Document:

Exhibit 4.6

    Exhibit
      4.6

    REGISTRATION
      RIGHTS AGREEMENT

    

    THIS
      REGISTRATION RIGHTS AGREEMENT ("Agreement") is made and entered into as of
      the
      24th day of August, 2006 by and between (i) Blast Energy Services, Inc., a
      California corporation (the "Company"), and (ii) those certain Participants
      under that certain Subscription Agreement of even date herewith between each
      Participant and the Company, each of whose signatures shall be included on
      Exhibit
      A
      hereto
      upon consummation of their respective portion of the private offering of the
      Company’s common stock on the date hereof (the “Transaction”) (each such
      Participant a "Stockholder"). 

     

    Agreements:

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth and for other good and valuable consideration, the receipt, adequacy
      and sufficiency of which are hereby acknowledged by each of the Company and
      Stockholder, each of the Company and Stockholder hereby agrees as follows:
      

    

    (a) While
      acting in a commercially reasonable fashion, the Company shall prepare and
      file
      a Registration Statement on Form SB-2 (the “Registration Statement”) with the
      Securities and Exchange Commission (the “SEC”) registering the resale of the
      shares of Common Stock issued to the Participants in connection with the
      offering on or before sixty (60) business days following the final closing
      of
      the transaction (the “Filing Deadline”) and shall use its commercially
      reasonable best efforts to have such Registration Statement declared effective
      by the SEC within 120 days following the final closing of the Transaction.
      

     

    (b) In
      connection with the registration provided for hereunder, Stockholder shall
      use
      reasonable efforts to cooperate with the Company and shall furnish to the
      Company in writing such information with respect to it and its proposed
      distribution as shall be reasonably necessary in order to assure compliance
      with
      federal and applicable state securities laws.

    

    (c) The
      Company shall pay all expenses incurred by the Company in complying with its
      registration obligations pursuant to this Agreement, including, without
      limitation, all registration, qualification, and filing fees, blue sky fees
      and
      expenses, printing expenses, fees and disbursements of counsel and independent
      public accountants for the Company, all expenses of the underwriter customarily
      paid by issuers or sellers of securities (including fees of the National
      Association of Securities Dealers, Inc.), transfer taxes, escrow fees, fees
      of
      transfer agents and registrars, and costs of insurance. Stockholder shall pay
      all underwriting discounts and selling commissions applicable to the sale of
      the
      Registrable Shares being registered. 

    

    (d) (i)
      The
      Company shall protect, indemnify and hold Stockholder, and its officers,
      directors, stockholders, attorneys, accountants, employees, affiliates,
      successors and assigns, harmless from any and all demands, claims, actions,
      causes of actions, lawsuits, proceedings, investigations, judgments, losses,
      damages, injuries, liabilities, obligations, expenses and costs (including
      costs
      of litigation and attorneys' fees), arising out of or based upon (aa) any untrue
      statement or alleged untrue statement of any material fact contained in or
      incorporated by reference

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    into
      the
      Registration Statement, any preliminary prospectus or final prospectus contained
      therein, or any amendment or supplement thereto, (bb) the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading, or (cc) any material
      violation by the Company of any rule or regulation promulgated under Act
      applicable to the Company and relating to action or inaction by the Company
      in
      connection with any such registration; provided, however, that the Company
      shall
      not be liable in the case of (aa) and (bb) above if and to the extent that
      the
      event otherwise giving rise to indemnification arises out of or is based upon
      an
      untrue statement or alleged untrue statement or omission or alleged omission
      made in conformity with information furnished by a person otherwise entitled
      to
      indemnification in writing specifically for use in the Registration Statement
      or
      prospectus or information contained in a writing that has been expressly
      approved or deemed approved by a person otherwise entitled to indemnification.
      

