Document:

Exhibit 10.2

                                PROMISSORY NOTE
                                 (THIS "NOTE")
                                        ----

$75,000,000.00                  Houston, Texas                 November 19, 2010

     FOR  VALUE  RECEIVED  and  WITHOUT  GRACE  (except  to  the extent, if any,
provided  in  the  Credit  Agreement  referred  to hereinafter), the undersigned
("Maker")  promises  to  pay  to  the  order  of AMEGY BANK NATIONAL ASSOCIATION
  -----
("Payee"),  at  the  Principal  Office  (as  such  term is defined in the Credit
  -----         ================================================================
Agreement  referred  to  hereinafter) ofAmegy Bank National Association, SEVENTY
========================================                               =
FIVE  MILLION  AND  NO/100 DOLLARS ($75,000,000.00) or so much thereof as may be
advanced  against  this Note and remains unpaid pursuant to the Credit Agreement
dated  effective  November  19,  2010  by and among Maker, the lenders signatory
thereto  or  bound  thereby  from  time  to time, including, without limitation,
Payee,  and Amegy Bank National Association, in its capacities as administrative
agent, issuing bank for letters of credit issued thereunder and collateral agent
for  such  lenders  and,  under certain circumstances, certain other parties (as
                                                                             ===
amended,  supplemented,  restated  or  otherwise modified from time to time, the
========              ===================================
"Credit  Agreement"),  together  with  interest  at  the rates and calculated as
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provided  in  the  Credit  Agreement.

Reference  is  hereby made to the Credit Agreement for matters governed thereby,
including,  without  limitation,  certain  events  which will entitle the holder
hereof  to  accelerate  the  maturity of all amounts due hereunder.  Capitalized
terms  used  but  not  defined  in  this Note shall have the respective meanings
assigned  to  such  terms  in  the  Credit  Agreement.

This  Note  is issued pursuant to, is a "Note" under, and is payable as provided
in  the  Credit  Agreement.  Subject to compliance with applicable provisions of
the  Credit  Agreement, Maker may at any time pay the full amount or any part of
this Note without the payment of any premium or fee, but such payment shall not,
until  this  Note  is fully paid and satisfied, excuse the payment as it becomes
due  of  any  payment  on  this  Note  provided  for  in  the  Credit Agreement.
Without  being  limited thereto or thereby, this Note is secured by the Security
Documents.

THIS  NOTE  SHALL  BE GOVERNED AND CONTROLLED BY THE LAWS OF THE STATE OF TEXAS,
WITHOUT  GIVING  EFFECT  TO  PRINCIPLES  THEREOF  RELATING  TO CONFLICTS OF LAW.

                                   CEP-M PURCHASE, LLC

                                   By:  Current Energy Partners Corporation,
                                        its Manager

                                        By:  \s\ Brent M. Cook
                                             Brent M. Cook
                                             Chief Executive OfficerExhibit 10.3

     ______________________________________________________________________

                               SECURITY AGREEMENT

                                       BY

                              CEP-M PURCHASE, LLC

                                  IN FAVOR OF

                        AMEGY BANK NATIONAL ASSOCIATION,
                              AS COLLATERAL AGENT

                               November 19, 2010

     ______________________________________________________________________

<PAGE>
                               TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I GENERAL TERMS                                                        1
1.1   Terms Defined Above                                                      1
1.2   Definitions Contained in Credit Agreement                                1
1.3   Certain Definitions                                                      1
1.4   Terms Defined in Code                                                    2

ARTICLE II SECURITY INTEREST                                                   2

ARTICLE III REPRESENTATIONS AND WARRANTIES                                     4
3.1   Ownership and Liens                                                      4
3.2   Status of Accounts                                                       4
3.3   Status of Related Rights                                                 4
3.4   Location                                                                 4
3.5   Secured Party's Security Interest                                        5

ARTICLE IV COVENANTS AND AGREEMENTS                                            5

ARTICLE V RIGHTS, REMEDIES AND WARRANTIES                                      6
5.1   With Respect to Collateral                                               6
5.2   Default Remedies                                                         6
5.3   Right of Set-Off                                                         7
5.4   Proceeds                                                                 7
5.5   Secured Party's Duties                                                   7
5.6   Secured Party's Actions                                                  8
5.7   Transfer of Secured Obligations and Collateral                           8
5.8   Cumulative Security                                                      8
5.9   Continuing Agreement                                                     8
5.10  Cumulative Rights                                                        9
5.11  Exercise of Rights                                                       9
5.12  Remedy and Waiver                                                        9
5.13  Non-Judicial Remedies                                                    9

