Document:

TERMINATION AGREEMENT
                              (185 Franklin Street)

      This Termination Agreement (this "AGREEMENT"), dated as of May 12, 2005,
is entered into by and between 185 Franklin Street Development Associates L.P.,
a New York limited partnership ("LANDLORD"), and Franklin Credit Management
Corporation, a Delaware Corporation ("FCMC").

                                    RECITALS

      WHEREAS,LANDLORD, as landlord, and FCMC, as tenant, executed those certain
leases agreements identified on the attached Exhibit A, as amended (the "185
FRANKLIN LEASES") for premises consisting of the Basement, First Floor and Third
through Sixth Floors (the "185 FRANKLIN PREMISES") of the building located at
185 Franklin Street, New York, New York.

      WHEREAS, LANDLORD and FCMC desire to terminate the 185 FRANKLIN LEASES
prior to the end of the terms of such leases.

                                    AGREEMENT

      NOW, THEREFORE, in order to settle and dispose of, fully and completely,
any and all claims, demands and cause or causes of action now existing or
hereafter arising out of, in connection with, or incidental to the termination
of the 185 FRANKLIN LEASES or the 185 FRANKLIN PREMISES, and in consideration
for the mutual promises contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are mutually acknowledged,
LANDLORD and FCMC agree, effective as of the date hereof, as follows:

      1. Recitals. The foregoing recitals are hereby incorporated herein by
reference and acknowledged as true and correct by the parties hereto.

      2. Termination. Provided that FCMC has complied with its obligations
contained in Section 3 below and the 185 FRANKLIN LEASES, effective as of the
TERMINATION DATE (hereinafter defined), the 185 FRANKLIN LEASES shall terminate.
Except to the extent inconsistent with the terms hereof, FCMC shall observe and
perform each of the covenants and provisions of the 185 FRANKLIN LEASES to be
performed by FCMC, including without limited the payment of rent and additional
rent accruing prior to the TERMINATION DATE.

      3. Termination Payment. In consideration for the termination of the 185
FRANKLIN LEASES, FCMC shall pay to LANDLORD the amount of $462,859.00 (the
"TERMINATION PAYMENT") payable as follows:

      a) The sum of $45,000 shall be paid with in ten (10) days of execution of
this Agreement.
<PAGE>

      b) The balance of the TERMINATION PAYMENT shall be paid on the TERMINATION
DATE.

      4. Vacation of Premises.

      a) Scheduled Surrender Date/Termination Date. Subject to extensions of the
SCHEDULED SURRENDER DATE as set forth in this Section, FCMC shall fully vacate
the 185 FRANKLIN PREMISES on or before August 31, 2005, (such date, as it may be
extended is hereinafter referred to as the "SCHEDULED SURRENDER DATE"; the date
on which FCMC actually vacates the 185 FRANKLIN PREMISES is hereinafter referred
to as the "TERMINATION DATE").

      b) Extension of Termination Date. FCMC may extend the SCHEDULED SURRENDER
DATE for all or any portion of the 185 FRANKLIN PREMISES in one month increments
up to and including November 30, 2005. FCMC shall give LANDLORD not less than 30
days prior written notice of any extension of the SCHEDULED SURRENDER DATE. The
rent during the extension period shall be the rent as provided for under the 185
FRANKLIN LEASES. In the event that only a portion of the 185 FRANKLIN PREMISES
is subject to the extension period, the rent shall be pro-rated accordingly.

      c)

      d) Termination. Notwithstanding any contrary term herein, the TERMINATION
DATE shall occur not latter than November 30, 2005 regardless of whether or not
FCMC vacates the 185 FRANKLIN PREMISES. FCMC shall have no further rights with
respect to the use of the 185 FRANKLIN PREMISES from and after the TERMINATION
DATE.

      e) Condition on Surrender. FCMC shall surrender the 185 FRANKLIN PREMISES
(i) free of all occupants; (ii) in broom clean condition; and (iii) free of all
movable personality and equipment; and (iv) otherwise in its current "AS IS
condition."

