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Exhibit 4.5  

 
 

WARRANT AGREEMENT    
    

        This Warrant Agreement made as of                        , 2007,
between Vantage Energy Services, Inc., a Delaware corporation, with offices at 6435 Vanderbilt
Street, Houston, Texas 77005 (the "Company"), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery
Place, New York, New York 10004 (the "Warrant Agent"). 

        WHEREAS,
the Company is engaged in a public offering (the "Public Offering") of units (the
"Units") and, in connection therewith, has determined to issue and deliver up to 28,750,000 warrants (the "Public
Warrants") to the public investors and 1,250,000 warrants to Deutsche Bank Securities Inc. (the "Representative") or its
designees (the "Representative's Warrants" and, together with the Public Warrants and the Private Warrants (as defined below), the
"Warrant(s)"), each of such Warrants evidencing the right of the holder thereof to purchase one share of common stock, par value $.001 per share, of the
Company (the "Common Stock") for $6.00 per share for the Public Warrants and the Private Warrants, and $7.20 per share for the Representative's
Warrants, in each case subject to adjustments as described herein; 

        WHEREAS,
the Company has filed, with the Securities and Exchange Commission, a registration statement, No. 333-138565, on Form S-1 (the
"Registration Statement") for the registration, under the Securities Act of 1933, as amended (the
"Act"), of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants; 

        WHEREAS,
the Company is issuing 3,375,000 warrants in a private placement immediately prior to the Public Offering, which warrants (the "Private
Warrants") will be identical to the Public Warrants, subject to certain exceptions, as set forth in the Registration Statement; 

        WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants; 

        WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of
rights and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 

        WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the
Warrant Agent, as provided herein, the legally valid and binding obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement. 

        NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

        1.    Appointment of Warrant Agent.    The Company hereby appoints the Warrant Agent to act as agent for the Company
for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

        2.    Warrants.    

        2.1    Form of Warrant.    Each Warrant shall be issued in registered form only, shall be in substantially the form of  Exhibit A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of
the Board, the Chief Executive Officer or the President, and the Treasurer, Secretary or Assistant Secretary of the Company, and shall bear a facsimile of the Company's seal. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the
same effect as if he or she had not ceased to be such at the date of issuance. 

 

        2.2    Effect of Countersignature.    Unless and until countersigned by the Warrant Agent pursuant to this Agreement,
a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

        2.3    Registration.    

        2.3.1    Warrant Register.    The Warrant Agent shall maintain books ("Warrant
Register"), for the registration of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 

        2.3.2    Registered Holder.    Prior to due presentment for registration of transfer of any Warrant, the Company and
the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register ("registered holder"), as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the warrant certificate made by anyone other than the Company or
the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

        2.4    Detachability of Warrants.    The securities comprising the Units will not be separately transferable until
90 days after the date hereof unless the Representative informs the Company of its decision to allow earlier separate trading, but in no event will the Representative allow separate trading of
the securities comprising the Units until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering, including the proceeds received by the Company from the exercise of the underwriters' over-allotment option, if the over-allotment option is
exercised prior to the filing of the Form 8-K. 

        3.    Terms and Exercise of Warrants.    

        3.1    Warrant Price.    Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder
thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $6.00 per whole
share in the case of the Public Warrants and the Private Warrants, and $7.20 per whole share in the case of the Representative's Warrant, subject to the adjustments provided in Section 4 hereof
and in the last sentence of this Section 3.1. The term "Warrant Price" as used in this Warrant Agreement refers to the price per share at which
Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a
period of not less than ten business days, provided that any such reduction shall be identical among all of the Warrants. 

        3.2    Duration of Warrants.    A Warrant may be exercised only during the period ("Exercise
Period") commencing on the later of (i) the consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase or other similar business
combination, as described more fully in the Company's Registration Statement ("Business Combination") or (ii)             2008
[one year from the effective date of the Registration Statement], and terminating at 5:00 p.m., New York City time, on the earlier to occur of (i)             
2011 [four years from the effective date of the Registration Statement] or (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this
Agreement ("Expiration Date"). Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each
Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in 

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respect
thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the Warrants by delaying the
Expiration Date; provided, however, that the Company will provide notice to registered holders of the Warrants of such extension of not less than 20 days and, further provided that any such
extension shall be identical in duration among all of the Warrants. Notwithstanding the foregoing, a Warrant can expire unexercised regardless of whether a registration statement is current under the
Act with respect to the Common Stock issuable upon exercise of the Warrants. 

        3.3    Exercise of Warrants.    

        3.3.1    Payment.    Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, in cash, good
certified check or good bank draft payable to the order of the Company, the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due
in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the Common Stock. 

