Document:

EXHIBIT 10 (ii) (A) (3)

                                PUMA ENERGY, INC.

                         2000 EMPLOYEE STOCK OPTION PLAN

                        INCENTIVE STOCK OPTION AGREEMENT

                                                 Optionee: Edward W. Blessing

                                                 Number of Shares: 160,000

                                                 Option Price: $1.00

                                                 Date of Grant: February 7, 2001

     1.   Grant of Option.  Puma Energy,  Inc.  ("Company") hereby grants to the
above- named  optionee  ("Optionee"),  under its 2000 Employee Stock Option Plan
("Plan"),  an Incentive Stock Option  ("Option") to purchase at the Option Price
per share and on the terms and conditions  set forth in this agreement  ("Option
Agreement")  shares  ("Shares") of its Common Stock  ("Common  Stock") as stated
above.  The Plan is  incorporated  herein by  reference  and made a part of this
Option Agreement. Capitalized terms not defined herein shall have the respective
meanings set forth in the Plan.

     2.   Period of Option  and  Limitations  on Right to  Exercise.  The Option
shall expire at 5:00 p.m., Dallas Time, on February 6, 2011 ("Expiration Date"),
unless  sooner  terminated  after  the  date of the  Optionee's  termination  of
employment  with the  Company  by  reason  of  Disability  or death as set forth
herein.

     3.   Exercise and Vesting.

          3.1  Such options shall be fully vested and  exercisable  in full upon
          the grant hereof.

          3.2  The exercise  price for the options  granted  hereby shall be the
     amount set forth above,  which  exceeds the fair market value of the shares
     of the Company as of the date hereof.

          3.3  Options are non-transferable by Optionee, but may be exercised by
     the estate of the Optionee at any time within 12 months following his death
     or  Disability,  but only to the extent the options are  exercisable on the
     date of death.

<PAGE>

          3.4  The  amounts of  options  and shares  subject  to  issuance  upon
     exercise of options shall be adjusted for any stock split,  stock  dividend
     or recapitalization of the Company's common stock.

          3.5  Upon the  termination of employment of the Optionee other than as
     a result of his death or Disability,  the Optionee may exercise the Option,
     subject to its terms as set forth in this  Option  Agreement  only within a
     period of three (3) months after the date of termination of employment.

          3.6  The Option shall be exercised by written  notice  directed to the
     Secretary of the Company.  Such written notice shall be accompanied by full
     payment in cash,  Common Stock (to the extent permitted by the Compensation
     Committee  in its sole  discretion)  which was  previously  acquired by the
     Optionee,  or  any  combination  thereof  acceptable  to  the  Compensation
     Committee (in its sole  discretion)  for the number of Shares  specified in
     such  written  notice.  The value of the  surrendered  Common Stock used in
     payment of the  exercise  price under the Option shall be equal to the Fair
     Market  Value  thereof  on the date of  exercise,  and the  Optionee  shall
     deliver to the Company a  certificate  or  certificates  representing  such
     shares  duly  endorsed  to the Company or  accompanied  by a  duly-executed
     separate instrument of transfer satisfactory to the Committee.

          3.7  The  Optionee   recognizes  that  the  Committee  may  make  such
     provisions and take such steps as it may deem necessary or appropriate  for
     the withholding of any taxes that the Company or any Subsidiary is required
     by any law or regulation or any  governmental  authority,  whether Federal,
     state  or  local,  domestic  or  foreign,  to make in  connection  with the
     Optionee's  exercise of the Option.  If the  Optionee is required to pay to
     the Company an amount required to be withheld under  applicable  income tax
     laws in  connection  with the  exercise of the  Option,  the  Optionee  may
     satisfy such  obligation  in whole or in part by making an election to have
     the Company (i) withhold  from the  distribution  of shares of Common Stock
     issuable  upon  exercise of the Option  shares  having a Fair Market  Value
     equal to the amount so required to be  withheld,  or (ii) accept  shares of
     Common  Stock  previously  acquired by Optionee  having a Fair Market Value
     equal to the amount so required to be withheld.

          3.8  Subject to the terms of this Option Agreement,  the Option may be
     exercised  at any time and without  regard to any other  option to purchase
     stock of the Company held by the Optionee.

     4.   Nontransferability.  The Option is not transferable  except by will or
by the laws of descent  and  distribution  and is subject to the  provisions  of
Section 8 hereof.  The  Option  may be  exercised  during  the  lifetime  of the
Optionee only by the Optionee.

     5.   Limitation  of  Rights.  The  Optionee  shall  have  no  rights  as  a
stockholder  with respect to the Shares covered by the Option until the Optionee
shall become the holder of record of such Shares. Neither the Plan, the granting
of the Option nor this  Option  Agreement  shall  impose any  obligation  on the
Company or any Subsidiary to continue the employment of the Optionee.

