<SEC-DOCUMENT>0001144204-15-033282.txt : 20150522
<SEC-HEADER>0001144204-15-033282.hdr.sgml : 20150522
<ACCEPTANCE-DATETIME>20150522172217
ACCESSION NUMBER:		0001144204-15-033282
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150521
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150522
DATE AS OF CHANGE:		20150522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RING ENERGY, INC.
		CENTRAL INDEX KEY:			0001384195
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				980495938
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36057
		FILM NUMBER:		15887552

	BUSINESS ADDRESS:	
		STREET 1:		6555 SOUTH LEWIS STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74136
		BUSINESS PHONE:		918-499-3880

	MAIL ADDRESS:	
		STREET 1:		6555 SOUTH LEWIS STREET
		CITY:			TULSA
		STATE:			OK
		ZIP:			74136

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Transglobal Mining Corp.
		DATE OF NAME CHANGE:	20070425

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Blanca Corp.
		DATE OF NAME CHANGE:	20061220
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>v411535_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of report (Date of earliest event reported):<B>&nbsp;&nbsp;May
21, 2015</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Ring Energy, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><B><U>Nevada</U></B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-decoration: underline; text-align: center"><B><U>001-36057</U></B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><B><U>90-0406406</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="vertical-align: top; width: 45%; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>901 West Wall St. 3<SUP>rd</SUP> Floor</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Midland, TX</U></B></P></TD>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; text-decoration: underline; text-align: center"><B><U>79702</U></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">(Address of principal
executive offices)</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(432) 682-7464</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01&#9;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Purchase and Sale Agreement </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 21, 2015, Ring Energy, Inc. (&ldquo;Ring&rdquo;) entered into a purchase and sale agreement (the &ldquo;Purchase Agreement&rdquo;),
dated effective May 1, 2015, with Finley Production Co., LP, BDT Oil &amp; Gas, LP, Metcalfe Oil, LP, Grasslands Energy LP, Buffalo
Oil &amp; Gas, LP and Finley Resources, Inc., as sellers (collectively, &ldquo;Sellers&rdquo;), to acquire oil and gas assets (the
&ldquo;Acquisition&rdquo;). The assets to be acquired by Ring under the Purchase Agreement consist of oil and gas assets and properties,
which are located in the Ford West Field and Ford Geraldine Unit in Reeves and Culberson Counties, in the State of Texas. Under
the terms of the Purchase Agreement, Ring agreed to acquire the oil and gas assets from Sellers for a purchase price of $75,000,000,
subject to customary purchase price adjustments based on, among other things, environmental and title defects, if any. </FONT>Upon
the execution of the Purchase Agreement, Ring deposited $7,500,000 in escrow pending closing. SunTrust Robinson Humphrey, Inc.
served as exclusive financial advisor for Ring on the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement
contains customary representations and warranties and covenants by each party. Ring&rsquo;s and the Sellers&rsquo; obligations
to close the transaction are conditioned upon customary closing conditions including, among other things, the accuracy of representations
and warranties and the performance of covenants. The Purchase Agreement may be terminated by mutual consent, a material breach
of the Purchase Agreement, or if closing does not occur by June 30, 2015. There can be no assurance that the conditions to closing
the transaction will be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the rights and obligations of Ring and Sellers under the Purchase Agreement and the transactions contemplated thereby does not
purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, which is filed as Exhibit 2.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit Facility Commitment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 21, 2015, in
connection with its entry into the Purchase Agreement, Ring entered into a commitment letter with SunTrust Bank, as administrative
agent, and SunTrust Robinson Humphrey, Inc., as lead arranger, to amend Ring&rsquo;s five year senior secured revolving credit
facility (the &ldquo;Credit Facility&rdquo;). The amended credit facility (the &ldquo;Amended Credit Facility&rdquo;) is expected
to increase the maximum facility amount from $150,000,000 to $500,000,000, with a borrowing base of $100,000,000, subject to reduction
in the event that the purchase price is reduced in accordance with the terms of the Purchase Agreement. The maturity date is expected
to be extended to five (5) years from the date on which all conditions are met and the initial funding has occurred under the Amended
Credit Facility. The Amended Credit Facility is expected to contain customary affirmative and negative covenants and restrictions
typical for a senior secured borrowing base credit facility. The Amended Credit Facility will be secured by a first priority security
interest in substantially all of the assets of Ring, including the assets acquired in the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commitment Letter
expires on the earliest to occur of (i) the consummation of the Acquisition, (ii) termination of the Purchase Agreement, either
by its terms or by a court of competent jurisdiction, or (iii) July 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above description
of the material terms and conditions of the commitment letter does not purport to be complete and is qualified in its entirety
by reference to the full text of the commitment letter, which is filed as Exhibit 10.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 2.03&#9;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial
Obligation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see the disclosure
under Item 1.01 of this Current Report on Form 8-K, which disclosure is incorporated into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 &nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1*</TD><TD STYLE="text-align: justify">Purchase Agreement dated as of May 21, 2015, among Ring Energy, Inc., and <FONT STYLE="font-family: Times New Roman, Times, Serif">Finley
Production Co., LP, BDT Oil &amp; Gas, LP, Metcalfe Oil, LP, Grasslands Energy LP, Buffalo Oil &amp; Gas, LP and Finley Resources,
Inc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">Commitment Letter dated May 21, 2015, among Ring Energy, Inc., SunTrust Bank, and SunTrust Robinson
Humphrey, Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">*</TD>
    <TD>Pursuant to Item&nbsp;6.01(b)(2) of Regulation S-K, the Company has omitted certain exhibits and schedules to the exhibit. The Company agrees to furnish by supplement a copy of any omitted schedule or exhibit upon request.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>Ring Energy, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: May 22, 2015&#9;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ William R. Broaddrick</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">William R. Broaddrick<BR>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

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<FILENAME>v411535_ex2-1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURCHASE AND SALE AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BY AND BETWEEN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FINLEY PRODUCTION CO., LP<BR>
BDT OIL &amp; GAS, LP<BR>
METCALFE OIL, LP<BR>
GRASSLANDS ENERGY LP<BR>
BUFFALO OIL &amp; GAS, LP and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINLEY RESOURCES INC.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as Seller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FINLEY RESOURCES INC.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(in its capacity as the operator of
the Assets)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RING ENERGY, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Buyer</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Execution Date: May 21, 2015</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Effective Date: May 1, 2015</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">table of
contents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="width: 75%; text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right"><B>Page No.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Article 1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">1.1.</TD>
    <TD STYLE="text-align: left">Purchase and Sale; Closing</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1.2.</TD>
    <TD STYLE="text-align: left">Assets</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">1.3.</TD>
    <TD STYLE="text-align: left">Excluded Assets</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1.4.</TD>
    <TD STYLE="text-align: left">Reserved Assets</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">1.5.</TD>
    <TD STYLE="text-align: left">Effective Time</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">1.6.</TD>
    <TD STYLE="text-align: left">Current Operations</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">Article 2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2.1.</TD>
    <TD STYLE="text-align: left">Purchase Price</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">2.2.</TD>
    <TD STYLE="text-align: left">Escrow Deposit</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2.3.</TD>
    <TD STYLE="text-align: left">Allocation of the Purchase Price</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">2.4.</TD>
    <TD STYLE="text-align: left">Adjustment to Purchase Price</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">2.5.</TD>
    <TD STYLE="text-align: left">Termination for Substantial Adjustment to Purchase Price</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">Article 3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">3.1.</TD>
    <TD STYLE="text-align: left">Access to Records</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">3.2.</TD>
    <TD STYLE="text-align: left">Access to Properties</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Article 4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.1.</TD>
    <TD STYLE="text-align: left">Defensible Title to the Properties</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.2.</TD>
    <TD STYLE="text-align: left">Purchase Price Adjustments for Defective and Increased Interests</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.3</TD>
    <TD STYLE="text-align: left">Title Dispute Resolution</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.4.</TD>
    <TD STYLE="text-align: left">Casualty Loss</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">4.5.</TD>
    <TD STYLE="text-align: left">Increased Interests</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">4.6.</TD>
    <TD STYLE="text-align: left">Exclusive Remedy</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">Article 5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.1.</TD>
    <TD STYLE="text-align: left">Environmental Representation and Standard</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.2.</TD>
    <TD STYLE="text-align: left">Environmental Notice</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.3.</TD>
    <TD STYLE="text-align: left">Remedy for Environmental Defects</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.4.</TD>
    <TD STYLE="text-align: left">Limitations on Seller&rsquo;s Obligations</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.5.</TD>
    <TD STYLE="text-align: left">Environmental Indemnity</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.6.</TD>
    <TD STYLE="text-align: left">Applicability of Other Provision</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.7.</TD>
    <TD STYLE="text-align: left">Buyer&rsquo;s Reports</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.8.</TD>
    <TD STYLE="text-align: left">Exclusive Remedy</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">5.9.</TD>
    <TD STYLE="text-align: left">Environmental Due Diligence Activities</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">5.10.</TD>
    <TD STYLE="text-align: left">Environmental Dispute Resolution</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">Article 6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6.1.</TD>
    <TD STYLE="text-align: left">Organization and Standing</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">6.2.</TD>
    <TD STYLE="text-align: left">Power</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6.3.</TD>
    <TD STYLE="text-align: left">Authorization and Enforceability</TD>
    <TD STYLE="text-align: right">21</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 15%; text-align: center">6.4.</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: left">Liability for Brokers&rsquo; Fees</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.5.</TD>
    <TD STYLE="vertical-align: top; text-align: left">No Bankruptcy</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.6.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Litigation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.7.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.8.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Material Contracts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.9.</TD>
    <TD STYLE="vertical-align: top; text-align: left">No Violation of Laws</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.10.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Preferential Rights</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.11.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Restrictions on Assignment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.12.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Royalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.13.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Personal Property</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.14.</TD>
    <TD STYLE="vertical-align: top; text-align: left">No Notice of Violation of Environmental Laws</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.15.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Environmental Permits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.16.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Imbalances</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.17.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Drilling Obligations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.18.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Current Commitments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.19.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Seismic Data</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.20.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Hedging</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">6.21.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Sales Contracts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">6.22.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Take or Pay, etc</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">Article 7</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">7.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Organization and Standing</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">7.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Power</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">7.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Authorization and Enforceability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">7.4.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Liability for Brokers&rsquo; Fees</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">7.5.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Litigation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">7.6.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Financial Resources</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">7.7.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Independent Evaluation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">7.8.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Waiver of DTPA</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Article 8</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">8.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Covenants and Agreements of Seller and FRI</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">26</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">8.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Covenants and Agreements of Buyer</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">8.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Covenants and Agreements of the Parties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Article 9</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">9.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Apportionment of Tax Liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">9.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Calculation of Tax Liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">9.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Tax Reports and Returns</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">9.4.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Sales and Transfer Taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">Article 10</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">10.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Seller&rsquo;s Conditions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">10.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Buyer&rsquo;s Conditions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Article 11</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">11.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Termination</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">33</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 15%; text-align: center">11.2.</TD>
