Document:

PROMISSORY
NOTE

    

    
      
        	
                $150,000.00

              	
                As
      of February 3, 2011

              

      

    

    

    Capitol
Acquisition Corp. II (“Maker”) promises to pay to the order of Leland
Investments Inc. (“Payee”) the principal sum of One Hundred Fifty Thousand
Dollars and No Cents ($150,000.00) in lawful money of the United States of
America, on the terms and conditions described below.  This Note
supersedes and replaces all outstanding notes from Maker to Payee.

     

    1.           Principal.  The
principal balance of this Note shall be repayable on the earlier of (i) the date
on which Maker consummates an initial public offering of its securities (“IPO”)
or (ii) the date on which Maker determines to not proceed with such
IPO.

     

    2.           Interest.  No
interest shall accrue on the unpaid principal balance of this Note.

     

    3.           Application of
Payments.  All payments shall be applied first to payment in
full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys’ fees, then to the payment
in full of any late charges and finally to the reduction of the unpaid principal
balance of this Note.

     

    4.           Events of
Default.  The following shall constitute Events of
Default:

     

    (a)           Failure to Make Required
Payments.  Failure by Maker to pay the principal of this Note
within five (5) business days following the date when due.

     

    (b)           Voluntary Bankruptcy,
Etc.  The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other
applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of
creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of
the foregoing.

     

    (c)           Involuntary Bankruptcy,
Etc.  The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of maker in an involuntary case
under the Federal Bankruptcy Code, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of Maker or for any substantial part of its property, or
ordering the winding-up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive
days.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.           Remedies.

     

    (a)           Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the
principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary
notwithstanding.

     

    (b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the
unpaid principal balance of, and all other sums payable with regard to, this
Note shall automatically and immediately become due and payable, in all cases
without any action on the part of Payee.

     

    6.           Waivers.  Maker
and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of
protest with regard to the Note, all errors, defects and imperfections in any
proceedings instituted by Payee under the terms of this Note, and all benefits
that might accrue to Maker by virtue of any present or future laws exempting any
property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time
for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

     

    7.           Unconditional
Liability.  Maker hereby waives all notices in connection with
the delivery, acceptance, performance, default, or enforcement of the payment of
this Note, and agrees that its liability shall be unconditional, without regard
to the liability of any other party, and shall not be affected in any manner by
any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agree that additional makers,
endorsers, guarantors, or sureties may become parties hereto without notice to
them or affecting their liability hereunder.

     

    8.           Notices.  Any
notice called for hereunder shall be deemed properly given if (i) sent by
certified mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or delivery
service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by
e-mail, to the following addresses or to such other address as either party may
designate by notice in accordance with this Section:

    

    If to
Maker:

    

    

    If to
Payee:

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving
party, (ii) the date shown on a telefacsimile transmission confirmation, (iii)
the date on which an e-mail transmission was received by the receiving party’s
on-line access provider (iv) the date reflected on a signed delivery receipt, or
(vi) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     

    9.           Construction.  This
Note shall be construed and enforced in accordance with the domestic, internal
law, but not the law of conflict of laws, of the State of New York.

     

    10.         Severability.  Any
provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     

    IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this
Note to be duly executed by its Chief Executive Officer the day and year first
above written.

    

    
      
        	 
      	
                CAPITOL
      ACQUISITION CORP. II

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Mark D. Ein

              	 
      
	 
      	 
      	
                Name:  Mark
      D. Ein

              
	 
      	 
      	
                Title:
      Chief Executive Officer

              

      

    

    
      
         

      

      
        3Unassociated Document

    SECOND
AMENDMENT

    TO

    OPTION
AGREEMENT

     

    This
Second Amendment to Option Agreement (this “Amendment”) is entered into
effective as of February 11, 2011 (“Effective Date”), by, between
and among American Liberty Petroleum Corp. (formerly known as “Oreon Rental Corporation”), a
Nevada domestic corporation (“Buyer”), and Desert
Discoveries, LLC, a Nevada domestic limited-liability company (“Seller”).

     

    R E C I T
A L S:

     

    
      	
              A.  

            	
              Seller
      and Buyer entered into that certain Option Agreement dated May 11, 2010
      (as amended on October 23, 2010, the “Agreement”), with
      respect to the purchase and sale of certain oil and gas leases and other
      described rights and interests of
Seller.

            

    

     

    
      	
              B.  

            	
              Seller
      and Buyer have agreed to amend the Agreement as provided for in this
      Amendment.

            

    

     

    
      	
              C.  