<PAGE>

     6.   Stock Reserve.  The Company shall at all times during the term of this
Option  Agreement  reserve  and keep  available  such number of shares of Common
Stock as  shall  be  sufficient  to  satisfy  the  requirements  of this  Option
Agreement.  The  Company  shall  pay all  original  issue  taxes (if any) on the
exercise of the Option, and all other fees and expenses  necessarily incurred by
the Company in connection therewith.

     7.   Optionee's Covenant. The Optionee hereby agrees to use his or her best
efforts to  provide  services  to the  Company  in a  workmanlike  manner and to
promote the Company's interests.

     8.   Restriction on Transfer.  Except as otherwise  provided in this Option
Agreement,  the Option and all rights and privileges granted hereunder shall not
be  transferred,  assigned,  pledged  or  hypothecated  in any way,  whether  by
operation of law or otherwise, and shall not be subject to execution, attachment
or similar process.

     9.   Restrictions  on  Issuance  of  Shares.  If at any time  the  Board of
Directors or the Committee shall  determine,  in its  discretion,  that listing,
registration  or  qualification  of the Shares  covered  by the Option  upon any
securities  exchange  or under any  state or  federal  law,  or the  consent  or
approval of any  governmental  regulatory  body,  is necessary or desirable as a
condition to the exercise of the Option,  the shares  acquired  upon exercise of
this Option may not be sold in whole or in part  unless and until such  listing,
registration,  qualification,  consent or approval  shall have been  effected or
obtained free of any  conditions not acceptable to the Board of Directors or the
Committee.

     10.  Plan Controls.  In the event of any actual or alleged conflict between
the  provisions  of the Plan and the  provisions of this Option  Agreement,  the
provisions of the Plan shall be controlling, and determinative.

     11.  Successors.  This Option Agreement shall be binding upon any successor
of the Company,  in accordance  with the terms of this Option  Agreement and the
Plan.

     12.  Interpretation. It is the intent of the parties hereto that the Option
qualify for  incentive  stock  option  treatment  pursuant to, and to the extent
permitted by,  Section 422 of the Code.  All  provisions  hereof are intended to
have,  and  shall  be  construed  to have,  such  meanings  as are set  forth in
applicable  provisions of the Code and Treasury  Regulations to allow the Option
to so qualify.

     13.  Defined  Terms.  The  following   capitalized  terms  shall  have  the
following definitions.

<PAGE>

          (i)  Disability  means a permanent  disability  as  determined  by the
     Committee  consistent  with the definition  under Section  422(c)(7) of the
     Code.

          (ii) Fair market  Value  means the closing  price of the shares on the
     stock  exchange or market on which the Common Stock is primarily  traded on
     the day on which  such  value is to be  determined  or, if no  shares  were
     traded on such day, on the next  preceding day on which shares were traded,
     as reported  by the  National  Quotation  Bureau,  Inc.  or other  national
     quotation service.

     14.  Copy of Plan.  Optionee  acknowledges  receipt of a description of the
Plan, and in consideration of the foregoing grant, accepts the provisions of the
Plan and agrees to the above  terms and  conditions.  Copies of the Plan will be
made available,  and in the event of any conflict  between the terms of the Plan
and this Agreement or the description, the Plan shall control.

     15.  Investment  Intent.  The Optionee  hereby  represents  and warrants as
follows:

          a.   The  Shares  will be  acquired  for the  Optionee's  own  account
     without the  participation of any other person,  with the intent of holding
     the Shares for investment and without the intent of participating, directly
     or indirectly,  in a distribution  of the Shares and not with a view to, or
     for  resale in  connection  with,  any  distribution  of the  Shares or any
     portion thereof.

          b.   The Optionee,  through the Optionee's  position with the Company,
     has access to all material information with regard to the Company.

          c.   The  Optionee   will  not  acquire  the  Shares  based  upon  any
     representation,  oral or written,  by any person with respect to the future
     value  of or  income  from  the  Shares  but  rather  upon  an  independent
     examination and judgment as to the prospects of the Company.

          d.   The Shares were not offered to the  Optionee by means of publicly
     disseminated  advertisements or sales literature, nor is the Optionee aware
     of any offers made to other persons by such means.

          e.   The Optionee acknowledges that the Optionee must continue to bear
     the economic risk of the investment in the Shares for an indefinite  period
     and  recognizes   that  the  Shares  will  be:  (i)   transferred   without
     registration under any state or federal law relating to the registration of
     securities  for sale;  and (ii) issued and  transferred  in reliance on the
     exemption from  registration  provided by Section 4(2) of the United States
     Securities Act of 1933, as amended (the "1933 Act").

<PAGE>

     IN WITNESS WHEREOF, the Company,  acting by and through its duly authorized
officers,  has caused this Option Agreement to be executed, and the Optionee has
executed this Option Agreement, all as of the day and year first above written.