        3.3.2    Issuance of Certificates.    As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates representing the number of full shares of Common Stock to
which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the
number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a
Warrant unless (i) a registration statement under the Act with respect to the Common Stock issuable upon exercise is effective, or (ii) in the opinion of counsel to the Company, the
exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states
or other jurisdictions in which the registered holder resides. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be
unlawful. In no event will the registered holder of a
Warrant be entitled to receive a net-cash settlement or other consideration in lieu of physical settlement in shares of Common Stock if the Common Stock underlying the Warrants is not
covered by an effective registration statement. Accordingly, the Warrants may expire unexercised and worthless if a current registration statement covering the Common Stock is not effective. 

        3.3.3    Valid Issuance.    All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with
this Agreement shall be validly issued, fully paid and nonassessable. 

        3.3.4    Date of Issuance.    Each person or entity in whose name any such certificate for shares of Common Stock is
issued shall, for all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of
the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have
become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

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        4.    Adjustments.    

        4.1    Stock Dividends—Split-Ups.    If, after the date hereof, and subject to the provisions
of Section 4.6 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be increased in proportion to such increase in outstanding shares of Common Stock. 

        4.2    Aggregation of Shares.    If after the date hereof, and subject to the provisions of Section 4.6, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock. 

        4.3    Adjustments in Exercise Price.    Whenever the number of shares of Common Stock purchasable upon the exercise
of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price, immediately prior to such
adjustment, by a fraction, (i) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and
(ii) the
denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

        4.4    Replacement of Securities upon Reorganization, etc.    In case of any reclassification or reorganization of the
outstanding shares of Common Stock (other than a change covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such shares of Common Stock), or, in the case of any merger or
consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety, in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also
results in a change in shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

        4.5    Notices of Changes in Warrant.    Upon every adjustment of the Warrant Price or the number of shares issuable
upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 the Company shall give written notice to each Warrant holder, at the 

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last
address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event. 

        4.6    No Fractional Shares.    Notwithstanding any provision contained in this Warrant Agreement to the contrary, the
Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued
to the Warrant holder. 

        4.7    Form of Warrant.    The form of Warrant need not be changed because of any adjustment pursuant to this
Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may, at any time, in its sole discretion, make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

        5.    Transfer and Exchange of Warrants.    

        5.1    Registration of Transfer.    The Warrant Agent shall register the transfer, from time to time, of any
outstanding Warrant into the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so
cancelled shall be delivered by the Warrant Agent to the Company from time to time upon the Company's request. 

        5.2    Procedure for Surrender of Warrants.    Warrants may be surrendered to the Warrant Agent, together with a
written request for exchange or transfer, and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so
surrendered, representing an equal aggregate number of Warrants; provided, however, that, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel
such Warrant and shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend. 

        5.3    Fractional Warrants.    The Warrant Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a warrant certificate for a fraction of a warrant. 

        5.4    Service Charges.    No service charge shall be made for any exchange or registration of transfer of Warrants. 

        5.5    Warrant Execution and Countersignature.    The Warrant Agent is hereby authorized to countersign and to
deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

        6.    Redemption.    

        6.1    Redemption.    Subject to Section 6.4 hereof and the penultimate sentence of this Section 6.1,
all (and not less than all) of the outstanding Warrants may be redeemed, at the option 

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of
the Company, at any time after they become exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per
Warrant ("Redemption Price"), provided that the last sales price of the Common Stock has been equal to or greater than $11.50 per share on each of
twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding the
foregoing, the Registration Statement must be current in order for the Company to exercise its redemption rights pursuant to this Section 6. No Private Warrants shall be redeemable so long as
such Private Warrant is held in the name of the original person or entity to which the Company issued such Private Warrant or, (i) in the case of holders who are natural persons, in the name of
any person related to such natural person by blood, marriage or adoption or in the name of a trust established for the benefit of such natural person or permitted transferee or (ii) in the case
of a holder that is an entity, in the name of any subsidiary, parent or other affiliate thereof. For the avoidance of doubt, the Company may redeem the Warrants only if there is an effective
registration statement with respect to the Common Stock to enable the exercise of the Warrants during the period specified in Section 6.3 hereof. The provisions of this Section 6.1 may
not be modified, amended or deleted without the prior written consent of the Representative. 

        6.2    Date Fixed for, and Notice of, Redemption.    In the event the Company shall elect to redeem all of the
Warrants, the Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date
fixed for redemption to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the registered holder received such notice. 

        6.3    Exercise After Notice of Redemption.    The Warrants may be exercised in accordance with Section 3 of
this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed for redemption. On and
after the redemption date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

        6.4    Outstanding Warrants Only.    The Company understands that the redemption rights provided for by this
Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, the Company may redeem the Warrants issued upon such exercise, provided that the criterion for redemption is met. The provisions of this Section 6.4 may not be modified,
amended or deleted without the prior written consent of the Representative. 

