Document:

Slopestyle Corporation Exhibit 10.1 on 4/28/2006

EXHIBIT 10.1

CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS

We consent to the use of our report dated February 8, 2006 on the financial statements of Slopestyle Corporation as of December 31, 2004, and the related statements of operations, stockholders’ equity and cash flows for the year then ended, and the inclusion of our name under the heading “Experts” in the Form SB-1 Registration Statement filed with the Securities & Exchange Commission.

SIGNATURE

/s/  David S. Hall

David S. Hall, P.C.

Dallas, Texas

April 26, 2006Slopestyle Corporation Exhibit 10.2 on 4/28/2006

EXHIBIT 10.2

CONSENT OF CERTIFIED PUBLIC ACCOUNTANTS

We consent to the use of our report dated February 8, 2006 on the financial statements of Slopestyle Corporation as of December 31, 2005, and the related statements of operations, stockholders’ equity and cash flows for the year then ended, and the inclusion of our name under the heading “Experts” in the Form SB-1 Registration Statement filed with the Securities & Exchange Commission.

/s/  David S. Hall, P.C.

David S. Hall, P.C.

Dallas, Texas

April 26, 2006Exhibit 4.1

    
      

    

     

    NEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
      OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, OR
      OTHERWISE TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS (I) PURSUANT TO
      REGISTRATION UNDER THE SECURITIES ACT OR (II) IN COMPLIANCE WITH AN EXEMPTION
      THEREFROM AND ACCOMPANIED, IF REQUESTED BY HOUSTON AMERICAN ENERGY CORP., WITH
      AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER
      IS IN COMPLIANCE WITH AN EXEMPTION THEREFROM.

     

     

    THIS
      WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON

    ITS
      EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON 

      TRANSFER
      SET FORTH IN ARTICLE II OF THIS WARRANT

     

    
      	
              Warrant
                No. SMH - 1

            	
              Number
                of Shares: 415,000

            
	 	
              (subject
                to adjustment)

            
	
              Date
                of Issuance: April 28, 2006

            	 

    

     

    Houston
      American Energy Corp.

     

    Common
      Stock Purchase Warrant

     

    THIS
      IS
      TO CERTIFY THAT, for value received, SANDERS MORRIS HARRIS INC., a Texas
      corporation (the "Registered
      Holder"),
      or
      its permitted assigns, is entitled to purchase from HOUSTON AMERICAN ENERGY
      CORP., a Delaware corporation (the "Company"),
      at
      the place where the Warrant Office designated pursuant to Section 2.1 is
      located, at a purchase price per share of $3.00 (as adjusted pursuant to the
      terms of this Warrant, the "Exercise
      Price"),
      415,000 shares of duly authorized, validly issued, fully paid and nonassessable
      shares of Common Stock, $0.001 par value per share, of the Company (the
      "Common
      Stock"),
      and
      is entitled also to exercise the other appurtenant rights, powers and privileges
      hereinafter set forth. The number of shares of the Common Stock purchasable
      hereunder and the Exercise Price are subject to adjustment in accordance with
      Article III hereof. This Warrant shall expire at 5:00 p.m., Houston time, on
      April 28, 2011.

     

    Certain
      Terms used in this Warrant are defined in Article IV.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    Exercise
      of Warrant

     

