Document:

Exhibit  4.7

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER SAID ACT.

                           CONVERTIBLE PROMISSORY NOTE

U.S. $300,000.00                                                   April 1, 2006

         FOR VALUE RECEIVED, Quest Minerals & Mining Corp., a Utah corporation
(the "Maker"), hereby promises to pay to Veena Kaila, or her successors and
assigns (the "Payee"), at her address at _________________________ India, or to
such other address as Payee shall provide in writing to the Maker for such
purpose, a principal sum of Three Hundred Thousand Dollars (U.S. $300,000.00).
The aggregate principal amount outstanding under this Note will be conclusively
evidenced by the schedule annexed as Exhibit B hereto (the "Loan Schedule"), up
to a maximum principal document of U.S $300,000. The entire principal amount
hereunder shall be due and payable in full on April 1, 2008 (the "Maturity
Date"), or on such earlier date as such principal amount may earlier become due
and payable pursuant to the terms hereof.

         1.       Interest Rate. Interest shall accrue on the unpaid principal
amount of this Secured Convertible Promissory Note (the "Note") at the rate of
eight percent (8%) per annum from the date of the first making of the loan for
such principal amount until such unpaid principal amount is paid in full or
earlier converted into shares (the "Shares") of the Maker's common stock, $0.001
par value (the "Common Stock") in accordance with the terms hereof. Interest
hereunder shall be paid quarterly or on such earlier date as the principal
amount under this Note becomes due and payable or is converted in accordance
with the terms hereof and shall be computed on the basis of a 360-day year for
the actual number of days elapsed.

         2.       Conversion of Principal and Interest. Subject to the terms and
conditions hereof, the Payee, at its sole option, may deliver to the Maker a
notice in the form attached hereto as Exhibit A (a "Conversion Notice") and an
updated Loan Schedule, at any time and from time to time after the date hereof
and prior to the payment of the principal amount and all accrued interest
thereon (the date of the delivery of a Conversion Notice shall be referred to
herein as a "Conversion Date"), to convert all or any portion of the outstanding
principal amount of this Note plus accrued and unpaid interest thereon, for a
number of Shares equal to the quotient obtained by dividing the dollar amount of
such outstanding principal amount of this Note plus the accrued and unpaid
interest thereon being converted by the Conversion Price (as defined in Section
14). Conversions hereunder shall have the effect of lowering the outstanding
principal amount of this Note plus all accrued and unpaid interest thereunder in
an amount equal to the applicable conversion, which shall be evidenced by
entries set forth in the Conversion Notice and the Loan Schedule.

         3.       Certain Conversion Limitations.
                  ------------------------------

                  (a)      The Payee may not convert an outstanding principal
amount of this Note or accrued and unpaid interest thereon to the extent such
conversion would result in the Payee, together with any affiliate thereof,

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beneficially owning (as determined in accordance with Section 13(d) of the
Exchange Act (as defined in Section 14) and the rules promulgated thereunder) in
excess of 4.999% of the then issued and outstanding shares of Common Stock.
Since the Payee will not be obligated to report to the Maker the number of
shares of Common Stock it may hold at the time of a conversion hereunder, unless
the conversion at issue would result in the issuance of Shares in excess of
4.999% of the then outstanding shares of Common Stock without regard to any
other shares which may be beneficially owned by the Payee or an affiliate
thereof, the Payee shall have the authority and obligation to determine whether
and the extent to which the restriction contained in this Section will limit any
particular conversion hereunder. The Payee may waive the provisions of this
Section upon not less than 61 days' prior notice to the Maker.

                  (b)      The Payee may not convert an outstanding principal
amount of this Note or accrued and unpaid interest thereon to the extent such
conversion would result in the Payee, together with any affiliate thereof,
beneficially owning (as determined in accordance with Section 13(d) of the
Exchange Act and the rules promulgated thereunder) in excess of 9.999% of the
then issued and outstanding shares of Common Stock. Since the Payee will not be
obligated to report to the Maker the number of shares of Common Stock it may
hold at the time of a conversion hereunder, unless the conversion at issue would
result in the issuance of Shares in excess of 9.999% of the then outstanding
shares of Common Stock without regard to any other shares which may be
beneficially owned by the Payee or an affiliate thereof, the Payee shall have
the authority and obligation to determine whether and the extent to which the
restriction contained in this Section will limit any particular conversion
hereunder. The Payee may waive the provisions of this Section upon not less than
61 days' prior notice to the Maker.

         4.       Deliveries.
                  ----------

                  (a)      Not later than five (5) Trading Days (as defined in
Section 17) after any Conversion Date, the Maker will deliver to the Payee (i) a
certificate or certificates representing the number of Shares being acquired
upon the conversion of the principal amount of this Note and any interest
accrued thereunder being converted pursuant to the Conversion Notice (subject to
the limitations set forth in Section 3 hereof), and (ii) an endorsement by the
Maker of the Loan Schedule acknowledging the remaining outstanding principal
amount of this Note plus all accrued and unpaid interest thereon not converted
(an "Endorsement"). The Maker's delivery to the Payee of stocks certificates in
accordance clause (i) above shall be Maker's conclusive endorsement of the
remaining outstanding principal amount of this Note plus all accrued and unpaid
interest thereon not converted as set forth in the Loan Schedule. If in the case
of any Conversion Notice such certificate or certificates are not delivered to
or as directed by the Payee by the twentieth (20th) Trading Day after a
Conversion Date, the Payee shall be entitled by written notice to the Maker at
any time on or before its receipt of such certificate or certificates
thereafter, to rescind such conversion, in which event the Maker shall
immediately return the certificates representing the principal amount of this
Note and any interest accrued thereunder tendered for conversion.

