Document:

EXHIBIT
      4.4

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES LAW, AND IN THE ABSENCE OF
      SUCH REGISTRATION MAY NOT BE SOLD OR TRANSFERRED UNLESS THE ISSUER OF THIS
      WARRANT HAS RECEIVED AN OPINION OF ITS COUNSEL, OR OF COUNSEL REASONABLY
      SATISFACTORY TO IT, THAT THE PROPOSED SALE OR TRANSFER WILL NOT VIOLATE THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY APPLICABLE STATE
      SECURITIES LAW.

     

    Warrant
      No. _____

    

    Issue
      Date: November 5, 2007

     

    WARRANT
      TO PURCHASE COMMON STOCK OF

    

    MOUNTAINS
      WEST EXPLORATION, INC.

    (a
      New
      Mexico corporation)

    

    This
      is
      to certify that ________________ or his, her or its permitted assigns
      (“Holder”), is entitled to purchase, subject to the provisions of this Warrant,
      from Mountains West Exploration, Inc., its successors and assigns (the
“Company”), at any time on or after the Issue Date and for a period of five (5)
      years after the Issue Date (the “Exercise Period”), up to _____________ shares
      of Common Stock (the “Warrant Shares”), for an exercise price $0.51 per share of
      Common Stock.

     

    The
      number of shares of Common Stock to be received upon the exercise of this
      Warrant and the exercise price to be paid for a share of Common Stock may be
      adjusted from time to time as herein set forth. The exercise price for the
      shares of Common Stock in effect at any time is hereinafter sometimes referred
      to as the “Exercise Price.”

     

    This
      Warrant is one of the Warrants issued pursuant to that certain Note Purchase
      Agreement dated as of ______________, 20___ by and among the Company, the Holder
      and certain other parties, as amended, modified or supplemented from time to
      time (the “Purchase Agreement”), and capitalized terms not defined herein shall
      have the meaning set forth in the Purchase Agreement. Certain capitalized terms
      used herein are defined in Section 8.

     

    1. Method
      of Exercise.
      Subject
      to the other provisions of this Warrant, this Warrant may only be exercised
      in
      whole or in part during the Exercise Period by (i) payment of the Exercise
      Price
      by either (A) cash or a certified or bank check, payable to the order of the
      Company or (B) a written notice to the Company that Holder is exercising this
      Warrant (or a portion
      thereof) by authorizing the Company to withhold from issuance a number of shares
      of Warrant Shares issuable upon exercise of this Warrant which when multiplied
      by the Market 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Price
      of
      the Warrant Shares is equal to the aggregate Exercise Price (and such withheld
      shares shall no longer be issuable under this Warrant), and
      (ii) presentation and surrender of this Warrant to the Company with the
      exercise notice substantially in the form attached hereto as Exhibit A
      duly
      executed (the “Exercise Notice”). Upon receipt by the Company of this Warrant
      and the Exercise Notice in proper form for exercise, the Holder shall be deemed
      to be the Holder of record of the shares of Common Stock issuable upon such
      exercise, notwithstanding that the stock transfer books of the Company shall
      then be closed or that certificates representing such shares of Common Stock
      shall not then be actually delivered to the Holder. The Company shall use its
      best efforts to issue the proper stock certificate within five (5) business
      days
      of receiving all required documentation. Such stock certificate shall bear
      such
      legends as the Company may deem necessary or appropriate.

    

    2. Payment
      of Taxes.
      The
      Company shall pay all expenses in connection with the issue or delivery of
      this
      Warrant, other than any tax or charge imposed by law upon Holder, in which
      case
      such taxes or charges shall be paid by Holder.

    

    3. Reservation
      of Shares.
      From
      and after the date hereof, the Company shall at all times reserve and keep
      available for issuance and delivery upon exercise of this Warrant such number
      of
      shares of its Common Stock as shall be sufficient to permit the exercise in
      full
      of this Warrant. All shares of Common Stock which shall be so issuable, when
      issued upon exercise of this Warrant and payment therefor in accordance with
      the
      terms of this Warrant, shall be duly and validly issued and fully paid and
      nonassessable.