    1.1    Method
      of Exercise.
      This
      Warrant may be exercised by the Registered Holder as a whole or in part from
      time to time until April 28, 2011, at which time this Warrant shall expire
      and be of no further force or effect; provided,
      however,
      that
      the minimum number of Warrant Shares that may be purchased on a single exercise
      shall be 50,000 or the entire number of shares remaining available for exercise
      hereunder, whichever is less. To exercise this Warrant, the Registered Holder
      or
      permitted assignees of all rights of the Registered Holder shall deliver to
      the
      Company, at the Warrant Office designated in Section 2.1, (a)  a written
      notice in the form of the Purchase Form attached as Exhibit
      A
      hereto,
      stating therein the election of the Registered Holder or such permitted
      assignees of the Registered Holder to exercise this Warrant in the manner
      provided in the Purchase Form, (b) payment in full of the Exercise Price
      (in the manner described below) for all Warrant Shares purchased hereunder,
      and
      (c) this Warrant. Subject to compliance with Section 3.1(a)(vi), this
      Warrant shall be deemed to be exercised on the date of receipt by the Company
      of
      the Purchase Form, accompanied by payment for the Warrant Shares to be purchased
      and surrender of this Warrant, as aforesaid, and such date is referred to herein
      as the "Exercise
      Date."
      Upon
      such exercise (subject as aforesaid), the Company shall issue and deliver to
      the
      Registered Holder a certificate for the full number of the Warrant Shares
      purchasable by the Registered Holder hereunder, against the receipt by the
      Company of the total Exercise Price payable hereunder for all such Warrant
      Shares, (a) in cash or by certified or cashier's check or (b) if the Common
      Stock is registered under the Securities Exchange Act of 1934, as amended (the
      "Exchange
      Act"),
      by
      surrendering Warrant Shares having a Current Market Price equal to the Exercise
      Price for all the Warrant Shares so purchased. The Person in whose name the
      certificate(s) for Common Stock is to be issued shall be deemed to have become
      a
      holder of record of such Common Stock on the Exercise Date.

     

    1.2    Net
      Exercise.
      Notwithstanding any provisions herein to the contrary, if the Common Stock
      is
      registered under the Exchange Act, and the Current Market Price of one share
      of
      Common Stock is greater than the Exercise Price (at the date of calculation
      as
      set forth below), in lieu of exercising this Warrant by payment of cash, the
      Registered Holder may elect to receive Warrant Shares equal to the value (as
      determined below) of this Warrant (or the portion thereof being canceled) by
      surrender of this Warrant at the Warrant Office together with the properly
      endorsed Purchase Form in which event the Company shall issue the Registered
      Holder a number of shares of Common Stock computed as follows:

    

      
        	
                X
                  =
                  Y(A-B)

                       A

              

      

       

    

    
      	
              Where:

            	
              X
                =

            	
              the
                number of shares of Common Stock to be issued to the Registered
                Holder.

            

    

    
      	 	
              Y
                =

            	
              the
                number of shares of Common Stock purchasable under the Warrant or,
                if only
                a portion of the Warrant is being exercised, the portion of the Warrant
                being canceled (at the date of such
                calculation)

            

    

    
      	 	
              A
                =

            	
              the
                Current Market Price of one share of Common Stock (at the date of
                such
                calculation)

            

    

    
      	 	
              B
                =

            	
              Exercise
                Price (as adjusted to the date of such
                calculation)

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    1.3    Fractional
      Shares.
      No
      fractional shares of Common Stock shall be issued upon exercise of this Warrant.
      Instead of any fractional shares of Common Stock that would otherwise be
      issuable upon exercise of this Warrant, the Company shall pay a cash adjustment
      in respect of such fractional interest equal to the fair market value of such
      fractional interest as determined in good faith by the Board of
      Directors.

     

    1.4    Termination.
      Notwithstanding any other provision of this Warrant, the right to exercise
      this
      Warrant shall terminate at the close of business on April 28,
      2011.

     

    ARTICLE
      II

     

    Warrant
      Office; Transfer

     

    2.1    Warrant
      Office.
      The
      Company shall maintain an office for certain purposes specified herein (the
      "Warrant
      Office"),
      which
      office shall initially be the Company's office at 801 Travis Street, Suite
      2020,
      Houston, Texas 77002, and may subsequently be such other office of the Company
      or of any transfer agent of the Common Stock in the continental United States
      of
      which written notice has previously been given to the Registered Holder. The
      Company shall maintain, at the Warrant Office, a register for the Warrant in
      which the Company shall record the name and address of the Registered Holder,
      as
      well as the name and address of each permitted assignee of the rights of the
      Registered Holder.

     

    2.2    Ownership
      of Warrant.
      The
      Company may deem and treat the Registered Holder as the holder and owner hereof
      (notwithstanding any notations of ownership or writing hereon made by anyone
      other than the Company) for all purposes and shall not be affected by any notice
      to the contrary, until presentation of this Warrant for registration of transfer
      as provided in this Article II.

