Document:

Warrant Agreement

 Exhibit 4.1 
 WARRANT AGREEMENT 
 This Warrant Agreement (this “Agreement”) is made as of December 11, 2007, by and
between United Refining Energy Corp., a Delaware corporation having its principal place of business at 823 Eleventh Avenue, New York, New York 10019 (“Company”) and Continental Stock Transfer & Trust Company, a New York
corporation with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). 
 WHEREAS, the Company is engaged in
a public offering (the “Public Offering”) of Units (“Units”) and, in connection therewith, has determined to issue and deliver up to (i) 45,000,000 Warrants (the “Public Warrants”) to the public investors, each of
such Public Warrants evidencing the right of the holder thereof to purchase one share of common stock, par value $.0001 per share, of the Company’s Common Stock (“Common Stock”) for $7.00, subject to adjustment as described herein;

 WHEREAS, immediately prior to the completion of the Public Offering, the Company shall sell and issue 15,600,000 Warrants in a private
placement (the “Private Warrants”) pursuant to that certain Subscription Agreement dated July 13, 2007 and as amended as of September 6, 2007, November 30, 2007 and December 11, 2007 (the “Subscription
Agreement”), each of such Private Warrants evidencing the right of the holder thereof (the “Initial Purchaser”) to purchase one share of Common Stock for $7.00; 
 WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement, No. 333-144704 on Form
S-1 (“Registration Statement”) for the registration under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants and the Common Stock issuable upon exercise of each of the Public Warrants;
and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and

 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby
accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be issued in registered form only. The Public Warrants shall be in substantially the form of Exhibit A hereto, the Private Warrants shall be in substantially the form of Exhibit B
hereto, the provisions of each of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chief Executive Officer or President and Chief Financial Officer, Treasurer, Secretary or Assistant Secretary of the
Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant
is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 
 2.2 Effect of
Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3 Registration. 
 2.3.1 Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.3.2 Registered Holder. Prior to due presentment for the registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“Registered Holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or
other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 
 2.4 Detachability of Public Warrants. The securities comprising the Units
will begin to trade separately on the 10th day following the earlier to occur of: (i) the expiration of the Underwriter’s over-allotment option
or (ii) its exercise in full (as described more fully in the Registration Statement) (the “Detachment Date”), provided that in no event will separate trading of the securities comprising the Units commence until (x) the Company
files with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the sale of the Private Warrants and the Public Offering, including the proceeds received by the
Company from the exercise of the Underwriters’ over-allotment option, if the over-allotment option is exercised prior to the filing of the Form 8-K and, (y) the Company issues a press release and files with the SEC a Current Report on Form 8-K
announcing when such separate trading will begin. 
  

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 3. Terms and Exercise of Warrants. 
 3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and this Warrant Agreement, to purchase from the
Company the number of shares of Common Stock stated therein, at the price of $7.00 per whole share, subject to the adjustments provided in this Section 3.1 and Section 4 hereof. The term “Warrant Price” as used in this Warrant
Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date for a period of not less than
twenty business days, provided that any such reduction shall be identical among all of the Warrants. 
 3.2 Duration of Warrants.

