Document:

Exhibit 10.1

THIS  NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND  IS  TRANSFERABLE  ONLY  UPON  THE  CONDITIONS  SPECIFIED  HEREIN.

                                 PROMISSORY NOTE

US  $493,643.77                                               October  19,  2006

     FOR  VALUE  RECEIVED,  the  undersigned,  Texhoma Energy, Inc., which has a
business  address  of  Suite  340,  2200  Post  Oak  Blvd., Houston, Texas 77056
("Maker"),  hereby  promises  to  pay  to the order of Jacobs Oil & Gas Limited,
which  has  an address of Suite 2404, 1500 Howe Street, Vancouver BC, Canada V6Z
2N1  ("Payee"),  the  principal  sum  of Four hundred ninety three thousand, six
hundred  forty  three  dollars and seventy seven Cents ($493,643.77) (the ""Loan
Funds""),  in  lawful  money  in  United States of America, which shall be legal
tender,  bearing  interest and payable as provided herein.  This Promissory Note
represents  indebtedness  owed  to  Mr.  Frank Jacobs, the Maker''s former Chief
Executive  Officer, in management fees and expenses, which are summarized on the
attached  timetable  (the ""Timetable""), which is attached hereto as Exhibit A.
                                                                      ---------
Mr.  Jacobs  has  undertaken  to  update  the  Maker on a quarterly basis of the
outstanding  amount due in Loan Funds, which is secured by this Promissory Note.

     Interest  on  the  unpaid principal and accrued and unpaid interest on this
Note  shall  bear  interest  at  the  rate  of 6% per annum, accruing monthly in
arrears until paid in full.  Interest will be computed on the basis of a 360-day
year.  Interest on the Loan Funds shall accrue from the date such Loan Funds are
communicated to the Maker in the form of the Timetable to be communicated to the
Maker  on  a  quarterly  basis  as  described  above.

     The entire amount of the Note, including any outstanding Loan Funds and any
accrued  and  unpaid  interest  thereon shall be due and payable by the maker on
demand.  Any  amount  of  principal  or  interest  not paid on the Note when due
(defined herein as an ""Event of Default"") shall accrue interest at the rate of
fifteen  percent (15%) per annum until paid. In addition to the default interest
on  the Note, the full repayment of the Note and any accrued and unpaid interest
shall  be secured by a Security Agreement entered into between the Payee and the
Maker,  attached  hereto  as  Exhibit  B.
                              ----------

     This Note is intended to protect Mr. Jacobs both from currency fluctuations
in connection with the Loan Funds and costs incurred by Mr. Jacobs to secure the
amounts  loaned  to  the  Maker  in  connection  with  the  Loan  Funds.

<PAGE>

     This  Note may be prepaid in whole or in part, at any time and from time to
time,  without  premium  or  penalty.

     If  any payment of principal or interest on this Note shall become due on a
Saturday,  Sunday  or  any  other  day  on which national banks are not open for
business,  such  payment shall be made on the next succeeding business day. This
Note  shall  be  binding upon and inure to the benefit of the Payee named herein
and  Payee''s  respective  successors and assigns.  Each holder of this Note, by
accepting  the  same,  agrees  to and shall be bound by all of the provisions of
this  Note.  Payee  may  assign  this  Note  or  any of its rights, interests or
obligations  to  this  Note  without  the  prior  written  approval  of  Maker.

     No  provision of this Note shall alter or impair the obligation of Maker to
pay  the  principal of and interest on this Note at the times, places and rates,
and  in  the  coin  or  currency,  herein  prescribed.

     Notwithstanding  anything  to  the  contrary  in  this  Note  or  any other
agreement entered into in connection herewith, whether now existing or hereafter
arising  and  whether  written  or  oral, it is agreed that the aggregate of all
interest  and  any  other  charges  constituting  interest,  or  adjudicated  as
constituting  interest,  and contracted for, chargeable or receivable under this
Note  or  otherwise  in  connection  with  this loan transaction, shall under no
circumstances  exceed  the  Maximum  Rate.

