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Exhibit 10.7
Material Contract

PROMISSORY
NOTE

		
	$100,000	.00	March 8th, 2007	 
	 			

     FOR
VALUE RECEIVED, the undersigned Newsearch, Inc., a Colorado corporation
(“Maker”) promises to pay to the order of VISION CAPITAL PARTNERS AA
LTD. (“Lender”), at its principal office, or at such other place as
may be designated in writing by the holders of this Promissory Note
(“Note”), the principal sum of ONE HUNDRED THOUSAND AND 00/100 DOLLARS
($100,000.00) (the “Principal Sum”). The unpaid Principal Sum shall
bear interest at 7.5% per annum and shall be due in twelve (12) months.

     All
payments to be made under this Note shall be payable in lawful money of the
United States of America which shall be legal tender for public and private
debts at the time of payment.

     In
the event that an action is instituted to collect this Note, or any portion
thereof, Maker promises to pay all costs of collection, including but not
limited to reasonable attorneys’ fees, court costs, and such other sums as
the court may establish.

     In
the event of a default under this Note when due, then the holder of this Note,
at its election, may declare the entire unpaid Principal Sum due and payable.

     Every
provision hereof is intended to be several. If any provision of this Note is
determined, by a court of competent jurisdiction to be illegal, invalid or
unenforceable, such illegality, invalidity or unenforceability shall not affect
the other provisions hereof, which shall remain binding and enforceable.

     This
Note is made in the State of Colorado and it is mutually agreed that Colorado
law shall apply to the interpretation of the terms and conditions of this Note.

     All
agreements between the holder of this Note and Maker are hereby expressly
limited so that in no contingency or event whatsoever, whether by reason of
deferment or acceleration of the maturity of this Note or otherwise, shall the
rate of interest hereunder exceed the maximum permissible under applicable law
with respect to the holder. If, from any circumstances whatsoever, the rate of
interest resulting from the payment and/or accrual of any amount of interest
hereunder, at any time that payment of interest is due and/or at any time that
interest is accrued, shall exceed the limits prescribed by such applicable law,
then the payment and/or accrual of such interest shall be reduced to that
resulting from the maximum rate of interest permissible under such applicable
law. This provision shall never be superseded or waived.

     The
makers, endorsers, and/or guarantors of this Note do hereby severally waive
presentment, demand, protest and notices of protest, demand, dishonor and
nonpayment.

     IN
WITNESS WHEREOF, this instrument is executed as of the date first
hereinabove set forth.

	 	NEWSEARCH,
INC. 

	 	By: /s/ Kenneth S. Adessky  
Kenneth S. Adessky, 
 Chief Financial OfficerEXHIBIT 10.39

                 SECOND AMENDMENT TO COMMERCIAL LEASE AGREEMENT

         This lease Amendment Agreement ("Lease Amendment") made on December 8,
2006, between R. & R. Partners, 3521 SCOTT STREET, SAN FRANCISCO, CA 94123-1056
(referred to herein as "Lessor"), and North Coast Bank, a division of American
River Bank, 8733 LAKEWOOD DRIVE, WINDSOR, CA 95492 (referred to herein as
"Lessee").

         WHEREAS, Lessor and Lessee desire to amend the Lease dated July 1st,
         2003 by and between the Lessor and the Lessee:

           NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

           That the lease is amended effective on January 1, 2007:

1.         Renewal Term:
           ------------

           The term of the Lease shall be extended for an additional period of
           two (2) years commencing on January 1, 2007 and expiring on December
           31, 2008 at 11:59 P.M. for Suite A. Lessee shall have the option to
           terminate the lease without penalty, no earlier than June 30, 2008,
           provided proper written notice is presented to Lessor by January
           1st, 2008.

2.         Minimum Rent:
           ------------

           The monthly base rent for the term of the lease shall be $3,519.00
           per month.

3.         Repairs:
           -------

           The Lessor shall at their expense have the Suite A painted with a
           color agreed upon by both the Lessor and Lessee and with the
           understanding that if the Lessee moves out before the two years are
           up, the Lessee will pay a pro-rata share of the painting expense.

     All other terms, covenants and conditions of the Lease shall remain in full
force and in effect. In the event of any conflicts between the terms and
conditions of the Lease and the terms and conditions of this Lease Amendment,
the terms and conditions of this Lease Amendment shall prevail.

     IN WITNESS WHEREOF, Lessor and Lessee have caused this agreement to be
executed as of the day and year first written above and the below signatories
represent and warrant that they have the requisite authority to execute this
Lease Amendment on behalf of the Lessor and Lessee, respectively.