            	
              Except
      as otherwise expressly defined in this Amendment, capitalized terms used
      herein shall have the same meaning as set forth in the
      Agreement.

            

    

     

    A M E N D
M E N T:

     

    In
consideration of the mutual covenants and agreements contained herein, Seller
and Buyer agree to amend the Agreement as follows:

     

    1.            Section 1.2(a)(v).
The Agreement’s Section 1.2(a)(v) is hereby replaced and superseded in its
entirety by the following:

     

    (iv)           the
payment by Buyer to Seller via the Escrow Account with Escrow Holder of an
additional two hundred thousand US dollars ($200,000 USD) on or before January
14, 2011; and

     

    2.            Section 1.2(c). The
first sentence of the Agreement’s Section 1.2(c) is hereby replaced and
superseded in its entirety by the following:

     

    The
aggregate payments to the Escrow Account of $600,000 USD required by Sections
1.2(a)(iii), (iv), and (v), plus the aggregate
payments to the Escrow Account, if any, under Section 1.2(h) (collectively, the
“Part One Work Plan Funds”) shall be
held and used exclusively for the expenditures provided for in the Part One Work
Plan set forth as and in Exhibit 1.2(c)
hereto.

     

    3.            Section
1.2(h).  The Agreement shall be amended by adding a new Section
1.2(h), which shall read in its entirety as follows:

     

    (h)           Buyer
shall have the right, exercisable as set forth in this Section 1.2(h), to
purchase from Seller, as part of the Assets, a sixty percent (60%) working
interest owned by Seller in Bureau of Land Management Lease Number N-59901,
which was acquired by Seller as part of a larger purchase with Buyer’s consent
using a portion of the funds provided for in the second paragraph of the Part
One Work Plan, which shall be referred to as the “Cortez
Lease”.  Seller and Buyer acknowledge and agree that they have
agreed upon a form of Joint Operator Agreement for the development of the Kibby
Flats Lease, and a separate form for the Gibbs Lease, and that a condition to
Buyer’s exercise of its right to purchase the Cortez Lease is the mutual
agreement of both parties to include the Cortez Lease in one of those agreements
or to the form of a separate Joint Operator Agreement for the Cortez
Lease.  The parties shall endeavor in good faith to reach a mutually
satisfactory agreement as to Cortez Lease no later than April 1,
2011.  Buyer may exercise its right to include the Cortez Lease as
part of the Assets by providing written notice to Seller of its intention to do
so, along with the payment to the Escrow Agent of an additional two hundred
fifty thousand US dollars ($250,000 USD), at any time on or before June 1,
2011.  Upon such exercise, the Cortez Lease shall be thereafter deemed
part of the Assets for all purposes of this Agreement, and the additional
$250,000 shall be included in the amounts to be spent under the Part One Work
Plan.  If for any reason Buyer fails to timely make the foregoing
election and payment, then all rights and interest in and to the Cortez Lease
shall belong to Seller.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.            Section 2.1. The
Agreement’s first recital and its Section 2.1 are hereby amended such that the
last day of the Term is extended from March 4, 2011 to June 11,
2011.

     

    5.            Exhibit A. The
Agreement’s Exhibit A and all parenthetical references thereto in the Agreement
are hereby corrected to read “Exhibit 1.” Effective upon Buyer’s exercise of the
Cortez Option, the Agreement’s Exhibit 1 (f/k/a “Exhibit A”) shall be
automatically replaced and superseded in its entirety by the Exhibit 1 attached
hereto and hereby incorporated herein by this reference (which references as
Item 6 a sixty percent (60%) working interest in the Cortez Lease).

     

    6.            Exhibit 1.2(a). The
Agreement’s Exhibit 1.2(a) and all parenthetical references thereto in the
Agreement are hereby corrected to read “Exhibit 2(a).”

     

    7.            Exhibit 1.2(c). The
Agreement’s Exhibit 1.2(c) and all parenthetical references thereto in the
Agreement are hereby corrected to read “Exhibit 2(b).” Effective upon Buyer’s
election to purchase the Cortez Lease rights as noted in Section 1.2(h) of the
Agreement, Exhibit 2(b) (f/k/a “Exhibit 1.2(c)”) shall be automatically replaced
and superseded in its entirety by the Exhibit 2(b) attached hereto and hereby
incorporated herein by this reference.

     

    5.            Exhibit 1.2(s). The
Agreement’s Exhibit 1.2(d) and all parenthetical references thereto in the
Agreement are hereby corrected to read “Exhibit 2(c).”

