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Exhibit 10.5    
    

 
  TRUST ACCOUNT AGREEMENT    
    

        This TRUST ACCOUNT AGREEMENT (the "Agreement") is made as of
[                                    ], 2008 by and between
National Energy Resources Acquisition Company, a Delaware corporation (the
"Company"), and Colorado State Bank and Trust, N.A., a national banking association, as account agent (the "Account Agent"). 

 
 

RECITALS:    
    

        WHEREAS, the Company's Registration Statement on Form S-1, No. 333-148016
("Registration Statement"), for its initial public offering ("IPO") of its units, each comprised of one share of common stock, par value
$0.0001 per share, and one warrant to purchase one share of common stock, has been declared effective as of the date hereof by the Securities and Exchange Commission; 

        WHEREAS, Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as the representative (the
"Representative") of the underwriters in the IPO (the "Underwriters") pursuant to a purchase agreement dated on or about the date hereof
between the Company and the Underwriters (the "Purchase Agreement"); 

        WHEREAS, as described in the Company's Registration Statement, and in accordance with the Company's Amended and Restated Certificate of
Incorporation, $100,000,000 of the net proceeds of the IPO and the proceeds of the sale to NRCO LLC of warrants to purchase shares of common stock (or $114,475,000 if the Underwriters'
over-allotment option is exercised in full) will be delivered to the Account Agent (the "Account Property") to be deposited and held in a trust account in
accordance with this Agreement for the benefit of the Company, the Underwriters and the holders of the Company's securities issued and sold in the IPO as hereinafter provided (the
"Public Stockholders," and collectively with the Underwriters and the Company, the "Beneficiaries"); 

        WHEREAS, pursuant to the Purchase Agreement, a portion of the Account Property equal to $3,500,000 (or $4,025,000 if the Underwriters'
over-allotment option is exercised in full or a pro rata portion thereof pursuant to the terms of the Purchase Agreement if the Underwriter's over-allotment option is exercised
in part, but not in full, prior to the time of its expiration) is attributable to deferred underwriting discounts and commissions (the "Deferred Discount") that will
become payable by the Company to the Underwriters upon the consummation of a business combination, whether through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar type of transaction, with one or more target businesses that have an aggregate fair market value of at least 80% of the balance held in the Trust Account (excluding the amount held in the
Trust Account representing the Underwriters' deferred commission) at the time of the signing of a definitive agreement in connection with such business combination, as described in the Registration
Statement (a "Business Combination"); and 

        WHEREAS, the Company desires to enter into this Agreement to set forth the terms and conditions pursuant to which the Account Agent shall
hold the Account Property; 

        NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows: 

        Section 1.    Appointment of Account Agent; Deposit of Account Property.    The
Account Agent is hereby instructed to establish a segregated trust account (Account Number
                                    ) (the "Trust
Account") at Colorado
State Bank and Trust, N.A. The Company shall cause the Account Property to be delivered to the Account Agent in connection with the closing of the IPO and the private placement therewith, and the
Account Agent is hereby instructed to hold the Account Property in the Trust Account in accordance with this Agreement. The Account Agent shall acknowledge receipt of the Account Property. 

 

        Section 2.    Investment by Account Agent.    In a timely manner, upon the written
instruction of the Company, the Account Agent shall invest and reinvest the Account Property only in (a) U.S. "government securities", defined as any Treasury Bill issued by the United States
having a maturity of 180 days or less or (b) one or more money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of
1940, as amended, that only invest in "government securities" having a maturity of 180 days or less, notwithstanding that (i) the Account Agent and any of its affiliates may charge,
collect and retain for its own account fees and
expenses from such funds for services rendered (provided that such charges, fees and expenses are on terms consistent with terms negotiated at arm's length) and (ii) the Account Agent and any
of its affiliates may charge, collect and retain for its own account fees and expenses for services rendered pursuant to this Agreement, and may, in addition to such fees and expenses, earn other
income relating to the Account Property. The Account Agent shall collect and receive in trust, when due, all principal and income arising from the Account Property, which shall become part of the
Account Property, as such term is used herein. 

        Section 3.    Distribution and Release of Account Property.    The Account Agent
shall commence liquidation of the Trust Account only after receipt of and only in accordance with the terms of a letter (a "Termination Letter"), in a form substantially
similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive
Officer, President, Chairman of the Board of Directors or Chief Financial Officer and noticed to the Authorized Counsel (as hereinafter defined), as evidenced by their respective signature and
countersignature thereto, and complete the liquidation of the Trust Account and distribute the Account Property in the Trust Account only as directed in the Termination Letter and the other documents
referred to therein. The Account Agent shall also disburse such funds from the Trust Account from time to time, upon written request from the Company, (a) as may be necessary to pay in a timely
manner any taxes incurred as a result of interest or other income earned on the Account Property upon receipt and only in accordance with the terms of a letter (a "Tax Disbursement
Letter"), in a form substantially similar to that attached hereto as Exhibit C, signed on behalf of the Company by its Chief Executive Officer,
President, Chairman of the Board of Directors or Chief Financial Officer and noticed to the Authorized Counsel, as evidenced by their respective signature and countersignature thereto, and complete
the disbursement of funds from the Trust Account and distribute such funds only as directed in the Tax Disbursement Letter and the other documents referred to therein or (b) in the amount
requested by the Company to be used for working capital requirements upon receipt and only in accordance with the terms of a letter (an "Interest Withdrawal Letter") in a
form substantially similar to that attached hereto as Exhibit D, signed on behalf of the Company by its Chief Executive Officer, President, Chairman of the Board of
Directors or Chief Financial Officer and noticed to the Authorized Counsel, as evidenced by their respective signature and countersignature thereto, and complete the disbursement of funds from the
Trust Account and distribute such funds only as directed in the Interest Withdrawal Letter and the other documents referred to therein; provided,
however, that the aggregate amount of all such distributions pursuant to this clause (b) shall not exceed the lesser of (x) the aggregate amount of interest and
any other income actually received or paid on amounts in the Trust Account less an amount equal to any disbursements that have or are estimated to be (assuming an income tax rate of 40%) made pursuant
to clause (a) of this section and (y) $1,750,000. For purposes of this Agreement, "Authorized Counsel" shall mean, at any date, Akin Gump Strauss
Hauer & Feld, LLP. 