         5.       Certain Adjustments.
                  -------------------

                  (a)      If the Maker, at any time while any portion of the
principal amount due under this Note is outstanding, (a) shall pay a stock
dividend or otherwise make a distribution or distributions on shares of its

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Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock, (b) subdivide outstanding shares of Common Stock into a
larger number of shares, (c) combine (including by way of reverse stock split)
outstanding shares of Common Stock into a smaller number of shares, or (d) issue
by reclassification of shares of the Common Stock any shares of capital stock of
the Maker, then the Conversion Price (as defined in Section 17) shall be
multiplied by a fraction of which the numerator shall be the number of shares of
Common Stock (excluding treasury shares, if any) outstanding before such event
and of which the denominator shall be the number of shares of Common Stock
outstanding after such event. Any adjustment made pursuant to this Section shall
become effective immediately after the record date for the determination of
stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

                  (b)      If the Maker, at any time while any portion of the
principal amount due under this Note is outstanding, shall issue rights, options
or warrants to all holders of Common Stock (and not to the Payee) entitling them
to subscribe for or purchase shares of Common Stock at a price per share less
than the Conversion Price, then the Conversion Price shall be multiplied by a
fraction, of which the denominator shall be the number of shares of the Common
Stock (excluding treasury shares, if any) outstanding on the date of issuance of
such rights or warrants plus the number of additional shares of Common Stock
offered for subscription or purchase, and of which the numerator shall be the
number of shares of the Common Stock (excluding treasury shares, if any)
outstanding on the date of issuance of such rights or warrants plus the number
of shares which the aggregate offering price of the total number of shares so
offered would purchase at the Conversion Price. Such adjustment shall be made
whenever such rights or warrants are issued, and shall become effective
immediately after the record date for the determination of stockholders entitled
to receive such rights, options or warrants. However, upon the expiration of any
such right, option or warrant to purchase shares of the Common Stock the
issuance of which resulted in an adjustment in the Conversion Price pursuant to
this Section, if any such right, option or warrant shall expire and shall not
have been exercised, the Conversion Price shall immediately upon such expiration
be recomputed and effective immediately upon such expiration be increased to the
price which it would have been (but reflecting any other adjustments in the
Conversion Price made pursuant to the provisions of this Section after the
issuance of such rights or warrants) had the adjustment of the Conversion Price
made upon the issuance of such rights, options or warrants been made on the
basis of offering for subscription or purchase only that number of shares of the
Common Stock actually purchased upon the exercise of such rights, options or
warrants actually exercised.

                  (c)      If the Maker, at any time while any portion of the
principal amount due under this Note is outstanding, shall distribute to all
holders of Common Stock (and not to the Payee) evidences of its indebtedness or
assets or rights or warrants to subscribe for or purchase any security, then in
each such case the Conversion Price shall be determined by multiplying the
Conversion Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the Per Share Market Value determined
as of the record date mentioned above, and of which the numerator shall be such
Per Share Market Value on such record date less the then fair market value at
such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of the Common Stock as
determined by the Board of Directors in good faith. In either case the

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adjustments shall be described in a statement provided to the Payee of the
portion of assets or evidences of indebtedness so distributed or such
subscription rights applicable to one share of Common Stock. Such adjustment
shall be made whenever any such distribution is made and shall become effective
immediately after the record date mentioned above.

                  (d)      In case of any reclassification of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is converted
into other securities, cash or property, the Payee shall have the right
thereafter to, at its option, (A) convert the then outstanding principal amount,
together with all accrued but unpaid interest and any other amounts then owing
under this Note only into the shares of stock and other securities, cash and
property receivable upon or deemed to be held by holders of the Common Stock
following such reclassification or share exchange, and the Payee shall be
entitled upon such event to receive such amount of securities, cash or property
as the shares of the Common Stock of the Maker into which the then outstanding
principal amount, together with all accrued but unpaid interest and any other
amounts then owing hereunder in respect of this Note could have been converted
immediately prior to such reclassification or share exchange would have been
entitled or (B) require the Maker to prepay the aggregate of its outstanding
principal amount under this Note, plus all interest accrued and other amounts
due and payable thereon, at a price determined in accordance with Section 6. The
entire prepayment price shall be paid in cash. This provision shall similarly
apply to successive reclassifications or share exchanges.

                  (e)      No adjustments in the Conversion Price shall be
required if such adjustment is less than $0.01, provided that any adjustments
which by reason of this Section are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Section 5 shall be made to the nearest cent or to the nearest 1/100th
of a share, as the case may be.

                  (f)      Whenever the Conversion Price is adjusted pursuant to
any of Section 5(b) - (d), the Maker shall promptly mail to the Payee a notice
setting forth the Conversion Price after such adjustment and setting forth a
brief statement of the facts requiting such adjustment.

                  (g)      If (A) the Maker shall declare a dividend (or any
other distribution) on the Common Stock; (B) the Maker shall declare a special
nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Maker
shall authorize the granting to all holders of the Common Stock rights or
warrants to subscribe for or purchase any shares of capital stock of any class
or of any rights; (D) the approval of any stockholders of the Maker shall be
required in connection with any reclassification of the Common Stock, any
consolidation or merger to which the Maker is a party, any sale or transfer of
all or substantially all of the assets of the Maker, of any compulsory share
exchange whereby the Common Stock is convened into other securities, cash or
property; (E) the Maker shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Maker; then, in
each case, the Maker shall cause to be filed at each office or agency maintained
for the purpose of conversion of the any portion of the principal amount and
interest outstanding under this Note, and shall cause to be mailed to the Payee
at its last address as it shall appear upon the stock books of the Maker, at
least 5 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions,

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redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided, however, that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the validity of the
corporate action required to be specified in such notice.

                  (h)      In case of any (1) merger or consolidation of the
Maker with or into another Person that would constitute a Change of Control
Transaction (as defined in Section 17), or (2) sale, directly or indirectly, by
the Maker of more than one-half of the assets of the Maker (on an as valued
basis) in one or a series of related transactions, or (3) tender or other offer
or exchange (whether by the Maker or another Person) pursuant to which holders
of Common Stock are permitted to tender or exchange their shares for other
securities, stock, cash or property of the Maker or another Person, then the
Payee shall have the right to (A) convert the then aggregate amount of principal
and interest outstanding under this Note into the shares of stock and other
securities, cash, and property receivable upon or deemed to be held by holders
of Common Stock following such merger, consolidation or sale, and the Payee
shall be entitled upon such event or series of related events to receive such
amount of securities, cash and property as the shares of Common Stock into which
such aggregate amount of principal and interest outstanding under this Note
could have been convened immediately prior to such merger, consolidation or sale
would have been entitled, (B) in the case of a merger or consolidation, (x)
require the surviving entity to issue shares of convertible convertible debt
with aggregate principal amount equal to the then aggregate amount of principal
outstanding under this Note, plus all accrued and unpaid interest and other
amounts owing thereon, which convertible debt shall have terms identical
(including with respect to conversion) to the terms of this Note and shall be
entitled to all of the rights and privileges of the Payee as set forth herein
and the agreements pursuant to which this Note was issued (including, without
limitation, as such rights relate to the acquisition, transferability,
registration and listing of such shares of stock other securities issuable upon
conversion thereof), and (y) simultaneously with the issuance of such
convertible debt, shall have the right to convert such debt only into shares of
stock and other securities, cash and property receivable upon or deemed to be
held by holders of Common Stock following such merger or consolidation, or (C)
in the event of an exchange or tender offer or other transaction contemplated by
clause (3) of this Section, tender or exchange the then outstanding aggregate
amount of principal and interest under this Note for such securities, stock,
cash and other property receivable upon or deemed to be held by holders of
Common Stock that have tendered or exchanged their shares of Common Stock
following such tender or exchange, and the Payee shall be entitled upon such
exchange or tender to receive such amount of securities, cash and property as
the shares of Common Stock into which the then outstanding aggregate amount of
principal and interest under this Note could have been converted (taking into
account all then accrued and unpaid dividends) immediately prior to such tender
or exchange would have been entitled as would have been issued. In the case of
clause (C), the conversion price applicable for the newly issued shares of
convertible preferred stock or convertible debentures shall be based upon the
amount of securities, cash and property that each share of Common Stock would
receive in such transaction and the Conversion Price in effect immediately prior
to the effectiveness or closing date for such transaction. The terms of any such
merger, sale, consolidation, tender or exchange shall include such terms so as
to continue to give the Payee the right to receive the securities, cash and