 3.2.1 Public Warrants. A Public Warrant may be exercised only during the period commencing on the later of: (i) the
consummation by the Company of a merger, capital stock exchange, asset acquisition or other similar business combination (as described more fully in the Registration Statement, “Business Combination”), or (ii) December 11, 2008,
and terminating at 5:00 p.m., New York City time on the earlier to occur of (x) December 11, 2011 (or June 11, 2012 in the event the Company’s stockholders approve the Extension Amendment (as defined in the Registration
Statement) or (y) the date fixed for redemption of the Warrants as provided in Section 6 of this Agreement. Notwithstanding the foregoing, no Public Warrant shall be exercisable unless, at the time of exercise, a registration statement
relating to the Common Stock issuable upon the exercise of such Public Warrant is effective and current and a prospectus is available for use by the holders thereof and the Common Stock has been qualified or deemed to be exempt under the securities
laws of the state of residence of the holder of such Public Warrants. 
 3.2.2 Private Warrants. A Private Warrant may be exercised
only during the period commencing one day after the consummation of a Business Combination by the Company and terminating at 5:00 p.m., New York City time on the earlier to occur of (x) December 11, 2011 or (y) the date fixed for
redemption of the Warrants as provided in Section 6 of this Agreement. The Private Warrants are not subject to redemption so long as they are held by the Initial Purchaser or its permitted designees as set forth in Section 5.7. The Private
Warrants may not be sold, assigned or transferred until after the day following consummation of a Business Combination. 
 3.2.3
General. The period during which a Warrant may be exercised shall be deemed the “Exercise Period” and the termination of such Exercise Period shall be deemed the “Expiration Date”. Except with respect to the right to
receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at
the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, the 

  

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Company will provide notice to Registered Holders of the Warrants of such extension of not less than 20 days and, further provided that any such extension
shall be identical in duration among all of the Warrants. In the event that the Company desires to extend the Expiration Date of the Warrants, the Company shall provide advance notice of at least 20 days to the American Stock Exchange as required by
the American Stock Exchange. 
 3.3 Exercise of Warrants. 
 3.3.1 Payment. Subject to the provisions of the Warrants and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth
in the Warrant, duly executed by paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the Company, the Warrant Price for each full share of Common Stock as to which the
Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock and the issuance of the Common Stock. 
 3.3.2 Exercise of Private Warrants. Notwithstanding anything contained herein to the contrary, the Private Warrants may, at any time, provided
that at the time of exercise they are held by the Initial Purchaser thereof or its permitted assigns, be exercised on a cashless basis by surrendering such Private Warrant for that number of shares of Common Stock equal to the quotient obtained by
dividing (x) the product of the number of shares of Common Stock underlying the Warrant multiplied by the difference between the Warrant Price and the “FMV” (defined below) by (y) the FMV. The “FMV” shall mean the
average reported last sale price of the Common Stock for the 10 trading days ending on the third business day prior to the date on which notice of exercise is received by the Company. 
 3.3.3 Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price, the Company shall issue to the Registered Holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her
or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to
deliver any securities pursuant to the exercise of a Warrant unless: (i) a registration statement under the Act with respect to the Common Stock issuable upon such exercise is effective or (ii) in the opinion of counsel to the Company, the
exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the Registered
Holders reside. Warrants may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise or issuance would be unlawful. In no event will the Company be required to provide the Registered Holder of a
warrant with a net-cash settlement or other consideration in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying the Warrants is registered pursuant to an effective registration statement.
Accordingly, the Warrants may expire unexercised and worthless if a current registration statement covering the Common Stock is not effective at the time such Warrant is exercised. 
  

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 3.3.4 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.5 Date of Issuance. Each person in whose
name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open. 
 4. Adjustments. 
 4.1 Stock Dividends - Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number
of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 
 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse
stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 4.3 Adjustments in
Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such
Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
 4.4 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common
Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another 

  

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corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a
change in shares of Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 4.5 Notices of Changes in Warrant. Upon
every adjustment of the Warrant Price or the number of shares issuable on exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written notice to the Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 
 4.6 No
Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be
issued to the Warrant holder. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to
this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any time in its sole
discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding
Warrant or otherwise, may be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. From and after the Detachment Date this Section 5.1 will have no further force and effect. 
  