      5. Cooperation. Following the execution of this Agreement, FCMC shall
reasonably cooperate in the re-leasing of the 185 FRANKLIN PREMISES. Such
cooperation shall include, but shall not be limited to, allowing prospective
tenants to view and inspect the 185 FRANKLIN PREMISES.

      6. Holdover.

      a) In the event FCMC fails to comply with the terms of this Agreement,
LANDLORD shall have the right to retain any and all payments made by FCMC
pursuant to this Agreement and also shall have any and all other rights and
remedies available to LANDLORD under the 185 FRANKLIN LEASES to recover the185
FRANKLIN PREMISES, at law and in equity, except to the extent inconsistent with
the terms of this Agreement.

                                       2
<PAGE>

      b) FCMC and anyone claiming under FCMC remaining in possession of the 185
FRANKLIN PREMISES or any part thereof after the TERMINATION DATE shall be deemed
a tenant-at-sufferance only, at the daily rate of 150% of the rent and
additional rent due under the respective 185 Franklin Leases immediately prior
to the Termination Date (the "FINAL RENT RATE") during the first month, 200% of
the Final Rent Rate during the second month and 250% of the Final Rent Rate
thereafter; provided that, notwithstanding any of the foregoing to the contrary,
but subject to the following sentence, FCMC shall remain liable for all damages,
including without limited all direct damages, incurred by LANDLORD as a result
of such holdover. Notwithstanding the foregoing, FCMC shall not be liable for
consequential damages incurred by LANDLORD based upon any holdover by FCMC after
the SCHEDULED SURRENDER DATE unless such holdover continues for ninety (90) or
more says after the SCHEDULED SURRENDER DATE. Nothing in this Section shall be
construed to permit such holding over.

      7. Releases. Except as to such rights or claims as may be created or
otherwise preserved by this Agreement, LANDLORD and FCMC each hereby releases,
remises and forever discharges the other and its respective officers, directors,
employees, agents, parents, subsidiaries and affiliates from all debts, demands,
actions, causes of action, suits, accounts, covenants, controversies,
agreements, promises, judgments, demands, contracts, agreements, damages, claims
and liabilities whatsoever, in law or equity, in arbitration or otherwise,
whether known or unknown, suspected or unsuspected, related to, arising out of,
connected with or incidental to the 185 FRANKLIN LEASES or the 185 FRANKLIN
PREMISES. Nothing contained in this Section shall prevent LANDLORD or FCMC from
enforcing the terms of this Agreement.

      8. Notices. Any notice, request or demand ("NOTICE") permitted or required
to be given by the terms and provisions of this Agreement, or by any law or
governmental regulation, either by LANDLORD or FCMC, shall be in writing and
delivered by hand (with evidence of receipt), addressed as follows:

      a) To FCMC at No. 6 Harrison Street, Sixth Floor, New York, New York
10016, Attention General Counsel.

      b) To LANDLORD at No. 6 Harrison Street, Fifth Floor, New York, New York
10016, Attention Thomas Axon.

      Either party hereto may designate a different address for Notices to such
party by serving Notice of such change in accordance with this section.

                                       3
<PAGE>

      9. Miscellaneous.

      a) This Agreement shall be deemed to have been executed and delivered
within the State of New York, and the rights and obligations of LANDLORD and
FCMC hereunder shall be construed and enforced in accordance with, and governed
by, the laws of the State of New York s without regard to the laws governing
conflicts of laws.

      b) If any term of this Agreement or the application thereof to any person
or circumstances shall be invalid and unenforceable, the remaining provisions of
this Agreement, the application or such term to persons or circumstances other
than those as to which it is invalid or unenforceable, shall not be affected.

      c) This Agreement is binding upon and shall inure to the benefit of
LANDLORD and FCMC, their respective agents, employees, representatives,
officers, directors, divisions, subsidiaries, affiliates, assigns, heirs,
successors-in-interest and shareholders.

