Document:

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                MANAGEMENT AND ADMINISTRATIVE SERVICES AGREEMENT

         THIS MANAGEMENT AND ADMINISTRATIVE SERVICES AGREEMENT (this
"Agreement"), dated and effective as of February 16, 2001 is by and between
ENVIRONMENTAL REMEDIATION HOLDINGS CORPORATION, a Colorado corporation
("COMPANY") and CHROME OIL SERVICES, LTD., a Bahaman corporation ("Chrome").

                              W I T N E S S E T H :

         WHEREAS, COMPANY desires that Chrome furnish COMPANY with certain
management, administrative, and other support services described in this
Agreement;

         NOW, THEREFORE, in consideration of the covenants and agreements set
forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         Section 1. RIGHTS AND DUTIES OF CHROME.

         (a) Upon the terms and subject to the conditions set forth herein,
Chrome agrees from and after the effective date hereof to provide the services
described in Section 2 (collectively, the "Services") to COMPANY.

         (b) COMPANY acknowledges and agrees that Chrome may, at its election,
cause one or more of it affiliates or third party contractors or service
providers to perform all or any portion of the Services.

         Section 2. DESCRIPTION OF SERVICES. Chrome and COMPANY agree that
Chrome shall provide the following Services to COMPANY:

         (a) Supplying such persons to serve as corporate officers and directors
of COMPANY as COMPANY may from time to time desire;

         (b) Assisting with formulation, implementation, and administration of
COMPANY policies and procedures;

         (c) Assisting with strategic planning for current and future business
activities of COMPANY;

         (d) Assisting with management activities of the COMPANY, including
without limitation negotiation and administration of contractual undertakings of
the COMPANY;

         (e) Providing such other management services as may mutually be agreed
upon by the parties hereto.

         (f) accounting and financial services, including opening and
administration of bank accounts, maintenance of books and records, accounting
systems and payroll systems;

         (g) advisory services relating to the preparation and filing of, and
assistance with respect to any required tax returns;

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         (h) the purchase and maintenance of insurance and the processing and
administration of insurance claims;

         (i) management information and system services, including computer
operations, data input, systems and programming and technical support;

         (j) office space and support staff on a shared non-dedicated basis at
the offices of Chrome in Houston; and

         (k) such other services as may mutually be agreed upon by the parties
hereto.

         Section 3.  ADMINISTRATION OF SERVICES.

         (a) Chrome shall keep the COMPANY fully informed of the Services
performed pursuant to this Agreement and shall cooperate with the COMPANY with
respect to the performance of Services. COMPANY shall have complete and full
access to all data, records, files, statements, invoices, billings and other
information generated by or in the custody of Chrome relating to the Services
provided pursuant to this Agreement during normal business hours and with prior
written notice to be first given.

         (b) COMPANY acknowledges and agrees that the Services shall be provided
only with respect to the business of COMPANY.

         (c) Each party shall (i) maintain confidential and secret all
confidential information that may be disclosed by the other party in connection
with the provision of the Services hereunder, (ii) restrict disclosure of such
confidential information to those of its employees who have a need to know such
information in order to comply with its obligations hereunder and (iii) employ
the same standards of care with respect to such confidential information as it
uses to protect its own confidential information. The obligations of this
Section 3(c) shall survive the expiration and termination of this Agreement for
a period of two (2) years. Nothing herein, however, shall prevent either party
from disclosing to others or using in any manner information which such party
can show:

                  (i)      has been published and become part of the public
                           domain other than by acts, omissions, or fault of
                           such party or such party's employees;

                  (ii)     has been furnished or made known to such party by
                           third parties other than those acting directly or
                           indirectly for or on behalf of the other party as a
                           matter of legal right without restriction on
                           disclosure; or

                  (iii)    was in such party's possession prior to the
                           disclosure thereof by one party to the other party;
                           or

                  (iv)     is required to be disclosed by law or a court of
                           competent jurisdiction.

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         Section 4.        COMPENSATION.

