Document:

Exhibit 10.1

                              CALIBRE ENERGY, INC.

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made as of October
31, 2005, by and among Calibre Energy, Inc., a Delaware corporation (the
"Company"), and the undersigned holders of common stock of the Company together
with their qualifying transferees (the "Holders").

                                    RECITALS:

     A. The Company has sold shares of the Company's Common Stock and warrants
exercisable for shares of the Company's Common Stock (collectively with the
shares sold, the "Common Shares") to the Holders pursuant to one or more
Subscription Agreements (each a "Subscription").

     B. The sale of the Common Shares is conditional upon the extension of the
rights set forth herein, and by this Agreement the Company and the Holders
desire to provide for certain rights as set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual
promises and covenants contained herein, the parties, severally and not jointly,
hereby agree as follows:

                                   AGREEMENT:

     1. Registration Rights.

          1.1 Definitions. As used in this Agreement, the following terms shall
have the following respective meanings:

            (a) The terms "register", "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act of 1933, as amended (the "Securities Act"),
and the declaration or ordering of the effectiveness of such registration
statement.

            (b) The term "Registrable Securities" means (i) any and all Common
Shares issued or issuable upon exercise of the warrants issued and sold by the
Company pursuant to the Subscriptions; (ii) stock issued in lieu of the Common
Shares referred to in (i) in any reorganization which has not been sold to the
public; or (iii) stock issued in respect of the Common Shares referred to in (i)
and (ii) as a result of a stock split, stock dividend, recapitalization or the
like, which has not been sold to the public.

            (c) The terms "Holder" or "Holders" means any person or persons who
hold Registrable Securities or qualifying transferees under subsection 1.9
hereof who hold Registrable Securities.

            (d) The term "SEC" means the Securities and Exchange Commission.

            (e) The term "Registration Expenses" shall mean all expenses
incurred by the Company in complying with subsections 1.2, 1.3 and 1.4 hereof,
including, without limitation, all registration, qualification and filing fees,
printing expenses, escrow fees, fees and disbursements of counsel for the
Company, blue sky fees and expenses, and the expense of any special audits
incident to or required by any such registration (but excluding the compensation
of regular employees of the Company which shall be paid in any event by the
Company).

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          1.2 Company Registration.

            (a) Registration. If at any time or from time to time, the Company
shall determine to register any shares of its common stock, for its own account
or the account of any of its shareholders, other than a registration on Form S-8
relating solely to employee, director or consultant stock option or purchase
plans or other equity compensation plans, or a registration on Form S-4 relating
solely to a SEC Rule 145 transaction, the Company will:

               (i) promptly give to each Holder written notice thereof at least
10 days prior to the initial filing of the registration statement relating to
such registration; and

               (ii) include in such registration, and in any underwriting
involved therein, all the Registrable Securities specified in a written request
or requests, made within 5 days after receipt of such written notice from the
Company, by any Holder or Holders, except as set forth in subsection 1.2(b)
below.

Notwithstanding the foregoing, if the Company shall have already registered for
resale pursuant to a registration in accordance with Section 1.3 all of the
Registrable Securities, the Company shall not be required to include such
Registrable Securities in the Company's registration or to deliver the written
notice to each Holder as provided in subsection 1.2(a)(i).

            (b) Underwriting.

               (i) If the registration of which the Company gives notice is for
a registered public offering involving an underwriting, the Company shall so
advise the Holders as a part of the written notice given pursuant to subsection
1.2(a)(i). In such event the right of any Holder to registration pursuant to
subsection 1.2 shall be conditioned upon such Holder's participation in such
underwriting and the inclusion of such Holder's Registrable Securities in the
underwriting to the extent provided herein. Notwithstanding the foregoing, if
the Company proposes to commence an underwriting with respect to shares of its
common stock and shall not have otherwise been required to deliver a notice of
the registration to the Holders of its Registrable Securities pursuant to the
last sentence of subsection 1.2(a), the Company shall deliver a written notice
of such underwriting at least 10 days prior to the commencement of such
underwriting and provide the Holders an opportunity to participate in such
underwriting in accordance with this subsection 1.2(b). The Company shall,
subject to subsection 1.2(b)(ii) below, include the Registrable Securities of
any Holder in such underwriting that specifies in a written request or requests,
made within 5 days after receipt of such written notice from the Company. All
Holders proposing to distribute their Registrable Securities through any such
underwriting pursuant to this subsection 1.2(b) shall (together with the Company
and the other shareholders distributing their shares of common stock through
such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company.

               (ii) Notwithstanding any other provision of this subsection 1.2,
if the underwriter managing such public offering determines that marketing
factors require a limitation of the number of shares of common stock to be
underwritten, and (A) if such registration is the first registered offering of
the sale of the Company's common stock to the general public, the underwriter
may limit the number of Registrable Securities to be included in the
registration and underwriting, or may exclude Registrable Securities entirely
from such registration and underwriting, or (B) if such registration is other
than the first registered offering of the sale of the Company's common stock to
the general public, the underwriter may limit the amount of Registrable
Securities to be included in the registration and underwriting by the Company's
shareholders; provided, however, the number of Registrable Securities to be
included in such registration and underwriting under this subsection 1.2(b)(ii)
shall not be reduced to less than thirty percent (30%) of the aggregate shares
of common stock included in such underwriting without the prior consent of at
least a majority of the Holders who have requested their Registrable Securities
to be included in such underwriting. The Company shall so advise all Holders of
Registrable Securities which would otherwise be underwritten pursuant hereto,
and the number of shares of Registrable Securities that may be included in the
underwriting shall be allocated among Holders requesting inclusion in such
underwriting in proportion, as nearly as practicable, to the respective amounts
of Registrable Securities held by each of such Holders as of the date of the
notice pursuant to subsection 1.2(a)(i) above; provided that the number of
shares of Registrable Securities requested to be included in such underwriting
shall not be reduced unless all other shares of common stock being sold by
shareholders other than the Holders are first entirely excluded from the
underwriting. If any Holder disapproves of the terms of any such underwriting,
such Holder may elect to withdraw therefrom by written notice to the Company and
the underwriter. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from such registration.

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          1.3 Form SB-2 or S-3. In addition to the rights and obligations set
forth in subsection 1.2 above, within one hundred twenty (120) days of a merger
with a company that has shares of common stock that are registered under Section
12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
Company will use commercially reasonable efforts to prepare and file a
registration statement on Forms SB-2 or S-3 (or any successor to Forms SB-2 or
S-3) to register the resale from time to time of the Holder's Registrable
Securities. In such a registration, the Company shall use commercially
reasonable efforts to cause such registration statement on Forms SB-2 or S-3 (or
any successor form to Forms SB-2 or S-3) to be declared effective by the SEC as
soon as practicable; provided, however, the Company shall not be required to
effect a registration pursuant to this subsection 1.3:

            (a) in any particular jurisdiction in which the Company would be
required to execute a general consent to service of process in effecting such
registration, qualification or compliance unless the Company is already subject
to service in such jurisdiction and except as may be required by the Securities
Act; or

            (b) during the period starting with the date of filing of, and
ending on a date 90 days following the effective date of, a registration
statement pursuant to subsection 1.2, provided that the Company is actively
employing in good faith all reasonable efforts to cause such registration
statement to become effective and further provided that no other person or
entity could require the Company to file a registration statement in such
period.

     Any Holder that intends to dispose of Registrable Securities pursuant to a
registration under this subsection 1.3 shall not offer, sell or otherwise
dispose of any Registrable Securities unless it has provided to the Company a
written notice of its intent to offer and sell the Registrable Securities
pursuant to a registration under this subsection 1.3 at least ten (10) days
prior to the offer or sale of the Registrable Securities. Upon receipt of such
notice by the Company from a Holder, the Company may voluntarily suspend the
effectiveness of any registration statement filed pursuant to this subsection
1.3 for a limited time, which in no event shall be longer than 90 days in any
six-month period, if the Company has been advised by counsel or underwriters to
the Company that the offering for resale of any Registrable Securities pursuant
to the registration statement would materially adversely affect, or would be
improper in view of (or improper without disclosure in a prospectus), a proposed
financing, a reorganization, recapitalization, merger, consolidation or other
transaction involving the Company.

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          1.4 Expenses of Registration. All Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to this
Section 1 shall be borne by the Company except as follows:

            (a) The Company shall not be required to pay fees or disbursements
of more than one firm of legal counsel to the Holders, such fees to not exceed
$10,000 in the aggregate.

            (b) The Company shall not be required to pay underwriters' fees,
discounts or commissions relating to Registrable Securities.