    

       (ii)
      Stockholder shall protect, indemnify and hold the Company and its officers,
      directors, stockholders, attorneys, accountants, employees, affiliates,
      successors and assigns, harmless from any and all demands, claims, actions,
      causes of actions, lawsuits, proceedings, investigations, judgments, losses,
      damages, injuries, liabilities, obligations, expenses and costs (including
      costs
      of litigation and attorneys' fees), arising out of or based upon (aa) any untrue
      statement or alleged untrue statement of any material fact contained in or
      incorporated by reference into the Registration Statement, any preliminary
      prospectus or final prospectus contained therein, or any amendment or supplement
      thereto, (bb) the omission or alleged omission to state therein a material
      fact
      required to be stated therein or necessary to make the statements therein not
      misleading, or (cc) any material violation by Stockholder of any rule or
      regulation promulgated under the Act applicable to Stockholder and relating
      to
      action or inaction by Stockholder in connection with any such registration;
      provided, however, that Stockholder shall be liable in the case of (aa) and
      (bb)
      above only if and to the extent that the event giving rise to indemnification
      arises out of or is based upon an untrue statement or alleged untrue statement
      or omission or alleged omission made in conformity with information furnished
      by
      Stockholder in writing specifically for use in the Registration Statement or
      prospectus or information contained in a writing that has been expressly
      approved or deemed approved by Stockholder. 

    

       (iii)
      Promptly after receipt by an indemnified party under this Section (d) of notice
      of the threat or commencement of any action, such indemnified party shall,
      if a
      claim in respect thereof is to be made against an indemnifying party hereunder,
      notify each such indemnifying party in writing thereof, but the omission so
      to
      notify an indemnifying party shall not relieve it from any liability which
      it
      may have to any indemnified party to the extent that the indemnifying party
      is
      not prejudice as a result thereof. In case any such action shall be brought
      against any indemnified party and it shall notify an indemnifying party of
      the
      commencement thereof, the indemnifying party shall be entitled to participate
      in
      and, to the extent it shall wish, to assume and undertake the defense thereof
      with counsel reasonably satisfactory to such indemnified party, and, after
      notice from the indemnifying party to such indemnified party of its election
      so
      to assume and undertake the defense thereof, the indemnifying party shall not
      be
      liable to such indemnified party under this Section (d) for any legal expenses
      subsequently incurred by such indemnified party in connection with the defense
      thereof other than reasonable costs of investigation and of liaison with counsel
      so elected; provided, however, that, if the defendants in any such action
      include both an indemnified party and an indemnifying party and the related
      indemnified party shall have reasonably concluded that there

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    may
      be
      reasonable defenses available to it which are different from or additional
      to
      those available to the indemnifying party or if the interests of the indemnified
      party reasonably may be believed to conflict with the interests of the
      indemnifying party, the indemnified party shall have the right to select
      separate counsel and to assume such legal defenses and otherwise to participate
      in the defense of such action, with the expenses and fees of such separate
      counsel and other expenses related to such participation to be reimbursed by
      the
      indemnifying party as incurred. No indemnifying party shall be subject to any
      liability for any settlement made without consent which shall not be
      unreasonably withheld. No indemnifying party shall consent to the entry of
      any
      judgment or enter into any settlement which does not include as an unconditional
      term thereof the giving by the claimant or plaintiff to such indemnified party
      of a release from all liability with respect to such claim or litigation.

    

    (e) Any
      notice or request herein required or permitted to be given to any party
      hereunder shall be given in writing and shall be personally delivered or sent
      to
      such party by prepaid mail at the address set forth below the signature of
      such
      party hereto or at such other address as such party may designate by written
      communication to the other party to this Agreement. Each notice given in
      accordance with this paragraph shall be deemed to have been given, if personally
      delivered, on the date personally delivered, or, if mailed, on the third day
      following the day on which it is deposited in the US mail, certified or
      registered mail, return receipt requested, with postage prepaid. 

