Document:

EX-10.10

 Exhibit 10.10 

PURCHASE AGREEMENT 
 This
Purchase Agreement (this “Agreement”), is made and entered into this 14th day of November, 2017, by and between MCCABE PETROLEUM CORPORATION, a Texas corporation, with mailing address at 500 W. Texas Ave., Ste. 890, Midland, Texas
79701 (“MPC”) and TORCHLIGHT ENERGY, INC., a Nevada corporation, with mailing address at 5700 W. Plano Pkwy, Ste. 3600, Plano, TX 75093 (“TEI”). MPC and TEI are sometimes hereinafter referred to as the “Parties”.

 WHEREAS, MPC is the owner of certain oil and gas leases in Ward County (the “Ward County Leases”) and Winkler
County (the “Winkler County Leases”) (collectively the “Leases”), which are more particularly described in Exhibit A, which is attached hereto and incorporated herein for all purposes; 

WHEREAS, MPC and TEI believe that if the Ward County Leases and Winkler County Leases were packaged together and sold, the
Leases would receive a higher value for both together as compared to each being sold separately; 
 WHEREAS, in anticipation
of the transactions contemplated by the MECO PSA (as defined below), MPC and TEI desire that MPC sell beneficial ownership interest in the Ward County Leases to TEI in exchange for $3.25MM in the form of a promissory note (as further provided in
this Agreement below); 
 WHEREAS, MPC entered into a Purchase and Sale Agreement dated November 9, 2017 (the “MECO
PSA”) with MECO IV, LLC (“MECO”) whereby MPC, on behalf of TEI and itself, will sell the Leases to MECO at a closing anticipated to occur on or before November 29, 2017; 

WHEREAS, MPC and TEI desire that MPC pay TEI a performance fee in consideration for its successful efforts in obtaining an offer
from MECO on behalf of MPC and TEI and assisting in the negotiation of the MECO PSA; 
 WHEREAS, the Parties have entered into
this Agreement to memorialize the terms of their agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the
respective covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby covenant and agree as follows: 

 

	 	1.	 Closing. The closing of the transactions contemplated by this Agreement (the
“Closing”) will take place at the MPC’s offices or at such other place as agreed upon among the Parties as practicable following fulfillment or waiver of the conditions specified in Section 4 and Section 5 of this Agreement
(the “Closing Date”). 

  
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Agreement 

	 	2.	 MPC Sale to TEI of Ward County Leases. 

 

	 	a.	 Sale. Subject to the terms and conditions of this Agreement, on or before the Closing Date, MPC agrees
to sell, assign and convey to TEI all of its beneficial right, title and interest, in the Ward County Leases, any wells located on the lands covered by the Ward County Leases, and all other rights associated or incident to MPC’s ownership of
the Ward County Leases (the “Ward Assets”). 

  

	 	b.	 Purchase Price. At Closing, TEI agrees to pay MPC Three Million Two Hundred and Fifty Thousand Dollars
(the “Purchase Price”) for the Ward Assets in the form of a promissory note as described below. 

  

	 	c.	 Promissory Note. At Closing, TEI shall issue to MPC a promissory note for the Purchase Price
memorialized by a loan agreement and note in substantial form as to the agreements contained in Exhibit B; containing the following material terms: 

  

	 	1.	 The principal amount of the loan shall be Three Million Two Hundred and Fifty Thousand Dollars;

  

	 	2.	 Beginning January 1, 2018, TEI shall pay to MPC monthly installments of the accrued interest of the
principal amount; 

  

	 	3.	 Interest shall accrue on the principal amount at a rate of 5% per annum; and 

 

	 	4.	 On December 31, 2020, the entire principal balance, together with all accrued interest, fees or otherwise,
shall be due and payable; 

  

	 	d.	 Beneficial Ownership. Unless agreed to otherwise by the Parties in writing, the ownership that TEI shall
receive from 2(a) above shall be beneficial ownership only. MPC shall retain record title ownership and shall act as TEI’s agent in selling the Ward Assets as defined herein. 

 

	 	e.	 Assignment. At or before Closing, MPC and TEI shall enter into an assignment, bill of sale
and conveyance, of the beneficial ownership in the Ward Assets (the “Ward Assignment”) in substantial form as contained in the form contained in Exhibit C, which is attached hereto and incorporated herein for all purposes. The Parties
agree that the Ward Assignment shall not be filed in the Ward County public records unless mutually agreed to in writing. 