ARTICLE VI MISCELLANEOUS                                                       9
6.1   Preservation of Liability                                                9
6.2   Notices                                                                  9
6.3   Governing Law                                                           10
6.4   Amendment and Waiver                                                    10
6.5   Invalidity                                                              10
6.6   Survival of Agreements                                                  10
6.7   Successors and Assigns                                                  10
6.8   Titles of Articles, Sections and Subsections                            10
6.9   Counterparts                                                            10
6.10  Benefits of Certain Agreements                                          10
6.11  Conflict with Certain Agreements                                        10

<PAGE>

                               SECURITY AGREEMENT

This  SECURITY  AGREEMENT  is  made  and  entered into effective the 19th day of
November,  2010,  by  CEP-M  PURCHASE, LLC, a Delaware limited liability company
("Debtor"),  with  its  principal  office in Highland, Utah, and the address for
which  for  purposes  hereof  is 11038 Highland Blvd., Suite 400, Highland, Utah
84003,  Attn:  Brent  M.  Cook,  in  favor of AMEGY BANK NATIONAL ASSOCIATION, a
national  banking association ("Amegy"), in its capacity as collateral agent for
the  lenders under the Credit Agreement referred to below and for any additional
Secured  Creditors,  the  address for which for purposes hereof is 4400 Post Oak
Parkway,  4th  Floor,  Houston, Texas 77027, Attn: Energy Lending Dept. (in such
capacity,  "Secured  Party"),  for  the  benefit  of  the  Secured  Creditors.

                              W I T N E S S E T H:

WHEREAS,  pursuant to that certain Credit Agreement dated effective November 19,
2010  by  and among Debtor, the lenders party thereto (the "Lenders") and Amegy,
as  agent  for  the  Lenders  and  any additional Secured Creditors (as amended,
supplemented,  restated  or  otherwise  modified  from time to time, the "Credit
Agreement"), the Debtor is obligated for the full and prompt payment when due of
the  principal  of,  premium,  if  any, and interest on the promissory notes and
loans  made  pursuant  to  the  Credit  Agreement;  and

WHEREAS,  pursuant  to  the  Credit  Agreement, and as a condition to the future
obligations  of  the Lenders to make loans or issue or participate in letters of
credit  issued  thereunder,  Debtor  has  agreed  and is required to execute and
deliver  this  Security  Agreement;

NOW,  THEREFORE,  (i)  in  order  to comply with the terms and conditions of the
Credit  Agreement,  (ii)  for  and  in  consideration  of  the  premises and the
agreements herein contained and (iii) for other good and valuable consideration,
the  receipt  and  sufficiency of all of which being hereby acknowledged, Debtor
hereby  agrees  with  Secured  Party  as  follows:

                                   ARTICLE I

                                 GENERAL TERMS

1.1     Terms  Defined  Above.  As  used in this Security Agreement, each of the
terms defined in the preamble hereto and the above recital paragraphs shall have
the  meaning  assigned  to  such  term  above.

1.2     Definitions  Contained  in  Credit  Agreement.  Each  term  used  herein
beginning  with a capital letter which is not defined herein, if any, shall have
the  meaning  assigned  to such term in the Credit Agreement, unless the context
hereof  otherwise  requires.

1.3     Certain  Definitions.  As  used  in this Security Agreement, each of the
following terms shall have the meaning set forth for such term below, unless the
context  otherwise  requires:

"Code" shall mean the Uniform Commercial Code as in effect in the State of Texas
or  any  other  relevant  jurisdiction  from  time  to  time.

<PAGE>
"Collateral"  shall  mean  all  Property, including, without limitation, cash or
other  proceeds,  in which Secured Party shall have a security interest pursuant
to  Article  II  of  this  Security  Agreement.

"Gas"  shall  have  the  meaning  assigned  to  such  term in Article II hereof.

"Related  Rights"  shall  mean  all  chattel  papers,  documents and instruments
relating  to  the  Accounts  or  the  General  Intangibles and all rights now or
hereafter  existing  in  and  to  all  security  agreements,  leases,  and other
contracts  securing or otherwise relating to any Accounts or General Intangibles
or  any  such  chattel  papers,  documents  or  instruments.

"Secured  Obligations"  shall  mean,  collectively,  the  following:

(a)     all  Obligations  from  time  to  time  owing;

(b)     all  obligations  of Debtor under Commodity Hedge Agreements or Interest
Rate Hedge Agreements with Secured Third Party Hedge Counterparties from time to
time  owing;  and

(c)     all  other present and future obligations of Debtor arising under any of
the  Loan  Documents,  including, without limitation, in the case of clause (a),
clause  (b)  and this clause (c), reasonable attorneys fees and expenses and any
interest,  fees  or  expenses  that  accrue  after  the  filing of an Insolvency
Proceeding,  regardless of whether allowed or allowable in whole or in part as a
claim  in  any  Insolvency  Proceeding.

