Document:

EXHIBIT 4.6

                                IRREVOCABLE PROXY

         The  undersigned,  a  shareholder  of  GulfWest  Energy  Inc.,  a Texas
corporation  (the  "COMPANY"),  hereby  irrevocably  appoints  each  of  OCM  GW
Holdings,  LLC, a Delaware limited liability company ("HOLDINGS"),  and B. James
Ford and Skardon F. Baker,  executive officers of Holdings,  and each of them as
the sole and exclusive attorneys and proxies of the undersigned, with full power
of  substitution  and  resubstitution,  to the full extent of the  undersigned's
rights with respect to:

         a)       the number of shares of Class A common stock, par value $0.001
                  per share (the "COMMON STOCK"), and the Cumulative Convertible
                  Preferred Stock, Series E (the "SERIES E PREFERRED STOCK"), of
                  the Company  (collectively,  "BENEFICIAL COMMON STOCK") listed
                  on the final page of this irrevocable proxy;

         b)       any shares of the  Beneficial  Common  Stock  acquired  by the
                  undersigned  by purchase  or by any other  means of  acquiring
                  Beneficial   Ownership  (as  defined  below),   including  the
                  conversion  or  exchange  of any  securities  of  the  Company
                  (including   the  H  Shares  (as   defined))  or  any  of  its
                  subsidiaries into or for shares of Beneficial Common Stock, on
                  or after the date of this  irrevocable  proxy and on or before
                  the Reincorporation Date (as defined below);

         c)       any shares of the Series H  Preferred  Stock,  par value $0.01
                  per share (the "SERIES H PREFERRED  STOCK" and,  together with
                  the  Beneficial  Common Stock,  the "COMPANY  STOCK"),  of the
                  Company,  acquired  by the  undersigned  by purchase or by any
                  other means of acquiring Beneficial  Ownership,  including the
                  conversion or exchange of any securities of the Company or any
                  of its  subsidiaries  into or for shares of Series H Preferred
                  Stock, on or after the date of this  irrevocable  proxy and on
                  or before the Termination Date; and

         d)       any shares of Company  Stock  acquired  after the date of this
                  irrevocable proxy and on or before the Reincorporation Date or
                  Termination Date, as applicable,  in connection with any stock
                  dividend  and  distribution  and any shares  into which or for
                  which any or all of Company  Stock (or any class  thereof) may
                  be changed or exchanged as may be  appropriate  to reflect any
                  stock dividend or  distribution,  or any change in the Company
                  Stock  (or  any  class  thereof)   because  of  any  split-up,
                  recapitalization,  combination,  merger, exchange of shares or
                  the like with respect to such shares of the Company Stock;

in each case Beneficially Owned by the undersigned  (collectively,  the "SHARES"
and,  with respect to the Series H Preferred  Stock,  or such class or series of
stock which it may be changed into or exchanged for pursuant to (d) by merger or
otherwise, when referred to individually,  the "H SHARES"). For purposes of this
irrevocable  proxy,   "BENEFICIALLY  OWN,"  "BENEFICIAL  OWNER"  or  "BENEFICIAL
OWNERSHIP"  with  respect to any  securities  will mean having  voting  power or
investment power with respect to such securities (as determined pursuant to Rule
13d-3(a)  under the  Securities  Exchange Act of 1934,  as  amended),  including
pursuant  to any  agreement,  arrangement  or  understanding,  whether or not in
writing.

                                        1
<PAGE>

         THIS IRREVOCABLE  PROXY IS IRREVOCABLE AND IS COUPLED WITH AN INTEREST.
It is granted pursuant to the Share Transfer  Restriction  Agreement between the
undersigned and Holdings, dated the date hereof, and is granted in consideration
of  Holdings  entering  into  the  Subscription   Agreement  (the  "SUBSCRIPTION
AGREEMENT"), dated the date hereof, with the Company. Upon the execution hereof,
all prior proxies given by the undersigned with respect to the Shares are hereby
revoked and no subsequent proxies will be given.

         The  attorneys and proxies named above will be empowered at any time on
or prior to the first to occur of (i) the merger of the Company  into a Delaware
corporation  and wholly owned  subsidiary of the Company (the "Merger") and (ii)
the  conversion of certain of the shares of the  Company's  Series G Convertible
Preferred  Stock (the "SERIES G PREFERRED  STOCK") into New Preferred  Stock (as
defined  in  the  Shareholders   Rights  Agreement  (the  "SHAREHOLDERS   RIGHTS
AGREEMENT")  between  Holdings  and the  Company,  dated  the  date  hereof)  in
accordance  with  SECTION  4.26(D) of the  Shareholders  Rights  Agreement  (the
"REINCORPORATION  DATE"),  to vote (or cause to be voted) all of the Shares,  at
any annual, special or other meeting of the shareholders of the Company or class
or series thereof,  and at any adjournment or adjournments  thereof, or pursuant
to any  consent in lieu of a meeting or  otherwise  (to the extent such class or
series of Shares is  entitled  to a vote  thereon  under  applicable  law or the
Company's  articles of  incorporation),  in favor of (i) the Merger, or, (ii) if
the Merger is not consummated by December 31, 2005, the conversion of certain of
the  Series G  Preferred  Stock  into New  Preferred  Stock (as  defined  in the
Shareholders  Rights  Agreement)  in  accordance  with  SECTION  4.26(D)  of the
Shareholders Rights Agreement (collectively, the "REINCORPORATION").