        6.5    No Other Rights to Cash Payment.    Except for a redemption in accordance with this Section 6, no holder
of any Warrant shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of any Warrant under this Agreement, regardless of whether a
registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 

        7.    Other Provisions Relating to Rights of Holders of Warrants.    

        7.1    No Rights as Stockholder.    A Warrant does not entitle the registered holder thereof to any of the rights of a
stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as
stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter. 

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        7.2    Lost, Stolen, Mutilated, or Destroyed Warrants.    If any Warrant is lost, stolen, mutilated or destroyed, the
Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of
the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

        7.3    Reservation of Common Stock.    The Company shall at all times reserve and keep available a number of its
authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement. 

        7.4    Registration of Common Stock.    The Company agrees that, prior to the commencement of the Exercise Period, it
shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration under the Act of, and
it shall take such action as is necessary to qualify for sale in those states in which the Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Warrants. In
either case, the Company will use its best efforts to cause the same to become effective on or prior to the commencement of the Exercise Period and to maintain the effectiveness of such registration
statement until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement. In addition, the Company agrees to use its reasonable efforts to register such securities
under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available. The provisions of this Section 7.4 may not be modified, amended
or deleted without the prior written consent of the Representative. Notwithstanding the foregoing, a
Warrant can expire unexercised regardless of whether a registration statement is current under the Act with respect to the Common Stock issuable upon exercise of the Warrants. 

        8.    Concerning the Warrant Agent and Other Matters.    

        8.1    Payment of Taxes.    The Company will, from time to time, promptly pay all taxes and charges that may be
imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such shares. 

        8.2    Resignation, Consolidation, or Merger of Warrant Agent.    

        8.2.1    Appointment of Successor Warrant Agent.    The Warrant Agent, or any successor to it hereafter appointed, may
resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint, in writing, a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of
a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in
good standing and have its principal office in the Borough of Manhattan, City and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to supervision or
examination by federal or state authorities. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties and 

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obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary or
appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of
such predecessor Warrant Agent hereunder; and, upon request of any successor Warrant Agent, the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully
and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations. 

        8.2.2    Notice of Successor Warrant Agent.    In the event a successor Warrant Agent shall be appointed, the Company
shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment. 

        8.2.3    Merger or Consolidation of Warrant Agent.    Any corporation into which the Warrant Agent may be merged or
with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant
Agreement without any further act on the part of the Company or the Warrant Agent. 

        8.3    Fees and Expenses of Warrant Agent.    

        8.3.1    Remuneration.    The Company agrees to pay the Warrant Agent reasonable remuneration for its services as
Warrant Agent hereunder as set forth on Exhibit B hereto and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant
Agent may reasonably incur in the execution of its duties hereunder. 

        8.3.2    Further Assurances.    The Company agrees to 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 Warrant Agent for the carrying out or performing of
the provisions of this Warrant Agreement. 

        8.4    Liability of Warrant Agent.    

        8.4.1    Reliance on Company Statement.    Whenever, in the performance of its duties under this Warrant Agreement,
the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chairman of the Board
or President of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Warrant Agreement. 

        8.4.2    Indemnity.    The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or
bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Warrant Agreement, except as a result of the Warrant Agent's negligence, willful misconduct or bad faith. 

        8.4.3    Exclusions.    The Warrant Agent shall have no responsibility with respect to the validity of this Warrant
Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Warrant Agreement or in any 

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Warrant;
nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and
nonassessable. 

        8.5    Acceptance of Agency.    The Warrant Agent hereby accepts the agency established by this Warrant Agreement and
agrees to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company's Common Stock through the exercise of Warrants. 

        9.    Miscellaneous Provisions.    

        9.1    Successors.    All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company
or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 

        9.2    Notices.    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the
Warrant Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address is
filed in writing by the Company with the Warrant Agent) as follows: 

Vantage
Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005

Attn: Paul A. Bragg, Chief Executive Officer 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or
sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department 

with
a copy in each case to: 

Ellenoff
Grossman & Schole LLP

370 Lexington Avenue, 19th Floor

New York, New York 10017

Attn: Douglas S. Ellenoff, Esq. 

and 

Skadden,
Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, 42nd Floor

Los Angeles, California 90071

Attn: Gregg A. Noel, Esq. 

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and

Deutsche
Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attn: Charles H. Protell, Vice President 

Any
notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next
business day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification thereof. 

        9.3    Applicable Law.    The validity, interpretation, and performance of this Warrant Agreement and of the Warrants
shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out
of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to
it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 

        9.4    Persons Having Rights under this Warrant Agreement.    Nothing in this Warrant Agreement expressed and nothing
that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation, other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof, the Representative, any right, remedy or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise or agreement hereof. the Representative shall be deemed to be a third-party beneficiary of this Warrant Agreement with respect to Sections 2.4, 6.1, 6.4, 7.4,
9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the
Representative, with respect to the Sections 2.4, 6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants. 