"Security  Agreement"  shall  mean this Security Agreement, as the same may from
time  to  time  be  amended,  supplemented,  restated  or  otherwise  modified.

1.4     Terms  Defined  in  Code.  If  not  defined  in  the Credit Agreement or
herein,  all terms used herein which are defined in the Code shall have the same
meaning  herein, unless the context otherwise requires; provided, however, that,
except for such terms when used in Article II, such terms referring to a type of
collateral  refer  to  items of such type of collateral that are included in the
Collateral.

                                   ARTICLE II

                               SECURITY INTEREST

To  secure  the  Secured Obligations, Debtor hereby grants to Secured Party, for
the  benefit  of  the  Secured  Creditors,  a continuing security interest in, a
general  lien  upon,  and  a  right  of set-off against, the following described
Property  of  Debtor:

(a)     all  now  existing  and  hereafter  acquired or arising Accounts, Goods,
General Intangibles, Payment Intangibles, Deposit Accounts, Securities Accounts,
Chattel  Paper  (including,  without  limitation,  Electronic  Chattel  Paper),
Documents, Instruments, Software, Investment Property, letters of credit, Letter
of  Credit  Rights, advices of credit, money, As-Extracted Collateral (including
As

<PAGE>
Extracted Collateral from the Debtor's present and future operations, regardless
of  whether  such  mineral  or  gas  interests  are presently owned or hereafter
acquired  by  Debtors), Commercial Tort Claims (as listed on a schedule attached
hereto),  Equipment,  Inventory,  Fixtures  and Supporting Obligations, together
with  all products of and Accessions to any of the foregoing and all Proceeds of
any  of the foregoing (including, without limitation, all insurance policies and
proceeds  thereof);

(b)     to  the  extent,  if  any,  not  included  in clause (a) above, Debtor's
present and future contracts, agreements, arrangements or understandings (i) for
the  sale,  supply, provision or disposition of any natural gas, casinghead gas,
all  other  hydrocarbons not defined as oil, carbon dioxide, and helium or other
substances  of  a gaseous nature ("Gas"), oil or other minerals by Debtor or any
one  or  more  of  its  agents,  representatives,  successors  or assigns to any
purchaser  or  acquirer  thereof,  and  all  products, replacements and proceeds
thereof (including, without limitation, all Gas or oil sales contracts) and (ii)
relating  to  the  mining, drilling or recovery of any mineral, crude oil or gas
reserves  for  the  benefit  of  or  on  behalf  of Debtor or any of its agents,
representatives,  successors  or  assigns  (including,  without  limitation, all
contract  mining,  drilling  or  recovery  agreements and arrangements), and all
products  and  Proceeds  thereof  and  payments  thereunder,  together  with all
products and Proceeds (including, without limitation, all insurance policies and
proceeds)  of  and  any  Accessions  to  any  of  the  foregoing;

(c)     to  the  extent,  if any, not included in clause (a) above, all Gas, oil
and  other minerals severed or extracted from the ground (specifically including
all  "As-Extracted  Collateral"  of such Debtor and all severed or extracted Gas
purchased,  acquired  or obtained from other parties), and all Accounts, General
Intangibles  and products and Proceeds thereof or related thereto, regardless of
whether  any  such  Gas,  oil or other minerals are in raw form or processed for
sale  and regardless of whether or not Debtor had an interest in the Gas, oil or
other  minerals  before  extraction  or  severance;

(d)     to  the extent, if any, not included above, each and every other item of
personal  property  and  fixtures,  whether now existing or hereafter arising or
acquired,  including, without limitation, all licenses, contracts and agreements
(including,  without  limitation,  Commodity  Hedge Agreements and Interest Rate
Hedge  Agreements),  and  all  collateral  for the payment or performance of any
contract  or  agreement,  together with all products and Proceeds (including all
insurance  policies  and  proceeds)  and any Accessions to any of the foregoing;

(e)     all  present  and  future  business  records and information, including,
without  limitation,  computer tapes and other storage media containing the same
and  computer programs and software (including, without limitation, source code,
object  code  and related manuals and documentation and all licenses to use such
software)  for  accessing  and  manipulating  such  information;  and

(f)     any  additional  property  of  Debtor  from time to time delivered to or
deposited  with  Secured  Party  as  security  for  the  Secured  Obligations or
otherwise  pursuant  to  the  terms  of  this  Security  Agreement.