      d) Each party has cooperated in the drafting and preparation of this
Agreement and, therefore, in any construction to be made of this Agreement, the
same shall not be construed against either party.

      e) Any litigation relating to this Agreement shall be brought in the state
or federal courts in the State of New York and each party consents to personal
jurisdiction in such courts.

      f) In the event of litigation relating to this Agreement, the prevailing
party shall be entitled to reimbursement from the other party of its reasonable
attorneys' fees and costs.

      g) This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all prior and
contemporaneous oral and written agreements and discussions, and may not be
amended, waived, discharged or terminated except by a written instrument signed
by all the parties hereto.

      h) This Agreement may be executed in as many counterparts as may be
required, and it shall not be necessary that the signature of each party, or
that the signatures of all persons required to bind any party, appear on each
counterpart. It shall be sufficient that the signature of each party, or that
the signatures of the persons required to bind any party, appear on one or more
of such counterparts. All counterparts shall collectively constitute a single
agreement.

                                       4
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
under seal by their respective duly authorized officers as of the date first set
forth above.

----------------------
Jeffrey R. Johnson
President and Chief Executive Officer
Franklin Credit Management Corporation

----------------------
Thomas J. Axon
President
185 Franklin Street Corp.
General Partner
185 Franklin Street Development Associates LP

                                       5PURCHASE AGREEMENT

      This Purchase Agreement, dated as of the 12 day of May 2005, is by and
between Franklin Credit Management Company. (referred to as the "Seller") and
Thomas J. Axon the "Purchaser").

                                    RECITALS

      A.    Seller owns of record and beneficially 100% of the shares of the
            issued and outstanding shares of common stock (the "Rockwell
            Shares") of Rockwell Drilling Company, Inc (the "Company").

      B.    Seller owns an interest in certain joint ventures known as the
            Kingman Energy Minerals Joint Venture, the Kerrick Energy Minerals
            Joint Venture, and the High Plains Energy Minerals Joint Venture
            (collectively the "Joint Venture Interests").

      C.    The Purchaser desires to acquire from the Seller the Rockwell Shares
            and the Joint Venture Interests.

      D.    The Seller desires to sell and transfer the Rockwell Shares and the
            Joint Venture Interests to the Purchaser, all upon the terms and
            conditions hereinafter set forth.

                                    AGREEMENT

      To accomplish such purposes and in consideration of the Recitals and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                 Article I. PURCHASE AND SALE OF SELLER SHARES

Section 1.01 PURCHASE AND SALE. Upon the terms and subject to the conditions set
forth in this Agreement, the Seller hereby sells, assigns, conveys, transfers
and delivers, free of any liens, encumbrances, or charges the following assets
(collectively the "Assets"):

      (a)   The Rockwell Shares.

      (b)   The Joint Venture Interests.

      (c)   Any claims held by Seller against the Company.

      (d)   Any claims held by against the following entities: Kerrick Oil and
            Gas Program Joint Venture; Kerrick Energy Minerals Joint Venture;
            Kingman Shallow Gas Joint Venture; Kingman Shallow Gas Limited
            Partnership; Kingman Energy Minerals Joint Venture; High Plains Oil
            and Gas Program Joint Venture; High Plains Oil and Gas Program
            Limited Partnership; High Plains Energy Minerals Joint Venture;
            Kismet Oil and Gas Program Joint Venture; Kismet Oil and Gas Limited
            Partnership; Energy Mineral Joint Venture.
<PAGE>

Section 1.02 PURCHASE PRICE. The purchase price for the Assets payable by the
Purchaser shall be $ 30,800, which shall be paid in cash.

Section 1.03 TRANSACTIONAL COSTS. Seller and Purchaser shall each directly pay
their own expenses (including, without limitation, attorneys' and accountants'
fees and disbursements) incident to this Agreement and the transactions
contemplated hereby.

Section 1.04 TAXES. Seller shall be solely responsible for any sales, use,
transfer or other similar taxes imposed in respect of the sale of the Assets.

