Agreement and Plan of Merger and Reorganization, dated as of October 23, 2013, by and among the Company,
Arabella Exploration Corp., a Delaware corporation, Arabella Exploration, Limited Liability Company, a Texas limited liability
company, and the Investors (the “Merger Agreement”); and

 

WHEREAS, in order to
induce the Company to enter into the Merger Agreement, each Investor has agreed not to sell any of the Company’s ordinary
shares, par value $0.001 per share (the “Ordinary Shares”) that represent Closing Payment Shares or Earnout
Payment Shares issued pursuant to the Merger Agreement (collectively, the “Lock-Up Shares”), except in accordance
with the terms and conditions set forth herein. Capitalized terms used herein without definition shall have the meanings assigned
to such terms in the Merger Agreement.

 

NOW, THEREFORE, in
consideration of the covenants and conditions hereinafter contained, the parties hereto agree as follows:

 

1.          Restriction
on Transfer; Term. Each Investor hereby agrees not to offer, sell, contract to sell, assign, transfer, hypothecate, gift, pledge
or grant a security interest in, or otherwise dispose of, or enter into any transaction which is designed to, or might reasonably
be expected to, result in the disposition of (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise, directly or indirectly) (each, a “Transfer”) a number of Lock-Up Shares in excess of 33% of such
Investor’s original number of Closing Payment Shares or Earnout Payment Shares within any consecutive 365-day period following
the Closing Date; provided that such lock-up shall expire and be of no further force or effect three years following the Closing
Date (the “Lock-Up Period”). Notwithstanding the foregoing, each Investor shall be permitted to engage in a
Transfer in a private sale of any or all of the Lock-Up Shares, provided that such transferee agrees in writing to be bound by
and subject to the terms of this Agreement.

 

2.          Ownership.
During the Lock-Up Period, each Investor shall retain all rights of ownership in the Lock-Up Shares, including, without limitation,
voting rights and the right to receive any dividends that may be declared in respect thereof.

 

3.          Company
and Transfer Agent. The Company is hereby authorized and required to disclose the existence of this Agreement to its transfer
agent. The Company and its transfer agent are hereby authorized and required to decline to make any transfer of the Ordinary Shares
if, in the reasonable judgment of the Company (of which it shall promptly notify the proposed transferor of Ordinary Shares) such
transfer would constitute a violation or breach of this Agreement.

 

    	 

    	 

    

 

4.          Notices.
Any notice hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: if by hand or recognized
courier service, by 4:00PM on a business day, addressee’s day and time, on the date of delivery, and otherwise on the first
business day after such delivery; if by fax or e-mail, on the date that transmission is confirmed electronically, if by 4:00PM
on a business day, addressee’s day and time, and otherwise on the first business day after the date of such confirmation;
or five days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective
parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify
to the others in accordance with these notice provisions:

 

To Company, at:

 

Lone Oak Acquisition Corporation

Room 1708 Dominion Centre

43-59 Queen’s Road East

Wanchai, Hong Kong

Attention: Berke Bakay

Email: berkebakay@bbscapitalmanagement.com

 

with a copy to (not constituting notice):

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Facsimile: (212) 407-4990

Attention: Mitchell S. Nussbaum, Esq.

   Giovanni Caruso, Esq.

 

To Investors at:

 

c/o Arabella Exploration, Limited Liability Company

500 W. Texas Avenue, Suite 1450

Midland, Texas 79701

Attention: Jason Hoisager

Email: Jason@arabellapetroleum.com

 

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

 

Strasburger & Price, LLP

901 Main Street, Ste. 4400

Dallas, TX 75202

Attention: Jules Brenner

Telecopy: 214-659-4148

 

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To any other Person
who is then the registered Holder at the address of such Holder as it appears in the stock transfer books of the Company

  

5.          Amendment.
This Agreement may not be modified, changed, supplemented, amended or terminated, nor may any obligations hereunder be waived,
except by written instrument signed by the Company and the Representative.

 

6.          Entire Agreement.
This Agreement contains the entire understanding and agreement of the parties relating to the subject matter hereof and supersedes
all prior and/or contemporaneous understandings and agreements of any kind and nature (whether written or oral) among the parties
with respect to such subject matter.

 

7.          Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without
giving effect to any of the conflicts of law principles which would result in the application of the substantive law of another
jurisdiction. This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement
to be drafted.

 

8.          Waiver of
Jury Trial. EACH OF THE PARTIES HERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION,
SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES UNCONDITIONALLY
AND IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY AND THE
FEDERAL DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND EACH OF THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES
ANY OBJECTION TO VENUE IN NEW YORK COUNTY OR SUCH DISTRICT, AND AGREES THAT SERVICE OF ANY SUMMONS, COMPLAINT, NOTICE OR OTHER
PROCESS RELATING TO SUCH SUIT, ACTION OR OTHER PROCEEDING MAY BE EFFECTED IN THE MANNER PROVIDED IN SECTION 4.

 

9.          Severability.
The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that
any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or
part of a provision of this Agreement and such provision shall be reformed and construed as if such invalid or illegal or unenforceable
provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable
to the maximum extent possible.

 

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10.          Binding
Effect; Assignment. This Agreement and the rights and obligations hereunder may not be assigned by the Affiliate hereto without
the prior written consent of the Company. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

11.          Headings.
The section headings contained in this Agreement are inserted for reference purposes only and shall not affect in any way the meaning,
construction or interpretation of this Agreement. Any reference to the masculine, feminine, or neuter gender shall be a reference
to such other gender as is appropriate. References to the singular shall include the plural and vice versa.

 

12.          Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same Agreement and shall become effective when counterparts have
been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if
such facsimile signature were the original thereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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

 

	 	LONE OAK ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Name: Berke Bakay  
	 	 	Title: Chairman 
	 	 
	 	INVESTORS
	 	 
	 	Jason Hoisager
	 	 
	 	 
	 	Chad Elliott
	 	 
	 	 
	 	Bill Elliott
	 	 
	 	 
	 	Richard Masterson
	 	 
	 	 
	 	Greg McCabe

  

	 	TRAVIS STREET ENERGY, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
		REPRESENTATIVE:
	 	 
	 	 
	 	Jason Hoisager, as Representative

 

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