                                               Lessee's initials /s/ MD
                                                                --------

                                       35
<PAGE>

LESSOR:                                 LESSEE:
R. & R. PARTNERS                        NORTH COAST BANK, a division
                                        of American River Bank

By: /s/ EILEEN GUIBERT                  By: /s/ MITCHELL A DERENZO
    --------------------------              ----------------------------------

Printed Name:  Eileen Guibert           Printed Name:  Mitchell A. Derenzo

Title: Manager                          Title:  Executive Vice President & Chief
       -----------------------                  Financial Officer
                                                --------------------------------

Date:         3/29/07                   Date:            4/02/07
      ------------------------                  --------------------------------

                                       36CHASE (LOGO OMITTED)

William M. Cimbol
Vice President
Senior Relationship Manager
Textile, Apparel and Jewelry

May 2, 2007

Mr. Robert Levinson
Chairman of the Board Levcor International, Inc.
1065 Ave of the Americas
New York, NY 10018

Dear Mr. Levinson,

Please accept this letter as confirmation that the $3,000,000 credit facility
provided by JPMorgan Chase & Co. has been extended until January 1, 2009. An
endorsement to the note with the details will be forwarded shortly.

If I can be of further assistance, please feel free to contact me.

Sincerely,

/s/ WILLIAM M. CIMBOL
------------------------------
William M. Cimbol
Vice President

                          J.P. Morgan Chase Bank, N.A.
            NY1-S002, 530 Fifth Avenue, 8th Floor, New York, NY 10036
               Telephone: 212 837 3213 -- Facsimile: 212 837 3325
                           william.m.cimbol@chase.comQuickLinks
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Exhibit 4.1  

	NUMBER	 	 	 	UNITS
	

VTG-U	
 	

 	
 	

 
	

SEE REVERSE FOR

CERTAIN DEFINITIONS	
 	
VANTAGE ENERGY SERVICES, INC.	
 	

 
	

 	
 	

 	
 	

CUSIP 92209F 20 1

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK  

THIS
CERTIFIES THAT 

is
the owner of                        Units. 

Each
Unit ("Unit") consists of one (1) share of common stock, par value $0.001 per share ("Common Stock"), of Vantage Energy Services, Inc., a Delaware corporation (the "Company"), and
one warrant (a "Warrant"). Each Warrant entitles the holder to purchase one (1) share of Common Stock for $6.00 per share (subject to adjustment). Each Warrant will become exercisable on the
later of (i) [                        ], 2008 [one year following the effective date of the
registration
statement], and (ii) the Company's completion of a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture
or other similar business combination, and will expire unless exercised before 5:00 p.m., Eastern Time, on
[                        ], 2011
[four years following the effective date of the registration statement] or earlier upon redemption. The Common Stock and
Warrants comprising the Units represented by this certificate will begin separate trading five business days (or as soon as practicable thereafter) following the earlier to occur of (1) the
expiration of the underwriters' over-allotment option and (2) its exercise in full, subject in either case to the Company having filed a Current Report on
Form 8-K with the Securities and Exchange Commission, containing an audited balance sheet reflecting the Company's receipt of the gross proceeds of the initial public offering and
issuing a press release announcing when such separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of
[                        ], between
the Company and Continental Stock Transfer & Trust Company as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this
certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any
Warrant holder on written request and without cost. 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 

Witness
the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 

	By	 	 	 	Vantage Energy Services, Inc.

CORPORATE

THE STATE OF DELAWARE	 	 
	 	 	
 Chief Executive Officer	 	SEAL

2006	 	
 Secretary

Vantage Energy Services, Inc.  

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

	TEN COM—	 	as tenants in common	 	UNIF GIFT MIN ACT—	 	Custodian
	TEN ENT—	 	as tenants by the entireties	 	(Cust)	 	(Minor)
	JT TEN—	 	as joint tenants with right of survivorship	 	under Uniform Gifts to Minors Act
	 	 	and not as tenants in common	 	 	 	
 (State)

Additional
Abbreviations may also be used though not in the above list. 

For value received,                        hereby sell, assign and transfer unto  

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

Units  

represented by the within Certificate, and do hereby irrevocably constitute and
appoint                        Attorney to transfer the said Units on the books
of the within named Company will full power of substitution in the premises.

	Dated	 	 	 	 	 	 
	 	 	
	 	 	 	 
	 	 	 	 	    

	 	 	 	 	Notice:	 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

Signature(s)
Guaranteed: 

	
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

The
holder of this certificate shall be entitled to receive funds from the trust account only in the event that the Corporation is liquidated because it does not consummate a business combination or
the holder seeks to convert his, her or its respective shares into cash upon a business combination which he, she or it voted against and which is actually completed by the Corporation. In no other
circumstances shall the holder have any right or interest of any kind in or to the trust account. 

QuickLinks

Exhibit 4.1

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