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property set forth in this Section upon any conversion or redemption following
such event. This provision shall similarly apply to successive such events.

                  (i)      The Maker covenants that it will at all times reserve
and keep available out of its authorized and unissued shares of Common Stock
solely for the purpose of issuance upon conversion of the outstanding aggregate
amount of principal and interest under this Note as herein provided, free from
preemptive rights or any other actual or contingent purchase rights of persons
other than the Payee, not less than such number of shares of the Common Stock as
shall be issuable (taking into account the adjustments and restrictions of
Section 5) upon the conversion of the outstanding amount of principal and
interest under this Note. The Maker covenants that all shares of Common Stock
that shall be so issuable shall, upon issuance, be duly authorized, validly
issued and fully paid, and nonassessable.

                  (j)      Upon a conversion hereunder the Maker shall not be
required to issue stock certificates representing fractions of shares of the
Common Stock, but may if otherwise permitted, make a cash payment in respect of
any final fraction of a share based on the Per Share Market Value at such time.
If the Maker elects not, or is unable, to make such a cash payment, the Payee
shall be entitled to receive, in lieu of the final fraction of a share, one
whole share of Common Stock.

                  (k)      The issuance of certificates for shares of the Common
Stock on conversion of the principal amount and interest outstanding under this
Note shall be made without charge to the Payee for any documentary stamp or
similar taxes that may be payable in respect of the issue or delivery of such
certificate.

         6.       Mandatory Prepayment Upon Triggering Events. Upon the
occurrence of a Triggering Event (as defined below), the Payee shall have the
right (in addition to all other rights it may have hereunder under any
Transaction Document or under applicable law), exercisable at the sole option of
the Payee, to require the Maker to prepay all or a portion of the outstanding
principal amount of this Note plus all accrued and unpaid interest thereon. Such
prepayment shall be due and payable within thirty (30) Trading Days of the date
on which the notice for the payment therefor is provided by the Payee.

         A "Triggering Event" means any one or more of the following events
(whatever the reason and whether it shall be voluntary or involuntary. or
effected by operation of law or pursuant to any judgment, decree or order of any
court. or any order, rule or regulation of any administrative or governmental
body):

                           (i)      any default in the payment of the principal
of interest on or other payments owing in respect of this Note, free of any
claim of subordination, as and when the same shall become due and payable
(whether on a Conversion Date, the Maturity Date, by acceleration or otherwise);

                           (ii)      the Maker shall fail for any reason to
deliver certificates or an Endorsement to the Payee prior to the sixtieth (60th)
day after a Conversion Date pursuant to and in accordance with Section 4(a);

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                           (iii)    the failure of the Common Stock to be
eligible for trading on the OTC Bulletin Board or listed for trading on a
Subsequent Market or the suspension of the Common Stock from trading on the OTC
Bulletin Board or a Subsequent Market, in either case, for more than thirty (30)
consecutive calendar days;

                           (iv)     the Maker shall be a party to any Change of
Control Transaction or shall agree to sell or dispose of all or in excess of 33%
of its assets in one or more transactions (whether or not such sale would
constitute a Change of Control Transaction), or shall redeem or repurchase more
than a de minimis number of shares of Common Stock or other equity securities of
the Maker (other than redemptions of Shares);

                           (v)      the Maker or any of its subsidiaries shall
commence or there shall be commenced against the Maker or any such subsidiary a
case under any applicable bankruptcy or insolvency laws as now or hereafter in
effect or any successor thereto, or the Maker commences any other proceeding
under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction
whether now or hereafter in effect relating to the Maker or any subsidiary
thereof or there is commenced against the Maker or any subsidiary thereof any
such bankruptcy, insolvency or other proceeding which remains undismissed for a
period of 60 days; or the Maker or any subsidiary thereof is adjudicated
insolvent or bankrupt; or any order of relief or other order approving any such
case or proceeding is entered; or the Maker or any subsidiary thereof suffers
any appointment of any custodian or the like for it or any substantial part of
its property which continues undischarged or unstayed for a period of 60 days;
or the Maker or any subsidiary thereof shall by any act or failure to act
indicate its consent to, approval of or acquiescence in any of the foregoing; or
any corporate or other action is taken by the Maker or any subsidiary thereof
for the purpose of effecting any of the foregoing;

                           (vi)     the Maker shall fail to observe or perform
any other covenant, agreement or warranty contained in, or otherwise commit any
breach of, any Transaction Document, and such failure or breach shall not, if
subject to the possibility of a cure by the Maker, have been remedied within
sixty (60) days after the date on which notice of such failure or breach shall
have been given;

                           (vii)    the Payee shall determine that the
obligations under this Note are no longer adequately secured by the Security
Agreement and additional or other security therefor shall not be satisfactorily
provided to or for the benefit of the Payee.