    

    (f) This
      Agreement embodies the entire agreement and understanding between the parties
      hereto with respect to the subject matter hereof and supersede all prior
      agreements and understandings, whether written or oral, relating to the subject
      matter hereof. This Agreement shall be governed by the laws of the State of
      Texas without regard to conflict of law principles. Venue for any dispute
      arising hereunder should lie in the State or federal courts of Harris County,
      Texas. This Agreement may not be amended, supplemented, waived, or terminated
      except by written instrument executed by the Company and Stockholder. No waiver
      of any provision of this Agreement shall constitute a waiver of any other
      provision of this Agreement, nor shall such waiver constitute a waiver of any
      subsequent breach of such provision. This Agreement shall be binding upon and
      shall inure to the benefit of each party hereto and his or its respective
      successors, heirs, assigns, and legal representatives, but neither this
      Agreement nor any rights hereunder may be assigned by any party hereto without
      the consent in writing of the other party. This Agreement may be executed in
      two
      or more counterparts, each of which shall be deemed an original, but all of
      which together constitute one and the same instrument. A
      party
      may execute this Agreement and transmit its signature by facsimile, which shall
      be fully binding, and the party taking such actions shall deliver a manually
      signed original as soon as is practicable.

    

    

    

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      Remainder of this Page Left Intentionally Blank]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [Signature
      Page to Registration Rights Agreement]

    

    IN
      WITNESS WHEREOF, the undersigned have set their hands hereunto as of the first
      date written above. 

    

    BLAST
      ENERGY SERVICES, INC.

    

    

    

    By:_________________________________  

    John
      O’Keefe    

    Co-CEO
      and Chief Financial Officer 

    

    Address: 14550
      Torrey Chase Blvd., Suite 330

    Houston,
      Texas 77014

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

    

    Stockholder’s
      Signature Page to Registration Rights Agreement

    

    

    

    
      	
              “Stockholder”

               

               

              ___________________________________

              Signature

               

              Printed
                Name

               

               

              Street
                Address

               

              City,
                State, Zip Code

            
	
               

               

              Date:
                August 24, 2006

               

              Number
                of Registrable Shares: 

              Common
                Shares issued: 

              Warrants
                Agreement :Exhibit 10.1

    Exhibit
      10.1

     

    CONSULTING
      SERVICES AGREEMENT

    

    

    THIS
      CONSULTING AGREEMENT ("Agreement") is made as of this 25th day of August 2006,
      between Second Bridge LLC, a limited liability company based in Norman, Oklahoma
      (hereinafter referred to as "Consulting Firm"), and Blast Energy Services,
      Inc.
      , and its successors and assigns (hereinafter
      referred to as "Company..

    

    1. Consulting.
      

    The
      Company hereby employs Consulting Firm, and Consulting Firm hereby accepts
      engagement with the Company upon the terms and conditions set forth. This
      Agreement contains the entirety of the terms and conditions of Consulting Firm's
      engagement with the Company. No other document, handbook, manual or oral
      agreements or promises shall constitute an engagement contract between
      Consulting Firm and the Company.

    

    2. Term.
      

    The
      Term
      of this Agreement shall begin on or before August 25, 2006 and shall continue
      for a period of three (3) years through August 24, 2009. 

    

    3.
      Compensation and Employee Benefit Plans.

    

    (a)
      The
      Company shall have no obligation to the Consulting Firm regarding employee
      benefit plans of any kind. 

    

    (b)
      As
      compensation for said Consulting Services, Consulting Firm shall receive
      Compensation as a Consulting Fee defined as follows: 

    

    The
      Consulting Fee for the Consulting Services under this Agreement is set forth
      in
      an amount of one hundred fifty thousand United States Dollars (US$150,000.00)
      per month installments for each succeeding month beginning September 1, 2006,
      made to the order of “Second Bridge LLC” due, payable and delivered; and
      thereafter, each monthly installment shall be paid to the Consulting Firm,
      on or
      before the first day of each month. Each monthly installment, defined above,
      shall be paid on or before the first day of each month, as described above,
      and
      with all such payments received at the Consulting Firm’s offices on or before
      the due date as set forth herein delivered to: 1126 Rambling Oaks Drive, Norman,
      Oklahoma 73072 or sent by wire transfer at the direction of the Consulting
      Firm.
      The Compensation defined in this Section 3(b) may be paid in advance at any
      time
      without penalty. In addition, upon any breach by the Company of this Section
      3(b), including, but not limited to, non-payment of a monthly installment,
      the
      unpaid total amount of the Consulting Fee shall draw interest at a rate of
      15%
      per annum assessed from the first day of such breach until the cure of the
      breach or until fully paid by the Company. See also Section 6 below regarding
      survival of damages beyond termination.