                   Article II. REPRESENTATION AND WARRANTIES

Section 2.01 BY SELLER. The Seller represents and warrants to the Purchaser as
follows and acknowledges that the Purchaser is relying on such representations
and warranties in connection with the transactions contemplated by this
Agreement:

      a)    AGREEMENT AUTHORIZED; BINDING AND ENFORCEABLE. The execution,
            delivery and performance of this Agreement by the Seller have been
            duly authorized by all required corporate action on the part of the
            Seller. This Agreement contains legal, valid and binding obligations
            of Seller enforceable against Seller in accordance with its terms.

      b)    INTERCOMPANY DEBT. Except as otherwise provided herein, there are no
            liabilities of the Company owing to the Seller or any of its
            affiliates or liabilities of the Seller or its Affiliates to the
            Company.

      c)    BROKERAGE. Seller has not directly or indirectly engaged any broker,
            finder, agent or intermediary of any kind to bring about the
            transactions contemplated by this Agreement, and that no person or
            entity is entitled to any brokerage commission, finder's fee,
            agent's commission or other similar compensation in connection with
            the transactions contemplated by this Agreement.

Section 2.02 BY PURCHASER. The Purchaser represents and warrants to the Seller
as follows and acknowledges that the Seller is relying on such representations
and warranties in connection with the transactions contemplated by this
Agreement:

      (a)   BINDING AND ENFORCEABLE. This Agreement contains legal, valid and
            binding obligations of Purchaser enforceable against Purchaser in
            accordance with its terms.

      (b)   BROKERAGE. Purchaser has not directly or indirectly engaged any
            broker, finder, agent or intermediary of any kind to bring about the
            transactions contemplated by this Agreement, and that no person or
            entity is entitled to any brokerage commission, finder's fee,
            agent's commission or other similar compensation in connection with
            the transactions contemplated by this Agreement.
<PAGE>

      d)    REVIEW OF INFORMATION. Purchaser has received and reviewed to its
            satisfaction all the available information regarding the Assets and
            the Company.

      e)    DECISION TO PURCHASE. The Purchaser is a sophisticated investor and
            his decision to purchase is based on its own independent expert
            evaluation. The Purchaser has not relied in entering into this
            Agreement upon any oral or written information from the Seller or
            any of its respective employees, affiliates, agents or
            representatives other than the representations and warranties of the
            Seller contain herein.

      f)    ASSETS SOLD AS IS. The Purchaser acknowledges and agrees that,
            except for warranties and representations set forth in this
            Agreement, the Seller has not and does not represent, warrant or
            covenant the nature, accuracy, completeness, enforceability or
            validity of the Assets, any assets of the Company or any
            documentation, information, analysis and/or correspondence, if any,
            related to the Assets or the Company. The Assets are sold,
            transferred, assigned and conveyed to the Purchaser on an "as is,
            where is" basis, with all faults.

      g)    ECONOMIC RISK. The Purchaser acknowledges that the Assets and the
            assets of the Company may have limited or not liquidity and the
            Purchaser has the financial wherewithal to own the Assets for an
            indefinite period of time and to bear the economic risk of an
            outfight purchase of the Assets and a total loss of the purchase
            price.

      h)    EXISTING OBLIGATIONS. The Purchaser acknowledges that the Company
            has been appointed liquidator under a confirmed plan of
            reorganization entered in a proceeding styled: Tascosa Petroleum
            Corporation, United State Bankruptcy Court For The District Of
            Kansas, Case No. 93-10917. The Purchaser further acknowledges that
            the Company has ongoing obligations pursuant to such plan of
            organization.

