Document:

SUBSCRIPTION
AGREEMENT

    

    

    La Cortez
Energy, Inc.

    Calle 67
#7-35, Oficina 409

    Bogota,
Colombia

    

    This
Subscription Agreement (this “Agreement”)
has been executed by the subscriber set forth in the signature page attached
hereto (the “Subscriber”)
in connection with the private placement offering (the “Offering”)
of a minimum of 4,800,000 and a maximum of 12,000,000 units of securities (the
“PPO
Units”) issued by La Cortez Energy, Inc. (formerly known as La Cortez
Enterprises, Inc.), a Nevada Corporation (the “Company”),
at a purchase price of $1.25 per PPO Unit.  Each PPO Unit consists of
(i) one share of the Company’s common stock, par value $0.001 per share (“Common
Stock”), and (ii) a warrant, substantially in the form of Exhibit A hereto (the
“Warrant”),
representing the right to purchase one share of Common Stock, exercisable for a
period of five years at an exercise price of $2.00 per share.  This
subscription is being submitted to you in accordance with and subject to the
terms and conditions described in this Agreement and the Confidential Private
Placement Memorandum of the Company dated March 30, 2009, as it may be amended
and supplemented from time to time, including all attachments, schedules and
exhibits thereto (the “Memorandum”),
relating to the Offering.

     

    The
minimum subscription amount is $25,000 (20,000 PPO Units).  The
Company may accept subscriptions for less than $25,000 in its sole
discretion.

    

    The PPO
Units being subscribed for pursuant to this Agreement have not been registered
under the Securities Act of 1933, as amended (the “Securities
Act”).  The Offering is being made on a “best efforts” basis to
“accredited investors,” as defined in Regulation D under the Securities Act, and
non-”U.S. persons,” as defined in Regulation S under the Securities
Act.  The Company reserves the right, in its sole discretion and for
any reason, to reject any Subscriber’s subscription in whole or in part, or to
allot less than the number of PPO Units subscribed for.

     

    The
undersigned acknowledges receipt of a copy of the Registration Rights Agreement,
substantially in the form of Exhibit B hereto (the
“Registration
Rights Agreement”).

     

    The
closing of the Offering (the “Closing;”
and the date on which such Closing occurs hereinafter referred to as the “Closing
Date”) shall be at the offices of Gottbetter & Partners, LLP, at 488
Madison Avenue, New York, New York 10022 (or such other place as is mutually
agreed to by the Company).  The Company may conduct multiple closings
for the sale of the PPO Units until the termination of the
Offering.  The Offering shall continue until May 29, 2009, which date
may be extended until June 30, 2009 by the Company.

     

    
      	
              1.  

            	
              Subscription.  The
      undersigned Subscriber hereby subscribes to purchase the number of PPO
      Units set forth on the signature page attached hereto, at an aggregate
      price as set forth on such signature page (the “Purchase Price”), subject
      to the terms and conditions of this Agreement and on the basis of the
      representations, warranties, covenants and agreements contained
      herein.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              2.  

            	
              Subscription
      Procedure.  To complete a subscription for the PPO Units,
      the Subscriber must fully comply with the subscription procedure provided
      in this Section on or before the Closing
Date.

            

    

    

    a. Transaction
Documents.  On or before the Closing Date, the Subscriber shall
review, complete and execute the Omnibus Signature Page to this Agreement and
the Investor Certification, attached hereto as Appendix A (collectively, the
“Transaction Documents”), and deliver the Transaction Documents to the Company’s
attorneys, Gottbetter & Partners, LLP (“G&P”), at the address listed on
the instruction sheet below.  Executed documents may be delivered to
G&P by facsimile or electronic mail (e-mail), if the Subscriber delivers the
original copies of the documents to G&P as soon as practicable
thereafter.

    

    b. Purchase Price.  Simultaneously
with the delivery of the Transaction Documents to G&P as provided herein,
and in any event on or prior to the Closing Date, the Subscriber shall deliver
to CSC Trust Company of Delaware (the “Escrow Agent”) the full Purchase Price by
check or by wire transfer of immediately available funds.

    

    c. Company
Discretion.  The Subscriber understands and agrees that the
Company in its sole discretion reserves the right to accept or reject this or
any other subscription for PPO Units, in whole or in part, notwithstanding prior
receipt by the Subscriber of notice of acceptance of this
subscription.  The Company shall have no obligation hereunder until
the Company shall execute and deliver to the Subscriber an executed copy of this
Agreement.  If this subscription is rejected in whole, or the offering
of PPO Units is terminated, all funds received from the Subscriber will be
returned without interest or offset, and this Agreement shall thereafter be of
no further force or effect.  If this subscription is rejected in part,
the funds for the rejected portion of this subscription will be returned without
interest or offset, and this Agreement will continue in full force and effect to
the extent this subscription was accepted.

    

    
      	
              3.  

            	
              Representations and Warranties
      of the Company.  The Company hereby represents and
      warrants to the Subscriber the
following:

            

    

    

    a. Organization and
Qualification.  The Company is a corporation duly organized and
validly existing under the laws of the State of Nevada.  The Company
has all requisite power and authority to carry on its business as currently
conducted, other than such failures that would not reasonably be expected to
have a material adverse effect on the Company’s business, properties or
financial condition (a “Material
Adverse Effect”).  The Company is duly qualified to transact
business in each jurisdiction in which the failure to be so qualified would
reasonably be expected to have a Material Adverse Effect.

    

    b. Authorization.  As
of the Closing, all action on the part of the Company, its board of directors,
officers and existing stockholders necessary for the authorization, execution
and delivery of this Agreement, the Registration Rights Agreement, the Warrant
and the performance of all obligations of the Company hereunder and thereunder
shall have been taken, and this Agreement, the Registration Rights Agreement and
the Warrant, assuming due execution by the parties hereto and thereto, will
constitute valid and legally binding obligations of the Company, enforceable in
accordance with their respective terms, subject to: (i) judicial principles
limiting the availability of specific performance, injunctive relief, and other
equitable remedies and (ii) bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect generally relating to or
affecting creditors’ rights.

     

    
      
         

      

      
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    c. Valid Issuance of the Common
Stock and the Warrant.  The shares of Common Stock and the
Warrant, when issued, sold and delivered in accordance with the terms of this
Agreement for the consideration expressed herein, and the shares of Common Stock
underlying the Warrant, when issued and delivered in accordance with the terms
of the Warrant, shall be duly and validly issued and will be free of
restrictions on transfer directly or indirectly created by the Company other
than restrictions on transfer under this Agreement, the Registration Rights
Agreement and the terms of the Warrant and under applicable federal and state
securities laws.

    

    d. Governmental
Consents.  No consent, approval, order or authorization of, or
registration, qualification, designation, declaration or filing with, any
federal, state or local governmental authority on the part of the Company is
required in connection with the offer, sale or issuance of the PPO Units, except
for the following: (i) the filing of such notices as may be required under the
Securities Act and (ii) the compliance with any applicable state securities
laws, which compliance will have occurred within the appropriate time periods
therefor.

    

    e. Litigation.  There
are no actions, suits, proceedings or investigations pending or, to the best of
the Company’s knowledge, threatened before any court, administrative agency or
other governmental body against the Company which question the validity of this
Agreement, the Registration Rights Agreement or the Warrant, or the right of the
Company to enter into any of them, or to consummate the transactions
contemplated hereby or thereby, or which would reasonably be expected to have a
Material Adverse Effect.  The Company is not a party or subject to,
and none of its assets is bound by, the provisions of any order, writ,
injunction, judgment or decree of any court or government agency or
instrumentality which would reasonably be expected to have a Material Adverse
Effect.

    

    f. Compliance with Other
Instruments.  The Company is not in violation or default of any
provision of its Articles of Incorporation, each as in effect immediately prior
to the Closing, except for such failures as would not reasonably be expected to
have a Material Adverse Effect. The Company is not in violation or default of
any provision of any material instrument, mortgage, deed of trust, loan,
contract, commitment, judgment, decree, order or obligation to which it is a
party or by which it or any of its properties or assets are bound which would
reasonably be expected to have a Material Adverse Effect.  To the best
of its knowledge, the Company is not in violation or default of any provision of
any federal, state or local statute, rule or governmental regulation which would
reasonably be expected to have a Material Adverse Effect.  The
execution, delivery and performance of and compliance with this Agreement, the
Registration Rights Agreement and the issuance and sale of the PPO Units, will
not result in any such violation, be in conflict with or constitute, with or
without the passage of time or giving of notice, a default under any such
provision, require any consent or waiver under any such provision (other than
any consents or waivers that have been obtained), or result in the creation of
any mortgage, pledge, lien, encumbrance or charge upon any of the properties or
assets of the Company pursuant to any such provision.

     

    
      
         

      

      
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    g. Certain Registration
Matters.  Assuming the accuracy of the Subscriber’s
representations and warranties set forth in this Agreement and the Transaction
Documents, and the representations and warranties made by all other purchasers
of PPO Units in the Offering, no registration under the Securities Act is
required for the offer and sale of the PPO Units by the Company to the
Subscriber hereunder.

