Document:

Exhibit 10.1

                            DEBT CONVERSION AGREEMENT

     This Debt Conversion Agreement (the "Agreement") dated April 10, 2006 is by
and  between, Texhoma Energy, Inc., a Nevada corporation ("Company") and Lucayan
Oil  and  Gas Investment, Ltd. ("LOGI"), a Bahamas corporation (the "Creditor").

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

     WHEREAS,  the  Company owes $895,000 to the Creditor as of the date of this
Agreement  (the  "Outstanding  Debt");

     WHEREAS,  the  Company  desires to convert $160,000 of the Outstanding Debt
into  shares  of newly issued restricted common stock of the Company, $0.001 par
value  per share (the "Common Stock") at a rate of one (1) share of Common Stock
for  every  $0.004  of  outstanding  debt  (the  "Conversion  Rate");

     WHEREAS,  the  Creditor agrees to convert a portion of the Outstanding Debt
into  Common  Stock  at  the  Conversion  Rate;

     WHEREAS,  the  Company  and the Creditor desire to set forth in writing the
terms  and conditions of their agreement and understanding concerning conversion
of  the  Outstanding  Debt;  and

     NOW, THEREFORE, in consideration of the premises and the mutual covenants,
agreements, and considerations herein contained, the parties hereto agree as
follows:

1.   Consideration. In consideration and in satisfaction of $160,000 of the debt
     -------------
     owed  to  the  Creditor,  the  Company  agrees  to  convert $160,000 of the
     Outstanding  Debt  into an aggregate of 4,000,000 shares of Common Stock to
     be  issued  to  Creditor  in  the  name  and  address  written  below:

               Name:     Lucayan  Oil  and  Gas  Investments,  Ltd.
               Address:  Ocean  Centre,  Montagu  Foreshore
                         East  Bay  Street
                         Nassau,  Bahamas
               EIN:      N/A

2.   Full Satisfaction. Creditor agrees that it is accepting the Common Stock in
     -----------------
     full  satisfaction of $160,000 of Outstanding Debt which is being converted
     into  Common Stock and that as such Creditor will no longer have any rights
     of  repayment  against  the  Company  as to the $160,000 of the Outstanding
     Debt,  which  is  being  converted  into  Common  Stock  pursuant  to  this
     Agreement.

<PAGE>

3.     Mutual  Representations,  Covenants  and  Warranties.
       ----------------------------------------------------

          (a)  The parties  have  all  requisite  power  and  authority,
               corporate or otherwise, to execute and deliver this Agreement and
               to  consummate  the transactions contemplated hereby and thereby.
               The  parties  have  duly  and validly executed and delivered this
               Agreement  and  will,  on  or  prior  to  the consummation of the
               transactions  contemplated  herein, execute, such other documents
               as may be required hereunder and, assuming the due authorization,
               execution  and  delivery  of this Agreement by the parties hereto
               and  thereto,  this  Agreement  constitutes, the legal, valid and
               binding  obligation of the parties enforceable against each party
               in  accordance  with its terms, except as such enforcement may be
               limited  by  applicable  bankruptcy,  insolvency, reorganization,
               moratorium  or similar laws affecting creditors' rights generally
               and  general  equitable  principles.

          (b)  The execution  and  delivery  by  the  parties  of this Agreement
               and  the consummation of the transactions contemplated hereby and
               thereby do not and shall not, by the lapse of time, the giving of
               notice  or  otherwise:  (a) constitute a violation of any law; or
               (b)  constitute  a breach or violation of any provision contained
               in  the  Articles  of  Incorporation  or  Bylaws,  or  such other
               document(s)  regarding  organization  and/or  management  of  the
               parties,  if  applicable;  or  (c)  constitute  a  breach  of any
               provision  contained  in,  or  a  default under, any governmental
               approval,  any writ, injunction, order, judgment or decree of any
               governmental  authority  or  any  contract  to  which  either the
               Company or the Creditor is a party or by which either the Company
               or  the  Creditor  is  bound  or  affected.

4.   Tradability  of Shares. The shares of the Common Stock of the Company to be
     ----------------------
     issued  to  the  Creditor  have not been registered under the 1933 Act, nor
     registered  under any state securities law, and are "restricted securities"
     as  that term is defined in Rule 144 under the 1933 Act. The securities may
     not  be  offered for sale, sold or otherwise transferred except pursuant to
     an  effective  registration statement under the 1933 Act, or pursuant to an
     exemption  from registration under the 1933 Act. The shares to be issued to
     the  Creditor  will  bear an appropriate restrictive legend to this effect.