  
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Agreement 

	 	f.	 Power of Attorney. 

 

	 	i.	 Grant of Power of Attorney. At or before Closing, TEI hereby grants MPC the right to sell TEI’s
beneficial ownership of the Ward Assets to MECO, strictly pursuant to the MECO PSA, doing any and all actions it might do if personally present including, but not limited to the execution, modification and delivery of contracts, deeds, bill of sale,
closing statements, notices, certificates and all other documents; the acceptance of the closing funds and the deposit of those funds in TEI’s account as identified, which MPC shall deem necessary, appropriate or expedient for the purpose of
closing the sale of the Ward Assets as described herein. 

  

	 	ii.	 Effective Date and Termination. This power of attorney shall become effective on the Closing Date and
shall expire on: (a) November 29, 2017; (b) revocation by TEI; or (c) resignation of MPC, whichever event occurs first. 

  

	 	iii.	 Third Party Reliance. Every instrument executed by MPC in relation to the Ward Assets shall be
conclusive evidence in favor of every person claiming any right, title or interest under MPC in the Ward Assets, that at the time of delivery of any such instrument, this Agreement (and any amendments) was in full force and effect; that any such
instrument was executed in accordance with the terms and conditions of this Agreement, and that MPC was duly authorized and empowered to execute and deliver such instrument. 

 

	 	iv.	 Recording of Agreement. This Agreement shall not be placed on record in the county in which the Leases
is situated. 

  

	 	v.	 Sales Proceeds. MPC shall pay or direct any sales proceeds from the sale of the Ward Assets to TEI MPC
shall not be liable for any sales proceeds until and unless received. 

  

	 	3.	 Performance Fee. At Closing, the Parties agree to the following terms:

  

	 	a.	 Performance Fee: As compensation for marketing and selling the Winkler County Leases as a package and
receiving the consideration contemplated by the MECO PSA, MPC agrees to pay or cause to be paid to TEI a performance fee of Two Million Seven Hundred Eighty-One Thousand Five Hundred Dollars ($2,781,500) (the
“Performance Fee”). 

  

	 	b.	 MPC shall pay TEI the Performance Fee upon MPC receiving the total amount contemplated by the MECO PSA.

  
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Agreement 

	 	c.	 MPC shall not be liable for paying the Performance Fee unless and until MPC receives such sales proceeds from
MECO. 

  

	 	d.	 TEI agrees that in the event that the purchase price for the MECO transaction is reduced pursuant to the MECO
PSA, then the Performance Fee shall be proportionately reduced by the same amount. 

  

	 	4.	 Conditions to Closing of MPC. Each obligation of MPC to be performed on the Closing
Date shall be subject to the satisfaction of each of the conditions stated in this Section 4, except to the extent that such satisfaction is waived by MPC in writing: 

 

	 	a.	 TEI shall provide a corporate resolution of its Board of Directors which approves the transactions contemplated
herein and authorizes the execution, delivery and performance of this Agreement and the documents referred to herein to which it is or is to be a party dated as of the Closing Date. 

 

	 	b.	 No action, suit or proceeding by or before any court or any governmental or regulatory authority shall have
been commenced and no investigation by any governmental or regulatory authority shall have been commenced seeking to restrain, prevent or challenge the transactions contemplated hereby or seeking judgments against TEI. 

 

	 	c.	 The closing of the contemplated transactions (the “Transactions”) with MECO in the MECO PSA;

  

	 	d.	 The closing of the transactions contemplated by the Agreement and Plan of Reorganization dated of even date
herewith by and among Warwink Properties, LLC, a Texas limited liability, MPC, TEI, and Torchlight Wolfbone Properties, Inc., a Texas corporation. 

  

	 	5.	 Conditions to Closing of TEI. Each obligation of TEI to be performed on the Closing Date will be
subject to the satisfaction of each of the conditions stated in this Section 5, except to the extent that such satisfaction is waived by TEI in writing. 

  

	 	a.	 MPC shall provide a corporate resolution of its Board of Directors, which approves all of the transactions
contemplated herein and authorizes the execution, delivery and performance of this Agreement and the documents referred to herein to which it is or is to be a party dated as of the Closing Date. 