                      Article III. POST-CLOSING COVENANTS

Section 3.01 INDEMNIFICATION BY PURCHASER. The Purchaser agrees to indemnify and
hold the Seller harmless from and against any and all monetary loss, liability,
obligation, damage, cost or expense (including, without limitation, reasonable
attorney's fees and disbursements) incurred or suffered by or asserted against
the Seller or any of its respective Affiliates, including but not limited to
their respective officers, directors, agents and employees, directly or
indirectly as a result of or in connection with
<PAGE>

      (a)   the breach by the Purchaser of any representation or warranty made
            in this Agreement; or

      (b)   the breach by the Purchaser of, or the failure of the Purchaser to
            perform, any of its covenants or obligations contained in this
            Agreement;

      (c)   any claims brought against Seller related to the Assets; and,

      (d)   any claim brought against Seller based the Company's actions or
            inactions as Liquidator under a confirmed plan of reorganization
            entered in a proceeding styled: Tascosa Petroleum Corporation,
            United State Bankruptcy Court For The District Of Kansas, Case No.
            93-10917.

Section 3.02 INDEMNIFICATION BY SELLER The Seller agrees to indemnify and hold
the Purchaser and its directors, officers, agents, employees and shareholders
harmless from and against any and all loss, liability, obligation, damage, cost
or expense (including, without limitation, reasonable attorney's fees and
disbursements) incurred or suffered by or asserted against the Purchaser, the
Company, their Affiliates or any of their respective directors, officers,
agents, employees and shareholders, directly or indirectly ("Losses"), as a
result of or in connection with:

      (a)   the breach or inaccuracy of any representation or warranty made by
            either Seller in this Agreement; and,

      (b)   the breach by Seller, or failure of Seller, to perform any of its
            covenants, conditions or obligations contained in this Agreement.

Section 3.03 SURVIVAL OF REPRESENTATIONS. The representations, warranties and
indemnification rights and obligations of contained herein shall survive closing
under this Agreement and will continue for the statute of limitation period
provided under the laws in effect on the date hereof.

                           Article IV. MISCELLANEOUS

Section 4.01 NOTICES. Any notice, request or demand ("NOTICE") permitted or
required to be given by the terms and provisions of this Agreement, or by any
law or governmental regulation, either by Seller or Purchaser, shall be in
writing and delivered by hand (with evidence of receipt), addressed as follows:

      a)    To Seller at No. 6 Harrison Street, Sixth Floor, New York, New York
            10016, Attention General Counsel.

      b)    To Purchaser at No. 6 Harrison Street, Fifth Floor, New York, New
            York 10016, Attention Thomas Axon.

Either party hereto may designate a different address for Notices to such party
by serving Notice of such change in accordance with this section.
<PAGE>

Section 4.02 COMPLETE AGREEMENT. This Agreement sets forth the entire agreement
of the parties with respect to the subject matter hereof and supersedes all
prior agreements, contracts, promises, representations, warranties, statements,
arrangements and understandings, if any, between the parties hereto or their
representatives. No waiver, modification, amendment or termination of any
provision, term or condition hereof or of any its Exhibits shall be valid unless
in writing and signed by the party to be charged therewith, and any such waiver,
modification, amendment or termination shall be valid only to the extent therein
set forth.

Section 4.03 FURTHER ASSURANCES. Each of the parties hereto shall, from time to
time after the date hereof, upon the request of the other party hereto and at
the expense of such requesting party, duly execute, acknowledge and deliver or
cause to be duly executed, acknowledged and delivered, all such further
instruments and documents reasonably requested by the other party to further
effectuate the intents and purposes of this Agreement.

Section 4.04 GOVERNING LAW. The validity, performance, construction,
interpretation and effect of this Agreement shall be governed by Laws of the
State of New York.

Section 4.05 SEVERANCE. If any term of this Agreement or the application thereof
to any person or circumstances shall be invalid and unenforceable, the remaining
provisions of this Agreement, the application or such term to persons or
circumstances other than those as to which it is invalid or unenforceable, shall
not be affected.

Section 4.06 SUCCESSORS AND ASSIGNS. This Agreement is binding upon and shall
inure to the benefit of Purchaser and Seller, their respective agents,
employees, representatives, officers, directors, divisions, subsidiaries,
affiliates, assigns, heirs, successors-in-interest and shareholders.

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered as of the date first above written.

------------------                                            ------------------
Jeffrey R. Johnson                                            Thomas J. Axon
President and Chief Executive Officer

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