        9.5    Examination of the Warrant Agreement.    A copy of this Warrant Agreement shall be available at all reasonable
times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder
to submit his, her or its Warrant for inspection. 

        9.6    Counterparts; Facsimile Signatures.    This Warrant Agreement may be executed in any number of counterparts,
and each of such counterparts shall, for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Facsimile signatures shall
constitute original signatures for all purposes of this Warrant Agreement. 

        9.7    Effect of Headings.    The section headings herein are for convenience only and are not part of this Warrant
Agreement and shall not affect the interpretation thereof. 

        9.8    Amendments.    This Warrant Agreement may be amended by the parties hereto without the consent of any
registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to
matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the 

10

 

interest
of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of
each of the Representative and the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of
the Exercise Period in accordance with Sections 3.1 and 3.2, respectively, without such consent. 

        9.9    Severability.    This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of
any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or
unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as
may be possible and be valid and enforceable. 

(Remainder of page intentionally left blank. Signature page immediately follows.)

11

 

        IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written. 

	Attest	 	VANTAGE ENERGY SERVICES INC.
	

 	
 	

By:	
 	

 	

 
	
	 	 	 	

	 	 	 	 	Name:	Paul A. Bragg
	 	 	 	 	Title:	Chief Executive Officer
	

Attest	
 	

CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	
 	

 	

 
	
	 	 	 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

12

   EXHIBIT A  

Form of Public Warrant  

13

   EXHIBIT B  

Warrant Agent Fees  

14

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Exhibit 10.1  

 
  INVESTMENT MANAGEMENT TRUST AGREEMENT    
    

        This Agreement is made as of [                        ], 2007, by
and between Vantage Energy Services, Inc. (the
"Company") and Continental Stock Transfer & Trust Company (the "Trustee"). 

        WHEREAS,
the Company's Registration Statement on Form S-1, No. 333- 138565 (the "Registration
Statement"), for its initial public offering of securities ("IPO") has been declared effective as of the date hereof by the
Securities and Exchange Commission (the "Effective Date"); 

        WHEREAS,
Deutsche Bank Securities Inc. ("Deutsche Bank") is acting as the representative of the underwriters in the IPO (the
"Underwriters"); 

        WHEREAS,
the Company has agreed to issue securities in a private placement that will occur immediately prior to the IPO (the "Placement"); 

        WHEREAS,
as described in the Registration Statement, and in accordance with the Company's Certificate of Incorporation, an aggregate of $196,750,000 ($225,550,000, if the Underwriters'
over-allotment option is exercised in full), which is comprised of (i) the net proceeds of the IPO (except as provided in the Registration Statement); (ii) the $6,000,000
received by the Company in exchange for its securities pursuant to the Placement; and (iii) an additional $6,000,000 (or $6,900,000, if the Underwriters' over-allotment option is
exercised in full) of the proceeds of the IPO, representing a portion of the underwriters' discount (the "Contingent Discount") which Deutsche Bank has
agreed to deposit in the Trust Account (as defined below), will be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company, and the holders of the
Company's common stock, par value $.001 per share (the "Common Stock"), included in the units of the Company's securities issued in the IPO (the
"Units") and Deutsche Bank. The amount to be delivered to the Trustee will be referred to herein as the
"Property," the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the "Public
Stockholders," and the Public Stockholders, Deutsche Bank and the Company will be referred to together as the "Beneficiaries;"
and 

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

        NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, the parties hereto agree as follows: 

        1.    Agreements and Covenants of Trustee.    The Trustee hereby agrees and covenants to: 

        (a)   hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement, in segregated trust accounts ("Trust
Account") at Deutsche Bank Trust Company Americas, maintained by Continental Stock Transfer & Trust Company, acting as trustee; 

        (b)   manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

        (c)   in
a timely manner, upon the instruction of the Company, to invest and reinvest the Property in "government securities," within the meaning of Section 2(a)(16) of
the Investment Company Act of 1940, as amended (the "1940 Act"), having a maturity of 180 days or less or in any open ended investment company
registered under the 1940 Act that holds itself out as a money market fund meeting the conditions of paragraphs (c)(2), (c)(3) and (c)(4) under Rule 2a-7 promulgated under the 1940
Act. As used herein, "Government Security" means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty days or less; 

        (d)   collect
and receive, when due, all principal and income arising from the Property, which shall become part of the "Property," as such term is used herein; 

        (e)   notify
the Company and Deutsche Bank of all communications received by it with respect to any Property requiring action by the Company; 