         7.       No Waiver of Payee's Rights, etc. All payments of principal
and interest shall be made without setoff, deduction or counterclaim. No delay
or failure on the part of the Payee in exercising any of its options, powers or
rights, nor any partial or single exercise of its options, powers or rights
shall constitute a waiver thereof or of any other option, power or right, and no
waiver on the part of the Payee of any of its options, powers or rights shall
constitute a waiver of any other option, power or right. The Maker hereby waives
presentment of payment, protest, and notices or demands in connection with the
delivery, acceptance, performance, default or endorsement of this Note.
Acceptance by the Payee of less than the full amount due and payable hereunder
shall in no way limit the right of the Payee to require full payment of all sums
due and payable hereunder in accordance with the terms hereof.

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         8.       Modifications. No term or provision contained herein may be
modified, amended or waived except by written agreement or consent signed by the
party to be bound thereby.

         9.       Cumulative Rights and Remedies; Usury. The rights and remedies
of the Payee expressed herein are cumulative and not exclusive of any rights and
remedies otherwise available. If it shall be found that any interest outstanding
hereunder shall violate applicable laws governing usury, the applicable rate of
interest outstanding hereunder shall be reduced to the maximum permitted rate of
interest under such law.

         10.      Collection Expenses. If this obligation is placed in the hands
of an attorney for collection after default, and provided the Payee prevails on
the merits in respect to its claim of default, the Maker shall pay (and shall
indemnify and hold harmless the Payee from and against), all reasonable
attorneys' fees and expenses incurred by the Payee in pursuing collection of
this Note.

         11.      Successors and Assigns. This Note shall be binding upon the
Maker and its successors and shall inure to the benefit of the Payee and its
successors and assigns. The term "Payee" as used herein, shall also include any
endorsee, assignee or other holder of this Note.

         12.      Lost or Stolen Promissory Note. If this Note is lost, stolen,
mutilated or otherwise destroyed, the Maker shall execute and deliver to the
Payee a new promissory note containing the same terms, and in the same form, as
this Note. In such event, the Maker may require the Payee to deliver to the
Maker an affidavit of lost instrument and customary indemnity in respect thereof
as a condition to the delivery of any such new promissory note.

         13.      Governing Law. This Note shall be governed by and construed
and enforced in accordance with the internal laws of the State of New Jersey
without regard to the principles of conflicts of law thereof. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the county of Bergen, State of New Jersey, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by
law.

         14.      Definitions. For the purposes hereof, the following terms
shall have the following meanings:

         "Business Day" means any day except Saturday, Sunday and any day which
shall be a legal holiday or a day on which banking institutions in the State of
New York or State of Utah are authorized or required by law or other government
action to close.

         "Change of Control Transaction" means the occurrence of any of (i) an
acquisition after the date hereof by an individual or legal entity or "group"
(as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of in
excess of 33% of the voting securities of the Maker, (ii) a replacement of more
than one-half of the members of the Maker's board of directors which is not
approved by those individuals who are members of the board of directors on the
date hereof in one or a series of related transactions, (iii) the merger of the

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Maker with or into another entity, the direct or indirect consolidation or sale
of all or substantially all of the assets of the Maker in one or a series of
related transactions, unless following such transaction, the holders of the
Maker's securities continue to hold at least 66% of such securities following
such transaction or (iv) the execution by the Maker of an agreement to which the
Maker is a party or by which it is bound, providing for any of the events set
forth above in (i), (ii) or (iii).

         "Conversion Price" shall be the greater of (a) $0.005 per Share, and
(b) 50% of the average of the Per Share Market Values during the three (3)
Trading Days immediately preceding a Conversion Date (subject to adjustment
pursuant to Section 5 hereof).

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Per Share Market Value" means on any particular date (a) the closing
bid price per share of Common Stock on such date on the OTC Bulletin Board or on
such Subsequent Market on which the shares of Common Stock are then listed or
quoted, or if there is no such price on such date, then the closing bid price on
the OTC Bulletin Board or on such Subsequent Market on the date nearest
preceding such date, or (b) if the shares of Common Stock are not then listed or
quoted on the OTC Bulletin Board or a Subsequent Market, the closing bid price
for a share of Common Stock in the over-the-counter market, as reported by the
National Quotation Bureau Incorporated or similar organization or agency
succeeding to its functions of reporting prices) at the close of business on
such date, or (c) if the shares of Common Stock are not then reported by the
National Quotation Bureau Incorporated (or similar organization or agency
succeeding to its functions of reporting prices), then the average of the "Pink
Sheet" quotes for the relevant conversion period, as determined in good faith by
the Payee.

         "Person" means a corporation, an association, a partnership, limited
liability company an organization, a business, an individual, a government or
political subdivision thereof or a governmental agency.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Subsequent Market" means the New York Stock Exchange, American Stock
Exchange, Nasdaq SmallCap Market or Nasdaq National Market.

         "Trading Day" means (a) a day on which the shares of Common Stock are
traded on such Subsequent Market on which the shares of Common Stock are then
listed or quoted, or (b) if the shares of Common Stock are not listed on a
Subsequent Market, a day on which the shares of Common Stock are traded in the
over-the-counter market, as reported by the OTC Bulletin Board, or (c) if the
shares of Common Stock are not quoted on the OTC Bulletin Board, a day on which
the shares of Common Stock are quoted in the over-the-counter market as reported
by the National Quotation Bureau Incorporated (or any similar organization or
agency succeeding its functions of reporting prices); provided, however, that in
the event that the shares of Common Stock are not listed or quoted as set forth
in (a), (b) and (c) hereof, then Trading Day shall mean any day except Saturday,
Sunday and any day which shall be a legal holiday or a day on which banking
institutions in the State of New Jersey or State of Utah are authorized or
required by law or other government action to close.

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         IN WITNESS WHEREOF, the Maker has caused this Convertible Promissory.
Note to be duly executed and delivered as of the date first set forth above.

                                       QUEST MINERALS & MINING CORP.

                                       By: /s/ EUGENE CHIARAMONTE, JR.
                                           ------------------------------------
                                           Name:  Eugene Chiaramonte, Jr.
                                           Title:  Vice President

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                                    EXHIBIT A

                              NOTICE OF CONVERSION

Dated:

         The undersigned hereby elects to convert the principal amount and
interest indicated below of the attached Convertible Promissory Note into shares
of common stock, $0.001 par value (the "Common Stock"), of Quest Minerals &
Mining Corp., according to the conditions hereof, as of the date written below.
No fee will be charged to the holder for any conversion.