    <TD STYLE="vertical-align: top; width: 75%; text-align: left">Liabilities Upon Termination</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: right">33</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">Article 12</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">12.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Closing Date</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">12.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Place of Closing</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">12.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Closing Obligations</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">Article 13</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">13.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Post-Closing Adjustments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">13.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Records</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">13.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Transfer and Recording Fees</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">13.4.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Additional Proceeds and Invoices</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">13.5.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Further Assurances</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">13.6.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Suspense Funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Article 14</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">14.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Assumption of Liabilities and Obligations of Buyer</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">14.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Buyer&rsquo;s Indemnification of Seller</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">14.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Liabilities and Obligations Retained by Seller</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">14.4.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Seller&rsquo;s Indemnification of Buyer</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">38</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">14.5.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Reservation as to Non-Parties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">Article 15</TD>
    <TD STYLE="vertical-align: top"></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.1.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Exhibits</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.2.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.3.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Notices</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.4.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Amendments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.5.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Assignment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.6.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Announcements</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.7.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Headings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.8.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Counterparts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.9.</TD>
    <TD STYLE="vertical-align: top; text-align: left">References</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.10.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Governing Law</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.11.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Entire Agreement</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.12.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Binding Effect</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">40</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.13.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Survival</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.14.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Closing Conditions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.15.</TD>
    <TD STYLE="vertical-align: top; text-align: left">No Third-Party Beneficiaries</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.16.</TD>
    <TD STYLE="vertical-align: top; text-align: left">DISCLAIMER OF REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.17.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Like-Kind Exchange</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.18.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Joint and Several Liability of Each Seller</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center">15.19.</TD>
    <TD STYLE="vertical-align: top; text-align: left">FRI</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center">15.20.</TD>
    <TD STYLE="vertical-align: top; text-align: left">Seller&rsquo;s&nbsp;Representative</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>EXHIBITS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit A-1 &ndash; Leases and Lands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit A-2 &ndash; Wells</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit B &ndash; Allocated Value</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit C &ndash; Surface Lands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit D &ndash; Mineral Interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit E &ndash; Excluded Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit F &ndash; Current Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit G &ndash; Environmental Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit H &ndash; Seller&rsquo;s Pre-Closing
Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit I &ndash; Kingfisher Lease</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit J &ndash; Form of Assignment, Bill
of Sale and Conveyance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit K &ndash; Form of Special Warranty
Deed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit L &ndash; Form of Mineral Deed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit M &ndash; Form of FIRPTA Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>SCHEDULES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 2.4(a)(3) &ndash; Prepaid Expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.6 &ndash; Litigation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.7 &ndash; Taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.8 &ndash; Material Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.9 &ndash; Violation of Laws</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.10 &ndash; Preferential Rights
to Purchase</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.11 &ndash; Restrictions on Assignment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.15 &ndash; Environmental Permits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.16 &ndash; Imbalances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.17 &ndash; Drilling Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.18 &ndash; Current Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Schedule 6.20 &ndash; Hedging</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PURCHASE
AND SALE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS PURCHASE AND SALE
AGREEMENT (this &ldquo;Agreement&rdquo;), dated May 21, 2015, is by and between FINLEY PRODUCTION CO., LP (&ldquo;FPC&rdquo;),
BDT OIL &amp; GAS, LP (&ldquo;BDT&rdquo;), METCALFE OIL, LP (&ldquo;Metcalfe&rdquo;), GRASSLANDS ENERGY LP (&ldquo;Grasslands&rdquo;),
BUFFALO OIL &amp; GAS, LP (&ldquo;BOG&rdquo;) and FINLEY RESOURCES INC. (&ldquo;FRI&rdquo;) (collectively, &ldquo;Seller&rdquo;
and individually &ldquo;each Seller&rdquo;), and RING ENERGY, INC. (&ldquo;Buyer&rdquo;).&nbsp;&nbsp;In addition, FRI, the operator
of the Assets, also joins in the execution and delivery of this Agreement for the purposes of its agreement to perform the covenants
of FRI as the operator of the Assets as set forth in Section 15.19 and to act as Seller&rsquo;s Representative as set forth in
Section 15.20.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
owns and has decided to sell certain of its real and personal property interests in certain oil and gas properties as described
in Section 1.2 below (collectively, the &ldquo;Assets&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
has conducted an independent investigation of the nature, extent and potential of the Assets and desires to purchase the Assets
pursuant to the terms of this Agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Buyer, FRI (as provided in Section 15.19 and Section 15.20) and Seller agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PURCHASE AND SALE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Purchase
and Sale; Closing.&nbsp;&nbsp;</U></B>Seller agrees to sell and Buyer agrees to purchase the Assets pursuant to the terms of this
Agreement.&nbsp;&nbsp;The date the transactions contemplated by this Agreement are consummated is called the &ldquo;Closing Date.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Assets.&nbsp;&nbsp;</U></B>The
interest in and to the real property and the other types of property associated therewith as described in this Section 1.2 is referred
to collectively as the &ldquo;Assets.&rdquo; The Assets are comprised of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Seller&rsquo;s right, title and interest in and to the oil and gas leases specifically described in Exhibit A-1 (collectively,
the &ldquo;Leases&rdquo;) insofar and only insofar as the Leases cover the lands and specified depths described in Exhibit A-1
(the &ldquo;Lands&rdquo;), the royalties, overriding royalties, net profits interests, production payments and other interests,
if any, owned by Seller burdening the Leases, and any and all right, title and interest in and to the oil, gas and all other hydrocarbons
in, on or under the Lands and other hydrocarbons and products, whether liquid or gaseous, produced in association therewith (&ldquo;Hydrocarbons&rdquo;)
after the Effective Time and all other minerals of whatever nature in, on or under the Leases and Lands and lands pooled or unitized
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
oil and gas wells located on the Leases and Lands, or lands pooled or unitized therewith including without limitation, the oil
and gas wells specifically described in Exhibit A-2, whether producing, non-producing or plugged (the &ldquo;Wells&rdquo;), all
injection and disposal wells on the Leases or Lands, and all personal property and equipment located on or used in the operation
of the Wells as of the Effective Time, but excluding all tools, administrative computer equipment and other personal property of
Seller not intended to be included in the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, to the extent transferable, in and to all existing and effective unitization, pooling and communitization agreements, declarations
and orders, and the properties covered and the units created thereby to the extent that they relate to or affect any of Seller&rsquo;s
properties and interests described in Sections 1.2(a) and (b) or the production of Hydrocarbons, if any, attributable to said properties
and interests after the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, to the extent transferable, in and to all existing and effective oil, gas, liquids, condensate, casinghead gas and natural
gas sales, purchase, exchange, gathering, transportation and processing contracts, operating agreements, balancing agreements,
joint venture agreements, partnership agreements, farmout agreements and other contracts, agreements and instruments (the &ldquo;Contracts&rdquo;),
insofar only as they relate to any of Seller&rsquo;s properties and interests described in Sections 1.2(a), (b) and (c), excluding,
however, any insurance contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the personal property, fixtures, improvements, permits, licenses, approvals, servitudes, rights-of-way and easements, including,
without limitation the rights-of-way and easements set forth on Exhibit A, surface leases and other surface rights (including,
but not limited to, any wells, tanks, boilers, buildings, injection facilities, saltwater disposal facilities, compression facilities,
gathering systems, other appurtenances and facilities) located on and used in connection with or otherwise related to the exploration
for or production, gathering, treatment, processing, storing, sale or disposal of Hydrocarbons or water produced from the properties
and interests described in Sections 1.2(a) through (d) to the extent that they are located on or used in the operation of such
properties and interests as of the Effective Time, and all contract rights (including rights under leases to third parties) related
thereto, but excluding all tools, administrative computer equipment and other personal property of Seller not intended to be included
in the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
surface only in the real property and improvements thereon described on Exhibit C hereto (the &ldquo;Surface Lands&rdquo;).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
mineral fee interests described on Exhibit D hereto (the &ldquo;Mineral Interests&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
files, records, data and information relating to the items described in Sections 1.2(a) through (g) maintained by Seller (the &ldquo;Records&rdquo;),
including without limitation, accounting files relating to the Assets, lease files, land files, well files, gas, oil and other
hydrocarbon sales contract files, gas processing files, division order files, abstracts, title opinions, all electronic files directly
related to the Assets, AFEs, and all other information of every type related exclusively or primarily to any of the Assets, but
excluding the following: (i) all of Seller&rsquo;s internal appraisals and interpretive data related to the Assets, (ii) all information
and data under contractual restrictions on assignment, (iii) all privileged information and intellectual property, (iv) Seller&rsquo;s
corporate, financial, employee and general tax records that do not relate exclusively to the Assets, (v) all accounting files that
do not relate exclusively to the Assets, and (vi) any Excluded Assets identified in Section 1.3 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Excluded
Assets.&nbsp;&nbsp;</U></B>The Assets shall not include any portion of Seller&rsquo;s right, title and interest in the properties
described in Exhibit E attached hereto and made a part hereof (the &ldquo;Excluded Assets&rdquo;).&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Reserved
Assets.&nbsp;&nbsp;</U></B>Notwithstanding anything contained in this Agreement to the contrary, Seller reserves, and the Assets
shall not include, all claims or causes of action against gas purchasers for take-or-pay payments arising under gas sales contracts
applicable to the Assets insofar as said claims or causes of action pertain to periods of time prior to the Effective Time; provided
that Seller shall not have the right to make such a claim in a manner so as to cause Buyer to be obligated to deliver gas produced
from the Assets after the Effective Time without receiving payment therefor because of payments due to Seller for such a claim.&nbsp;&nbsp;
Seller shall be entitled to share in any settlement entered into after the Closing Date by Buyer with gas purchasers under gas
contracts applicable to the Assets insofar as same pertain to periods of time prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Effective
Time.&nbsp;&nbsp;</U></B>The purchase and sale of the Assets shall be effective as of May 1, 2015, at 7:00 a.m. local time at the
site of the Assets (the &ldquo;Effective Time&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Current
Operations.&nbsp;&nbsp;</U></B>The operations described in Exhibit F attached hereto and made a part hereof (the &ldquo;Current
Operations&rdquo;) have been commenced before the Effective Time and shall be conducted for the account of Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PURCHASE PRICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Purchase
Price</U>.&nbsp;&nbsp;</B>The purchase price for the Assets shall be Seventy Five Million Dollars ($75,000,000.00) (the &ldquo;Purchase
Price&rdquo;).&nbsp;&nbsp;On the Closing Date, Buyer shall pay Seller the Purchase Price, as adjusted pursuant to Section 2.4.