 

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

        (g)   participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or
Deutsche Bank to do so; 

        (h)   render
to the Company and to Deutsche Bank, and to such other persons 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; and 

        (i)    commence
liquidation of the Trust Account upon receipt of the Officers' Certificate signed by the Chief Executive Officer and Chief Financial Officer in accordance with
the terms of a letter (the "Termination Letter"), in a form substantially similar to that attached hereto as  Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer and
Chief Financial Officer, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred
to therein as part of the Company's plan of dissolution and liquidation approved by the Company's stockholders. The Trustee understands and agrees that, except as provided in Section 1(j) and
Section 2 hereof, disbursements from the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein, including, without
limitation, an independently certified oath and report of inspector of election in respect of the stock vote in favor of the Business Combination (as hereinafter defined). In all cases, the Trustee
shall provide Deutsche Bank with a copy of any Termination Letter, Officers' Certificates and/or any other correspondence that it receives with respect to any proposed withdrawal from the Trust
Account promptly after it receives same. As used in this Agreement, the term "Business Combination" means the acquisition by the Company, through
merger, capital stock exchange, asset acquisition, stock purchase, exchangeable share transaction, joint venture or other similar business combination with, one or more domestic or international
operating businesses in the oilfield services industry or related industries, as more fully described in the prospectus forming a part of the Registration Statement; and 

        (j)    as
of the date 18 months from the date of this Agreement (the "LOI Termination Date") (or 24 months from
the date hereof, in the event the Company has executed a Letter of Intent (defined below) prior to the LOI Termination Date but failed to consummate a Business Combination
("Second Termination Date")), commence liquidation of the Trust Account. The Trustee, upon consultation with the Company and Deutsche Bank, shall
deliver a notice to Public Stockholders of record as of the LOI Termination Date or Second Termination Date, whichever the case may be, by U.S. mail or via the Depository Trust Company
("DTC"), within five days of the LOI Termination Date or Second Termination Date, to notify the Public Stockholders of such event and take such other
actions as it may deem necessary to inform the Beneficiaries. The Trustee shall deliver to each Public Stockholder its ratable share of the Property against satisfactory evidence of delivery of the
stock certificates by the Public Stockholders to the Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise presented to the Trustee. Notwithstanding the foregoing,
if the Trustee receives a bona fide, executed letter of intent, agreement in principle or engagement letter (a "Letter of Intent") for a Business
Combination prior to the LOI Termination Date accompanied by an Officers' Certificate as described in Section 3(e) hereof, then the Trustee shall forego or suspend any liquidation of the Trust
Account until the earlier of a Business Combination or the Second Termination Date. 

2

 

        2.    Limited Distributions of Income on Property.    

        (a)   Upon
receipt by the Trustee of an Officers' Certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company certifying the amount of income
taxes payable by the Company with respect of income earned on the Property, then at the written instruction of the Company, the Trustee shall promptly to the extent there is not sufficient cash in the
Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by the Company in writing, and disburse to the Company by wire transfer, out of the
Property in the Trust Account, the amount indicated by the Company as owing in respect of such income tax obligation; provided, however, that in no
event shall the aggregate amount of all checks issued to taxing authorities pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing. 

        (b)   Except
as provided in Sections 1(i), 1(j), and 2(a) above, no other distributions from the Trust Account shall be permitted. 

        (c)   Upon
receipt by the Trustee of a written instruction from the Company for distributions from the Trust Account in connection with a plan of dissolution and distribution,
accompanied by an Officers Certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company certifying as true, accurate and complete (i) a statement of the amount
of actual expenses incurred or, where known with reasonable certainty, imminently to be incurred by the Company in connection with its dissolution and distribution, including any fees and expenses
incurred or imminently to be incurred by the Company in connection with seeking stockholder approval of the Company's plan of dissolution and distribution, (ii) any amounts due to pay creditors
or required to reserve for payment to creditors,
and (iii) the sum of (i) and (ii), the Trustee shall distribute to the Company an amount, as directed by the Company in the instruction letter, up to the sum of (i) and
(ii) as indicated in the instruction letter. 