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 5.2 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of
any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant
representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 5.3 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for
exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,
however, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the
Company stating such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.4 Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 
 5.5 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 5.6 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose. 
 5.7 Private Warrants. Notwithstanding anything herein to the contrary, the Warrant Agent shall not register for
transfer any Private Warrants until one day after the consummation of a Business Combination, except for (a) by gift to a member of the Initial Purchaser’s immediate family or to a trust or other entity, the beneficiary of which is an
Initial Holder or a member of an Initial Purchaser’s immediate family, (ii) by virtue of the laws of descent and distribution upon the death of any Initial Purchaser, (iii) pursuant to a qualified domestic relations order,
(iv) to an entity that is an Initial Purchaser, (v) to any person or entity controlling, controlled by, or under common control with, an Initial Purchaser or (vi) with respect to an Initial Purchaser who is an individual, to an entity
control by such Initial Purchaser, on condition that prior to such registration for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each permitted transferee or the trustee or legal guardian for each
permitted transferee agrees to be bound by the terms of the Subscription Agreement. 
  

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 6. Redemption. 
 6.1 Redemption. Not less than all of the outstanding Public Warrants may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the office of the
Warrant Agent, upon the notice referred to in Section 6.3, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock has been equal to or greater than $14.25 per share, on each of
twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding the foregoing, the Registration Statement must be current in
order for the Company to exercise its redemption rights pursuant to this Section 6. The Private Warrants and Sponsor Warrants are not subject to this Section 6 provided they are held by the Initial Purchaser thereof or the Sponsor, or
their permitted designees. 
 6.2 Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the
Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the Registered Holders of the
Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such
notice. 
 6.3 Exercise After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant
Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for redemption. On and after the redemption date, the record holder of the Warrants shall
have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 
 6.4 Outstanding Warrants Only. The
Company understands the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once
such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption are met, including the opportunity of the Warrant holder to exercise prior to redemption pursuant to
Section 6.3. 
 6.5 Exclusion of Private Warrants. The Company understands that the redemption rights provided for by this
Section 6 do not apply to the Private Warrants if at the time of redemption such warrants continue to be held by the Initial Purchaser or Sponsor or their permitted assigns. However, once such Private Warrants are transferred other than to any
permitted assign, the Company may redeem the Private Warrants, provided that the criteria for redemption are met, including the opportunity of the Warrant holder to exercise prior to redemption pursuant to Section 6.3. 
  

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 7. Other Provisions Relating to Rights of Holders of Warrants. 
 7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated,
or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Common Stock sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement. 
 7.4 Registration of Common Stock. The Company agrees that prior to the commencement of the Exercise Period, it shall file with the SEC a
post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of the Common Stock issuable upon exercise of the Warrants, and it shall take such action as is necessary to qualify for
sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In either case, the Company will use its best efforts to cause the same to become effective on or prior to
the commencement of the Exercise Period and to use its best efforts to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement; provided, however, the
Company shall not be obligated to deliver Common Stock and shall not have penalties for failure to deliver Common Stock if a registration statement is not effective at the time of exercise by the holder. In addition, the Company agrees to use its
reasonable efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available. Notwithstanding the foregoing, a Warrant can expire unexercised
regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. In no event will the Registered Holder of a warrant be entitled to receive a net-cash settlement or
shares of Common Stock or other consideration as of result of the Company’s non-compliance with this Section 7.4. 
 8. Concerning the Warrant
Agent and Other Matters. 
 8.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be
imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

  

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 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its
principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor
Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if
for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such
predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of Successor Warrant
Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further act. 
 8.3 Fees and Expenses of Warrant Agent. 
 8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder as set forth on Exhibit C hereto, and will reimburse the Warrant Agent upon demand
for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2 Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 
  

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 8.4 Liability of Warrant Agent. 
 8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chief Operating Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or
suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2 Indemnity. The Warrant Agent shall be
liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for
anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to
make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by
any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will
when issued be valid and fully paid and nonassessable. 
 8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency
established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 8.6 Waiver. The Warrant Agent hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in that certain Investment
Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account
for any reason whatsoever. 
  

