Document:

EXHIBIT 4.3

NUMBER                   (SEE REVERSE SIDE FOR LEGEND)                  WARRANTS

[SYMBOL]         THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO
                          5:00 P.M. NEW YORK CITY TIME,            , 2009

                         PLATINUM ENERGY RESOURCES, INC.
                                                              CUSIP  ___________

                                     WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring ________, 2009 (the
"Warrant") to purchase one fully paid and non-assessable share of Common Stock,
par value $.0001 per share ("Shares"), of Platinum Energy Resources, Inc., a
Delaware corporation (the "Company"), for each Warrant evidenced by this Warrant
Certificate. The Warrant entitles the holder thereof to purchase from the
Company, commencing on the later of the Company's completion of a merger,
capital stock exchange, asset acquisition or other similar business combination
or ________, 2006, such number of Shares of the Company at the price of $6.00
per share (the "Warrant Price"), upon surrender of this Warrant Certificate and
payment of the Warrant Price at the office or agency of the Warrant Agent,
Continental Stock Transfer & Trust Company (such payment to be made by check
made payable to the Warrant Agent), but only subject to the conditions set forth
herein and in the Warrant Agreement, dated ______, 2005 (the "Warrant
Agreement"), between the Company and Continental Stock Transfer & Trust Company
(the "Warrant Agent"). The Warrant Agreement provides that upon the occurrence
of certain events the Warrant Price and the number of Warrant Shares purchasable
hereunder, set forth on the face hereof, may, subject to certain conditions, be
adjusted. The term Warrant Price as used in this Warrant Certificate refers to
the price per Share at which Warrant Shares may be purchased at the time the
Warrant is exercised.

No fraction of a Share will be issued upon any exercise of a Warrant. If the
holder of a Warrant would be entitled to receive a fraction of a Share upon any
exercise of a Warrant, the Company shall, upon such exercise, round up to the
nearest whole number the number of Warrant Shares to be issued to such holder.

Upon any exercise of the Warrant for less than the total number of Warrant
Shares provided for herein, there shall be issued to the registered holder
hereof or his assignee a new Warrant Certificate covering the number of Shares
for which the Warrant has not been exercised.

Warrant Certificates, when surrendered at the office or agency of the Warrant
Agent by the registered holder hereof in person or by attorney duly authorized
in writing, may be exchanged in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge,
for another Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants.

Upon due presentment for registration of transfer of the Warrant Certificate at
the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of
Warrants shall be issued to the transferee in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement,
without charge except for any applicable tax or other governmental charge.

The Company and the Warrant Agent may deem and treat the registered holder as
the absolute owner of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the registered holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

<PAGE>

This Warrant does not entitle the registered holder to any of the rights of a
stockholder of the Company.

The Company reserves the right to call the Warrant, at any time prior to its
exercise, with a notice of call in writing to the holders of record of the
Warrant, giving 30 days' notice of such call at any time after the Warrant
becomes exercisable if the last sale price of the Shares has been at least
$11.50 per share on each of 20 trading days within any 30 trading day period
ending on the third business day prior to the date on which notice of such call
is given. The call price of the Warrants is to be $.01 per Warrant. Any Warrant
either not exercised or tendered back to the Company by the end of the date
specified in the notice of call shall be canceled on the books of the Company
and have no further value except for the $.01 call price.

                                           By:   PLATINUM ENERGY RESOURCES, INC.

------------------------------             -------------------------------------
                     Secretary             Chairman of the Board

<PAGE>

                                SUBSCRIPTION FORM

      To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise Warrants
represented by this Warrant Certificate, and to purchase the shares of Common
Stock issuable upon the exercise of such Warrants, and requests that
Certificates for such shares shall be issued in the name of

                    (PLEASE TYPE OR PRINT NAME AND ADDRESS)

                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

and, if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered Holder
at the address stated below:

Dated:________________________
                                               _________________________________
                                               (SIGNATURE)

                                               _________________________________
                                               (ADDRESS)

                                               _________________________________
                                               (TAX IDENTIFICATION NUMBER)

<PAGE>

                                   ASSIGNMENT

       To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received,                       hereby sell, assign, and transfer unto

                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

            of the Warrants represented by this Warrant Certificate, and hereby
irrevocably constitute and appoint Attorney to transfer this Warrant Certificate
on the books of the Company, with full power of substitution in the premises.

Dated:_____________________
                                               _________________________________
                                               (SIGNATURE)

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
CHICAGO STOCK EXCHANGE.EXHIBIT 4.4

                                WARRANT AGREEMENT

      Agreement made as of , 2005 between  Platinum  Energy  Resources,  Inc., a
Delaware  corporation,  with  offices at 152 West 57th Street,  54th Floor,  New
York,  New York  10019  ("Company"),  and  Continental  Stock  Transfer  & Trust
Company, a New York corporation, with offices at 17 Battery Place, New York, New
York 10004 ("Warrant Agent").