         (a)      Chrome shall be compensated for the performance of the
                  Services as follows:

                  (i)      COMPANY shall reimburse Chrome for the actual cost of
                           any goods or third party services purchased, leased
                           or otherwise procured by Chrome for the direct
                           benefit of COMPANY in accordance with this Agreement,
                           including the premium cost of the insurances and
                           deductibles thereunder as per Section 2(c) above
                           ("Direct Costs"); and

                  (ii)     COMPANY shall pay to Chrome a lump sum amount of
                           $68,000.00 per month which shall be inclusive of all
                           indirect general and administrative costs incurred by
                           Chrome plus margin thereon in performing the services
                           hereunder, including all corporate overhead costs and
                           expenses such as accounting, administrative,
                           secretarial or other services, office rent,
                           telephone, employee compensation and benefits, taxes,
                           depreciation and other expense items of a general and
                           administrative nature and any other expenses incurred
                           by Chrome that are reasonably necessary to the
                           performance of the Services (the "Service Fee"). The
                           Service Fee shall be adjusted from time to time to
                           reflect increases in such general and administrative
                           costs.

         (b)      Chrome shall invoice COMPANY by the last day of each month for
                  all Direct Costs and Service Fee incurred for the immediately
                  preceding month. All invoices shall provide COMPANY with an
                  account of all Direct Costs. All amounts shown on each invoice
                  shall be due and payable within 30 days of the date of the
                  invoice.

         (c)(i)            In the event COMPANY disputes any charges
                           invoiced by Chrome pursuant to this Agreement,
                           COMPANY shall deliver a written statement describing
                           the dispute to Chrome within 10 days following
                           receipt of the disputed invoice. Fees not so disputed
                           shall be deemed accepted and shall be payable as
                           provided in subsection (a) hereinabove. If the
                           parties cannot resolve the dispute in a mutually
                           satisfactory manner, the dispute shall be submitted
                           within 30 days from the date of notice to Pannell
                           Kerr Forster or its successor or another independent
                           public accountant mutually acceptable to the parties.
                           The independent public accountants will review the
                           books and records of COMPANY and Chrome, as the case
                           may be, and make such other investigation as they may
                           deem necessary to verify the invoice. The costs of
                           such accountants' fees shall be borne by COMPANY if
                           the invoice is determined to be substantially correct
                           and borne by Chrome if the disputed amount is
                           determined to be substantially incorrect. Pending any
                           such final determination, COMPANY agrees to pay the
                           undisputed amount to Chrome, with appropriated
                           adjustment thereto (including, without limitation,
                           interest at the rate of interest which commercial
                           banks charge to their most creditworthy customers
                           from the date of such payment) to be made following
                           such final determination.

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                  (ii)     COMPANY's receipt of any Service performed hereunder
                           shall be an unqualified acceptance of, and a waiver
                           by COMPANY of any and all Claims (as defined in
                           Section 6(c)(iv) with respect to, such Service unless
                           COMPANY gives Chrome notice of Claim within 30 days
                           after the end of the month in which the invoice for
                           such Service was received by COMPANY, except for any
                           Claims arising from the bad faith, gross negligence
                           or willful misconduct of Chrome or its affiliates
                           (other than COMPANY).

         (d) In addition to any other amounts payable to Chrome hereunder,
COMPANY shall reimburse Chrome for any taxes, excises, imposts, duties, levies,
withholdings or other similar charges (excepting any charges based on net
income) that Chrome may be required to pay on account of COMPANY in connection
with its performance of Services.

         Section 5. TERMS OF AGREEMENT; TERMINATION. This Agreement shall
commence on the effective date hereof and shall remain in effect on an evergreen
basis until terminated by either party upon the giving of the other party thirty
(30) days prior written notice.

         Section 6. LIMITATION OF LIABILITY; WARRANTY, INDEMNIFICATION.

         (a) Chrome makes no representation or warranty whatsoever, express or
implied, with respect to the Services. In no event shall Chrome be liable to
COMPANY for (i) any loss, cost or expense arising or resulting from, directly or
indirectly, in any way to the performance of this Agreement or breach hereof
including the provision or failure to provide the Services called for hereunder,
except for the bad faith, gross negligence or willful misconduct of Chrome or
(ii) any special, indirect, incidental, or consequential damages arising or
resulting, directly or indirectly, from any error or omission in the performance
or breach of this Agreement including the provision or failure to provide the
Services called for hereunder, regardless of how such Claim arose and even if
caused by the negligence, whether sole or concurrent or active or passive, gross
negligence, of other legal fault, including strict liability, of Chrome. EXCEPT
AS STATED ABOVE, THERE ARE NO WARRANTIES RELATING TO THE SERVICES OF ANY KIND,
EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

         (b) Neither Chrome nor COMPANY shall be liable for any loss or damage
or any nonperformance, partial or whole, under this Agreement, caused by any
strike, labor troubles, riot, act of a public enemy, insurrection, act of God,
or any law, rule or regulation promulgated by any governmental body or agency,
or any demand or requisition of any governmental body or agency, or any other
cause beyond the control of the parties hereto.