Exchange calculations: _______________________________________________

Date to Effect Conversion: ___________________________________________

Principal Amount and Interest of

Secured Convertible Note to be Converted: ____________________________

Number of shares of Common Stock to be Issued: _______________________

Applicable Conversion Price:

Signature: __________________________________________

Name:________________________________________________

Address: ____________________________________________

                                   -Exhibit A-
<PAGE>

                                    EXHIBIT B

                                  LOAN SCHEDULE

       Convertible Promissory Note Issued by Quest Minerals & Mining Corp.

                              Dated: April 1, 2006

                                    SCHEDULE

                                       OF

                      CONVERSIONS AND PAYMENTS OF PRINCIPAL
________________________________________________________________________________

 Date of Conversion      Amount of Conversion     Total Amount Due Subsequent
                                                         To Conversion
_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

_____________________ _________________________ ________________________________

                                   -Exhibit B-Exhibit 4.14

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREUNDER AND IN COMPLIANCE WITH
APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

                          QUEST MINERALS & MINING CORP.

                                     WARRANT
                             [AMENDED AND RESTATED]

Warrant No. __                                         Dated: December 17, 2004
                                   (amended and restated as of January 26, 2005)

[This Warrant is being amended and restated to reflect certain errors that
existed in the original Warrant No. __ relating to Section 9(e) and shall
supercede and replace the original Warrant.]

         Quest Minerals & Mining Corp., a Utah corporation (the "Company"),
hereby certifies that, for value received, _______________, or its registered
assigns ("Holder"), is entitled, subject to the terms set forth below, to
purchase from the Company _____________ shares of common stock, $0.001 par value
per share (the "Common Stock"), of the Company (each such share, a "Warrant
Share" and all such shares, the "Warrant Shares") at an exercise price equal to
$1.50 per share (as adjusted from time to time as provided in Section 9, the
"Exercise Price"), at any time and from time to time from and after the date
hereof and through and including December 17, 2009 (the "Expiration Date"), and
subject to the following terms and conditions:

         1.       Registration of Warrant. The Company shall register this
Warrant, upon records to be maintained by the Company for that purpose (the
"Warrant Register"), in the name of the record Holder hereof from time to time.
The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder and, for all other purposes and the Company shall not be affected
by notice to the contrary.

         2.       Registration of Transfers and Exchanges.
                  ---------------------------------------

                  (a)      The Company shall register the transfer of any
portion of this Warrant in the Warrant Register upon surrender of this Warrant,
with the Form of Assignment attached hereto duly completed and signed, to the
Transfer Agent or to the Company at the office specified in or pursuant to
Section 3(b). Upon any such registration of transfer, a new warrant to purchase
Common Stock, in substantially the form of this Warrant (any such new warrant, a

<PAGE>

"New Warrant"), evidencing the portion of this Warrant so transferred shall be
issued to the transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Warrant by the transferee thereof shall be
deemed the acceptance by such transferee of all of the rights and obligations of
a holder of a Warrant.

                  (b)      This Warrant is exchangeable, upon the surrender
hereof by the Holder to the office of the Company specified in or pursuant to
Section 3(b) for one or more New Warrants, evidencing in the aggregate the right
to purchase the number of Warrant Shares which may then be purchased hereunder.
Any such New Warrant will be dated the date of such exchange.

         3.       Duration and Exercise of Warrants.
                  ---------------------------------

                  (a)      This Warrant shall be exercisable by the registered
Holder on any business day before 8:00 P.M., New York City time, at any time and
from time to time on or after the date hereof to and including the Expiration
Date. At 8:00 P.M., New York City time on the Expiration Date, the portion of
this Warrant not exercised prior thereto shall be and become void and of no
value. Prior to the Expiration Date, the Company may not call or otherwise
redeem this Warrant without the prior written consent of the Holder.

                  (b)      Subject to Sections 2(b), 6 and 10, upon surrender of
this Warrant, with the Form of Election to Purchase attached hereto duly
completed and signed, to the Company at its address for notice set forth in
Section 13 and upon payment of the Exercise Price multiplied by the number of
Warrant Shares that the Holder intends to purchase hereunder, in the manner
provided hereunder, all as specified by the Holder in the Form of Election to
Purchase, the Company shall promptly (but in no event later than thirty (30)
business days after the Date of Exercise (as defined herein)) issue or cause to
be issued and cause to be delivered to or upon the written order of the Holder
and in such name or names as the Holder may designate, a certificate for the
Warrant Shares issuable upon such exercise, free of restrictive legends except
(i) either in the event that a registration statement covering the resale of the
Warrant Shares and naming the Holder as a selling stockholder thereunder is not
then effective or the Warrant Shares are not freely transferable without volume
restrictions pursuant to Rule 144(k) promulgated under the Securities Act of
1933, as amended (the "Securities Act"), or (ii) if this Warrant shall have been
issued pursuant to a written agreement between the original Holder and the
Company, as required by such agreement. Any person so designated by the Holder
to receive Warrant Shares shall be deemed to have become holder of record of
such Warrant Shares as of the Date of Exercise of this Warrant.

                           A "Date of Exercise" means the date on which the
Company shall have received (i) this Warrant (or any New Warrant, as
applicable), with the Form of Election to Purchase attached hereto (or attached
to such New Warrant) appropriately completed and duly signed, and (ii) payment
of the Exercise Price for the number of Warrant Shares so indicated by the
holder hereof to be purchased.

                  (c)      This Warrant shall be exercisable, either in its
entirety or, from time to time, for a portion of the number of Warrant Shares.
If less than all of the Warrant Shares which may be purchased under this Warrant

                                      -2-
<PAGE>

are exercised at any time, the Company shall issue or cause to be issued at its
expense, a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares for which no exercise has been evidenced by this Warrant.

         4.       Registration.
                  ------------

                  (a)      Registration Rights. If, at any time after December
17, 2004 and expiring December 17, 2006, the Company proposes to register any of
its securities under the Securities Act (except for registrations on Forms S-8
or S-4 or their equivalent), it will give written notice by registered mail, at
least thirty (30) days prior to the filing of each such registration statement,
to Holder of its intention to do so. If Holder notifies the Company within
twenty (20) days after receipt of any such notice of its desire to include any
Warrant Shares in such proposed registration statement, the Company shall afford
Holder the opportunity to have any such Warrant Shares registered under such
registration statement at the Company's sole cost and expense. These rights may
be exercised at any time on an unlimited number of occasions prior to December
17, 2006, subject to the absolute discretion of any underwriter of the Company's
securities requesting that the Warrant Shares not be sold for a period not to
exceed one hundred eighty (180) days from the effective date of such
registration statement.