        3.    Agreements and Covenants of the Company.    The Company hereby agrees and covenants: 

        (a)   to
provide all instructions to the Trustee hereunder in writing, signed by the Company's Chief Executive Officer and Chief Financial Officer. In addition, except with
respect to its duties under paragraph 1(i) and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it, in good faith, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company and/or Deutsche Bank shall promptly confirm such
instructions in writing; and 

        (b)   to
hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by
the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates
to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross
negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to
seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the "Indemnified Claim").
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided that the Trustee shall obtain the consent of the Company with respect to the selection of
counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company. The Company may participate in
such action with its own counsel; 

3

 

        (c)   to
pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section 2(a) as set forth on  Schedule A hereto, which fees
shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees. The Company shall pay the Trustee the initial acceptance fee and first year's fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date. The Trustee shall refund to the Company the fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any other fees
or charges of the Trustee, except as may be provided in Section 3(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such
section); and 

        (d)   that,
in the event that the Company consummates a Business Combination and the Trust Account is liquidated in accordance with Section 1(i) hereof, the
Trustee or another independent party designated
by Deutsche Bank shall act as the inspector of election to certify the results of the stockholder vote; and 

        (e)   that
the Officers' Certificate referenced in Sections 1(i) and (j) hereof shall require the Chief Executive Officer and Chief Financial Officer of the
Company to each certify the following (wherever applicable): (1) prior to the LOI Termination Date, the Company has entered into a bona fide Letter of Intent with a target business; and/or
(2) prior to the LOI Termination Date, the Company has entered into a Business Combination with a target business, the terms of which are consistent with the requirements set forth in the
Registration Statement; and/or (3) prior to the Second Termination Date, the Company has entered into a Business Combination with a target business, the terms of which are consistent with the
requirements set forth in the Registration Statement; and (4) the Board of Directors (the "Board") pursuant to the unanimous written consent of
the Board or pursuant to a duly held meeting of the Board, has approved (where applicable): (i) the Business Combination; and/or (ii) the Letter of Intent. A copy of such consent or
minutes of the meeting of the Board and the Letter of Intent and/or the definitive agreement relating to the Business Combination so approved shall be attached as an exhibit to the Officers
Certificate; 

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

        (g)   In
connection with any vote of the Company's stockholders regarding a dissolution and liquidation, to provide to the Trustee an affidavit or certificate of a firm
regularly engaged in the business of tabulating stockholder votes (which firm may be the Trustee) verifying the vote of the Company's stockholders regarding such dissolution and liquidation; and 

        (h)   Within
five business days after Deutsche Bank's over-allotment option (or any unexercised portion thereof) expires or is exercised in full, to provide the
Trustee notice in writing (with a copy to Deutsche Bank) of the total amount of the Contingent Discount, which shall in no event be less than $6,000,000. 

        4.    Limitations of Liability.    The Trustee shall have no responsibility or liability to: 

        (a)   take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful misconduct; 

        (b)   institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any
of the Property, unless and until it shall have received written instructions from the Company given as provided 

4

 

herein
to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 

        (c)   change
the investment of any Property, other than in compliance with Section 1(c); 

        (d)   refund
any depreciation in principal of any Property; 

        (e)   assume
that the authority of any person designated by the Company and/or Deutsche Bank to give written instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company and/or Deutsche Bank shall have delivered a written revocation of such authority to the Trustee; 

        (f)    the
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise
of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively on, and shall be protected in acting upon, any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee 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 Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

        (g)   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, unless an officer of the Trustee has actual knowledge thereof, written notice of such event is sent to the Trustee or as otherwise
required under Section 1(i) hereof; and 

        (h)   pay
any taxes on behalf of the Trust Account (it being expressly understood that the Trustee's sole obligation with respect to taxes shall be to have checks drawn and
delivered with respect thereto as provided for by Section 2(a) hereof). 

        5.    Certain Rights Of Trustee.    

        (a)   Before
the Trustee acts or refrains from acting, it may require an Officers' Certificate or opinion of counsel or both. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officers' Certificate or opinion of counsel. The Trustee may consult with counsel and the advice of such counsel or any opinion of counsel
shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

        (b)   The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

5

  

        (c)   The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it
by this Agreement. 

        (d)   The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and it shall not be accountable for the Company's
use of the proceeds from the Trust Account. Notwithstanding the effective date of this Agreement or anything to the contrary contained in this Agreement, the Trustee shall have no liability or
responsibility for any act or event relating to this Agreement or the transactions related thereto which occurs prior to the date of this Agreement, and shall have no contractual obligations to the
Beneficiaries until the date of this Agreement. 

        6.    No Right of Set-Off.    The Trustee waives any right of set-off or any right, title,
interest or claim of any kind that the Trustee may have against the Property held in the Trust Account. In the event that the Trustee has a claim against the Company under this Agreement, including,
without limitation, under Section 3(b), the Trustee will pursue such claim solely against the Company and not against the property held in the Trust Account. 

        7.    Termination.    This Agreement shall terminate as follows: 

        (a)   if
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
trustee during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been
appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not
limited to, the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event the Company does not
locate a successor trustee within 90 days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and, upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or omissions to act by any party
after such deposit; 

        (b)   at
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof, and distributed
the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b) hereof; or 

        (c)   on
such date after [                        ], 200            when the
Trustee deposits the Property with the United States District Court for the
Southern District of New York in the event that, prior to such date, the Trustee has not received a Termination Letter from the Company pursuant to Section 1(i) or (j) hereof. 