 11 

 9. Miscellaneous Provisions. 
 9.1 Successors . All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and
assigns. 
 9.2 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be
delivered personally or by private national courier service, or be mailed, certified or registered mail, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if sent by private national courier
service, on the next business day after delivery to the courier, or, if mailed, two business days after the date of mailing, as follows: 
 United Refining Energy Corp. 
 823 Eleventh Avenue 
 New York, New York 10019 
 Attn: John Catsimatidis, Chairman and Chief Executive Officer 
 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004

 with a copy in each case to: 
 Lowenstein
Sandler, PC 
 65 Livingston Avenue 
 Roseland, New Jersey 07068 
 Attn: Steven Skolnik, Esq. 
 and 
 Ellenoff Grossman & Schole LLP 
 370 Lexington Avenue 
 New York, New York
10017 
 Attn: Douglas Ellenoff, Esq. 
 9.3 Applicable law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The
Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District 

  

 12 

 
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 9.4 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of
the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto and their successors and assigns and of the Registered Holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A
copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any
such holder to submit his Warrant for inspection by it. 
 9.6 Counterparts. This Warrant Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7 Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the
interpretation thereof. 
 9.8 Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any
Registered Holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or
shorten the Exercise Period, shall require the written consent of the Registered Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9 Severability. This Warrant Agreement shall
be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

  

 13 

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

									
	Attest:	 	 /s/ Dennis Bee
	 		 	UNITED REFINING ENERGY CORP.
					
		 		 		 	By:	 	 /s/ James E. Murphy

		 		 		 	Name:	 	James E. Murphy
		 		 		 	Title:	 	Chief Financial Officer
				
	Attest:	 	  
	 		 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
					
		 		 		 	By:	 	 /s/ John W. Comer Jr.

		 		 		 	Name:	 	John W. Comer Jr.
		 		 		 	Title:	 	Vice PresidentInvestment Management Trust Agreement

 Exhibit 10.1 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of December 11, 2007 by and
between United Refining Energy Corp. (the “Company”), whose principal office is located at 823 Eleventh Avenue, New York, New York 10019, and Continental Stock Transfer & Trust Company (“Trustee”), located at 17 Battery
Place, New York, New York 10004. 
 WHEREAS, the Company’s Registration Statement on Form S-1, File No. 333-144704, as amended
(“Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective on December 11, 2007 by the Securities and Exchange Commission (“Effective Date”); and 
 WHEREAS, the Company has completed a private placement of 15,600,000 Warrants (the “Private Warrants”) prior to the completion of the IPO for a
purchase price of $15,600,000; and 
 WHEREAS, Deutsche Bank Securities Inc. (“Deutsche Bank”) and Maxim Group LLC
(“Maxim” and, together with Deutsche Bank, hereinafter referred to as the “Representatives”) are acting as the representatives of the underwriters in the IPO (the “Underwriters”); and 
 WHEREAS, as described in the Company’s Registration Statement, in accordance with the Company’s Amended and Restated Certificate of
Incorporation, $448,700,000 of the net proceeds of the IPO and the sale of the Private Warrants ($516,005,000 if the Underwriters’ over-allotment option is exercised in full; provided, however, to the extent the over-allotment option is
exercised in full and funds held in trust are less than $9.97 per share, the first $2,167,500 of interest earned on the amounts in the trust account (net of taxes payable) will be used to bring the amount held in trust up to an aggregate of
$516,005,000), will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company, the holders of the common stock, par value $0.0001 per share, of the Company (“Common Stock”), included in the
units the (“Units”) of the Company’s securities issued in the IPO, and the Representatives. The amount to be delivered to the Trustee will be referred to herein as the “Property,” the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders, the Company and the Representatives and the Underwriters will be referred to together as the “Beneficiaries”;

 WHEREAS, a portion of the Property consists of $15,750,000 (or $18,112,500 if the Underwriters’ over-allotment is exercised in full),
plus interest earned on such amount in the Trust Account, net of taxes payable, attributable to the Underwriters’ discount (the “Deferred Discount”) which the Underwriters have agreed to deposit in the Trust Account (as defined
below); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to
which the Trustee shall hold the Property. 
  