                  (b)      Expenses of Registration. All registration expenses
(exclusive of underwriting discounts and commissions) shall be borne by the
Company. Each Holder of Warrant Shares shall bear all underwriting discounts,
selling commissions, sales concessions and similar expenses applicable to the
sale of the Warrant Shares sold by such Holder.

                  (c)      Registration Procedures. In the case of the
registration, qualification or compliance effected by the Company pursuant to
Section 4 hereof, the Company will keep the Holders of Warrant Shares advised as
to the initiation of registration, qualification and compliance and as to the
completion thereof. At its expense, the Company will furnish such number of
prospectuses and other documents incident thereto as the Holders or underwriters
from time to time may reasonably request.

                  (d)      Information. The Company may require each seller of
Warrant Shares as to which any registration is being effected to furnish such
information regarding the distribution of such Warrant Shares as the Company may
from time to time reasonably request and the Company may exclude from such
registration the Warrant Shares of any seller who unreasonably fails to furnish
such information after receiving such request.

                  (e)      Blue Sky. The Company will, as expeditiously as
possible, use its best efforts to register or qualify the Warrant Shares covered
by a registration statement at the expense of the Company in such jurisdictions
as the Holders of such Warrant Shares or, in the case of an underwritten public
offering, the managing underwriter shall reasonably request at the expense of
the Holders of the Warrant Shares being registered provided that the Company
shall not be required in connection with any such registration or qualification
or as a condition thereto to qualify to do business in any jurisdiction where it
is not so qualified or to take any action which would subject it to taxation or

                                      -3-
<PAGE>

service of process in any jurisdiction where it is not otherwise subject to such
taxation or service of process.

                  (f)      Notification of Material Events. The Company will, as
expeditiously as possible, immediately notify each Holder of Warrant Shares
under a registration statement, at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of the happening of any
event as a result of which the prospectus contained in such registration
statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances
then existing and, as expeditiously as possible, amend or supplement such
prospectus to eliminate the untrue statement or the omission.

         5.       Intentionally Omitted.
                  ---------------------

         6.       Payment of Taxes. The Company will pay all documentary stamp
taxes attributable to the issuance of Warrant Shares upon the exercise of this
Warrant; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or Warrants in a name other than that of
the Holder. The Holder shall be responsible for all other tax liability that may
arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

         7.       Replacement of Warrant. If this Warrant is mutilated, lost,
stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and
substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction and
indemnity, if requested, reasonably satisfactory to it. Applicants for a New
Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable charges as the Company
may prescribe.

         8.       Reservation of Warrant Shares. The Company covenants that it
will at all times reserve and keep available out of the aggregate of its
authorized but unissued Common Stock, solely for the purpose of enabling it to
issue Warrant Shares upon exercise of this Warrant as herein provided, the
number of Warrant Shares which are then issuable and deliverable upon the
exercise of this entire Warrant, free from preemptive rights or any other actual
contingent purchase rights of persons other than the Holder (taking into account
the adjustments and restrictions of Section 9). The Company covenants that all
Warrant Shares that shall be so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms
hereof, be duly and validly authorized, issued and fully paid and nonassessable.

         9.       Certain Adjustments. The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to adjustment from
time to time as set forth in this Section 9. Upon each such adjustment of the
Exercise Price pursuant to this Section 9, the Holder shall thereafter prior to
the Expiration Date be entitled to purchase, at the Exercise Price resulting
from such adjustment, the number of Warrant Shares obtained by multiplying the
Exercise Price in effect immediately prior to such adjustment by the number of
Warrant Shares issuable upon exercise of this Warrant immediately prior to such

                                      -4-
<PAGE>

adjustment and dividing the product thereof by the Exercise Price resulting from
such adjustment.

                  (a)      If the Company, at any time while this Warrant is
outstanding, (i) shall pay a stock dividend (except scheduled dividends paid on
outstanding preferred stock as of the date hereof which contain a stated
dividend rate) or otherwise make a distribution or distributions on shares of
its Common Stock or on any other class of capital stock payable in shares of
Common Stock, (ii) subdivide outstanding shares of Common Stock into a larger
number of shares, or (iii) combine outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding before such event and of which the
denominator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding after such event. Any adjustment made pursuant to
this Section shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision or combination, and shall apply to successive subdivisions and
combinations.

                  (b)      In case of any reclassification of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is convened
into other securities, cash or property, then the Holder shall have the right
thereafter to exercise this Warrant only into the shares of stock and other
securities and property receivable upon or deemed to be held by holders of
Common Stock following such reclassification or share exchange, and the Holder
shall be entitled upon such event to receive such amount of securities or
property equal to the amount of Warrant Shares such Holder would have been
entitled to had such Holder exercised this Warrant immediately prior to such
reclassification or share exchange. The terms of any such reclassification or
share exchange shall include such terms so as to continue to give to the Holder
the right to receive the securities or property set forth in this Section 9(b)
upon any exercise following any such reclassification or share exchange.

                  (c)      If the Company, at any time while this Warrant is
outstanding, shall distribute to all holders of Common Stock (and not to holders
of this Warrant) evidences of its indebtedness or assets or rights or warrants
to subscribe for or purchase any security (excluding those referred to in
Sections 9(a) and (b)), then in each such ease the Exercise Price shall be
determined by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of stockholders entitled to receive such
distribution by a fraction of which the denominator shall be the Exercise Price
determined as of the record date mentioned above, and of which the numerator
shall be such Exercise Price on such record date less the then fair market value
at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of Common Stock as determined by
the Company's independent certified public accountants that regularly examines
the financial statements of the Company (an "Appraiser").