         (c)(i)   COMPANY releases Chrome from any liability to COMPANY for, and
                  COMPANY will defend, indemnify and hold harmless Chrome from
                  and against all Claims by COMPANY arising or resulting from,
                  directly or indirectly, in any way to the performance of this
                  Agreement or breach hereof including the provision or failure
                  to provide the Services called for hereunder, regardless of
                  how such Claim arose and even if caused by the negligence,
                  whether sole or concurrent or active or passive of other legal
                  fault, including strict liability, of Chrome or its affiliates
                  (other than COMPANY), except for

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                  any Claims arising from the bad faith, gross negligence or
                  willful misconduct of Chrome.

         (ii)     Chrome releases COMPANY from any liability to Chrome for, and
                  Chrome will defend, indemnify and hold COMPANY harmless from
                  and against all Claims by Chrome arising or resulting from,
                  directly or indirectly, in any way to the performance of this
                  Agreement or breach hereof, regardless of how such Claim arose
                  and even if caused by the negligence, whether sole or
                  concurrent or active or passive of other legal fault,
                  including strict liability, of COMPANY, except for any Claims
                  arising from the bad faith, gross negligence or willful
                  misconduct of COMPANY.

         (iii)    COMPANY will defend, indemnify and hold Chrome harmless from
                  and against all Claims by third parties arising or resulting
                  from, directly or indirectly, in any way to the performance of
                  this Agreement or breach hereof including the provision or
                  failure to provide the Services called for hereunder,
                  regardless of how such Claim arose and even if caused by the
                  negligence, whether sole or concurrent or active or passive of
                  other legal fault, including strict liability, of Chrome or
                  its affiliates (other than COMPANY), except for any Claims
                  arising from the bad faith, gross negligence or willful
                  misconduct of Chrome.

         (iv)     For the purpose of this Agreement, "Claims" means all suits,
                  actions, claims and demands, by whomever brought, based on
                  personal injury, death or loss of or damage to or loss of use
                  of property or property rights, breach of or termination of
                  contract, or other economic damage of any kind, whenever
                  occurring, suffered or incurred. All references to "COMPANY"
                  in this Agreement shall be deemed to include for all purposes,
                  including the benefit of any release, indemnification, and
                  exculpatory provisions, COMPANY and its affiliates (other than
                  Chrome) and their respective officers, directors, employees,
                  and agents. All references to "Chrome" in this Agreement shall
                  be deemed to include for all purposes, including the benefit
                  of any release, indemnification, and exculpatory provisions,
                  Chrome and its affiliates (other than COMPANY) and their
                  respective officers, directors, employees, and agents.

         (d)(i)   If any Claim is made or asserted by a third party against
                  Chrome for which Chrome is entitled to indemnification under
                  this Section 6, Chrome shall, with reasonable promptness, give
                  COMPANY written notice of the Claim or assertion of liability
                  and request COMPANY to defend against the Claim. Failure to
                  notify COMPANY shall not relieve COMPANY of any liability
                  which COMPANY might have to Chrome, unless such failure
                  materially prejudices COMPANY's position. COMPANY shall have
                  the right to defend against the Claim, in which event COMPANY
                  shall give written notice to Chrome of acceptance of the
                  defense of such Claim and the identity of counsel selected by
                  COMPANY with respect to such matters. In the event COMPANY
                  does not accept the defense of the Claim as provided above or
                  in the event that COMPANY or its counsel fails to use
                  reasonable care in maintaining such defense, Chrome, upon
                  written notice to COMPANY, shall

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                  have the right to employ counsel for such defense at the
                  expense of COMPANY. Chrome and COMPANY shall cooperate with
                  one another in the defense of any such Claim and the relevant
                  records and personnel of each shall be available to the other
                  with respect to such defense. Provided that COMPANY accepts
                  the defense of the Claim, it shall not be liable for any
                  amount hereunder arising out of any settlement of any Claim
                  made without its consent.