 

	 	b.	 No action, suit or proceeding by or before any court or any governmental or regulatory authority will have been
commenced and no investigation by any governmental or regulatory authority will have been commenced seeking to restrain, prevent or challenge the transactions contemplated hereby or seeking judgments against MPC. 

  
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Agreement 

	 	c.	 The closing of the contemplated Transactions with MECO in the MECO PSA; 

 

	 	d.	 The closing of the transactions contemplated by the Agreement and Plan of Reorganization dated of even date
herewith by and among Warwink Properties, LLC, a Texas limited liability, MPC, TEI, and Torchlight Wolfbone Properties, Inc., a Texas corporation. 

  

	 	6.	 Miscellaneous. 

 

	 	a.	 No Partnership or Joint Venture. Nothing in this agreement is intended to create and nothing herein or
therein shall ever be construed as creating a partnership, joint venture, mining partnership, association or other relationship whereby any party hereto shall ever be held liable for the acts or debts of another. The duties, obligations and
liabilities of each of the parties hereto set forth in this agreement shall be several and not joint so that any party shall be liable only for its proportionate share of the duties, obligations and liabilities under the terms of this Agreement.

  

	 	b.	 Amendment; Waiver. Neither this Agreement nor any provision hereof may be amended, modified or
supplemented unless in writing, executed by all the parties hereto. Except as otherwise expressly provided herein, no waiver with respect to this Agreement shall be enforceable unless in writing and signed by the party against whom enforcement is
sought. Except as otherwise expressly provided herein, no failure to exercise, delay in exercising, or single or partial exercise of any right, power or remedy by any party, and no course of dealing between or among any of the parties, shall
constitute a waiver of, or shall preclude any other or further exercise of, any right, power or remedy. 

  

	 	c.	 Notices. Any notices or other communications required or permitted hereunder shall be sufficiently given
if in writing and delivered in Person or sent by registered or certified mail (return receipt requested) or nationally recognized overnight delivery service, postage pre-paid, addressed as follows, or to such
other address has such party may notify to the other parties in writing: 

  

			
	If to MPC            	  	 Greg McCabe
 500 W. Texas, Suite 890

Midland, Texas 79701

  
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Agreement 

			
	with a copy to:    	  	 Michael J. Dawson
 Dawson Parrish, PC

309 W. 7th St, Ste. 915

Fort Worth, Texas 76102

		
	If to TEI	  	 Torchlight Energy, Inc.
 Attn: John Brda,
President
 5700 W. Plano Parkway, Suite 3600
 Plano, Texas
75093

		
	with a copy to:	  	 Robert D. Axelrod
 Axelrod, Smith &
Kirshbaum
 5300 Memorial Drive, Suite 1000
 Houston, Texas
77007

		
		  	 Jared G. LeBlanc
 LeBlanc Law PC

1111 North Loop West, Suite 705
 Houston, Texas
77008

 A notice or communication will be effective (i) if delivered in Person or by overnight courier, on
the business day it is delivered and (ii) if sent by registered or certified mail, three (3) business days after dispatch. 
 Any
party may change its address by sending written notice to all Parties to this Agreement. 
  

	 	d.	 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement. 

  

	 	e.	 Assignments. This agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. This agreement may not be assigned by any party hereto except with the prior written consent of the other party and any such assignment not consented to shall be void and of no force or effect.
All assignments, conveyances or any other agreement by any party to this Agreement or their respective successors and permitted assigns transferring any right under this Agreement either express or implied must be made in writing expressly making
such transfer of rights conditional and subject to this Agreement. 

  

	 	f.	 Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Texas without regard to principles of conflict of laws. In any action between or among any of the parties, whether arising out of this Agreement or otherwise, each of the parties irrevocably consents to the exclusive jurisdiction and venue
of the federal and state district courts located in Midland County, Texas. 

  
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Agreement 

	 	g.	 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that
any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf’ format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf’ signature page were an original thereof. 

  

	 	h.	 Section Headings. The section and subsection headings in this Agreement are used solely for convenience
of reference, do not constitute a part of this Agreement, and shall not affect its interpretation. 

  

	 	i.	 Further Assurances. Each party covenants that at any time, and from time to time, whether before or
after the closing date, it will execute such additional instruments and take such actions as may be reasonably be requested by the other parties to confirm or perfect or otherwise to carry out the intent and purposes of this Agreement.