          1.5 Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Agreement,
the Company will keep each Holder participating therein advised in writing as to
the initiation of each registration, qualification and compliance and as to the
completion thereof. Except as otherwise provided in subsection 1.4, at its
expense the Company will:

            (a) Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective, and, upon the
request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for up to 120 days, or if
such registration statement is on Form SB-2 or S-3 (or any successor to Form
SB-2 or S-3) and provides for sales of securities from time to time pursuant to
Rule 415 under the Securities Act, for up to one year.

            (b) Prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities
covered by such registration statement.

            (c) Furnish, without charge, to the Holders such numbers of copies
of a prospectus, including each preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable
Securities owned by them. The Holders shall not be entitled to use any selling
materials other than a prospectus and such other materials as may be approved by
the Company, which approval shall not be unreasonably withheld.

            (d) Use its commercially reasonable efforts to register and qualify
the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably
requested by the Holders or any managing underwriter, provided that the Company
shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any
such states or jurisdictions.

            (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. Notwithstanding the
foregoing, the Company shall not be obligated to enter into an underwriting
agreement with any underwriter unless the Company was previously consulted with
respect to the selection of each underwriter and the Company consented to such
selection, which consent shall not be unreasonably withheld. Each Holder
participating in such underwriting shall also enter into and perform its
obligations under such an agreement.

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            (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act or the happening of any event
as a result of which the prospectus included in such registration statement, as
then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing.

            (g) The Company shall:

               (i) make available for inspection by a representative of the
Holders, the managing underwriter participating in any disposition pursuant to
such registration statement and one firm of attorneys designated by the Holders
(upon execution of customary confidentiality agreements reasonably satisfactory
to the Company and its counsel), at reasonable times and in reasonable manner,
financial and other records, documents and properties of the Company that are
pertinent to the conduct of due diligence customary for an underwritten
offering, and cause the officers, directors and employees of the Company to
supply all information reasonably requested by any such representative,
underwriter or attorney in connection with a registration statement as shall be
necessary to enable such persons to conduct a reasonable investigation within
the meaning of Section 11 of the Securities Act.

               (ii) use its commercially reasonable efforts to cause all
Registrable Securities covered by a registration statement to be listed on any
securities exchange or any automated quotation system on which the shares of
common stock of the Company are then listed;

               (iii) cause to be provided to the Holders that are selling
Registrable Securities pursuant to such registration statement and to the
managing underwriter if any disposition pursuant to such registration statement
is an underwritten offering, upon the effectiveness of such registration
statement, a customary "10b-5" opinion of independent counsel (an "Opinion") and
a customary "cold comfort" letter of independent auditors (a "Comfort Letter")
in each case addressed to such Holders and managing underwriter, if any;

               (iv) notify in writing the Holders that are selling Registrable
Securities pursuant to such registration statement and any managing underwriter
if any disposition pursuant to such registration statement is an underwritten
offering, (A) when the registration statement has become effective and when any
post-effective amendment thereto has been filed and becomes effective, (B) of
any request by the SEC or any state securities authority for amendments and
supplements to the registration statement or of any material request by the SEC
or any state securities authority for additional information after the
registration statement has become effective, (C) of the issuance by the SEC or
any state securities authority of any stop order suspending the effectiveness of
the registration statement or the initiation of any proceedings for that
purpose, (D) if, between the effective date of the registration statement and
the closing of any sale of Registrable Securities covered thereby, the
representations and warranties of the Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, including this
Agreement, relating to disclosure cease to be true and correct in all material
respects or if the Company receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (E) of the
happening of any event during the period the registration statement is effective
such that such registration statement or the related prospectus contains an
untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make statements therein not misleading (in
the case of a prospectus, in light of circumstances under which they were made)
and (F) of any determination by the Company that a post-effective amendment to
the registration statement would be appropriate. The Holders hereby agree to
suspend, and to cause any managing underwriter to suspend, use of the prospectus
contained in a registration statement upon receipt of such notice under clause
(C), (E) or (F) above until, in the case of clause (C), such stop order is
removed or rescinded or, in the case of clauses (E) and (F), the Company has
amended or supplemented such prospectus to correct such misstatement or omission
or otherwise.

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               If the notification relates to an event described in clauses (E)
or (F), the Company shall promptly prepare and furnish to each selling Holder
and each underwriter, if any, a reasonable number of copies of a prospectus
supplemented or amended so that, as thereafter delivered to the purchasers of
such Registrable Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.

               (v) provide and cause to be maintained a transfer agent and
registrar for all such Registrable Securities covered by such registration
statement not later than the effective date of such registration statement;

               (vi) deliver promptly upon request to each Holder participating
in the offering and each underwriter, if any, copies of all correspondence
between the SEC and the Company, its counsel or auditors and all memoranda
relating to discussions with the SEC and its staff with respect to the
registration statement, other than those portions of any such correspondence and
memoranda which contain information subject to attorney-client privilege with
respect to the Company, and, upon receipt of such confidentiality agreements as
the Company may reasonably request, make reasonably available for inspection by
any Holder of such Registrable Securities covered by such registration
statement, by any underwriter, if any, participating in any disposition to be
effected pursuant to such registration statement and by any attorney, accountant
or other agent retained by any such Holder or any such underwriter, all
pertinent financial and other records, pertinent corporate documents and
properties of the Company, and cause all of the Company's officers, directors
and employees to supply all information reasonably requested by any such Holder,
underwriter, attorney, accountant or agent in connection with such registration
statement;

               (vii) use commercially reasonable efforts to obtain the
withdrawal of any order suspending the effectiveness of the registration
statement;

               (viii) provide a CUSIP number for all Registrable Securities not
later than the effective date of any registration statement;

               (ix) make reasonably available its employees and personnel and
otherwise provide reasonable assistance to the underwriters in the marketing of
Registrable Securities in any underwritten offering;

               (x) promptly prior to the filing of any document which is to be
incorporated by reference into the registration statement or the prospectus
(after the initial filing of such registration statement) (other than a
registration statement or prospectus prepared pursuant to subsection 1.3)
provide copies of such document to counsel to the seller of Registrable
Securities and to the managing underwriter, if any, and make the Company's
representatives reasonably available for discussion of such document and make
such changes in such document concerning such sellers prior to the filing
thereof as counsel for such sellers or underwriters may reasonably request; and

               (xi) cooperate with the sellers of Registrable Securities and the
managing underwriter, if any, to facilitate the timely preparation and delivery
of certificates not bearing any restrictive legends representing the Registrable
Securities to be sold, and cause such Registrable Securities to be issued in
such denominations and registered in such names in accordance with the
underwriting agreement prior to any sale of Registrable Securities to the
underwriters or, if not an underwritten offering, in accordance with the
instructions of the sellers of Registrable Securities at least three business
days prior to any sale of Registrable Securities.

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          1.6 Indemnification.

            (a) The Company will indemnify and hold harmless to the fullest
extent permitted by law each Holder of Registrable Securities and each of its
officers, directors and partners, and each person controlling such Holder, with
respect to which such registration, qualification or compliance has been
effected pursuant to this Agreement, and each underwriter, if any, and each
person who controls any underwriter of the Registrable Securities held by or
issuable to such Holder, against all claims, losses, expenses, damages and
liabilities (or actions in respect thereto) arising out of or based on (i) any
untrue statement (or alleged untrue statement) of a material fact contained in
any registration statement under which such securities were registered under the
Securities Act or 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; (ii) any untrue statement (or alleged untrue statement) of a
material fact contained in any preliminary or final prospectus, or based on any
omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statement therein, in light of the
circumstances under which they were made, or not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act or any state securities law applicable to the Company or any rule
or regulation promulgated under the Securities Act, the Exchange Act or any such
state law and relating to action or inaction required of the Company in
connection with any such registration, qualification of compliance, and will
reimburse each such Holder, each of its officers, directors and partners, and
each person controlling such Holder, each such underwriter and each person who
controls any such underwriter, within a reasonable amount of time after incurred
for any reasonable legal and any other expenses incurred in connection with
investigating, defending or settling any such claim, loss, damage, liability or
action; provided, however, that the indemnity agreement contained in this
subsection 1.6(a) shall not apply to amounts paid in settlement of any such
claim, loss, damage, liability, or action if such settlement is effected without
the consent of the Company (which consent shall not be unreasonably withheld);
and provided further, that the Company will not be liable in any such case to
the extent that any such claim, loss, damage or liability arises out of or is
based on any untrue statement or omission based upon written information
furnished to the Company by such Holder or underwriter specifically for use
therein; and provided further, however, that the Company will not be liable in
any such case to the extent that any such claim, loss, damage or liability
arises directly out of or is based primarily upon an untrue statement or
omission made in any preliminary or final prospectus if (i) such Holder failed
to send or deliver a copy of the final prospectus or prospectus supplement with
or prior to the delivery of written confirmation of the sale of the Registrable
Securities and (ii) the final prospectus or prospectus supplement would have
corrected such untrue statement or omission.