         The attorneys and proxies named above will be empowered, at any time on
or prior to the conversion  into common stock of all the H Shares received or to
be received (the "TERMINATION DATE") in exchange for the undersigned's  Series A
Preferred  Stock of GulfWest Oil & Gas  Company,  to vote (or cause to be voted)
all of the H Shares, at any annual, special or other meeting of the shareholders
of  the  Company  or  class  or  series  thereof,  and  at  any  adjournment  or
adjournments  thereof,  or  pursuant  to any  consent  in lieu of a  meeting  or
otherwise  (to the extent the Series H  Preferred  Stock is  entitled  to a vote
thereon under applicable law or the Company's articles of incorporation), (i) in
favor  of the  Reincorporation  as  provided  for in the  immediately  preceding
paragraph, and (ii) in such a manner as determined by such attorneys and proxies
in their sole and  absolute  discretion  with  respect to any and all matters on
which such  securities  are  entitled to vote on or consent with respect to as a
class.  The undersigned may not vote the H Shares (or provide a written consent)
on any  matter  relating  to the  Merger or on which the H Shares  may vote as a
class.  Except for (i) these provisions shall survive the Merger and shall apply
with respect to the surviving Delaware corporation and its capital stock without
any further action on the part of the undersigned.

         Any  obligation of the  undersigned  hereunder will be binding upon the
successors and assigns of the undersigned.

         9,545,229  Number of shares of the Common  Stock that are  Beneficially
Owned by the  undersigned  and  subject to this  irrevocable  proxy  pursuant to
subsection (a) above.

         9,000  Number  of  shares  of the  Series E  Preferred  Stock  that are
Beneficially  Owned by the  undersigned  and subject to this  irrevocable  proxy
pursuant to subsection (a) above.

                                       2
<PAGE>

Dated:  February 28, 2005

                         Signature of Shareholder:/s/ J. Virgil Waggoner
                         -----------------------------------------------
                         Name of Shareholder: J. Virgil Waggoner

                                       3EXHIBIT 4.7

                               EXCHANGE AGREEMENT

         This Exchange  Agreement (this "AGREEMENT") is dated as of the 28th day
of February, 2005, and is between GulfWest Energy Inc., a Texas corporation (the
"PARENT") and GulfWest Oil & Gas Company, a Texas corporation (the "COMPANY").

                                    RECITALS

         WHEREAS,  the  Company  has 7,950  outstanding  shares of its  Series A
Cumulative  Exchangeable  Preferred  Stock,  par  value  $0.01  per  share  (the
"PREFERRED STOCK"); and

         WHEREAS,  the  Company  and the  holders  of the  Preferred  Stock have
amended its terms to provide that shares of the Preferred  Stock are convertible
into shares of Series H Convertible  Preferred Stock, par value $0.01 per share,
of Parent (the "SERIES H PREFERRED STOCK"); and

         WHEREAS, Parent desires that shares of the Preferred Stock be converted
into shares of the Series H Preferred Stock; and

         WHEREAS,  as a condition to issuing the Series H Preferred  Stock,  the
holders of  preferred  stock would be required to execute an Omnibus and Release
Agreement (the OMNIBUS  AGREEMENT"),  attached as an exhibit to the Statement of
Resolution governing the Series H Preferred Stock; and

         WHEREAS,  to the extent a holder of Preferred  Stock did not execute an
Omnibus  Agreement,  such holder's  shares of Preferred Stock would be exchanged
for Class A Common Stock of the Company ("COMMON STOCK").

         NOW, THEREFORE, in consideration of the representations,  covenants and
agreement  contained  herein  and other  good and  valuable  consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  the parties hereby
agree as follows:

         1. EXCHANGE.  The Parent hereby agrees to exchange the Preferred  Stock
for its Series H Preferred Stock or Common Stock,  as applicable,  in accordance
with the terms of the  Statement  of  Resolution,  as  amended  pursuant  to the
amendment attached as EXHIBIT A (as so amended,  the "STATEMENT OF RESOLUTION").
The  shares  of Series H  Preferred  Stock and  Common  Stock to be issued  upon
exchange (the  "EXCHANGE  SHARES") shall be issued by the Parent once the holder
of Preferred  Stock to be exchanged  tenders the  certificates  evidencing  such
shares of Preferred Stock to the Company for cancellation.