        Section 4.    Agreements and Covenants of Account Agent.    The Account Agent
hereby agrees and covenants to: 

        (a)   Hold
the Account Property in the Trust Account in trust in accordance with the terms of this Agreement; 

        (b)   Manage,
supervise and administer the Trust Account in accordance with the terms and conditions set forth herein; 

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        (c)   As
promptly as practicable, notify the Company of all communications received by it with respect to any Account Property requiring action by the Company; 

        (d)   As
promptly as practicable, supply any necessary information or documents as may be reasonably requested by the Company in connection with the Company's preparation of
the tax returns for the Trust Account; 

        (e)   Participate,
at the Company's cost and expense, in any plan or proceeding for protecting or enforcing any right or interest arising from the Account Property if, as and
when instructed by the Company to do so; 

        (f)    Render
to the Company and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting
all receipts and disbursements of the Trust Account; 

        (g)   Distribute
the Deferred Discount to the Representative on behalf of the Underwriters upon receipt of written notice from the Company in accordance with the terms of this
Agreement; 

        (h)   Distribute
the funds as directed in any Tax Disbursement Letter or Interest Withdrawal Letter and any other documents referred to therein in accordance with the terms of
this Agreement; and 

        (i)    Commence
liquidation of the Trust Account in accordance with the terms herein and a Termination Letter. 

        Section 5.    Agreements and Covenants of the Company.    The Company hereby
agrees and covenants to: 

        (a)   Give
all instructions and requests to the Account Agent hereunder in writing, signed by the Company's Chief Executive Officer, President, Chairman of the Board of
Directors or Chief Financial Officer; 

        (b)   Hold
the Account Agent harmless and indemnify the Account Agent from and against, any and all costs, expenses, disbursements and advances, including reasonable counsel
fees and disbursements, or loss or damage suffered by the Account Agent in connection with any action, suit or other proceeding brought against the Account Agent involving any claim or demand, or in
connection with any claim or demand, that in any way arises out of or relates to this Agreement, the services of the Account Agent hereunder, the Account Property or any income earned from investment
of the Account Property, except for costs, expenses, disbursements, advances, losses and damages resulting from the Account Agent's gross negligence or willful misconduct (as determined by a final
non-appealable order of a court of competent jurisdiction). Promptly after the receipt by the Account Agent of notice of demand or claim or the commencement of any action, suit or
proceeding with respect to which the Account Agent intends to seek indemnification under this paragraph, it shall notify the Company in writing thereof (hereinafter referred to as the
"Indemnified Claim"); provided, however, that any failure or delay of the Account Agent in giving such notice shall not
relieve the Company of any of its obligations hereunder except to the extent the Company is actually prejudiced thereby. The Company shall have the right to assume and manage the defense of the
Account Agent, provided that the Account Agent consents to the Company's selection of counsel, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, the Account Agent
shall have the right to employ separate counsel in any such action or proceeding and participate in the investigation and defense thereof, and the Company shall pay the reasonable fees and expenses of
such separate counsel if the Account Agent is advised that (i) an actual conflict of interest exists by reason of common representation or (ii) there are legal defenses available to the
Account Agent that are different from or are in 

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addition
to those available to the Company or if all parties commonly represented do not agree as to the action (or inaction) of counsel. 

        (c)   Pay
the Account Agent an initial acceptance fee of $5,000. The Company shall pay such acceptance fee to the Account Agent on the date hereof. The fees set forth in this
Section 5(c) shall be in addition to, and shall not include, any fee referred to in Section 6(a) hereof (it being expressly understood that the Account Property, other than portions of
the disbursements made pursuant to Section 4(h) hereof, shall not be used to make any payments to the Account Agent under this paragraph); 

        (d)   Reimburse
the Account Agent upon request for all reasonable costs, expenses, disbursements, and advances incurred or made by the Account Agent in implementing or
enforcing any of the provisions of this Agreement (including without limitation any fees, expenses and disbursements of its counsel), except any such cost, expense, disbursement, or advance as may
arise from the Account Agent's gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction) (it being expressly understood
that the Account Property, other than portions of the disbursements made pursuant to Section 4(h) hereof, shall not be used to make any payments to the Account Agent under this paragraph); 

        (e)   In
connection with any vote of the Company's stockholders regarding an initial Business Combination, provide to the Account Agent an affidavit or certificate of a firm
regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm may be the Account
Agent) verifying the vote of the Company's stockholders regarding such initial Business Combination; and 

        (f)    Within
five (5) business days after the Underwriters' over-allotment option (or any unexercised portion thereof) expires or is exercised in full,
provide the Account Agent with a notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount to be released to Merrill Lynch, Pierce, Fenner & Smith
Incorporated upon consummation of a Business Combination, which shall in no event be less than $3,500,000. 

        Section 6.    Limitations of Liability.    The Account Agent shall have no
responsibility or liability to: 

        (a)   Institute
any action, suit or other proceeding for the collection of any principal or income arising from, or institute, appear in or defend any action, suit or other
proceeding of any kind with respect to, any of the Account Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have
advanced to it funds sufficient to pay any reasonable fees of the Account Agent and costs, expenses, disbursements and advances incident thereto; 

        (b)   Change
the investment of any Account Property, other than in accordance with written instructions of the Company; 

        (c)   Refund
any depreciation or decline in principal of any Account Property invested in accordance with the terms of this Agreement; 

        (d)   Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation,
or unless the Company shall have delivered a written revocation of such authority to the Account Agent; 

        (e)   Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other action
taken by it is as contemplated by the Registration Statement or the Termination Letter; or 

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        (f)    Pay
any taxes on behalf of the Trust Account; provided, that the foregoing shall not limit the obligation of the Account
Agent to disburse proceeds for the payment of taxes in accordance with a Tax Disbursement Letter from the Company. 

        Section 7.    Further Rights and Duties of the Account Agent.    

        (a)   The
Account Agent shall not be liable or responsible hereunder to anyone for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith, except for its own gross negligence or willful misconduct (as determined by a final non-appealable order of a court of competent jurisdiction). 

        (b)   The
Account Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations shall be inferred from
this Agreement against the Account Agent, nor shall the Account Agent be bound by the provisions of any agreement between or among the Company, the Public Stockholders or any other person or entity
beyond the specific terms hereof. 

        (c)   The
Account Agent may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by or who may be an employee of the Account Agent or one of its affiliates), statement, instrument, report or other paper or document (not only as to its due execution and
the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Account Agent, in good faith, to be genuine
and to be signed or presented by the proper person or persons. The Account Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or
any of the terms hereof, unless evidenced by a written instrument delivered to the Account Agent signed by the proper party or parties. 

        (d)   At
any time the Account Agent may request in writing an instruction in writing from the Company, and may at its own option include in such request the course of action
it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder. The Account Agent shall not be liable or responsible
for acting without the Company's consent in accordance with such a proposal on or after the date specified therein; provided, that the specified date
shall be at least five (5) business days after the Company receives the Account Agent's request for instructions and its proposed course of action; and provided
further, that, prior to so acting, the Account Agent has not received from the Company the written instructions so requested and the Account Agent's actions are not
inconsistent with the terms of this Agreement. 