    

    h. No General
Solicitation.  Neither the Company nor any person acting on
behalf of the Company has offered or sold any of the PPO Units by any form of
general solicitation or general advertising (within the meaning of Regulation
D).

    

    
      	
              4.  

            	
              Representations and Warranties
      of the Subscriber.  The Subscriber represents and
      warrants to the Company the
following:

            

    

    

    a. The
Subscriber, its advisers, if any, and designated representatives, if any, have
the knowledge and experience in financial and business matters necessary to
evaluate the merits and risks of its prospective investment in the Company, and
have carefully reviewed and understand the risks of, and other considerations
relating to, the purchase of PPO Units and the tax consequences of the
investment, and have the ability to bear the economic risks of the
investment.

    

    b. The
Subscriber is acquiring the PPO Units for investment for its own account and not
with the view to, or for resale in connection with, any distribution
thereof.  The Subscriber understands and acknowledges that the PPO
Units, the shares of Common Stock and the Warrant have not been registered under
the Securities Act or any state securities laws, by reason of a specific
exemption from the registration provisions of the Securities Act and applicable
state securities laws, which depends upon, among other things, the bona fide
nature of the investment intent as expressed herein.  The Subscriber
further represents that it does not have any contract, undertaking, agreement or
arrangement with any person to sell, transfer or grant participation to any
third person with respect to any of the PPO Units, the shares of Common Stock
and the Warrant.  The Subscriber understands and acknowledges that the
offering of the PPO Units pursuant to this Agreement will not be registered
under the Securities Act nor under the state securities laws on the ground that
the sale provided for in this Agreement and the issuance of securities hereunder
is exempt from the registration requirements of the Securities Act and any
applicable state securities laws.

     

    
      
         

      

      
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    c. The
Subscriber understands that no public market now exists, and there never will be
a public market for, the PPO Units, that an active public market for the
Company’s Common Stock does not now exist and that there may never be an active
public market for the shares of Common Stock sold in the Offering.

    

    d. The
Subscriber, its advisers, if any, and designated representatives, if any, have
received and reviewed information about the Company and have had an opportunity
to discuss the Company’s business, management and financial affairs with its
management.  The Subscriber understands that such discussions, as well
as any written information provided by the Company, were intended to describe
the aspects of the Company’s business and prospects which the Company believes
to be material, but were not necessarily a thorough or exhaustive description,
and except as expressly set forth in this Agreement, the Company makes no
representation or warranty with respect to the completeness of such information
and makes no representation or warranty of any kind with respect to any
information provided by any entity other than the Company.  Some of
such information may include projections as to the future performance of the
Company, which projections may not be realized, may be based on assumptions
which may not be correct and may be subject to numerous factors beyond the
Company’s control.  Additionally, the Subscriber understands and
represents that he is purchasing the Units notwithstanding the fact that the
Company may disclose in the future certain material information the Subscriber
has not received, including financial statements of the Company for the 12 month
period ended December 31, 2008, which statements are currently being prepared
and are expected to be filed with the SEC on or prior to March 31, 2009 and
incorporated by reference into the Memorandum, and any subsequent period
financial statements that will be filed with the SEC and incorporated by
reference into the Memorandum, that he is not relying on any such information in
connection with his purchase of the Units and that he waives any right of action
with respect to the nondisclosure to him prior to his purchase of the Units of
any such information.

    

    e. As of the
Closing, all action on the part of Subscriber, and its officers, directors and
partners, if applicable, necessary for the authorization, execution and delivery
of this Agreement and the Registration Rights Agreement and the performance of
all obligations of the Subscriber hereunder and thereunder shall have been
taken, and this Agreement and the Registration Rights Agreement, assuming due
execution by the parties hereto and thereto, constitute valid and legally
binding obligations of the Subscriber, enforceable in accordance with their
respective terms, subject to: (i) judicial principles limiting the availability
of specific performance, injunctive relief, and other equitable remedies and
(ii) bankruptcy, insolvency, reorganization, moratorium or other similar laws
now or hereafter in effect generally relating to or affecting creditors’
rights.

     

    
      
         

      

      
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    f. The
Subscriber either (i) is an “accredited investor” as defined in Rule 501 of
Regulation D as promulgated by the Securities and Exchange Commission under the
Securities Act or (ii) is not a “U.S. Person” as defined in Regulation S as
promulgated by the Securities and Exchange Commission under the Securities Act,
and, in each case, shall submit to the Company such further assurances of such
status as may be reasonably requested by the Company.

    

    g. The
Subscriber, if a non-U.S. Person, agrees that it is acquiring the Shares in an
offshore transaction pursuant to Regulation S and hereby represents to the
Company as follows:

    

    (i) Subscriber
is outside the United States when receiving and executing this Subscription
Agreement;

    

    (ii) Subscriber
has not acquired the Shares as a result of, and will not itself engage in, any
“directed selling efforts” (as defined in Regulation S) in the United States in
respect of the Shares which would include any activities undertaken for the
purpose of, or that could reasonably be expected to have the effect of,
conditioning the market in the United States for the resale of the Shares;
provided, however, that the Subscriber may sell or otherwise dispose of the
Shares pursuant to registration of the Shares under the Securities Act and any
applicable state and provincial securities laws or under an exemption from such
registration requirements and as otherwise provided herein;

    

    (iii) The
Subscriber understands and agrees that offers and sales of any of the Shares
prior to the expiration of a period of one year after the date of transfer of
the Shares under this Subscription Agreement (the “Distribution Compliance
Period”), shall only be made in compliance with the safe harbor provisions set
forth in Regulation S, pursuant to the registration provisions of the Securities
Act or an exemption therefrom, and that all offers and sales after the
Distribution Compliance Period shall be made only in compliance with the
registration provisions of the Securities Act or an exemption therefrom, and in
each case only in accordance with all applicable securities laws;

    

    (iv) The
Subscriber understands and agrees not to engage in any hedging transactions
involving the Shares prior to the end of the Distribution Compliance Period
unless such transactions are in compliance with the Securities Act;
and

     

    
      
         

      

      
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    (v) The
Subscriber hereby represents that it has satisfied itself as to the full
observance of the laws of its jurisdiction in connection with any invitation to
subscribe for the Shares or any use of this Subscription Agreement, including:
(a) the legal requirements within its jurisdiction for the purchase of the
Shares; (b) any foreign exchange restrictions applicable to such purchase; (c)
any governmental or other consents that may need to be obtained; and (d) the
income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, redemption, sale or transfer of the Shares. Such Subscriber’s
subscription and payment for, and its continued beneficial ownership of the
Shares, will not violate any applicable securities or other laws of the
Subscriber’s jurisdiction.

    

    h. The
Subscriber or its duly authorized representative realizes that because of the
inherently speculative nature of investments of the kind contemplated by the
Company, the Company’s investment results may be expected to fluctuate from
month to month and from period to period and will, generally, involve a high
degree of financial and market risk that can result in substantial or, at times,
even total losses.

    

    i. The
Subscriber has adequate means of providing for its current and anticipated
financial needs and contingencies, is able to bear the economic risk for an
indefinite period of time and has no need for liquidity of the investment in the
PPO Units and could afford complete loss of such investment.

    

    j. The
Subscriber is not subscribing for PPO Units as a result of or subsequent to any
advertisement, article, notice or other communication, published in any
newspaper, magazine or similar media or broadcast over television, radio, or the
internet, or presented at any seminar or meeting, or any solicitation of a
subscription by a person not previously known to the Subscriber in connection
with investments in securities generally.

    

    k. The
Subscriber agrees to be bound by all of the terms and conditions of the
Registration Rights Agreement and to perform all obligations thereby imposed
upon it.

    

    l. All of
the information that the Subscriber has heretofore furnished or which is set
forth herein is correct and complete as of the date of this Agreement, and, if
there should be any material change in such information prior to the admission
of the undersigned to the Company, the Subscriber will immediately furnish
revised or corrected information to the Company.

     

    
      
         

      

      
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              5.  

            	
              Transfer
      Restrictions.  The Subscriber acknowledges and agrees as
      follows:

            

    

    

    a. The PPO
Units, the shares of Common Stock and the Warrant have not been registered for
sale under the Securities Act, in reliance on the private offering exemption in
Section 4(2) thereof; the Company does not intend to register the PPO Units and
the Warrant under the Securities Act at any time in the future; and the
undersigned will not immediately be entitled to the benefits of Rule 144 with
respect to the PPO Units, the shares of Common Stock and the
Warrant.

    

    b. The
Subscriber understands that the certificates representing the Shares, until such
time as they have been registered under the Securities Act, shall bear a
restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of such certificates or other
instruments):

    

    FOR U.S.
PERSONS:

    

    THESE
SECURITIES HAVE BEEN ISSUED PURSUANT TO THE SECTION 4(2) EXEMPTION TO THE
REGISTRATION PROVISIONS UNDER THE SECURITIES ACT OF 1933, AS
AMENDED.  THESE SECURITIES CANNOT BE TRANSFERRED, OFFERED, OR SOLD
UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS
AVAILABLE.