At Closing the Purchase Price (as adjusted herein) shall be paid to FRI, for the account of Seller. Each Seller agrees to look
to FRI, rather than Buyer, for receipt of its pro-rata share of the Purchase Price (as adjusted herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Escrow
Deposit</U>.&nbsp;&nbsp;</B>A deposit in the amount equal to ten percent (10%) of the Purchase Price (together with any interest
or earnings thereon, the &ldquo;Deposit&rdquo;), shall be paid within one business (1) day after execution of this Agreement&nbsp;by
Buyer,&nbsp;by wire transfer, in immediately available funds, to Rattikin Exchange Services, Inc. (&ldquo;Escrow Agent&rdquo;),
to be held in escrow pursuant to an escrow agreement, the form of which will be agreed to among FRI, Buyer and Escrow Agent. Pursuant
to the escrow agreement, on the Closing Date, a downward adjustment to the Purchase Price shall be made for the Deposit.&nbsp;&nbsp;If
this Agreement is terminated, the Deposit shall be distributed or retained in accordance with Article 11.&nbsp;&nbsp;This Agreement
shall automatically terminate if the Deposit is not delivered by Buyer to the Escrow Agent within one business (1) day following
Buyer&rsquo;s execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Allocation
of the Purchase Price.&nbsp;&nbsp;</U></B>The Purchase Price shall be allocated among the Assets as set forth on Exhibit B.&nbsp;&nbsp;Each
interest set forth in Exhibit B may be referred to as an &ldquo;Entry Item.&rdquo; The value allocated to each Entry Item may be
referred to as the &ldquo;Allocated Value&rdquo; for that Entry Item. For the purposes of assigning Allocated Value to the Assets,
each Entry Item listed on Exhibit B as a &ldquo;PUD&rdquo; will be deemed to be a Well.&nbsp;&nbsp;The parties agree to use the
allocation set forth on Exhibit B for all Tax purposes.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Adjustment
to Purchase Price</U>.&nbsp;&nbsp;</B>All Purchase Price adjustments shall be made according to the factors described in this Section
2.4.&nbsp;&nbsp;The Purchase Price shall be adjusted on the Closing Date pursuant to the &ldquo;Preliminary Settlement Statement&rdquo;
prepared by Seller and submitted to Buyer five (5) business days prior to the Closing Date for Buyer&rsquo;s comment and review.&nbsp;&nbsp;Buyer
and Seller shall mutually agree on the Preliminary Settlement Statement prior to Closing Date, with any disagreements to be handled
in the Final Settlement Statement and the dispute resolution mechanism set forth in Section 13.1(b).&nbsp;&nbsp;The Preliminary
Settlement Statement shall set forth the Closing Amount and all Purchase Price adjustments and associated calculations.&nbsp;&nbsp;The
term &ldquo;Closing Amount&rdquo; means the Purchase Price adjusted on the Closing Date as provided in this Section 2.4, using
the best information available.&nbsp;&nbsp;After the Closing Date, the Purchase Price shall be adjusted pursuant to the Final Settlement
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of
this Agreement, the term &ldquo;Capital/LOE/JIB Expenses&rdquo; shall mean all capital expenses, joint interest billings, lease
rental and maintenance costs, royalties, Taxes (as that term is defined in Article 9), drilling expenses, workover expenses, geological,
geophysical and other exploration expenditures chargeable under applicable operating agreements consistent with the standards established
by the Council of Petroleum Accountants Societies of North America (&ldquo;COPAS&rdquo;) that are attributable to the maintenance
and operation of the Assets during the period in question, excluding, however, such costs and expenses attributable to Seller&rsquo;s
Pre-Closing Operations as described in Section 8.1(a)(1), but including such costs and expenses attributable to the Current Operations
and, if applicable, the drilling of the Kingfisher 6-2 Well as described in Section 8.1(a)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Upward
Adjustments</U>.&nbsp;&nbsp;The Purchase Price shall be adjusted upward by the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Oil
in Tanks</U>.&nbsp;&nbsp;The value of all of Seller&rsquo;s interest in merchantable oil and other liquid hydrocarbons in storage
tanks above the pipeline connections at the Effective Time as shown by actual gauging reports that is credited to the Assets, as
applicable, such value to be the actual price received upon sale, less applicable taxes and gravity adjustments deducted by the
purchaser of such oil or natural gas liquids;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs
after the Effective Time</U>.&nbsp;&nbsp;The amount of all actual direct costs and expenses attributable to the Assets during the
period after the Effective Time, including, without limitation the Capital/LOE/JIB Expenses incurred and paid by Seller in accordance
with generally accepted accounting principles consistently applied in the oil and gas industry (&ldquo;GAAP&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepaid
Expenses.&nbsp;&nbsp;</U>To the extent not covered in the preceding paragraph, an amount equal to the prepaid expenses set forth
on Schedule 2.4(a)(3) that are in accordance with GAAP, attributable to all or any portion of the Assets during the period after
the Effective Time, which were paid by or on behalf of Seller, and which will inure to the benefit of Buyer, including, without
limitation, applicable insurance costs, prepaid utility charges, equipment rentals, shut-in royalty payments, right-of-way payments,
prepaid Taxes (such Taxes to be apportioned pursuant to Article 9), and any other expenses that were prepaid by Seller prior to
the Closing date but that are attributable to the time period after the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Current
Operations.&nbsp;&nbsp;</U>The value of all costs and expenses paid by Seller attributable to the Current Operations (pursuant
to Section 1.6);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Operating
Costs</U>.&nbsp;&nbsp;The value of all operating costs, determined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
costs and expenses paid by Seller attributable to the Assets after the Effective Time, including Seller&rsquo;s proportionate share
of overhead attributable to the Assets charged under the applicable operating agreements for the time period commencing at the
Effective Time and ending on the Closing Date, and if Seller (or FRI) is not the operator under such applicable operating agreement,
Seller&rsquo;s proportionate share of overhead attributable to the Assets charged under the applicable operating agreements shall
be imputed to Seller, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferential
Purchase Rights</U>.&nbsp;&nbsp;For purposes of computing the Final Purchase Price only, the Allocated Value of any Entry Item
subject to an unexercised preferential right to purchase, in accordance with Section 4.2(e)(4);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Imbalances</U>.&nbsp;&nbsp;The
value of any Imbalance due to Seller as of the Effective Date, such value to be determined (a) for production Imbalances by multiplying
the Imbalance volume by $3.50 per MCF and then reducing such value by royalties and severance taxes to be paid on such value, and
(b) for pipeline, transportation or processing Imbalances by multiplying the Imbalance volume by the price actually in effect for
make-up gas if made-up prior to Closing or by $3.50 per MMBTU if not made-up, and then reducing such value by the sum of the total
of royalties and severance and similar taxes, if any, actually paid on such amount plus all penalties and other charges on the
Imbalance.&nbsp;&nbsp;For the purpose of this Section 2.4(a)(7), the term &ldquo;Imbalance&rdquo; means any gas or other hydrocarbon
production, pipeline, transportation or processing Imbalance existing as of the Effective Time with respect to any of the Assets,
together with any related rights or obligations as to future cash and/or gas or product balancing, as a result of, in the case
of production Imbalances, Seller having taken and sold for Seller&rsquo;s account cumulative production which is less than Seller&rsquo;s
Working Interest share in cumulative production, or, in the case of a pipeline, transportation or processing Imbalance, Seller
having delivered production which is greater than the production volume Seller contracted to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Downward
Adjustments</U>.&nbsp;&nbsp;The Purchase Price shall be adjusted downward by the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceeds
Received by Seller</U>.&nbsp;&nbsp;The proceeds received by Seller (net of applicable Taxes and royalties) after the Effective
Time which are attributable, in accordance with GAAP, to production from the Assets during the period after the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses
Paid by Buyer</U>.&nbsp;&nbsp;The amount of all Capital/LOE/JIB Expenses that remains unpaid by Seller or that have been paid by
Buyer that is attributable to the period prior to the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contractual
Adjustments</U>.&nbsp;&nbsp;An amount equal to the sum of all Net Casualty Losses, Defect Adjustments, Exclusion Adjustments and
Environmental Adjustments (as limited by Section 5.4); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deposit</U>.&nbsp;&nbsp;The
amount of the Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Imbalances</U>.&nbsp;&nbsp;The
value of any Imbalance owed by Seller as of the Effective Date, such value to be determined (a) for production Imbalances by multiplying
the Imbalance volume by $3.50 per MCF and then reducing such value by royalties and severance taxes to be paid on such value, and
(b) for pipeline, transportation or processing Imbalances by multiplying the Imbalance volume by the price actually in effect for
make-up gas if made-up prior to Closing or by $3.50 per MMBTU if not made-up, and then reducing such value by the sum of the total
of royalties and severance and similar taxes, if any, actually paid on such amount plus all penalties and other charges on the
Imbalance.&nbsp;&nbsp;For the purpose of this Section 2.4(b)(5), the term &ldquo;Imbalance&rdquo; means any gas or other hydrocarbon
production, pipeline, transportation or processing Imbalance existing as of the Effective Time with respect to any of the Assets,
together with any related rights or obligations as to future cash and/or gas or product balancing, as a result of, in the case
of production Imbalances, Seller having taken and sold for Seller&rsquo;s account cumulative production which is greater than Seller&rsquo;s
Working Interest share in cumulative production, or, in the case of a pipeline, transportation or processing Imbalance, Seller
having delivered production which is less than the production volume Seller contracted to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Termination
for Substantial Adjustment to Purchase Price.&nbsp;&nbsp;</U></B>If the net adjustments to the Purchase Price pursuant to Sections
2.4(a) and 2.4(b) claimed or asserted by Buyer plus the Allocated Value of the Assets excluded from this Agreement pursuant to
Sections 3.2(a), 4.2(e) and 5.3(b) exceed five percent (5%) of the Purchase Price, then either Seller or Buyer may terminate this
Agreement by giving written notice to the other party no later than three (3) business days prior to the Closing Date.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BUYER&rsquo;S INSPECTION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Access
to Records.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access</U>.&nbsp;&nbsp;All
Records are held and maintained by FRI.&nbsp;&nbsp;Immediately upon execution of this Agreement, if not already provided, FRI will
make available to Buyer and its representatives during FRI&rsquo;s normal business hours all Records which are in the possession
of FRI for the purpose of permitting Buyer to complete its due diligence review of the Assets.&nbsp;&nbsp;Such Records shall be
made available either at FRI&rsquo;s offices, or at sites other than FRI&rsquo;s offices which are designated by FRI.&nbsp;&nbsp;FRI
shall permit Buyer to inspect the Records only to the extent, in each case, that FRI and Seller may do so without violating legal
constraints or any obligation of confidence or other contractual commitment of FRI and Seller to a third party.&nbsp;&nbsp;Subject
to the consent and cooperation of third parties, FRI and Seller will cooperate with Buyer in Buyer&rsquo;s reasonable efforts to
obtain at Buyer&rsquo;s sole expense, such additional information relating to the Assets as Buyer may reasonably desire, to the
extent in each case that FRI and Seller may do so without violating legal constraints or any obligation of confidence or other
contractual commitment of FRI and Seller to a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Representation or Warranty</U>.&nbsp;&nbsp;The Records are files or copies thereof that FRI and Seller have used or generated in
its normal course of business.&nbsp;&nbsp;<B>NEITHER FRI NOR SELLER MAKES ANY WARRANTY OR REPRESENTATION OF ANY KIND, EITHER EXPRESS
OR IMPLIED, WRITTEN OR ORAL, AS TO THE RECORDS, INCLUDING ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY AND COMPLETENESS OF
THE RECORDS.&nbsp;&nbsp;</B>Buyer acknowledges that any conclusions drawn from the Records are the result of its own independent
review and judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Access
to Properties.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access</U>.&nbsp;&nbsp;After
the execution of this Agreement, upon advance notice, FRI and Seller will grant Buyer and/or Buyer&rsquo;s authorized representatives,
agents and employees during normal business hours, reasonable access to the Assets to allow Buyer to conduct, at Buyer&rsquo;s
sole risk and expense, on-site inspections and environmental assessments of the Wells and associated equipment.&nbsp;&nbsp;In connection
with such on-site inspections, Buyer agrees to not unreasonably interfere with the normal operation of the Assets. Buyer may not
conduct a Phase II environmental testing or other invasive and/or subsurface testing without FRI&rsquo;s prior written consent,
which consent shall not be unreasonably withheld; provided, however, that to the extent such consent is withheld or refused, then
the affected Asset shall be deemed to be burdened by an Environmental Defect for purposes of this Agreement.&nbsp;&nbsp;Among other