        (e)   In
the event of ambiguity in the provisions governing the Account Property or uncertainty on the part of the Account Agent as to how to proceed, such that the Account
Agent, in its sole and absolute judgment, deems it necessary for its protection so to do, the Account Agent may refrain from taking any action other than: (i) to retain custody of the Account
Property deposited hereunder until it shall
have received written instructions, which in the judgment of the Account Agent clarify the ambiguity, or (ii) to deposit the Account Property with a court of competent jurisdiction and
thereupon to have no further duties or responsibilities in connection therewith. 

        (f)    In
no event shall the Account Agent be liable or responsible for special, punitive, incidental, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profits) irrespective of whether the Account Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

        (g)   In
no event shall the Account Agent be liable or responsible for any failure or delay in the performance of its obligations under this Agreement arising out of or caused
by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work 

5

 

stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and widespread interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services. 

        (h)   The
recitals contained herein shall be taken as the statements of the Company, and the Account Agent assumes no liability or responsibility for their correctness. 

        (i)    The
Account Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Account Agent); nor shall it be liable or responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any other
agreement (including without limitation the Company's failure to provide the Account Agent with any written instructions or notices required to be provided by the Company to the Account Agent under
this Agreement) or for determining the applicability of or whether the Company has complied with any federal or state "blue sky" or securities laws or any other applicable laws, all of which shall be
the Company's responsibility. 

        (j)    The
Company will from time to time perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other
acts, instruments and assurances as may reasonably be required by the Account Agent for the carrying out or performing by the Account Agent of the provisions of this Agreement. 

        (k)   No
provision of this Agreement shall require the Account Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of
its duties or in the exercise of its rights hereunder. 

        Section 8.    Resignation or Removal of Account Agent.    

        (a)   The
Account Agent may resign by giving written notice to the Company. Such resignation shall take effect upon delivery of the Account Property, and all documentation
relating thereto in possession of the Account Agent or its affiliates, to a successor Account Agent designated in writing by the Company, and the Account Agent shall thereupon be discharged from all
obligations under this Agreement, and shall have no further duties or responsibilities in connection herewith. 

        (b)   In
the event the Account Agent fails to perform its obligations under this Agreement, the Company may remove the Account Agent upon written notice to the Account Agent.
Such removal shall take effect upon delivery of the Account Property, and all documentation relating thereto in possession of the Account Agent or its affiliates, to a successor Account Agent
designated in writing by the Company, and the Account Agent shall thereupon be discharged from all obligations under this Agreement, and shall have no further duties or responsibilities in connection
herewith. The Account Agent shall deliver the Account Property, and all documentation relating thereto in possession of the Account Agent or its affiliates, without unreasonable delay after receiving
the Company's designation of a successor Account Agent. 

        (c)   If
after 30 days from the date of delivery of its written notice of intent to resign or of the Company's notice of removal the Account Agent has not received a
written designation of a successor Account Agent, the Account Agent's sole responsibility shall be in its sole discretion either to retain custody of the Account Property without any obligation to
invest or reinvest any such Account Property until it receives such designation, or to apply to a court of competent jurisdiction for appointment of a successor Account Agent and after such
appointment to have no further duties or responsibilities in connection herewith. 

        (d)   The
Company shall, at its own expense, promptly notify each of the Public Stockholders of the resignation or removal of the Account Agent and of the designation of a
successor Account Agent. 

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        Section 9.    Termination of Agreement.    

        (a)   This
Agreement shall terminate at such time that the Account Agent has completed the liquidation of the Trust Account in accordance with this Agreement, and distributed
the Account Property in accordance with the provisions of the Termination Letter. 

        (b)   Sections 5(b),
5(c) and 5(d), Section 6(a) and Sections 7(a), 7(g), 7(h), 7(j) and 7(k) shall survive the termination of this Agreement or any
resignation or removal of the Account Agent. 

        Section 10.    Miscellaneous.    

        (a)   The
Company and the Account Agent each acknowledge that the Account Agent will follow the security procedures set forth below with respect to funds transferred from the
Trust Account. Upon receipt of written instructions, the Account Agent will confirm such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached
Exhibit E. The Company and the Account Agent will each restrict access to confidential information relating to such security procedures to authorized persons. Each
party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing
funds transfers, the Account Agent will rely upon account numbers or other identifying numbers of a recipient, recipient's bank or intermediary bank, rather than names. 

        (b)   This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within
the State of New York, without regard to the conflict of law provisions thereof to the extent such provisions would require or permit the application of the laws of another jurisdiction. It may be
executed in several counterparts, each one of which shall constitute an original, and together shall constitute but one instrument. 

        (c)   This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof
may only be changed, waived, amended or modified by a writing signed by each of the parties hereto; provided, that this Agreement may not be materially
changed, waived, amended or modified without the consent of each of the Public Stockholders adversely affected thereby; provided further, that this
Agreement may not be amended in such a manner as to adversely affect the right of the Underwriters to receive the Deferred Discount without the written consent of the Representative. As to any claim,
cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. For purposes of this Agreement, the Account Agent may rely on a list of Public
Stockholders provided to it by the Company from time to time as to the identities of the Public Stockholders. 

        (d)   The
parties hereto consent to the exclusive jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any disputes
hereunder. 

        (e)   Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by overnight
delivery or similar private courier service, by first-class, certified mail (return receipt requested) postage prepaid, by hand delivery or by facsimile transmission: 

if
to the Account Agent, to: 

Colorado
State Bank and Trust N.A.

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Facsimile No.: (303) 864-7219

Attention: Philip Munishor 

7

 

if
to the Company, to: 

National
Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290

Facsimile No.: (720) 407-7031

Attention: Patrick R. McDonald 

Any
notice, consent or request to be given to the Authorized Counsel shall be sent to the address or number provided to the Company and the Account Agent by such Authorized Counsel in writing from
time to time. 

        (f)    This
Agreement may not be assigned by any party hereto without the prior written consent of the other and the Representative, which consent shall not be unreasonably
withheld or delayed. Any purported assignment without such consent shall be null and void. 

        (g)   Each
of the Account Agent and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder. 

        (h)   Each
of the Account Agent and the Company hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform
its respective obligations as contemplated hereunder. 

        (i)    The
Account Agent hereby consents to the inclusion of Colorado State Bank and Trust, N.A. in the Registration Statement and other materials relating to the IPO and the
proxy solicitation materials in connection with seeking stockholder approval of an initial Business Combination. 

        (j)    The
Account Agent has no right, title, interest, or claim of any kind ("Claim") in or to any monies or Account Property in the Trust
Account, and hereby waives any Claim in or to any monies or Account Property in the Trust Account it may have in the future, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever.. 

[Signatures
follow on next page.] 

8

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

	National Energy Resources Acquisition Company	 	 
	

By:	

    
 Name:

Title:	
 	

 
	
Colorado State Bank and Trust, N.A., as Account Agent	
 	

 
	

By:	

    
 Name:

Title:

	
 	

 

 
 

EXHIBIT A    
    

[Company
Letterhead] 

[Insert
date] 

Colorado
State Bank and Trust, N.A., as Account Agent

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Attention: Philip Munishor 

	Re:
	Trust
Account No.                         