                                               PUMA ENERGY, INC.

                                              By:  /s/ Edward W. Blessing
                                                 -------------------------------
                                                 Edward W. Blessing, President

                                                   /s/ Edward W. Blessing
                                                 -------------------------------
                                                 Edward W. BlessingEXHIBIT 10.2

                              MANAGEMENT AGREEMENT

     THIS MANAGEMENT  AGREEMENT (this  "Agreement") is entered into effective as
of the 1st day of July,  2001, by and between  BLESSING  PETROLEUM  GROUP,  LLC,
Q'Manager"),  PUMA ENERGY,  INC. and CASPIAN  ENERGY  INTERNATIONAL,  INC.  (the
"Companies"),

                                   WITNESSETH:

     WHEREAS,  Manager  is  primarily  engaged  in  the  business  of  providing
management and advisory services relating to oil and gas assets; and

     WHEREAS,  the Companies are primarily  engaged in the oil and gas business,
including the acquisition, development and exploration and production of oil and
gas properties and in the acquisition and ownership of gas processing plants and
gathering facilities; and

     WHEREAS,  in order to reduce  overhead  and  operating  expenses  and in an
effort to manage their affairs in a more cost  effective  and efficient  manner,
the  Companies  desire to retain  the  Manager to  provide  certain  management,
administrative and support services to the Companies, and the Manager desires to
render  such  services  to the  Companies,  all upon the  terms  and  conditions
hereinafter set forth;

     NOW,  THEREFORE,  for and in  consideration  of the  mutual  covenants  and
promises contained herein and other good and valuable consideration, the receipt
and  sufficiency  of which is hereby  acknowledged,  the parties hereto agree as
follows:

                        ARTICLE I. Appointment of Manager
                                   ----------------------

     Section  1.1  Appointment.  The  Companies  hereby  appoint  the Manager to
conduct the activities described herein by and on behalf of, and for the account
of, the Companies, pursuant to and as set forth in this Agreement. The Companies
shall at all times have and retain  ultimate  control  over their  business  and
operations.

     Section 1.2  Acceptance.  The Manager  hereby accepts the  appointment  and
agrees to perform the duties and obligations herein imposed in a prudent manner,
consistent with generally accepted standards for the Companies.

     Section 1.3 Legal  Ownership  Retained in the Companies.  The Manager shall
not take  title  to any  properties  owned  of  record  or  beneficially  by the
Companies  during the Term of Agreement,  all of which will be segregated on the
books and records of the Manager as provided in Section 8.2. Any addition to the
assets of the  Companies  purchased,  leased,  or  otherwise  acquired  with the
Companies funds or securities shall be acquired in the name of the Companies.

<PAGE>

     Section 1.4 Duties  Retained by the Companies.  The Companies  shall remain
responsible  for (i) making all decisions  required of the Companies  under this
Agreement, (ii) such other duties as shall be specifically identified in writing
by the Companies to the Manager and (iii)  authorizing  (in its  discretion) and
executing all  agreements,  contracts,  and other  documents in connection  with
their business.

                          ARTICLE II. Status of Manager
                                      -----------------

     The Manager shall render  services  hereunder as the Companies agent to the
extent specifically provided herein or as further delegated from time to time by
the Companies and accepted in writing by the Manager.  The relationship  created
by this  Agreement  is one of principal  and agent,  and nothing to the contrary
shall be inferred from this Agreement.

            ARTICLE III. Authority and Responsibilitv of the Manager
                         -------------------------------------------

     Section 3.1 General. As agent for the Companies, the Manager shall have the
authority  and the  responsibility  for the  supervision  and  management of the
day-to-day  operations of the Companies' activities covered hereby. As agent for
the Companies,  the Manager  agrees,  to the extent that adequate funds are made
available to the Manager, to manage the Companies'  activities covered hereby in
a prudent manner,  consistent with generally  accepted  standards for businesses
similar to the Companies'  activities  covered hereby. The Manager shall have no
obligation  to advance funds for the account of the Companies or to pay any sums
of its own in  connection  with  the  performance  of the  actions  which  it is
authorized to take hereunder. The Manager's management and activities under this
Agreement  shall be  specifically  subject to the terms  hereof and the  general
control, direction and supervision of the Companies.

     Section 3.2 Compliance with Laws. The Manager shall use reasonable  efforts
to  insure  for  full  compliance  with  federal,   state  and  municipal  laws,
ordinances,  regulations and orders relative to the use, operation,  development
and maintenance of the Companies'  activities  covered hereby. The Manager shall
use reasonable efforts to remedy any violation of any such law, ordinance, rule,
regulation or order which comes to its attention.