    

    (c) Upon
      execution of this Agreement, the Company shall pay to the Consulting Firm to
      be
      held in an expense account the amount of one hundred fifity thousand United
      States dollars

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (US$150,000.00).
      The funds from this account shall be used to pay for all of the Company’s
      ordinary and reasonable business expenses in relation to its work under this
      Agreement, from date of execution of this Agreement up until September 30,
      2006,
      including, but not limited to, office expenses, air and ground transportation,
      travel, lodging and meals, postage, telephone, contract labor, consumables,
      and
      utilities in relation to the work performed by the Consulting Firm under this
      Agreement. The Consulting Firm shall submit to the Company an itemized written
      statement summarizing, on a monthly basis, the expenditures from this account
      on
      or before the October 10, 2006. Errors or disputes related to the items set
      forth on the written expense summary submitted by the Consulting firm shall
      not
      be deducted from the required payment to restore the Minimum Balance in this
      Section 3(c). Within seven (7) days of the Company’s payment of the amount of
      expenses set forth on the summary, the Company may submit a separate error
      or
      disputed charges written statement to the Consulting Firm with its reasons
      and
      evidence regarding the error or disputed items set forth in the written expense
      summary. In the event the Consulting Firm agrees with the Company’s written
      errors or disputed item(s), the Consulting firm shall deduct the same amount
      from its next written expense summary and show the correction or credit thereon.
      In the event the Consulting Firm disagrees with the Company’s written error or
      disputed item(s), and the item exceeds the amount of $1,000.00, and the Parties
      cannot resolve the dispute otherwise, then the Consulting Firm may elect, within
      seven (7) business days of its receipt of the Company’s written error or
      dispute, to submit the item to a binding arbiter, mutually agreeable to the
      Parties, for final determination of payment, or not, under the terms of this
      Agreement which decision shall be binding upon both Parties and with each party
      to split equally the cost of Arbitration under this section 3 (c). Such
      Arbitration shall take place in Cleveland County, Oklahoma at the Consulting
      Firm’s offices or other mutually agreed upon location. The Company agrees not to
      withhold any compensation as set forth in this section 3 (b) in relation to
      any
      dispute of a request for reimbursement under this section 3(c) as such payments
      bear no direct correlation to one other under this Agreement.

    

    4. Duties.
      

    The
      Company and the Consulting Firm shall agree from time to time upon the tasks
      to
      be completed by the Consulting Firm under this Agreement as agreed between
      the
      Manager of the Consulting Firm and the Company. Such tasks shall be upon written
      agreement of the Parties and may be received and signed by the parties in
      counterparts via facsimile as set forth herein. It is contemplated under this
      Agreement that the Consulting Firm provides consulting services to the Company
      related to all aspects of its Hydrocarbon Exploration Drilling business.
      Consulting Firm shall have sole discretion and authority over how it completes
      the tasks assigned to it by the Company. A general description of duties is
      described on “Exhibit A” attached hereto, as amended from time to time by
      written agreement of the parties. Additional Consulting Projects shall be agreed
      upon in writing between the parties.

    

    5. Termination.
      

    Upon
      the
      expiration of the Term, set forth in Section 2, above, the engagement of the
      Consulting Firm may be terminated at any time by the Company, with or without
      cause or reason, and upon thirty (30) days prior written notice to the
      Consulting Firm delivered before the end of the term. Upon the expiration of
      90
      days, the Consulting Firm may terminate this agreement with thirty (30) days
      notice to the Company. All Compensation received by the Consulting Firm prior
      to
      a notice of termination is guaranteed and under this Section 5, shall be
      retained by the Consulting Firm. This agreement may not be cancelled by the
      Company during the Term of this Agreement and the Company agrees to pay the
      total amount of the monthly installments defined in Section 3(b) for the Term
      of
      this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    6. Compensation
      Upon Termination.
      