Termination Letter 

Ladies
and Gentlemen: 

        Pursuant
to the Trust Account Agreement between National Energy Resources Acquisition Company ("Company") and Colorado State Bank and Trust, N.A.
("Account Agent"), dated as of
[                                    ], 2008 ("Trust Account
Agreement"), this
is to advise you that the Company has entered into an agreement ("Business Agreement") with
                                     ("Target
Business") to consummate a business combination with the Target Business ("Business Combination") on or about [insert
date]. The Company shall notify you at least two business days in advance of the actual date of the consummation of the Business Combination
("Consummation Date"). Capitalized terms used and not defined herein shall have their respective meanings set forth in the Trust Account Agreement. 

        In
accordance with the terms of the Trust Account Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the Consummation Date, all of
funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. 

        Not
later than two business days prior to the Consummation Date, the Company shall deliver to you written instructions with respect to the transfer of the funds held in the Trust
Account, including such instructions as may be necessary to ensure compliance with any applicable law relating to the treatment of the proceeds of the IPO, including without limitation any law which
requires notice to any governmental entity with respect to the release of the Account Property from the Trust Account ("Instruction Letter"), which shall include
instructions for the distribution of funds to any Public Stockholders (as defined in the Trust Account Agreement) who exercised their conversion option in connection with a Business Combination and
for the distribution of the Deferred Discount to the Representative on behalf of the Underwriters. You are hereby directed and authorized to transfer the funds held in the Trust Account on the
Consummation Date upon your receipt of the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits or investments held in the Trust Account may
not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be
distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Account Agreement shall be terminated and
the Trust Account closed. 

        In
the event that (a) on or before the Consummation Date, we have notified you that the Business Combination has not been or will not be consummated on the Consummation Date
described in the notice thereof and (b) we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be
reinvested as provided in the Trust Account Agreement on the business day immediately following the Consummation Date as set forth in the notice. In the event that (a) on or before the
Consummation Date, we have notified you that the Business Combination has not been or will not be consummated on the Consummation Date described in the notice thereof and (b) we have notified
you on or before the original Consummation Date of a new Consummation Date, then you shall continue to liquidate the Trust Account to the effect that, on the new Consummation Date, all of the funds
held in the Trust Account will be 

immediately
available for transfer to the account or accounts that the Company shall direct on the new Consummation Date. 

	 	 	 	Very truly yours,
	

 	

 	
 	

National Energy Resources Acquisition Company
	

 	

 	
 	

By:	

    

	

Acknowledging receipt of notice hereof:	
 	

 	

 
	

By:	

    
 Name:

Title: Authorized Counsel	
 	

 	

 

 
 

EXHIBIT B    
    

[Company
Letterhead] 

[Insert
date] 

Colorado
State Bank and Trust, N.A., as Account Agent

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Attention: Philip Munishor 

	Re:
	Trust
Account No.                                     

Termination Letter 

Ladies
and Gentlemen: 

        Pursuant
to the Trust Account Agreement between National Energy Resources Acquisition Company ("Company") and Colorado State Bank and Trust, N.A.
("Account Agent"), dated as of
[                                    ], 2008 ("Trust Account
Agreement"), this
is to advise you that the Company has been unable to consummate an initial Business Combination (as defined in the Trust Account Agreement) with a target business within the time frame specified in
the Company's Amended and Restated Certificate of Incorporation, as described in the Company's prospectus relating to its initial public offering, and the Company is proceeding to dissolve and
liquidate the Trust Account (as defined in the Trust Account Agreement). Attached hereto is a copy of the minutes of the meeting of the Board of Directors of the Company relating thereto, certified by
the Secretary of the Company as true and correct and in full force and effect. 

        In
accordance with the terms of the Trust Account Agreement, we hereby authorize you to commence liquidation of the Trust Account as promptly as practicable to the stockholders of record
as of the last date of the Company's existence as specified in the Company's Amended and Restated Certificate of Incorporation. You will notify the Company and
[                                    ] ("Designated Paying
Agent") in writing as to when all of the funds in the Trust Account will be
available for immediate transfer ("Transfer Date"). The Designated Paying Agent shall thereafter notify you as to the account or accounts of the Designated Paying Agent to
which the funds in the Trust Account should be transferred on the Transfer Date so that the Designated Paying Agent may commence further distribution of such funds in accordance with the terms of the
Trust Account Agreement. You shall oversee the Designated Paying Agent's distribution of the funds. Upon the payment to the Designated Paying Agent of all the funds in the Trust Account, the Trust
Account Agreement shall be terminated and the Trust Account closed. 

	 	 	 	Very truly yours,
	

 	

 	
 	

National Energy Resources Acquisition Company
	

 	

 	
 	

By:	

    

	

Acknowledging receipt of notice hereof:	
 	

 	

 
	

By:	

    
 Name:

Title: Authorized Counsel	
 	

 	

 

 
 

EXHIBIT C    
    

[Company
Letterhead] 

[Insert
date] 

Colorado
State Bank and Trust, N.A., as Account Agent

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Attention: Philip Munishor 

	Re:
	Trust
Account No.                                     

Tax Disbursement Letter 

Ladies
and Gentlemen: 

        Pursuant
to the Trust Account Agreement between National Energy Resources Acquisition Company ("Company") and Colorado State Bank and Trust, N.A.
("Account Agent"), dated as of
[                                    ], 2008 ("Trust Account
Agreement"), this
is to advise you that the Trust Account (as defined in the Trust Account Agreement) has incurred a total of
$                                     in taxes (the "Tax
Payments") for the period from
                                    , 200   to
                                    ,
200   (the "Tax Period") as a result of interest and other income earned on the Account Property (as defined in the Trust Account
Agreement) during the Tax Period. 

        In
accordance with the terms of the Trust Agreement, we hereby authorize you to distribute from the Trust Account proceeds from the Account Property equal to the aggregate Tax Payments
on such dates, in such amounts and to such payees as indicated on the Schedule of Tax Payments attached hereto as Schedule 1. 

	 	 	 	Very truly yours,
	

 	

 	
 	

National Energy Resources Acquisition Company
	

 	

 	
 	

By:	

    

	

Acknowledging receipt of notice hereof:	
 	

 	

 
	

By:	

    
 Name:

Title: Authorized Counsel	
 	

 	

 

 
 

SCHEDULE 1    
    

 
  SCHEDULE OF TAX PAYMENTS    
    

	[Payee]
	 	 	 
	

Payment Date:

Amount:

Address:	
 	

 	

 
	
[Payee]
	
 	

 	

 
	

Payment Date:

Amount:

Address:	
 	

 	

 
	
[Payee]
	
 	

 	

 
	

Payment Date:

Amount:

Address:

	
 	

 	

 

 
 

EXHIBIT D    
    

[Company
Letterhead] 

[Insert
date] 

Colorado
State Bank and Trust, N.A., as Account Agent

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Attention: Philip Munishor 

	Re:
	Trust
Account No.                                     