        8.    Miscellaneous.    

        (a)   The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust
Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an "Authorized Individual" at an "Authorized Telephone Number" listed on the attached  Exhibit C. The
Company and the Trustee 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 Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary's bank or intermediary bank, rather than names. The Trustee shall
not be liable for any loss, liability or expense resulting from any error in 

6

 

an
account number or other identifying number, provided it has accurately transmitted the numbers provided. 

        (b)   This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, for agreements made and to be wholly performed
within such state, without giving effect to conflict of laws. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute one instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Agreement. 

        (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, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification (other than to correct a typographical
error or similar technical error) may be made to Sections 1(i), 1(j), 2(a), or 2(b) hereof, it being the specific intention of the parties hereto that each Public Stockholder is and shall be a
third-party beneficiary of this Section 8(c) with the same right and power to enforce this Section 8(c). Deutsche Bank, who the parties specifically agree, is and shall be a third party
beneficiary for purposes of this Agreement; and provided further, any amendment to Section 1(j) shall require the consent of all of the Public Stockholders. As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 

        (d)   The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the State and County of New York for purposes of resolving any disputes
hereunder. The parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. 

        (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 express mail or
similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 

if
to the Trustee, to: 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson

Fax No.: (212) 509-5150 

if
to the Company, to: 

Vantage
Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005

Attn: Chief Executive Officer

Fax No.: (713) 781-9655 

in
either case with a copy to: 

Ellenoff
Grossman & Schole LLP

370 Lexington Avenue

New York, New York 10017

Attn: Douglas S. Ellenoff, Esq.

Fax No.: (212) 370-7889 

7

 

and

Deutsche
Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attn: Charles H. Protell, Vice President

Fax No.: (            )            -            

and 

Skadden,
Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, 42nd Floor

Los Angeles, California 90071

Attn: Gregg A. Noel, Esq.

Fax No.: (213) 687-5600 

        (f)    This
Agreement may not be assigned by the Trustee without the prior written consent of the Company and Deutsche Bank. 

        (g)   Each
of the Trustee 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. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off,
and shall not be entitled to any funds in the Trust Account under any circumstance. 

(Remainder of document intentionally left blank. Signature page to follow.)

8

 

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

	

 	
 	

CONTINENTAL STOCK TRANSFER & TRUST

COMPANY, as Trustee
	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Steven G. Nelson
	 	 	 	 	Title:	 	President
	

 	
 	

VANTAGE ENERGY SERVICES, INC.
	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	Paul A. Bragg
	 	 	 	 	Title:	 	Chief Executive Officer

9

  

 
 

EXHIBIT A    
    
    [Letterhead of Company]

[Insert
date] 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004 

Attn:
[            ] 

	Re:
	Trust Account No. [    ] Termination Letter

Gentlemen: 

        Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Vantage Energy Services, Inc. (the
"Company") and Continental Stock Transfer & Trust Company (the "Trustee"), dated as of
[                        ], 2007 (the "Trust Agreement"), this is to advise you
that the Company has entered into an agreement (the
"Business Agreement") with [                        ] ("Target Business") to consummate a
business combination with Target Business (the "Business Combination") on or about [insert date]. The Company shall notify you
at least 48 hours in advance of the actual date of the consummation of the Business Combination (the "Consummation Date") and shall provide you
with an Officers' Certificate in accordance with Sections 1(i) and 3(e) of the Trust Agreement. Capitalized terms used herein and not otherwise define shall have the meaning ascribed to them in
the Trust Agreement. 

        In
accordance with paragraph 2 of Article 6 of the Certificate of Incorporation of the Company, the Business Combination has been approved by the stockholders of the
Company and by the Public Stockholders holding a majority of the IPO Shares, and Public Stockholders holding less than 20% of the IPO Shares have voted against the Business Combination and given
notice of exercise of their conversion rights described in paragraph 3 of Article 6 of the Certificate of Incorporation of the Company. Pursuant to Section 3(e) of the Trust
Agreement, we are providing you with [an affidavit] [a certificate] of                        , which verifies the vote of the
Company's stockholders in
connection with the Business Combination. In accordance with the terms of the Trust 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 and Deutsche Bank shall direct in writing on the
Consummation Date. 