    In
      the
      event of termination of the engagement for any reason, the remaining
      Compensation that is due Consulting Firm from the amount of the Consulting
      Fee
      not yet paid at the time of termination must be paid and survives beyond
      termination specifically as set forth pursuant to section 3, above. There shall
      be no pro-ration or reimbursement of the Consulting Fee due as set forth in
      3
      (b) in relation to termination of the Agreement. Any Compensation due under
      this
      Agreement to the Consulting Firm that would be due during the thirty (30) days
      from a notice under section 5, above, shall remain due and payable to the
      Consulting firm until the total Compensation in the amount of the Consulting
      Fee, set forth in Section 3(b), above, has been received and shall be retained
      by the Consulting Firm after termination, and in the event such Compensation
      is
      unpaid by the Company such an act shall constitute a breach of this Agreement
      and the damages to the Consulting Firm shall survive the termination of this
      Agreement until paid, including and in addition, interest, as set forth in
      Section 3(b), thereon at 15% per annum beginning from the due date of such
      unpaid Compensation, and in addition, the Company agrees to pay costs and
      attorney’s fees for collection of such Compensation if it remains unpaid. The
      Consulting Firm shall submit, upon termination of this Agreement, its final
      written expense summary of business expenses under Section 3(c), above, which
      provision shall survive the termination of this Agreement until paid or any
      error or dispute fully resolved as provided for therein. The Company is a
      sophisticated oil and gas drilling firm and understands and assumes all risks
      involved in the drilling of oil and gas wells.

    

    

    7.
       Indemnification. The
      Company hereby extends to the Consulting Firm indemnification regarding all
      of
      its work for the Company. The Consulting Firm’s Members, Officers, employees,
      and agents shall be entitled to be indemnified by the Company to the fullest
      extent provided under the law, and shall be entitled to advance of expenses,
      including attorney fees, in the defense or prosecution of a claim against the
      Consulting Firm or such person in such person’s capacity as member, officer,
      employee, or agent of the Consulting Firm from any claim arising from, or
      related in any manner to, its work for the Company under this Agreement except
      in the case of gross negligence. Indemnification offered hereunder shall survive
      the termination of this Agreement for two (2) years after the date of
      termination.

    

    8. Non-Compete.
      In
      consideration of the consulting services being provided under this Agreement
      and
      in recognition of the fact that Second Bridge will have access to the
      confidential information of the Company and that the Company’s relationships
      with its customers and potential customers constitute a substantial part of
      its
      goodwill, Second Bridge agrees that for One (1) year from and after termination
      of this Agreement, for any reason, unless acting with the Company’s express
      prior written consent, Second Bridge shall not, directly or indirectly, in
      any
      capacity, solicit or accept business from, provide consulting services of any
      kind to, or perform any of the services offered by the Company, for any of
      the
      Company’s customers or prospects with whom Second Bridge had business dealings
      in the year next preceding the termination of this Agreement.

    

     9. Notice.
      

    Any
      notice, direction or other advice or communication required or permitted to
      be
      given hereunder shall, except as provided herein, be in writing and shall be
      personally delivered, via facsimile, or mailed by registered or certified mail,
      return receipt requested, addressed to the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Company
      and Consulting Firm at the addresses set forth below, or at such other address
      as such party may designate to the other in writing.

    

    If
      to
      Company: 
      David M.
      Adams President
      and Co-CEO

    14550
      Torrey Chase Blvd, Suite 330

    Houston,
      Texas, 77014

    Facsimile:
      281-453-2899

     

    If
      to
      Consulting Firm: Dirk
      O’Hara, Manager

    1126
      Rambling Oaks Drive

    Norman,
      Oklahoma 73072.

    Facsimile:
      405-447-9351

    

    Either
      party may designate a different address or facsimile number by written notice
      to
      the other.

    

    10. Waiver
      or Breach.
      

    The
      waiver of either the Company or Consulting Firm of a breach of any provision
      of
      this Agreement shall not operate or be construed as a waiver of any subsequent
      breach by either Consulting Firm or the Company. This Agreement sets forth
      the
      entire understanding of the parties with respect to the subject matter
      herein.