Interest Withdrawal Letter 

Ladies
and Gentlemen: 

        Pursuant
to the Trust Account Agreement between National Energy Resources Acquisition Company ("Company") and Colorado State Bank and Trust, N.A.
("Account Agent"), dated as of
[                                         
       ], 2008 ("Trust Account
Agreement"), this is to advise you that the Company hereby requests that you deliver to the Company
$                         of the interest, which amount excludes
any amount distributable for payment of taxes on such interest, earned on the Account Property as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements pursuant
to Section 3(b), if any, the maximum amount set forth in Section 3(b). The Company needs such funds to
cover its expenses relating to investigating and selecting a target business and other working capital requirements. In accordance with the terms of the Trust Account Agreement, you are hereby
directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company's operating account at: 

[WIRE
INSTRUCTION INFORMATION] 

	 	 	 	Very truly yours,
	

 	

 	
 	

National Energy Resources Acquisition Company
	

 	

 	
 	

By:	

    

	

Acknowledging receipt of notice hereof:	
 	

 	

 
	

By:	

    
 Name:

Title: Authorized Counsel	
 	

 	

 

 
 

EXHIBIT E    
    

	AUTHORIZED INDIVIDUAL(S) FOR TELEPHONE CALL BACK
 
	 	AUTHORIZED TELEPHONE NUMBER(S)

	Company:	 	 
	

National Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290

Attention: Kevin Struzeski	
 	

(720) 407-7037
	

Account Agent:	
 	

 
	

Colorado State Bank and Trust, N.A.

1600 Broadway, 3rd Floor

Denver, Colorado 80202

Attention: Philip Munishor	
 	

(303) 864-7206

QuickLinks

Exhibit 10.5

TRUST ACCOUNT AGREEMENT

RECITALS

EXHIBIT A

EXHIBIT B

EXHIBIT C

SCHEDULE 1

SCHEDULE OF TAX PAYMENTS

EXHIBIT D

EXHIBIT EQuickLinks
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Exhibit 10.7  

 
 

FORM OF REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (this "Agreement"), dated as of  
[                        ], 2008, is made and entered into by and among National Energy Resources
Acquisition Company, a Delaware corporation (the "Company"), NRCO LLC, a Colorado limited liability company (the
"Sponsor"), the other parties listed under "Holders" on the signature page hereto and any person or entity who hereafter becomes a party to this
Agreement as contemplated by Section 4.02 of this Agreement (each such party, and the Sponsor, a "Holder" and
collectively the "Holders"). 

 
 

RECITALS    
    

        A.    Pursuant
to that certain stock purchase agreement, effective as of November 16, 2007, by and between the Company and the Sponsor (the
"Founders' Stock Purchase Agreement"), the Sponsor purchased an aggregate of 2,875,000 shares (the "Founders'
Shares") of the Company's common stock, par value $0.0001 per share (the "Common Stock"). 

        B.    Pursuant
to that certain securities assignment agreement, effective as of  [                        ]
, 2008, by and among the Sponsor and the other Holders (together the
"Securities Assignment Agreements"), the Sponsor assigned an aggregate of 60,000 Founders' Shares to the other Holders. 

        C.    Pursuant
to that certain warrant subscription agreement, dated as of November 26, 2007, by and between the Company and the Sponsor (the
"Sponsor's Warrants Subscription Agreement"), as amended and restated as of March 10, 2008, the Sponsor purchased warrants (the
"Sponsor's Warrants") entitling the Sponsor to purchase 4,500,000 shares of Common Stock. 

        D.    The
Company and the Holders desire to enter into this Agreement, pursuant to which the Company will grant the Holders certain registration rights with respect to certain
securities of the Company, as set forth in this Agreement. 

STATEMENT OF AGREEMENT  

        NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I

DEFINITIONS  

        1.01    Definitions.    The terms defined in this
Article I shall have for all purposes of this Agreement the respective meanings set forth below: 

        "Adverse Disclosure" means public disclosure of material non-public information, which disclosure, in the good faith judgment
of the chief executive officer or principal financial officer of the Company after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or
prospectus in order for the applicable Registration Statement or prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at
such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not publicly making it. 

        "Board" shall mean the Board of Directors of the Company. 

1

 

        "Business Combination" shall mean a business combination, whether through a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar type of transaction, with one or more target businesses that have an aggregate fair market value of at least 80% of the balance held in the Trust Account (excluding
the amount held in the trust account representing the underwriters' deferred commission in connection with the Offering) at the time of the signing of a definitive agreement in connection with such
business combination. 

        "Common Stock" shall have the meaning given in the Recitals hereto. 

        "Demand Registration" shall mean a demand registration described in Section 2.01. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time, and the rules and regulations of
the SEC promulgated thereunder. 

        "Founders' Shares" shall have the meaning given in the Recitals hereto. 

        "Founders' Stock Purchase Agreement" shall have the meaning given in the Recitals hereto. 

        "Lock-up Period" shall mean, (a) with respect to the Founders' Shares, the period ending 365 days after the
completion of a Business Combination and (b) with respect to the Sponsor's Warrants and any Common Stock issued upon exercise of the Sponsor's Warrants (the "Additional
Shares"), the period ending upon the completion of a Business Combination in each of (a) and (b) above, during which period such securities may not be
transferred, assigned or sold. 

        "Long-Form Registration" shall mean a Registration effected through the filing with the SEC of a Form S-1
or any successor form or similar form for registration under the Securities Act. 

        "Maximum Number of Shares" shall have the meaning given in Section 2.03(a). 

        "Misstatement" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a
Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus not misleading. 

        "Offering" shall mean the Company's initial public offering of its units, with each unit consisting of one share of Common Stock and one
warrant to purchase one share of its Common Stock, pursuant to the Offering Registration Statement. 

        "Offering Registration Statement" shall mean the registration statement on Form S-1 (File
No. 333-148016) filed with the SEC. 

        "Person" shall mean a natural person, partnership, corporation, business trust, association, joint venture or other entity or a government
or agency or political subdivision thereof. 

        "Piggyback Registration" shall mean a piggyback registration described in Section 2.02. 

        "Pro Rata" shall have the meaning given in Section 2.03(a). 

        "Prospectus" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and
as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 

        "Prospectus Date" shall mean the date of the final prospectus relating to the Offering filed with the SEC. 

        "Purchase Agreements" shall mean (a) the Sponsor's Warrants Subscription Agreement, (b) the Securities Assignment Agreements
and (c) the Founders' Stock Purchase Agreement. 