                  (d)      In case of any (i) merger or consolidation of the
Company with or into another Person, or (ii) sale by the Company of more than
one-half of the assets of the Company (on a book value basis) in one or a series
of related transactions, or (iii) tender or other offer or exchange (whether by
the Company or another Person) pursuant to which holders of Common Stock are

                                      -5-
<PAGE>

permitted to tender or exchange their shares for other securities, stock, cash
or property of the Company or another Person; then the Holder shall have the
right thereafter to (A) exercise this Warrant for the shares of stock and other
securities, cash and property receivable upon or deemed to be held by holders of
Common Stock following such merger, consolidation or sale, and the Holder shall
be entitled upon such event or series of related events to receive such amount
of securities, cash and property as the Common Stock for which this Warrant
could have been exercised immediately prior to such merger, consolidation or
sales would have been entitled, (B) in the case of a merger or consolidation,
(x) require the surviving entity to issue to the Holder a warrant entitling the
Holder to acquire shares of such entity's common stock, which warrant shall have
terms identical (including with respect to exercise) to the terms of this
Warrant and shall be entitled to all of the fights and privileges set forth
herein and the agreements pursuant to which this Warrant was issued (including,
without limitation, as such rights relate to the acquisition, transferability,
registration and listing of such shares of stock other securities issuable upon
exercise thereof), or (C) in the event of an exchange or tender offer or other
transaction contemplated by clause (iii) of this Section, tender or exchange
this Warrant for such securities, stock, cash and other property receivable upon
or deemed to be held by holders of Common Stock that have tendered or exchanged
their shares of Common Stock following such tender or exchange, and the Holder
shall be entitled upon such exchange or tender to receive such amount of
securities, cash and property as the shares of Common Stock for which this
Warrant could have been exercised immediately prior to such tender or exchange
would have been entitled as would have been issued. In the case of clause (B),
the exercise price applicable for the newly issued warrant shall be based upon
the amount of securities, cash and property that each share of Common Stock
would receive in such transaction and the Exercise Price immediately prior to
the effectiveness or closing date for such transaction. The terms of any such
merger, sale, consolidation, tender or exchange shall include such terms so as
continue to give the Holder the right to receive the securities, cash and
property set forth in this Section upon any conversion or redemption following
such event. This provision shall similarly apply to successive such events.

                  (e)      In the event of an event of default under the Amended
and Restated Secured Promissory Note of even date herewith (the "Note") made by
the Company's indirect, wholly-owned subsidiary, Quest Energy, LTD., a Kentucky
corporation, in favor of the Holder, the Exercise Price shall be reduced to
fifty percent (50%) of the Exercise Price in effect immediately prior thereto.

                  (f)      For the purposes of this Section 9, the following
clauses shall also be applicable:

                           (i)      Record Date. In case the Company shall take
a record of the holders of its Common Stock for the purpose of entitling them
(A) to receive a dividend or other distribution payable in Common Stock or in
securities convertible or exchangeable into shares of Common Stock, or (B) to
subscribe for or purchase Common Stock or securities convertible or exchangeable
into shares of Common Stock, then such record date shall be deemed to be the
date of the issue or sale of the shares of Common Stock deemed to have been
issued or sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

                                      -6-
<PAGE>

                           (ii)     Treasury Shares. The number of shares of
Common Stock outstanding at any given time shall not include shares owned or
held by or for the account of the Company, and the disposition of any such
shares shall be considered an issue or sale of Common Stock.

                  (g)      All calculations under this Section 9 shall be made
to the nearest cent or the nearest 1/100th of a share, as the case may be.

                  (h)      Whenever the Exercise Price is adjusted pursuant to
Section 9(c) above, the Holder, after receipt of the determination by the
Appraiser, shall have the right to select an additional appraiser (which shall
be a nationally recognized accounting firm), in which case the adjustment shall
be equal to the average of the adjustments recommended by each of the Appraiser
and such additional appraiser. The Holder shall promptly mail or cause to be
mailed to the Company, a notice setting forth the Exercise Price after such
adjustment and setting forth a brief statement of the facts requiting such
adjustment. Such adjustment shall become effective immediately after the record
date described in Section 9(c).

                  (i)      If:

                           (i)      the Company shall declare a dividend (or any
other distribution) on its Common Stock; or

                           (ii)     the Company shall declare a special
nonrecurring cash dividend on or a redemption of its Common Stock: or

                           (iii)    the Company shall authorize the granting to
all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights; or

                           (iv)     the approval of any stockholders of the
Company shall be required in connection with any reclassification of the Common
Stock, any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, or any
compulsory, share exchange whereby the Common Stock is converted into other
securities, cash or property; or

                           (v)      the Company shall authorize the voluntary
dissolution, liquidation or winding up of the affairs of the Company, then the
Company shall cause to be mailed to the Holder at its last addresses as it shall
appear upon the Warrant Register, at least 30 calendar days prior to the
applicable record or effective date herein after specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of Common Stock of
record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up; provided; however, that the failure to mail such notice or any

                                      -7-
<PAGE>

defect therein or in the mailing thereof shall not affect the validity of the
corporate action required to be specified in such notice.

         10.      Payment of Exercise Price. The Holder shall pay the Exercise
Price by delivering immediately available funds.

         11.      Certain Exercise Restrictions.
                  -----------------------------

                  (a)      A Holder may not exercise this Warrant to the extent
such exercise would result in the Holder, together with any affiliate thereof,
beneficially owning (as determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and the rules
promulgated thereunder) in excess of 4.999% of the then issued and outstanding
shares of Common Stock, including shares of Common Stock issuable upon such
exercise and held by such Holder after application of this Section. Since the
Holder will not be obligated to report to the Company the number of shares of
Common Stock it may hold at the time of an exercise hereunder, unless the
exercise at issue would result in the issuance of shares of Common Stock in
excess of 4.999% of the then outstanding shares of Common Stock without regard
to any other shares of Common Stock which may be beneficially owned by the
Holder or an affiliate thereof, the Holder shall have the authority and
obligation to determine whether the restriction contained in this Section will
limit any particular exercise hereunder and to the extent that the Holder
determines that the limitation contained in this Section applies, the
determination of which portion of this Warrant is exercisable shall be the
responsibility and obligation of the Holder. If the Holder has delivered a Form
of Election to Purchase for a number of Warrant Shares that would result in the
issuance in excess of the permitted amount hereunder, the Company shall notify
the Holder of this fact and shall honor the exercise for the maximum portion of
this Warrant permitted to be exercised on such Date of Exercise in accordance
with the periods described herein and disregard the balance of such Form of
Election to Purchase, as if never delivered. The provisions of this Section may
be waived by a Holder (but only as to itself and not to any other Holder) upon
not less than 61 days prior notice to the Company. Other Holders shall be
unaffected by any such waiver.