  

	 	j.	 Attorney Review - Construction. In connection with the negotiation and drafting of this Agreement, the
parties represent and warrant to each other that they have had the opportunity to be advised by attorneys of their own choice and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Agreement or any amendments hereto. 

  

	 	k.	 Parties Bound. All the rights and obligations arising under this Agreement will be binding on the
parties’ respective successors, heirs, and assigns. 

 [SIGNATURES APPEAR ON THE FOLLOWING PAGE.] 

  
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Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Purchase Agreement to become
effective as of the date of execution. 
  

			
	MCCABE PETROLEUM CORPORATION
		
	By:	 	 /s/ Greg McCabe, Sr.

		 	Greg McCabe, Sr., President
	
	TORCHLIGHT ENERGY, INC.
		
	By:	 	 /s/ John Brda

		 	John Brda, President

  
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Agreement 

 ACKNOWLEDGEMENTS 

STATE OF                     

COUNTY OF                 

Before me personally appeared John Brda, President of Torchlight Energy, Inc., to me well known and known to me to be the person described in and who executed
the foregoing instrument, and acknowledged to and before me that he executed said instrument for the purposes therein expressed. 
 WITNESS my hand and
official seal in the State and County aforesaid, this day of                     , 2017. 

 

							
		 		 		 	
                     
                    

	(SEAL)	 		 	      	 	 Notary Public
 State
of                    

		 		 		 	My Commission Expires:                    

  
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Agreement 

 EXHIBIT A 

LEASES AND LANDS 
 WARD: 

WINKLER: 

  
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Agreement 

 EXHIBIT B 

NOTE AND LOAN AGREEMENT 

  
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Agreement 

 EXHIBIT C 

ASSIGNMENT, BILL OF SALE AND CONVEYANCE OF 

BENEFICIAL OWNERSHIP 

  
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AgreementEX-10.15

 Exhibit 10.15 

FIRST AMENDMENT AGREEMENT 

This FIRST AMENDMENT AGREEMENT, dated as of September 2, 2022 (this “Amendment”), is entered into among the
undersigned with respect to that certain 8% Secured Promissory Note, dated October 1, 2021 (as amended from time to time, the “Secured Note”), made by Next Bridge Hydrocarbons, Inc. (f/k/a Oilco Holdings, Inc.), a Nevada
corporation (the “Borrower”), in favor of Meta Materials, Inc., a Nevada corporation (the “Holder”). As used in this Amendment, capitalized terms which are not defined herein shall have the meaning
ascribed to such terms in the Secured Note. 
 W I T N E S S E T H 

WHEREAS, the obligations of the Borrower under the Secured Note are secured by (a) the Stock Pledge Agreement dated as of
September 30, 2021 (as amended from time to time, the “Pledge Agreement”), made by Gregory McCabe (the “Pledgor”) in favor of the Holder, and (b) the Deed of Trust, Mortgage, Security
Agreement, Fixture Filing, Financing Statement and Assignment of Production, dated as of September 30, 2021 (as amended from time to time, the “Security Agreement”, and together with the Secured Note and the Pledge
Agreement, the “Secured Note Documents”), made by Wolfbone Investments, LLC, a Texas limited liability company (“Wolfbone” and, together with the Pledgor, the “Grantors”; the
Grantors together with the Company, the “Obligors”), to Travis Vargo, as trustee, for the benefit of the Holder. 

WHEREAS, the parties hereto desire to amend the Secured Note as set forth herein and subject to the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Amendments. 
 (a) The first sentence of Section 3 of the Secured Note is hereby deleted in its entirety and replaced with the
following: 
 “The principal balance of the Drawdowns outstanding hereunder and all accrued and unpaid interest thereon
and all other amounts accrued under this Note shall be due and payable in full, in United States Dollars, on the Maturity Date (hereinafter, as defined below). If a Qualified Financing (hereinafter, as defined below) is consummated before
March 31, 2023, then the Company shall repay to the Holder the aggregate outstanding principal amount of this Note in equal monthly installments, one such installment due and payable on each of April 30, 2023, May 31, 2023,
June 30, 2023, July 31, 2023, August 31, 2023 and the Maturity Date; provided, that the final principal repayment installment of this Note shall be repaid on the Maturity Date and in any event shall be in an amount equal to the
total principal amount of this Note outstanding on such date. The “Maturity Date” means March 31, 2023; provided, if the Company or any of its subsidiaries consummates a Qualified Financing before March 31, 2023 and
if no Event of Default exists, then the Maturity Date shall be September 30, 2023. “Qualified Financing” means a transaction or series of transactions pursuant to which the Company and/or any of its subsidiaries 