     

    2.3    Transfer
      of Warrants.
      The
      Company agrees to maintain at the Warrant Office books for the registration
      and
      transfer of this Warrant. This Warrant may be transferred in whole or in part
      only in compliance with the applicable law and only to shareholders, officers,
      and employees of Sanders Morris Harris Inc. or to any person who succeeds to
      all
      of the assets of Sanders Morris Harris Inc. The Company, from time to time,
      shall register the transfer of this Warrant in such books upon surrender of
      this
      Warrant at the Warrant Office, properly endorsed, together with a written
      assignment of this Warrant, substantially in the form of the Assignment attached
      as Exhibit B hereto. Upon any such transfer, a new Warrant shall be issued
      to
      the transferee, and the Company shall cancel the surrendered Warrant. The
      Registered Holder shall pay all taxes and all other expenses and charges payable
      in connection with the transfer of Warrants pursuant to this Section
      2.3.

     

    2.4    Registration
      Rights.
      The
      Company agrees (a) that the Warrant Shares shall be "Registrable Securities"
      under the Registration Rights Agreement dated as of the date hereof (the
      "Registration Rights Agreement") between the Company and Sanders Morris Harris
      Inc., and (b) that the Registered Holder shall have the rights and obligations
      of a Holder set forth in the Registration Rights Agreement.

     

    2.5    No
      Rights as Shareholder Until Exercise.
      This
      Warrant does not entitle the Registered Holder to any voting rights or other
      rights as a shareholder of the Company prior to the exercise hereof. Upon the
      surrender of this Warrant and the payment of the aggregate Exercise Price,
      the
      Warrant Shares so purchased shall be and be deemed to be issued to the
      Registered Holder as the record owner of such shares as of the close of business
      on the later of the date of such surrender or payment.

    
      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

    

     

    2.6    Expenses
      of Delivery of Warrants.
      Except
      as provided in Section 2.3 above, the Company shall pay all reasonable expenses,
      taxes (other than transfer taxes) and other charges payable in connection with
      the preparation, issuance and delivery of Warrants and related Warrant Shares
      hereunder.

     

    2.7    Compliance
      with Securities Laws.
      The
      Registered Holder (and its transferees and assigns), by acceptance of this
      Warrant, covenants and agrees that such Registered Holder is acquiring the
      Warrants evidenced hereby, and, upon exercise hereof, the Warrant Shares, for
      its own account as an investment and not with a view to distribution thereof.
      Neither this Warrant nor the Warrant Shares issuable hereunder have been
      registered under the Securities Act or any state securities laws and no transfer
      of this Warrant or any Warrant Shares shall be permitted unless the Company
      has
      received notice of such transfer in the form of the assignment attached hereto
      as Exhibit
      B,
      accompanied, if requested by the Company, by an opinion of counsel reasonably
      satisfactory to the Company that an exemption from registration of such Warrant
      or Warrant Shares under the Securities Act is available for such transfer,
      except that no such opinion shall be required after the registration for resale
      of the Warrant Shares has become effective. Upon any exercise of the Warrants
      prior to effective registration for resale or except as in accordance with
      Rule
      144 under the Securities Act, certificates representing the Warrant Shares
      shall
      bear a restrictive legend substantially identical to that set forth as
      follows:

     

    "The
      securities evidenced by this certificate have not been registered under the
      Securities Act of 1933, as amended, and may not be sold, transferred, assigned,
      or hypothecated unless there is an effective registration statement under such
      act covering such securities, the sale is made in accordance with Rule 144,
      or
      the company received an opinion of counsel for the holder of these securities
      reasonably satisfactory to the Company, stating that such sale, transfer,
      assignment, or hypothecation is exempt from the registration and prospectus
      delivery requirements of such act."

     

    Any
      purported transfer of the Warrant or Warrant Shares not in compliance with
      the
      provisions of this section shall be null and void. Stop
      transfer instructions have been or will be imposed with respect to the Warrant
      Shares so as to restrict resale or other transfer thereof, subject to this
      Section 2.7.