        On
the Consummation Date, (i) counsel for the Company shall deliver to you written notification that (a) all of the conditions to closing of the Business Combination have
been satisfied and the closing date for such Business Combination has been consummated or will, concurrently with your transfer of funds to the accounts as directed by the Company, be consummated, and
has been scheduled pursuant to the terms of the Business Agreement; (ii) the Company shall deliver along with the oath and report of inspector of election certified by an independent inspector
which may be the Trustee or as otherwise appointed by Deutsche Bank (collectively, the "Report"); and (iii) the Company and Deutsche Bank shall
deliver to you joint written instructions with respect to the transfer of the funds, including the Contingent Discount, held in the Trust Account
("Instructions"). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel's
letter, the Report, evidence of delivery of the Stock Certificates, the Officers' Certificate and the Instructions in accordance with the terms of the Instructions. Notwithstanding the foregoing, upon
verification of receipt by you of the Instructions, we hereby agree and acknowledge that the Property in the Trust Account shall be distributed as follows: (1) first, to Deutsche Bank by wire
transfer (or as otherwise directed by Deutsche Bank) in immediately available funds, the aggregate amount of $6,000,000 (or $6,900,000, if the Underwriters' over-allotment option has been
exercised in full); and 

10

 

(2) thereafter,
to any other Beneficiary in accordance with the terms of the Instructions. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company and Deutsche Bank of the same and, if the amount set forth in sub-clause (1) shall not have been paid in full, Deutsche Bank and
the Company shall issue joint written instructions directing you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company and/or
Deutsche Bank. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 

        In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and 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 Agreement on the business day immediately following the Consummation Date, as set forth in the notice. 

	

 	
 	

Very truly yours,
	

 	
 	

VANTAGE ENERGY SERVICES, INC.
	

 	
 	

By:	
 	

    
 Paul A. Bragg

Chief Executive Officer
	

 	
 	

By:	
 	

    
 Christopher G. DeClaire

Chief Financial Officer

11

  

 
 

EXHIBIT B    
    
    [Letterhead of Company]

[Insert
date] 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004 

Attn:
[            ] 

	Re:
	Trust Account No. [    ] Termination Letter

Gentlemen: 

        Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Vantage Energy Services, Inc. (the
"Company") and Continental Stock Transfer & Trust Company (the "Trustee"), dated as of
[                        ], 2007 (the "Trust Agreement"), this is to advise you
that the Board of Directors of the Company and the
stockholders of the Company have voted to dissolve the Company and liquidate the Trust Account (as defined in the Trust 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 Agreement, we hereby authorize you to commence liquidation of the Trust Account as a part of the Company's plan of dissolution and distribution.
In connection with this liquidation, you are hereby authorized to establish a record date for the purposes of determining the stockholders of record entitled to receive their per share portion of the
Trust Account. The record date shall be within ten (10) days of the liquidation date, or as soon as thereafter as is practicable. 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 that the funds
in the Trust Account should be transferred to on the Transfer Date so that the Designated Paying Agent may commence distribution of such funds in accordance with terms of the Trust Agreement and the
Company's Certificate of Incorporation. Upon the payment of all the funds in the Trust Account, the Trust Agreement shall be terminated and the Trust Account closed. 

	

 	
 	

Very truly yours,
	

 	
 	

VANTAGE ENERGY SERVICES, INC.
	

 	
 	

By:	
 	

    
 Paul A. Bragg, Chief Executive Officer
	

 	
 	

By:	
 	

    
 Christopher G. DeClaire, Chief Financial Officer

12

   EXHIBIT C  

	AUTHORIZED INDIVIDUAL(S)

FOR TELEPHONE CALL BACK
 
	 	AUTHORIZED

TELEPHONE NUMBER(S)

	
Company:	
 	

 
	

Vantage Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005

Attn: Paul A. Bragg, Chief Executive Officer	
 	

(713) 839-8856
	
Deutsche Bank Securities Inc.	
 	

 
	

60 Wall Street

New York, New York 10005

Attn: Charles H. Protell, Vice President	
 	

 
	
Trustee:	
 	

 
	

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson	
 	

 

13

   SCHEDULE A  

Schedule
of fees pursuant to Section 3(c) of Investment Management Trust Agreement

between Vantage Energy Services, Inc. and

Continental Stock Transfer & Trust Company 

	Fee Item
 
	 	Time and method of payment
	 	Amount
	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	[1,000	]
	

Annual fee	
 	

First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	
 	
$	

[3,000	
]
	

Transaction processing fee for disbursements to Company under Sections 2(a)	
 	

Deduction by Trustee from disbursement made to Company	
 	
$	

[250	
]

	 	 	Agreed:
	Dated:                        , 2007	 	 	 
	 	 	Vantage Energy Services, Inc.
	

 	
 	

By:	

 
	 	 	 	
 Authorized Officer
	

 	
 	

Continental Stock Transfer & Trust Co.
	

 	
 	

By:	

 
	 	 	 	
 Authorized Officer

14

QuickLinks

INVESTMENT MANAGEMENT TRUST AGREEMENT

EXHIBIT A [Letterhead of Company]

EXHIBIT B [Letterhead of Company]

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