         2. EXERCISE PRICE.  Each share of Preferred Stock shall be exchangeable
into  either (a) one share of Series H  Preferred  Stock or (ii) that  number of
shares of Common Stock contemplated by the Statement of Resolution.

         3.  DELIVERY OF STOCK  CERTIFICATES  ON  EXCHANGE.  The exchange of the
Preferred  Stock shall be deemed to have been  effected at such time or times as
set forth in the Statement of Resolution. At such time, the person or persons in
whose name or names any certificate or certificates for Exchange Shares shall be
issued upon such  exchange  shall be deemed to have become the holder or holders
of  record  of  the  shares  of the  applicable  Exchange  Shares.  As  soon  as
practicable  after the exchange of Preferred Stock for Exchange  Shares,  and in
any event within ten days thereafter,  the Parent at its expense  (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of, and delivered to the exchanging  holder,  a certificate or certificates  for
the number of fully paid and nonassessable  Exchange Shares to which such holder
shall be  entitled  upon such  exchange.  Unless the  Exchange  Shares have been
registered under the Securities Act of 1933, such securities, when issued, shall
have the appropriate legend, in addition,  in the case of the Series H Preferred
Stock, such certificate shall bear a legend noting that the Series is subject to
the Omnibus and Release Agreement.

<PAGE>

         4.  NOTICES.  Any notice,  consent or other  communication  to be given
under this  Agreement  by any party to any other  party  shall be in writing and
shall be either (a) personally delivered,  (b) mailed by registered or certified
mail, postage prepaid with return receipt requested,  (c) delivered by overnight
express delivery service or same-day local courier service,  or (d) delivered by
telex or facsimile transmission, as follows:

         If to the Parent or Company                 GulfWest Energy Inc. or
                                                     GulfWest Oil & Gas Company
                                                     480 N. Sam Houston Parkway
                                                     East Suite 300
                                                     Houston, Texas 77060
                                                     Attn: President
                                                     Fax: (281) 260-8488

or at such other  address as may be  designated by the parties from time to time
in accordance with this Section 4. Notices  delivered  personally,  by overnight
express delivery service or by local courier service shall be deemed given as of
actual  receipt.  Mailed  notices shall be deemed given five business days after
mailing.  Notices delivered by telex or facsimile  transmission  shall be deemed
given upon receipt by the sender of the  answerback  (in the case of a telex) or
transmission confirmation (in the case of a facsimile transmission).

         5.  AMENDMENTS  AND  WAIVERS.  This  Agreement  may be amended  and the
observance  of any term  may be  waived  (either  generally  or in a  particular
instance and either retroactively or prospectively) only by written agreement of
the Parent and the Company.

         6. GOVERNING LAW; JURISDICTION; VENUE. This Agreement shall be governed
by and  construed  under  the  laws of the  State  of Texas  without  regard  to
principles  of  conflict  of  laws.  The  parties  irrevocably  consent  to  the
jurisdiction and venue of the state and federal courts located in Houston, Texas
in connection with any action relating to this Agreement.

         7.  SEVERABILITY.  If one or more provisions of this Agreement are held
to be unenforceable  under applicable law, such provision shall be excluded from
this  Agreement,  and the balance of this  Agreement  shall be interpreted as if
such provision were so excluded and shall be enforceable in accordance  with its
terms.

                                       -2-
<PAGE>

         8. ENTIRE  AGREEMENT;  COUNTERPARTS.  This  Agreement  constitutes  the
entire agreement  between the parties about its subject and supersedes all prior
agreements.  This Agreement may be executed in two or more  counterparts,  which
together shall constitute one instrument.

         9.  CAPTIONS;  REFERENCES.  The  captions  in  this  Agreement  are for
convenience of reference only and shall not limit or otherwise affect any of the
terms or provisions  hereof.  Wherever the context  shall so require,  all words
herein  in the male  gender  shall be  deemed to  include  the  female or neuter
gender,  all singular words shall include the plural, and all plural words shall
include the singular.

10. THIRD PARTY  BENEFICIARIES.  The holders of the Preferred Stock shall be the
express third party beneficiaries of this Agreement.

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
date first above written.

                                         PARENT:

                                         GULFWEST ENERGY INC.

                                         By: /S/ JOHN E. LOEHR
                                         ------------------------
                                         Its: CEO

                                         COMPANY:

                                         GULFWEST OIL & GAS COMPANY

                                         By: /S/ JOHN E. LOEHR
                                         ------------------------
                                         Its: CEO

                                      -3-

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