     Section 3.3 Compliance with  Obligations.  The Manager,  to the extent such
matters are reasonably within its control, shall use reasonable efforts to cause
compliance with all terms and conditions  contained in any contract,  agreement,
judicial,  administrative or governmental order, lease, mortgage,  deed of trust
or other contractual or security instrument affecting the Companies'  activities
covered hereby;  provided,  however, that, except as otherwise set forth herein,
the Manager  shall not be required to make any payment or incur any liability on
account thereof The Manager shall promptly notify the Companies of any violation
of any covenant in such instruments or agreements.

                       ARTICLE IV. Administrative Services
                                   -----------------------

     Section 4.1 Provision of Administrative Services. The Manager shall provide
Administrative  Services to the Companies,  subject to the general  approval and
direction of the Companies. Administrative Services shall mean the following:

<PAGE>

     (a)  providing the Companies with such office space, equipment,  facilities
     and  supplies,  and the  services of such  secretarial,  clerical and other
     personnel as may be required for the reasonable  conduct of the business of
     the Companies;

     (b)  making such  arrangements  with and employing,  at the expense and for
     the benefit of the Companies, such accountants,  attorneys, banks, transfer
     agents,  custodians,   underwriters,   engineers,   technical  consultants,
     insurance companies and other persons as may from time to time be requested
     by the  Companies or may  reasonably be necessary to manage the business of
     the Companies;

     (c)  maintaining in good order the books and accounts,  ledgers and records
     of the Companies and performing all day-today  accounting  functions of the
     Companies,  including,  without  limitation,  matters related to paying and
     receiving  from  the  bank  accounts  of the  Companies,  billing,  reserve
     estimates,   contract   coordination  and  administration  and  tax  return
     preparation.  Without limiting the generality of the foregoing, the Manager
     shall prepare,  or assist in the preparation  of, all requisite  accounting
     reports  and  interim  financial  statements  of the  Companies,  including
     balance sheets, statements of operations, changes in stockholders' equities
     and cash flow and shall assist the Companies, if requested, in selecting an
     independent  public  accounting  firm for the purpose of conducting  annual
     financial audit reviews of the Companies and shall aid in coordinating such
     audits;

     (d)  assisting in determining  the Companies  long and  short-term  capital
     requirements,  in  determining  the best method of fulfilling the Companies
     capital requirements, in locating sources of equity and long and short-term
     debt financing,  in preparing formal  presentations to potential  investors
     and lenders,  in negotiating the terms and conditions of such financing and
     in consummating such financing;

     (e)  timely  preparing and filing on behalf of the Companies,  all reports,
     forms,  documents,  certificates  and  other  instruments  required  by the
     Securities and Exchange  commission,  any national  securities  exchange on
     which the Companies  securities are traded,  state securities  commissions,
     federal,  state and local tax authorities,  regulatory agencies,  including
     federal and state energy regulatory agencies, and other governmental bodies
     in order to lawfully conduct the business of the Companies;

     (f)  analyzing reports, economic data and other information relating to the
     business  of the  Companies  and  periodically  reporting  to the  Board of
     Directors of the  Companies  all such  information  obtained and  analyzed,
     including making recommendations with respect thereto;

     (g)  maintenance   activities,   including   overseeing  and  managing  the
     interests of the  Companies in the various  partnerships,  joint  ventures,
     companies and other  entities  which the Companies have an interest in, and
     reporting to the Companies any significant  fact or matter which relates to
     such interests;

                                       1
<PAGE>

     (h)  providing the Companies,  at their request,  with relevant information
     for  assessing  the  value  of, or making  decisions  with  respect  to the
     acquisition,  funding,  management or  disposition  of,  existing or future
     assets or investments of the Companies;

     (i)  advising the  Companies  of any  potential  investments  coming to its
     attention which the Manager believes the Companies may be interested in and
     which are within the scope of the business of the Companies; and

     (j)  taking such other actions and  performing  such other  services as are
     deemed necessary, customary or appropriate in the opinion of the Manager to
     conduct the business of the Companies.

     Section 4.2  Administrative  Costs.  The Companies shall pay their share of
all  costs  and  expenses  incurred  on  their  behalf  hereunder.   All  common
administrative  expenses that are not directly allocable to the Company shall be
divided  between the Companies  based upon the allocation  formula in effect for
the current year. For the years 2001 and 2002,  the allocation  formula shall be
80% to Puma Energy, Inc. and 20% to Caspian Energy International, Inc.

                            ARTICLE V. Other Services
                                       --------------

     Section 5.1 Other Services. The Manager may, at its discretion, perform all
other activities  related or incidental to the business of the Companies for the
account of the Companies, at the request of the Companies,  including investment
activities or financing activities. Such activities shall be performed under the
control and supervision of the Companies.