    

    FOR
NON-U.S. PERSONS:

    

    THESE
SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
PERSONS (AS DEFINED in regulation s) PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF
THE SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE
1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY
BE OFFERED OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S.
PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933
ACT.

    

    The
legend(s) set forth above shall be removed and the Company shall issue a
certificate without such legend to the holder of the Shares upon which it is
stamped, if (a) such Shares are being sold pursuant to a registration
statement under the Securities Act, or (b) such holder delivers to the
Company an opinion of counsel, in a reasonably acceptable form, to the Company
that a disposition of the Shares is being made pursuant to an exemption from
such registration.

     

    
      
         

      

      
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    c. No
governmental agency has passed upon the PPO Units, the shares of Common Stock
and the Warrant or made any finding or determination as to the wisdom of any
investments therein.

     

    d. There are
substantial restrictions on the transferability of the shares of Common Stock,
and if the Company decides to issue certificates representing the shares of
Common Stock, restrictive legends will be placed on any such
certificates.

    

    
      	
              6.  

            	
              Indemnification.  The
      Subscriber agrees to indemnify and hold harmless the Company and any
      placement agents or finders in the Offering, and their respective
      officers, directors, employees, agents, control persons and affiliates
      from and against all losses, liabilities, claims, damages, costs, fees and
      expenses whatsoever (including, but not limited to, any and all expenses
      incurred in investigating, preparing or defending against any litigation
      commenced or threatened) based upon or arising out of any actual or
      alleged false acknowledgment, representation or warranty, or
      misrepresentation or omission to state a material fact, or breach by the
      Subscriber of any covenant or agreement made by the Subscriber herein or
      in any other document delivered in connection with this
      Agreement.

            

    

    

    
      	
              7.  

            	
              Irrevocability; Binding
      Effect.  The Subscriber hereby acknowledges and agrees
      that the subscription hereunder is irrevocable by the Subscriber, except
      as required by applicable law, and that this Agreement shall survive the
      death or disability of the Subscriber and shall be binding upon and inure
      to the benefit of the parties and their heirs, executors, administrators,
      successors, legal representatives and permitted assigns.  If the
      Subscriber is more than one person, the obligations of the Subscriber
      hereunder shall be joint and several and the agreements, representations,
      warranties and acknowledgments herein shall be deemed to be made by and be
      binding upon each such person and such person’s heirs, executors,
      administrators, successors, legal representatives and permitted
      assigns.

            

    

    

    
      	
              8.  

            	
              Modification.  This
      Agreement shall not be modified or waived except by an instrument in
      writing signed by the party against whom any such modification or waiver
      is sought.

            

    

    

    
      	
              9.  

            	
              Immaterial Modifications to the
      Registration Rights Agreement.  The Company may, at any
      time prior to the initial Closing, amend the Registration Rights Agreement
      if necessary to clarify any provision therein, without first providing
      notice or obtaining prior consent of the
  Subscriber.

            

    

    

    
      	
              10.  

            	
              Notices.  Any
      notice or other communication required or permitted to be given hereunder
      shall be in writing and shall be mailed by certified mail, return receipt
      requested, or delivered against receipt to the party to whom it is to be
      given (a) if to the Company, at the address set forth above, or (b) if to
      the Subscriber, at the address set forth on the signature page hereof (or,
      in either case, to such other address as the party shall have furnished in
      writing in accordance with the provisions of this Section
      10).  Any notice or other communication given by certified mail
      shall be deemed given at the time of certification thereof, except for a
      notice changing a party’s address which shall be deemed given at the time
      of receipt thereof.

            

    

     

    
      
         

      

      
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              11.  

            	
              Assignability.  This
      Agreement and the rights, interests and obligations hereunder are not
      transferable or assignable by the Subscriber and the transfer or
      assignment of the PPO Units, the shares of Common Stock, the Warrant or
      the shares of Common Stock underlying the Warrants shall be made only in
      accordance with all applicable
laws.

            

    

    

    
      	
              12.  

            	
              Applicable
      Law.  This Agreement shall be governed by and construed
      in accordance with the laws of the State of New York, without reference to
      the principles thereof relating to the conflict of
  laws.

            

    

    

    
      	
              13.  

            	
              Arbitration.  The
      parties agree to submit all controversies to arbitration in accordance
      with the provisions set forth below and understand
  that:

            

    

    

    (a) Arbitration
is final and binding on the parties.

    

    (b) The
parties are waiving their right to seek remedies in court, including the right
to a jury trial.

    

    (c) Pre-arbitration
discovery is generally more limited and different from court
proceedings.

    

    (d) The
arbitrator’s award is not required to include factual findings or legal
reasoning and any party’s right to appeal or to seek modification of rulings by
arbitrators is strictly limited.

    

    (e) The panel
of arbitrators will typically include a minority of arbitrators who were or are
affiliated with the securities industry.

    

    (f) All
controversies which may arise between the parties concerning this Agreement
shall be determined by arbitration pursuant to the rules then pertaining to the
Financial Industry Regulatory Authority in New York City, New
York.  Judgment on any award of any such arbitration may be entered in
the Supreme Court of the State of New York or in any other court having
jurisdiction of the person or persons against whom such award is
rendered.  Any notice of such arbitration or for the confirmation of
any award in any arbitration shall be sufficient if given in accordance with the
provisions of this Agreement.  The parties agree that the
determination of the arbitrators shall be binding and conclusive upon
them.

    

    
      	
              14.  

            	
              Blue Sky
      Qualification.  The purchase of PPO Units under this
      Agreement is expressly conditioned upon the exemption from qualification
      of the offer and sale of the PPO Units from applicable federal and state
      securities laws.  The Company shall not be required to qualify
      this transaction under the securities laws of any jurisdiction and, should
      qualification be necessary, the Company shall be released from any and all
      obligations to maintain its offer, and may rescind any sale contracted, in
      the jurisdiction.

            

    

    

    
      	
              15.  

            	
              Use of
      Pronouns.  All pronouns and any variations thereof used
      herein shall be deemed to refer to the masculine, feminine, neuter,
      singular or plural as the identity of the person or persons referred to
      may require.

            

    

     

    
      
         

      

      
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              16.  

            	
              Confidentiality.  The
      Subscriber acknowledges and agrees that any information or data the
      Subscriber has acquired from or about the Company or may acquire in the
      future, not otherwise properly in the public domain, including, without
      limitation, the Memorandum, was received in confidence.  The
      Subscriber agrees not to divulge, communicate or disclose, except as may
      be required by law or for the performance of this Agreement, or use to the
      detriment of the Company or for the benefit of any other person, or misuse
      in any way, any confidential information of the Company, including any
      scientific, technical, trade or business secrets of the Company and any
      scientific, technical, trade or business materials that are treated by the
      Company as confidential or proprietary, including, but not limited to,
      internal personnel and financial information of the Company or its
      affiliates, information regarding oil and gas properties, the manner and
      methods of conducting the business of the Company or its affiliates and
      confidential information obtained by or given to the Company about or
      belonging to third parties.  The Subscriber understands that the
      Company may rely on his agreement of confidentiality to comply with the
      exemptive provisions of Regulation FD under the Securities Act of 1933 as
      set forth in Rule 100(a)(b)(2)(ii) of Regulation FD.  In
      addition, the Subscriber acknowledges that he is aware that the United
      States securities laws generally prohibit any person who is in possession
      of material nonpublic information about a public company such as the
      Company from purchasing or selling securities of such
    company.

            

    

    

    
      	
              17.  

            	
              Miscellaneous.

            

    

    

    (a) This
Agreement, together with the Registration Rights Agreement, constitute the
entire agreement between the Subscriber and the Company with respect to the
subject matter hereof and supersede all prior oral or written agreements and
understandings, if any, relating to the subject matter hereof.  The
terms and provisions of this Agreement may be waived, or consent for the
departure therefrom granted, only by a written document executed by the party
entitled to the benefits of such terms or provisions.

    

    (b) The
representations and warranties of the Company and the Subscriber made in this
Agreement shall survive the execution and delivery hereof and delivery of the
Common Stock and the Warrants contained in the PPO Units.

    

    (c) Each of
the parties hereto shall pay its own fees and expenses (including the fees of
any attorneys, accountants, appraisers or others engaged by such party) in
connection with this Agreement and the transactions contemplated hereby, whether
or not the transactions contemplated hereby are consummated.

    

    (d) This
Agreement may be executed in one or more original or facsimile counterparts,
each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    (e) Each
provision of this Agreement shall be considered separable and, if for any reason
any provision or provisions hereof are determined to be invalid or contrary to
applicable law, such invalidity or illegality shall not impair the operation of
or affect the remaining portions of this Agreement.

    

    (f) Paragraph
titles are for descriptive purposes only and shall not control or alter the
meaning of this Agreement as set forth in the text.

    

    (g) The
Subscriber understands and acknowledges that there may be multiple Closings for
the Offering.

    

    (h) The
Subscriber hereby agrees to furnish the Company such other information as the
Company may request prior to the Closing with respect to its subscription
hereunder.