<PAGE>
ARTICLE  III

REPRESENTATIONS  AND  WARRANTIES

In  order  to  induce  Secured  Party  and  the Secured Creditors to accept this
Security  Agreement,  Debtor  represents  and  warrants  to Secured Party (which
representations  and  warranties  will  survive  the  creation  of  the  Secured
Obligations  and any other extension of credit under the Credit Agreement) that:

3.1     Ownership  and Liens.  Except for the security interest of Secured Party
granted  in  this Security Agreement and other Permitted Liens, Debtor owns good
and  marketable  title  to  the  Collateral  free  and clear of any other Liens.
Debtor  has full right, power and authority to grant to Secured Party a security
interest  in  the  Collateral  provided by Debtor in the manner provided herein,
free  and  clear  of  any  other  Liens,  adverse  claims and options other than
Permitted Liens.  No other Lien created by Debtor or is known by Debtor to exist
with respect to any Collateral; and to the best of such Debtor's information and
belief,  no  financing  statement or other security instrument is on file in any
jurisdiction  covering  such  Collateral,  other  than those in favor of Secured
Party  and other Permitted Liens.  At the time the security interest in favor of
Secured Party attaches, good and marketable title to all after-acquired Property
included  within  the Collateral provided by Debtor, free and clear of any other
Liens,  other  than  Permitted  Liens,  will  be  vested  in  Debtor.

3.2     Status of Accounts.  Each Account of Debtor now existing represents, and
each  Account  of Debtor hereafter arising will represent, the valid and legally
enforceable  indebtedness of a bona fide account debtor arising from the sale or
lease or rendition by Debtor of goods and/or services and is not and will not be
subject  to contra accounts, set-offs, defenses or counterclaims by or available
to  account  debtors  obligated on the Accounts of Debtor except as disclosed to
Secured  Party  in writing or where any such contra account, set-off, defense or
counterclaim  could  not  reasonably be expected to result in a Material Adverse
Effect;  such  goods  will have been delivered to, or be in the process of being
delivered to, and such services will have been rendered by Debtor to the account
debtor  and  accepted  by  the  account  debtor; and the amount shown as to each
Account of Debtor on Debtor's books will be the true and undisputed amount owing
and  unpaid  thereon, subject to any discounts, allowances, rebates, credits and
adjustments  to  which  the  account  debtor  has  a  right  and which have been
disclosed  to Secured Party in writing or which could not reasonable result in a
Material  Adverse  Effect.

3.3     Status  of  Related Rights.  All Related Rights of Debtor are, and those
hereafter  arising  will  be,  valid  and  genuine.

3.4     Location.  Debtor's  chief  executive office and chief place of business
is  located  at  the address set forth in the opening paragraph of this Security
Agreement.  The office where Debtor keeps its records concerning the Accounts of
Debtor and the General Intangibles of Debtor and the original of all the Related
Rights  of  Debtor  has  the same address as Debtor's chief executive office and
chief  place  of  business.  No  Equipment  and/or  Inventory  is  covered  by a
certificate  of  title (other than certain motor vehicles and aircraft) pursuant
to  applicable law.  The jurisdiction of organization for Debtor is the State of
Delaware.

3.5     Secured  Party's  Security  Interest.  This Security Agreement creates a
valid  and  binding  security  interest  in  the  Collateral  provided by Debtor
securing  the  Secured  Obligations.

<PAGE>
All  filings  (which  filings  with  Governmental  Authorities  are described in
Article IV of this Security Agreement) and other actions necessary to perfect or
protect  such  security  interest  have  been  duly or will be promptly taken by
Debtor.  No  further  or  subsequent  filing,  recording,  registration or other
public  notice of such security interest is necessary in any governmental office
or  jurisdiction  in  order  to  perfect  such security interest or to continue,
preserve or protect such security interest except for continuation statements or
for  filings  upon the occurrence of any of the events stated in Section 4.10 of
this  Security  Agreement.  Such  perfected  security interest in the Collateral
constitutes  a  first-priority  (except as to Permitted Liens) security interest
under  the  Code.

                                   ARTICLE IV

                            COVENANTS AND AGREEMENTS

A  deviation  from  the  provisions  of  this  Article IV shall not constitute a
default  under  this  Security  Agreement  if  such deviation is consented to in
writing  by  Secured Party.  Without the prior written consent of Secured Party,
Debtor will at all times comply with the covenants contained in this Article IV,
from  the  date hereof and for so long as any part of the Secured Obligations is
outstanding.