      WHEREAS,  the Company is engaged in a public offering ("Public  Offering")
of Units  ("Units")  and, in connection  therewith,  has determined to issue and
deliver up to 14,950,000  Warrants  ("Public  Warrants") to the investors in the
Public Offering,  and (ii) 650,000 Warrants to Casimir Capital L.P.  ("Casimir")
or its  designees  ("Representative's  Warrants"  and,  together with the Public
Warrants, the "Warrants"),  each of such Public Warrants evidencing the right of
the holder  thereof to purchase one share of common stock,  par value $.0001 per
share,  of the Company's  Common Stock  ("Common  Stock") for $6.00,  subject to
adjustment as described herein; and

      WHEREAS, the Company has filed with the Securities and Exchange Commission
a Registration Statement,  No. _________ on Form S-1 (as the same may be amended
from time to time)  ("Registration  Statement") for the registration,  under the
Securities  Act of 1933,  as amended  ("Act") of,  among other  securities,  the
Warrants and the Common Stock issuable upon exercise of the Warrants; and

      WHEREAS,  the Company  desires  the Warrant  Agent to act on behalf of the
Company,  and the  Warrant  Agent is willing to so act, in  connection  with the
issuance,  registration,  transfer,  exchange,  redemption  and  exercise of the
Warrants; and

      WHEREAS, the Company desires to provide for the form and provisions of the
Warrants,  the terms upon which  they  shall be issued  and  exercised,  and the
respective  rights,  limitation of rights,  and  immunities of the Company,  the
Warrant Agent, and the holders of the Warrants; and

      WHEREAS,  all acts and  things  have  been  done and  performed  which are
necessary  to make the  Warrants,  when  executed  on behalf of the  Company and
countersigned  by or on behalf of the Warrant  Agent,  as provided  herein,  the
valid,  binding and legal  obligations  of the  Company,  and to  authorize  the
execution and delivery of this Agreement.

      NOW,   THEREFORE,   in  consideration  of  the  mutual  agreements  herein
contained, the parties hereto agree as follows:

      1.    Appointment  of Warrant  Agent.  The  Company  hereby  appoints  the
Warrant Agent to act as agent for the Company for the Warrants,  and the Warrant
Agent  hereby  accepts  such  appointment  and  agrees  to  perform  the same in
accordance with the terms and conditions set forth in this Agreement.

      2.    Warrants.

            2.1   Form of Warrant.  Each Warrant  shall be issued in  registered
form  only,  shall  be in  substantially  the  form of  Exhibit  A  hereto,  the
provisions of which are incorporated  herein and shall be signed by, or bear the
facsimile  signature of, the Chairman of the Board or President  and  Treasurer,
Secretary  or  Assistant  Secretary of the Company and shall bear a facsimile of
the Company's seal. In the event the person whose  facsimile  signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant  before such Warrant is issued,  it may be issued with
the  same  effect  as if he or she had  not  ceased  to be  such at the  date of
issuance.

            2.2   Effect of Countersignature.  Unless and until countersigned by
the Warrant Agent pursuant to this Agreement,  a Warrant shall be invalid and of
no effect and may not be exercised by the holder thereof.

                                       1
<PAGE>

            2.3   Registration.

                  2.3.1 Warrant Register. The Warrant Agent shall maintain books
("Warrant  Register"),  for  the  registration  of  original  issuance  and  the
registration  of transfer  of the  Warrants.  Upon the  initial  issuance of the
Warrants,  the Warrant  Agent shall issue and register the Warrants in the names
of the  respective  holders  thereof  in such  denominations  and  otherwise  in
accordance with instructions delivered to the Warrant Agent by the Company.

                  2.3.2 Registered   Holder.   Prior  to  due   presentment  for
registration  of transfer of any Warrant,  the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant  shall be  registered  upon
the  Warrant  Register  ("registered  holder"),  as the  absolute  owner of such
Warrant and of each Warrant represented thereby (notwithstanding any notation of
ownership or other writing on the Warrant  Certificate made by anyone other than
the Company or the Warrant Agent), for the purpose of any exercise thereof,  and
for all other  purposes,  and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary.

            2.4   Detachability of Warrants. The securities comprising the Units
will be  separately  transferable  until 90 days  after the date  hereof  unless
Casimir informs the Company of its decision to allow earlier  separate  trading,
but in no event will Casimir allow separate trading of the securities comprising
the Units until the Company files a Current Report on Form 8-K which includes an
audited  balance  sheet  reflecting  the  receipt  by the  Company  of the gross
proceeds of the Public Offering  including the proceeds  received by the Company
from  the  exercise  of  the   Underwriter's   over-allotment   option,  if  the
over-allotment option is exercised prior to the filing of the Form 8-K.

            2.5   Warrants and Representative's  Warrants.  The Representative's
Warrants  shall  have  the same  terms  and be in the  same  form as the  Public
Warrants  except with respect to the Warrant Price as set forth below in Section
3.1.