    

    4. Fractional
      Shares.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. With respect to any fraction of a share called
      for
      upon exercise hereof, the Company shall pay to the Holder an amount in cash
      equal to such fraction multiplied by the current Market Price of a full
      share.

    

    5. Exchange,
      Assignment or Loss of Warrant.

    

    (a) Exchange.
      This
      Warrant is exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company for other Warrants in identical
      form of different denominations entitling the Holder thereof to purchase in
      the
      aggregate the same number of shares of Common Stock purchasable
      hereunder.

    

    (b) Assignment.
      This
      Warrant may only be assigned or transferred by the Holder in accordance with
      the
      terms of this Warrant and upon the written consent of the Company, which shall
      not be unreasonably withheld; provided, however, no Holder shall assign or
      transfer this Warrant (or any portion hereof) to any Person that competes in
      whole or in part with the Company. Any assignment shall be made by surrender
      of
      this Warrant to the Company with the assignment form substantially in the form
      attached hereto as Exhibit B
      duly
      executed (the “Assignment Form”). The Company shall, within five (5) business
      days of receipt of the Warrant and Assignment Form, either (i) consent to such
      assignment and execute and deliver a new Warrant in identical form in the name
      of the assignee named in such instrument of assignment and this Warrant shall
      promptly be canceled, or (ii) notify the Holder that the Company is withholding
      its consent to such assignment. This Warrant may be divided or may
      be

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    combined
      with other Warrants which carry the same rights upon presentation hereof at
      the
      office of the Company together with a written notice specifying the names and
      the denominations in which new Warrants are to be issued and signed by the
      Holder hereof. The term “Warrant” as used herein includes any Warrants issued in
      substitution for or replacement of this Warrant or into which this Warrant
      may
      be divided or exchanged.

    

    (c) Loss.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction, or mutilation of this Warrant, and (in the case of loss, theft
      or
      destruction) of reasonably satisfactory indemnification, and upon surrender
      and
      cancellation of this Warrant if mutilated, the Company will execute and will
      deliver a new Warrant in identical form. Any such new Warrant executed and
      delivered shall constitute an additional contractual obligation on the part
      of
      the Company, whether or not this Warrant so lost, stolen, destroyed or mutilated
      shall be at any time enforceable by anyone.

    

    6. Rights
      of the Holder.
      The
      Holder, by virtue hereof, shall not be entitled to any rights of a shareholder
      in the Company, either at law or in equity, and the rights of the Holder are
      limited to those expressed in this Warrant.

    

    7. Exercise
      Price.
      In
      order to prevent dilution of the exercise rights granted hereunder, the Exercise
      Price will be subject to adjustment from time to time pursuant to this
      Section 7.

    

    (a) Adjustments
      for Other Dividends and Distributions.
      In the
      event the Company at any time prior to the expiration of this Warrant makes
      or
      issues, or fixes a record date for the determination of holders of Common Stock
      entitled to receive, a dividend or other distribution payable in securities
      of
      the Company other than shares of Common Stock, then and in each such event
      provision shall be made so that the Holder shall receive upon exercise thereof,
      in addition to the number of shares of Common Stock receivable thereupon, the
      amount of securities of the Company which the Holder would have received had
      this Warrant been exercised for Common Stock on the date of such event and
      had
      the Holder thereafter, during the period from the date of such event to and
      including the exercise date, retained such securities receivable by the Holder
      as aforesaid during such period, subject to all other adjustments called for
      during such period under this Section 7 with respect to the rights of the Holder
      of this Warrant.

    

    (b) Subdivision
      or Combination of Common Stock.
      If the
      Company at any time subdivides (by any stock split, stock dividend,
      recapitalization or otherwise) one or more classes of its outstanding shares
      of
      Common Stock into a greater number of shares, the number of shares of Common
      Stock for which this Warrant is exercisable shall immediately be proportionately
      increased, and if the Company at any time combines (by reverse stock split
      or
      otherwise) one or more classes of its outstanding shares of Common Stock into
      a
      smaller number of shares, the number of shares of Common Stock for which this
      Warrant is exercisable shall immediately be proportionately
      decreased.