Debtor  recognizes  that  one  or  more  financing  statements pertaining to the
Collateral  provided  by  Debtor  will  be  filed in one or more filing offices.
Debtor  will  promptly  notify  Secured Party of any condition or event that may
change  the  proper location for the filing of any financing statements or other
public notice or recordings for the purpose of perfecting a security interest in
the  Collateral.  Without  limiting the generality of the foregoing, Debtor will
(a)  promptly  notify  Secured  Party  of  any change (i) in the location of the
office  where  such  Debtor keeps its records concerning its Accounts or (ii) in
the  "location"  of  such Debtor within the meaning set forth in the Code or the
jurisdiction  in which Debtor is incorporated, organized or formed; (b) prior to
any  of  the Collateral provided by Debtor becoming so related to any particular
real  estate so as to become a fixture on such real estate, notify Secured Party
of the description of such real estate and the name of the record owner thereof,
to  the  extent  such  real estate is not already encumbered in favor or for the
benefit  of  Secured  Party  to secure the Secured Obligations; and (c) promptly
notify  Secured Party of any change in Debtor's name, identity or structure.  In
any  notice  furnished  pursuant  to this paragraph, Debtor will expressly state
that  the  notice is required by this Security Agreement and contains facts that
will  or may require additional filings of financing statements or other notices
for the purpose of continuing perfection of Secured Party's security interest in
the  Collateral.  Further,  Debtor  authorizes  Secured  Party  to  file, at the
expense  of such Debtor, any and all financing statements, pursuant to Article 9
of  the  Code,  as  Secured  Party  deems  necessary, in its sole discretion, in
conjunction  with  this  Security  Agreement.

                                   ARTICLE V

                        RIGHTS, REMEDIES AND WARRANTIES

5.1     With  Respect to Collateral.  If an Event of Default has occurred and is
continuing,  Secured Party is hereby fully authorized and empowered (without the
necessity  of any further consent or authorization from Debtor) and the right is
expressly  granted to Secured Party, and Debtor hereby constitutes, appoints and
makes  Secured  Party,  as  its  true  and  lawful  attorney-in

<PAGE>
fact  and  agent  for  it  and  in its name, place and stead, with full power of
substitution,  in  Secured  Party's  name or Debtor's name or otherwise, for the
sole  use  and  benefit of Secured Party and the other Secured Creditors, but at
Debtor's  cost  and  expense,  to  exercise,  without  notice, all or any of the
following  powers  at  any  time  with  respect to all or any of the Collateral:

(a)     to  notify  account debtors or the obligors on the Accounts, the General
Intangibles and the Related Rights to make and deliver payment to Secured Party;

(b)     to  demand,  sue  for, collect, receive and give acquittance for any and
all  monies  due  or  to  become  due  by virtue thereof and otherwise deal with
proceeds;

(c)     to receive, take, endorse, assign and deliver any and all checks, notes,
drafts,  Documents  and  other  negotiable  and  non-negotiable  Instruments and
Chattel  Paper  taken  or  received  by  Secured  Party in connection therewith;

(d)     to  settle,  compromise,  compound,  prosecute  or  defend any action or
proceeding  with  respect  thereto;

(e)     to  sell,  transfer, assign or otherwise deal in or with the same or the
Proceeds or avails thereof or the relative goods, as fully and effectively as if
Secured  Party  were  the  absolute  owner  thereof;  and

(f)     to extend the time of payment of any or all thereof and to grant waivers
and  make  any  allowance  or  other  adjustment  with  reference  thereto;

provided,  however,  Secured  Party  shall  be  under  no  obligation or duty to
exercise  any  of  the  powers  hereby  conferred  upon  it and shall be without
liability for any act or failure to act in connection with the collection of, or
the  preservation  of  any  rights  under,  any  Collateral.

5.2     Default  Remedies.  Upon the occurrence and the continuance of any Event
of  Default,  Secured Party may then, or at any time thereafter and from time to
time,  apply,  set-off,  collect, sell in one or more sales, lease, or otherwise
dispose of, any or all of the Collateral, in its then condition or following any
commercially  reasonable  preparation  or  processing,  in such order as Secured
Party  may elect, and any such sale may be made either at public or private sale
at  its  place  of business or elsewhere, or at any brokers' board or securities
exchange,  either  for cash or upon credit or for future delivery, at such price
as Secured Party may deem fair, and Secured Party may be the purchaser of any or
all  Collateral  so  sold and may hold the same thereafter in its own right free
from any claim of Debtor or right of redemption.  No such purchase or holding by
Secured  Party  shall  be deemed a retention by Secured Party in satisfaction of
the  Secured  Obligations.  All  demands,  notices  and  advertisements  and the
presentment  of  Property  at  sale  are hereby waived.  If, notwithstanding the
foregoing provisions, any applicable provision of the Code or other law requires
Secured Party to give reasonable notice of any such sale or disposition or other
action,  Debtor  hereby  agrees  that  twenty  days'  prior written notice shall
constitute  reasonable notice.  Secured Party may require Debtor to assemble the
Collateral  and  make  it  available  to  Secured Party at a place designated by
Secured  Party  which is reasonably convenient to Secured Party and Debtor.  Any
sale  hereunder  may  be  conducted  by an auctioneer or any officer or agent of
Secured  Party.