            (b) Each Holder will, if Registrable Securities held by or issuable
to such Holder are included in the securities as to which such registration,
qualification or compliance is being effected, severally and not jointly,
indemnify and hold harmless to the fullest extent permitted by law the Company,
each of its directors and officers, each underwriter, if any, of the Company's
securities covered by such a registration statement, each person who controls
the Company within the meaning of the Securities Act, and each other such
Holder, each of its officers, directors and partners and each person controlling
such Holder, against all claims, losses, expenses, damages and liabilities (or
actions in respect thereof) arising out of or based on any untrue statement (or
alleged untrue statement) of a material fact contained in any such registration
statement or final prospectus, or based on any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Company, such
Holders, such directors, officers, partners, persons or underwriters for any
reasonable legal or any other expenses incurred in connection with
investigating, defending or settling any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is
made in such registration statement or prospectus in reliance upon and in
conformity with information furnished to the Company by such Holder specifically
for use therein; provided, however, that the indemnity agreement contained in
this subsection 1.6(b) shall not apply to amounts paid in settlement of any such
claim, loss, damage, liability or action if such settlement is effected without
the consent of the Holder, (which consent shall not be unreasonably withheld);
and provided further, that the total amount for which any Holder shall be liable
under this subsection 1.6(b) shall not in any event exceed the net proceeds
received by such Holder from the sale of Registrable Securities held by such
Holder in such registration; and provided further, that a Holder will not be
liable in any such case to the extent that any such claim, loss, damage or
liability arises out of or is based on any untrue statement or omission based
upon written information furnished to the Holder by the Company or underwriter
specifically for use therein.

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            (c) Each party entitled to indemnification under this subsection 1.6
(the "Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably
withheld), and the Indemnified Party may participate in such defense at such
party's expense; and provided further, that the failure of any Indemnified Party
to give notice as provided herein shall not relieve the Indemnifying Party of
its obligations hereunder, except to the extent such failure resulted in
material prejudice to the Indemnifying Party; and provided further, that an
Indemnified Party (together with all other Indemnified Parties which may be
represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the Indemnifying
Party, if representation of such Indemnified Party by the counsel retained by
the Indemnifying Party would be inappropriate due to actual or potential
differing interests between such Indemnified Party and any other party
represented by such counsel in such proceeding. No Indemnifying Party, in the
defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to 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
in respect to such claim or litigation.

            (d) If for any reason the foregoing indemnity is unavailable or is
insufficient to hold harmless an indemnified party under subsection 1.6, then
each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claim in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party, on the one hand, and
the Indemnified Party, on the other hand, with respect to such offering of
securities. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Indemnifying Party or the Indemnified Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such untrue statement or omission. If, however, the allocation provided
in the second preceding sentence is not permitted by applicable law, then each
Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party in such proportion as is appropriate to reflect not only such
relative faults, but also any other relevant equitable considerations. The
parties hereto agree that it would not be just and equitable if contributions
pursuant to this subsection 1.6(d) were to be determined by pro rata allocation
or by any other method of allocation which does not take into account the
equitable considerations referred to in the preceding sentences of this
subsection 1.6(d). The amount paid or payable in respect of any claim shall be
deemed to include any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such claim.
No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. Notwithstanding
anything in this subsection 1.6 to the contrary, no Indemnifying Party (other
than the Company) shall be required pursuant to this subsection 1.6(d) to
contribute any amount in excess of the net proceeds received by such
Indemnifying Party from the sale of Registrable Securities in the offering to
which the losses, claims, damages or liabilities of the Indemnified Parties
relate, less the amount of any indemnification payment made pursuant to
subsection 1.6.

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            (e) The indemnity agreements contained herein shall be in addition
to any other rights to indemnification or contribution which any Indemnified
Party may have pursuant to law or contract and shall remain operative and in
full force and effect regardless of any investigation made or omitted by, or on
behalf of, any Indemnified Party and shall survive the transfer of the
Registrable Securities by any such party.

          1.7 Information by Holder. Any Holder or Holders of Registrable
Securities included in any registration shall promptly furnish to the Company
such information regarding such Holder or Holders and the distribution proposed
by such Holder or Holders as the Company may reasonably request and as shall be
required in connection with any registration, qualification or compliance
referred to herein.

          1.8 Rule 144 Reporting. With a view to making available to Holders the
benefits of certain rules and regulations of the SEC which may permit the sale
of the Registrable Securities to the public without registration, the Company
agrees at all times to:

            (a) make and keep public information available, as those terms are
understood and defined in SEC Rule 144, after 90 days after the effective date
of the first registration filed by the Company for an offering of its securities
to the general public;

            (b) file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act
(at any time after it has become subject to such reporting requirements); and

            (c) so long as a Holder owns any Registrable Securities, to furnish
to such Holder forthwith upon receipt of a written request a written statement
by the Company as to its compliance with the reporting requirements of said Rule
144 (at any time after 90 days after the effective date of the first
registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), a copy of the most
recent annual or quarterly report of the Company, and such other reports and
documents so filed by the Company as the Holder may reasonably request in
complying with any rule or regulation of the SEC allowing the Holder to sell any
such securities without registration.

          1.9 Transfer of Registration Rights. Holders' rights to cause the
Company to register their securities and keep information available, granted to
them by the Company under subsections 1.2, 1.3 and 1.8, may be assigned to a
transferee or assignee of (i) at least 100,000 shares of Registrable Securities
(as adjusted for stock splits, stock dividends, recapitalizations and like
events), (ii) the transfer is in connection with the transfer of all the
Registrable Securities of a Holder (including by way of transfer of a Holder's
Common Shares), or (iii) to any constituent partners or members of a Holder
which is a partnership or limited liability company, or to affiliates (as such
term is defined in SEC Rule 405) of a Holder, provided, that (a) the Company is
given written notice by such Holder at the time of or within a reasonable time
after said transfer, stating the name and address of said transferee or
assignee, and identifying the securities with respect to which such registration
rights are being assigned; (b) the assignee or transferee of such rights agrees
in writing to be bound by the terms and conditions of this Agreement, and (c)
solely as to transfers pursuant to clause (iii) above, any transferees or
assignees agree to act through a single representative. The Company may prohibit
the transfer of any Holders' rights under this subsection 1.9 to any proposed
transferee or assignee who the Company reasonably believes is a competitor of
the Company, or when such transfer may violate applicable securities laws.
Notwithstanding anything else in this subsection 1.9, any Holder may transfer
rights to a transferee of a Holder's Registrable Securities (or Common Shares)
if such transferee is a partner, member or shareholder or a retired partner,
member or shareholder of such Holder.

                                       9
<PAGE>

          1.10 "Market Stand-Off" Agreement. Each Holder hereby agrees that,
during the period of duration (not to exceed 180 days) specified by the Company
and an underwriter of common stock or other securities of the Company following
the effective date of an IPO or reverse merger with a public company, it shall
not, to the extent requested by the Company and such underwriter, directly or
indirectly sell, offer to sell, contract to sell (including, without limitation,
any short sale), grant any option to purchase, pledge or otherwise transfer or
dispose of (other than to donees who agree to be similarly bound) any securities
of the Company held by it at any time during such period except common stock
included in such registration. In order to enforce the foregoing covenant, the
Company may impose stop-transfer instructions with respect to the securities of
the Company held by any such Holder (and the shares of securities of every other
person subject to the foregoing restriction) until the end of such period.

          1.11 Delay of Registration. No Holder shall have any rights to take
any actions to restrain, enjoin, or otherwise delay any registration as the
result of any controversy that might arise with respect to the interpretation or
implementation of this Section 1.

          1.12 Termination of Registration Rights. No Holder shall be entitled
to exercise any right provided for in this Section 1 at any time, and the
obligations of the Company to a Holder under this Section 1 shall terminate with
respect to such Holder, when such Holder may sell all its Registrable Securities
in a three (3) month period under Rule 144 of the Act (whether or not such
Registrable Securities are then held in the form of Common Shares).

     2. Affirmative Covenants of the Company. The Company hereby covenants and
agrees as follows:

          2.1 Annual Financial Information. The Company shall deliver to each
Holder of at least ten thousand (10,000) (as adjusted for stock splits or
recapitalizations) Registrable Securities (a "Qualified Holder") as soon as
practicable after the end of each fiscal year of the Company, but in any event
within 90 days thereafter, statements of operations, shareholders' equity and
cash flows of the Company for such year, and a balance sheet of the Company as
of the end of such year, such year-end financial reports to be in reasonable
detail, prepared in accordance with generally accepted accounting principles
("GAAP"), and audited by independent public accountants selected by the
Company's Board of Directors.