     Section 5.2 Payment of Out-of -Pocket  Expenses.  The Manager shall pay all
out-of-pocket expenses of the Manager and its employees,  agents and consultants
including  the  following,  travel,  food,  lodging,  entertainment  and similar
expenses  ("Out-of-Pocket  Expenses"),  pursuant to the policies and  procedures
established by the Manager for the payment or  reimbursement  of such costs with
respect to  activities  conducted  by the  Companies  under this  Article V. The
Companies shall reimburse the Manager,  within thirty days after the end of each
month during the Term of Agreement,  for all such Out-of-Pocket Expenses paid by
the Manager on behalf of each  Companies or in  connection  with the business of
the Companies during such month.

     Section 5.3 Required  Companies  Approval.  The Companies must specifically
approve the following  matters before they are undertaken by the Manager for the
account of the Companies, and, notwithstanding any other provisions hereof, none
of the following shall be undertaken without the Companies prior approval:

     (a)  the  issuance of any capital  stock or  security  convertible  into or
     exchangeable for such capital stock;

     (b)  the entering into of capital leases or making of capital  expenditures
in excess of $10,000;

     (c)  the  execution of any  agreements  for  borrowing of funds (other than
     trade accounts  payable  incurred in the ordinary course of business of the
     Companies) on a long- term basis;

<PAGE>

     (d)  the pledge,  hypothecation or other  encumbrance of any material asset
     of the Companies;

    (e)  the acquisition or disposition of any material asset of the Companies,

     other than in the ordinary course of business or as contemplated herein;

     (f)  the  initiation  or  compromise  of any single  litigation  matter (or
     settling of any single  claim) with a cost to the  Companies  of $10,000 or
     more; and

     (g)  the execution of any contract  whose term extends beyond one year from
     its effective date.

Notwithstanding  any provision of this  Agreement to the  contrary,  the Manager
shall have no authority to take any action that will  contravene  the  Companies
Articles of Incorporation or Bylaws.

                      ARTICLE VI. Personnel Administration
                                  ------------------------

     Section 6.1 General.  The Manager  shall have in its employ or available to
it at all  times  during  the term of this  Agreement  a  sufficient  number  of
personnel to enable it to properly and adequately manage, operate, maintain, and
account  for the  business  of the  Companies  as herein  provided.  All matters
pertaining to the employment, supervision compensation,  promotion and discharge
of any  employees  or  personnel  of the Manager are the  responsibility  of the
Manager, which are in all respects the employer of any such employees.  All such
employment  arrangements are solely the Manager's concern and, other than as set
forth in Article VI hereof,  the Companies  shall have no liability with respect
thereto.

     Section  6.2  Employees.   The  Manager  shall  determine  the  number  and
qualifications  of employees  needed in the  operation of the Business and shall
implement  the  policies  of the  Companies  with  regard  to  employer/employee
matters.

     Section 6.3 Consultants and Others.  Except as otherwise  provided  herein,
the Manager shall have the power and authority to retain and pay as  independent
contractors,  on  behalf  of and  for the  account  of the  Companies,  lawyers,
accountants,  engineers,  contractors,  technical consultants,  architects,  and
others in connection with the conduct of the business of the Companies.

                            ARTICLE VII. Indemnities
                                         -----------

     Section 7.1  Indemnification  by the Manager.  The Manager  shall  protect,
indemnify, defend and hold harmless the Companies and their officers, directors,
shareholders  and  Affiliates  from any and all  threatened  or  actual  claims,
demands,  causes of action,  suits,  proceedings  (formal or informal) , losses,
damages,  fines,  penalties,  liabilities,  costs and  expenses  of any  nature,
including attorneys' fees and court costs,  sustained or incurred by or asserted

<PAGE>

governmental authority,  partnership or other entity by reason of or arising out
of: (i) any breach of this Agreement by the Manager, its affiliates,  agents, or
employees;  or (ii) any act of fraud,  willful misconduct or gross negligence of
the Manager and its  affiliates or any of its respective  employees,  or acts or
omission outside the scope of the Manager authorized duties and responsibilities
contained  herein. In case any action or proceeding shall be brought against the
Companies or its Affiliates in respect of which the indemnification contemplated
by this Section 10.1 may be sought  against the Manager,  the Manager,  upon the
receipt of notice from the Companies,  shall defend such action or proceeding by
counsel  reasonably  satisfactory  to the  Companies  and the  Manager,  and the
Manager shall pay for all expenses  therefor unless such action or proceeding is
resisted and defended by counsel for any carrier of public  liability  insurance
that benefits the Companies or the Manager.  The Companies  shall  promptly give
written  notice to the Manager  when a claim is made against the  Companies  for
which indemnity is owed to the Companies by the Manager pursuant to this Section
7.1. The Manager shall participate at its own expense in defense of such claims,
but the Companies shall have the right to employ its own separate  counsel.  The
Companies  shall  assist the  Manager in the  defense of any claim for which the
Manager owes indemnification  hereunder and is undertaking to provide a defense,
by  making  available  to the  Manager  such  records  and  personnel  as may be
reasonably requested in the defense of such claim.