     

    6.            Section 10.2. The
Agreement’s Section 10.2 is hereby amended to be read with the following
sentence inserted after the only sentence heretofore contained
therein:

     

    Provided
Buyer has made all payments it is required to make under this Agreement, Seller
shall also indemnify Buyer from and against any and all damages and costs
suffered by Buyer with regard to the plugging and/or abandonment of the wells on
the leasehold referenced as Item 6 on Exhibit 1 hereto.

     

    7.            Effect of Amendment.
Except as herein expressly amended, all terms, covenants and provisions of the
Agreement are and shall remain in full force and effect, and all references
therein to the “Agreement” shall henceforth refer to the Agreement as amended by
this Amendment. This Amendment shall be deemed incorporated into, and a part of,
the Agreement.

     

    8.            Amendment and Waiver.
The provisions of this Amendment or the Agreement may be amended or waived only
with the prior written consent of the Parties, and no course of conduct or
failure or delay in enforcing the provisions of this Amendment shall affect the
validity, binding effect or enforceability of this Amendment or the
Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    The
undersigned have executed this Amendment as of the Effective Date.

     

    
      
        	 	AMERICAN LIBERTY
      PETROLEUM CORP.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Alvaro
      Vollmers	 
	 	 	Name:
      Alvaro Vollmers 	 
	 	 	Title: 
       President and CEO 	 
	 	 	 	 

      

    

     

     

    
      
        	 	DESERT DISCOVERIES,
      LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Patrick
      Fagen 	 
	 	 	Name: Patrick
      Fagen 	 
	 	 	Title:  
      Manager	 
	 	 	 	 

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

     

    Exhibit
1

     

    (Description
of Assets and Seller’s rights therein)

     

    
      
        
          
            	
                    Lease
      (BLM Lease

                    Serial
      Number):

                  	
                    Property

                    Description:

                  	
                    Gross

                    Acres:

                  	
                    Working

                    Interest:

                  	
                    Net
      Revenue

                    Interest:

                  
	 
      	 
      	 
      	 
      
	
                    1. NVN086972

                  	
                    T:
      12N, R: 35E, Meridian: MDM, State: NV, County: Nye

                    Sec.
      1, Lots 1-4, S2N2, S2;

                    Sec.
      2, Lots 1-4, S2N2, S2;

                    Sec.
      3, Lots 1-4,  S2N2, S2;

                    Sec.
      4, Lots 1-4,  S2N2, S2.

                  	
                    2,557.28

                  	
                    75%

                  	
                    63.375%

                     

                     

                     

                  
	
                    2. NVN085029

                  	
                    T:
      06N, R: 37 1/2 E, Meridian: MD, State: NV, County: Esmeralda & Mineral
      Sec. 007, PROT ALL;

                    Sec.
      008, PROT ALL;

                    Sec.
      009, PROT ALL.

                  	
                    1,596.00

                  	
                    75%

                  	
                    63.375%

                  
	
                    3. NVN084761

                  	
                    T:
      0050N, R: 0380E, Meridian: MDM, State: NV, County: Esmeralda

                    Sec.
      005, PROT ALL;

                    Sec.
      006, PROT ALL;

                    Sec.
      007, PROT ALL;

                    Sec.
      008, PROT ALL.

                  	
                    2,547.00

                  	
                    75%

                  	
                    63.375%

                  
	
                    4. NVN083825

                  	
                    T:
      0050N, R: 38E, Meridian: 21 MDM, State: NV, County: Esmeralda

                    Sec.
      30, PROT ALL.

                  	
                    640.00

                  	
                    75%

                  	
                    63.375%

                  
	
                    5. NVN084762

                  	
                    T:
      0050N, R: 0380E, Meridian: MDM, State: NV, County: Esmeralda

                    Sec.
      017, PROT ALL;

                    Sec.
      018, PROT ALL;

                    Sec.
      019, PROT ALL;

                    Sec.
      020, PROT ALL.

                  	
                    2,537.00

                  	
                    75%

                  	
                    63.375%

                  
	
                    6. NVN59901

                  	
                    T:
      12N, R: 34E, Meridian: MDM, State: NV, County: Nye Sec. 1: Lots 1-4, S1/2
      N1/2, S1/2

                    Sec.
      12: All

                  	
                    3,840.56

                  	
                    60%

                  	
                    50.7%

                  
	 