          2.2 Inspection. The Company shall permit each Qualified Holder, at
such Qualified Holder's expense, to visit and inspect the Company's properties,
to examine its books of account and records and to discuss the Company's
affairs, finances and accounts with its officers, all at such reasonable times
as may be requested by the Qualified Holder; provided, however, that the Company
shall not be obligated pursuant to this subsection to provide access to any
information which it reasonably considers to be a trade secret or similar
confidential information.

          2.3 Termination of Information Covenants and Confidentiality of
Information. The covenants of the Company set forth in subsections 2.1 and 2.2
shall terminate as to the Qualified Holder and be of no further force or effect
when the Company first becomes subject to the periodic reporting requirements of
Section 12(b), 12(g) or 15(d) of the Securities Exchange Act of 1934, as
amended. Each Qualified Holder agrees that it will keep confidential and will
not disclose or divulge any confidential, proprietary or secret information
which such Purchaser may obtain from the Company, and which the Company has
prominently marked "confidential", "proprietary" or "secret" or has otherwise
identified as being such, pursuant to financial statements, reports and other
materials submitted by the Company as required hereunder, unless such
information is or becomes known to the Qualified Holder from a source other than
the Company without violation of any rights of the Company, or is or becomes
publicly known, or unless the Company gives its written consent to the Qualified
Holder's release of such information, except that no such written consent shall
be required (and the Qualified Holder shall be free to release such information
to such recipient) if such information is to be provided to a Qualified Holder's
counsel or accountant (and the provision of such information is directly
necessary in order for such recipient provide services to Qualified Holder), or
to an officer, director or partner of a Qualified Holder, provided that the
Qualified Holder shall inform the recipient of the confidential nature of such
information, and such recipient agrees in writing in advance of disclosure to
treat the information as confidential.

                                       10
<PAGE>

     3. General.

          3.1 Waivers and Amendments. With the written consent of the record
holders of at least a majority of the Registrable Securities, the obligations of
the Company and the rights of the parties under this Agreement may be waived
(either generally or in a particular instance, either retroactively or
prospectively, and either for a specified period of time or indefinitely), and
with the same consent the Company, when authorized by resolution of its Board of
Directors, may enter into a supplementary agreement for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement; provided, however, that no such modification, amendment or
waiver shall reduce the aforesaid percentage of Registrable Securities without
the consent of all of the Holders of the Registrable Securities. Notwithstanding
the foregoing, subsections 2.1, 2.2, and 2.3 may be amended only with the
written consent of the Company and a majority of the shares then held by
Qualified Holders. Upon the effectuation of each such waiver, consent, agreement
of amendment or modification, the Company shall promptly give written notice
thereof to the record holders of the Registrable Securities or Qualified
Holders, as the case may be, who have not previously consented thereto in
writing. This Agreement or any provision hereof may be changed, waived,
discharged or terminated only by a statement in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought, except to the extent provided in this subsection 3.1.

          3.2 Governing Law. This Agreement shall be governed in all respects by
the laws of the State of Delaware without regard the principles of conflicts of
law thereof.

          3.3 Successors and Assigns. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

          3.4 Entire Agreement. Except as set forth below, this Agreement and
the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects
hereof and thereof, and this Agreement shall supersede and cancel all prior
agreements between the parties hereto with regard to the subject matter hereof.

          3.5 Notices, etc. All notices and other communications required or
permitted hereunder shall be in writing and shall be delivered by overnight
courier service or mailed by first class mail, postage prepaid, certified or
registered mail, return receipt requested, addressed (a) if to any Purchaser, at
such party's address as set forth in the Company's records, or at such other
address as such party shall have furnished to the Company in writing, or (b) if
to the Company, at such address as the Company shall have furnished to the
Purchaser in writing.

                                       11
<PAGE>

          3.6 Severability. In case any provision of this Agreement shall be
invalid, illegal, or unenforceable, the validity, legality and enforceability of
the remaining provisions of this Agreement or any provision of the other
Agreement s shall not in any way be affected or impaired thereby.

          3.7 Titles and Subtitles. The titles of the sections and subsections
of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

          3.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

                       ----- SIGNATURES ON NEXT PAGE -----

                                       12
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date set forth underneath their respective signatures below.

"COMPANY"

Calibre Energy, Inc.,
a Delaware corporation

By:   /s/ Prentis B. Tomlinson, Jr.
   -----------------------------------

Print Name: Prentis B. Tomlinson
            --------------------

Title: President
       ---------

Date: October 31, 2005

"HOLDER"

By:  _________________________________

Print: _______________________________

Date:  _______________, 2005

                                       13Exhibit 10.2

THIS WARRANT  CERTIFICATE AND THE UNDERLYING  SHARES OF COMMON STOCK REPRESENTED
BY THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED,  AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,  THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE  SECURITY  BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER THE
LATER OF (i) OCTOBER 31, 2005,  AND (ii) THE DATE THE ISSUER  BECAME A REPORTING
ISSUER IN ANY PROVINCE OR TERRITORY

                                October 31, 2005

                              CALIBRE ENERGY, INC.

                          COMMON STOCK PURCHASE WARRANT

Void after October 31, 2007, and subject to earlier  termination  upon the terms
and conditions set forth herein

     THIS  WARRANT  (the  "Warrant")  entitles  ______________   (including  any
successors  or assigns,  the  "Holder"),  for value  received,  to purchase from
CALIBRE ENERGY,  INC., a Delaware  corporation (the "Company"),  at any time and
from time to time, subject to the terms and conditions set forth herein,  during
the period  starting from 5:00 a.m. on the Initial  Exercise Date (as defined in
Section 1 below) to 5:00 p.m.,  Eastern time, on the Expiration Date (as defined
in Section 1 below),  immediately following which time this Warrant shall expire
and become void, all or any portion of the Warrant Shares (as defined in Section
1 below) at the Exercise Price (as defined in Section 1 below). This Warrant has
been issued to Holder pursuant to the terms of a Subscription  Agreement of even
date herewith by and between the Company and the Holder.  This Warrant is issued
subject to the following terms and conditions:

     1. Definitions. As used in this Warrant, the following terms shall have the
respective  meanings set forth below or elsewhere in this Warrant as referred to
below:

     "Affiliate" means, with respect to any Person, any other Person directly or
indirectly  controlling  or  controlled  by or under  direct or indirect  common
control with such specified Person. For the purposes of this Warrant, "control,"
when used with  respect  to any  specified  Person  means the power to direct or
cause the direction of the management  and policies of such Person,  directly or
indirectly,  whether through the ownership of voting securities,  by contract or
otherwise;   and  the  terms   "controlling"   and  "controlled"  have  meanings
correlative to the foregoing.

     "Business  day"  (whether  such term is  capitalized  or not) means any day
except Saturday,  Sunday and any day which shall be a federal legal holiday or a
day on which banking institutions in the State of New York or the State of Texas
are authorized or required by law or other governmental action to close.

<PAGE>

     "Common Stock" means the common stock,  $0.001 par value per share,  of the
Company  (including  any  securities  into which or for which such shares may be
exchanged for, or converted into,  pursuant to any stock dividend,  stock split,
stock combination, recapitalization,  reclassification,  reorganization or other
similar event).

     "Company" has the meaning set forth in the preamble hereof.

     "Exercise Price" means initially the Initial Exercise Price, as such amount
may be adjusted from time to time pursuant to Section 3 hereof.

     "Expiration Date" means October 31, 2007.

     "Fair  Market  Value"  shall  mean on any date (i) if the  Common  Stock is
quoted on Nasdaq or listed  on a  national  securities  exchange,  then the last
reported  sale  price  per  share of  Common  Stock on  Nasdaq  or any  national
securities  exchange in which such Common Stock is quoted or listed, as the case
may be, on such date or, if no such sale price is  reported  on such date,  such
price on the next preceding business day in which such price was reported,  (ii)
if the Common  Stock is actively  traded  over-the-counter,  then the last sales
price  quoted,  if  determinable,  or, if not  determinable,  the average of the
closing bid and asked  prices  quoted on the OTCBB (or  similar  system) on such
date or (iii) if such Common Stock is not traded,  quoted or listed on Nasdaq or
any national securities exchange or the  over-the-counter  market, then the fair
market  value of a share of Common  Stock,  as  determined  in good faith by the
Board of Directors of the Company.

     "Holder" has the meaning set forth in the preamble of hereof.

     "Initial Exercise Date" means the date hereof.

     "Initial Exercise Price" means $0.75 per share of Common Stock.

     "OTCBB" means the OTC Bulletin Board.

     "Person"  (whether  or  not  capitalized)  means  an  individual,   entity,
partnership,  limited liability company, corporation,  association, trust, joint
venture,   unincorporated   organization,   and  any  government,   governmental
department or agency or political subdivision thereof.