     Section 7.2 Indemnification by the Companies. The Companies hereby agree to
indemnify,  defend,  and hold harmless the Manager and its officers,  directors,
shareholders,  employees,  agents and affiliates  from any and all threatened or
actual  claims,  demands,  causes  of  action,  suits,  proceedings  (formal  or
informal), losses, damages, fines, penalties, liabilities, costs and expenses of
any nature,  including attorneys' fees and court costs, sustained or incurred by
or  asserted  against  the  Manager  or  its  affiliates,  officers,  directors,
employees and agents by any person, firm,  corporation,  governmental authority,
partnership  or other  entity by reason of or arising out of: (i) the conduct of
the Companies, other than conduct by or at the direction of the Manager, or (ii)
the conduct of the business of the Companies or the provision of services by the
Manager pursuant to this Agreement, except to the extent specifically limited by
the  foregoing  Section 7.1. In case any action or  proceeding  shall be brought
against  the  Manager  in respect to which the  indemnity  contemplated  by this
Section 7.2 may be sought against the  Companies,  the Manager shall give notice
of such action to the Companies,  and the Companies  shall defend such action or
proceeding by counsel reasonably  satisfactory to the Companies and the Manager,
and the  Companies  shall pay for all  expenses  therefor  unless such action or
proceeding  is  resisted  and  defended  by  counsel  for any  carrier of public
liability  insurance  that  benefits the  Companies or the Manager.  The Manager
shall promptly give written notice to the Companies when a claim is made against
the Manager for which indemnity is owed to the Manager by the Companies pursuant
to this Section 7.2. The Companies shall  participate in defense of such claims,
but the Manager shall have the right to employ its own separate counsel, and the
Manager  shall  assist the  Companies  in the defense of any claim for which the
Companies  owes  indemnification  hereunder  and is  undertaking  to  provide  a
defense,  by making available to the Companies such records and personnel of the
Manager as may be reasonably requested.

     Section  7.3  Non-Assumption  of  Liabilities.  The  Manager  shall not, by
entering  into  this  Agreement,   assume  or  become  liable  for  any  of  the
obligations, debts or other liabilities of the Companies in existence or arising
on or after the date hereof

<PAGE>

     Section 7.4 Standard of Conduct of Manager. The Manager shall not be liable
for damages to the  Companies or any  stockholder  of the  Companies  under this
Agreement or for any actions in connection with the management of the Companies,
except for gross negligence or willful misconduct.

             ARTICLE VIII. Access to Information, Books and Records:
                           -----------------------------------------
                       Confidentiality: Power of Attorney
                       ----------------------------------

     Section  8.1  Access  to  Books  and  Records.  The  Manager  and its  duly
authorized  representatives shall have complete access to the Companies offices,
facilities  and records  wherever  located,  in order to discharge the Manager's
responsibilities  hereunder.  All records and materials furnished to the Manager
by the Companies in performance of this Agreement  shall at all times during the
Term of Agreement remain the property of the Companies.

     Section  8.2  Confidentiality.  For at least  two  years  after the Term of
Agreement,  the Manager agrees to keep  confidential all non-public  information
concerning the Companies  acquired by the Manager or its  Affiliates  during the
Term of Agreement. For the purpose of this Section 8.2, confidential information
shall not include any  information  available to or  otherwise  disclosed by the
Companies to third parties generally. Nothing in this Section 8.2 shall prohibit
any announcement or disclosure by a Party that such Party determines is required
to be disclosed by applicable law or court order.

     Section  8.3  Power  of  Attorney.  By  execution  of this  Agreement,  the
Companies do hereby  irrevocably make,  constitute and appoint the Manager,  and
its successors, with full power of substitution, as its true and lawful attorney
and agent with full power and authority in its name, place and stead to execute,
swear to, acknowledge,  deliver,  file, record in the appropriate public offices
and  publish  any  and  all  contracts,  agreements,  instruments,  conveyances,
mortgages,  deeds,  notes and other  documents of any kind or nature related to,
arising  out of or in  connection  with the  business  of the  Companies  or the
Manager's performance of this Agreement.

     During the Term of Agreement, the power of attorney granted herein shall be
irrevocable  and a power  coupled  with an  interest,  shall  survive the death,
incompetency,  bankruptcy,  dissolution  or other  termination of the Companies,
shall extend and be binding upon the Companies  successors and assigns and shall
continue in full force and effect  regardless  of the  occurrence  of any of the
foregoing.  The  Companies  hereby  agree to be  bound  by any  such  contracts,
agreements,   instruments,   conveyances,  mortgages,  deeds,  notes  and  other
documents executed or otherwise entered into by the attorney and agent acting in
good faith  pursuant to such power of  attorney,  and hereby  waives any and all
defenses which may be available to contest,  negate,  or disaffirm any action of
the attorney and agent taken under such power of attorney except in cases of bad
faith, gross negligence or willful misconduct.