<PAGE>
5.3     Right  of Set-Off.  Upon the occurrence and the continuance of any Event
of  Default,  Secured  Party  is  hereby  authorized  to  then,  or  at any time
thereafter  and  from  time  to  time, without notice to Debtor (any such notice
being  expressly  waived  by  Debtor),  apply  and  set-off  against the Secured
Obligations  (i)  any  and  all  deposits  (general  or special, time or demand,
provisional  or final) of Debtor at any time held by Secured Party; (ii) any and
all  other  claims  of  any  of  Debtors against Secured Party, now or hereafter
existing,  (iii)  any  and  all  other indebtedness at any time owing by Secured
Party  to  or  for  the  account of Debtor; (iv) any and all money, Instruments,
securities,  Documents,  Chattel  Paper,  credits,  claims,  demands  and  other
Property,  rights  or  interests of Debtor which at any time shall come into the
possession  or  custody  or under the control of Secured Party, for any purpose;
and  (v)  the  Proceeds of any of the foregoing Property, in accordance with the
Credit  Agreement  and  any  applicable intercreditor agreement with any Secured
Creditor,  as  if  the  same  were included in the Collateral, and Debtor hereby
grants  to Secured Party a security interest in, a general lien upon and a right
of  set-off against the foregoing described Property as security for the Secured
Obligations.  Secured  Party  shall  have the right to so set-off and apply such
Property  against  the  Secured Obligations regardless of whether or not Secured
Party  or  any  other Secured Creditor shall have made any demand for payment of
any  of  the  Secured Obligations or shall have given any other notice.  Secured
Party  agrees  to promptly notify Debtor after any such set-off and application;
provided,  however,  the  failure of Secured Party to give any such notice shall
not  affect the validity of such set-off and application.  The rights of Secured
Party  under  this  Section  5.3  are  in  addition to other rights and remedies
(including, without limitation, other rights of set-off) which Secured Party may
have.

5.4     Proceeds.  After  the  occurrence  and  the  continuance of any Event of
Default, the proceeds of any sale or other disposition of the Collateral and all
sums received or collected by Secured Party from or on account of the Collateral
shall  be  applied  by  Secured  Party  in  the  manner  set forth in the Credit
Agreement  and any applicable intercreditor agreement with any Secured Creditor.

5.5     Secured Party's Duties.  The powers conferred upon Secured Party by this
Security  Agreement  are  solely  to  protect its interest in the Collateral and
shall  not  impose  any  duty  upon  Secured  Party to exercise any such powers.
Secured Party shall be under no duty whatsoever to make or give any presentment,
demand  for  performance,  notice of nonperformance, protest, notice of protest,
notice  of  dishonor or other notice or demand in connection with any Collateral
or  the  Secured  Obligations,  or  to  take any steps necessary to preserve any
rights  against prior parties.  Secured Party shall not be liable for failure to
collect  or realize upon any or all of the Secured Obligations or Collateral, or
for any delay in so doing, nor shall Secured Party be under any duty to take any
action  whatsoever with regard thereto.  Secured Party shall use reasonable care
in  the  custody  and preservation of any Collateral in its possession, but need
not  take  any  steps  to keep the Collateral identifiable.  Secured Party shall
have  no  duty  to comply with any recording, filing or other legal requirements
necessary  to establish or maintain the validity, priority or enforceability of,
or  Secured  Party's  rights  in  or  to,  any  of  the  Collateral.

5.6      Secured  Party's  Actions.  To  the extent permitted by applicable law,
Debtor  waives any right to require Secured Party to proceed against any Person,
exhaust  any Collateral or pursue any other remedy in Secured Party's power, and
Debtor  waives any and all notice of acceptance of this Security Agreement or of
creation,  modification,  rearrangement,  renewal  or

<PAGE>
extension  for  any  period of any of the Secured Obligations from time to time.
All  dealings  between Debtor and Secured Party, whether or not resulting in the
creation of the Secured Obligations, shall conclusively be presumed to have been
had  or  consummated  in  reliance  upon this Security Agreement.  Until all the
Secured  Obligations  shall  have  been  indefeasibly  paid  in  full  and  the
commitments  of  the  Lenders  terminated,  Debtor  shall  not have any right to
subrogation,  and  Debtor  waives any benefit of and any right to participate in
any  Collateral  or  security whatsoever now or hereafter held by Secured Party.
Debtor  authorizes  Secured  Party,  without  notice  or  demand and without any
reservation  of  rights  against Debtor and without affecting Debtor's liability
hereunder  or on the Secured Obligations, from time to time to (a) take and hold
any other Property as collateral, other than the Collateral, as security for any
or  all  of the Secured Obligations and exchange, enforce, waive and release any
or  all of the Collateral or such other Property to the Secured Obligations; and
(b)  apply  the Collateral or such other Property and direct the order or manner
of  sale  thereof  as  Secured  Party  in its discretion may determine, subject,
however,  to  the  provisions  of  the  Credit  Agreement  and  any  applicable
intercreditor  agreement  with  any  Secured  Creditor.