     "Registration  Rights  Agreement"  means that certain  Registration  Rights
Agreement,  dated as of the date hereof, as it may be amended from time to time,
by and among the Company and the "Holders" (as such term is defined therein).

     "SEC" means the United States Securities and Exchange Commission.

     "Warrants"  means  this  Warrant  and  any  other  warrants,  substantially
identical   hereto,   to   purchase   Common   Stock   issued  by  the   Company
contemporaneously herewith to other Persons.

                                       2
<PAGE>

     "Warrant Shares" means [____] shares of Common Stock, subject to adjustment
in accordance with Section 3 below.

     2. Exercise of Warrant.

          2.1 Method of Exercise; Payment.

          (a) Cash Exercise.  Subject to all of the terms and conditions hereof,
     this  Warrant may be  exercised,  in whole or in part,  with respect to any
     Warrant  Shares,  at any time  and  from  time to time  during  the  period
     commencing on the Initial  Exercise  Date and ending at 5:00 p.m.,  Eastern
     Time, on the  Expiration  Date, by surrender of this Warrant to the Company
     at its principal office, accompanied by a subscription substantially in the
     form attached  hereto,  executed by the Holder and  accompanied by (a) wire
     transfer of immediately  available  funds or (b) certified or official bank
     check  payable  to the order of the  Company,  in each  case in the  amount
     obtained  by  multiplying  (i) the number of  Warrant  Shares for which the
     Warrant is being exercised, as designated in such subscription, by (ii) the
     Exercise  Price.  Thereupon,  the Holder  shall be  entitled to receive the
     number of duly  authorized,  validly issued,  fully paid and  nonassessable
     Warrant Shares determined as provided for herein.

          (b)  Cashless  Exercise/Conversion.  Subject  to all of the  terms and
     conditions hereof (including the vesting  provisions set forth below),  the
     Holder shall have the right to convert this  Warrant,  in whole or in part,
     with  respect  to any  Warrant  Shares,  at any time and from  time to time
     during the period  commencing  on the Initial  Exercise  Date and ending at
     5:00 p.m.,  Eastern  Time,  on the  Expiration  Date,  by surrender of this
     Warrant to the Company at its principal office, accompanied by a conversion
     notice  substantially in the form attached hereto,  executed by the Holder.
     Thereupon,  the  Holder  shall be  entitled  to  receive  a number  of duly
     authorized,  validly issued,  fully paid and  nonassessable  Warrant Shares
     equal to:

               (i) (A) (x) the number of Warrant  Shares  (subject to adjustment
               as  provided  in  Section 3 hereof)  which such  Holder  would be
               entitled to receive upon  exercise of such Warrant for the number
               of Warrant Shares  designated in such conversion  notice (without
               giving  effect  to  any  adjustment   thereof  pursuant  to  this
               subsection), multiplied by (y) the Fair Market Value of each such
               Warrant Share so receivable upon such exercise

               minus

                    (B) (x) the number of Warrant Shares  (subject to adjustment
                    as provided in Section 3 hereof)  which such Holder would be
                    entitled to receive  upon  exercise of such  Warrant for the
                    number  of  Warrant  Shares  designated  in such  conversion
                    notice  (without  giving  effect to any  adjustment  thereof
                    pursuant to this subsection), multiplied by (y) the Exercise
                    Price

                                       3
<PAGE>

               divided by

                    (ii) the Fair Market Value per Warrant Share.

          2.2 Delivery of Stock Certificates on Exercise. As soon as practicable
     after the  exercise  of this  Warrant,  and in any event  within  three (3)
     business days thereafter,  the Company,  at its expense,  and in accordance
     with applicable securities laws, will cause to be issued in the name of and
     delivered to the Holder, or as the Holder may direct (subject in all cases,
     to the provisions of Section 8 hereof),  a certificate or certificates  for
     the  number of Warrant  Shares  purchased  by the Holder on such  exercise,
     plus, in lieu of any fractional  share to which the Holder would  otherwise
     be  entitled,  cash equal to such  fraction  multiplied  by the Fair Market
     Value.

          2.3  Shares To Be Fully Paid and  Nonassessable.  All  Warrant  Shares
     issued upon the exercise of this Warrant shall be duly authorized,  validly
     issued, fully paid and nonassessable, free of all liens, taxes, charges and
     other  encumbrances  or  restrictions  on sale  (other than those set forth
     herein).

          2.4 Issuance of New Warrants; Company Acknowledgment. Upon any partial
     exercise of this Warrant, the Company, at its expense,  will forthwith and,
     in any event  within  three (3)  business  days,  issue and  deliver to the
     Holder a new warrant or warrants of like tenor,  registered  in the name of
     the Holder,  exercisable,  in the aggregate, for the balance of the Warrant
     Shares.  Moreover,  the Company shall,  at the time of any exercise of this
     Warrant,  upon the  request  of the  Holder,  acknowledge  in  writing  its
     continuing  obligation  to afford  to the  Holder  any  rights to which the
     Holder shall continue to be entitled after such exercise in accordance with
     the provisions of this Warrant; provided, however, that if the Holder shall
     fail to make any such request, such failure shall not affect the continuing
     obligation of the Company to afford to the Holder any such rights.

          2.5  Payment  of  Taxes  and  Expenses.  The  Company  shall  pay  any
     recording,  filing, stamp or similar tax which may be payable in respect of
     any transfer  involved in the issuance of, and the preparation and delivery
     of  certificates  (if  applicable)  representing,  (i) any  Warrant  Shares
     purchased  upon  exercise of this  Warrant  and/or (ii) new or  replacement
     warrants in the Holder's  name or the name of any  transferee of all or any
     portion of this Warrant.

          2.6 Cooperation  with Filings.  The Company shall assist and cooperate
     with any Holder required to make any governmental or regulatory  filings or
     obtain any  governmental or regulatory  approvals prior to or in connection
     with any exercise of this Warrant (including,  without  limitation,  making
     any filings required to be made by the Company).

          2.7 Conditions.  Notwithstanding  any other provision of this Warrant,
     if the  exercise  of all or any  portion  of this  Warrant is to be made in
     connection with a registered public offering,  a sale of the Company or any
     other  transaction  or event,  such  exercise  may, at the  election of the
     Holder,  be conditioned  upon  consummation of such transaction or event in
     which  case  such  exercise  shall  not  be  deemed   effective  until  the
     consummation of such transaction or event.

                                       4
<PAGE>

     3. Adjustment of Exercise Price and Warrant Shares.  The Exercise Price and
the number of Warrant  Shares shall be subject to  adjustment  from time to time
upon the happening of certain events as described in this Section 3.

          3.1  Subdivision or Combination of Stock.  If at any time or from time
     to time after the date hereof, the Company shall subdivide (by way of stock
     dividend, stock split or otherwise) its outstanding shares of Common Stock,
     the Exercise Price in effect immediately prior to such subdivision shall be
     reduced proportionately and the number of Warrant Shares (calculated to the
     nearest whole share) shall be increased proportionately, and conversely, in
     the event the outstanding shares of Common Stock shall be combined (whether
     by stock  combination,  reverse  stock split or  otherwise)  into a smaller
     number of shares,  the Exercise Price in effect  immediately  prior to such
     combination  shall be increased  proportionately  and the number of Warrant
     Shares   (calculated  to  the  nearest  whole  share)  shall  be  decreased
     proportionately. The Exercise Price and the number of Warrant Shares, as so
     adjusted,  shall be readjusted in the same manner upon the happening of any
     successive event or events described in this Section 3.1.

          3.2 Adjustments.

               (a) Adjustment for Stock Dividends. If at any time after the date
          hereof,  the  Company  shall  declare  a  dividend  or make any  other
          distribution  upon any class or series of stock of the Company payable
          in shares of Common Stock,  the Exercise  Price in effect  immediately
          prior  to  such   declaration   or   distribution   shall  be  reduced
          proportionately  and the number of Warrant  Shares  (calculated to the
          nearest  whole share) shall be increased  proportionately,  to reflect
          the  issuance  of any shares of Common  Stock,  issuable in payment of
          such dividend or  distribution.  The Exercise  Price and the number of
          Warrant Shares, as so adjusted, shall be readjusted in the same manner
          upon the happening of any successive event or events described in this
          Section 3.2.

               (b)  Adjustments for Other  Dividends and  Distributions.  If the
          Company at any time or from time to time after the date  hereof  shall
          make or issue, or fix 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)  or in cash or  other  property,  then and in each  such  event
          provision shall be made so that the Holder shall receive upon exercise
          hereof,  in addition to the number of shares of Common Stock  issuable
          hereunder,  the kind and amount of  securities  of the Company  and/or
          cash and other  property  which the Holder would have been entitled to
          receive had this Warrant been  exercised into 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
          any such securities receivable,  giving application to all adjustments
          called for during such period under this Section 3 with respect to the
          rights of the Holder.