things, Buyer shall have the right to have the affected Asset excluded from this Agreement, and the Purchase Price reduced by the
Allocated Values of the excluded Asset. <B>In connection with granting such access, and, except to the extent that such claims
are caused by the sole gross negligence or sole willful misconduct of FRI or Seller, Buyer waives and releases all claims against
FRI and Seller, their respective directors, officers, managers, partners, employees, agents, representatives, co-owners, contractors,
subcontractors and employees thereof for injury to, or death of persons or damage to property arising in any way from the access
afforded to Buyer hereunder or the activities of Buyer or its employees on the Wells and equipment, and Buyer agrees to indemnify,
defend and hold harmless FRI and Seller, their respective affiliates, directors, officers, managers, shareholders, members, partners,
employees, agents, representatives, co-owners, contractors, subcontractors and employees thereof from and against all such claims.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.&nbsp;&nbsp;In
connection with exercising its rights under this Section 3.2 of access to any Well or associated drilling and spacing unit, Buyer
represents to Seller that it has in force and effect comprehensive liability and property damage, automobile and workmen&rsquo;s
compensation insurance with respect to Buyer and its agents, which insurance (i) is obtained from and maintained with an insurer
reasonably acceptable to Seller, and (ii) has limits of not less than $1,000,000 for property damage, $1,000,000 for automobile
liability, and workmen&rsquo;s compensation coverage as required by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TITLE MATTERS </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Defensible
Title to the Properties.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defensible
Title</U>.&nbsp;&nbsp;The term &ldquo;Defensible Title&rdquo; to the Assets means such title of Seller that, subject to and except
for the Permitted Encumbrances: (i) entitles Seller to receive not less than the net revenue interest (&ldquo;NRI&rdquo;) for the
depths or formations on a wellbore basis, if any, set forth for each Entry Item for a Well on Exhibit B; (ii) entitles Seller to
the net mineral acres set forth for each Entry Item for Undeveloped Tracts listed on Exhibit B, (iii) obligates Seller to bear
costs and expenses relating to the maintenance, development, operation and the production of Hydrocarbons from the Entry Item for
a Well in an amount not greater than the working interest (&ldquo;WI&rdquo;) therefor as set forth on Exhibit B unless there is
a corresponding increase in the NRI; and (iv) is free and clear of encumbrances, liens and defects that would create a material
impairment of use and enjoyment of or loss of interest in the Entry Item.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to Entry Item Assets</U>.&nbsp;&nbsp;The NRI and WI for each Entry Item are wellbore specific to the currently completed interval(s)
(whether producing or not) or other interval specifically described in Exhibit B.&nbsp;&nbsp;If a Well is listed as an Entry Item
in Exhibit B, the Entry Item consists only of the currently producing interval in the wellbore of that Well, unless a specific
non-producing interval is described in Exhibit B for an Entry Item, in which case the Entry Item consists only of the specified
non-producing interval as to the wellbore of the non-producing Well.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to Non-Entry Item Assets</U>.&nbsp;&nbsp;Exhibit B does not provide the NRI and WI for any non-producing interval or formation
or for any leasehold interest or acreage that is not specifically identified in Exhibit B.&nbsp;&nbsp;Buyer waives the right to
assert Title Defects as to Seller&rsquo;s interest, if any, in any Asset or portion thereof not listed as an Entry Item, including
but not limited to non-producing intervals not described in Exhibit B in Wells that are listed in Exhibit B and Wells not described
on Exhibit B. Further, Buyer waives its right to assert Title Defects to the Surface Lands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted
Encumbrances</U>.&nbsp;&nbsp;The term &ldquo;Permitted Encumbrances&rdquo; shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lessors&rsquo;
royalties, overriding royalties, net profits interests, production payments, reversionary interests and similar burdens, if the
net cumulative effect of all such burdens does not operate to reduce the NRI for a particular Asset below that set forth on Exhibit
B or increase the WI set forth on Exhibit B without a corresponding increase in the NRI for such Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preferential rights to purchase and required third party consents to assignments of Contracts and similar agreements for which
written waivers or consents are obtained prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liens
for Taxes or assessments not yet due or not yet delinquent or, if delinquent, that are being contested in good faith in the normal
course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
rights to consent by, required notices to, filings with, or other actions by federal, state or local entities in connection with
the sale or conveyance of the Assets if the same are customarily obtained subsequent to such sale or conveyance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rights
of reassignment, to the extent any exist as of the date of this Agreement, upon the surrender or expiration of any Lease;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;easements,
rights-of-way, servitudes, permits, surface leases and other rights with respect to surface operations, on, over or in respect
of any of the properties or any restriction on access thereto and that do not materially interfere with the operation of the affected
Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Title Defects as Buyer has waived;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
terms and conditions of the agreements affecting the Assets, if the net cumulative effect of all such terms and conditions does
not operate to reduce the NRI for a particular Asset below that set forth on Exhibit B or increase the WI set forth on Exhibit
B without a corresponding increase in the NRI for such Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;materialmen&rsquo;s,
mechanics&rsquo;, repairmen&rsquo;s, employees&rsquo;, contractors&rsquo;, operators&rsquo; or other similar liens or charges arising
in the ordinary course of business incidental to construction, maintenance or operation of the Assets (i) if they have not been
filed pursuant to law and the time for filing them has expired, (ii) if filed, they have not yet become due and payable or payment
is being withheld as provided by law, or (iii) if their validity is being contested in good faith by appropriate action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rights
reserved to or vested in any governmental authority to control or regulate any of the Assets in any manner, and all applicable
laws, rules, regulations and orders of general applicability in the area;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liens
arising under operating agreements, unitization and pooling agreements and production sales contracts securing amounts not yet
due, or if due, being contested in good faith in the ordinary course of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;calls
on or preferential rights to purchase production held by third parties to purchase production from the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
Defect</U>.&nbsp;&nbsp;The term &ldquo;Title Defect&rdquo; means any material encumbrance, encroachment, irregularity, defect in
or objection to real property title, excluding Permitted Encumbrances, that alone or in combination with other defects renders
Seller&rsquo;s title less than Defensible Title. Notwithstanding the foregoing, the following shall not be considered Title Defects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;proof
of possession, release of time expired oil and gas leases and releases of mortgages and liens with periods of enforcements that
have elapsed by more than four (4) years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defects
in the chain of title consisting of the mere failure to recite marital status in a document or successors of heirship proceedings
in a document, unless Buyer provides affirmative evidence that such failure or omission has resulted in another party&rsquo;s actual
and superior claim of title to the relevant Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lack
of a survey;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defects
that have been cured by possession under statutes of limitation for adverse possession where such possession has occurred for a
period of twenty-five (25) years or more;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
the Lease dated October 4, 1950, recorded at Volume 1, Page 183, Deed Records, Culberson County, Texas, from G. E. Ramsey et ux,
as Lessor, to Reese Cleveland, Lessee, may not cover the mineral interest conveyed by Mineral Deed dated October 6, 1950, recorded
at Volume 55, Page 268, Deed Records, Culberson County, Texas, from William J. Finch to G. E. Ramsey, which covers the same lands
covered by such Lease;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;proof
of representative capacity on behalf of a corporation, partnership, limited liability company or trust, unless it is clear from
other documentation that a signatory party has not signed a document in the proper representative capacity; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defects
in acknowledgments in instruments that have been filed for record more than five (5) years prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocated
Value</U>.&nbsp;&nbsp;If an Asset has not been given an Allocated Value, or if the Allocated Value for the Entry Item is zero,
Seller shall be deemed to have Defensible Title to such Asset or Entry Item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Purchase
Price Adjustments for Defective and Increased Interests.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defective
Interest</U>.&nbsp;&nbsp;For the Assets, &ldquo;Defective Interests&rdquo; means an Asset affected by one or more Title Defects
that reduces the Allocated Value of the affected Asset by more than $25,000 in the aggregate (such amount net to Seller&rsquo;s
interest, and such amount to be called the &ldquo;Title Deductible&rdquo;).&nbsp;&nbsp;The amount by which the combined Allocated
Value of the affected Assets has been reduced by one or more Title Defects shall be calculated in accordance with Section 4.2(f)
(the &ldquo;Defect Value&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Defective Interest</U>. Buyer shall give Seller written &ldquo;Notice of Defective Interests&rdquo; as soon as possible but
no later than on or before ten (10) business days prior to the Closing Date at 5:00 p.m., in Fort Worth, Texas (the &ldquo;Title
Defect Notice Date&rdquo;). Such notice shall be in writing, and inclusion of the following elements shall be a condition precedent
to the effectiveness of the Notice of Defective Interests: (i) a description of the Defective Interests, (ii) the reasonable basis
for the Defective Interests, (iii) reasonable documentation supporting the basis for the Defective Interest, (iv) the Allocated
Value of the affected Asset, and (v) the Defect Value and the computations upon which Buyer&rsquo;s belief is based. For the purposes
of the requirement in clause (iii) in the preceding sentence, &ldquo;reasonable documentation supporting the basis&rdquo; shall
mean (a) if the basis is derived from a document, a copy of such document, or pertinent part thereof, (b) if the basis is a gap
in Seller&rsquo;s chain of title, the document preceding and following the gap, or a title opinion reciting the gap in reasonable
detail, (c) if the basis is a lien or encumbrance, the document creating the lien or encumbrance or a title opinion or title report
reciting the lien or encumbrance in reasonable detail including recording references, or (d) if the basis is failure to pay a rental
when due, documentation evidencing the non-payment. If Buyer does not deliver a timely and valid Notice of Defective Interests
for a particular Asset, title to such Asset shall be deemed to be Defensible Title.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
shall have the right to cure any Title Defect, at its sole cost, but shall have no obligation to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defect
Adjustments and Exclusions.</U> In the event that any Title Defect is not waived by Buyer or cured on or before the Closing Date,
then, subject to Sections 4.2(e) and (g), at Buyer&rsquo;s option the Purchase Price shall be reduced in accordance with Section
2.4 by the Defect Value (which reduction shall be called a &ldquo;Defect Adjustment&rdquo;), less the Title Deductible, if and
only to the extent that the aggregate of all Defect Values for all Assets exceeds the greater of one and one-half percent (1.5%)
of the Purchase Price net to Seller&rsquo;s account, in which event, the Purchase Price shall be reduced by the amount of the total
Defect Values in excess of such amount (which amount is a deductible, not a threshold), and thereafter Seller shall be released
from all further liability or obligation to Buyer with respect to all of the Title Defects and all of the Title Defects shall be
a Permitted Encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained herein to the contrary, if the Defect Value exceeds twenty five percent (25%) of the Allocated Value of the
Entry Item, Seller shall have the option to exclude the Entry Item from the Assets conveyed to Buyer on the Closing Date by notifying
Buyer on or before the Closing Date, in which event the Purchase Price shall be reduced by the Allocated Value of the Entry Item
without application of a threshold or deductible. If the Title Defect Value exceeds twenty-five percent (25%) of the Allocated
Value of the Entry Item and the Entry Item is excluded from the Assets conveyed to Buyer on the Closing Date, Buyer may elect the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Seller cures the Title Defect before the Final Settlement Date, Seller may convey the Entry Item affected by the Title Defect to
Buyer on the Final Settlement Date, subject to all of the terms and conditions of this Agreement, and Buyer shall pay to Seller