    

    
      	
              18.  

            	
              Omnibus Signature
      Page.  This Agreement is intended to be read and
      construed in conjunction with the Registration Rights Agreement pertaining
      to the issuance by the Company of the PPO Units, the shares of Common
      Stock, the Warrant and the shares of Common Stock underlying the Warrant
      to subscribers in the Offering.  Accordingly, pursuant to the
      terms and conditions of this Agreement and such related agreements, it is
      hereby agreed that the execution by the Subscriber of this Agreement, in
      the place set forth herein, shall constitute agreement to be bound by the
      terms and conditions hereof and the terms and conditions of the
      Registration Rights Agreement, with the same effect as if each of such
      separate but related agreement were separately
  signed.

            

    

    

    
      	
              19.  

            	
              Public
      Disclosure.  Neither the Subscriber nor any officer,
      manager, director, member, partner, stockholder, employee, affiliate,
      affiliated person or entity of the Subscriber shall make or issue any
      press releases or otherwise make any public statements or make any
      disclosures to any third person or entity with respect to the transactions
      contemplated herein and will not make or issue any press releases or
      otherwise make any public statements of any nature whatsoever with respect
      to the Company without the Company’s express prior
      approval.  The Company has the right to withhold such approval
      in its sole discretion.

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    How
to subscribe for PPO Units in the private offering of

    La Cortez Energy,
Inc.:

    

    
      	
              1.

            	
              Date and Fill in the
      number of PPO Units being purchased and Complete and Sign the
      Omnibus Signature Page.

            

    

    

    
      	
              2.

            	
              Initial the Investor
      Certification page.

            

    

    

    
      	
              3.

            	
              Fax or email all forms and
      then send all signed original documents
to:

            

    

    

    Gottbetter
& Partners, LLP

    488
Madison Avenue, 12th Floor

    New York,
NY  10022

    Facsimile
Number:  (212) 400-6901

    Telephone
Number:  (212) 400-6900

    Attn:  Rachel
L. DeGenaro

    E-mail
Address:  rlg@gottbetter.com

    

    
      	
              4.

            	
              If
      you are paying the Purchase Price by check, a check for the exact
      dollar amount of the Purchase Price for the number of PPO Units you are
      purchasing should be made payable to the order of “CSC Trust Company of Delaware,
      Escrow Agent for LA CORTEZ ENERGY, INC.” and should sent to CSC Trust
      Company of Delaware, 2711 Centerville Road, One Little Falls Center,
      Wilmington, DA 19808.

            

    

    

    
      	
              5.

            	
              If
      you are paying the Purchase Price by wire transfer, you should send
      a wire transfer for the exact dollar amount of the Purchase Price for the
      number of PPO Units you are purchasing according to the following
      instructions:

            

    

    

    
      
        
          
            
              
                
                  
                    	
                            Bank:

                          	
                            PNC
      Bank.

                          
	 	 
	
                            ABA
      Routing #:

                          	
                            031100089

                          
	 	 
	
                            Account
      Name

                          	
                            CSC
      Trust Company of Delaware

                          
	 	 
	
                            Account
      #:

                          	
                            5605012373

                          
	 	 
	
                            Reference:

                          	
                            “La
      Cortez Energy Escrow 791183 – [insert Subscriber’s
  name]”

                          

                  

                

              

            

          

        

      

    

    

     

    Thank you
for your interest,

    

    

    La Cortez
Energy, Inc.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    LA
CORTEZ ENERGY, INC.

    OMNIBUS
SIGNATURE PAGE TO

    SUBSCRIPTION
AGREEMENT AND

    REGISTRATION
RIGHTS AGREEMENT

     

    IN
WITNESS WHEREOF, the Subscriber hereby executes this Subscription Agreement and
the Registration Rights Agreement.

     

     

    
      
        
          	
                  Dated:

                	 
      	
                  ,
      2009

                

        

      

    

                                                                            

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                	SUBSCRIBER
      (individual)   	 	SUBSCRIBER
      (entity)	 
	 	 	 	 
	 	 	 	 
	
                                                                                        Signature

                                                                                      	 
      	
                                                                                        Name
      of Entity

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                                                                        Print
      Name

                                                                                      	 
      	
                                                                                        Signature

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	      
                                                                                        Print
      Name:

                                                                                      	
                                                                                         

                                                                                      	 
	
                                                                                        Signature
      (if Joint Tenants or Tenants in Common)

                                                                                      	 
      	 
      	 
	 
      	 
      	      
                                                                                        Title:

                                                                                      	
                                                                                         

                                                                                      	 
	 
      	 
      	 
      	 
	
                                                                                        Address
      of Principal Residence:

                                                                                      	 
      	
                                                                                        Address
      of Executive Offices:

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                                                                        Social
      Security Number(s):

                                                                                      	 
      	
                                                                                        IRS
      Tax Identification Number:

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                                                                        Telephone
      Number:

                                                                                      	 
      	
                                                                                        Telephone
      Number:

                                                                                      	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	
                                                                                        Facsimile
      Number:

                                                                                      	 
      	
                                                                                        Facsimile
      Number:

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 	 	 	 
	
                                                                                        E-mail
      Address:

                                                                                      	 
      	
                                                                                        E-mail
      Address:

                                                                                      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
            
              
                
                  
                    
                      
                        
                          	 
      	 
      	 
      	 
      	 
      	 
	 
      	      
                                  X

                                	
                                  $1.25

                                	
                                  =

                                	      
                                  $

                                	 
	
                                  Number
      of PPO Units

                                	 
      	
                                  Price
      per PPO Unit

                                	 
      	
                                  Purchase
      Price

                                	 
	 
      	 
      	 
      	 
      	 
      	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    LA
CORTEZ ENERGY, INC.

     

    IN
WITNESS WHEREOF, the Company has duly executed this Subscription
Agreement.

     

    
      
        	 	LA
      CORTEZ ENERGY, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	Name: 	Andres
      Gutierrez Rivera	 
	 	Title:  	Chief
      Executive Officer	 
	 	 	 	 

      

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    LA
CORTEZ ENERGY, INC.

    INVESTOR
CERTIFICATION

    

    For
Individual Accredited Investors Only

    (all Individual Accredited Investors
must INITIAL where
appropriate):

    

    
      	
              Initial
      _______

            	
              I
      have a net worth (including home, furnishings and automobiles) in excess
      of $1,000,000 either individually or through aggregating my individual
      holdings and those in which I have a joint, community property or other
      similar shared ownership interest with my
  spouse.

            

    

    
      	
              Initial
      _______

            	
              I
      have had an annual gross income for the past two years of at least
      $200,000 (or $300,000 jointly with my spouse) and expect my income (or
      joint income, as appropriate) to reach the same level in the current
      year.

            

    

     

    
      For Non-Individual Accredited
Investors

    

    
      (all Non-Individual Accredited
Investors must INITIAL where
appropriate):

    

     

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is a partnership, corporation, limited
      liability company or business trust that is 100% owned by persons who meet
      at least one of the criteria for Individual Investors set forth
      above.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is a partnership, corporation, limited
      liability company or business trust that has total assets of at least $5
      million and was not formed for the purpose of investing in the
      Company.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is an employee benefit plan whose investment
      decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is
      a bank, savings and loan association, insurance company or registered
      investment adviser.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is an employee benefit plan whose total assets
      exceed $5,000,000 as of the date of this
  Agreement.

            

    

    
      	
              Initial
      _______

            	
              The
      undersigned certifies that it is a self-directed employee benefit plan
      whose investment decisions are made solely by persons who meet either of
      the criteria for Individual
Investors.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is a U.S. bank, U.S. savings and loan
      association or other similar U.S. institution acting in its individual or
      fiduciary capacity.

            

    

    
      	
              Initial
      _______

            	
              The
      undersigned certifies that it is a broker-dealer registered pursuant to
      §15 of the Securities Exchange Act of
1934.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is an organization described in §501(c)(3) of
      the Internal Revenue Code with total assets exceeding $5,000,000 and not
      formed for the specific purpose of investing in the
    Company.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is a trust with total assets of at least
      $5,000,000, not formed for the specific purpose of investing in the
      Company, and whose purchase is directed by a person with such knowledge
      and experience in financial and business matters that he is capable of
      evaluating the merits and risks of the prospective
    investment.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is a plan established and maintained by a state
      or its political subdivisions, or any agency or instrumentality thereof,
      for the benefit of its employees, and which has total assets in excess of
      $5,000,000.

            

    

    
      	
              Initial
      _______

            	
              The
      investor certifies that it is an insurance company as defined in §2(13) of
      the Securities Act, or a registered investment
  company.

            

    

    
      	
               
      

            	
               

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      For
Non-U.S. Person Investors

    

    (all Investors who are not a U.S.
Person must INITIAL this section):

    

    
      	
              Initial
      _______

            	
              The
      Investor is not a “U.S. Person” as defined in Regulation S; and
      specifically the Purchaser is not:

            

    

    

    
      	
               
      

            	
              A.

            	
              a
      natural person resident in the United States of America, including its
      territories and possessions (“United
States”);

            

    

    
      	
               
      

            	
              B.