         (ii)     If any Claim is made or asserted by a third party against
                  COMPANY for which COMPANY is entitled to indemnification under
                  this Section 6, COMPANY shall, with reasonable promptness,
                  give Chrome written notice of the Claim or assertion of
                  liability and request Chrome to defend against the Claim.
                  Failure to notify Chrome shall not relieve Chrome of any
                  liability which Chrome might have to COMPANY, unless such
                  failure materially prejudices Chrome's position. Chrome shall
                  have the right to defend against the Claim, in which event
                  Chrome shall give written notice to COMPANY of acceptance of
                  the defense of such Claim and the identity of counsel selected
                  by Chrome with respect to such matters. In the event Chrome
                  does not accept the defense of the Claim as provided above or
                  in the event that Chrome or its counsel fails to use
                  reasonable care in maintaining such defense, COMPANY, upon
                  written notice to Chrome, shall have the right to employ
                  counsel for such defense at the expense of Chrome. Chrome and
                  COMPANY shall cooperate with one another in the defense of any
                  such Claim and the relevant records and personnel of each
                  shall be available to the other with respect to such defense.
                  Provided that Chrome accepts the defense of the Claim, it
                  shall not be liable for any amount hereunder arising out of
                  any settlement of any Claim made without its consent.

         Section 7. RELATIONSHIP OF PARTIES.

         Nothing contained in this Agreement (a) shall constitute Chrome and
COMPANY as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (b) shall be construed to
impose any liability as such on either of them, (c) shall be deemed to confer on
either of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the other, or (d) shall be deemed to, or in
fact, create any benefit for, or impose any obligation on the parties in favor
of, any person not party to this Agreement. COMPANY shall ratify and confirm all
that shall be done by Chrome under and in accordance with the terms of this
Agreement.

         Section 8. MISCELLANEOUS.

         (a) This Agreement constitutes the entire agreement between the parties
hereto with respect to the matters set forth in this Agreement. This Agreement
shall not be amended, modified or supplemented except by an instrument in
writing executed by each of the parties hereto.

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         (b) All notices and other communications hereunder shall be in writing
and shall be given by hand delivery, certified or registered mail, return
receipt requested or telecopy transmission with confirmation of receipt to the
address of each of the parties set forth opposite the signature of such party on
the signature page hereof. All notices and communications shall be deemed given
upon receipt thereof.

         (c) This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Texas.

         (d) This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns. This Agreement
shall not be assignable by any party hereto without the prior written consent of
the other party.

         (e) This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

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

Addresses for Notices:            ENVIRONMENTAL REMEDIATION HOLDINGS CORPORATION

5444 Westheimer
Suite 1570
Houston, Texas  77056
                                  By: /s/ Chude Mba
                                      ------------------------------------
                                  Name: Chude Mba
                                  Title: President

                                  CHROME OIL SERVICES, LTD
5444 Westheimer
Suite 1570
Houston, Texas  77056
                                  By: /s/ Sir Emeka Offor
                                      ------------------------------------
                                  Name: Sir Emeka Offor
                                  Title: Chairman

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                               TERM LOAN AGREEMENT

         This Term Loan Agreement is made and entered into as of February 15,
2001, by and between ENVIRONMENTAL REMEDIATION HOLDING CORP., a Colorado
corporation (hereinafter called "Borrower") and CHROME ENERGY, L.L.C., a
Delaware limited liability company (hereinafter called "Lender").

                              W I T N E S S E T H:
                              --------------------

                  In consideration of the mutual covenants and agreements herein
contained, the parties hereto agree as follows:

                                    ARTICLE I
                   REPRESENTATIONS AND WARRANTIES OF BORROWER

         1.1 REPRESENTATIONS AND WARRANTIES CONCERNING BORROWER. Borrower
represents and warrants as follows:

         A.       EXISTENCE AND POWER. That Borrower is a corporation duly
                  incorporated and existing in good standing under the laws of
                  the State of Colorado and is duly licensed or qualified in all
                  jurisdictions wherein the character of the property owned or
                  leased by it or the nature of the business transacted by it
                  makes licensing or qualification necessary and where failure
                  to become so licensed or qualified would have a material
                  adverse effect on the financial condition of Borrower;
                  Borrower has all power to make and perform this agreement and
                  the notes executed pursuant hereto, and to borrow hereunder as
                  herein provided.