                                       5
<PAGE>

               (c)  Adjustments  for  Reclassifications.  If  the  Common  Stock
          issuable upon the conversion of this Warrant shall be changed into the
          same or a  different  number of shares of any  class(es)  or series of
          stock   and/or   the   right   to   receive   property,   whether   by
          reclassification or otherwise (other than an adjustment under Sections
          3.1 and 3.2 or a merger, consolidation, or sale of assets provided for
          under  Section  3.4),  then and in each such event,  the Holder hereof
          shall have the right thereafter to convert each Warrant Share into the
          kind and amount of shares of stock and other  securities  and property
          receivable upon such  reclassification,  or other change by holders of
          the number of shares of Common  Stock into which such  Warrant  Shares
          would have been convertible immediately prior to such reclassification
          or change, all subject to successive  adjustments thereafter from time
          to time pursuant to and in  accordance  with,  the  provisions of this
          Section 3.

          3.3 Adjustments for Merger or  Consolidation.  If, at any time or from
     time to time  after  the  date  hereof,  the  Company  shall  (a)  effect a
     reorganization, (b) consolidate with or merge into any other Person, or (c)
     sell or transfer all or  substantially  all of its  properties or assets or
     more than 50% of the voting  capital stock of the Company  (whether  issued
     and outstanding,  newly issued, from treasury,  or any combination thereof)
     to any  other  person  under  any  plan or  arrangement  contemplating  the
     consolidation  or merger,  sale or transfer,  or dissolution of the Company
     (each, a "Merger  Transaction"),  then, in each such case, the Holder, upon
     the exercise of this  Warrant as provided in Section 2.1 or the  conversion
     of this  warrant as provided in Section 2.1 hereof at any time or from time
     to time  after  the  consummation  of such  reorganization,  consolidation,
     merger or sale or the effective date of such  dissolution,  as the case may
     be, shall receive,  in lieu of the Warrant Shares issuable on such exercise
     immediately  prior to such consummation or such effective date, as the case
     may be, the stock and property  (including  cash) to which the Holder would
     have been entitled upon the  consummation of such  consolidation or merger,
     or sale or transfer,  or in connection with such  dissolution,  as the case
     may be, if the Holder  had so  exercised  this  Warrant  immediately  prior
     thereto  (assuming the payment by the Holder of the Exercise Price therefor
     as required  hereby in a form  permitted  hereby,  which  payment  shall be
     included in the assets of the Company for the purposes of  determining  the
     amount available for distribution),  all subject to successive  adjustments
     thereafter  from time to time  pursuant  to, and in  accordance  with,  the
     provisions  of this  Section  3. The  Company  shall  not  effect  any such
     reorganization,  consolidation,  merger, sale or transfer unless,  prior to
     the consummation  thereof, the successor entity (if other than the Company)
     resulting from the  consolidation  or merger or the entity  purchasing such
     assets  assumes by written  instrument  the  obligation  to deliver to each
     holder  of  Warrants  such  shares of stock,  securities  or assets  as, in
     accordance  with the foregoing  provisions,  such holder may be entitled to
     acquire; provided, that any assumption shall not relieve the Company of its
     obligations hereunder.

          3.4  Continuation of Terms.  Upon any  reorganization,  consolidation,
     merger  or  transfer  (and any  dissolution  following  any such  transfer)
     referred to in this  Section 3, this Warrant  shall  continue in full force
     and effect and the terms hereof shall be applicable to the shares of Common
     Stock and other  securities  and property  receivable  upon the exercise of
     this Warrant after the consummation of such  reorganization,  consolidation
     or merger or the effective date of dissolution following any such transfer,
     as the case may be, and shall be binding upon the issuer of any such Common
     Stock or other securities, including, in the case of any such transfer, the
     Person  acquiring all or  substantially  all of the properties or assets or
     more than 50% of the voting  capital stock of the Company  (whether  issued
     and outstanding, newly issued or from treasury or any combination thereof),
     whether or not such Person shall have  expressly  assumed the terms of this
     Warrant.

                                       6
<PAGE>

          3.5  Minimum  Adjustment  of  Exercise  Price.  If the  amount  of any
     adjustment of the Exercise Price required  pursuant to this Section 3 would
     be less than one-tenth  (1/10) of one percent (1%) of the Exercise Price in
     effect at the time such  adjustment  is  otherwise  so required to be made,
     such amount shall be carried  forward and adjustment  with respect  thereto
     made at the time of and  together  with any  subsequent  adjustment  which,
     together  with such  amount  and any other  amount or  amounts  so  carried
     forward,  shall  aggregate at least one tenth (1/10) of one percent (1%) of
     such Exercise Price.

          3.6  Certificate  as to  Adjustments.  Upon  the  occurrence  of  each
     adjustment  or  readjustment  of the  Exercise  Price and number of Warrant
     Shares  pursuant to this Section 3, this Warrant shall,  without any action
     on the part of the Holder,  be adjusted in accordance  with this Section 3,
     and the Company, at its expense,  promptly shall compute such adjustment or
     readjustment in accordance with the terms hereof and prepare and furnish to
     the Holder a  certificate  setting forth such  adjustment or  readjustment,
     showing in detail the facts upon which such  adjustment or  readjustment is
     based.  The Company will forthwith send a copy of each such  certificate to
     the Holder in accordance with Section 9.4 below.

     4. Registration  Rights. The initial holders of the Warrant Shares shall be
entitled to the registration  rights and other rights  applicable to such shares
provided by the Registration Rights Agreement.

     5. Notices of Record Date. Upon (a) any  establishment  by the Company of a
record  date of the  holders  of any  class of  securities  for the  purpose  of
determining  the  holders  thereof who are  entitled to receive any  dividend or
other distribution,  or right or option to acquire securities of the Company, or
any  other  right,   or  (b)  any  capital   reorganization,   reclassification,
recapitalization,  merger or consolidation of the Company with or into any other
Person,  any transfer of all or substantially all the assets of the Company,  or
any  voluntary  or  involuntary  dissolution,  liquidation  or winding up of the
Company,  or the sale, in a single  transaction,  of a majority of the Company's
voting stock (whether newly issued,  or from treasury,  or previously issued and
then  outstanding,  or any combination  thereof),  the Company shall mail to the
Holder at least ten (10) business days, or such longer period as may be required
by law,  prior to the  record  date  specified  therein  and at  least  ten (10)
business  days prior to the date  specified  in clause (ii) or (iii)  hereof,  a
notice specifying (i) the date established as the record date for the purpose of
such dividend, distribution, option or right and a description of such dividend,
distribution,  option or right, (ii) the date on which any such  reorganization,
reclassification,  transfer, consolidation,  merger, dissolution, liquidation or
winding up, or sale is expected to become  effective and (iii) the date, if any,
fixed as to when the  holders of record of Common  Stock  shall be  entitled  to
exchange  their  shares  of  Common  Stock  for  securities  or  other  property
deliverable upon such reorganization, reclassification, transfer, consolidation,
merger,  dissolution,  liquidation  or winding up. Nothing herein shall prohibit
the Holder from  exercising this Warrant during the ten (10) business day period
commencing on the date of such notice.

                                       7
<PAGE>

     6. Exchange of Warrant.  Subject to the  provisions of Section 7 hereof (if
and to the extent  applicable),  this Warrant  shall be  exchangeable,  upon the
surrender hereof by the Holder at the principal  office of the Company,  for new
warrants of like tenor, each registered in the name of the Holder or, subject to
compliance with  applicable  federal and state  securities  laws, in the name of
such other  Persons as the Holder may direct (upon  payment by the Holder of any
applicable  transfer taxes).  Each of such new warrants shall be exercisable for
such number of Warrant  Shares as the Holder shall direct,  provided that all of
such new warrants shall represent,  in the aggregate,  the right to purchase the
same number of Warrant Shares and cash,  securities or other  property,  if any,
which may be purchased  by the Holder upon  exercise of this Warrant at the time
of its surrender.

     7. Transfer Provisions, etc.

          7.1 Legends.  Each certificate  representing any Warrant Shares issued
     upon exercise of this Warrant, and of any shares of Common Stock into which
     such Warrant Shares may be converted, shall bear the following legends:

          "THE SHARES  REPRESENTED BY THIS  CERTIFICATE HAVE NOT BEEN REGISTERED
          UNDER THE SECURITIES  ACT OF 1933, AS AMENDED,  AND MAY NOT BE OFFERED
          OR SOLD IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT  UNDER
          SAID  ACT  OR  PURSUANT  TO  AN  AVAILABLE  EXEMPTION  FROM,  OR  IN A
          TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER SAID ACT."