    

    11. Binding
      Effect.
      

    This
      Agreement shall be binding upon and shall inure to the benefit of both the
      Company and the Consulting Firm and their respective successors, heirs and
      legal
      representatives, but neither this Agreement nor any rights hereunder may be
      assigned by Consulting Firm or the Company without the consent in writing of
      the
      other Party.

    

    12. Amendments.
      

    Except
      as
      provided specifically above, no amendments, modifications or variations of
      the
      terms and conditions of this Agreement shall be valid unless in writing and
      signed by all of the parties. 

    

    13. Choice
      of Law.
      

    This
      Agreement shall be governed by and construed under the laws of the State of
      Oklahoma. In the event of any breach or threatened breach of this Agreement,
      Consulting Firm and the Company irrevocably submit and consent to the
      jurisdiction of a court of competent jurisdiction in Cleveland County, Oklahoma,
      and irrevocably agree that venue for any action or proceeding shall be in the
      County of Cleveland, State of Oklahoma and any higher courts within the State
      of
      Oklahoma. Both parties waive any objection, including, but not limited to,
      Federal diversity jurisdiction, to the jurisdiction of these courts or to venue
      in Cleveland County, State of Oklahoma.

    

    14. Severability.
      

    If
      any
      provision of this Agreement shall be held, declared or pronounced void,
      voidable, invalid, unenforceable or inoperative for any reason, by any court
      of
      competent jurisdiction, government authority or otherwise, such holding,
      declaration or pronouncement, shall not adversely affect any other provision
      of
      this Agreement, but shall otherwise remain in full force and effect.
      Notwithstanding the foregoing sentence, the provisions of this Agreement that
      specifically state

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    set
      forth
      their survival of the termination of this Agreement may not be severed or waived
      by any act of a person, court, or termination of this Agreement as those
      provisions are independently negotiated and fully agreed to by the Parties
      hereto.

    

    

    15. No
      Third Party Benefit.
      

    None
      of
      the provisions of this Agreement shall be for the benefit of or enforceable
      by
      any creditors of the Company or the Consulting Firm. Furthermore, this Agreement
      is made solely and specifically for the benefit of the parties hereto, their
      respective successors and assigns subject to the express provisions hereof
      relating to successors and assigns, and no other person, individual or entity,
      governmental body, taxation authority, or their heirs, executors,
      administrators, legal representatives, successors, and assigns shall have any
      rights, interests, 

    

    

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      of the page intentionally blank] 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    or
      claims
      hereunder or be entitled to any benefits under or on account of this agreement
      as a third-party beneficiary or otherwise.

    

    16. Assignment.
      

    The
      Parties may assign this Agreement or the proceeds due hereunder only with notice
      and the written consent of the other Party, which consent shall not be
      unreasonably withheld.

    

    17. Entire
      Agreement.
      

    This
      Agreement sets forth the entire agreement of the parties hereto, and all prior
      discussions, oral or written and any such agreements are merged
      herein.

    

    

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

    

    Blast
      Energy Services, Inc., a California Corporation (The Company
      herein)

    

    

    
      	
              By:

            	
              /s/
                David M. Adams

            	 

    

    Its:
      President and Co-CEO, David M. Adams

    

    

    Second
      Bridge LLC (The Consulting Firm herein):

    

    

     

    

    

    
      	 	
              /s/
                Dirk O’Hara

            	 

    

    By:
      Dirk
      O’Hara, Managing Member

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    Exhibit
      A

    

    

    Consulting
      Agreement Responsibilities & Duties

    

    Advise
      the Company on organization of day to day Drilling Operations and Contract
      Management in terms of the following areas of the Company
      operations:

    

    
      	 	
              ·

            	
              Contract
                negotiation support

            

    

    
      	 	
              ·

            	
              Drilling
                Field Operations support

            

    

    
      	 	
              ·

            	
              Repairs
                & Maintenance, including minor
                construction/rebuilds

            

    

    
      	 	
              ·

            	
              Vendor
                management support

            

    

    
      	 	
              ·

            	
              Rig
                Inventory Management &
Procurement

            

    

    
      	 	
              ·

            	
              Preventative
                Maintenance Programs

            

    

    
      	 	
              ·

            	
              Rig
                recruitment including
                hire/fire/promote/retain

            

    

    
      	 	
              ·

            	
              Safety
                Programs support

            

    

    
      	 	
              ·

            	
              Accounting
                services

            

    

    Transition
      of Office Services of Eagle Domestic Drilling Operations, LLC to the Company,
      as
      defined by Exhibit
      B,
      attached.