     

    ARTICLE
      III

     

    Anti-Dilution
      Provisions

     

    3.1    Adjustment
      of Exercise Price and Number of Warrant Shares.
      The
      Exercise Price shall be subject to adjustment from time to time as hereinafter
      provided in this Article III. Upon each adjustment of the Exercise Price, except
      pursuant to Sections 3.1(a)(iii), (iv), and (v), the Registered Holder shall
      thereafter be entitled to purchase, at the Exercise Price resulting from such
      adjustment, the number of shares of the Common Stock obtained by multiplying
      the
      Exercise Price in effect immediately prior to such adjustment by the number
      of
      shares of the Common Stock purchasable pursuant hereto immediately prior to
      such
      adjustment and dividing the product thereof by the Exercise Price resulting
      from
      such adjustment.

    
      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

    

     

    (a)    Exercise
      Price Adjustments.
      The
      Exercise Price shall be subject to adjustment from time to time as
      follows:

     

    (i)    Adjustment
      for Stock Splits and Combinations.
      If the
      Company shall, at any time or from time to time after the date hereof (the
      "Original
      Issue Date")
      while
      this Warrant remains outstanding, effect a subdivision of the outstanding Common
      Stock, the Exercise Price in effect immediately before such subdivision shall
      be
      proportionately decreased. Conversely, if the Company shall at any time or
      from
      time to time after the Original Issue Date combine the outstanding shares of
      Common Stock into a smaller number of shares, the Exercise Price in effect
      immediately before such combination shall be proportionately increased. Any
      adjustment under this Section 3.1(a)(i) shall become effective at the close
      of
      business on the date the subdivision or combination becomes
      effective.

     

    (ii)    Adjustment
      for Common Stock Dividends and Distributions.
      If the
      Company, at any time or from time to time after the Original Issue Date while
      this Warrant remains outstanding makes, or fixes a record date for the
      determination of holders of Common Stock entitled to receive, a dividend or
      other distribution payable in additional shares of Common Stock, in each such
      event the Exercise Price that is then in effect shall be decreased as of the
      time of such issuance or, in the event such record date is fixed, as of the
      close of business on such record date, by multiplying the Exercise Price then
      in
      effect by a fraction, (i) the numerator of which is the total number of
      shares of Common Stock issued and outstanding immediately prior to the time
      of
      such issuance or the close of business on such record date, and (ii) the
      denominator of which is the total number of shares of Common Stock issued and
      outstanding immediately prior to the time of such issuance or the close of
      business on such record date plus the number of shares of Common Stock issuable
      in payment of such dividend or distribution; provided,
      however,
      that if
      such record date is fixed and such dividend is not fully paid or if such
      distribution is not fully made on the date fixed therefor, the Exercise Price
      shall be recomputed accordingly as of the close of business on such record
      date,
      and thereafter the Exercise Price shall be adjusted pursuant to this Section
      3.1(a)(ii) to reflect the actual payment of such dividend or
      distribution.

     

    (iii)    Adjustment
      for Reclassification, Exchange and Substitution.
      If at
      any time or from time to time after the Original Issue Date while this Warrant
      remains outstanding, the Common Stock is changed into the same or a different
      number of shares of any class or classes of stock, whether by recapitalization,
      reclassification or otherwise (other than an Acquisition, Asset Transfer,
      subdivision or combination of shares, stock dividend, reorganization, merger,
      consolidation, or sale of assets provided for elsewhere in this Section 3.1(a)),
      in any such event the Registered Holder shall have the right thereafter to
      convert such stock into the kind and amount of stock and other securities and
      property receivable upon such recapitalization, reclassification or other change
      by holders of the maximum number of shares of Common Stock into which such
      shares of Common Stock could have been converted immediately prior to such
      recapitalization, reclassification or change, all subject to further adjustment
      as provided herein or with respect to such other securities or property by
      the
      terms thereof.