          "UNLESS  PERMITTED UNDER  SECURITIES  LEGISLATION,  THE HOLDER OF THIS
          SECURITY  MUST NOT TRADE  THE  SECURITY  BEFORE  THE DATE THAT IS FOUR
          MONTHS AND A DAY AFTER THE LATER OF (i) THE DATE OF ISSUANCE, AND (ii)
          THE DATE THE  ISSUER  BECAME A  REPORTING  ISSUER IN ANY  PROVINCE  OR
          TERRITORY"

          7.2 Mechanics of Transfer.

               (a) Any  transfer of all or any portion of this  Warrant (and the
          Warrant  Shares),  or of any  interest  herein  or  therein,  that  is
          otherwise  in  compliance  with  applicable  law shall be  effected by
          surrendering  this  Warrant to the  Company at its  principal  office,
          together with a duly executed form of assignment, in the form attached
          hereto. Upon any such transfer of this Warrant,  subject to compliance
          with applicable  federal and state  securities laws, the Company shall
          issue a new warrant or  warrants  of like tenor to the  transferee(s),
          representing,  in the aggregate, the right to purchase the same number
          of Warrant  Shares and cash,  securities  or other  property,  if any,
          which may be purchased by the Holder upon  exercise of this Warrant at
          the time of its surrender, in accordance with Section 2 hereof.

                                       8
<PAGE>

               (b) In the event of any  transfer  of all or any  portion of this
          Warrant in accordance  with Section  7.2(a)  above,  the Company shall
          issue (i) a new warrant of like tenor to the transferee,  representing
          the  right to  purchase  the  number  of  Warrant  Shares,  and  cash,
          securities or other  property,  if any, which were  purchasable by the
          Holder of the transferred  portion of this Warrant at the time of said
          transfer,  and  (ii) a new  warrant  of  like  tenor  to  the  Holder,
          representing  the right to purchase the number of Warrant  Shares,  if
          any, and cash,  securities or other property,  if any,  purchasable by
          the Holder of the un-transferred  portion of this Warrant.  Until this
          Warrant  or any  portion  thereof is  transferred  on the books of the
          Company,  the Company may treat the Holder as the  absolute  holder of
          this  Warrant  and all  right,  title  and  interest  therein  for all
          purposes, notwithstanding any notice to the contrary.

          7.3 No Restrictions on Transfer. Subject to compliance with applicable
     federal and state securities laws, this Warrant and any portion hereof, the
     Warrant Shares and the rights hereunder may be transferred by the Holder in
     its sole  discretion  at any time and to any Person or  Persons,  including
     without limitation Affiliates and affiliated groups of such Holder, without
     the consent of the Company.

          7.4 Warrant Register. The Company shall keep at its principal office a
     register  for the  registration,  and  registration  of  transfers,  of the
     Warrants.  The  name  and  address  of  each  Holder  of one or more of the
     Warrants, each transfer thereof and the name and address of each transferee
     of one or more of the Warrants  shall be registered in such  register.  The
     Company  shall  give to any  Holder  of a  Warrant  promptly  upon  request
     therefor,  a complete  and correct  copy of the names and  addresses of all
     registered Holders of the Warrants.

     8. Lost,  Stolen or  Destroyed  Warrant.  Upon  receipt  by the  Company of
evidence  satisfactory to it of loss,  theft,  destruction or mutilation of this
Warrant  and,  in the  case of loss,  theft or  destruction,  on  delivery  of a
customary affidavit of the Holder and customary  unsecured indemnity  agreement,
or, in the case of mutilation,  upon  surrender of this Warrant,  the Company at
its expense  will execute and deliver,  or will  instruct its transfer  agent to
execute and deliver,  a new Warrant of like tenor and date and  representing the
same rights represented by such lost, stolen, destroyed or mutilated warrant and
any such lost,  stolen,  mutilated or destroyed  Warrant  thereupon shall become
void.

     9. General.

          9.1  Authorized  Shares,  Reservation  of Shares for Issuance.  At all
     times while this Warrant is  outstanding,  the Company  shall  maintain its
     corporate  authority to issue,  and shall have  authorized and reserved for
     issuance  upon  exercise of this  Warrant,  such number of shares of Common
     Stock,  and any  other  capital  stock  or  other  securities  as  shall be
     sufficient  to perform its  obligations  under this Warrant  (after  giving
     effect to any and all  adjustments to the number and kind of Warrant Shares
     purchasable upon exercise of this Warrant).

                                       9
<PAGE>

          9.2  No  Impairment.  The  Company  will  not,  by  amendment  of  its
     Certificate of  Incorporation  or through any  reorganization,  transfer of
     assets, consolidation, merger, dissolution, issuance or sale of securities,
     sale or other  transfer  of any of its assets or  properties,  or any other
     voluntary  action,  avoid or seek to avoid the observance or performance of
     any of the  terms  of this  Warrant,  but will at all  times in good  faith
     assist in the  carrying out of all such terms and in the taking of all such
     action as may be necessary or appropriate in order to protect the rights of
     the Holder hereunder against impairment. Without limiting the generality of
     the  foregoing,  the  Company  (a) will not  increase  the par value of any
     shares of Common Stock  receivable  upon the exercise of this Warrant above
     the amount payable therefor on such exercise,  and (b) will take all action
     that may be necessary or  appropriate in order that the Company may validly
     and legally issue fully paid and nonassessable  shares of Common Stock upon
     the exercise of this Warrant.

          9.3 No Rights as  Stockholder.  Except as provided  herein  (including
     Sections 3 and 5), the Holder  shall not be  entitled to vote or to receive
     dividends  or to be deemed the holder of Common  Stock that may at any time
     be issuable upon exercise of this Warrant for any purpose  whatsoever,  nor
     shall anything  contained herein be construed to confer upon the Holder any
     of the rights of a stockholder  of the Company or any right to vote for the
     election of directors or upon any matter  submitted to  stockholders at any
     meeting  thereof,  or to give or withhold  consent to any corporate  action
     (whether upon any recapitalization,  issuance or reclassification of stock,
     change  of par value or  change  of stock to no par  value,  consolidation,
     merger or  conveyance  or  otherwise),  or to  receive  notice of  meetings
     (except to the extent  otherwise  provided in this Warrant),  or to receive
     dividends or  subscription  rights,  until the Holder shall have  exercised
     this  Warrant  and  been  issued  Warrant  Shares  in  accordance  with the
     provisions hereof and continues to hold Warrant Shares.

          9.4 Notices. Any notices, reports or other correspondence (hereinafter
     collectively  referred to as "correspondence")  required or permitted to be
     given  hereunder  shall  be sent  by  postage  prepaid  first  class  mail,
     overnight  courier or facsimile  transmission,  or delivered by hand to the
     party to whom such  correspondence  is  required or  permitted  to be given
     hereunder.  The date of giving any  notice  shall be the date of its actual
     receipt.

          (a) All correspondence to the Company shall be addressed as follows:

              Calibre Energy, Inc.
              ---------------------
              ---------------------
              Attn:  Chief Financial Officer
              Facsimile: [________]

                                       10
<PAGE>

              with a copy to:

              Vinson & Elkins LLP
              First City Tower
              1001 Fannin Street, Suite 2300
              Houston, Texas 77002-676
              Attn:  Michael C. Blaney
              Facsimile: (713) 758-2222

          (b) All  correspondence to the Holder shall be addressed to the Holder
     at its address appearing in the books maintained by the Company.

     10.  Amendment and Waiver.  No failure or delay of the Holder in exercising
any power or right hereunder  shall operate as a waiver  thereof,  nor shall any
single or partial  exercise of any such right or power,  or any  abandonment  or
discontinuance of steps to enforce such a right or power,  preclude any other or
further exercise thereof or the exercise of any other right or power. The rights
and  remedies of the Holder are  cumulative  and not  exclusive of any rights or
remedies  which it would  otherwise  have.  This  Warrant  is one of a series of
Warrants  issued by the  Company,  all dated the date  hereof and of like tenor,
except as to the number of shares of Common Stock subject thereto (collectively,
the "Company Warrants").  Any term of this Warrant may be amended or waived upon
the  written  consent  of the  Company  and  the  holders  of  Company  Warrants
representing  at least a majority  of the number of shares of Common  Stock then
subject to outstanding Company Warrants; provided that (i) any such amendment or
waiver must apply to all Company Warrants then  outstanding;  (ii) the number of
Warrant Shares subject to this Warrant, the Exercise Price or Expiration Date of
this Warrant and the number of shares or class of stock obtainable upon exercise
of this Warrant may not be amended, (iii) the right to exercise this Warrant may
not be waived,  without  the written  consent of the Holder of this  Warrant (it
being  agreed that an  amendment  to or waiver  under any of the  provisions  of
Section 3 of this Warrant  shall not be considered an amendment of the number of
Warrant  Shares or the Exercise  Price) and (iv) any  amendment  that  adversely
affects any particular  Holder without a  corresponding  affect upon all Holders
must be  approved  by the  particular  Holder so  affected.  The  Company  shall
promptly  give notice to all holders of the Company  Warrants of any  amendments
effected in  accordance  with this Section 10. No special  consideration  may be
given to any holder as  inducement  to waive or amend this  Warrant  unless such
consideration is given equally and ratably to all holders of Company Warrants.