     In the event the maturity of this Note is accelerated by reason of an Event
of  Default  under  this  Note,  any  other agreement entered into in connection
herewith  or  therewith,  or by voluntary prepayment by Maker or otherwise, then
earned  interest may never include more than the Maximum Rate, computed from the
dates  of  each advance of the loan proceeds outstanding until payment.  If from
any  circumstance  any  holder  of  this Note shall ever receive interest or any
other  charges  constituting  interest, or adjudicated as constituting interest,
the  amount, if any, which would exceed the Maximum Rate shall be applied to the
reduction  of the principal amount owing on this Note, and not to the payment of
interest;  or if such excessive interest exceeds the unpaid balance of principal
hereof, the amount of such excessive interest that exceeds the unpaid balance of
principal  hereof shall be refunded to Maker.  In determining whether or not the
interest  paid  or  payable exceeds the Maximum Rate, to the extent permitted by
applicable  law  (i)  any  nonprincipal  payment  shall  be  characterized as an
expense,  fee  or  premium rather than as interest; and (ii) all interest at any
time contracted for, charged, received or preserved in connection herewith shall
be amortized, prorated, allocated and spread in equal parts during the period of
the  full  stated  term  of  this  Note.  The term "Maximum Rate" shall mean the
maximum  rate  of  interest  allowed  by  applicable  federal  or  state  law.

<PAGE>

     Except as provided herein, Maker and any sureties, guarantors and endorsers
of  this  Note  jointly  and  severally  waive  demand,  presentment,  notice of
nonpayment  or dishonor, notice of intent to accelerate, notice of acceleration,
diligence  in  collecting,  grace,  notice  and  protest,  and  consent  to  all
extensions  without  notice  for  any  period  or  periods  of  time and partial
payments, before or after maturity, without prejudice to the holder.  The holder
shall similarly have the right to deal in any way, at any time, with one or more
of  the  foregoing  parties  without notice to any other party, and to grant any
such party any extensions of time for payment of any of said indebtedness, or to
grant  any  other  indulgences  or forbearance whatsoever, without notice to any
other party and without in any way affecting the personal liability of any party
hereunder.  If  any  efforts  are  made  to  collect or enforce this Note or any
installment  due  hereunder,  the undersigned agrees to pay all collection costs
and  fees,  including  reasonable  attorney's  fees.

     This  Note shall be construed and enforced under and in accordance with the
laws  of  the  State  of  Texas.

     IN  WITNESS  WHEREOF,  Maker  has duly executed this Note as of the day and
year  first  above  written.

                        TEXHOMA  ENERGY,  INC.
                        ----------------------

                        /s/ Max Maxwell
                        ------------------------------------------
                        Max  Maxwell
                        Chief  Executive  Officer  and  President

<PAGE>Exhibit 10.2

                               SECURITY AGREEMENT
                               ------------------

     THIS  SECURITY AGREEMENT (the "SECURITY AGREEMENT") is dated as of the 19th
                                    ------------------
day  of  October,  2006  by and among Texhoma Energy, Inc., a Nevada Corporation
(the  "DEBTOR")  and  Frank  Jacobs  and  Jacobs  Oil  & Gas, Ltd. (the "SECURED
       -------                                                           -------
PARTY").
-----

                               W I T N E S S E T H
                               - - - - - - - - - -

     WHEREAS,  the Debtor owes certain monies to the Secured Party in connection
with  loans  made  and monies advanced to the Debtor, which are evidenced by the
Promissory  Note, which this Security Agreement is attached to as Exhibit B (the
                                                                  ---------
"NOTE"),  which  Note  may  be  supplemented  and increased from time to time as
 ----
provided  in  the  Note;  and

     WHEREAS,  Debtor  has  agreed,  pursuant to the terms and conditions of the
Note,  to  secure  the  repayment  of  the  Note by granting the Secured Party a
security  interest  in  certain  property  of  the  Debtor  as more specifically
provided  herein;

     NOW,  THEREFORE,  in consideration of the foregoing, Debtor and the Secured
Party  agree  as  follows:

SECTION  1.     GRANT  OF  SECURITY  INTEREST.
                -----------------------------

     In  order  to  secure the payment and performance of the Note in accordance
with  the  terms  thereof,  except  as  otherwise  specifically provided in this
Security  Agreement, the Debtor hereby grants to the Secured Party, a continuing
first  priority  security  interest  and  lien  in  and  to all right, title and
interest  of Debtor to 276,000 shares of Morgan Creek Energy Corp., which shares
are held or will be held by the Debtor subsequent to the parties entry into this
Security  Agreement  (the  "SHARES"),  which  Shares  the  Debtor agrees will be
                            ------
assigned to the Secured Party promptly after the later of (a) the receipt of the
shares  by  the  Secured  Party;  and (b) the parties entry into this agreement.