      3.    Terms and Exercise of Warrants.

            3.1   Warrant Price. Each Public Warrant shall,  when  countersigned
by the Warrant Agent,  entitle the  registered  holder  thereof,  subject to the
provisions  of such Public  Warrant and of this Warrant  Agreement,  to purchase
from the Company the number of shares of Common  Stock  stated  therein,  at the
price of $6.00 per whole share, subject to the adjustments provided in Section 4
hereof and in the last  sentence  of this  Section  3.1.  Each  Representative's
Warrant shall, when  countersigned by the Warrant Agent,  entitle the registered
holder thereof,  subject to the provisions of such Representative's  Warrant and
of this Warrant Agreement,  to purchase from the Company the number of shares of
Common Stock stated therein,  at the price of $7.50 per whole share,  subject to
the  adjustments  provided in Section 4 hereof and in the last  sentence of this
Section 3.1. The term "Warrant Price" as used in this Warrant  Agreement  refers
to the price  per share at which  Common  Stock may be  purchased  at the time a
Warrant is exercised.  The Company in its sole  discretion may lower the Warrant
Price at any time prior to the Expiration Date.

            3.2   Duration of Warrants.  A Warrant may be exercised  only during
the period  ("Exercise  Period")  commencing on the later of the consummation by
the Company of a merger,  capital stock  exchange,  asset  acquisition  or other
similar business combination  ("Business  Combination") (as described more fully
in the Company's Registration Statement) or , 2006 and terminating at 5:00 p.m.,
New York City time on the  earlier to occur of (i) , 2009 or (ii) the date fixed
for  redemption  of the  Warrants  as  provided  in Section 6 of this  Agreement
("Expiration Date").  Except with respect to the right to receive the Redemption
Price (as set forth in Section 6  hereunder),  each Warrant not  exercised on or
before the Expiration Date shall become void, and all rights  thereunder and all
rights in respect  thereof  under  this  Agreement  shall  cease at the close of
business on the Expiration  Date. The Company in its sole  discretion may extend
the duration of the Warrants by delaying the Expiration Date.

            3.3   Exercise of Warrants.

                                       2
<PAGE>

                  3.3.1 Payment.  Subject to the  provisions  of the Warrant and
this Warrant Agreement,  a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered  holder thereof by surrendering it, at the office
of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as
set forth in the Warrant, duly executed,  and by paying in full, in lawful money
of the United States,  in cash,  good certified check or good bank draft payable
to the order of the  Company (or as  otherwise  agreed to by the  Company),  the
Warrant  Price for each full  share of Common  Stock as to which the  Warrant is
exercised and any and all applicable  taxes due in connection  with the exercise
of the  Warrant,  the  exchange  of the Warrant  for the Common  Stock,  and the
issuance of the Common Stock.

                  3.3.2 Issuance of Certificates.  As soon as practicable  after
the  exercise of any Warrant  and the  clearance  of the funds in payment of the
Warrant Price, the Company shall issue to the registered  holder of such Warrant
a certificate or  certificates  for the number of full shares of Common Stock to
which he is  entitled,  registered  in such name or names as may be  directed by
him, her or it, and if such Warrant shall not have been exercised in full, a new
countersigned  Warrant for the number of shares as to which such  Warrant  shall
not have been exercised. Notwithstanding the foregoing, the Company shall not be
obligated to deliver any securities pursuant to the exercise of a Warrant unless
(i) a registration  statement  under the Act with respect to the Common Stock is
effective or (ii) in the opinion of counsel to the Company,  the exercise of the
Warrants  is  exempt  from  the  registration  requirements  of the Act and such
securities are qualified for sale or exempt from qualification  under applicable
securities  laws of the states or other  jurisdictions  in which the  registered
holders reside.  Warrants may not be exercised by, or securities  issued to, any
registered holder in any state in which such exercise would be unlawful.

                  3.3.3 Valid  Issuance.  All shares of Common Stock issued upon
the proper  exercise of a Warrant in  conformity  with this  Agreement  shall be
validly issued, fully paid and nonassessable.

                  3.3.4 Date of  Issuance.  Each  person in whose  name any such
certificate  for  shares of Common  Stock is issued  shall for all  purposes  be
deemed to have  become the holder of record of such  shares on the date on which
the  Warrant  was  surrendered  and  payment  of the  Warrant  Price  was  made,
irrespective  of the date of delivery of such  certificate,  except that, if the
date of such  surrender and payment is a date when the stock  transfer  books of
the Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business  on the next  succeeding  date on which the
stock transfer books are open.