    

    

    Rig
      Assembly & Completion Responsibilities

    

    
      	 	
              ·

            	
              Advise
                the Company regarding its assembly of rig components for rigs, numbers
                14
                and 15.

            

    

    

    
      	 	
              ·

            	
              Project
                managements functions: advice
                regarding

            

    

    
      	 	
              o

            	
              The
                Company’s Material Procurement

            

    

    
      	 	
              o

            	
              The
                Company’s Managing delivery times to a critical
                path

            

    

    
      	 	
              o

            	
              Assistance
                to the Company with Supervising welders, painters, mechanics,
                electricians

            

    

    
      	 	
              o

            	
              Other
                such actions to assist the Company to manage its cost & preserve its
                revenue generation

            

    

    

    

    

    

    Business
      Development Consulting

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Advising
      and assisting the Company regarding the following:

    

    
      	 	
              ·

            	
              Sourcing
                of drilling rig components

            

    

    

    
      	 	
              ·

            	
              Negotiating
                terms and condition for the purchase of such
                components

            

    

    

    
      	 	
              ·

            	
              Drilling
                rigs that Blast considers
                purchasing

            

    

    

    
      	 	
              ·

            	
              Negotiating
                terms and conditions of such
                purchases

            

    

    

    
      	 	
              ·

            	
              Land
                rig companies that Blast considers
                purchasing

            

    

    

    
      	 	
              ·

            	
              Negotiating
                terms and conditions of such
                purchases

            

    

    

    
      	 	
              ·

            	
              Representing
                Blast at industry auctions and other industry
                events

            

    

    

    
      	 	
              ·

            	
              Interfacing
                with Rig Appraisal companies

            

    

    

    
      	 	
              ·

            	
              Advising
                on contract negotiation strategies

            

    

    

    
      	 	
              ·

            	
              Advising
                on rig upgrade and/or refurbishment
                opportunities

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
      “B”

    

    The
      Consulting Firm will assist the

    Company
      with the Company’s Office Services

    

    

    
      	 	
              B.

            	
              MORNING
                REPORTS
                -
                Toolpushers must email or fax to office by 9:00 a.m. each
                morning.

            

    

    

    
      	 	
              1.

            	
              Daily
                reports received: drill reports, employee reports, injury
                reports

            

    

    
      	 	
              2.

            	
              Check
                for completion

            

    

    
      	 	
              3.

            	
              Scan
                and email to management

            

    

    
      	 	
              4.

            	
              Place
                in corresponding rig books

            

    

    

    

    
      	 	
              C.

            	
              PAYROLL
                -
                Bi weekly: Payroll starts at 6:00 a.m. Monday to 6:00 a.m.
                Monday

            

    

    

    
      	 	
              1.

            	
              Employment
                Forms - check for completion of forms. No worker allowed on rig without
                completed forms

            

    

    
      	 	
              2.

            	
              Change
                of Status - payrate, job position, address
                etc.

            

    

    
      	 	
              3.

            	
              Rig
                should Fedex packet every Monday for Tuesday morning delivery. Payroll
                must be submitted by 2:00 p.m. on Wednesday. Checks mailed out on
                Friday
                or employees have option to direct
                deposit.

            

    

    

    
      	 	
              D.

            	
              HEALTH
                INSURANCE
                -
                Employees eligible for health insurance after 90 days of employment.
                Eagle
                pays for employee. Employee can pay for spouse and
                dependents.

            

    

    

    
      	 	
              1.