    

    (c) Reorganization,
      Reclassification, Consolidation, Merger or Sale.
      Any
      capital reorganization, reclassification, consolidation, merger or sale of
      all
      or substantially all of

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    the
      Company’s assets to another Person which is effected in such a way that holders
      of Common Stock are entitled to receive (either directly or upon subsequent
      liquidation) stock, securities or assets with respect to or in exchange for
      Common Stock is referred to herein as an “Organic Change”. Prior to the
      consummation of any Organic Change, the Company shall provide Holder with notice
      of such Organic Change, such notice to be at least thirty (30) days prior to
      the
      consummation of the Organic Change. The Holder shall have a period of thirty
      (30) days to exercise this Warrant (which exercise may be conditioned upon
      the
      consummation of the Organic Change), and upon consummation of the Organic
      Change, this Warrant and any unexercised Warrant Shares shall automatically
      terminate. In the event the Organic Change is not consummated, this Warrant
      shall remain in full force and effect.

    

    (d) Certain
      Events.
      If any
      event occurs of the type contemplated by the provisions of this Section 7
      but not expressly provided for by such provisions, then the Company’s board of
      directors and the Company will make an appropriate adjustment in the Exercise
      Price so as to protect the rights of the Holder hereunder.

    

    
      	 	
              8.

            	
              Definitions.
                

            

    

    

    (a) “Market
      Price” of any security means the average of the closing prices of such
      security’s sales on all securities exchanges on which such security may at the
      time be listed, or, if there has been no sales on any such exchange on any
      day,
      the average of the highest bid and lowest asked prices on all such exchanges
      at
      the end of such day, or, if on any day such security is not so listed, the
      average of the representative bid and asked prices quoted in the NASDAQ System
      as of 4:00 P.M., New York time, or, if on any day such security is not quoted
      in
      the NASDAQ System, the average of the highest bid and lowest asked prices on
      such day in the domestic over-the-counter market as reported by the National
      Quotation Bureau, Incorporated, or any similar successor organization, in each
      such case averaged over a period of 21 days consisting of the day as of which
      “Market Price” is being determined and the 20 consecutive business days prior to
      such day. If at any time such security is not listed on any securities exchange
      or quoted in the NASDAQ System or the over-the-counter market, the “Market
      Price” will be the fair value thereof determined by the Company’s board of
      directors, in good faith.

    

    (b) “Preferred
      Stock” means, collectively, the Company’s preferred stock. $___ par
      value.

    

    (c) “Person”
      means an individual, a partnership, a limited liability company, a corporation,
      an association, a joint stock company, a trust, a joint venture, an
      unincorporated organization and a governmental entity or any department, agency
      or political subdivision thereof.

    

    9. Notices.
      Except
      as otherwise expressly provided, all notices referred to herein will be in
      writing and will be delivered by registered or certified mail, return receipt
      requested, postage prepaid and will be deemed to have been given when so mailed
      (i) to the Company at its principal executive offices, and (ii) to Holder at
      Holder’s address as it appears in the stock records of the Company (unless
      otherwise indicated by Holder).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    10. Applicable
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of Illinois.

    

    

     

    [Signature
      Page Immediately Follows]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    IN
      WITNESS WHEREOF, Mountains West Exploration, Inc. has caused this Warrant to
      be
      signed by its duly authorized officer and dated as of the date set forth
      above.

     

     

    
      	
            	
              MOUNTAINS
                WEST EXPLORATION, INC.

               

              By:_________________________________

            
	 	
              Name:

              Title:

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    To
      Warrant

    

    Exercise
      Notice

     

    [To
      be
      executed only upon exercise of Warrant]

    

    The
      undersigned registered owner of this Warrant irrevocably exercises this Warrant
      for the purchase of __________ Shares of Common Stock of Mountains West
      Exploration, Inc. and herewith makes payment therefor, all at the price and
      on
      the terms and conditions specified in this Warrant and requests that
      certificates for the shares of Common Stock hereby purchased (and any securities
      or property issuable upon such exercise) be issued in the name of and delivered
      to _________________________ whose address is _________________________ and,
      if
      such shares of Common Stock shall not include all of the shares of Common Stock
      issuable as provided in this Warrant, that a new Warrant of like tenor and
      date
      for the balance of the shares of Common Stock issuable hereunder be delivered
      to
      the undersigned.