                  3.3.5 Warrant Solicitation and Warrant Solicitation Fee.

                        (a)   The   Company   has   engaged   Casimir,    on   a
non-exclusive  basis,  as its agent for the  solicitation of the exercise of the
Warrants. The Company, at its cost, will (i) assist Casimir with respect to such
solicitation,  if requested by Casimir, and (ii) provide Casimir, and direct the
Company's  transfer agent and the Warrant Agent to deliver to Casimir,  lists of
the  record  and,  to the  extent  known,  beneficial  owners  of the  Company's
Warrants.  The Company  hereby  instructs  the Warrant  Agent to cooperate  with
Casimir in every respect in connection with Casimir's  solicitation  activities,
including,  but not limited to,  providing to Casimir,  at the Company's cost, a
list of  record  and  beneficial  holders  of the  Warrants  and  circulating  a
prospectus  or  offering  circular  disclosing  the  compensation   arrangements
referenced in Section  3.3.5(b)  below to holders of the Warrants at the time of
exercise of the  Warrants.  In addition to the  conditions  set forth in Section
3.3.5(b),  Casimir shall accept payment of the warrant solicitation fee provided
in Section 3.3.5(b) only if it has provided bona fide services to the Company in
connection  with the  exercise  of the  Warrants  and only to the extent that an
investor who exercises his Warrants  specifically  designates,  in writing, that
Casimir solicited his exercise.  In addition to soliciting,  either orally or in
writing,  the exercise of Warrants by a Warrant  holder,  such services may also
include  disseminating  information,  either  orally or in  writing,  to Warrant
holders  about the  Company  or the  market  for the  Company's  securities,  or
assisting in the processing of the exercise of Warrants.

                        (b)   In each  instance in which a Warrant is exercised,
the Warrant  Agent shall  promptly  give written  notice of such exercise to the
Company and Casimir ("Warrant Agent's Exercise  Notice").  If, upon the exercise
of any Warrant more than one year from the  effective  date of the  Registration
Statement,  (i) the market price of the  Company's  Common Stock is greater than
the Warrant Price,  (ii)  disclosure of  compensation  arrangements  between the
Company and Casimir  with  respect to the  solicitation  of the  exercise of the

                                       3
<PAGE>

Warrants  was made both at the time of the  Public  Offering  and at the time of
exercise (by delivery of the  Prospectus or as otherwise  required by applicable
law, rule or  regulation),  (iii) the holder of the Warrant  confirms in writing
that the exercise of the Warrant was solicited by Casimir,  (iv) the Warrant was
not held in a discretionary account, and (v) the solicitation of the exercise of
the Warrant was not in violation of  Regulation M (as such rule or any successor
rule  may be in  effect  as of such  time of  exercise)  promulgated  under  the
Securities   Exchange  Act  of  1934,  as  amended,   then  the  Warrant  Agent,
simultaneously with the distribution of the Common Stock underlying the Warrants
so exercised in  accordance  with the  instructions  from the Company  following
receipt  of  the  proceeds  to  the  Company  received  upon  exercise  of  such
Warrant(s),  shall,  on behalf of the  Company,  pay a fee of 5% of the  Warrant
Price to Casimir, provided that Casimir delivers to the Warrant Agent within ten
(10)  business  days from the date on which  Casimir  has  received  the Warrant
Agent's  Exercise  Notice,  a certificate  that the  conditions set forth in the
preceding clauses (iii), (iv) and (v) have been satisfied.  Notwithstanding  the
foregoing,  no fee will be paid to Casimir  with  respect to the exercise by the
Underwriters  or their  affiliates  or the  Company's  officers or  directors of
Warrants  purchased  by it or them and  still  held by them for its or their own
account.  Casimir and the Company may at any time during business hours, examine
the  records of the Warrant  Agent,  including  its ledger of  original  Warrant
certificates returned to the Warrant Agent upon exercise of Warrants.

                        (c)   The provisions of this Section  3.3.5.  may not be
modified, amended or deleted without the prior written consent of Casimir.

      4.    Adjustments.

            4.1   Stock  Dividends - Split-Ups.  If after the date  hereof,  and
subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common  Stock is increased  by a stock  dividend  payable in shares of Common
Stock, or by a split-up of shares of Common Stock, or other similar event, then,
on the effective date of such stock  dividend,  split-up or similar  event,  the
number of shares of Common Stock  issuable on exercise of each Warrant  shall be
increased in proportion to such increase in outstanding shares of Common Stock.

            4.2   Aggregation of Shares.  If after the date hereof,  and subject
to the  provisions  of Section 4.6, the number of  outstanding  shares of Common
Stock is  decreased  by a  consolidation,  combination,  reverse  stock split or
reclassification  of shares of Common Stock or other similar event, then, on the
effective  date  of  such  consolidation,   combination,  reverse  stock  split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

            4.3   Adjustments in Exercise  Price.  Whenever the number of shares
of Common Stock  purchasable  upon the exercise of the Warrants is adjusted,  as
provided in Section 4.1 and 4.2 above,  the Warrant  Price shall be adjusted (to
the nearest cent) by multiplying  such Warrant Price  immediately  prior to such
adjustment  by a  fraction  (x) the  numerator  of which  shall be the number of
shares of Common Stock purchasable upon the exercise of the Warrants immediately
prior to such  adjustment,  and (y) the denominator of which shall be the number
of shares of Common Stock so purchasable immediately thereafter.