            	
              Track
                eligibility 

            

    

    
      	 	
              2.

            	
              Enrollment

            

    

    

    
      	 	
              E.

            	
              DISABILITY
                INSURANCE
                -
                Employee eligible for disability insurance after 90 days of
                employment.

            

    

    

    
      	 	
              1.

            	
              Track
                eligibility

            

    

    
      	 	
              2.

            	
              Enrollment

            

    

    

    
      	 	
              F.

            	
              WORKER’S
                COMPENSATION

            

    

    

    
      	 	
              1.

            	
              Process
                and report to insurance company within 24 hours of reported
                accident

            

    

    
      	 	
              2.

            	
              Must
                have injury reports from rig including supervisor, witness and injured
                employee report (if possible)

            

    

    
      	 	
              3.

            	
              Verification
                of 10 panel drug screen

            

    

    
      	 	
              4.

            	
              Management
                of injured worker’s compensation
                case.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    G. VENDOR
      PAYMENTS

    

    
      	 	
              1.

            	
              Sort
                by office, yard, and appropriate
                rig.

            

    

    
      	 	
              2.

            	
              Weekly
                manager approval and coding of invoices and/or credits to proper
                accounts.

            

    

    
      	 	
              3.

            	
              Enter
                and track due date.

            

    

    
      	 	
              4.

            	
              Handle
                any disputed invoices.

            

    

    
      	 	
              5.

            	
              Subcontractors
                - gather insurance verification and invoice
                approval.

            

    

    

    
      	 	
              H.

            	
              INVOICING
                AND RECEIVABLES

            

    

    

    
      	 	
              1.

            	
              Check
                daily drill reports for completion and accuracy each
                day.

            

    

    
      	 	
              2.

            	
              Know
                IADC contract for billing procedures and collection of
                payment.

            

    

    
      	 	
              3.

            	
              Complete
                daily drill report worksheet

            

    

    
      	 	
              4.

            	
              Calculate
                per diem costs for billing

            

    

    
      	 	
              5.

            	
              Check
                for pipe damage or any Operator equipment rental
                costs

            

    

    
      	 	
              6.

            	
              Invoicing
                needs to be sent to proper Operator personnel for
                approval

            

    

    
      	 	
              7.

            	
              Need
                contact person in Operator’s A/P to verify
                payment.

            

    

    
      	 	
              8.

            	
              Handle
                and track all payments and any shortages on
                payments.

            

    

    

    
      	 	
              I.

            	
              INSURANCE
                MANAGEMENT

            

    

    

    
      	 	
              1.

            	
              General
                liability/umbrella - audit each quarter to make sure premiums are
                reflected properly to match revenues/payroll (depends on G/L structure).
                Must be responsible for subcontractor insurance verification of G/L.
                Responsible for year-end audits.

            

    

    
      	 	
              2.

            	
              Rig
                insurance - needs to be processed prior to rig going out in the field.
                Start paperwork 2 weeks before derrick is raised in the
                yard.

            

    

    
      	 	
              3.

            	
              Worker’s
                Compensation - Audit each quarter to make sure premiums are reflected
                by
                payroll totals. Verify each employee has proper work compensation
                codes.
                Responsible for sub-contractor insurance verification and policy
                year-end
                audits.

            

    

    
      	 	
              4.

            	
              Auto
                policy - Driver verification to insurance agent. Keep driver’s list
                current.

            

    

    

    
      	 	
              J.

            	
              OPERATOR
                REPORTS

            

    

    

    
      	 	
              1.

            	
              Rigs
                that run in Texas have a deviation survey report due to operator
                at the
                completion of each hole for the Texas Railroad
                Commission.

            

    

    
      	 	
              2.

            	
              Verify
                with operator when reports are due and whom they need to be sent
                to.

            

    

    

    
      	 	
              K.

            	
              SUPPLIES
                TO RIGS

            

    

    

    
      	 	
              1.

            	
              Provide
                rigs with IADC books, daily drill reports, forms, rig maintenance
                reports
                and any office supplies.

            

    

    END
      OF EXHIBIT B.

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