     

    

    

    
      	
              Dated:
                __________

            	
              _________________________________

            
	 	
              (Name
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Signature
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Street
                Address)

            
	 	 
	 	
              _________________________________

            
	 	
              (City)
                (State) (Zip Code)

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

    To
      Warrant

    

    Assignment
      Form

    

    

    FOR
      VALUE
      RECEIVED the undersigned registered owner of this Warrant, conditioned upon
      the
      consent of Mountains West Exploration, Inc., which must be obtained pursuant
      to
      Section 5(b) of this Warrant, hereby sells, assigns and transfers unto the
      Assignee named below all of the rights of the undersigned under this Warrant,
      with respect to the number of shares of Common Stock set forth
      below:

    

    
      	 	 	
              No.
                of Shares of

            
	
              Name
                and Address of Assignee

            	 	
              Common
                Stock 

            
	 	 	 
	 	 	 

    

    

    

    

    

    

    

    and
      if
      such shares of Common Stock shall not include all of the shares of Common Stock
      issuable as provided in this Warrant, then new Warrants of like tenor and date
      shall be issued. The undersigned does hereby irrevocably constitute and appoint
      _________________________ attorney-in-fact to register such transfer on the
      books of Mountains West Exploration, Inc., maintained for the purpose, with
      full
      power of substitution in the premises.

     

    

    
      	
              Dated:
                __________

            	
              _________________________________

            
	 	
              (Name
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Signature
                of Registered Owner)

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      to Form of Warrant

    

    
      	
              Name

            	 	
              Number
                of

              Warrants
                Issued

            	 
	
              Richard
                Levy

            	 	 	
              75,000

            	 
	
              Norm
                Siegel

            	 	 	
              75,000

            	 
	
              Albert
                Pick III

            	 	 	
              75,000

            	 
	
              Tom
                Case

            	 	 	
              187,500

            	 
	
              Matt
                Schultz

            	 	 	
              11,250

            	 
	
              Michael
                Schultz

            	 	 	
              11,250

            	 
	
              Dave
                Beamish

            	 	 	
              11,250

            	 
	
              Doug
                Stukel

            	 	 	
              11,250

            	 
	
              One-Seven
                LLC

            	 	 	
              96,000

            	 
	
              Grander,
                L.L.C.

            	 	 	
              96,000

            	 
	
              Dean
                Tomich

            	 	 	
              75,000EXHIBIT
      4.5

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE SECURITIES
      LAW, AND IN THE ABSENCE OF SUCH REGISTRATION MAY NOT BE SOLD OR TRANSFERRED
      UNLESS THE ISSUER OF THIS WARRANT HAS RECEIVED AN OPINION OF ITS COUNSEL, OR
      OF
      COUNSEL REASONABLY SATISFACTORY TO IT, THAT THE PROPOSED SALE OR TRANSFER WILL
      NOT VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY
      APPLICABLE STATE SECURITIES LAW.

     

    Issue
      Date: November 12, 2007

     

    WARRANT
      TO PURCHASE COMMON STOCK OF

    

    Mountains
      West Exploration, Inc., 

    (a
      New
      Mexico corporation)

    

    This
      is
      to certify that ______________________ or its permitted assigns (“Holder”), is
      entitled to purchase, subject to the provisions of this Warrant, from
Mountains
      West Exploration, Inc.,
      its
      successors and assigns (the “Company”), at any time on or after the Issue Date
      and for a period of five (5) years after the Issue Date (the “Exercise Period”),
      up to ________________ shares of Common Stock (the “Warrant Shares”), for an
      exercise price of $0.80 per share of Common Stock to be issued
      hereunder.

    

    The
      number of shares of Common Stock to be received upon the exercise of this
      Warrant and the exercise price to be paid for a share of Common Stock may be
      adjusted from time to time as herein set forth. The exercise price for the
      shares of Common Stock in effect at any time is hereinafter sometimes referred
      to as the “Exercise Price.”

    

    Certain
      capitalized terms used herein are defined in Section 8.