<PAGE>

5.   Miscellaneous.
     -------------

          (a)  Assignment.  All  of  the  terms,  provisions  and  conditions of
               ----------
               this  Agreement  shall  be  binding  upon  and shall inure to the
               benefit  of  and  be  enforceable by the parties hereto and their
               respective  successors  and  permitted  assigns.

          (b)  Applicable  Law.  This  Agreement  shall  be  construed  in
               ---------------
               accordance  with  and governed by the laws of the State of Texas,
               excluding  any  provision which would require the use of the laws
               of  any  other  jurisdiction.

          (c)  Entire  Agreement,  Amendments  and  Waivers.  This  Agreement
               --------------------------------------------
               constitutes  the  entire  agreement  of  the  parties  hereto and
               expressly supersedes all prior and contemporaneous understandings
               and  commitments,  whether  written  or oral, with respect to the
               subject  matter  hereof. No variations, modifications, changes or
               extensions  of  this Agreement or any other terms hereof shall be
               binding upon any party hereto unless set forth in a document duly
               executed  by  such  party  or  an authorized agent or such party.

          (d)  Section  Headings.  Section  headings  are  for  convenience only
               -----------------
               and  shall  not define or limit the provisions of this Agreement.

          (e)  Effect  of  Facsimile  and  Photocopied  Signatures.  This
               ---------------------------------------------------
               Agreement  may be executed in several counterparts, each of which
               is an original. It shall not be necessary in making proof of this
               Agreement or any counterpart hereof to produce or account for any
               of the other counterparts. A copy of this Agreement signed by one
               party  and  faxed  to  another party shall be deemed to have been
               executed  and  delivered  by  the  signing  party  as  though  an
               original.  A photocopy of this Agreement shall be effective as an
               original  for  all  purposes.

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

                    TEXHOMA  ENERGY,  INC.

                    By:  /s/  Frank  A.  Jacobs
                    --------------------------------
                    Frank  A.  Jacobs,
                    Chief  Executive  Officer

                    LUCAYAN  OIL  AND  GAS,  LTD.

                    By:  /s/  Max  Maxwell
                    ----------------------------------
                    Max  Maxwell
                    Director

<PAGE>Exhibit 10.2

THIS  NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND  IS  TRANSFERABLE  ONLY  UPON  THE  CONDITIONS  SPECIFIED  HEREIN.

                                 PROMISSORY NOTE

$735,000                                                        April  12,  2006

     FOR VALUE RECEIVED, the undersigned, Texhoma Energy, Inc. ("Maker"), hereby
promises to pay to the order of Lucayan Oil and Gas Investments, Ltd., a Bahamas
corporation  ("Payee"),  at  2200  Post  Oak  Blvd.,  Houston,  Texas 77056, the
principal  sum  of  Seven  Hundred  Thirty-Five  Thousand  and  no/100  Dollars
($735,000),  in  lawful  money in United States of America, which shall be legal
tender,  in  payment  of  all debts and dues, public and private, at the time of
payment,  bearing  interest  and  payable  as  provided  herein.

     This Note reflects the outstanding balance due to Payee after the execution
of  a debt conversion agreement whereby Payee converted $160,000 of which it was
owed  into  4,000,000  shares  of  Maker's  common  stock.

     Interest  on  the  unpaid  balance  of this Note shall accrue at a rate per
annum  equal  to  6%; provided, however, that such interest shall not exceed the
Maximum  Rate as hereinafter defined.  All past-due principal and interest shall
bear interest at the maximum rate permitted by applicable law.  Interest will be
computed  on  the  basis  of  a  360-day  year  of  twelve  30-day  months.

     The  principal  amount  and  accrued interest of this Note shall be due and
payable  on  April  30, 2007; provided however that this Note may be renewed for
additional  thirty  (30)  day  periods  at  the  option  of  the  holder.

     This  Note may be prepaid in whole or in part, at any time and from time to
time,  without  premium  or  penalty.

     This  Note  may  be converted at the option of Payee into shares of Maker's
common  stock at $.04 per share, by providing the Maker with a written notice of
its  intent  to  convert.