 1 

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein
contained, the parties hereto agree as follows: 
 1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (the
“Trust Account”) established by the Trustee with Banc of America Investment Services, Inc.; 
 (b) Manage, supervise and administer
the Trust Account subject to the terms and conditions set forth herein; 
 (c) In a timely manner, upon the written instruction of the
Company, to invest and reinvest the Property in any “Government Security” or in money market funds. As used herein, “Government Security” means any Treasury Bill issued by the United States, having a maturity of one hundred and
eighty days or less; “money market funds” means any open ended investment company selected by the Company and registered under the Investment Company Act of 1940 that holds itself out as a money market fund meeting the conditions of
paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated under the Investment Company Act of 1940 as determined by the Company; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,” as such term is used herein; 
 (e) Promptly notify the Company of all communications received by it with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of the tax returns
for the Trust Account or the Company; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising
from the Property if, as and when instructed by the Company; 
 (h) Render to the Company, and to such other person as the Company may
instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) If there is any income or other tax obligation relating to the income from the Property in the Trust Account, then, from time to time, at the written instruction of the Company, the Trustee shall promptly to the
extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by the Company in writing; and 
  

 2 

 (j) Commence liquidation of the Trust Account only after and promptly after receipt of, and only in
accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf of the Company by its Chief Executive Officer and Chief
Financial Officer or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein.
In all cases, the Trustee shall provide the Representatives with a copy of any Termination Letters and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same. The
provisions of this Section 1(j) may not be modified, amended or deleted under any circumstances. 
 2. Limited Distributions of Income
on Property. 
 (a) If there is any income tax obligation relating to the income from the Property in the Trust Account, or if there is any
franchise or other tax obligation to which the Company is subject, then, at the written instruction of the Company, the Trustee shall disburse to the Company or the Internal Revenue Service by wire transfer or check (as directed by the Company in
its instruction letter), out of the Property in the Trust Account, the amount indicated by the Company as required to pay such income, franchise or other taxes. 
 (b) Upon written request from the Company containing certification that such distribution pursuant to this Section 2(b) shall only be used to fund the working capital requirements of the Company and/or the
expenses incurred in connection with the Company’s dissolution and liquidation, in each case as described in the prospectus that forms a part of the Registration Statement, the Trustee shall distribute to the Company an amount equal to up to
$3,700,000 of the interest earned on the Property in the Trust Account, net of taxes payable, through the last day of the month immediately preceding the date of receipt of the Company’s written request; provided, however, to the extent the
over-allotment option is exercised in full and funds held in trust are less than $9.97 per share, the first $2,167,500 of interest earned on the amounts in the trust account (net of taxes payable) will be used to bring the amount held in trust up to
an aggregate of $516,005,000). 
 (c) Upon receipt by the Trustee of the Termination Letter, accompanied by a letter executed by the Chief
Executive Officer and Chief Financial Officer of the Company requesting payment of actual expenses incurred or, where known with reasonably certainty, imminently to be incurred by the Company in connection with its plan of dissolution and
distribution, the Trustee, the Trustee is hereby authorized to pay and shall distribute to the Company said requested amounts. 
 (d) Except
as provided in Section 1(j) or in this Section 2, no other distributions from the Trust Account shall be permitted. 
 (e) It is
acknowledged and agreed by the parties hereto that with respect to all request for distributions to or on behalf of the Company pursuant to this Section 2, the Trustee’s only responsibility is to follow the instructions of the Company.