the amount by which the Purchase Price was reduced with respect to the Entry Item,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Seller does not cure the Title Defect before the Final Settlement Date and agrees to indemnify Buyer from all liabilities and obligations
arising out of the Title Defect, Seller may convey the Entry Item affected by the Title Defect to Buyer on the Final Settlement
Date, subject to all of the terms and conditions of this Agreement, in which event Buyer shall pay to Seller an amount agreed upon
by Buyer and Seller, and Seller shall be released from all further liability or obligation to Buyer with respect to the Title Defect,
and, subject to the indemnity provided above in this paragraph, the Title Defect shall be a Permitted Encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defect
Value.</U> In determining which portions of the Assets are impacted by Defective Interests, it is the intent of the parties to
include, to the extent possible, only that portion of the affected Asset (whether a Well, unit or leasehold interest, as applicable)
materially and adversely affected by the defect or basis for such property being treated as a Defective Interest. The Defect Value
shall be determined by the parties in good faith taking into account all relevant factors, including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Allocated Value of the affected Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Title Defect represents only a possibility of title failure, the probability that such failure will occur;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
legal effect of the Title Defect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Title Defect is a lien or encumbrance on the property, other than a Permitted Encumbrance, the cost of removing such lien or
encumbrance; provided however, there shall be no Title Deductible for a Title Defect which is a lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Provided, however:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Title Defect is that the NRI of Seller in a Well is less than the NRI set forth for such Well on Exhibit B, then the Defect
Value shall be deemed to equal to the Allocated Value for such Well <I>multiplied by</I> the difference of (a) 1 minus (b) a fraction,
the numerator of which is the actual NRI of such Well and the denominator of which is the NRI for such Well as set forth on Exhibit
B; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Title Defect causes the actual net mineral acres covered by any Undeveloped Tract to be less than the net mineral acres set
forth on Exhibit B for such Undeveloped Tract, then the Defect Value shall be deemed to be equal to the Allocated Value for such
Undeveloped Tract <I>multiplied by</I> the difference of (a) 1 minus (b) a fraction, the numerator of which is the actual net mineral
acres covered by such Undeveloped Tract and the denominator of which is the net mineral acres for such Undeveloped Tract as set
forth on Exhibit B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only that portion of an Entry Item that
is materially and adversely affected by a Title Defect shall be considered for purposes of determining the Defect Value. The Defect
Value shall be only the amount of the reduction in the Allocated Value that exceeds the Title Deductible and shall not exceed the
Allocated Value of the Entry Item after taking into consideration the Title Deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferential
Rights and Consents</U>. Seller shall use reasonable efforts to obtain consents to assign that are contractually required to be
obtained before the Closing Date and to give notices required in connection with those preferential rights to purchase before the
Closing Date. If Buyer discovers such consents or preferential rights before the Closing Date, Buyer shall immediately notify Seller,
and Seller shall use reasonable efforts to obtain the required consent or to give notice required in connection with the preferential
right before the Closing Date. Before and after the Closing Date, Buyer shall cooperate with Seller in connection with any required
consent and preferential right, including providing assurances of financial condition and covenants to maintain insurance in such
amounts and with such types of coverage that Seller is currently required to maintain for the specific Asset for which such consent
is required, but in providing such cooperation Buyer shall not be required to expend funds or make any other type of financial
commitment in connection with such consent or preferential right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a necessary consent to assign that is contractually required to be obtained before the Closing Date is identified before the
Closing Date and has not been obtained by the Closing Date, at Buyer&rsquo;s election, either (i) the entire Asset, including but
not limited to that portion of the Asset affected by the consent, shall be assigned to Buyer on the Closing Date, and Seller shall
defend and indemnify Buyer against any loss arising out of the failure to obtain the consent, or (ii) that portion of the Asset
affected by the consent shall be treated as an Excluded Asset, and there shall be an Exclusion Adjustment to the Purchase Price
equal to the Allocated Value of the Entry Item corresponding to that portion of the Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Seller is able to obtain the consent referred to in (ii) in the preceding paragraph by the Final Settlement Date, as part of the
post-closing settlement, Seller shall convey to Buyer that portion of the Asset affected by the consent, subject to all of the
terms of this Agreement, and Buyer shall pay to Seller the amount by which the Purchase Price was previously reduced with respect
to that portion of the Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a preferential right to purchase an Asset (i) is exercised before the Closing Date, or (ii) provides for a period of time to exercise
the preferential right that has not expired by the Closing Date and the third party has not waived and is not deemed to have waived
the preferential right, that portion of the Asset affected by the preferential right shall be treated as an Excluded Asset, and
there shall be an Exclusion Adjustment to the Purchase Price equal to the Allocated Value of the Entry Item corresponding to that
portion of the Asset without application of a threshold or deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
(i) the holder of any preferential right exercises such preferential right before or after the Closing Date but fails to consummate
the transaction before the Final Settlement Date, (ii) the period of time to exercise a preferential right expires after the Closing
Date but before the Final Settlement Date, or (iii) the holder of a preferential right has waived or is deemed to have waived the
preferential right after the Closing Date but before the Final Settlement Date, Seller shall convey that portion of the Asset affected
by the preferential right to Buyer, subject to all of the terms of this Agreement, and, as part of the post-closing settlement,
Buyer shall pay to Seller the amount by which the Purchase Price previously was reduced with respect to that portion of the Asset.
If there is any dispute regarding the sufficiency of any notice to exercise a preferential right, Seller, in its sole discretion
shall make the determination of whether the original notice was sufficient or a subsequent notice is required. Buyer assumes all
risks of any claim by a third party that any notice to exercise a preferential right was defective in any way.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any other preferential right identified after the Closing Date is subsequently exercised, Buyer shall convey the affected Asset
to the holder of the preferential right and shall receive all amounts paid by the holder of the preferential right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall defend and indemnify Seller against all claims, demands, liabilities, judgments, causes of action, losses, damages, costs
and expenses (including reasonable attorneys&rsquo; fees, expert fees and court costs) arising out of any consent to assign or
preferential right identified after the Final Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
remedies provided in this Section 4.2(g) are the exclusive remedies for consents to assign and/or preferential rights to purchase
that affect the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Title
Dispute Resolution.</U></B> The parties agree to attempt to initially resolve all disputes concerning Title Defects and Defect
Values through good faith negotiations. If the parties cannot resolve such disputes within three (3) days preceding the Closing
Date, the parties agree to submit all such disputes to binding arbitration to be finally determined by an arbitrator mutually agreeable
by Seller and Buyer taking into account appropriate factors and employing such independent attorneys and, if necessary, petroleum
engineers as the arbitrator deems necessary or as reasonably requested by the parties. If Seller and Buyer cannot mutually agree
on the selection of an arbitrator after ten (10) days, the arbitrator shall be selected by the American Arbitration Association.
On or before ten (10) days after submission of the matter to arbitration, Buyer and Seller shall present their respective positions
in writing to the arbitrator, together with such evidence as each party deems appropriate. The arbitrator shall be instructed to
resolve the dispute through a final decision within thirty (30) days after submission of Buyer&rsquo;s and Seller&rsquo;s positions
to the arbitrator. The costs incurred in employing the arbitrator shall be borne equally by Seller and Buyer. After the arbitrator
makes a determination as to the disputes, the arbitrator shall instruct the parties to implement its decision or to pay monies,
as appropriate. A decision may be filed in any court of competent jurisdiction and may be enforced by any party as a final judgment
or such court. If Buyer claims or asserts Title Defects having a Defect Value the aggregate amount of which, together with all
other adjustments to the Purchase Price asserted by Buyer and Assets removed from this Agreement, would allow Seller or Buyer to
terminate this Agreement under Section 2.5 (but neither Buyer nor Seller has elected to terminate this Agreement), but Seller disputes
the existence or amount of such Title Defects and such disputes are submitted for resolution under this Section 4.3, then Closing
will be postponed until five (5) business days after the arbitrator makes a determination with respect to such dispute, with Seller
and Buyer retaining their rights to terminate this Agreement under Section 2.5 until four (4) business days after such determination
is made.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Casualty
Loss</U>.</B> Except as provided in Section 8.1(a)(1), prior to the Closing Date, if all or any portion of an Entry Item is destroyed
by fire or other casualty, is taken or threatened to be taken in condemnation or under the right of eminent domain such that the
estimated cost to repair the Entry Item (with equipment of similar utility) exceeds $50,000 (a &ldquo;Casualty Loss&rdquo;), Buyer
shall purchase the Asset on the Closing Date for the Allocated Value of the Asset reduced by the estimated cost to repair such
Entry Item (with equipment of similar utility) up to the Allocated Value thereof (the reduction being the &ldquo;Net Casualty Loss&rdquo;)
and Seller shall retain all of Seller&rsquo;s rights to any insurance payments, awards or other payments from third parties arising
out of the Casualty Loss. Any dispute concerning the amount of Net Casualty Loss shall be resolved pursuant to Section 13.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Increased
Interests</U>.</B> As soon as possible and no later than on or before three (3) business days before the Closing Date, Buyer shall
in good faith notify Seller of any interest that would be an Asset but that is not specifically listed, including but not limited
to additional Wells, or any increase in any NRI for an Entry Item (an &ldquo;Increased Interest&rdquo;). Seller shall notify Buyer
of the same as soon as possible and no later than on or before three (3) business days before the Closing Date. The value of the
Increased Interest shall be determined by the parties in good faith taking into account all relevant factors (and determining,
wherever appropriate, a value that is based on the Allocated Value for the Entry Item and in proportion to the increase in the
NRI of the Entry Item), and the aggregate Defect Value for all Defective Interests shall be reduced by such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Exclusive
Remedy</U></B>. <B>THIS ARTICLE 4 SHALL, EXCEPT WITH RESPECT TO THE SPECIAL WARRANTY OF TITLE IN THE ASSIGNMENT, BILL OF SALE AND
CONVEYANCE, TO THE FULLEST EXTENT PERMITTED PURSUANT TO APPLICABLE LAW, BE THE EXCLUSIVE RIGHT AND REMEDY OF THE PARTIES WITH RESPECT
TO TITLE DEFECTS AND INCREASED INTERESTS.&nbsp;EXCEPT WITH RESPECT TO THE SPECIAL WARRANTY OF TITLE IN THE ASSIGNMENT, BILL OF
SALE AND CONVEYANCE AND EXCEPT WITH REGARD TO ANY REPRESENTATIONS, WARRANTIES, COVENANTS AND INDEMNITIES OF SELLER UNDER THIS AGREEMENT
(AND ANY RIGHTS TO INDEMNIFICATION WITH REGARD TO ANY BREACH THEREOF), TO THE FULLEST EXTENT PERMITTED PURSUANT TO APPLICABLE LAW,
BE THE EXCLUSIVE RIGHT AND REMEDY OF THE PARTIES WITH RESPECT TO TITLE DEFECTS AND INCREASED INTERESTS.&nbsp; BUYER RELEASES, REMISES,
AND FOREVER DISCHARGES SELLER AND ITS AFFILIATES AND ITS AND THEIR RESPECTIVE EMPLOYEES, AGENTS, ADVISORS AND REPRESENTATIVES FROM
ANY AND ALL SUITS, LEGAL OR ADMINISTRATIVE PROCEEDINGS, CLAIMS, DEMANDS, DAMAGES, LOSSES, COSTS, LIABILITIES, INTERESTS, OR CAUSES
OF ACTION WHATSOEVER, IN LAW OR IN EQUITY, KNOWN OR UNKNOWN, WHICH BUYER MIGHT NOW OR SUBSEQUENTLY MAY HAVE BASED ON, RELATING
TO, OR ARISING OUT OF, ANY TITLE DEFECT TO ANY ASSET. NOTWITHSTANDING THE FOREGOING, BUYER SHALL NOT HAVE ANY REMEDY UNDER THE
SPECIAL WARRANTY OF TITLE IN THE ASSIGNMENT, BILL OF SALE AND CONVEYANCE FOR ANY TITLE DEFECT TO ANY ASSET WHICH WAS (OR THE SUBJECT
MATTER OF WHICH WAS) ASSERTED BY BUYER AND ADDRESSED PURSUANT TO THIS ARTICLE 4.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
5</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ENVIRONMENTAL MATTERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Environmental