    

    1. Method
      of Exercise.
      Subject
      to the other provisions of this Warrant, this Warrant may only be exercised
      in
      whole or in part during the Exercise Period by (i) payment of the Exercise
      Price
      by either (A) cash or a certified or bank check, payable to the order of the
      Company or (B) a written notice to the Company that Holder is exercising this
      Warrant (or a portion thereof) by authorizing the Company to withhold from
      issuance a number of shares of Warrant Shares issuable upon exercise of this
      Warrant which when multiplied by the Market Price of the Warrant Shares is
      equal
      to the aggregate Exercise Price (and such withheld shares shall no longer be
      issuable under this Warrant), and (ii) presentation and surrender of this
      Warrant to the Company with the exercise notice substantially in the form
      attached hereto as Exhibit A
      duly
      executed (the “Exercise Notice”). Upon receipt by the Company of this Warrant
      and the Exercise Notice in proper form for exercise, the Holder shall be deemed
      to be the Holder

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    of
      record
      of the shares of Common Stock issuable upon such exercise, notwithstanding
      that
      the stock transfer books of the Company shall then be closed or that
      certificates representing such shares of Common Stock shall not then be actually
      delivered to the Holder. The Company shall use its best efforts to issue the
      proper stock certificate within five (5) business days of receiving all required
      documentation. Such stock certificate shall bear such legends as the Company
      may
      deem necessary or appropriate.

    

    2. Payment
      of Taxes.
      And tax
      or charge is imposed by law upon Holder shall be paid by Holder.

    

    3. Reservation
      of Shares.
      From
      and after the date hereof, the Company shall at all times reserve and keep
      available for issuance and delivery upon exercise of this Warrant such number
      of
      shares of its Common Stock as shall be sufficient to permit the exercise in
      full
      of this Warrant. All shares of Common Stock which shall be so issuable, when
      issued upon exercise of this Warrant and payment therefor in accordance with
      the
      terms of this Warrant, shall be duly and validly issued and fully paid and
      nonassessable.

    

    4. Fractional
      Shares.
      No
      fractional shares or scrip representing fractional shares shall be issued upon
      the exercise of this Warrant. With respect to any fraction of a share called
      for
      upon exercise hereof, the Company shall pay to the Holder an amount in cash
      equal to such fraction multiplied by the current Market Price of a full
      share.

    

    5. Exchange,
      Assignment or Loss of Warrant.

    

    (a) Exchange.
      This
      Warrant is exchangeable, without expense, at the option of the Holder, upon
      presentation and surrender hereof to the Company for other Warrants in identical
      form of different denominations entitling the Holder thereof to purchase in
      the
      aggregate the same number of shares of Common Stock purchasable
      hereunder.

    

    (b) Assignment.
      This
      Warrant may only be assigned or transferred by the Holder in accordance with
      the
      terms of this Warrant upon written notice to the Company. Any assignment shall
      be made by surrender of this Warrant to the Company with the assignment form
      substantially in the form attached hereto as Exhibit B
      duly
      executed (the “Assignment Form”). The Company shall, within five (5) business
      days of receipt of the Warrant and Assignment Form, execute and deliver a new
      Warrant in identical form in the name of the assignee named in such instrument
      of assignment. This Warrant may be divided or may be combined with other
      Warrants which carry the same rights upon presentation hereof at the office
      of
      the Company together with a written notice specifying the names and the
      denominations in which new Warrants are to be issued and signed by the Holder
      hereof. The term “Warrant” as used herein includes any Warrants issued in
      substitution for or replacement of this Warrant or into which this Warrant
      may
      be divided or exchanged.

    

    (c) Loss.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction, or mutilation of this Warrant, and (in the case of loss, theft
      or
      destruction) of reasonably satisfactory indemnification, and upon surrender
      and
      cancellation of this Warrant if mutilated, the Company will execute and will
      deliver a new Warrant in identical form. Any

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    such
      new
      Warrant executed and delivered shall constitute an additional contractual
      obligation on the part of the Company, whether or not this Warrant so lost,
      stolen, destroyed or mutilated shall be at any time enforceable by
      anyone.