        "Registrable Security" shall mean (a) the Founders' Shares, (b) the Sponsor's Warrants, (c) any Additional Shares,
(d) any security of the Company issued by the Company to a Holder after the date of this Agreement pursuant to any Purchase Agreement and (e) any security of the Company 

2

 

issued
or issuable with respect to any such share of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization; provided, however, as to any particular Registrable Security, such security shall be
deemed to be a Registrable Security only if and so long as it is also deemed to be a Transfer Restricted Security. 

        "Registration" shall mean a Demand Registration, whether such Demand Registration is effected as a Long-Form Registration or a
Short-Form Registration, and a Piggyback Registration. 

        "Registration Expenses" shall mean the out-of-pocket expenses of a Registration, including, without limitation,
the following: 

        (a)   all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority) and any securities
exchange on which the Common Stock is then listed; 

        (b)   fees
and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky
qualifications of the Registrable Securities); 

        (c)   printing,
messenger, telephone and delivery expenses; 

        (d)   reasonable
fees and disbursements of counsel for the Company; 

        (e)   reasonable
fees and disbursements of all independent certified public accountants of the Company incurred specifically in connection with such Registration; and 

        (f)    reasonable
fees and disbursements of one (1) counsel for the Requesting Holders, which counsel shall be selected by the Requesting Holders holding a majority of
the Registrable Securities to be registered for offer and sale in the applicable Registration. 

        "Registration Statement" shall mean any registration statement which covers Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all
exhibits to and all material incorporated by reference in such registration statement. 

        "Requesting Holders" shall have the meaning given in Section 2.01. 

        "SEC" shall mean the Securities and Exchange Commission. 

        "Securities Act" shall mean the Securities Act of 1933, as amended from time to time, and rules and regulations of the SEC promulgated
thereunder. 

        "Securities Assignment Agreements" shall have the meaning given in the Recitals hereto. 

        "Short-Form Registration" shall mean a Registration effected through the filing with the SEC of a Form S-3
or any successor form or similar form for registration under the Securities Act. 

        "Sponsor" shall have the meaning given in the Recitals hereto. 

        "Sponsor's Warrants" shall have the meaning given in the Recitals hereto. 

        "Sponsor's Warrants Subscription Agreement" shall have the meaning given in the Recitals hereto. 

        "Transfer Restricted Security" shall mean an issued and outstanding security that has not been sold to or through a broker, dealer or
underwriter in a public distribution or other public securities transaction or sold in a transaction exempt from the registration and prospectus delivery 

3

 

requirements
of the Securities Act under Rule 144(k) promulgated thereunder (or any successor rule) other than Rule 144A. 

        "Trust Account" shall mean the trust account into which a portion of the net proceeds of the Offering and the proceeds from the private
placement of the Sponsor's Warrants will be deposited in accordance with the terms of the Offering as described in the Offering Registration Statement. 

        "Underwritten Registration" or "Underwritten Offering" shall mean a Registration in which
securities of the Company are sold to an underwriter in a firm commitment underwriting for distribution to the public. 

        "Warrant Exercise Restrictions" shall mean, with respect to the Sponsor's Warrants, upon the completion of the
Initial Business Combination, if and only when there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the warrants included in the units sold in the
Offering. 

ARTICLE II

REGISTRATIONS  

        2.01    Demand Registration.    Subject to the restrictions set forth below, if at any time
after the consummation of the initial Business Combination, the Company shall receive from the Holders (the "Requesting Holders") owning at least
twenty-five percent (25%) of the then outstanding shares of Registrable Securities as of the date of the request, a written request to register at least fifteen percent (15%) of the
aggregate number of Registrable Securities owned by all of the Requesting Holders as of the date of such request, then the Company will give notice of such request to all Holders within ten
(10) days of receiving such request and shall effect as soon thereafter as practicable, and in any event within forty-five (45) days of the receipt of such request, the
Registration under the Securities Act of all Registrable Securities which any Holder requests to be registered except as provided in Section 2.03 below. The Company
shall not be obligated to effect, or to take any action to effect, any such Registration pursuant to this Section 2.01: 

        (a)   During
the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of filing of, and ending on a date one hundred
eighty (180) days after the effective date of, a Company-initiated Registration; provided that the Company has delivered notice of such Company-initiated Registration to the Holders prior to
its receipt of the Holders' written request for a Demand Registration and it continues to actively employ in good faith all reasonable efforts to cause such Registration Statement to become effective;
or 

        (b)   if
the Holders have requested an Underwritten Registration, the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the
offer; or 

        (c)   if
in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to
defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment
of the Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such
Registration Statement. In such event, the Company shall have the right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty
(180) days after receipt of the request of the Holders; provided, however, that the Company shall
not defer its obligation in this manner more than once in any 12-month period. 

Notwithstanding
the foregoing, the Company shall ensure that no such Registration shall become effective with respect to any Registrable Securities subject to an applicable Lock-up Period
and/or Warrant Exercise Restriction until after the expiration of the applicable Lock-up Period and/or Warrant 

4

 

Exercise
Restriction, as the case may be. Furthermore, the Company shall not be required to effect more than three (3) Registrations, which may be either Long-Form Registrations or
Short-Form Registrations, under this Section 2.01 on behalf of the Holders; provided,  however, that a Registration shall not be counted for
such purposes unless such Long-Form Registration has become effective and all of the
Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Long-Form Registration have been sold, in accordance with
Section 3.01(a) of this Agreement; and provided, further, however, that the Company will not be obligated to effect
any such Short-Form Registration: 

        (a)   if
Form S-3 is not available for such offering; 

        (b)   if
in the good faith judgment of the Board, such Registration would be seriously detrimental to the Company and the Board concludes, as a result, that it is essential to
defer the filing of such Registration Statement at such time, and the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment
of the Board, it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is, therefore, essential to defer the filing of such
Registration Statement. In such event, the Company shall have the right to defer such filing (except as provided in subparagraph (a) above) for a period of not more than one hundred eighty
(180) days after receipt of the request of the Holders; provided, however, that the Company shall
not defer its obligation in this manner more than once in any 12-month period; 

        (c)   if
the Company has effected one (1) Short-Form Registration within the six (6) month period prior to the current request for
Short-Form Registration; or 

        (d)   if
the Registrable Securities to be covered by such registration statement do not, in the aggregate, exceed $500,000. 

        2.02    Piggyback Registration.    Each time the Company decides to file a Registration
Statement under the Securities Act (other than on Forms S-4 or S-8 or any successor form for the registration of securities issued or to be issued in connection with a
merger or acquisition or employee benefit plan), the Company shall give written notice thereof to the Holders as soon as practicable but in no event less than ten (10) business days before the
intended filing date, which notice shall disclose the amount and type of securities to be included in such Registration Statement, the intended method(s) of distribution and the name of the proposed
managing underwriter or underwriters, if any. The Company shall include in such Registration Statement such Registrable Securities for which it has received written requests for registration within
ten (10) business days after such written notice has been given, except as provided in Section 2.03 below. Notwithstanding the foregoing, the Company shall
not include in such Registration Statement any Registrable Securities that are subject to an applicable Lock-up Period and/or Warrant Exercise Restriction. 