Representation and Standard</U>.</B> Seller represents that to its knowledge, after FRI making due and appropriate inquiry and
investigation, and except for all matters listed on Exhibit G: (i) in conducting operations on the Assets, FRI, as operator of
the Assets, has complied in all material respects with Environmental Laws and (ii) there does not exist and Seller has no notice
of any litigation, binding arbitration, orders or proceedings under any Environmental Law seeking money damages, injunctive relief,
remedial action, penalties, or cost recovery in connection with operations conducted on the Assets. <B>BUYER ACKNOWLEDGES AND AFFIRMS
THAT THE ASSETS HAVE BEEN UTILIZED FOR THE PURPOSE OF EXPLORATION, PRODUCTION AND DEVELOPMENT OF OIL AND GAS, AND THAT THE ASSETS
WILL BE ACQUIRED IN THEIR &ldquo;AS IS, WHERE IS&rdquo; CONDITION, WITH ALL EXISTING FAULTS. BUYER HAS CONDUCTED AN INDEPENDENT
INVESTIGATION OF THE PHYSICAL AND ENVIRONMENTAL CONDITION OF THE ASSETS, TO THE EXTENT BUYER DEEMS NECESSARY OR APPROPRIATE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Standard.</U> The facts stated in the foregoing representation, but without regard to Seller&rsquo;s knowledge, are referred to
herein as the &ldquo;Environmental Standard.&rdquo; Seller shall have no liability for the breach of the foregoing representation,
or for the failure of the Environmental Standard to be true, except to the extent provided in Section 5.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Law(s).</U> &ldquo;Environmental Law(s)&rdquo; means statutes, and the rules and regulations promulgated thereunder, compacts,
treaties, conventions, rules, regulations, codes, plans, requirements, criteria, standards, orders, decrees, judgments, injunctions,
notices or demand letters issued, promulgated or entered by any federal, state or local governmental entity (&ldquo;Laws&rdquo;)
relating to use, storage, emissions, discharges, cleanup, releases or threatened releases of pollutants, contaminants, naturally
occurring radioactive material (&ldquo;NORM&rdquo;), chemicals or industrial, toxic or hazardous substances (&ldquo;Pollutants&rsquo;)
on or into the environment (including without limitation ambient air, oceans, waterways, wetlands, surface water, ground water
(tributary and non-tributary), land (surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution,
use, treatment, storage, disposal, transportation or handling of Pollutants. Environmental Laws does not include laws concerning
(i) restoration or reclamation that does not involve Pollutants; (ii) Man Made Material Fibers (&ldquo;MMMF&rdquo;); (iii) plugging
and abandonment of wells; or (iv) employee health and safety. Environmental Laws, for purposes of this Section 5.1, means such
laws as they were in effect and were consistently enforced as of the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Environmental
Notice.</U></B> Buyer may give Seller notice (an &ldquo;Environmental Notice&rdquo;) of any fact or circumstance that evidences
the material breach of Seller&rsquo;s representation in Section 5.1, or that is materially in conflict with the Environmental Standard
for matters related to operations and assessed prior to the Closing Date (an &ldquo;Environmental Defect&rdquo;); provided, however,
that Buyer receives the Assets subject to any fact or circumstance listed or referred to on Exhibit G, and accordingly, such facts
or circumstances shall not be a basis for asserting an Environmental Defect. Such Environmental Notice shall only be valid and
effective if and only if it satisfies all of the following conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Environmental Defect is discovered by Buyer, an Environmental Notice must be received by Seller as soon as reasonably practical
after discovery of the Environmental Defect, but in any event on or before ten (10) business days prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Environmental Notice must be based on credible and probative evidence substantiated in good faith by Buyer&rsquo;s environmental
experts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
evidence referred to in Section 5.2(b) must be fully described, substantiated in good faith by Buyer&rsquo;s environmental experts,
and in the case of documentary evidence, enclosed. Complete copies of all reports, tests, photographs, and other evidence supporting
the position that an Environmental Defect has occurred must also be enclosed. All contrary evidence of which Buyer is aware shall
also be included in the Environmental Notice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Environmental Notice must reasonably describe the remediation and/or restoration (&ldquo;Cleanup&rdquo;) required to remedy the
Environmental Defect, or the damages claimed and likely to be recovered by a third party, each as recommended or estimated in good
faith by Buyer&rsquo;s environmental experts; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Environmental Notice must state Buyer&rsquo;s good faith estimate of the amount of Loss (as defined in Article 14) potentially
to be incurred by Buyer on account of the Environmental Defect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Seller does not receive an Environmental
Notice as to any Entry Item within the period set forth above, Buyer shall be deemed to have accepted the Entry Item &ldquo;as
is, where is,&rdquo; with all faults and to have waived Buyer&rsquo;s rights to assert an Environmental Defect with respect to
that Entry Item. Buyer may not assert an Environmental Defect solely with respect to the Surface Lands that are inclusive with
other Environmental Defects asserted against other Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Remedy
for Environmental Defects.</U></B> If Buyer gives a valid Environmental Notice in accordance with Section 5.2, Seller may provide
for one of the remedies in Section 5.3(a) with respect to the Environmental Defect that is the subject of such Environmental Notice,
but each such remedy, and the aggregate of all remedies shall be limited in accordance with Section 5.4, subject to Seller&rsquo;s
right to exclude an affected Asset under Section 5.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedy</U>.
If Buyer delivers a valid Environmental Notice to Seller, Seller, at its election, shall have the option of (i) remediating the
Environmental Defect at its Lowest Cost Response, (ii) contesting the existence of an Environmental Defect or Buyer&rsquo;s estimate
of the amount of all Losses associated with the Environmental Defect, or (iii) paying Buyer&rsquo;s good faith estimate of the
amount of all Losses associated with the Environmental Defect at its Lowest Cost Response in the form of a reduction to the Purchase
Price (an &ldquo;Environmental Adjustment&rdquo;). Buyer shall waive and indemnify Seller for all Losses associated with such Environmental
Defects that are remedied under sub-clauses (i) and (iii) above. &ldquo;Lowest Cost Response&rdquo; means the response required
or allowed under Environmental Laws that cures, remediates, removes or remedies the applicable present condition alleged in an
Environmental Notice at the lowest cost (assuming that the affected Asset continues to be used as an oil and gas property) sufficient
to comply with Environmental Laws (and is also consistent with general industry standards) as compared to any other response that
is required or allowed under Environmental Laws.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusion
of Affected Asset.</U> Seller may claim an Exclusion Adjustment in an amount equal to the Allocated Value of the Entry Item which
is the subject of a valid Environmental Notice if the cost associated with the Loss at its Lowest Cost Response which is reasonably
expected to be incurred by Buyer under this Article 5 with respect to the Entry Item after application of the limitations set forth
in Section 5.4 is greater than twenty percent (20%) of the Allocated Value of the Entry Item. If an Asset is excluded pursuant
to Section 5.3(a), the Purchase Price shall be reduced by the Allocated Value of the excluded Asset without application of a threshold
or deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contested
Environmental Defects.</U> If Seller contests the existence of any Environmental Defect or Buyer&rsquo;s estimate of the Cleanup
costs at its Lowest Cost Response, Seller shall notify Buyer within five (5) business days after Seller&rsquo;s receipt of the
Environmental Notice. The notice shall state the basis for Seller&rsquo;s contest of the Environmental defect or the estimate of
the Cleanup cost at its Lowest Cost Response. Within three (3) business days after Buyer&rsquo;s receipt of the notice, representatives
of Seller and Buyer, knowledgeable in environmental matters, shall meet, and, within five (5) business days after Buyer&rsquo;s
receipt of the notice, either (i) agree to reject the Environmental Defect, in which case Buyer shall waive the Environmental Defect,
or (ii) agree on the validity of the Environmental Defect and the estimated Cleanup costs at its Lowest Cost Response, in which
case Seller shall have the options described in Section 5.3(a) (except the right to contest). If Seller and Buyer cannot agree
on either option (i) or (ii) in the preceding sentence, the Environmental Defect or the estimated Cleanup costs at its Lowest Cost
Response subject to the Environmental Notice shall be resolved in accordance with Section 5.10. Notwithstanding any of the preceding
provisions of this Section 5.3(c), all Environmental Adjustments shall be made as of the Final Settlement Date or the associated
Environmental Defect shall be deemed waived by Buyer, and Buyer shall accept assignment of and assume all liability for the affected
Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Implementing
Cleanup.</U> If Seller elects to Cleanup an Environmental Defect pursuant to Section 5.3(a), Seller shall select the means and
methods of effecting the Cleanup at its Lowest Cost Response in accordance with applicable Environmental Law and any applicable
agreement, but Seller shall not be required to perform any activities if the cost thereof would be site remediation costs assumed
by Buyer in the transfer of the Assets hereunder, including without limitation, plugging and abandonment of Wells. Seller&rsquo;s
responsibilities for remediation under this Section 5.3(d) shall be limited to a reasonable standard appropriate for the use of
an Asset for oil and gas activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Limitations
on Seller&rsquo;s Obligations</U>.</B> Seller&rsquo;s obligations under this Article 5 are limited as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
valid Environmental Notices, and subject to the aggregate limitations in Section 5.4(b), Seller&rsquo;s obligations shall only
arise if the Cleanup at its Lowest Cost Response or Loss indemnification obligation to Buyer on account of an Environmental Defect
is expected to exceed a deductible of $50,000 per &ldquo;Incident&rdquo;. If the Loss from an Environmental Defect that is a spill,
release, discharge, or emission (a &ldquo;Release&rdquo;) of the same substance that occurs or reoccurs in the same general contaminated
area on account of a singular cause or course of conduct, such a Release shall be considered as a single Incident.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller&rsquo;s
obligations shall apply only to the amount of all Losses exceeding the deductible in Section 5.4(a) which also in the aggregate
exceed a deductible amount of the greater of one and one-half percent (1.5%) of the Purchase Price net to Seller&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Environmental
Indemnity</U>.</B> Except as expressly provided in this Article 5, on the Closing Date, Buyer shall assume all risk, liability,
obligation and Loss in connection with, and shall defend, indemnify and save and hold harmless FRI and Seller and their respective
affiliates, officers, directors, managers, shareholders, members, partners, representatives, employees, agents, successors, and
assigns (collectively, &ldquo;Indemnified Parties&rdquo;), forever from and against all Losses incurred by such Indemnified Parties
in connection with any Environmental Matter. &ldquo;Environmental Matter&rdquo; shall mean the following matters arising in connection
with the Assets regardless of whether incurred with respect to events occurring prior to or after the Effective Time: (i) the violation
of, and compliance with past, present and future laws relating to environmental matters, including Environmental Laws (which shall
for purposes of this Section 5.5 include common law); (ii) remediation and restoration of the Assets, including, without limitation,
plugging and abandonment and remediation of Well sites; (iii) NORM; (iv) MMMF; (v) laws relating to public or employee health and
safety; and (vi) damage to persons or property on account of Pollutants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Applicability
of Other Provision</U></B><U>.</U> Section 14.5 (Reservation as to Non-Parties) shall apply to the obligations and indemnifications
provided in this Article 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Buyer&rsquo;s
Reports</U></B>. Buyer shall provide to FRI and Seller, any third party reports, or sections thereof, addressing any particular
alleged Environmental Defect, and any reports commissioned by Buyer concerning an alleged Environmental Defect as set forth in
a valid Environmental Notice, with such reports, or parts thereof, to be included with the Environmental Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Exclusive
Remedy</U></B><U>.</U> This Article 5 is the exclusive agreement and the only remedy of Buyer in regard to Environmental Matters
even if some other provision of this Agreement by its terms would otherwise cover Environmental Matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Environmental
Due Diligence Activities.</U></B> For the purposes of this Agreement, Buyer has already conducted or will, to the extent it deems
appropriate, conduct all of its environmental due diligence activities with respect to the Assets prior to the expiration of the
period during which Buyer is entitled to give Seller Environmental Notices (such period being the &ldquo;Environmental Due Diligence
Period&rdquo;). Such due diligence activities shall be conducted in accordance with and subject to the provisions of Section 3.2.