         B.       AUTHORITY. The making and performance by Borrower of this
                  Agreement and the Note executed or to be executed pursuant
                  hereto and all renewals and extensions thereof, and the
                  borrowing hereunder, and the making and performance of the
                  several agreements and instruments contemplated hereby have
                  been duly authorized by all necessary action and will not
                  violate any provision of law or of Borrower's Articles of
                  Incorporation or Bylaws or result in the breach of, or
                  constitute a default under, or result in the creation of any
                  lien, charge or encumbrance upon any property or assets of
                  Borrower (other than as contemplated under this Agreement)
                  pursuant to any indenture or loan, credit or other agreement
                  or instrument to which Borrower is a party or by which
                  Borrower or its property may be bound or affected. This
                  Agreement, the Note, and the several agreements and
                  instruments contemplated thereby, when duly executed and
                  delivered in accordance with this agreement will constitute
                  legal, valid and binding obligations of Borrower in accordance
                  with their respective terms.

         C.       USE OF PROCEEDS. The proceeds of the borrowing hereunder will
                  be used by Borrower solely for working capital for general
                  operating purposes and capital expenditures.

         D.       AVAILABILITY OF RECORDS. Borrower will permit Lender and/or
                  its representatives to

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                  visit and inspect any of the properties of Borrower, to
                  examine the books and financial records of Borrower, to verify
                  the due investment and application of the proceeds in
                  accordance herewith and to discuss the affairs, finances and
                  accounts of Borrower with Borrower's officers and independent
                  certified public accountants, all at such reasonable times and
                  during reasonable business hours, and as often as Lender may
                  desire.

                                   ARTICLE II
                          TERMS AND CONDITIONS OF LOANS

         2.1 LOAN AGREEMENT. Subject to all the terms and conditions hereof,
Lender agree to loan to the Borrower, and Borrower shall have the right to
borrow but not repay and reborrow, at any time and from time to time prior to
the Maturity Date (as herein defined), the aggregate principal sum of
$5,000,000.00, at any one time outstanding (the "Commitment"). All such loans to
be evidenced by Borrower's promissory note to Lender (herein the "Note") in the
form of EXHIBIT "A", attached hereto, bearing interest prior to maturity or
default at a per annum rate equal to the lesser of (i) the maximum rate of
interest allowed by applicable law and (ii) or ten percent (10%), subject to the
terms set forth in the Note, and being payable to the order of the Lender on
February 15, 2003 unless otherwise extended in writing by the Lender at the
request of Borrower (the "Maturity Date"). Interest on the Note shall be payable
quarterly as it accrues, unless converted into common stock of the Borrower as
provided in the Note. The unpaid principal of the Note and accrued but unpaid
interest thereon shall be payable at maturity of the Note, regardless of how the
same shall occur, unless converted into common stock of the Borrower as provided
in the Note. All Advances and payments of principal with respect to such loans
shall be evidenced by notations made by the applicable Lender on a schedule for
the Note, and replacements therefor, such schedule to set forth the date and
amount of each such Advance or payment of principal on said Note. The aggregate
unpaid amount of loans set forth on the schedule and replacements therefor,
shall be rebuttably presumptive evidence of the principal amount owing and
unpaid on the Note. All renewals and rearrangements of the Note, if any, shall
be deemed to be made pursuant to this Agreement, and accordingly, shall be
subject to the terms and provisions hereof, and the Borrower shall be deemed to
have ratified as of the date of such renewal or rearrangement all of the
representations, covenants and agreements herein set forth.

         2.2 ADVANCES. Advances under the Note shall be made by written request
signed by an authorized officer of Borrower. Each borrowing shall be made on a
business day. Lender shall be entitled to rely upon and act upon requests made
or purportedly made by any of the officers or employees of Borrower, and
Borrower shall be unconditionally and absolutely estopped from denying (i) the
authenticity and validity of any such transaction so acted upon by Lender once
Lender has advanced funds under the Note and has deposited or transferred such
funds as requested in any such request, and (ii) Borrower's liability and
responsibility therefor.