 issues and sells its equity interests (excluding, for avoidance of doubt, the Spin Out
defined below), and/or incurs indebtedness (other than indebtedness owing to the Holder), for aggregate gross proceeds of at least $30,000,000 (excluding all proceeds from the incurrence of any Indebtedness that is converted into such equity
interests, or otherwise cancelled in consideration for the issuance of such equity interests) with the principal purpose of raising capital. “Spin Out” means the transaction (or series of transactions) whereby the Holder distributes
all of the shares of common stock of the Company to the holders the Series A Special Non-Voting Preferred Stock of the Holder, immediately after which all shares of the Series A
Non-Voting Preferred Stock of the Holder are cancelled.” 
 Section 2. Representations
and Warranties. In order to induce the Holder to enter into this Amendment, each Grantor hereby represents and warrants to the Holder that this Amendment has been duly executed and delivered by each Grantor and constitutes a legal, valid and
binding obligation of such Grantor, enforceable against such Grantor in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability
affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 3. Conditions Precedent to Effectiveness. The amendments to the Secured Note as set forth in
Section 1 hereto shall be effective upon the Holder’s receipt of the Amendment, properly executed by each of the parties hereto. 

Section 4. Miscellaneous. 

(a) Effect of Amendments. As of the date hereof, the Secured Note and each other Secured Note Document shall be construed as giving
effect to the amendments set forth in Section 1 hereto and all references to the Secured Note in the Secured Note Documents shall be deemed to refer to the Secured Note as expressly amended and modified by this Amendment.

 (b) No Other Modification. Except as expressly modified by this Amendment, each Secured Note Document is and shall remain unchanged
and in full force and effect, and nothing contained in this Amendment shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Holder or any of the other parties hereto, or shall
alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreement contained in the Secured Note Documents which are not by the terms of this Amendment being amended, or alter, modify or amend or in any
way affect any of the other Secured Note Documents. 
 (c) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEVADA WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEVADA. 

(d) Incorporation by Reference. Sections 11 through 20, inclusive, of the Secured Note are hereby incorporated by reference herein,
mutatis mutandis. 

  
 - 2 - 

 (e) Secured Note Documents. This Amendment shall be deemed to be a Secured Note
Document. 
 (f) Release. Each Obligor, by signing below, hereby waives and releases the Holder and the Holder’s directors,
officers, employees, attorneys and affiliates (other than the Company) from any and all claims, offsets, defenses and counterclaims arising out of the Secured Note Documents which such Obligor has or may have arising prior to the date hereof, such
waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 

(g) Ratification and Reaffirmation. Each Obligor acknowledges and agrees that each Secured Note Document to which it is a party remains
in full force and effect and is hereby reaffirmed, ratified and confirmed. Without limiting the foregoing, each Obligor hereby (i) agrees that this Amendment and the transactions contemplated hereby shall not limit or diminish the obligations
of such party arising under or pursuant to any Secured Note Document to which it is a party as of the date of this Amendment and (ii) reaffirms all Liens on the collateral which have been granted by such Obligor in favor of the Holder pursuant
to any of the applicable Secured Note Documents. 
 [Signature Pages Follow] 

  
 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above written. 
  

			
	COMPANY:
	
	NEXT BRIDGE HYDROCARBONS, INC.
		
	By:	 	 /s/ Ken Rice

	Name: Ken Rice
	Title: Chief Financial Officer

 [Signature Page to First Amendment Agreement] 

 
			
	GRANTORS:
	
	 /s/ Gregory McCabe

	Name: Gregory McCabe
	
	WOLFBONE INVESTMENTS, LLC,
	A Texas limited liability company
		
	By:	 	 /s/ Gregory McCabe

	Name: Greg McCabe
	Title: Manager

 [Signature Page to First Amendment Agreement] 

 
			
	HOLDER:
	
	META MATERIALS, INC.,
	A Nevada corporation
		
	By:	 	 /s/ George Palikaras

	Name: George Palikaras
	Title: President

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