            	
              a
      partnership or corporation organized or incorporated under the laws of the
      United States;

            

    

    
      	
               
      

            	
              C.

            	
              an
      estate of which any executor or administrator is a U.S.
      Person;

            

    

    
      	
               
      

            	
              D.

            	
              a
      trust of which any trustee is a U.S.
Person;

            

    

    
      	
               
      

            	
              E.

            	
              an
      agency or branch of a foreign entity located in the United
      States;

            

    

    
      	
               
      

            	
              F.

            	
              a
      non-discretionary account or similar account (other than an estate or
      trust) held by a dealer or other fiduciary for the benefit or account of a
      U.S. Person;

            

    

    
      	
               
      

            	
              G.

            	
              a
      discretionary account or similar account (other than an estate or trust)
      held by a dealer or other fiduciary organized, incorporated, or (if an
      individual) resident in the United States;
or

            

    

    
      	
               
      

            	
              H.

            	
              a
      partnership or corporation: (i) organized or incorporated under the laws
      of any foreign jurisdiction; and (ii) formed by a U.S. Person principally
      for the purpose of investing in securities not registered under the
      Securities Act, unless it is organized or incorporated, and owned, by
      accredited investors (as defined in Rule 501(a) under the Act) who are not
      natural persons, estates or trusts.

            

    

     

    
      And, in
addition:

    

     

    
      	
               
      

            	
              I.

            	
              the
      Purchaser was not offered the Units in the United
  States;

            

    

    
      	
               
      

            	
              J.

            	
              at
      the time the buy-order for the Units was originated, the Purchaser was
      outside the United States; and

            

    

    
      	
               
      

            	
              K.

            	
              the
      Purchaser is purchasing the Units for its own account and not on behalf of
      any U.S. Person (as defined in Regulation S) and a sale of the Units has
      not been pre-arranged with a purchaser in the United
    States.

            

    

     

    
      
         

      

      
        2Warrant
Certificate No. ___

    

    

    NEITHER
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON
THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH
SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN
EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF
COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE
SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES
LAWS.

    

    
      
        	
                Effective
      Date: [   ], 2009

              	
                Void
      After: [   ],
2014

              

      

    LA
CORTEZ ENERGY, INC.

    

    WARRANT
TO PURCHASE COMMON STOCK

    

    La Cortez
Energy, Inc., a Nevada corporation (the “Company”), for value received
on [  ], 2009 (the “Effective Date”), hereby
issues to [          ] (the “Holder”) this Warrant (the
“Warrant”) to purchase,
[        ] shares (each such share as
from time to time adjusted as hereinafter provided being a “Warrant Share” and all such
shares being the “Warrant
Shares”) of the Company’s Common Stock (as defined below), at the
Exercise Price (as defined below), as adjusted from time to time as provided
herein, on or before [   ], 2014 (the “Expiration Date”), all subject
to the following terms and conditions. Unless otherwise defined in this Warrant,
terms appearing in initial capitalized form shall have the meaning ascribed to
them in that certain Subscription Agreement between the Company and the
purchaser signatory thereto pursuant to which this Warrant was issued (the
“Subscription
Agreement”).  This Warrant is one of a series of Warrants
issued in accordance with the terms of the Offering (collectively, the “Warrants”) to the Holder and
additional investors (collectively, the “Holders”).

    

    As used
in this Warrant, (i) “Business
Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the City of New York, New York, are authorized or required
by law or executive order to close; (ii) “Common Stock” means the common
stock of the Company, par value $0.001 per share, including any securities
issued or issuable with respect thereto or into which or for which such shares
may be exchanged for, or converted into, pursuant to any stock dividend, stock
split, stock combination, recapitalization, reclassification, reorganization or
other similar event; (iii) “Exercise Price” means $2.00
per share of Common Stock, subject to adjustment as provided herein; (iv) “Trading Day” means any day on
which the Common Stock is traded on the primary national or regional stock
exchange on which the Common Stock is listed, or if not so listed, the OTC
Bulletin Board, if quoted thereon, is open for the transaction of business;
and (v) “Affiliate” means any person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, a person, as such terms are used and construed in
Rule 144 promulgated under
the Securities Act of 1933,
as amended (the “Securities
Act”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              1.

            	
              DURATION AND EXERCISE OF
      WARRANTS

            

    

    

    (a)           Exercise
Period.  The
Holder may exercise this Warrant in whole or in part on any Business Day on or
before 5:00 P.M., Eastern Time, on the Expiration Date, at which time this
Warrant shall become void
and of no value.

    

    
      	
               
      

            	
              (b)

            	
              Exercise
      Procedures.

            

    

    

    (i)           While this Warrant remains outstanding
and exercisable in accordance with Section 1(a), in addition to the manner set
forth in Section 1(b)(ii) below, the Holder may exercise this Warrant in whole or in part at any time and from time to
time
by:

    

    (A)           delivery to the Company of a duly
completed and executed copy of the notice of exercise attached as Exhibit A
(the “Notice of
Exercise”);

    

    (B)           surrender of this Warrant to the
Secretary of the Company at
its principal offices or at such other office or agency as the Company may
specify in writing to the Holder; and

    

    (C)           payment of the then-applicable Exercise Price per share multiplied by
the number of Warrant Shares being purchased upon exercise of the Warrant (such amount, the
“Aggregate Exercise
Price”) made in the form of cash, or by
certified check, wire transfer, bank draft or money order payable in lawful
money of the United States of America or in the form of a Cashless Exercise to the extent permitted in Section
1(b)(ii) below.

    

    (ii)           While this Warrant remains outstanding
and exercisable in accordance with Section 1(a), if we default in honoring
the Holder’s “piggyback” registration rights (as defined in that certain
Registration Rights Agreement of even date herewith executed by the Holder in
connection with the Offering, the “Registration Rights Agreement”) with respect
to the Warrant Shares at any time, the Holder may, in its sole discretion,
exercise all or any part of
the Warrant in a “cashless” or “net-issue” exercise (a “Cashless
Exercise”) by delivering to the Company (1) the
Notice of Exercise and (2) the original Warrant, pursuant to which the Holder
shall surrender the right to receive upon exercise of this Warrant, a number of Warrant Shares
having a value (as determined below) equal to the Aggregate Exercise Price, in
which case, the number of Warrant Shares to be issued to the Holder upon such
exercise shall be calculated using the following formula:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            	 
      	 
      	 
      	
                    X

                  	
                    =

                  	
                    Y * (A - B)

                  	 
	 
      	 
      	 
      	 
      	 
      	
                           A

                  	 

          

        

      

    

    

    
      	 
      	
              with:

            	
              X =

            	
              the number of Warrant Shares to be
      issued to the Holder

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              Y =

            	
              the number of Warrant Shares with
      respect to which the Warrant is being exercised

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              A =

            	
              the fair market value per share of
      Common Stock
      on the date of exercise of this
      Warrant

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              B =

            	
              the then-current Exercise Price
      of the
      Warrant

            
	 
      	 
      	 
      	 
      

    

    Solely for the purposes of this
paragraph, “fair market
value” per share of Common
Stock shall mean (A) the average of the closing sales prices, as quoted on the
primary national or
regional stock exchange on which the Common Stock is listed, or, if not
listed, the OTC Bulletin
Board if quoted thereon, on the twenty (20) trading days immediately preceding
the date on which the Notice of Exercise is deemed to have been sent to the Company, or (B) if the Common
Stock is not publicly traded as set forth above, as reasonably and in good faith
determined by the Board of Directors of the Company as of the date which the
Notice of Exercise is deemed to have been sent to the Company.

    

    Notwithstanding the foregoing provisions
of this Section 1(b)(ii), the Holder may not make a Cashless Exercise if and to
the extent that such exercise would require the Company to issue a number of
shares of Common Stock in excess of its authorized but unissued shares of Common Stock, less
all amounts of Common Stock that have been reserved for issue upon the
conversion of all outstanding securities convertible into shares of Common Stock
and the exercise of all outstanding options, warrants and other rights exercisable for shares of Common
Stock.  If the Company does not have the requisite number of
authorized but unissued shares of Common Stock to permit the Holder to make a
Cashless Exercise, the Company shall use commercially reasonable efforts
to obtain the necessary stockholder consent
to increase the authorized number of shares of Common Stock to permit such
Holder to make a Cashless Exercise pursuant to this Section
1(b)(ii).