  

 3 

 3. Agreements and Covenants of the Company. The Company hereby agrees and covenants: 
 (a) To provide all instructions to the Trustee hereunder in writing, signed by the Company’s Chief Executive Officer and Chief Financial Officer. In
addition, except with respect to its duties under paragraphs 1(i) and 1(j), the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written instructions, provided that the Company and/or the Representatives shall promptly confirm such instructions in writing; 
 (b) Subject to the provisions of Section 5 hereof, to hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way
arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence, willful
misconduct or bad faith. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be
unreasonably withheld. The Company may participate in such action with its own counsel at its own expense; 
 (c) Pay the Trustee an initial
acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to this Agreement as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees and further agreed that said transaction processing fees shall be deducted by the Trustee from the disbursements made to the Company pursuant to Section 2(b) hereof. The Company
shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual fee (on a pro rata basis) with
respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in Section 3(b) hereof (it
being expressly understood that the Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) That, in the
event the Company consummates a Business Combination and the Trust Account is liquidated in accordance with Section 1(j) hereof, an independent party designated by the Representatives shall act as the inspector of election to certify the
results of the stockholder vote; 
  

 4 

 (e) That the Termination Letter referenced in Sections 1(j) hereof shall require the Company’s Chief
Executive Officer and Chief Financial Officer to each certify the following (wherever applicable): either that (A) prior to the 24 month anniversary of the Effective Date or prior to the 30 month anniversary of the Effective Date in the event
the stockholders of the Company approve the extended period, as set forth in the Company’s Amended and Restated Certificate of Incorporation (the later date being the “Termination Date”), the Company has consummated a Business
Combination with a target business, the terms of which are consistent with the requirements set forth in the Registration Statement or (B) the Company failed to consummate a Business Combination prior to the Termination Date and that the
Company shall be dissolved and liquidated in accordance with its Amended and Restated Certificate of Incorporation; and 
 (f) In connection
with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and tabulating stockholder votes verifying the
vote of the Company’s stockholders regarding such Business Combination. 
 4. Limitations of Liability. The Trustee shall have no
responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the
Trustee shall have no liability to any party except for liability arising out of its own gross negligence, willful misconduct or bad faith; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received written
instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) Change the investment of any Property, other than in compliance with Section 1(c); 
 (d) Refund any depreciation in principal of any Property; 
 (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a
written revocation of such authority to the Trustee; 
 (f) The other parties hereto or to anyone else for any action taken or omitted by it,
or any action suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence, willful misconduct or bad faith. The Trustee may rely conclusively and shall be protected in acting
upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information therein contained) which 

  

 5 

 
is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any
notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or
rights of the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information
set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement, unless an officer of the Trustee has actual knowledge thereof,
written notice of such event is sent to the Trustee or as otherwise required under Section 1(j) hereof; 
 (h) Pay any taxes on behalf
of the Trust Account ; Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the
Company (including but not limited to income tax obligations), it being expressly understood that as set forth in Section 2(a), if there is any income or other tax obligation relating to the Trust Account or the Property in the Trust Account,
as determined from time to time by the Company and regardless of whether such tax is payable by the Company or the Trust, at the written instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust
Account an amount specified by the Company as owing to the applicable taxing authority, which amount shall be paid directly to the Company by electronic funds transfer, account debit or other method of payment, and the Company shall forward such
payment to the taxing authority; and 
 (i) Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to
Section 1(i), 2(a), 2(b) or 2(c) above. 
 5. No Right of Set-Off. The Trustee waives any right of set-off or any right, title, interest
or claim of any kind that the Trustee may have against the Property held in the Trust Account. In the event the Trustee has a claim against the Company under this Agreement, including, without limitation, under Section 3(b), the Trustee will
pursue such claim solely against the Company and not against the Property held in the Trust Account. 
 6. Termination. This Agreement shall
terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time the Company notifies the Trustee that a successor trustee has been
appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not limited to, the transfer of copies of the reports
and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee,

  