          10.1 Governing Law. This Warrant shall be governed by and construed in
     accordance with the laws of the State of Delaware, as such laws are applied
     to contracts  entered  into and wholly to be performed  within the State of
     Delaware and without giving effect to any principles of conflicts or choice
     of law that  would  result  in the  application  of the  laws of any  other
     jurisdiction.

          10.2  Covenants  To  Bind   Successor  and  Assigns.   All  covenants,
     stipulations,  promises and  agreements in this Warrant  contained by or on
     behalf of the Company  shall bind its  successors  and assigns,  whether so
     expressed or not.

          10.3 Severability. In case any one or more of the provisions contained
     in this Warrant shall be invalid,  illegal or unenforceable in any respect,
     the  validity,  legality and  enforceability  of the  remaining  provisions
     contained herein shall not in any way be affected or impaired thereby.  The
     parties shall endeavor in good faith  negotiations  to replace the invalid,
     illegal or  unenforceable  provisions  with valid  provisions  the economic
     effect of which comes as close as possible to that of the invalid,  illegal
     or unenforceable provisions.

                                       11
<PAGE>

     11.  Construction.  The  definitions of this Warrant shall apply equally to
both the  singular  and the  plural  forms of the terms  defined.  Wherever  the
context may require,  any pronoun  shall  include the  corresponding  masculine,
feminine and neuter forms.  The section and  paragraph  headings used herein are
for  convenience of reference  only, are not part of this Warrant and are not to
affect the construction of or be taken into  consideration in interpreting  this
Warrant.

     12.  Remedies.  The Holder,  in addition to being  entitled to exercise all
rights  granted by law,  including  recovery  of  damages,  will be  entitled to
specific  performance of its rights under this Warrant.  The Company agrees that
monetary  damages  would not be adequate  compensation  for any loss incurred by
reason of a breach by it of the  provisions of this Warrant and hereby agrees to
waive the defense in any action for  specific  performance  that a remedy at law
would be adequate.  In any action or proceeding brought to enforce any provision
of this Warrant or where any provision  hereof is validly asserted as a defense,
the successful  party to such action or proceeding  shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

                           [SIGNATURE PAGE TO FOLLOW]

                                       12
<PAGE>

     IN WITNESS  WHEREOF,  the Company has executed  this Common Stock  Purchase
Warrant as of the date first written above.

                                      COMPANY:

                                      CALIBRE ENERGY, INC.

                                      By:   ____________________________________
                                      Name: Prentis B. Tomlinson, Jr., President

                                       13
<PAGE>

                                   NOTICE AND
                                  SUBSCRIPTION

To:  Calibre Energy, Inc.
     ---------------------
     ---------------------

     The undersigned hereby irrevocably elects to exercise the right of purchase
represented by the attached Warrant for, and to exercise thereunder,  __________
shares of Common Stock, of CALIBRE  ENERGY,  INC., a Delaware  corporation  (the
"Company"),  and  tenders  herewith  payment of  $__________,  representing  the
aggregate  purchase  price for such shares based on the price per share provided
for in such  Warrant.  Such  payment is being made in  accordance  with  Section
2.1(a) of the attached Warrant.

     The undersigned hereby represents and warrants as follows:

     (a) the  undersigned  is acquiring  such shares of Common Stock for its own
account for investment and not for resale or with a view to distribution thereof
in violation of the  Securities  Act of 1933,  as amended,  and the  regulations
promulgated thereunder (the "Securities Act"); and

     (b) the  undersigned is an "accredited  investor" as defined in Rule 501 of
Regulation D promulgated  under the Securities Act and was not organized for the
purpose  of  acquiring  the  Warrant  or  such  shares  of  Common  Stock.   The
undersigned's  financial  condition  is such that it is able to bear the risk of
holding such securities for an indefinite period of time and the risk of loss of
its entire investment.  The undersigned has sufficient  knowledge and experience
in investing  in  companies  similar to the Company so as to be able to evaluate
the risks and merits of its investment in the Company.

     Please issue a certificate or certificates  for such shares of Common Stock
in the following name or names and denominations and deliver such certificate or
certificates to the person or persons listed below at their  respective  address
set forth below:

                      -------------------------------------
                      -------------------------------------
                      -------------------------------------
                      -------------------------------------

     If said  number of shares of Common  Stock  shall not be all the  shares of
Common Stock issuable upon exercise of the attached Warrant, a new Warrant is to
be issued  in the name of the  undersigned  for the  remaining  balance  of such
shares of Common Stock less any fraction of a share of Common Stock paid in cash
pursuant to Section 2.1 of the attached warrant.

Dated:  ___________, ______                    _________________________________
                                               Signature

                                       14
<PAGE>

     The undersigned Calibre Energy,  Inc. hereby  acknowledges  receipt of this
Notice and  Subscription  and authorizes  issuance of the shares of Common Stock
described above.

Calibre Energy, Inc.

By:    ____________________________________________
Title: ____________________________________________
Date:  ____________________________________________

                                       15
<PAGE>

                               FORM OF ASSIGNMENT

                   (To be executed upon assignment of Warrant)

     For  value  received,   __________________________________   hereby  sells,
assigns and transfers unto  __________________  the attached Warrant [__% of the
attached Warrant], together with all right, title and interest therein, and does
hereby  irrevocably  constitute  and  appoint  ____________________  attorney to
transfer said Warrant [said  percentage of said Warrant] on the books of CALIBRE
ENERGY,  INC., a Delaware  corporation,  with full power of  substitution in the
premises.

     If not all of the attached  Warrant is to be so transferred,  a new Warrant
is to be issued in the name of the undersigned for the balance of said Warrant.

     The undersigned  hereby agrees that it will not sell,  assign,  or transfer
the right,  title and interest in and to the Warrant unless  applicable  federal
and state securities laws have been complied with.

Dated:_____________, ____
                                      ------------------------------------------
                                      Signature

                                       16
<PAGE>

                            FORM OF CONVERSION NOTICE

To Calibre Energy, Inc.:

     The  undersigned   registered   holder  of  the  attached   Warrant  hereby
irrevocably  converts such Warrants with respect to  ________(1)  Warrant Shares
which such holder  would be entitled to receive upon the  exercise  hereof,  and
requests  that the  certificates  for such  shares be issued in the name of, and
delivered to _________________, whose address is as follows:

                      -------------------------------------
                      -------------------------------------
                      -------------------------------------
                      -------------------------------------

     Such  conversion  is being made in  accordance  with Section  2.1(b) of the
attached Warrant. The undersigned hereby represents and warrants as follows:

     (a) the  undersigned  is acquiring  such shares of Common Stock for its own
account for investment and not for resale or with a view to distribution thereof
in violation of the Securities Act; and

     (b) the  undersigned is an "accredited  investor" as defined in Rule 501 of
Regulation D promulgated  under the Securities Act and was not organized for the
purpose  of  acquiring  the  Warrant  or  such  shares  of  Common  Stock.   The
undersigned's  financial  condition  is such that it is able to bear the risk of
holding such securities for an indefinite period of time and the risk of loss of
its entire investment.  The undersigned has sufficient  knowledge and experience
in investing  in  companies  similar to the Company so as to be able to evaluate
the risks and merits of its investment in the Company.

Dated:                        __________________________________________________
                              (Signature must conform in all respects to name of
                              holder as specified on the face of Warrant)

                              --------------------------------------------------
                              (Street Address)

                              --------------------------------------------------
                              (City)               (State)            (Zip Code)

     The undersigned Calibre Energy,  Inc. hereby  acknowledges  receipt of this
Conversion  Notice  and  authorizes  issuance  of the  shares  of  Common  Stock
described above.

Calibre Energy, Inc.

---------------------------------

-------------------------
(1) Insert here the number of Warrant Shares into which the Warrant is
convertible (or, in the case of a partial conversion, the number of Warrant
Shares as to which the Warrants evidenced by this Warrant Certificate are then
being converted). In the case of a partial conversion, a new Warrant Certificate
will be issued and delivered, representing the unconverted portion of the
Warrants, to the holder surrendering this Warrant Certificate.

                                       17

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