    
      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

    

     

    (iv)    Reorganizations,
      Mergers, Consolidations or Sales of Assets.
      If at
      any time or from time to time after the Original Issue Date while this Warrant
      remains outstanding, there is a capital reorganization of the Common Stock
      (other than an Acquisition, Asset Transfer, recapitalization, or subdivision,
      combination, reclassification, exchange, or substitution of shares provided
      for
      elsewhere in this Section 3.1(a)), as a part of such capital reorganization,
      provision shall be made so that the Registered Holder shall thereafter be
      entitled to receive upon exercise hereof the number of shares of stock or other
      securities or property of the Company to which a holder of the number of shares
      of Common Stock deliverable upon exercise immediately prior to such event would
      have been entitled as a result of such capital reorganization, subject to
      adjustment in respect of such stock or securities by the terms thereof. In
      any
      such case, appropriate adjustment shall be made in the application of the
      provisions of this Section 3.1(a) with respect to the rights of the Registered
      Holder after the capital reorganization to the end that the provisions of this
      Section 3.1(a) (including adjustment of the Exercise Price then in effect and
      the number of shares issuable upon exercise) shall be applicable after that
      event and be as nearly equivalent as practicable.

     

    (v)    Rounding
      of Calculations; Minimum Adjustment.
      All
      calculations under this Section 3.1(a) and under Section 3.1(b) shall be made
      to
      the nearest cent. Any provision of this Section 3.1 to the contrary
      notwithstanding, no adjustment in the Exercise Price shall be made if the amount
      of such adjustment would be less than one percent, but any such amount shall
      be
      carried forward and an adjustment with respect thereto shall be 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 one percent
      or more.

     

    (vi)    Timing
      of Issuance of Additional Common Stock Upon Certain Adjustments.
      In any
      case in which the provisions of this Section 3.1(a) shall require that an
      adjustment shall become effective immediately after a record date for an event,
      the Company may defer until the occurrence of such event issuing to the
      Registered Holder after such record date and before the occurrence of such
      event
      the additional shares of Common Stock or other property issuable or deliverable
      upon exercise by reason of the adjustment required by such event over and above
      the shares of Common Stock or other property issuable or deliverable upon such
      exercise before giving effect to such adjustment; provided,
      however,
      that
      the Company upon request shall deliver to such Registered Holder a due bill
      or
      other appropriate instrument evidencing such Registered Holder's right to
      receive such additional shares or other property, and such cash, upon the
      occurrence of the event requiring such adjustment.

     

    (vii)    Voluntary
      Adjustment by the Company.
      The
      Company may at any time during the term of this Warrant, reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate
      by
      the Board of Directors, in its sole discretion, of the Company. 

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    (b)    Current
      Market Price.
      The
      "Current
      Market Price"
      shall
      mean, as of any date, 5% of the sum of the average, for each of the 20
      consecutive Trading Days immediately prior to such date, of either: (i) the
      high
      and low sales prices of the Common Stock on such Trading Day as reported on
      the
      composite tape for the principal national securities exchange on which the
      Common Stock may then be listed, or (ii) if the Common Stock shall not be
      so listed on any such Trading Day, the high and low sales prices of Common
      Stock
      in the over-the-counter market as reported by the Nasdaq Stock Market for
      National Market Securities, or (iii) if the Common Stock shall not be
      included in the Nasdaq Stock Market as a National Market Security on any such
      Trading Day, the representative bid and asked prices at the end of such Trading
      Day in such market as reported by the Nasdaq Stock Market, or (iv) if there
      be no such representative prices reported by the Nasdaq Stock Market, the lowest
      bid and highest asked prices at the end of such Trading Day in the
      over-the-counter market as reported by the OTC Electronic Bulletin Board or
      National Quotation Bureau, Inc. For purposes of determining Current Market
      Price, the term "Trading
      Day"
      shall
      mean a day on which an amount greater than zero can be calculated with respect
      to the Common Stock under any one or more of the foregoing categories (i),
      (ii),
      (iii) and (iv), and the "end" thereof, for the purposes of categories (iii)
      and
      (iv), shall mean the exact time at which trading shall end on the New York
      Stock
      Exchange. If the Current Market Price cannot be determined under any of the
      foregoing methods, Current Market Price shall mean the fair value per share
      of
      Common Stock on such date as determined by the Board of Directors in good faith,
      irrespective of any accounting treatment.