During the Environmental Due Diligence Period, Buyer agrees: (i) to keep any data or information (including all analysis of such
data) relating to Environmental Matters acquired by Buyer strictly confidential among Buyer and Seller, (ii) to immediately inform
Seller if Buyer discovers a breach of the Environmental Standard that would result in a material Loss, and thereafter consult with
Seller to formulate a mutually agreeable course of action to address the Environmental Matter, including consultations with appropriate
governmental personnel.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Environmental
Dispute Resolution.</U></B> The parties agree to attempt to initially resolve all disputes concerning Environmental Matters through
good faith negotiations. If the parties cannot resolve such disputes within the time period set forth in Section 5.3(c) to resolve
such disputes, the parties agree to submit all such disputes to binding arbitration to be finally determined by an arbitrator mutually
agreeable by Seller and Buyer taking into account appropriate factors and employing such independent attorneys and petroleum and/or
environmental engineers as the arbitrator deems necessary or as reasonably requested by the parties. If Seller and Buyer cannot
mutually agree on the selection of an arbitrator after ten (10) days, the arbitrator shall be selected by the American Arbitration
Association. On or before ten (10) days after submission of the matter to arbitration, Buyer and Seller shall present their respective
positions in writing to the arbitrator, together with such evidence as each party deems appropriate. The arbitrator shall be instructed
to resolve the dispute through a final decision within thirty (30) days after submission of Buyer&rsquo;s and Seller&rsquo;s positions
to the arbitrator. The costs incurred in employing the arbitrator shall be borne equally by Seller and Buyer. After the arbitrator
makes a determination as to the disputes, the arbitrator shall instruct the parties to implement its decision or to pay monies,
as appropriate. A decision may be filed in any court of competent jurisdiction and may be enforced by any party as a final judgment
or such court. If Buyer claims or asserts Environmental Defects the aggregate amount of which, together with all other adjustments
to the Purchase Price asserted by Buyer and Assets removed from this Agreement, would allow Seller or Buyer to terminate this Agreement
under Section 2.5 (but neither Buyer nor Seller has elected to terminate this Agreement), but Seller disputes the existence or
amount of such Environmental Defects and such disputes are submitted for resolution under this Section 5.10, then Closing will
be postponed until five (5) business days after the arbitrator makes a determination with respect to such dispute, with Seller
and Buyer retaining their rights to terminate this Agreement under Section 2.5 until four (4) business days after such determination
is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SELLER&rsquo;S REPRESENTATIONS AND
WARRANTIES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Seller and FRI
(in its capacity as a Seller and the operator of the Assets), severally, but not jointly, makes the following representations and
warranties solely on behalf of itself (and all references in this Article 6 to &ldquo;Seller&rdquo; shall be deemed to mean &ldquo;each
Seller&rdquo;) and all representations and warranties contained in Sections 6.6, 6.8 through 6.21 shall be deemed to be made to
the knowledge of Seller and FRI:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Organization
and Standing.</U></B> Seller is a limited partnership or limited liability company duly organized, validly existing and in good
standing under the laws of the state of its organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Power.</U></B>
Seller has full power and authority and has taken all requisite action, corporate or otherwise, to authorize Seller to carry on
Seller&rsquo;s business as presently conducted, to own the Assets, to enter into this Agreement and to perform Seller&rsquo;s obligations
under this Agreement. Neither the execution and delivery of this Agreement nor the performance of Seller&rsquo;s obligations hereunder
will (i) violate any certificate of formation, bylaws, certificate of organization, limited liability company agreement, certificate
of limited partnership and/or limited partnership agreement, as applicable; or (ii) violate or constitute a default under any law,
regulation, contract, agreement, consent, decree or judicial order by which Seller or any of its officers, directors, stockholders,
limited liability company members or partners are bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Authorization
and Enforceability.</U></B> The execution, delivery and performance of this Agreement and the transactions contemplated hereby
have been duly and validly authorized by all requisite corporate actions on Seller&rsquo;s part. This Agreement constitutes Seller&rsquo;s
legal, valid and binding obligation, enforceable in accordance with its terms, subject, however, to the effects of bankruptcy,
insolvency, reorganization, moratorium and other laws for the protection of creditors, as well as to general principles of equity,
regardless whether such enforceability is considered in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Liability
for Brokers&rsquo; Fees.</U></B> Seller has not incurred any liability, contingent or otherwise, for brokers&rsquo; or finders&rsquo;
fees relating to the transactions contemplated by this Agreement for which Buyer shall have any responsibility whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>No
Bankruptcy.</U></B> There are no bankruptcy proceedings pending, being contemplated by, or to the knowledge of Seller, threatened
against Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Litigation</U></I></B></FONT><B><U>.</U></B>
Schedule 6.6 sets forth all litigation and claims (the &ldquo;Litigation&rdquo;) pending or threatened in writing, against or by
the Seller or the Assets, and none of the litigation would prevent the consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Taxes.</U></I></B></FONT>
Except as set forth on Schedule 6.7: (a) all material tax returns that were required to be filed by the Seller on or before the
date of this Agreement have been duly and timely filed and the information provided on each such tax return is complete and accurate
in all material respects; (b) all Taxes shown as due on each such tax return have been timely paid in full and no other material
Taxes are payable by the Seller with respect to items or periods covered by such tax returns; (c) no penalty, interest or other
charge is or will become due with respect to the late filing of any such Tax Return or late payment of any such Tax; (d) the Seller
has paid all material amounts of Taxes due and owing any Governmental Authority in full with respect to the Assets; and (e) other
than Permitted Encumbrances, there are no Tax liens on or with respect to the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Material
Contracts</U></I></B></FONT><B><I><U>.</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule
6.8 sets forth all Contracts (other than oil and gas leases) of the type described below to which the Seller is a party (collectively,
all of such Contracts, the &ldquo;Material Contracts&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Contract that can reasonably be expected to result in aggregate payments by the Seller of more than Two Hundred Fifty Thousand
Dollars ($250,000) during the current or any subsequent fiscal year of the Seller (based solely on the terms thereof and without
regard to any expected increase in volumes or revenues);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Contract that can reasonably be expected to result in aggregate revenues to the Seller of more than Two Hundred Fifty Thousand
Dollars ($250,000) during the current or any subsequent fiscal year of the Seller (based solely on the terms thereof and without
regard to any expected increase in volumes or revenues);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
purchase, sales, transportation, processing, refining or similar Contract with respect to Hydrocarbons that is not terminable without
penalty on sixty (60) days or less notice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
indenture, mortgage, loan, note, credit or sale-leaseback or similar Contract to which the Seller is bound or to which the Assets
are subject (whether the Seller is the borrower, lender or guarantor) and all related security agreements or similar agreements
associated therewith that will not be released as of Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Contract that constitutes a lease (other than an oil and gas lease or similar lease), under which the Seller is the lessor or the
lessee of real or personal property which lease (A)&nbsp;cannot be terminated by the Seller without penalty upon sixty (60) days
or less notice and (B) involves an annual base rental of more than Fifty Thousand Dollars ($50,000);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Contract with Seller or an Affiliate of Seller that will not be terminated prior to Closing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Contract pending for the acquisition or disposition, directly or indirectly (by merger or otherwise), of the Assets with a value
in excess of $50,000 (other than inventory or sales of Hydrocarbons);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent not otherwise identified in Schedule 6.8, any suretyship Contract, performance bond, working capital maintenance or
other form of guaranty relating to the Assets that will be assumed by or binding upon Buyer after the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent not otherwise identified in Schedule 6.8, Contracts for the exchange of Hydrocarbons; farm-out or farm-in agreements;
participation agreements; agreements of development; area of mutual interest agreements; gas balancing and deferred production
agreements; plant agreements; production handling agreements; injection, repressuring and recycling agreements; carbon dioxide
purchase or sale agreements; and salt water or other disposal agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth on Schedule 6.8 and except for such matters that would not have a material adverse effect (a) the Material Contracts
and all other Contracts to which the Seller is a party are in full force and effect in accordance with their respective terms,
(b) there exist no defaults thereunder by the Seller or by any other person that is a party to such Contracts and (c) no event
has occurred that with notice or lapse of time or both would constitute any default under any such Contract by the Seller or any
other person who is a party to such Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Violation of Laws</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth on Schedule 6.9 excluding Environmental Laws, the
Seller has not violated any applicable laws with respect to the ownership and operation of the Assets or any permit or order of
the Seller, except (in each case) where such violation would not have a material adverse effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Preferential
Rights</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth in Schedule 6.10, there are no preferential rights to purchase
that are applicable to the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Restrictions
on Assignment</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth in Schedule 6.11 and except for such consents that are
Permitted Encumbrances under Section 4.1(e)(10), there are no consents or other restrictions on assignment that would be applicable
in connection with the sale of the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Royalties.</U></I></B><I>
</I></FONT>Except for such matters that would not have a material adverse effect, the Seller has paid (a) all royalties due with
respect to interests in the Assets owned by it, and (b) all bonus, rentals, and similar payments that are necessary to maintain
in force its rights in and to the Assets. Except for such matters that would not have a material adverse effect, (a) the Leases
are in full force and effect in accordance with their terms, (b) there exist no defaults under any of the Leases by the Seller
or by any other Person that is a party to such Leases and (c) no event has occurred that with notice or lapse of time or both would
constitute any default under any of such Leases by the Seller or any other Person who is a party to any of such Leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Personal
Property</U></I></B></FONT><B><I><U>.</U></I></B> Subject to the Permitted Encumbrances, the Seller has valid title to the personal
property constituting a part of the Assets, except where lack of such title would not have a material adverse effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>No
Notice of Violation of Environmental Laws</U></I></B></FONT><B><I><U>.</U></I></B> Seller has not received any written communication
that alleges that the Seller is not in compliance with applicable Environmental Laws. Seller has not used any waste disposal site,
or otherwise disposed of, or transported, or arranged for the transportation of, any Hazardous Materials to any location in violation
of any Environmental Law, except where the effect of such violation would not have a material adverse effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Environmental
Permits</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth in Schedule 6.15, Seller has obtained or has applied for all
permits issued pursuant to Environmental Laws (collectively, the &ldquo;Environmental Permits&rdquo;) necessary for the conduct
of its business relating to the Assets, and all such Environmental Permits are in full force and effect or, where applicable, a