    

    (iii)           Upon the exercise of this Warrant in
compliance with the provisions of this Section 1(b), and except as
limited pursuant to the last paragraph of Section 1(b)(ii), the Company shall
promptly issue and cause to be delivered to the Holder a certificate for the
Warrant Shares purchased by the Holder. Each exercise of this Warrant shall be effective
immediately prior to the close of business on the date (the “Date of
Exercise”) that the conditions set forth in Section
1(b) have been satisfied, as the case may be.  On the first Business Day following the
date on which the Company
has received each of the Notice of Exercise and the Aggregate Exercise Price (or
notice of a Cashless Exercise in accordance with Section 1(b)(ii)) (the
“Exercise Delivery
Documents”), the Company shall transmit an
acknowledgment of receipt of the Exercise Delivery Documents to the
Company’s transfer agent (the “Transfer
Agent”). On or before the fifth Business Day following the date on
which the Company has received all of the Exercise Delivery Documents (the
“Share
Delivery Date”), the Company shall (X) provided that the Transfer Agent
is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, upon the request of the Holder, credit such aggregate number of shares
of Common Stock to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its
Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not
participating in the DTC Fast Automated Securities Transfer Program,
issue and dispatch by overnight courier to the
address as specified in the Notice of Exercise, a certificate, registered in the
Company’s share register in the name of the
Holder or its designee, for the number of shares of Common Stock to which the
Holder is entitled pursuant to such
exercise.  Upon delivery of the Exercise Delivery Documents, the
Holder shall be deemed for all corporate purposes to have become the holder of
record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the
certificates evidencing such Warrant Shares. If this Warrant is submitted in
connection with any exercise pursuant to Section 1(a) and the number of Warrant
Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares being acquired
upon such an exercise, then the Company shall as
soon as practicable and in no event later than five (5) Business Days after any exercise and at
its own expense, issue a new Warrant of like tenor representing the right to purchase the
number of Warrant Shares purchasable immediately prior to such exercise under
this Warrant, less the number of Warrant Shares with respect to which this
Warrant is exercised.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    (iv)           If the Company shall fail for
any reason or for no reason
to issue to the Holder, within five (5) Business Days of receipt of the Exercise
Delivery Documents, a certificate for the number of shares of Common Stock to
which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the
Holder’s balance account with DTC for such
number of shares of Common Stock to which the Holder is entitled upon the
Holder’s exercise of this Warrant, and if on or
after such Business Day the Holder purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of shares of Common Stock issuable upon such exercise that the Holder
anticipated receiving from the Company (a “Buy-In”), then the Company shall, within five (5) Business
Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased (the
“Buy-In
Price”), at which point the
Company’s obligation to deliver such certificate
(and to issue such shares of Common Stock) shall terminate, or (ii)
promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such shares of
Common Stock and pay cash to the Holder in an amount equal to the excess (if
any) of the Buy-In Price over the product of (A) such number of shares of Common
Stock, times (B) the closing bid price on the date of exercise.

    

    (c)           Partial
Exercise.  This
Warrant shall be exercisable, either in its entirety or, from time to time, for
part only of the number of Warrant Shares referenced by this Warrant. If this
Warrant is exercised in part, the Company shall issue, at its expense, a new Warrant, in substantially
the form of this Warrant, referencing such reduced number of Warrant Shares that
remain subject to this Warrant.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    (d)           Disputes.  In the case of a dispute as
to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are
not disputed and resolve such dispute in accordance with Section
15.

    

    
      	
              2.

            	
              ISSUANCE OF WARRANT
      SHARES

            

    

    

    (a)           The Company covenants that
all Warrant Shares will,
upon issuance in accordance with the terms of this Warrant, be (i) duly
authorized, fully paid and non-assessable, and (ii) free from all liens, charges
and security interests, with the exception of claims arising through the acts
or omissions of any Holder and except as
arising from applicable Federal and state securities laws.

    

    (b)           The Company shall register this Warrant
upon records to be maintained by the Company for that purpose in the name of the
record holder of such Warrant from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner thereof for
the purpose of any exercise thereof, any distribution to the Holder thereof and
for all other purposes.

    

    (c)           The Company will not, by amendment of its articles of incorporation,
by-laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all
action necessary or appropriate in order to protect the rights of the Holder to exercise this Warrant,
or against impairment of such rights.

    

    
      	
              3.

            	
              ADJUSTMENTS OF EXERCISE PRICE,
      NUMBER AND TYPE OF WARRANT
SHARES

            

    

    

    (a)           The Exercise Price and the number of
shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon
the occurrence of certain events described in this Section 3(a); provided, that notwithstanding the provisions of
this Section 3, the Company shall not be required to make any adjustment if and
to the extent that such
adjustment would require the Company to issue a number of shares of Common Stock
in excess of its authorized but unissued shares of Common Stock, less all
amounts of Common Stock that have been reserved for issue upon the conversion of
all outstanding securities convertible into shares of
Common Stock and the exercise of all outstanding options, warrants and other
rights exercisable for shares of Common Stock.  If the Company does
not have the requisite number of authorized but unissued shares of Common
Stock to make any adjustment, the Company
shall use its commercially reasonable efforts to obtain the necessary
stockholder consent to increase the authorized number of shares of Common Stock
to make such an adjustment pursuant to this Section 3(a).

    

    (i)           Subdivision or
Combination of Stock. In
case the Company shall at any time subdivide (whether by way of stock dividend, stock
split or otherwise) its
outstanding shares of Common Stock into a greater number of shares, the Exercise
Price in effect immediately prior to such subdivision shall be
proportionately reduced and
the number of Warrant Shares shall be proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined
(whether by way of stock
combination, reverse stock split or otherwise)
into a smaller number of
shares, the Exercise Price in effect immediately prior to such combination shall
be proportionately increased and the number of Warrant Shares shall
be proportionately decreased.  The Exercise Price and the Warrant Shares, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described in this Section
3(a)(i).

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    (ii)           Dividends in
Stock, Property, Reclassification. If at any time, or from
time to time, the holders
of Common Stock (or any shares of stock or other securities at the time
receivable upon the exercise of this Warrant) shall have received or become
entitled to receive, without payment therefore:

    

    (A)           any shares of stock or other
securities that are at any
time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of
the foregoing by way of dividend or other distribution, or

    

    (B)           additional stock or other securities or property
(including cash) by way of spin-off, split-up, reclassification, combination of
shares or similar corporate rearrangement (other than shares of Common Stock
issued as a stock split or adjustments in respect of which shall be covered by the terms of Section
3(a)(i) above), then and in each such case, the
Exercise Price and the
number of Warrant Shares to be obtained upon exercise of this Warrant shall be
adjusted proportionately, and the Holder hereof shall, upon the
exercise of this Warrant,
be entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration
therefor, the amount of stock and other securities and property (including
cash in the cases referred to above) that
such Holder would hold on the date of such exercise had such Holder been the
holder of record of such Common Stock as of the date on which holders of Common
Stock received or became entitled to receive such shares or all other additional stock and other
securities and property.  The Exercise Price and the
Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described in this Section
3(a)(ii).

    

    (iii)           Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization,
reclassification or reorganization of the capital stock of the Company, or any
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of
its assets or other
transaction shall be effected in such a way that holders of Common Stock shall
be entitled to receive stock, securities or other assets or property (an
“Organic
Change”), then lawful and adequate provisions
shall be made by the
Company whereby the Holder hereof shall thereafter have the right to purchase
and receive (in lieu of the shares of the Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented by this Warrant) such shares of stock,
securities or other assets or property as may be issued or payable with respect
to or in exchange for a number of outstanding shares of such Common Stock equal
to the number of shares of such stock immediately theretofore purchasable and receivable assuming
the full exercise of the rights represented by this Warrant. In the event of any
Organic Change, appropriate provision shall be made by the Company with respect
to the rights and interests of the Holder of this Warrant to the end that the provisions hereof
(including, without limitation, provisions for adjustments of the Exercise Price
and of the number of shares purchasable and receivable upon the exercise of this
Warrant) shall thereafter be applicable, in relation to any shares of stock, securities or
assets thereafter deliverable upon the exercise hereof. To the extent necessary
to effect the foregoing provisions, the successor corporation (if other than the
Company) resulting from such consolidation or merger or the corporation purchasing such assets
shall assume by written instrument reasonably satisfactory in form and substance
to the Holder executed and mailed or delivered to the registered Holder hereof
at the last address of such Holder appearing on the books of the Company, the obligation to
deliver to such Holder such shares of stock, securities or assets as, in
accordance with the
foregoing provisions, such Holder may be entitled to purchase. If there is an Organic Change, then the
Company shall cause to be
mailed to the Holder at its last address as it shall appear on the books and
records of the Company, at least 10 calendar days before the effective date of
the Organic Change, a notice stating the date on which such Organic Change 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 for securities, cash, or other property
delivered upon such Organic Change; provided, 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.  The Holder is entitled to
exercise this Warrant during the 10-day period commencing on the date of
such notice to the effective date of the
event triggering such notice.  In any event, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the
corporation purchasing such assets shall be deemed to assume such obligation to deliver to such Holder such
shares of stock, securities or assets even in the absence of a written
instrument assuming such obligation to the extent such assumption occurs by
operation of law.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    (b)           Certificate
as to Adjustments. Upon the
occurrence of each
adjustment or readjustment pursuant to this Section 3, the Company at its
expense shall promptly compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each Holder of this Warrant a certificate
setting forth such adjustment or readjustment and
showing in detail the facts upon which such adjustment or readjustment is based.
The Company shall
promptly furnish or cause
to be furnished to such Holder a like certificate setting forth: (i) such
adjustments and readjustments; and (ii) the number of
shares and the amount, if any, of other property which at the time would be
received upon the exercise of the Warrant.