     So  long  as  no  Event of Default has occurred and is continuing under the
Note,  the  Secured  Party  shall hold the Shares for the benefit of the Debtor,
however  such  shares  shall  for  all purposes be treated as being owned by the
Debtor,  which  Debtor  shall  have  the  right  to vote such shares, but not to
transfer,  sell, pledge or otherwise encumber the Shares, until such time as (a)
the  Note has been repaid in full, or (b) an Event of Default has occurred under
the  Note.

     In  the  event  the  Note  has  been  repaid  in  full, the Shares shall be
reassigned  by  the Secured Party to the Debtor and all right, title and benefit
of the shares shall revert back to the Debtor and the Secured Party shall retain
no  interest  in the Shares. In the event an Event of Default has occurred under
the  Note, the Shares shall become the property of the Secured Party without any
further  action  on  the  part  of  the Secured Party, provided however that the
Secured Party shall obtain all its rights and remedies against the Secured Party
in  relation  to  any  outstanding amount of the Note, which is not sufficiently
discharged by the receipt and ownership of the Shares, in the reasonable opinion
of  the  Debtor.

<PAGE>

SECTION  2.  MISCELLANEOUS.
             --------------

     (a)  Assignment.  All  of  the  terms,  provisions  and  conditions of this
          ----------
          Agreement  shall be binding upon and shall inure to the benefit of and
          be  enforceable  by the Parties hereto and their respective successors
          and  permitted  assigns.

     (b)  Applicable  Law.  This  Agreement  shall  be  construed  in accordance
          ---------------
          with  and  governed  by  the laws of the State of Texas, excluding any
          provision of this Agreement which would require the use of the laws of
          any  other  jurisdiction.

     (c)  Entire  Agreement,  Amendments  and  Waivers.  This  Agreement
          --------------------------------------------
          constitutes  the  entire agreement of the Parties hereto and expressly
          supersedes  all  prior  and  contemporaneous  understandings  and
          commitments,  whether  written  or  oral,  with respect to the subject
          matter  hereof. No variations, modifications, changes or extensions of
          this  Agreement  or  any  other terms hereof shall be binding upon any
          Party  hereto  unless  set  forth  in a document duly executed by such
          Party  or  an  authorized  agent  or  such  Party.

     (d)  Waiver.  No  failure  on  the  part  of  any  Party  to  enforce  any
          ------
          provisions  of  this  Agreement  will  act as a waiver of the right to
          enforce  that  provision.

     (e)  Section  Headings.  Section  headings  are  for  convenience  only and
          -----------------
          shall  not  define  or  limit  the  provisions  of  this  Agreement.

     (f)  Effect  of  Facsimile  and  Photocopied  Signatures.  This  Agreement
          ---------------------------------------------------
          may be executed in several counterparts, each of which is an original.
          It  shall  not  be  necessary in making proof of this Agreement or any
          counterpart  hereof  to  produce  or  account  for  any  of  the other
          counterparts.  A  copy of this Agreement signed by one Party and faxed
          to  another  Party shall be deemed to have been executed and delivered
          by  the  signing  Party  as  though  an  original. A photocopy of this
          Agreement  shall  be  effective  as  an  original  for  all  purposes.

     [Remainder of page left intentionally blank.  Signature page follows.]

<PAGE>

     This Agreement has been executed by the Parties on the date first written
above, with an Effective Date as provided above.

TEXHOMA ENERGY, INC.

/s/ Max Maxwell                     /s/ Meredith Maxwell
-----------------------             ------------------------
Max Maxwell                         Meredith Maxwell
President & CEO                     Legal Administrator
-----------------------             ------------------------

FRANK JACOBS & JACOBS OIL & GAS, LTD.

/s/ Frank Jacobs                    /s/ Meredith Maxwell
-----------------------             ------------------------
Frank Jacobs                        Meredith Maxwell
President                           Witness
-----------------------             ------------------------

<PAGE>

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