                  (b)      A Holder may not exercise this Warrant to the extent
such exercise would result in the Holder, together with any affiliate thereof,
beneficially owning (as determined in accordance with Section 13(d) of the
Exchange Act and the rules promulgated thereunder) in excess of 9.999% of the
then issued and outstanding shares of Common Stock, including shares of Common
Stock issuable upon such exercise and held by such Holder after application of
this Section. Since the Holder will not be obligated to report to the Company
the number of shares of Common Stock it may hold at the time of an exercise
hereunder, unless the exercise at issue would result in the issuance of shares
of Common Stock in excess of 9.999% of the then outstanding shares of Common
Stock without regard to any other shares of Common Stock which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have
the authority and obligation to determine whether the restriction contained in
this Section will limit any particular exercise hereunder and to the extent that
the Holder determines that the limitation contained in this Section applies, the
determination of which portion of this Warrant is exercisable shall be the
responsibility and obligation of the Holder. If the Holder has delivered a Form
of Election to Purchase for a number of Warrant Shares that would result in the
issuance in excess of the permitted amount hereunder, the Company shall notify
the Holder of this fact and shall honor the exercise for the maximum portion of

                                      -8-
<PAGE>

this Warrant permitted to be exercised on such Date of Exercise in accordance
with the periods described herein and disregard the balance of such Form of
Election to Purchase, as if never delivered. The provisions of this Section may
be waived by a Holder (but only as to itself and not to any other Holder) upon
not less than 61 days prior notice to the Company. Other Holders shall be
unaffected by any such waiver.

         12.      Fractional Shares. The Company shall not be required to issue
or cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares which shall be issuable upon the exercise of
this Warrant shall be computed on the basis of the aggregate number of Warrant
Shares purchasable on exercise of this Warrant so presented. If any fraction of
a Warrant Share would, except for the provisions of this Section, be issuable on
the exercise of this Warrant, the Company shall pay an amount in cash equal to
the Exercise Price multiplied by such fraction.

         13.      Notices. Any and all notices or other communications or
deliveries hereunder shall be in writing and shall be deemed given and effective
on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile telephone number specified in this
Section prior to 8:00 p.m. (New York City time) on a business day, (ii) the
business day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this
Section later than 8:00 p.m. (New York City time) on any date and earlier than
11:59 p.m. (New York City time) on such date, (iii) the business day following
the date of mailing, if sent by nationally recognized overnight courier service,
or (iv) upon actual receipt by the party to whom such notice is required to be
given. The addresses for such communications shall be:

                           (i)      if to the Company to:

                                    9810 Meta Highway, Suite 2
                                    Pikeville, KY 41502

                           (ii)     if to the Holder to: the Holder at the
address or facsimile number appearing on the Warrant Register or such other
address or facsimile number as the Holder may provide to the Company in
accordance with this Section.

         14.      Warrant Agent. The Company shall serve as warrant agent under
this Warrant. Upon thirty (30) days' notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new
warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers
substantially all of its corporate trust or shareholders services business shall
be a successor warrant agent under this Warrant without any further act. Any
such successor warrant agent shall promptly cause notice of its succession as
warrant agent to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder's last address as shown on the Warrant Register.

                                      -9-
<PAGE>

         15.      Miscellaneous.
                  ------------

                  (a)      This Warrant shall be binding on and inure to the
benefit of the parties hereto and their respective successors and assigns. This
Warrant may be amended only in writing signed by the Company and the Holder.

                  (b)      Subject to Section 15(a), above, nothing in this
Warrant shall be construed to give to any person or corporation other than the
Company and the Holder any legal or equitable right, remedy or cause under this
Warrant. This Warrant shall inure to the sole and exclusive benefit of the
Company and the Holder.

                  (c)      The corporate laws of the State of Utah shall govern
all issues concerning the relative rights of the Company and its stockholders.
All other questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. The Company and the Holder hereby
irrevocably submit to the exclusive jurisdiction of the state and federal courts
sitting in the city of New York, borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein.

                  (d)      The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

                  (e)      In case any one or more of the provisions of this
Warrant shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the panics will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

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                                      -10-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                       QUEST MINERALS & MINING CORP.

                                       By:_____________________________________
                                          Name:  Eugene Chiaramonte, Jr.
                                          Title: Vice President

                                      -11-
<PAGE>

                          FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To Quest Minerals & Mining Corp.:

         In accordance with the Warrant enclosed with this Form of Election to
Purchase, the undersigned hereby irrevocably elects to purchase
______________shares of common stock, no par value per share, of Quest Minerals
& Mining Corp. (the "Common Stock") and encloses herewith $__________ in cash,
certified or official bank check or checks, which sum represents the aggregate
Exercise Price (as defined in the Warrant) for the number of shares of Common
Stock to which this Form of Election to Purchase relates, together with any
applicable taxes payable by the undersigned pursuant to the Warrant.

         The undersigned requests that certificates for the shares of Common
Stock issuable upon this exercise be issued in the name of______________________

                                       PLEASE INSERT SOCIAL SECURITY OR. TAX
                                       IDENTIFICATION NUMBER

                                       _________________________________________

________________________________________________________________________________
                         (Please print name and address)

         If the number of shares of Common Stock issuable upon this exercise
shall not be all of the shares of Common Stock, which the undersigned is
entitled to purchase in accordance with the enclosed Warrant, the undersigned
requests that a New Warrant (as defined in the Warrant) evidencing the right to
purchase the shares of Common Stock not issuable pursuant to the exercise
evidenced hereby be issued in the name of and delivered to:

________________________________________________________________________________
                         (Please print name and address)

Dated: ___________________             _________________________________________
                                       (Print Name of Holder)

                                       (By:)____________________________________

                                       (Name:)__________________________________

                                       (Title:)_________________________________
                                       (Signature must conform in all respects
                                       to name of holder as specified on the
                                       face of the Warrant)

                                      -12-
<PAGE>

                               FORM OF ASSIGNMENT

           [To be completed and signed only upon transfer of Warrant]

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ________________________________________________ the right represented by
the within Warrant to purchase shares of Common Stock of Quest Minerals & Mining
Corp. to which the within Warrant relates and appoints _______________________
attorney to transfer said right on the books of Quest Minerals & Mining Corp.
with full power of substitution in the premises.

         Dated: ____________________

                                       _________________________________________
                                       (Signature must conform in all respects
                                       to name of holder as specified on the
                                       face of the Warrant)

                                       _________________________________________
                                       Address of Transferee

                                       _________________________________________

                                       _________________________________________

In the presence of:

_________________________________________

_________________________________________
(Print Name)

                                      -13-

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