      	
                    Sec.
      13: All

                    Sec.
      24: All

                    Sec.
      25: All

                    Sec.
      36: All

                    T:
      12N, R: 35E, Meridian: MDM, State: NV, County: Nye

                    Sec.
      13: All

                    Sec.
      23: All

                    Sec.
      24: W1/2

                    Sec.
      26: NW 1/4

                    Sec.
      27: All

                    Sec.
      28: All

                    Sec.
      29: All

                    Sec.
      30: Lots 1-4, E1/2 W1/2, E12

                    Sec.
      31: Lots 1-4, E1/2 W1/2, E12

                    Sec.
      32: All

                    Sec.
      33: All

                    Sec.
      34: NW 1/4

                  	 
      	 
      	 
      

          

        

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    Exhibit
2(b)

     

    Part One
Work Plan

     

    The
parties recognize and acknowledge that oil exploration, particularly drilling
and its associated expenses, are both capital and time intensive. The parties
further recognize and acknowledge that, due to the payment schedule mandated by
this Agreement, significant exploratory work, particularly on the land subject
to the Gabbs Lease, will not be feasible or reasonable unless and until the
funds provided for in Sections 1.2(a)(iii), (iv), and (v) have been paid to
Seller as contemplated herein. The foregoing facts acknowledged, the Part One
Work Plan contemplates an aggregated expenditure of $850,000 USD during the year
after the date of this Agreement. The Part One Work Plan allocates for the
expenditure of this money accordingly:

     

    $385,000
USD to be spent on geological and/or exploratory work necessary for the
development of the oil and gas resources underlying the Kibby Flats Leases
and/or the leasehold referenced by Item 6 in this Agreement’s Exhibit
1 (the “Cortez
Lease”), and/or the
potential acquisition of nearby land parcels in fee and/or
leasehold;

     

    $390,000
USD to be spent (subject to successful compliance with all applicable laws and
regulations, filing of all necessary applications, and receipt of all requisite
third-party approvals) for acquisition costs, including the posting of a
reclamation bond and the subsequent testing of the existing, abandoned well
located on the property underlying the Gabbs Lease, the posting of a reclamation
bond and the subsequent testing of the existing wells on the Cortez Lease, and the legal fees and filing
costs incurred to create and properly form and document a Nevada domestic
limited-liability company to act as third party operator for the leaseholds
referenced in this Agreement’s Exhibit
1. If rights to said well cannot for any reason be acquired, then, the
$390,000 will be spent on geological and/or exploratory work to develop the oil
and gas resources underlying the Gabbs Lease, Kibby Flats Leases, or Cortez
Lease —
and/or the potential acquisition of nearby land parcels in fee and/or
leasehold.

     

    $15,000
USD to be spent for BLM Rental payments required under the Gabbs Lease, Kibby
Flats Leases, and the Cortez Lease to maintain same in good
standing.

     

    $60,000
USD ($5,000 per month for one year) to retain on an independent contractor basis
an individual agreed upon by High Sierra, Fagen and Buyer to coordinate and
oversee work performed under the Part One Work Plan.

     

    It is
expressly understood and agreed that all of Seller’s interest in any wells as
may be drilled on either the Gabbs and the Kibby Flats leases (as described
above) or nearby land parcels as may be acquired in fee and/or leasehold (as
described above), including the Cortez Lease, shall be and become part of the
Assets to be transferred and conveyed to Buyer at Closing. Furthermore, it is
expressly understood and agreed that all of Seller’s interest, if any, as well
as all liabilities, including but not limited to, reclamation bonds and costs,
that may arise in the existing abandoned well located on the property underlying
the Gabbs lease (including any improvements thereto and any
personal

    property
associated therewith) shall be and become part of the Assets to be transferred
and conveyed to Buyer at Closing.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Any
portion of the funds held in the Escrow Account but not expensed prior to
Closing shall remain in the Escrow Account and be allocated towards one of the
above uses as deemed appropriate by the Operator.

     

    High
Sierra Exploration, LLC and Nancy Fagen (and their successors or assigns) will
be not be required to pay any share or amounts towards the Part One Work Plan
expenditures until the funds provided for in Sections 1.2(a)(iii), (iv), and (v)
of the Agreement have been paid to Seller via the Escrow Account and expended
accordingly.

     

    Unless
the abandoned well on the Nancy Fagen lease is able to be re-entered pursuant to
yet-to­be-determined regulatory permits, engineering feasibility studies,
and prudent business practices, that the sums envisioned to be provided by Buyer
for development of either or both of the Kibby Flats and Gabbs properties shall
limit field efforts to geological testing and survey work. Should a new, “from
scratch” well be drilled on either property, new funds will need to be raised in
amounts commensurate with such an effort.

     

    The
parties acknowledge and agree that the JOA will be representative of the above
terms and all money paid towards the Part One Work Plan prior to the completion
of the JOA will be allocated accordingly.

     

    
      
         

      

      
        6

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