        2.03    Registration Cutback.    

        (a)    Demand Registration Cutback.    If the managing underwriter or underwriters for a
Demand Registration that is to be an Underwritten Offering advises the Company and the Requesting Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Requesting Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of Common Stock, if any, as to which
registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar
amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such
offering (such maximum dollar amount or maximum number of shares, as applicable, the "Maximum Number of Shares"), then 

5

 

the
Company shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Requesting Holders (pro rata among the Requesting
Holders based, for each such holder, on the percentage derived by dividing (x) the number of Registrable Securities which such holder has requested to include in such Demand Registration by
(y) the aggregate number of Registrable Securities which all such holders have requested to include) (such proportion is referred to herein as "Pro
Rata") that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the
extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities for the account of other Persons that the
Company is obligated to register pursuant to written contractual arrangements with such Persons, Pro Rata, and that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth,
to the extent that the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii), and (iii), securities that other security holders of the Company desire to sell, Pro
Rata, that can be sold without exceeding the Maximum Number of Shares. 

        (b)    Piggy-Back Registration Cutback.    If the managing underwriter or
underwriters for a Piggy-Back Registration that is to be an Underwritten Offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number
of shares of Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements
with Persons other than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under Section 2.02,
and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company,
exceeds the Maximum Number of Shares, then the Company shall include in any such registration: 

        (i)    If
the registration is undertaken for the Company's account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of
Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to Section 2.02, that
can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and
(B), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant to written contractual piggy-back registration
rights with such Persons, pro rata, and that can be sold without exceeding the Maximum Number of Shares; and 

        (ii)   If
the registration is a "demand" registration undertaken at the demand of Persons other than the holders of Registrable Securities, (A) first, the shares of
Common Stock or other securities for the account of the demanding Persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number
of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and 

6

 

(B),
the shares of Common Stock or other securities, if any, comprised of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to this
Section 2.02, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other Persons that the Company is obligated to register pursuant
to written contractual arrangements with such Persons, pro rata, that can be sold without exceeding the Maximum Number of Shares. 

        2.04    Cancellation of Registration.    A majority of the Requesting Holders shall have the
right to cancel a proposed Registration of Registrable Securities pursuant to Section 2.01 when, (i) in their discretion, market conditions are so
unfavorable as to be seriously detrimental to an offering pursuant to such Registration or (ii) the request for cancellation is based upon material adverse information relating to the Company
that is different from the information known to the Requesting Holders at the time of their written request for a Demand Registration. Such cancellation of a Registration shall not be counted as one
of the three (3) Registrations provided for in Section 2.01 above. 

        2.05    Suspension of Registration.    If the filing, initial effectiveness or continued use
of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of
financial statements that are unavailable to the Company for reasons beyond the Company's control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or
initial effectiveness of, or suspend use of, such Registration Statement for the shortest possible period of time determined in good faith by the Company to be necessary for such purpose. In the event
the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the prospectus relating to the
Demand Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its
rights under this Section 2.05. 

ARTICLE III

COMPANY PROCEDURES  

        3.01    General Procedures.    If and whenever the Company is required to register Registrable
Securities, the Company will use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and
pursuant thereto the Company will as expeditiously as possible: 

        (a)   prepare
and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause
such Registration Statement to become effective and remain effective until the Registrable Securities covered by such Registration Statement have been sold; 

        (b)   prepare
and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be
requested by the Holders or any underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the
Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the
intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus; 

        (c)   deliver
to the Holders and the underwriters, if any, without charge, as many copies of each Prospectus (and each preliminary prospectus) as such Persons may reasonably
request (the 

7

 

Company
hereby consenting to the use of each such Prospectus (or preliminary prospectus) by the selling Holders and the underwriters, if any, in connection with the offering and sale of the
Registrable Securities covered by such Prospectus (or preliminary prospectus)), and a reasonable number of copies of the then-effective Registration Statement and any
post-effective amendments thereto and any supplements to the Prospectus, including financial statements and schedules, all documents incorporated therein by reference and all exhibits
(including those incorporated by reference); 

        (d)   prior
to any public offering of Registrable Securities, register or qualify or cooperate with the Holders, the underwriters, if any, and their respective counsel in
connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as such selling Holders or underwriters
may designate in writing and do anything else necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement;  provided,
however, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in any such jurisdiction where it is
not then so subject; 

        (e)   cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then
listed; 

        (f)    provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities not later than the effective date of such Registration
Statement; 

        (g)   advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the SEC
suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued; 

        (h)   at
least three (3) days prior to the filing of any Registration Statement or prospectus or any amendment or supplement to such Registration Statement or
prospectus or any document that is to be incorporated by reference into such Registration Statement or prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel; 

        (i)    notify
the Holders at any time when a prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any
event as a result of which the Prospectus (or preliminary prospectus) included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set
forth in Section 3.04; 

        (j)    permit
a representative of the Holders, the underwriters, if any, and any attorney or accountant retained by such Holders or underwriter to participate, at each such
Person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such
representative, underwriter, attorney or accountant in connection with the Registration; provided,  however, that such representatives or underwriters enter
into a confidentiality agreement, in form and substance reasonably satisfactory to the Company,
prior to the release or disclosure of any such information; 

        (k)   obtain
a "cold comfort" letter from the Company's independent public accountants in the event of an Underwritten Registration, in customary form and covering such
matters of the type customarily covered by "cold comfort" letters as the managing underwriter may reasonably request, and reasonably satisfactory to a majority in interest of the participating
Holders; 

8

 

        (l)    on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for
the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the underwriters, if any, covering such legal matters with respect to the Registration in
respect of which such opinion is being given as the Holders, placement agent, sales agent, or underwriter may reasonably request and as are customarily included in such opinions, and reasonably
satisfactory to a majority in interest of the participating Holders; 

        (m)  in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter of such offering; 

        (n)   make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first
day of the Company's first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; 

        (o)   if
the Registration involves the registration of Registrable Securities involving gross proceeds in excess of $100,000,000, use its reasonable efforts to make available
senior executives of the Company and its subsidiaries to participate in customary "road show" presentations that may be reasonably requested by the underwriter in any Underwritten Offering; and 

        (p)   otherwise
cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration. 