     

    (c)    Statement
      Regarding Adjustments.
      Whenever the Exercise Price shall be adjusted as provided in Section 3.1(a),
      and
      upon each change in the number of shares of the Common Stock issuable upon
      exercise of this Warrant, the Company shall forthwith file, at the office of
      any
      transfer agent for this Warrant and at the principal office of the Company,
      a
      statement showing in detail the facts requiring such adjustment and the Exercise
      Price and new number of shares issuable that shall be in effect after such
      adjustment, and the Company shall also cause a copy of such statement to be
      given to the Registered Holder. Each such statement shall be signed by the
      Company's chief financial or accounting officer. Where appropriate, such copy
      may be given in advance and may be included as part of a notice required to
      be
      mailed under the provisions of Section 3.1(d).

     

    (d)    Notice
      to Holders.
      In the
      event the Company shall propose to take any action of the type described in
      clause (iii) or (iv) of Section 3.1(a), the Company shall give notice to the
      Registered Holder, in the manner set forth in Section 6.6, which notice shall
      specify the record date, if any, with respect to any such action and the
      approximate date on which such action is to take place. Such notice shall also
      set forth such facts with respect thereto as shall be reasonably necessary
      to
      indicate the effect of such action (to the extent such effect may be known
      at
      the date of such notice) on the Exercise Price and the number, kind or class
      of
      shares or other securities or property which shall be deliverable upon exercise
      of this Warrant. In the case of any action which would require the fixing of
      a
      record date, such notice shall be given at least 10 days prior to the date
      so
      fixed, and in case of all other action, such notice shall be given at least
      15
      days prior to the taking of such proposed action. Failure to give such notice,
      or any defect therein, shall not affect the legality or validity of any such
      action.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    (e)    Treasury
      Stock.
      For the
      purposes of this Section 3.1, the sale or other disposition of any Common Stock
      of the Company theretofore held in its treasury shall be deemed to be an
      issuance thereof.

     

    3.2    Costs.
      The
      Registered Holder shall pay all documentary, stamp, transfer or other
      transactional taxes attributable to the issuance or delivery of the Warrant
      Shares upon exercise of this Warrant. Additionally, the Company shall not be
      required to pay any taxes which may be payable in respect of any transfer
      involved in the issuance or delivery of any certificate for such Warrant Shares.
      The Registered Holder shall reimburse the Company for any such taxes, described
      in this Section 3.2, assessed against the Company.

     

    3.3    Reservations
      of Shares.
      The
      Company shall reserve at all times so long as this Warrant remains outstanding,
      free from preemptive rights, out of its treasury Common Stock or its authorized
      but unissued shares of Common Stock, or both, solely for the purpose of
      effecting the exercise of this Warrant, sufficient shares of Common Stock to
      provide for the exercise hereof.

     

    3.4    Valid
      Issuance.
      All
      shares of Common Stock which may be issued upon exercise of this Warrant will
      upon issuance by the Company be duly and validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issuance thereof attributable to any act or omission by the Company, and the
      Company shall take no action which will cause a contrary result (including
      without limitation, any action which would cause the Exercise Price to be less
      than the par value, if any, of the Common Stock).

     

    ARTICLE
      IV

     

    Terms
      Defined

     

    As
      used
      in this Warrant, unless the context otherwise requires, the following terms
      have
      the respective meanings set forth below or in the Section
      indicated:

     

    Board
      of Directors
      means
      the Board of Directors of the Company.

     

    Common
      Stock
      means
      the Company's authorized Common Stock, $0.001 par value per share.

     

    Company
      means
      Houston American Energy Corp., a Delaware corporation, and any other corporation
      assuming or required to assume the obligations undertaken in connection with
      this Warrant.

     

    Current
      Market Price
      is
      defined in Section 3.1(b).

     

    Exchange
      Act
      is
      defined in Section 1.1.

     

    Exercise
      Date
      is
      defined in Section 1.1.