    

    6. Rights
      of the Holder.
      The
      Holder, by virtue hereof, shall not be entitled to any rights of a shareholder
      in the Company, either at law or in equity, and the rights of the Holder are
      limited to those expressed in this Warrant.

    

    7. Exercise
      Price.
      In
      order to prevent dilution of the exercise rights granted hereunder, the Exercise
      Price will be subject to adjustment from time to time pursuant to this
      Section 7.

    

    (a) Adjustments
      for Other Dividends and Distributions.
      In the
      event the Company at any time prior to the expiration of this Warrant makes
      or
      issues, or fixes a record date for the determination of holders of Common Stock
      entitled to receive, a dividend or other distribution payable in securities
      of
      the Company other than shares of Common Stock, then and in each such event
      provision shall be made so that the Holder shall receive upon exercise thereof,
      in addition to the number of shares of Common Stock receivable thereupon, the
      amount of securities of the Company which the Holder would have received had
      this Warrant been exercised for Common Stock on the date of such event and
      had
      the Holder thereafter, during the period from the date of such event to and
      including the exercise date, retained such securities receivable by the Holder
      as aforesaid during such period, subject to all other adjustments called for
      during such period under this Section 7 with respect to the rights of the Holder
      of this Warrant.

    

    (b) Subdivision
      or Combination of Common Stock.
      If the
      Company at any time subdivides (by any stock split, stock dividend,
      recapitalization or otherwise) one or more classes of its outstanding shares
      of
      Common Stock into a greater number of shares, the number of shares of Common
      Stock for which this Warrant is exercisable shall immediately be proportionately
      increased, and if the Company at any time combines (by reverse stock split
      or
      otherwise) one or more classes of its outstanding shares of Common Stock into
      a
      smaller number of shares, the number of shares of Common Stock for which this
      Warrant is exercisable shall immediately be proportionately
      decreased.

    

    (c) Reorganization,
      Reclassification, Consolidation, Merger or Sale.
      Any
      capital reorganization, reclassification, consolidation, merger or sale of
      all
      or substantially all of the Company's assets to another Person which is effected
      in such a way that holders of Common Stock are entitled to receive (either
      directly or upon subsequent liquidation) stock, securities or assets with
      respect to or in exchange for Common Stock is referred to herein as an “Organic
      Change”. Prior to the consummation of any Organic Change, the Company shall
      provide Holder with notice of such Organic Change, such notice to be at least
      thirty (30) days prior to the consummation of the Organic Change. The Holder
      shall have a period of thirty (30) days to exercise this Warrant (which exercise
      may be conditioned upon the consummation of the Organic Change), and upon
      consummation of the Organic Change, this Warrant and any unexercised Warrant
      Shares shall automatically terminate. In the event the Organic Change is not
      consummated, this Warrant shall remain in full force and
      effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (d) Certain
      Events.
      If any
      event occurs of the type contemplated by the provisions of this Section 7
      but not expressly provided for by such provisions, then the Company's board
      of
      directors and the Company will make an appropriate adjustment in the Exercise
      Price so as to protect the rights of the Holder hereunder.

    

    8. Definitions.

    

    “Common
      Stock” means, collectively, the Company's Common Stock, no par
      value, and any capital stock of any class of the Company hereafter authorized
      which is not limited to a fixed sum or percentage of par or stated value in
      respect to the rights of the holders thereof to participate in dividends or
      in
      the distribution of assets upon any liquidation, dissolution or winding up
      of
      the Company.

    

    “Market
      Price” of any security means the average of the closing prices of such
      security's sales on all securities exchanges on which such security may at
      the
      time be listed, or, if there has been no sales on any such exchange on any
      day,
      the average of the highest bid and lowest asked prices on all such exchanges
      at
      the end of such day, or, if on any day such security is not so listed, the
      average of the representative bid and asked prices quoted in the NASDAQ System
      as of 4:00 P.M., New York time, or, if on any day such security is not quoted
      in
      the NASDAQ System, the average of the highest bid and lowest asked prices on
      such day in the domestic over-the-counter market as reported by the National
      Quotation Bureau, Incorporated, or any similar successor organization, in each
      such case averaged over a period of 21 days consisting of the day as of which
      “Market Price” is being determined and the 20 consecutive business days prior to
      such day. If at any time such security is not listed on any securities exchange
      or quoted in the NASDAQ System or the over-the-counter market, the “Market
      Price” will be the fair value thereof determined by the Company’s board of
      directors, in good faith.