    

    (c)           Certain
Events. If any event occurs
as to which the other provisions of this Section 3 are not strictly applicable but the lack of any
adjustment would not fairly protect the purchase rights of the Holder under this
Warrant in accordance with the basic intent and principles of such provisions,
or if strictly applicable would not fairly protect the purchase rights of the Holder under this
Warrant in accordance with the basic intent and principles of such provisions,
then the Company's Board of Directors will, in good faith and subject to
applicable law, make an appropriate adjustment to protect the rights of the Holder; provided, that no such adjustment pursuant to
this Section 3(c) will increase the Exercise Price or decrease the number of
Warrant Shares as otherwise determined pursuant to this Section
3.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    (d)           Adjustment
of Exercise Price Upon Issuance of
Additional Shares of Common Stock.  In the event the
Company shall at any time prior to the Expiration Date issue Additional Shares
of Common Stock, as defined below, without consideration or for a consideration
per share less than the Exercise Price in effect immediately prior to such
issue, then the Exercise Price shall be reduced, concurrently with such issue,
to a price (calculated to the nearest cent) determined by multiplying such
Exercise Price by a fraction, (A) the numerator of which shall be (1) the number
of shares of Common Stock outstanding immediately prior to such issue plus (2)
the number of shares of Common Stock which the aggregate consideration received
or to be received by the Company for the total number of Additional Shares of
Common Stock so issued would purchase at such Exercise Price; and (B) the
denominator of which shall be the number of shares of Common Stock outstanding
immediately prior to such issue plus the number of such Additional Shares of
Common Stock so issued; provided that, (i)
for the purpose of this Section 3(d), all shares of Common Stock issuable upon
conversion or exchange of convertible securities outstanding immediately prior
to such issue shall be deemed to be outstanding, and (ii) the number of shares
of Common Stock deemed issuable upon conversion or exchange of such outstanding
convertible securities shall be determined without giving effect to any
adjustments to the conversion or exchange price or conversion or exchange rate
of such convertible securities resulting from the issuance of Additional Shares
of Common Stock that is the subject of this calculation.  For purposes
of this Warrant, “Additional Shares of Common Stock” shall mean all shares of
Common Stock issued by the Company after the Effective Date (including without
limitation any shares of Common Stock issuable upon conversion or exchange of
any convertible securities or upon exercise of any option or warrant, on an
as-converted basis), other than: (i) shares of Common Stock issued or
issuable upon conversion or exchange of any convertible securities or exercise
of any options outstanding on the Effective Date; (ii) shares of Common Stock
issued or issuable upon conversion of the warrants issued in connection with the
Offering; (iii) shares of Common Stock issued or issuable by reason of a
dividend, stock split, split-up or other distribution on shares of Common Stock
that is covered by Sections 3(a)(i) through 3(a)(iii) above; (iv) shares of
Common Stock issued in a registered public offering under the Securities Act;
(v) shares of Common Stock issued or issuable pursuant to the acquisition of
another corporation by the Corporation by merger, purchase of substantially all
of the assets or other reorganization or to a joint venture agreement; or
(vi) shares of Common Stock issued or issuable to officers, directors and
employees of, or consultants to, the Company pursuant to stock grants, option
plans, purchase plans or other employee stock incentive programs or arrangements
approved by the Board of Directors, or upon exercise of options or warrants
granted to such parties pursuant to any such plan or
arrangement;.  The provisions of this Section 3(d) shall not operate
to increase the Exercise Price.

    

    
      	
              4.

            	
              TRANSFERS AND EXCHANGES OF WARRANT
      AND WARRANT SHARES

            

    

    

    (a)           Registration
of Transfers and Exchanges.
Subject to Section 4(c), upon the Holder’s surrender of this Warrant, with a duly
executed copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its
principal offices or at
such other office or agency as the Company may specify in writing to the Holder,
the Company shall register the transfer of all or any portion of this Warrant.
Upon such registration of transfer, the Company shall issue a new Warrant, in
substantially the form of this Warrant, evidencing the
acquisition rights transferred to the transferee and a new Warrant, in similar
form, evidencing the remaining acquisition rights not transferred, to the Holder
requesting the transfer.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    (b)           Warrant
Exchangeable for Different
Denominations. The Holder
may exchange this Warrant for a new Warrant or Warrants, in substantially the
form of this Warrant, evidencing in the aggregate the right to purchase the
number of Warrant Shares, which may then be purchased hereunder, each of such new Warrants to be dated the
date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder. The Holder shall surrender
this Warrant with duly executed instructions regarding such re-certification of this Warrant to the
Secretary of the Company at its principal offices or at such other office or
agency as the Company may specify in writing to the Holder.

    

    (c)           Restrictions
on Transfers. This Warrant
may not be transferred at any time without (i) registration under the
Securities Act or (ii) an exemption from such registration and a written opinion
of legal counsel addressed to the Company that the proposed transfer of the
Warrant may be effected without registration under the Securities Act, which opinion will be in form
and from counsel reasonably satisfactory to the Company.

    

    (d)           Permitted
Transfers and Assignments.  Notwithstanding any
provision to the contrary in this Section 4, the Holder may transfer, with or
without consideration, this
Warrant or any of the Warrant Shares (or a portion thereof) to the
Holder’s Affiliates (as such term is defined
under Rule 144 of the Securities Act) without obtaining the opinion from counsel
that may be required by Section 4(c)(ii), provided, that the Holder delivers to the Company
and its counsel certification, documentation, and other assurances reasonably
required by the Company’s counsel to enable the
Company’s counsel to render an opinion to the
Company’s Transfer Agent that such transfer
does not violate applicable securities
laws.

    

    
      	
              5.

            	
              MUTILATED OR MISSING WARRANT
      CERTIFICATE

            

    

    

               If this Warrant is mutilated, lost,
stolen or destroyed, upon request by the Holder, the Company will, at its
expense, issue, in exchange
for and upon cancellation of the mutilated Warrant, or in
substitution for the lost, stolen or destroyed Warrant, a new Warrant, in
substantially the form of this Warrant, representing the right to acquire the
equivalent number of Warrant Shares; provided, that, as a prerequisite to
the issuance of a
substitute Warrant, the Company may require satisfactory evidence of loss, theft
or destruction as well as an indemnity from the Holder of a lost, stolen or
destroyed Warrant.

    

    
      	
              6.

            	
              PAYMENT OF
      TAXES

            

    

    

    The Company will pay all transfer and
stock issuance taxes
attributable to the preparation, issuance and delivery of this Warrant and the
Warrant Shares (and
replacement Warrants) including, without limitation, all
documentary and stamp taxes; provided, however, that the Company shall not be
required to pay any tax in
respect of the transfer of this Warrant, or the issuance or delivery of
certificates for Warrant Shares or other securities in respect of the Warrant
Shares to any person or entity other than to the Holder.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    7.           FRACTIONAL WARRANT SHARES

    

    No fractional Warrant Shares shall be
issued upon exercise of this Warrant. The Company, in lieu of issuing any
fractional Warrant Share, shall round up the number of Warrant Shares issuable
to nearest whole share.

    

    
      	
              8.

            	
              NO STOCK RIGHTS AND
      LEGEND

            

    

    

    No holder of this Warrant, as such, shall
be entitled to vote or be deemed the holder of any other securities of the
Company that may at any time be issuable on the exercise hereof, nor shall
anything contained herein be construed to confer upon the holder of this Warrant, as such, the rights of a
stockholder of the Company or the right to vote for the election of directors or
upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent to any
corporate action or to receive notice of meetings or other actions
affecting stockholders (except as provided herein), or to receive dividends or
subscription rights or otherwise (except as provide herein).

    

               Each certificate for Warrant Shares
initially issued upon the exercise of this Warrant, and each certificate for Warrant
Shares issued to any subsequent transferee of any such certificate, shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

    

               “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND
NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH  RESPECT THERETO IS
EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN
EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF
COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION
ARE REASONABLY SATISFACTORY TO THE COMPANY,
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN
THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR   APPLICABLE STATE SECURITIES LAWS.”

    

    
      	
              9.

            	
              REGISTRATION UNDER THE SECURITIES ACT OF
      1933

            

    

    

    The Company agrees to provide
registration rights for the resale of the Warrant Shares under the Securities
Act on the terms and subject to the conditions set forth in the Registration
Rights Agreement between the Company and each of the investors party to the
subscription agreements substantially similar to the Subscription Agreement, pursuant
to which this Warrant was issued.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    10.           NOTICES

    

               All notices, consents, waivers, and
other communications under this Warrant must be in writing and will be deemed
given to a party when (a) delivered to the appropriate address by hand or by
nationally recognized overnight courier service (costs prepaid); (b) sent by
facsimile or e-mail with confirmation of transmission by the transmitting equipment; (c) received or
rejected by the addressee, if sent by certified mail, return receipt requested,
if to the registered Holder hereof; or (d) seven days after the placement of the
notice into the mails (first class postage prepaid), to the Holder at the address, facsimile
number, or e-mail address furnished by the registered Holder to the Company in
accordance with the Subscription Agreement by and between the Company and the
Holder, or if to the Company, to it at Calle 67 #7-35 Oficina 409,
Bogotá, Colombia, Attention:
Andres Gutierrez rivera, Chief Executive Officer (or to such other address,
facsimile number, or e-mail address as the Holder or the Company as a party may
designate by notice the other party) with a copy to Gottbetter &
Partners, 488 Madison
Avenue, New York, New York 10022, Attention: Adam S. Gottbetter.