     

    Exercise
      Price
      is
      defined in the Preamble.

     

    Original
      Issue Date
      is
      defined in Section 3.1(a)(i).

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    Outstanding
      means
      when used with reference to Common Stock at any date, all issued shares of
      Common Stock (including, but without duplication, shares deemed issued pursuant
      to Article III) at such date, except shares then held in the treasury of the
      Company.

     

    Person
      means
      any individual, corporation, partnership, trust, organization, association
      or
      other entity.

     

    Registered
      Holder
      is
      defined in the Preamble.

     

    Securities
      Act
      means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated
      thereunder, all as the same shall be in effect at the time.

     

    Trading
      Day
      is
      defined in Section 3.1(b).

     

    Warrant
      means
      this Warrant and any successor or replacement Warrant delivered in accordance
      with Section 2.3 or 6.8.

     

    Warrant
      Office
      is
      defined in Section 2.1.

     

    Warrant
      Shares
      means
      the shares of Common Stock purchased or purchasable by the
      Registered
      Holder,
      or the permitted assignees of such Registered Holder, upon exercise of this
      Warrant pursuant to Article I hereof.

     

    ARTICLE
      V

     

    Covenant
      of the Company

     

    The
      Company covenants and agrees that this Warrant shall be binding upon any
      corporation succeeding to the Company by merger, consolidation, or acquisition
      of all or substantially all of the Company's assets.

     

    ARTICLE
      VI

     

    Miscellaneous

     

    6.1    Entire
      Agreement.
      This
      Warrant and the Registration Rights Agreement contain the entire agreement
      between the Registered Holder and the Company with respect to the Warrant Shares
      that it can purchase upon exercise hereof and the related transactions and
      supersedes all prior arrangements or understanding with respect
      thereto.

     

    6.2    Governing
      Law.
      This
      Warrant shall be governed by and construed in accordance with the internal
      laws
      of the State of Texas, without regard to its conflict of law
      provisions.

     

    6.3    Waiver
      and Amendment.
      Any
      term or provision of this Warrant may be waived at any time by the party which
      is entitled to the benefits thereof, and any term or provision of this Warrant
      may be amended or supplemented at any time by the written consent of the parties
      (it being agreed that an amendment to or waiver under any of the provisions
      of
      Article III of this Warrant shall not be considered an amendment of the number
      of Warrant Shares or the Exercise Price). No
      waiver
      by any party of any default, misrepresentation, or breach of warranty or
      covenant hereunder, whether intentional or not, shall be deemed to extend to
      any
      prior or subsequent default, misrepresentation, or breach of warranty or
      covenant hereunder or affect in any way any rights arising because of any prior
      or subsequent such occurrence.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    6.4    Illegality.
      In the
      event that any one or more of the provisions contained in this Warrant shall
      be
      determined to be invalid, illegal or unenforceable in any respect for any
      reason, the validity, legality and enforceability of any such provision in
      any
      other respect and the remaining provisions of this Warrant shall not, at the
      election of the party for whom the benefit of the provision exists, be in any
      way impaired.

     

    6.5    Copy
      of Warrant.
      A copy
      of this Warrant shall be filed among the records of the Company.

     

    6.6    Notice.
      Any
      notice or other document required or permitted to be given or delivered to
      the
      Registered Holder shall be delivered at, or sent by certified or registered
      mail
      to such Registered Holder at, the last address shown on the books of the Company
      maintained at the Warrant Office for the registration of this Warrant or at
      any
      more recent address of which the Registered Holder shall have notified the
      Company in writing. Any notice or other document required or permitted to be
      given or delivered to the Company, other than such notice or documents required
      to be delivered to the Warrant Office, shall be delivered at, or sent by
      certified or registered mail to, the office of the Company at 801 Travis Street,
      Suite 2020, Houston, Texas 77002 or any other address within the continental
      United States of America as shall have been designated in writing by the Company
      delivered to the Registered Holder.