         2.3 PREPAYMENTS. The Borrower may not make prepayments on the Note in
whole at any time without prior consent of the Lender.

         2.4 FURTHER ADVANCES. Lender may but shall not be required to make or
continue any loan hereunder or renew the Note if an event has occurred which
constitutes an Event of Default or any

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event which with notice or lapse of time or both would constitute an Event of
Default or if any breach of a covenant under this Agreement has occurred and is
continuing.

                                   ARTICLE III
                              CONDITIONS OF LENDING

         3.1 CONDITIONS. The obligation of Lender to make the initial loans and
other Advances hereunder to the Borrower is subject to the satisfaction of the
following conditions:

         A.       CONDITIONS TO ALL ADVANCES. Borrower shall have furnished to
                  Lender the following documentation, in form and substance
                  satisfactory to Lender:

         1.       Appropriate certified resolutions authorizing all the
                  transactions contemplated hereby;

         2.       A certificate, dated of even date herewith, of the president
                  and secretary of Borrower to the effect that:

                  (i)      Borrower has performed or complied with all of
                           Borrower's covenants and agreements required hereby
                           and by the Note;

                  (ii)     The borrowings hereunder will not contravene any
                           provision of law or regulation applicable to
                           Borrower;

                  (iii)    No Event of Default and no condition or event which,
                           with the giving of notice or lapse of time or both,
                           would become an Event of Default, shall have occurred
                           or if occurred will be continuing; and

                  (iv)     The representations and warranties contained in this
                           Agreement are true and correct in all material
                           respects on the date hereof;

                                   ARTICLE IV
                                    DEFAULTS

         4.1 EVENTS OF DEFAULT. Borrower shall be in default hereunder if any
one of the following "Events of Default" shall occur and be continuing.

         A.       PAYMENT OF OBLIGATIONS. Any installment of principal or
                  interest on the Note issued pursuant to this Agreement shall
                  not be paid when due and payable, or in the failure or
                  performance of any obligations owed to Lender by Borrower, or
                  any other event of default provided for under the terms of the
                  Note.

         B.       INCORRECT STATEMENTS. Any representation, statement, covenant,
                  warranty or certificate made by Borrower in this Agreement or
                  in any agreement or instrument

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                  executed pursuant hereto, or furnished to Lender in connection
                  with any loan or loans hereunder, shall prove to have been
                  incorrect in any material respect at the time of making or
                  issuance thereof.

         C.       BANKRUPTCY AND/OR INSOLVENCY. Borrower shall:

                  (1)      Apply for, consent to or acquiesce in the appointment
                           of a receiver, trustee or liquidator of itself, or of
                           its property,

                  (2)      Admit in writing its inability to pay debts as they
                           mature,

                  (3)      Make a general assignment for the benefit of
                           creditors,

                  (4)      Be adjudicated a bankrupt or insolvent by any court
                           having jurisdiction in the premises,

                  (5)      File a voluntary petition in bankruptcy or a petition
                           or answer seeking reorganization, composition,
                           readjustment, an arrangement or similar relief with
                           creditors under any present or future statute, law,
                           or regulation or otherwise or to take advantage of
                           any insolvency law or file an answer admitting the
                           material allegations of a petition filed against it
                           in bankruptcy, reorganization or insolvency
                           proceeding, or corporate action shall be taken by it
                           for the purpose of effecting any of the foregoing,
                           and/or

                  (6)      Have a receiver or trustee or assignee in bankruptcy
                           or insolvency appointed for it or its property
                           without its application or consent.

         4.2 REMEDIES. Upon the occurrence and during the continuance of an
Event of Default and in any such event, in addition to the remedies provided for
in the Note (i) the obligation of Lender to extend credit to Borrower pursuant
hereto shall immediately terminate and (ii) the holder of the Note issued
pursuant hereto may, at its option, without notice to Borrower, declare the
principal of and interest accrued thereon and on any other obligations of
Borrower to Lender to be forthwith due and payable, whereupon the same shall
become due and payable without any presentment, demand, protest, notice of
protest, or notice of any kind (except notice required pursuant to this
Agreement or otherwise by law) which are all hereby waived; provided, however,
that Lender shall give telegraphic or written notice to Borrower after taking
any of such action.