5.7     Transfer  of  Secured  Obligations  and  Collateral.  Any of the Secured
Obligations  may  be  transferred,  in  whole or in part, in accordance with the
provisions of the Loan Documents, and, upon any such transfer, Secured Party may
transfer  any  or all of the Collateral and shall be fully discharged thereafter
from  all  liability  with  respect  to  the  Collateral so transferred, and the
transferee shall be vested with all rights, powers and remedies of Secured Party
hereunder  with  respect  to  Collateral so transferred; but with respect to any
Collateral not so transferred, Secured Party shall retain all rights, powers and
remedies  hereby given.  Secured Party may at any time deliver any or all of the
Collateral to Debtor, whose receipt shall be a complete and full acquittance for
the  Collateral  so  delivered, and Secured Party shall thereafter be discharged
from  any  liability  therefor.

5.8     Cumulative  Security.  The  execution  and  delivery  of  this  Security
Agreement in no manner shall impair or affect any other security (by endorsement
or  otherwise)  for  the  Secured  Obligations.  No  security taken hereafter as
security  for  the Secured Obligations shall impair in any manner or affect this
Security  Agreement.  All  such  present and future additional security is to be
considered  as  cumulative  security.

5.9     Continuing  Agreement.  This  is a continuing Security Agreement and the
grant of a security interest hereunder shall remain in full force and effect and
all the rights, powers and remedies of Secured Party hereunder shall continue to
exist  until the Secured Obligations are paid in full as the same become due and
payable;  until  neither  Secured Party nor any Secured Creditor has any further
obligation  to advance monies or otherwise extend credit to any Debtor under any
of  the  Loan  Documents  or  otherwise,  until Debtor is entitled to obtain the
release  hereof  pursuant  to the Credit Agreement and until Secured Party, upon
request  of  Debtor, has executed a written termination statement, reassigned to
Debtor,  without  recourse,  the  Collateral  and all rights conveyed hereby and
returned  possession  of  the  Collateral  in  its  possession  to  Debtor.

5.10     Cumulative  Rights.  The  rights,  powers and remedies of Secured Party
hereunder  shall  be  in  addition  to  all rights, powers and remedies given by
statute  or  rule of law and are cumulative.  The exercise of any one or more of
the  rights,  powers  and  remedies  provided herein shall not be construed as a
waiver  of any other rights, powers and remedies of Secured Party.  Furthermore,
regardless  of  whether  or  not the Code is in effect in the jurisdiction where
such

<PAGE>
rights,  powers  and remedies are asserted, Secured Party shall have the rights,
powers  and  remedies  of  a  secured  party  under the Code.  Secured Party may
exercise  its  bankers'  lien  or  right  of set-off with respect to the Secured
Obligations  in  the  same  manner as if the Secured Obligations were unsecured.

5.11     Exercise  of  Rights.  Time shall be of the essence for the performance
by  Debtor of any act under this Security Agreement or in respect of the Secured
Obligations,  but  neither  Secured  Party's acceptance of partial or delinquent
payments  nor  any  forbearance, failure or delay by Secured Party in exercising
any  right, power or remedy shall be deemed a waiver of any obligation of Debtor
or  of  any  right,  power  or  remedy of Secured Party or preclude any other or
further  exercise thereof; and no single or partial exercise of any right, power
or  remedy shall preclude any other or further exercise thereof, or the exercise
of  any  other  right,  power  or  remedy.

5.12     Remedy  and Waiver.  Secured Party may remedy any Default and may waive
any  Default  without  waiving  the  Default  remedied  or  waiving any prior or
subsequent  Default.

5.13     Non-Judicial  Remedies.  Secured Party may enforce its rights hereunder
without prior judicial process or judicial hearing, and Debtor expressly waives,
renounces  and  knowingly  relinquishes  any  and  all  legal rights which might
otherwise  require  Secured Party to enforce its rights by judicial process.  In
so providing for non-judicial remedies, Debtor recognizes and concedes that such
remedies  are  consistent  with  the  usage  of  the  trade,  are  responsive to
commercial  necessity  and  are  the result of bargain at arm's length.  Nothing
herein  is  intended to prevent Secured Party from resorting to judicial process
at  its  option.