        3.02    Registration Expenses.    The Registration Expenses of all Registrations shall be
borne by the Company. It is acknowledged by the Holders that the Holders will bear all incremental selling expenses relating to the sale of the Registrable Securities, such as underwriters'
commissions and discounts, brokerage fees, underwriter marketing costs and, other than as set forth in the definition of "Registration Expenses," all fees and expenses of any legal counsel
representing the Holders. 

        3.03    Requirements for Participation in Underwritten Offerings.    No Person may participate
in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (a) agrees to sell such Person's securities on
the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all
questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

        3.04    Suspension of Sales.    Upon receipt of written notice from the Company that a
Registration Statement or Prospectus (or preliminary prospectus) contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended Prospectus (or preliminary prospectus) correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or
amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus (or preliminary prospectus) may be resumed. 

        3.05    Reporting Obligations.    As long as any Holder shall own Registrable Securities, the
Company, at all times while it shall be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such
filings; provided, however, that any such reports filed with the SEC or EDGAR may be considered
furnished for the purposes of this Section 3.05. The Company further covenants that it will take such further action as any Holder may reasonably request, all to
the extent required from time to time to enable such Holder to sell shares of Common Stock held by such Holder without registration under the Securities Act 

9

 

within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act ("Rule 144"), including providing any
legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements. 

        3.06    Indemnification.    

        (a)   The
Company agrees to indemnify, to the extent permitted by law, the Holder of Registrable Securities, its officers and directors and each Person who controls such
Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including reasonable attorneys' fees) caused by any untrue or alleged untrue statement
of material fact contained in any Registration Statement, Prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information or affidavit furnished in writing to
the Company by or on behalf of such Holder expressly for use therein. The Company will indemnify the underwriters, their officers and directors and each Person who controls such underwriters (within
the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holder. 

        (b)   In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder will furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement, Prospectus or preliminary prospectus or any amendment thereof or supplement
thereto, and, to the extent permitted by law, will indemnify the Company, its directors and officers and agents and each Person who controls the Company (within the meaning of the Securities Act)
against any losses, claims, damages, liabilities and expenses (including reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement,
Prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by or on behalf of such Holder
expressly for use therein; provided, however, that the obligation to indemnify will be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities will be in proportion to and limited to the gross proceeds received by
such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities will indemnify the underwriters, their officers, directors and each
Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to indemnification of the Company. 

        (c)   Any
Person entitled to indemnification herein will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks
indemnification (provided that the failure to give prompt notice shall not impair any Person's right to indemnification hereunder to the extent such failure has not materially prejudiced the
indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be
subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such 

10

 

indemnified
party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which
settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

        (d)   The
indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party
or any officer, director or controlling person of such indemnified party and will survive the transfer of securities. The Company and each Holder of Registrable Securities participating in the
offering also agrees to make such
provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason. 

        (e)   If
the indemnification provided for in this Section 3.06 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall
contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to
information and opportunity to correct or prevent such action; provided, however, that the liability of
any Holder under this Section 3.06(e) shall be limited to the amount of the gross proceeds received by such Holder in the offering giving rise to such liability.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections (a)
through (c) above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 3.06(e) were determined by pro rata allocation or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 3.06(e). No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 3.06(e) from any Person who was
not guilty of such fraudulent misrepresentation. 

ARTICLE IV

MISCELLANEOUS  

        4.01    Notices.    Any notice or communication under this Agreement must be in writing and
given by (a) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery in person
or by courier service providing evidence of delivery, or (c) transmission by telecopy. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall
be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by
hand, courier service, or telecopy, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at 

11

 

such
time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed to the addressee at the address set forth below such Person's
signature on the signature pages to this Agreement. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of
address will become effective thirty (30) days after delivery of such notice as provided in this Section 4.01. 

        4.02    Assignment; No Third Party Beneficiaries.    

        (a)   This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned by the Company in whole or in part. Prior to the expiration of the
Lock-up Period, this Agreement and the rights, duties and obligations of the Holders hereunder may be assigned by any Holder of Registrable Securities in conjunction with and to the extent
of any valid transfer of such Registrable Securities by any such Holder. Following the expiration of the Lock-up Period, only the Sponsor may assign or delegate their rights, duties and
obligations hereunder in conjunction with and to the extent of any valid transfer of the Registrable Securities held by the Sponsor. 

        (b)   No
assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company
shall have received (i) written notice of such assignment as provided in Section 4.01 hereof and (ii) the written agreement of the assignee, in a form
reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 4.02 shall be null and void. 

        (c)   This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and their respective successors and the permitted
assigns of the Holders or of any assignee of the Holders. This Agreement is not intended to confer any rights or benefits on any persons not a party hereto other than as expressly set forth in this
Section 4.02. 

        4.03    Counterparts.    This Agreement may be executed in multiple counterparts (including
facsimile counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 

        4.04    Governing Law; Venue.    NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE
EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS AMONG
DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. 

        4.05    Amendments and Modifications.    Upon the written consent of the Company and the
Holders who hold at least sixty-six and two-thirds percent (662/3%) of the Registrable Securities, compliance
with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified;  provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that
adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall
require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in
exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under
this Agreement by a party 

12

 

shall
operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

        4.06    Other Registration Rights.    The Company will not grant to any Person the right to
require the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, which conflicts with the registration
rights granted hereunder. 

        4.07    Termination.    This Agreement shall terminate and the registration rights granted
hereunder shall expire on the date that is five (5) years after the Prospectus Date; provided that such termination and expiration shall not affect registration rights exercised prior to such
date; provided, further that the provisions of Section 3.06 shall
survive any such termination. 

[SIGNATURE PAGES FOLLOW]

13

 

        IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above. 

	

 	
 	
COMPANY:
	

 	
 	

NATIONAL ENERGY RESOURCES ACQUISITION COMPANY,
 a Delaware corporation
	

 	
 	

By:	
 	

 Patrick R. McDonald

Chief Executive Officer and President
	

 	
 	

Address:	
 	

1700 Broadway, Suite 2020

Denver, Colorado 80290

Fax: (720) 407-7031
	

 	
 	
HOLDERS:
	
 	
 	
NRCO LLC,
 a Colorado limited liability company
	

 	
 	

By:	
 	

 Harold R. Logan, Jr.

Treasurer and Secretary
	

 	
 	

Address:	
 	

1700 Broadway, Suite 2020

Denver, Colorado 80290

Fax: (720) 407-7027
	

 	
 	

 William J. Hybl
	

 	
 	

Address:	
 	

c/o National Energy Resources

Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290
	

 	
 	

 David H. Kennedy
	

 	
 	

Address:	
 	

c/o National Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290

14

 

	

 	
 	

 Richard C. Morrison
	

 	
 	

Address:	
 	

c/o National Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290
	

 	
 	

 D. Dale Shaffer
	

 	
 	

Address:	
 	

c/o National Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, Colorado 80290

15

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FORM OF REGISTRATION RIGHTS AGREEMENT

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