                                    ARTICLE V
                                     NOTICES

                  Any notice required or permitted to be given hereunder shall
be in writing and shall be deemed to be delivered if delivered personally or by
facsimile confirmed by mail or by depositing same with the United States Postal
Service, postage prepaid, certified mail, return receipt requested, to the
respective parties at the addresses set out below which may be changed by the
giving of written notice to that effect pursuant hereto:

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                  If to Borrower:

                  If to Lender:

                                   ARTICLE VI
                                  MISCELLANEOUS

         6.1 INTEREST. It is the intention of the parties hereto to comply with
all applicable usury laws; accordingly, it is agreed that notwithstanding any
provision to the contrary in this agreement or in the Note, or in any of the
documents executed pursuant hereto or otherwise relating hereto, no such
provision shall require the payment or permit the collection of interest in
excess of the maximum permitted by such laws. If any excess of interest in such
respect is provided for, or shall be adjudicated to be so provided for, in this
Agreement or the Note or in any of the documents executed pursuant hereto or
otherwise relating hereto, then in such event the provisions of this paragraph
shall govern and control and (a) neither the Borrower, nor Borrower's successors
or assigns, or any other party liable for the payment of any sums to become due
hereunder or under the Note, shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount permitted by
law and (b) any such excess which may have been collected shall be first applied
as a credit against the then unpaid principal amount on the Note and the excess,
if any, refunded to Borrower and the effective rate of interest shall be
automatically reduced to the maximum lawful contract rate allowed under
applicable usury laws as they now exist or may be hereafter amended. It is
expressly understood and agreed that any guarantor hereof shall not be required
to pay interest in excess of the maximum rate allowed by law. It is further
agreed that without limitation of the foregoing, all calculations of the rate of
interest contracted for, charged or received under this agreement or the Note or
under any documents securing the payment hereof, which are made for the purpose
of determining whether such rate exceeds the maximum lawful contract rate, shall
be made, to the extent permitted by applicable usury laws, by amortizing,
prorating, allocating and spreading in equal parts during the period of the full
stated term of the loan evidenced hereby, all interest at any time contracted
for, charged or received from Borrower or otherwise by the holder or holders of
the Note in connection with such loan.

         6.2 WAIVER. No failure on the part of Lender to exercise and no delay
in exercising any right hereunder will operate as a waiver thereof; or, will any
single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law or in
any other agreements executed pursuant hereto.

         6.3 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED ACCORDING TO THE
LAWS OF THE STATE OF COLORADO WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF
RELATING TO CONFLICTS OF LAWS.

         6.4 SURVIVAL OF REPRESENTATIONS. All representations and warranties
made herein shall survive the making of the loan hereunder and delivery of all
notes executed pursuant hereto.

                                       5
<Page>

         6.5 SUCCESSORS AND ASSIGNS. This agreement shall be binding upon
Borrower and Lender and shall inure to the benefit of Borrower and Lender and
the successors and assigns of Lender. This Agreement may not be assigned by
Borrower.

         6.6 SEVERABILITY. In the event any one or more of the provisions
contained in this agreement should be held to be invalid, illegal or
unenforceable in any respect, the validity, enforceability and legality of the
remaining provisions contained herein shall not in any way be affected thereby
and shall be enforceable in accordance with their terms.

         6.7 CAPTIONS. The captions, headings, and arrangements used in this
agreement are for convenience only and do not in any manner affect, limit,
amplify, or modify the terms and provisions hereof.

         6.8 COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which may be deemed an original. Facsimile signatures
shall serve in lieu of originals.

                  IN WITNESS WHEREOF, the parties have duly executed this
agreement on the day and year hereinabove first set forth.

                             ENVIRONMENTAL REMEDIATION HOLDING CORP.

                             By: /s/ Chude Mba
                                 ------------------------------------

                             Its: President
                                 ------------------------------------

                             CHROME ENERGY, L.L.C.

                             By: /s/ Sir Emeka Offor
                                 ------------------------------------

                             Its: Manager
                                 ------------------------------------

                                       6

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