                ARTICLE IX. Conflicts of Interest and Good Faith
                            ------------------------------------

     Section 9.1 Other  Activities.  The Companies  acknowledge that the Manager
and its affiliates own, manage and/or operate assets that compete  directly with
the business of the Companies  and may own,  manage  and/or  operate  additional
business  and assets in the future  that may  compete  with the  business of the
Companies,  and the Companies  agree that the Manager shall have no liability or
accountability  to the Companies for any such competing  activities or interests
or any profits or value generated therefrom.

<PAGE>

                  ARTICLE X. Term and Termination of A2reement
                             ---------------------------------

     Section 10.1 Initial Term. The initial term of this Agreement  shall be for
a five year period beginning on the date hereof Thereafter, this Agreement shall
automatically  renew for successive  one-year periods until terminated by either
party in accordance with the provisions of this Article X.

     Section 10.2 Termination.  This Agreement may be terminated on the first to
occur of the following:

     (a)  In the  event  the  parties  shall  mutually  agree in  writing,  this
      Agreement may be terminated on the terms and dates stipulated therein.

     (b)  Following the initial five year term hereof, either party may, with or
     without cause,  terminate this Agreement on any anniversary  date hereof by
     giving to the other party at least 60 days' advance  written  notice of its
     intent to terminate,  whereupon his Agreement shall terminate on the future
     date specified in such notice.

     (c)  Subject  to events of force  majeure  (as  provided  in  Section  11.9
     hereof),  in the event  either  party  shall fail to  discharge  any of its
     material obligations  hereunder,  or shall commit a material breach of this
     Agreement and such default or breach shall continue for a period of 30 days
     after the other party has served notice of such default, this Agreement may
     then be  terminated  at the  option  of the  non-breaching  party by notice
     thereof to the breaching party.

     (d)  Dissolution or termination for the corporate  existence of the Manager
     or  cessation  on  the  Manager's  part  to  continue  to do  business,  or
     bankruptcy,  insolvency,  foreclosure or conveyance in lieu of foreclosure,
     or  assignment  for the benefit of the creditors of the Manager shall cause
     an  immediate  termination  of  this  Agreement  at  the  election  of  the
     Companies.

     (e)  Either  Company may terminate this  Agreement,  with or without cause,
     upon 12 months prior notice to the Manager,  by action of the  Compensation
     Committee of its Board of Directors.

     Section 10.3 Effects of  Termination.  The termination of this Agreement in
accordance  with the  provisions  of this  Article  X shall  have the  following
effects:

     (a)  Except  for the  mutual  indemnities,  covenants  or other  provisions
     herein that by their terms  expressly  extend beyond the Term of Agreement,
     the  Parties'  obligations  hereunder  are  limited  to the  term  of  this
     Agreement.

     (b)  In the event this Agreement is terminated for any reason,  the Manager
     shall immediately deliver possession to the Companies of all assets,  books
     and records of the terminating Company in its possession.

<PAGE>

     (c)  Upon a  termination  of  this  Agreement  (for  whatever  cause),  the
     Companies  shall pay to the  Manager  the  amount  of any and all  payroll,
     general and administrative and other costs and expenses accrued to the date
     of such  termination  which are payable by the  Companies to the manager in
     accordance with the provisions hereof

     (d)  Upon  termination of this Agreement by the  terminating  Company,  the
     Companies  shall  reimburse  the Manager  for all  amounts  incurred by the
     Manager in connection  with its activities  under this  Agreement.  Without
     limiting the  foregoing,  the Companies  shall (i) hire or pay the costs of
     terminating  all of  Manager's  employees  used to  conduct  the  Companies
     business,  (ii) lease or reimburse  the Manager for all or a portion of the
     rental  of any  facilities  or  equipment  used by the  Manager  under  the
     Agreement  which use was  discontinued  or reduced by  termination  of this
     Agreement,  and (iii) succeed to or indemnify the Manager for any contracts
     or agreements entered into by the Manager relating to such business.

                            ARTICLE XI. Miscellaneous
                                        -------------

     Section 11.1  Relationship  of Parties.  This  Agreement  does not create a
partnership,  joint  venture or  association;  nor does this  Agreement,  or the
operations hereunder, create the relationship of lessor and lessee or bailor and
bailee.  Nothing  contained in this  Agreement or in any agreement made pursuant
hereto  shall  ever by  construed  to create a  partnership,  joint  venture  or
association,  or the relationship of lessor and lessee or bailor and bailee,  or
to impose any duty,  obligation  or liability  that would arise  therefrom  with
respect to wither or both of the Parties except as otherwise  expressly provided
in this Agreement or any agreement made pursuant hereto.  Specifically,  but not
by way of limitation, except as otherwise expressly provided for herein, nothing
contained  herein  shall be  construed  as imposing  any  responsibility  on the
Manager for the debts or obligation of the Companies or any of their affiliates.
It is expressly understood that the Manger is hereby engaged by the Companies to
manage  the  activities  set  forth  herein  only as an agent of the  Companies.
Subject to the terms of this  Agreement,  the Manager and its  affiliates  shall
have the right to  render  similar  services  for other  business  entities  and
persons,  including its own,  whether or not engaged in the same business as the
Companies.