 6 

 
the Trustee may, but shall not be obligated to, submit an application to have the Property deposited with the United States District Court for the Southern
District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party after such deposit; or 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(j) hereof, and
distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b). 
 7. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the
security procedures set forth below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party
must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all
information provided. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflict of laws principles that would result in the application of the substantive laws of another jurisdiction. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument. Facsimile signatures shall constitute original signatures for all purposes of this Agreement. 
 (c) This Agreement contains the
entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written consent of the Representatives, who, along with each other Underwriter, the parties specifically agree, is and shall be a third party beneficiary for purposes of
this Agreement; and provided further, any amendment to Section 1(j) shall require the vote or consent of holders of 95% of the shares of Company’s Common Stock, it being the specific intention of the parties hereto that each Public
Stockholder is and shall be a third-party beneficiary of this Section 6(c) with the same right and power to enforce this Section 6(c) as either of the parties hereto. For purposes of this Section 6(c), the “consent of 95% of the
shares of the Company’s Common Stock” shall mean receipt by the Trustee of a certificate from an entity certifying that (i) such entity regularly engages in the business of serving as inspector of elections for companies whose
securities are publicly traded, and (ii) either (a) 95% of the shares of the Company’s Common Stock of record as of the record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended
(the “DGCL”), have voted in favor of such amendment or modification or (b) 95% of the shares of the Company’s Common Stock of record 

  

 7 

 
as of the record date established in accordance with Section 213(b) of the DGCL has delivered to such entity a signed writing approving such amendment
or modification. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the State and County of New York for purposes of resolving any disputes hereunder. The parties hereto irrevocably submit to such
jurisdiction, which jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction and accept such venue, and waive any objection that such courts represent an inconvenient forum. 
 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the
Trustee, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
Steven G. Nelson and Frank A. Di Paolo 
 Fax No.: (212) 509-5150 
 if to the Company, to: 
 United Refining Energy Corp. 
 523 11th Avenue 
 New York, New York 10019 
 Attn: John
Catsimatidis, Chairman and Chief Executive Officer 
 Fax: (212) 845-3270 
 in either case with a copy to: 
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, NY 10005 
 Attn: Equity Capital markets—Syndicate Desk 
 Fax: (212) 797-9344 
 and 
 Maxim Group LLC. 
 405
Lexington Avenue 
 New York, New York 10174 
 Attn: Clifford A.
Teller 
 Fax No.: (212) 895-3783 
  

 8 

 and 
 Ellenoff,
Grossman & Schole LLP 
 370 Lexington Avenue 
 New York,
New York 10017 
 Attn: Douglas S. Ellenoff, Esq. 
 Fax No.:
(212) 370-7889 
 and 
 Lowenstein Sandler PC 
 65 Livingston Avenue 
 Roseland, New Jersey 07068 
 Attn: Steven Skolnick, Esq. 
 Fax: (973) 597-2477 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and the Representatives. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in
the Trust Account under any circumstance. The Trustee hereby consents to the inclusion of Continental Stock Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 
 8. Third Party Beneficiaries. 
 For so long
as the proceed of the IPO and/or Private Placement are held in the Trust Account, the Representative on behalf of the Underwriters are third party beneficiaries with respect to this Agreement and shall be entitled to enforce the terms of this
Agreement to the same extent as if they were parties to this Agreement. 
  

 9 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	 CONTINENTAL STOCK TRANSFER & TRUST
 COMPANY, as Trustee

		
	By:	 	 /s/ Frank A. DiPaolo

	Name:	 	Frank A. DiPaolo
	Title:	 	CFO
	
	UNITED REFINING ENERGY CORP.
		