     

    6.7    Limitation
      of Liability; Not Stockholders.
      Subject
      to the provisions of Article III, until the exercise of this Warrant, the
      Registered Holder shall not have or exercise any rights by virtue hereof as
      a
      stockholder of the Company, including, without limitation, the right to vote,
      to
      receive dividends and other distributions, or to receive notice of, or attend
      meetings of stockholders or any other proceedings of the Company. Until the
      exercise of this Warrant, no provision hereof, and no mere enumeration herein
      of
      the rights or privileges of the Registered Holder, shall give rise to any
      liability of such Registered Holder for the purchase price of any shares of
      Common Stock or as a stockholder of the Company, whether such liability is
      asserted by the Company or by creditors of the Company.

     

    6.8    Exchange,
      Loss, Destruction, etc. of Warrant.
      Upon
      receipt of evidence satisfactory to the Company (an affidavit of the Registered
      Holder shall be satisfactory evidence) of the loss, theft, mutilation or
      destruction of this Warrant, and, in the case of any such loss, theft or
      destruction, upon delivery of a bond of indemnity in such form and amount as
      shall be reasonably satisfactory to the Company, or, in the event of such
      mutilation upon surrender and cancellation of this Warrant, the Company will
      make and deliver a new Warrant of like tenor, in lieu of such lost, stolen,
      destroyed or mutilated Warrant; provided,
      however,
      that
      the original Registered Holder of this Warrant shall not be required to provide
      any such bond of indemnity and may in lieu thereof provide his agreement of
      indemnity. Any Warrant issued under the provisions of this Section 6.8 in lieu
      of any Warrant alleged to be lost, destroyed or stolen, or in lieu of any
      mutilated Warrant, shall constitute an original contractual obligation on the
      part of the Company. This Warrant shall be promptly canceled by the Company
      upon
      the surrender hereof in connection with any exchange or replacement. The
      Registered Holder of this Warrant shall pay all taxes (including securities
      transfer taxes) and all other expenses and charges payable in connection with
      the preparation, execution and delivery of replacement Warrant(s) pursuant
      to
      this Section 6.8.

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    6.9    Headings.
      The
      Article and Section and other headings herein are for convenience only and
      are
      not a part of this Warrant and shall not affect the interpretation
      thereof.

     

    6.10   Successors
      and Assigns.
      Subject
      to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the
      successors of the Company and the successors and permitted assigns of Registered
      Holder. The provisions of this Warrant are intended to be for the benefit of
      all
      Registered Holders from time to time of this Warrant and shall be enforceable
      by
      any such Registered Holder or holder of Warrant Shares.

     

     

    [Signature
      Page to Follow]

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be signed in its
      name.

     

    Dated:  April 28,
      2006

     

    
      	 	
              HOUSTON
                AMERICAN ENERGY CORP.

            
	 	 
	 	 
	 	
              By: 

            	 
	   

	 	
              Name:
                

            	 
	 	
              Title: 

            	 

    

     

     

     

    Signature
      Page of Warrants

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

     

    PURCHASE
      FORM

     

    
      	
              To:

            	
              Houston
                American Energy Corp.

            	
              Dated:__________,
                20__

            

    

    
      	 	
              801
                Travis Street

            

    

    
      	 	
              Suite
                2020

            

    

    
      	 	
              Houston,
                Texas 77002

            

    

     

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant (No.
      ____), hereby irrevocably elects to purchase ________ shares of the Common
      Stock
      covered by such Warrant.

     

    The
      undersigned herewith makes payment of the full exercise price for such shares
      at
      the price per share provided for in such Warrant, which is $_____ per share
      in
      lawful money of the United States.

     

    
      	 	
              [

            	 
  
	 	]
	 	
               

            	 	 
	 	  
	  
	 
	 	
              Name:

            	
               
                

            	 
	 	
              Title:

            	
               
                

            	 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Exhibit
      B

     

    ASSIGNMENT

     

    For
      value
      received, _____________________________, hereby sells, assigns and transfers
      unto _______________________________ the within Warrant, together with all
      right, title and interest therein and does hereby irrevocably constitute and
      appoint ____________ attorney, to transfer said Warrant on the books of the
      Company, with full power of substitution.

     

    
      	 	 	 	
                
                

            	 
	
              Dated:

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