    

    “Person”
      means an individual, a partnership, a limited liability company, a corporation,
      an association, a joint stock company, a trust, a joint venture, an
      unincorporated organization and a governmental entity or any department, agency
      or political subdivision thereof.

    

    9. Notices.
      Except
      as otherwise expressly provided, all notices referred to herein will be in
      writing and will be delivered by registered or certified mail, return receipt
      requested, postage prepaid and will be deemed to have been given when so mailed
      (i) to the Company at its principal executive offices and (ii) to Holder at
      Holder's address as it appears in the stock records of the Company (unless
      otherwise indicated by Holder).

    

    10. Applicable
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      State of Delaware.

    

    [Remainder
      of Page Intentionally Left Blank]

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, Mountains West Exploration, Inc. has caused this Warrant to
      be
      signed by its duly authorized officer and dated as of the date set forth
      above.

     

     

    
      	
            	
              Mountains
                West Exploration, Inc.

               

               

              By_________________________________

            
	 	 

    

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    Exhibit
      A

    

    Exercise
      Notice

    

    

    [To
      be
      executed only upon exercise of Warrant]

    

    The
      undersigned registered owner of this Warrant irrevocably exercises this Warrant
      for the purchase of __________ Shares of Common Stock of Mountains
      West Exploration, Inc.,
      and
      herewith makes payment therefor, all at the price and on the terms and
      conditions specified in this Warrant and requests that certificates for the
      shares of Common Stock hereby purchased (and any securities or property issuable
      upon such exercise) be issued in the name of and delivered to
      _________________________ whose address is _________________________ and, if
      such shares of Common Stock shall not include all of the shares of Common Stock
      issuable as provided in this Warrant, that a new Warrant of like tenor and
      date
      for the balance of the shares of Common Stock issuable hereunder be delivered
      to
      the undersigned.

    

    

    
      	
              Dated:
                __________

            	
              _________________________________

            
	 	
              (Name
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Signature
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Street
                Address)

            
	 	 
	 	
              _________________________________

            
	 	
              (City)
                (State) (Zip Code)

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      B

    

    Assignment
      Form

    

    

    FOR
      VALUE
      RECEIVED the undersigned registered owner of this Warrant hereby sells, assigns
      and transfers unto the Assignee named below all of the rights of the undersigned
      under this Warrant, with respect to the number of shares of Common Stock set
      forth below:

    

    
      	 	 	
              No.
                of Shares of

            
	
              Name
                and Address of Assignee

            	 	
              Common
                Stock

            
	 	 	 
	 	 	 

    

    
 

    and
      if
      such shares of Common Stock shall not include all of the shares of Common Stock
      issuable as provided in this Warrant, then new Warrants of like tenor and date
      shall be issued. The undersigned does hereby irrevocably constitute and appoint
      _________________________ attorney-in-fact to register such transfer on the
      books of Mountains West Exploration, Inc., for the purpose, with full power
      of
      substitution in the premises.

    

    
      	
              Dated:
                __________

            	
              _________________________________

            
	 	
              (Name
                of Registered Owner)

            
	 	 
	 	
              _________________________________

            
	 	
              (Signature
                of Registered Owner)

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
      to Form of Warrant

    

    
      	
              Name

            	 	
              Number
                of

              Warrants
                Issued

            	 
	
              David
                Lies

            	 	 	
              250,000

            	 
	
              David
                Lies

            	 	 	
              250,000

            	 
	
              Pat
                Terrell

            	 	 	
              250,000

            	 
	
              Mellon
                Enterprises

            	 	 	
              600,000

            	 
	
              Kari
                Hatter

            	 	 	
              25,000

            	 
	
              Michael
                Mellon

            	 	 	
              25,000

            	 
	
              Dennis
                K. Mellon

            	 	 	
              50,000

            	 
	
              Sarah
                K. Mellon

            	 	 	
              25,000

            	 
	
              Rose
                Lieliebigin

            	 	 	
              25,000

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