                                   ARTICLE VI

                                 MISCELLANEOUS

6.1     Preservation  of  Liability.  Neither  this  Security  Agreement nor the
exercise by Secured Party of (or the failure to so exercise) any right, power or
remedy  conferred  herein  or  by law shall be construed as relieving any Person
liable  on the Secured Obligations from liability on the Secured Obligations and
for  any  deficiency  thereon.

6.2     Notices.  Any  notice  or  demand  under  this  Security Agreement or in
connection  with  this Security Agreement may be given as provided in the Credit
Agreement,  but  actual  notice,  however  given  or  received,  shall always be
effective.

6.3     Governing  Law.  THIS  SECURITY  AGREEMENT  AND  THE  SECURITY  INTEREST
GRANTED  HEREBY  SHALL  BE  GOVERNED  BY THE LAWS OF THE STATE OF TEXAS, WITHOUT
GIVING  EFFECT  TO  PRINCIPLES  THEREOF  RELATING  TO  CONFLICTS  OF  LAW.

6.4     Amendment  and  Waiver.  This Security Agreement may not be amended (nor
may  any  of  its  terms  be waived) except in the manner provided in the Credit
Agreement.

6.5     Invalidity.  In  case  any  provision  of  this  Security  Agreement  is
invalid,  illegal or unenforceable, the validity, legality and enforceability of
the  remaining  provisions shall not in any way be affected or impaired thereby.

<PAGE>
6.6     Survival  of  Agreements.  All covenants and agreements of Debtor herein
not  fully  performed before the effective date of this Security Agreement shall
survive  such  date.

6.7     Successors  and  Assigns.  All  representations and warranties of Debtor
herein,  and  the  covenants  and agreements herein contained by or on behalf of
Debtor,  shall  bind  Debtor  and Debtor's legal representatives, successors and
assigns  and  shall  inure  to  the benefit of Secured Party, its successors and
assigns.

6.8     Titles of Articles, Sections and Subsections.  All titles or headings to
articles,  sections,  subsections  or other divisions of this Security Agreement
are  only  for the convenience of the parties and shall not be construed to have
any  effect  or  meaning  with  respect  to  the other content of such articles,
sections,  subsections  or other divisions, such other content being controlling
as  to  the  agreement  between  the  parties  hereto.

6.9     Counterparts.  This Security Agreement may be executed by one or more of
the  parties  hereto  in  any  number  of separate counterparts, and all of such
counterparts  taken  together  shall  be  deemed  to constitute one and the same
instrument  and shall be enforceable as of the date hereof upon the execution of
one  or more counterparts hereof by each of the parties hereto.  In this regard,
each  of  the  parties  hereto  acknowledges that a counterpart of this Security
Agreement  containing  a  set  of  counterpart  execution  pages  reflecting the
execution  of  each party hereto shall be sufficient to reflect the execution of
this  Security  Agreement  by  each  party  hereto  and  shall  constitute  one
instrument.

6.10     Benefits  of  Certain Agreements.  In connection with its execution and
acting  hereunder,  Secured  Party  is  entitled  to  all  rights,  privileges,
protections,  immunities, benefits and indemnities provided to it as agent under
the  Credit  Agreement.

6.11     Conflict  with  Certain Agreements.  In the event of a conflict between
any  provision  of this Security Agreement and a provision that is in the Credit
Agreement,  the  provision  of  the  Credit  Agreement  shall control; provided,
however, the inclusion in this Security Agreement of a provision with respect to
which  there  is  no  corresponding  provision in the Credit Agreement shall not
constitute  a  conflict  with  any  provision  of  the  Credit  Agreement.

                     (SIGNATURES APPEAR ON FOLLOWING PAGES)

<PAGE>
IN  WITNESS HEREOF, Debtor and Secured Party have caused this Security Agreement
to  be  duly  executed  as  of  the  date  first  above  written.

                                   DEBTOR:

                                   CEP-M PURCHASE, LLC

                                   By:     Current Energy Partners Corporation,
                                           its Manager

                                        By:  \s\ Brench M. Cook
                                             Brent M. Cook
                                             Chief Executive Officer

                    (SIGNATURES CONTINUE ON FOLLOWING PAGE)

<PAGE>
                                        SECURED PARTY:

                                        AMEGY BANK NATIONAL ASSOCIATION,
                                        as Collateral Agent

                                        By:       \s\ Charles W. Patterson
                                                  Charles W. Patterson
                                                  Senior Vice President

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