	By:	 	 /s/ James E. Murphy

	Name:	 	James E. Murphy
	Title:	 	Chief Financial Officer

  

 10 

 EXHIBIT A 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
[                    ] 
 Re: Trust
Account No. [    ] Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(j) of the Investment Management Trust Agreement between United Refining Energy Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of December 11, 2007 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”) with (“Target Business”) to consummate a business combination with
Target Business (“Business Combination”) on or about [            ]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the
Business Combination (“Consummation Date”). Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement. 
 In accordance with paragraph              of Article 6 of the Amended and Restated
Certificate of Incorporation of the Company, the Business Combination has been approved by the stockholders of the Company and by the Public Stockholders holding a majority of the IPO Shares cast at the meeting relating to the Business Combination,
and Public Stockholders holding up to one share less than 40% of the IPO Shares have voted against the Business Combination and given notice of exercise of their redemption rights described in paragraph 3 of Article of the Amended and Restated
Certificate of Incorporation of the Company. Pursuant to Section 3(f) of the Trust Agreement, we are providing you with [an affidavit] [a certificate] of , which verifies the vote of the Company’s stockholders in connection with the
Business Combination. In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct in writing on the Consummation Date. 
 On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated or will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated, and
(ii) the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the counsel’s letter and the 

  

 11 

 
Instruction Letter in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company or be
distributed immediately and the penalty incurred. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or
before the original Consummation Date of a new Consummation Date, then, upon the instruction of the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice. 
  

 12 

			
	Very truly yours,
	
	UNITED REFINING ENERGY CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	cc:	  	Deutsche Bank Securities Inc.
		  	Maxim Group, LLC

  

 13 

 EXHIBIT B 
 [Letterhead of Company] 
 [Insert date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
[                    ] 
 Re: Trust
Account No. [    ] Termination Letter 
 Gentlemen: 
 Pursuant to paragraph 1(j) of the Investment Management Trust Agreement between United Refining Energy Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated
as of December 11, 2007 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination (as defined in the Trust Agreement) with a target company within the time frame specified in the
Amended and Restated Certificate of Incorporation of the Company, as described in the Company’s prospectus relating to its initial public offering. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account as promptly as practicable to stockholders of record on the Last Date (as defined in the Trust
Agreement). You will notify the Company in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”) in accordance with the terms of the Trust Agreement and Amended and Restated
Certificate of Incorporation of the Company. You shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company and you shall oversee the
distribution of such funds. Upon the payment of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 
  

 14 

			
	Very truly yours,
	
	United Refining Energy Corp.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	cc:	  	Deutsche Bank Securities Inc.
		  	Maxim Group, LLC

  

 15 

 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

	Company:	  	
	 United Refining Energy Corp.
 823 11th Avenue

New York, New York 10019
 Attn: John Catsimatidis, Chairman and Chief
Executive Officer
	  	(212) 845-3270
		
	Underwriters:	  	
	 Deutsche Bank Securities Inc.
 60 Wall Street

New York, NY 10005
 Attn: Equity Capital markets—Syndicate
Desk
	  	(212) 250-2500
		
	 Maxim Group LLC
 405 Lexington Ave
 New York, NY 10174
 Attn: Clifford A. Teller
	  	(212) 895-3500
		
	Trustee:	  	
	 Continental Stock Transfer
 & Trust
Company
 17 Battery Place
 New York, New York 10004
 Attn: Steven G. Nelson and Frank A. Di Paolo
	  	(212) 509-5150

  

 16 

 SCHEDULE A 
 Schedule of fees pursuant to Section 3(c) of Investment Management Trust Agreement between 
 United
Refining Energy Corp. and Continental Stock Transfer & Trust Company 
  

						
	 Fee Item
	  	 Time and method of payment
	  	Amount
	Initial acceptance fee	  	Initial closing of IPO by wire transfer	  	$	1,000
			
	Annual fee	  	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	  	$	3,000
			
	Transaction processing fee for disbursements to Company under Sections 2(a) and 2(b)	  	Deduction by Trustee from disbursement made to Company under Section 2(b)	  	$	250

  

					
		 	Agreed:
	Dated: [    ], 2007	 	
		
		 	United Refining Energy Corp.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	Continental Stock Transfer & Trust Co.
			
		 	By:	 	  

		 		 	Authorized Officer

  

 17

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