     If  any payment of principal or interest on this Note shall become due on a
Saturday,  Sunday  or  any  other  day  on which national banks are not open for
business,  such  payment  shall  be  made  on  the next succeeding business day.

<PAGE>

     This Note shall be binding upon and inure to the benefit of the Payee named
herein and Payee's respective successors and assigns.  Each holder of this Note,
by  accepting the same, agrees to and shall be bound by all of the provisions of
this  Note.  Payee  may  assign  this  Note  or  any of its rights, interests or
obligations  to  this  Note  without  the  prior  written  approval  of  Maker.

     The  indebtedness  evidenced  by this Note is unsecured and subordinate and
junior  in  right  of  payment  to  the  prior  payment  in  full  of all senior
indebtedness  (however  defined  in  any  debt  instrument).

     No  provision of this Note shall alter or impair the obligation of Maker to
pay  the  principal of and interest on this Note at the times, places and rates,
and  in  the  coin  or  currency,  herein  prescribed.

     Notwithstanding  anything  to  the  contrary  in  this  Note  or  any other
agreement entered into in connection herewith, whether now existing or hereafter
arising  and  whether  written  or  oral, it is agreed that the aggregate of all
interest  and  any  other  charges  constituting  interest,  or  adjudicated  as
constituting  interest,  and contracted for, chargeable or receivable under this
Note  or  otherwise  in  connection  with  this loan transaction, shall under no
circumstances exceed the Maximum Rate. In the event the maturity of this Note is
accelerated  by  reason  of an Event of Default under this Note, other agreement
entered  into  in  connection  herewith or therewith, by voluntary prepayment by
Maker or otherwise, then earned interest may never include more than the Maximum
Rate,  computed  from the dates of each advance of the loan proceeds outstanding
until  payment.  If  from  any  circumstance  any holder of this Note shall ever
receive  interest  or any other charges constituting interest, or adjudicated as
constituting  interest,  the amount, if any, which would exceed the Maximum Rate

<PAGE>

shall  be  applied  to the reduction of the principal amount owing on this Note,
and  not  to  the payment of interest; or if such excessive interest exceeds the
unpaid  balance  of principal hereof, the amount of such excessive interest that
exceeds  the  unpaid  balance of principal hereof shall be refunded to Maker. In
determining  whether  or  not  the  interest paid or payable exceeds the Maximum
Rate,  to  the  extent  permitted by applicable law (i) any nonprincipal payment
shall  be  characterized  as an expense, fee or premium rather than as interest;
and (ii) all interest at any time contracted for, charged, received or preserved
in  connection  herewith  shall  be amortized, prorated, allocated and spread in
equal  parts  during  the  period of the full stated term of this Note. The term
"Maximum  Rate"  shall  mean  the maximum rate of interest allowed by applicable
federal  or  state  law.

     Except as provided herein, Maker and any sureties, guarantors and endorsers
of  this  Note  jointly  and  severally  waive  demand,  presentment,  notice of
nonpayment  or dishonor, notice of intent to accelerate, notice of acceleration,
diligence  in  collecting,  grace,  notice  and  protest,  and  consent  to  all
extensions  without  notice  for  any  period  or  periods  of  time and partial
payments,  before or after maturity, without prejudice to the holder. The holder
shall similarly have the right to deal in any way, at any time, with one or more
of  the  foregoing  parties  without notice to any other party, and to grant any
such party any extensions of time for payment of any of said indebtedness, or to
grant  any  other  indulgences  or forbearance whatsoever, without notice to any
other party and without in any way affecting the personal liability of any party
hereunder.  If  any  efforts  are  made  to  collect or enforce this Note or any
installment  due  hereunder,  the undersigned agrees to pay all collection costs
and  fees,  including  reasonable  attorney's  fees.

     This  Note shall be construed and enforced under and in accordance with the
laws  of  the  State  of  Texas.

     IN  WITNESS  WHEREOF,  Maker  has duly executed this Note as of the day and
year  first  above  written.

                    TEXHOMA  ENERGY,  INC.

                         By: /s/  Frank  A.  Jacobs
                            -----------------------

                              Its: Chief  Executive  Officer
                                  --------------------------

                              Printed Name: Frank  A.  Jacobs
                                           ------------------

<PAGE>

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