    

    
      	
              11.

            	
              SEVERABILITY

            

    

    

    If a court of competent jurisdiction
holds any provision of this Warrant invalid or unenforceable, the other
provisions of this Warrant will remain in full force and effect. Any provision of
this Warrant held invalid or unenforceable only in part or degree will remain in
full force and effect to the extent not held invalid or
unenforceable.

    

    
      	
              12.

            	
              BINDING
    EFFECT

            

    

    

    This Warrant shall be binding upon and
inure to the sole and
exclusive benefit of the Company, its successors and assigns, the registered
Holder or Holders from time to time of this Warrant and the Warrant
Shares.

    

    
      	
              13.

            	
              SURVIVAL OF RIGHTS AND
      DUTIES

            

    

    

    This Warrant shall terminate and be of
no further force and effect
on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on
which this Warrant has been exercised in full.

    

    
      	
              14.

            	
              GOVERNING
    LAW

            

    

    

    This Warrant will be governed by and
construed under the laws of the State of [New York] without regard to conflicts of laws
principles that would require the application of any other
law.

    

    
      	
              15.

            	
              DISPUTE
      RESOLUTION

            

    

    

    In the case of a dispute as to the
determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall
submit the disputed determinations or arithmetic calculations via facsimile
within five (5) Business
Days of receipt of the Notice of Exercise giving rise to such dispute, as the
case may be, to the Holder. If the Holder and the Company are unable
to agree upon such
determination or calculation of the Exercise Price or the Warrant Shares within
three Business Days of such disputed determination or arithmetic calculation
being submitted to the Holder, then the Company shall, at its sole discretion,
within five (5) Business Days, submit via
facsimile (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by
the Holder, or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The
Company shall cause at its expense the investment bank or the accountant, as the
case may be, to perform the determinations or calculations and notify the
Company and the Holder of the results no later than ten (10) Business Days
from the time it receives the disputed determinations or calculations; provided
that, if such disputed determination or arithmetic calculation being submitted
by the Holder is determined to be incorrect, then the expense of the investment bank or the
accountant shall be the responsibility of the Holder. Such investment
bank’s or accountant’s determination or calculation,
as the case may be, shall be final, binding and conclusive upon the
parties thereto.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    
      	
              16.

            	
              NOTICES OF RECORD
  DATE

            

    

    

    Upon (a) any establishment by the
Company of a record date of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution, or right or option to acquire securities of the Company, or any
other right, or (b) any capital reorganization, reclassification,
recapitalization, merger or consolidation of the Company with or into any other
corporation, any transfer of all or substantially all the assets of
the Company, or any voluntary or involuntary
dissolution, liquidation or winding up of the Company, or the sale, in a single
transaction, of a majority of the Company’s voting stock (whether newly issued, or
from treasury, or previously issued and then outstanding, or any combination thereof), the
Company shall mail to the Holder at least ten (10) Business Days, or such longer
period as may be required by law, prior to the record date specified therein, a
notice specifying (i) the date established as the record date for the purpose of such dividend,
distribution, option or right and a description of such dividend, option or
right, (ii) the date on which any such reorganization, reclassification,
transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected to become
effective and (iii) the date, if any, fixed as to when the holders of record of
Common Stock shall be entitled to exchange their shares of Common Stock for
securities or other property deliverable upon such reorganization, reclassification, transfer,
consolation, merger, dissolution, liquidation or winding up.

    

    
      	
              17.

            	
              RESERVATION OF
      SHARES

            

    

    

    The Company shall reserve and keep
available out of its authorized but unissued shares of Common Stock for issuance
upon the exercise of this
Warrant, free from pre-emptive rights, such number of shares of Common Stock for
which this Warrant shall from time to time be exercisable.  The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without
violation of any applicable law or regulation. Without limiting the generality
of the foregoing, the Company covenants that it will use commercially reasonable
efforts to take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and non-assessable Warrant Shares upon the
exercise of this Warrant and use commercially reasonable efforts to obtain all
such authorizations, exemptions or consents, including but not limited to consents from the
Company’s stockholders or Board of Directors or
any public regulatory body, as may be necessary to enable the Company to perform
its obligations under this Warrant.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	
              18.

            	
              HEADINGS

            

    

    

    The headings used in this Warrant are
for the convenience of
reference only and shall not, for any purpose, be deemed a part of this
Warrant.

    

    
      	
              19.

            	
              AMENDMENT AND
      WAIVERS

            

    

    

    Any term of this Warrant may be amended
and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), with the
written consent of the Company and the Holders of a majority of the Warrant
Shares issuable upon exercise of the Warrants.

    

    
      	
              20.

            	
              NO THIRD PARTY
      RIGHTS

            

    

    

    This Warrant is not intended,
and will not be construed,
to create any rights in any parties other than the Company and the Holder, and
no person or entity may assert any rights as third-party beneficiary
hereunder.

    

    SIGNATURE PAGE
FOLLOWS

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

                  IN WITNESS WHEREOF, the Company has
caused this Warrant to be
duly executed as of the date first set forth above.

     

    
      
        	 	LA CORTEZ ENERGY,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	Name:	Andres
      Gutierrez Rivera	 
	 	Title:	Chief
      Executive Officer	 
	 	 	 	 

      

       

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    EXHIBIT A

    

    NOTICE OF EXERCISE

    

    (To be executed by the Holder of Warrant if such
Holder desires to exercise
Warrant)

    

    To La Cortez Energy,
Inc.:

    

    The undersigned hereby irrevocably
elects to exercise this Warrant and to purchase thereunder, ___________________
full shares of La Cortez Energy, Inc. common stock issuable upon exercise of
the Warrant and delivery of:

    

    (1)                 $_________ (in cash as provided for in
the foregoing Warrant) and any applicable taxes payable by the undersigned
pursuant to such Warrant; and

    

    (2)                 __________ shares of Common Stock
(pursuant to a Cashless
Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if the
undersigned desires to deliver an unspecified number of shares equal the number
sufficient to effect a Cashless Exercise [___]).

    

        The undersigned requests that certificates for such shares be
issued in the name of:

    

    _________________________________________

    (Please print name, address and social
security or federal employer

    identification number (if
applicable))

    

    _________________________________________

    

    _________________________________________

    

                  If the shares issuable upon this
exercise of the Warrant are not all of the Warrant Shares which the Holder is
entitled to acquire upon the exercise of the Warrant, the undersigned requests
that a new Warrant evidencing the rights not so exercised be
issued in the name of and delivered to:

    

    _________________________________________

    (Please print name, address and social
security or federal employer

    identification number (if
applicable))

    

    _________________________________________

    

    _________________________________________

    
 

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      	
                            Name of Holder
      (print):       

                          	 
	 
      	 
      	 
      	 
      	
                            (Signature):   

                          	 
	 
      	 
      	 
      	 
      	
                            (By:) 

                          	 
	 
      	 
      	 
      	 
      	
                            (Title:) 

                          	 
	 
      	 
      	 
      	 
      	
                            Dated:   

                          	 

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    EXHIBIT B

    

    FORM OF ASSIGNMENT

    

    FOR VALUE RECEIVED,
___________________________________ hereby sells, assigns and transfers to each
assignee set forth below all of the rights of the undersigned under the Warrant
(as defined in and evidenced by the attached Warrant) to acquire the number of
Warrant Shares set opposite the name of such assignee below and in and to the
foregoing Warrant with respect to said acquisition rights and the shares issuable upon exercise of
the Warrant:

    
 

    
      	
              Name of
      Assignee

            	
              Address

            	
              Number of
      Shares

            
	
               
      

               

            	 
      	 
      
	
               
      

               

            	 
      	 
      
	
               
      

               

            	 
      	 
      
	
               
      

               

            	 
      	 
      

    

    

    

    If the total of the Warrant Shares are
not all of the Warrant Shares evidenced by the foregoing Warrant, the
undersigned requests that a
new Warrant evidencing the right to acquire the Warrant Shares not so assigned
be issued in the name of and delivered to the undersigned.

    

    

    
      
        
          
            
              
                
                  
                    
                      	 
      	 
      	 
      	 
      	
                              Name of Holder
      (print):       

                            	 
	 
      	 
      	 
      	 
      	
                              (Signature):   

                            	 
	 
      	 
      	 
      	 
      	
                              (By:) 

                            	 
	 
      	 
      	 
      	 
      	
                              (Title:) 

                            	 
	 
      	 
      	 
      	 
      	
                              Dated:   

                            	 

                    

                  

                

              

            

          

        

      

     

    
      
        
        

      

      
        16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]