     Section  11.2 No Third  Party  Beneficiaries.  Except to the extend a third
party is expressly  given rights herein,  any agreement to pay an amount and any
assumption of liability herein  contained,  expressed or implied,  shall be only
for the  benefit of the  parties  and their  respective  legal  representatives,
successors and assigns, and such agreement or assumption shall not injure to the
benefit of the obligers of any  indebtedness of any party  whomsoever,  it being
the  intention of the parties  hereto that no person or entity shall be deemed a
third party  beneficiary of this Agreement except to the extent a third party is
expressly given rights herein.

     Section 11.3  Governing Law. THIS AGREEMENT HAS BEEN EXECUTED AND DELIVERED
IN  AND  SHALL  BE  INTERPRETED,  CONSTRUED  AND  ENFORCED  PURSUANT  TO  AND IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

<PAGE>

     Section 11.4  Assignment.  No  assignment  of this  Agreement or any of the
rights or  obligations  set forth herein by either party shall be valid  without
the specific written consent of the other party.

     Section  11.5 Waiver of Breach.  The waiver by either  party of a breach or
violation  of any  provision  of this  Agreement  shall  not  operate  as, or be
construed  to be, a waiver  of any  subsequent  breach  of the same or any other
provision hereof

     Section 11.6  Enforcement.  In the event either party shall resort to legal
action to enforce the terms and  provisions of this  Agreement,  the  prevailing
party may  recover  from the other  party  the costs of such  action  including,
without limitation, reasonable attorneys' fees.

     Section 11.7 Additional Assurances.  The provisions of this Agreement shall
be self  operative  and shall not  require  further  accord  between the parties
except  as may  herein  specifically  be  provided  to the  contrary;  provided,
however,  that upon the request of either  party,  the other party shall execute
such  additional  instruments  and  take  such  additional  actions  as shall be
necessary to effectuate this Agreement.

     Section 11.8 Force Maieure.  Neither party shall be liable nor deemed to be
in default for any delay or failure of performance under this Agreement or other
interruption of service or employment resulting directly or indirectly from acts
of God,  civil or military  authority,  acts of public  enemy,  war,  accidents,
fires, explosions,  earthquakes,  floods, failure of transportation,  strikes or
other war,  interruptions by either party's employees or agent or any similar or
dissimilar cause beyond the reasonable control of either party.

     Section 11.9 Severability. In the event any provisions of this Agreement is
held to be unenforceable for any reason,  such provision shall be severable from
this  Agreement if it is capable of being  identified  with and  apportioned  to
reciprocal  consideration  or to the extent that it is a  provision  that is not
essential  and the absence of which would not have  prevented  the parties  from
entering into this Agreement.  The unenforceability of a provision that has been
performed  shall  not be  grounds  for  invalidation  of  this  Agreement  under
circumstances in which the true controversy between the parties does not involve
such provision.

     Section  11.10  Article  and Section  Headings.  The  articles  and section
headings  contained in this Agreement are for reference  purposes only and shall
not effect in any way the meaning or interpretation of this Agreement.

     Section  11.11   Discretionary   Terms.   Determination   of   "necessary",
"appropriate" and other discretionary terms as used herein shall be according to
the  judgment  and  discretion  of the  respective  parties in  accordance  with
generally accepted standards of the oil and gas industry.

     Section 11.12 Amendments and Contract Execution.  This Agreement supersedes
all previous  contracts between the parties and constitutes the entire Agreement
between the parties with  respect to the subject  matter of this  Agreement.  No
oral statement or prior written  material not specifically  incorporated  herein
shall be of any  force  and  effect,  and no  changes  in or  additions  to this
Agreement  shall be recognized  unless  incorporated  herein by amendment,  such
amendment to become effective on the date stipulated therein.

<PAGE>

     IN WITNESS  WHEREOF,  the Parties have caused this Agreement to be executed
by their respective duly authorized representatives as of the day and year first
above written.

                                              BLESSING PETROLEUM GROUP, LLC

                                              By: /s/Edward W. Blessing
                                                 -------------------------------
                                              Edward W. Blessing, President

                                              PUMA ENERGY, INC.

                                              By: /s/ Edward W. Blessing
                                                 -------------------------------
                                                 Edward W. Blessing, President

                                              CASPIAN ENERGY INTERNATIONAL, INC.

                                              By: /s/ Edward W. Blessing
                                                 -------------------------------
                                                 Edward W. Blessing, President

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