            4.4   Replacement of Securities upon Reorganization, etc. In case of
any reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects
the par value of such shares of Common  Stock),  or in the case of any merger or
consolidation  of the Company  with or into  another  corporation  (other than a
consolidation  or merger in which the Company is the continuing  corporation and
that  does  not  result  in  any   reclassification  or  reorganization  of  the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another  corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved,  the Warrant  holders shall  thereafter have the right to purchase
and receive,  upon the basis and upon the terms and conditions  specified in the
Warrants  and in lieu of the shares of Common  Stock of the Company  immediately
theretofore   purchasable  and  receivable  upon  the  exercise  of  the  rights
represented  thereby, the kind and amount of shares of stock or other securities
or   property   (including   cash)   receivable   upon  such   reclassification,
reorganization,  merger or  consolidation,  or upon a dissolution  following any
such sale or  transfer,  that the  Warrant  holder  would have  received if such
Warrant  holder had exercised his, her or its  Warrant(s)  immediately  prior to
such event;  and if any  reclassification  also results in a change in shares of
Common Stock covered by Section 4.1 or 4.2, then such  adjustment  shall be made
pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The  provisions of this
Section   4.4   shall   similarly   apply   to   successive   reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

                                       4
<PAGE>

            4.5   Notices of Changes in Warrant.  Upon every  adjustment  of the
Warrant Price or the number of shares  issuable upon exercise of a Warrant,  the
Company shall give written  notice  thereof to the Warrant  Agent,  which notice
shall state the Warrant Price resulting from such adjustment and the increase or
decrease,  if any,  in the number of shares  purchasable  at such price upon the
exercise  of a  Warrant,  setting  forth in  reasonable  detail  the  method  of
calculation  and the facts  upon  which  such  calculation  is  based.  Upon the
occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any
such event, the Company shall give written notice to the Warrant holder,  at the
last  address set forth for such holder in the warrant  register,  of the record
date or the  effective  date of the event.  Failure to give such notice,  or any
defect therein, shall not affect the legality or validity of such event.

            4.6   No Fractional Shares.  Notwithstanding any provision contained
in  this  Warrant  Agreement  to the  contrary,  the  Company  shall  not  issue
fractional  shares upon  exercise of Warrants.  If, by reason of any  adjustment
made  pursuant to this  Section 4, the holder of any Warrant  would be entitled,
upon the exercise of such Warrant,  to receive a fractional interest in a share,
the Company shall, upon such exercise,  round up to the nearest whole number the
number of the shares of Common Stock to be issued to the Warrant holder.

            4.7   Form of  Warrant.  The form of  Warrant  need  not be  changed
because of any adjustment  pursuant to this Section 4, and Warrants issued after
such  adjustment  may state the same Warrant Price and the same number of shares
as is  stated in the  Warrants  initially  issued  pursuant  to this  Agreement.
However,  the Company may at any time in its sole  discretion make any change in
the form of Warrant  that the  Company  may deem  appropriate  and that does not
affect  the   substance   thereof,   and  any  Warrant   thereafter   issued  or
countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

      5.    Transfer and Exchange of Warrants.

            5.1   Registration of Transfer. The Warrant Agent shall register the
transfer,  from  time to time,  of any  outstanding  Warrant  upon  the  Warrant
Register,  upon surrender of such Warrant for transfer,  properly  endorsed with
signatures properly  guaranteed and accompanied by appropriate  instructions for
transfer.  Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the
Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

            5.2   Procedure   for   Surrender  of  Warrants.   Warrants  may  be
surrendered to the Warrant Agent,  together with a written  request for exchange
or transfer,  and thereupon  the Warrant Agent shall issue in exchange  therefor
one or more new Warrants as requested by the  registered  holder of the Warrants
so surrendered,  representing an equal aggregate  number of Warrants;  provided,
however,  that in the event  that a Warrant  surrendered  for  transfer  bears a
restrictive  legend,  the Warrant  Agent shall not cancel such Warrant and issue
new  Warrants  in exchange  therefor  until the  Warrant  Agent has  received an
opinion of counsel for the Company  stating  that such  transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend.

            5.3   Fractional  Warrants.  The Warrant Agent shall not be required
to effect any  registration  of transfer  or  exchange  which will result in the
issuance of a warrant certificate for a fraction of a warrant.

            5.4   Service  Charges.  No  service  charge  shall  be made for any
exchange or registration of transfer of Warrants.

            5.5   Warrant Execution and  Countersignature.  The Warrant Agent is
hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Warrants required to be issued pursuant to the provisions of
this Section 5, and the Company,  whenever  required by the Warrant Agent,  will
supply the Warrant  Agent with  Warrants  duly executed on behalf of the Company
for such purpose.

      6.    Redemption.

                                       5
<PAGE>

            6.1   Redemption.  Subject to Section 6.4 hereof,  not less than all
of the outstanding  Warrants may be redeemed,  at the option of the Company,  at
any time after they become  exercisable  and prior to their  expiration,  at the
office of the Warrant Agent, upon the notice referred to in Section 6.2., at the
price of $.01 per Warrant  ("Redemption  Price"),  provided  that the last sales
price of the Common Stock has been at least $11.50 per share,  on each of twenty
(20) trading days within any thirty (30) trading day period  ending on the third
business  day prior to the date on which  notice  of  redemption  is given.  The
provisions of this Section 6.1 may not be modified,  amended or deleted  without
the prior written consent of Casimir.

            6.2   Date Fixed for,  and Notice of,  Redemption.  In the event the
Company shall elect to redeem all of the Warrants,  the Company shall fix a date
for the  redemption.  Notice of redemption  shall be mailed by first class mail,
postage  prepaid,  by the  Company not less than 30 days prior to the date fixed
for redemption to the registered holders of the Warrants to be redeemed at their
last addresses as they shall appear on the registration books. Any notice mailed
in the manner herein provided shall be  conclusively  presumed to have been duly
given whether or not the registered holder received such notice.

            6.3   Exercise  After  Notice of  Redemption.  The  Warrants  may be
exercised  in  accordance  with  Section 3 of this  Agreement  at any time after
notice of  redemption  shall have been given by the Company  pursuant to Section
6.2.  hereof and prior to the time and date fixed for  redemption.  On and after
the  redemption  date,  the record holder of the Warrants  shall have no further
rights except to receive, upon surrender of the Warrants, the Redemption Price.

            6.4   Outstanding  Warrants Only. The Company  understands  that the
redemption  rights  provided  for by this  Section 6 apply  only to  outstanding
Warrants.  To the  extent a person  holds  rights  to  purchase  Warrants,  such
purchase  rights shall not be  extinguished  by redemption.  However,  once such
purchase  rights are exercised,  the Company may redeem the Warrants issued upon
such exercise  provided that the criteria for  redemption is met. The provisions
of this  Section 6.4 may not be modified,  amended or deleted  without the prior
written consent of Casimir.

      7.    Other Provisions Relating to Rights of Holders of Warrants.

            7.1   No  Rights as  Stockholder.  A Warrant  does not  entitle  the
registered  holder thereof to any of the rights of a stockholder of the Company,
including,  without  limitation,  the  right  to  receive  dividends,  or  other
distributions,  exercise  any  preemptive  rights  to vote or to  consent  or to
receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

            7.2   Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant
is lost, stolen,  mutilated, or destroyed, the Company and the Warrant Agent may
on such  terms as to  indemnity  or  otherwise  as they may in their  discretion
impose (which shall, in the case of a mutilated  Warrant,  include the surrender
thereof),  issue a new  Warrant  of like  denomination,  tenor,  and date as the
Warrant so lost,  stolen,  mutilated,  or destroyed.  Any such new Warrant shall
constitute a substitute  contractual  obligation of the Company,  whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time
enforceable by anyone.

            7.3   Reservation  of Common  Stock.  The Company shall at all times
reserve and keep  available a number of its  authorized  but unissued  shares of
Common  Stock  that will be  sufficient  to permit the  exercise  in full of all
outstanding Warrants issued pursuant to this Agreement.

            7.4   Registration of Common Stock. The Company agrees that prior to
the commencement of the Exercise  Period,  it shall file with the Securities and
Exchange Commission a post-effective amendment to the Registration Statement, or
a new registration  statement,  for the registration,  under the Act, of, and it
shall take such action as is necessary  to qualify for sale,  in those states in
which the  Warrants  were  initially  offered by the  Company,  the Common Stock
issuable upon exercise of the Warrants. In either case, the Company will use its
best  efforts  to  cause  the  same to  become  effective  and to  maintain  the
effectiveness  of  such  registration  statement  until  the  expiration  of the
Warrants in accordance with the provisions of this Agreement.  The provisions of
this  Section  7.4 may not be  modified,  amended or deleted  without  the prior
written consent of Casimir.

                                       6
<PAGE>

      8.    Concerning the Warrant Agent and Other Matters.

            8.1   Payment of Taxes.  The Company will from time to time promptly
pay all taxes and  charges  that may be imposed  upon the Company or the Warrant
Agent in respect of the  issuance or delivery of shares of Common Stock upon the
exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares.

            8.2   Resignation, Consolidation, or Merger of Warrant Agent.

                  8.2.1 Appointment  of  Successor  Warrant  Agent.  The Warrant
Agent, or any successor to it hereafter appointed,  may resign its duties and be
discharged from all further duties and liabilities  hereunder after giving sixty
(60) days' notice in writing to the Company.  If the office of the Warrant Agent
becomes  vacant by  resignation  or incapacity to act or otherwise,  the Company
shall  appoint  in writing a  successor  Warrant  Agent in place of the  Warrant
Agent. If the Company shall fail to make such appointment  within a period of 30
days after it has been notified in writing of such  resignation or incapacity by
the Warrant Agent or by the holder of the Warrant (who shall,  with such notice,
submit  his  Warrant  for  inspection  by the  Company),  then the holder of any
Warrant may apply to the  Supreme  Court of the State of New York for the County
of New York for the  appointment  of a successor  Warrant Agent at the Company's
cost. Any successor  Warrant Agent,  whether appointed by the Company or by such
court, shall be a corporation organized and existing under the laws of the State
of New York, in good standing and having its principal  office in the Borough of
Manhattan,  City and  State of New  York,  and  authorized  under  such  laws to
exercise  corporate  trust powers and subject to  supervision  or examination by
federal or state authority. After appointment, any successor Warrant Agent shall
be vested  with all the  authority,  powers,  rights,  immunities,  duties,  and
obligations of its  predecessor  Warrant Agent with like effect as if originally
named as Warrant Agent  hereunder,  without any further act or deed;  but if for
any reason it becomes  necessary or appropriate,  the predecessor  Warrant Agent
shall  execute  and  deliver,  at the  expense  of the  Company,  an  instrument
transferring  to such  successor  Warrant Agent all the authority,  powers,  and
rights of such  predecessor  Warrant  Agent  hereunder;  and upon request of any
successor  Warrant  Agent the Company  shall  make,  execute,  acknowledge,  and
deliver  any and all  instruments  in  writing  for more  fully and  effectually
vesting in and  confirming to such successor  Warrant Agent all such  authority,
powers, rights, immunities, duties, and obligations.

                  8.2.2 Notice  of  Successor  Warrant  Agent.  In the  event  a
successor  Warrant  Agent  shall be  appointed,  the  Company  shall give notice
thereof to the  predecessor  Warrant Agent and the transfer agent for the Common
Stock not later than the effective date of any such appointment.

                  8.2.3 Merger  or   Consolidation   of   Warrant   Agent.   Any
corporation  into which the Warrant  Agent may be merged or with which it may be
consolidated or any corporation  resulting from any merger or  consolidation  to
which the Warrant  Agent shall be a party shall be the  successor  Warrant Agent
under this Agreement without any further act.

            8.3   Fees and Expenses of Warrant Agent.

                  8.3.1 Remuneration.  The  Company  agrees  to pay the  Warrant
Agent  reasonable  remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all  expenditures  that the
Warrant Agent may reasonably incur in the execution of its duties hereunder.

                  8.3.2 Further  Assurances.  The  Company  agrees  to  perform,
execute,   acknowledge,  and  deliver  or  cause  to  be  performed,   executed,
acknowledged,  and delivered all such further and other acts,  instruments,  and
assurances  as may  reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

            8.4   Liability of Warrant Agent.

                  8.4.1 Reliance   on  Company   Statement.   Whenever   in  the
performance of its duties under this Warrant Agreement,  the Warrant Agent shall
deem it necessary or desirable  that any fact or matter be proved or established
by the Company prior to taking or suffering any action  hereunder,  such fact or
matter  (unless  other  evidence  in  respect  thereof  be  herein  specifically

                                       7
<PAGE>

prescribed)  may be  deemed  to be  conclusively  proved  and  established  by a
statement  signed by the  President  or Chairman of the Board of the Company and
delivered to the Warrant  Agent.  The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the  provisions
of this Agreement.

                  8.4.2 Indemnity.  The Warrant Agent shall be liable  hereunder
only for its own negligence, willful misconduct or bad faith. The Company agrees
to  indemnify  the  Warrant  Agent  and  save it  harmless  against  any and all
liabilities,  including  judgments,  costs  and  reasonable  counsel  fees,  for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's negligence, willful misconduct, or bad
faith.

                  8.4.3 Exclusions.    The   Warrant   Agent   shall   have   no
responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature  thereof);
nor shall it be  responsible  for any breach by the  Company of any  covenant or
condition  contained  in this  Agreement  or in any  Warrant;  nor  shall  it be
responsible to make any  adjustments  required under the provisions of Section 4
hereof or responsible for the manner,  method,  or amount of any such adjustment
or the  ascertaining  of the  existence  of facts  that would  require  any such
adjustment;   nor  shall  it  by  any  act  hereunder  be  deemed  to  make  any
representation  or warranty as to the authorization or reservation of any shares
of Common Stock to be issued  pursuant to this Agreement or any Warrant or as to
whether any shares of Common  Stock will when issued be valid and fully paid and
nonassessable.

            8.5   Acceptance  of Agency.  The Warrant  Agent hereby  accepts the
agency  established  by this  Agreement  and agrees to perform the same upon the
terms and  conditions  herein set forth and among other  things,  shall  account
promptly to the Company  with  respect to Warrants  exercised  and  concurrently
account for, and pay to the Company,  all moneys  received by the Warrant  Agent
for the purchase of shares of the Company's Common Stock through the exercise of
Warrants.

      9.    Miscellaneous Provisions.

            9.1   Successors. All the covenants and provisions of this Agreement
by or for the benefit of the  Company or the Warrant  Agent shall bind and inure
to the benefit of their respective successors and assigns.

            9.2   Notices.  Any notice,  statement or demand  authorized by this
Warrant  Agreement to be given or made by the Warrant  Agent or by the holder of
any Warrant to or on the Company shall be  sufficiently  given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier
service  within  five  days  after  deposit  of such  notice,  postage  prepaid,
addressed  (until  another  address is filed in writing by the Company  with the
Warrant Agent), as follows:

                          Platinum Energy Resources, Inc.
                          152 West 57th Street, 54th Floor
                          New York, New York 10019
                          Attn:  Chairman

Any notice, statement or demand authorized by this Agreement to be given or made
by the holder of any Warrant or by the Company to or on the Warrant  Agent shall
be sufficiently  given when so delivered if by hand or overnight  delivery or if
sent by certified mail or private courier service within five days after deposit
of such notice,  postage  prepaid,  addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

                          Continental Stock Transfer & Trust Company
                          17 Battery Place
                          New York, New York 10004
                          Attn:  Compliance Department

                                       8
<PAGE>

                  with a copy in each case to:

                          Littman Krooks LLP
                          655 Third Avenue
                          New York, New York 10017
                          Attn:  Steven D. Uslaner, Esq.

                  and

                          Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
                          666 Third Avenue
                          New York, New York 10017
                          Attn:  Kenneth R. Koch, Esq.

                  and

                          Casimir Capital LP
                          489 Fifth Avenue
                          New York, New York 10019
                          Attn:  Richard Sands, Chief Executive Officer

            9.3   Applicable law. The validity,  interpretation, and performance
of this  Agreement and of the Warrants  shall be governed in all respects by the
laws of the State of New York,  without  giving effect to conflict of laws.  The
Company  hereby  agrees that any action,  proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in
the courts of the State of New York or the United States  District Court for the
Southern  District of New York, and  irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The Company hereby waives any objection
to such exclusive  jurisdiction  and that such courts represent an inconvenience
forum.  Any such  process or summons to be served upon the Company may be served
by transmitting a copy thereof by registered or certified  mail,  return receipt
requested,  postage prepaid, addressed to it at the address set forth in Section
9.2 hereof. Such mailing shall be deemed personal service and shall be legal and
binding upon the Company in any action, proceeding or claim.

            9.4   Persons  Having Rights under this  Agreement.  Nothing in this
Agreement  expressed and nothing that may be implied from any of the  provisions
hereof is  intended,  or shall be  construed,  to confer  upon,  or give to, any
person or corporation  other than the parties hereto and the registered  holders
of the Warrants and, for the purposes of Sections  3.3.5,  6.1, 6.4, 7.4 and 9.2
hereof,  Casimir, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any  covenant,  condition,  stipulation,  promise,  or agreement
hereof.  Casimir  shall  be  deemed  to be a  third-party  beneficiary  of  this
Agreement  with respect to Sections  3.3.5,  6.1,  6.4, 7.4 and 9.2 hereof.  All
covenants, conditions,  stipulations, promises, and agreements contained in this
Warrant  Agreement  shall be for the sole and  exclusive  benefit of the parties
hereto (and Casimir with respect to the Sections  3.3.5,  6.1,  6.4, 7.4 and 9.2
hereof) and their  successors and assigns and of the  registered  holders of the
Warrants.

            9.5   Examination of the Warrant Agreement. A copy of this Agreement
shall be available at all reasonable times at the office of the Warrant Agent in
the Borough of  Manhattan,  City and State of New York,  for  inspection  by the
registered holder of any Warrant.  The Warrant Agent may require any such holder
to submit his Warrant for inspection by it.

            9.6   Counterparts.  This Agreement may be executed in any number of
counterparts and each of such  counterparts  shall for all purposes be deemed to
be an original,  and all such counterparts shall together constitute but one and
the same instrument.

            9.7   Effect  of  Headings.  The  Section  headings  herein  are for
convenience only and are not part of this Warrant Agreement and shall not affect
the interpretation thereof.

                                       9
<PAGE>

      IN WITNESS  WHEREOF,  this Agreement has been duly executed by the parties
hereto as of the day and year first above written.

Attest                                           PLATINUM ENERGY RESOURCES, INC.

_____________________________________            By:____________________________
                                                    Name:
                                                    Title:

                                                 CONTINENTAL STOCK TRANSFER
Attest                                           & TRUST COMPANY

_____________________________________            By:____________________________
                                                    Name:  Steven Nelson
                                                    Title: Chairman

                                       10

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