renewal application has been timely filed and is pending agency approval. The Seller is in compliance with all terms and conditions
of each Environmental Permit, in each case except where the failure to obtain or be in compliance with such Environmental Permit
or the requirement to make any expenditure in connection with such Environmental Permit would not have a material adverse effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Imbalances</U></I></B></FONT><I>.</I>
To Seller&rsquo;s Knowledge, Schedule 6.16 sets forth all gas imbalances associated with the Assets as of the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Drilling
Obligations</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth on Schedule 6.17 there are no unfulfilled drilling obligations
affecting the Assets, other than provisions requiring optional drilling as a condition of maintaining or earning all or a portion
of a lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Current
Commitments</U></I></B></FONT><B><I><U>.</U></I></B> Schedule 6.18 sets forth as of the date of this Agreement all authorizations
for expenditures (&ldquo;AFEs&rdquo;) relating to the Assets to drill or rework wells or for other capital expenditures pursuant
to any of the Material Contracts or any applicable joint operating agreement for which all of the activities anticipated in such
AFEs or commitments have not been completed by the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Seismic
Data</U></I></B></FONT><I>.</I> Except as set forth in Schedule 6.8 the Seller is not a party to any Contract with a seismic vendor
which will affect the Assets after Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Hedging</U></I></B></FONT><B><I><U>.</U></I></B>
Except as listed on Schedule 6.20, the Seller is not a party to any oil, natural gas or other futures or options trading agreement
or any price swaps, hedges, futures or similar instruments (collectively, &ldquo;Futures/Swaps&rdquo;) which will affect the Assets
after Closing. None of the operators of the Assets have subjected the Seller&rsquo;s share of Hydrocarbon production attributable
to such Assets to any Futures/Swaps which will affect Buyer&rsquo;s interest in the Assets after Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Sales
Contracts</U></I></B></FONT><B><I><U>.</U></I></B> Except as set forth in any Contract listed on Schedule 6.8, no Person has any
call upon, option to purchase, or similar rights with respect to the Seller&rsquo;s share of the production of Hydrocarbons produced
from the wells or units comprising a portion of the Assets. Seller is currently receiving from all purchasers of its Hydrocarbon
production from the wells or units comprising a portion of the Assets or the operators thereof the proceeds attributable to its
Net Revenue Interest from the sale of its Hydrocarbon production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Take
or Pay, etc</U></I></B></FONT><B><I>.</I></B> Seller is not obligated, by virtue of a prepayment arrangement, a &ldquo;take or
pay&rdquo; or other prepayment arrangement, a production payment, or any other arrangement, to deliver any volume of Hydrocarbons,
or permit any other person to take any volume of Hydrocarbons, produced from or attributable to the Assets at some future time
without then or thereafter receiving full payment therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
7</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BUYER&rsquo;S REPRESENTATIONS AND
WARRANTIES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Organization
and Standing</U>.</B> Buyer is a corporation, duly organized, validly existing and in good standing under the law of the State
of Nevada and is duly qualified to carry on its business in the State of Texas and in each state where failure to so qualify would
have a material adverse effect on Buyer or its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Power</U>.</B>
Buyer has all requisite power and authority to carry on its business as presently conducted and to enter into this Agreement. The
execution and delivery of this Agreement and consummation of the transactions contemplated hereby and the fulfillment of and compliance
with the terms and conditions hereof will not violate, nor be in conflict with, any material provision of its organizational documents
or other governing documents or of any agreement or instrument to which it is a party or by which it is bound, or, to its knowledge,
any judgment, decree, order, statute, rule or regulation applicable to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Authorization
and Enforceability</U>.</B> The execution, delivery and performance of this Agreement have been duly and validly authorized by
all requisite corporate action in its part. This Agreement constitutes the legal, valid and binding obligation of Buyer, enforceable
in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar
laws for the protection of creditors, as well as to general principles of equity, regardless whether such enforceability is considered
in a proceeding in equity or at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Liability
for Brokers&rsquo; Fees</U>.</B> Buyer has not incurred any liability, contingent or otherwise, for brokers&rsquo; or finders&rsquo;
fees relating to the transactions contemplated by this Agreement for which Seller shall have any responsibility whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Litigation.</U></B>
There is no action, suit, proceeding, claim or investigation by any person, entity, administrative agency or governmental body
pending or to the best of Buyer&rsquo;s knowledge, threatened against it before any governmental authority that impedes or is likely
to impede its ability to consummate the transactions contemplated by this Agreement and to assume the liabilities to be assumed
by it under this Agreement (except for any such action, suit, proceeding, claim or investigation that does not and would not, individually
or in the aggregate, have a material adverse effect on the same).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Financial
Resources</U>.</B> Buyer has the financial resources available to close the transaction contemplated by this Agreement without
financing that is subject to any material contingency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Independent
Evaluation</U>.</B> Buyer is experienced and knowledgeable in the oil and gas business and is aware of its risks. Buyer has been
afforded the opportunity to examine materials made available to it by FRI and Seller with respect to the Assets including without
limitation the Records (collectively, the &ldquo;Background Materials&rdquo;). The Background Materials are files, or copies thereof,
that FRI and Seller have used in their normal course of business and other information about the Assets that FRI or Seller has
compiled or generated. <B>BUYER ACKNOWLEDGES AND AGREES THAT NEITHER FRI NOR SELLER HAVE MADE ANY REPRESENTATIONS OR WARRANTIES
OF ANY KIND, EXPRESS OR IMPLIED, WRITTEN OR ORAL, AS TO THE ACCURACY OR COMPLETENESS OF THE BACKGROUND MATERIALS OR ANY OTHER INFORMATION
RELATING TO THE ASSETS FURNISHED BY OR ON BEHALF OF FRI OR SELLER OR TO BE FURNISHED TO BUYER OR ITS REPRESENTATIVES, INCLUDING
WITHOUT LIMITATION ANY INTERNAL APPRAISALS AND/OR INTERPRETIVE DATA OF FRI OR SELLER. </B> Buyer acknowledges and affirms that
it has relied and will rely solely upon its independent analysis, evaluation and investigation of, and judgment with respect to,
the business, economic, legal, tax or other consequences of this transaction including its own estimate and appraisal of the extent
and value of the petroleum, natural gas and other reserves associated with the Assets. To the extent Buyer deemed appropriate,
Buyer&rsquo;s representatives visited FRI&rsquo;s offices and have been given sufficient opportunities to examine the books and
records of FRI and Seller relating to the Assets. Neither FRI, Seller nor their respective affiliates, agents, representatives
or employees shall have any liability to Buyer or its agents, representatives or employees resulting from any use, authorized or
unauthorized, of the Background Materials or other information relating to the Assets provided by or on behalf of FRI and Seller
or their respective agents, representatives or employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Waiver
of DTPA</U>.</B> Seller and Buyer intend that Buyer&rsquo;s rights and remedies with respect to the transaction contemplated by
this Agreement and with respect to all acts or practices of Seller, past, present or future, in connection with the transaction
contemplated by this Agreement shall be governed by legal principles other than the Texas Deceptive Trade Practices - Consumer
Protection Act, Tex. Bus. &amp; Com. Code Ann. &sect; 17.41, et seq. (Vernon 1987) (the &ldquo;DTPA&rdquo;). As such, Buyer hereby
waives the applicability of the DTPA to the transaction contemplated by this Agreement and any and all duties, rights or remedies
that might be imposed by the DTPA, whether such duties, rights and remedies are applied directly by the DTPA itself of indirectly
in connection with other statutes. Buyer hereby warrants and represents to Seller, as of the date hereof and as of the Closing
Date, that (i) Buyer is not in a significantly disparate bargaining position, (ii) Buyer has been represented by legal counsel
in connection with the transaction contemplated by this Agreement, which transaction does not involve the purchase or lease of
a family residence occupied or to be occupied as a residence, and which transaction is for a consideration paid or to be paid that
exceeds $500,000.00 and (iii) Buyer is a business consumer with assets of $5,000,000.00 or more according to Buyer&rsquo;s most
recent financial statement prepared in accordance with GAAP and has knowledge and experience in financial and business matters
that enable Buyer to evaluate the merits and risks of the transaction. Buyer acknowledges that the Purchase Price is predicated
upon this waiver of the DTPA and the inapplicability of the DTPA and Buyer&rsquo;s representations and warranties contained in
this Section 7.8, and the Seller, in determining to proceed with entering into this Agreement, has expressly relied upon this waiver
and the inapplicability of the DTPA and Buyer&rsquo;s representations and warranties contained in this Section 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
8</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>COVENANTS AND AGREEMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Covenants
and Agreements of Seller and FRI</U>.</B> Seller and FRI (in its capacity as a Seller and the operator of the Assets) each covenant
and agree with Buyer as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Operations
Prior to the Closing Date.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seller&rsquo;s
Pre-Closing Operations</U>. Prior to Closing, FRI, at the sole cost and expense of Seller, will conduct and complete those specific
operations listed on Exhibit H attached hereto (the &ldquo;Seller&rsquo;s Pre-Closing Operations&rdquo;). With respect to the cleaning
and closing of certain surface pits listed on Exhibit H, prior to closing such pits, FRI will consult with Buyer to determine if
Buyer prefers that FRI clean the pits by removing all water and other substances from such pits but not closing such pits so that
such pits will remain available for Buyer&rsquo;s use after Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kingfisher
6-2 Well. The Lease described on Exhibit I attached hereto (the &ldquo;Kingfisher Lease&rdquo;) contains a provision that if a
well is not commenced on the lands covered by the Kingfisher Lease by June 28, 2015, the Kingfisher Lease will be subject to partial
termination as to certain lands covered by the Kingfisher Lease. Prior to June 28, 2015, FRI will either (i) commence the drilling
of the Kingfisher 6-2 Well on the lands covered by the Kingfisher Lease or (ii) obtain at least a three (3) month extension under
the Kingfisher Lease to the date on which the Kingfisher 6-2 Well must be commenced under the terms of the Kingfisher Lease in
order to avoid partial termination of the Kingfisher Lease, the costs and expenses of which (either (i) or (ii) above) will be
for the account of Buyer. If FRI commences the drilling of the Kingfisher 6-2 Well, it will remain as operator of the Kingfisher
6-2 Well and supervise the drilling of the Kingfisher 6-2 Well pursuant to the terms of the applicable joint operating agreement
until casing point of such well (as such point is described in the applicable joint operating agreement), at which time FRI will
resign as operator of such well and Buyer will take-over operations of such well as successor operator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Operations</U>. Except as otherwise consented to in writing by Buyer or provided in this Agreement from the date of execution hereof
to the Closing Date, FRI shall use reasonable efforts to maintain and operate the properties in a good and workmanlike manner consistent
with past practices. Subject to the provisions of Section 2.4, FRI and Seller shall pay or cause to be paid its proportionate share
of all costs and expenses incurred in connection with such operations. To the extent FRI or Seller receives written AFEs or actual
notice of such, FRI or Seller, as applicable, shall notify Buyer of ongoing activities and major capital expenditures in excess
of $50,000 per activity net to Seller&rsquo;s interest conducted on the Assets and shall consult with Buyer regarding all such
matters and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restriction
on Operations</U>. Except for the Current Operations and subject to Section 8.1(a), unless FRI and Seller obtains the prior written
consent of Buyer to act otherwise, prior to the Closing Date FRI and Seller will use good faith efforts within the constraints
of the applicable operating agreements and other applicable agreements to not (i) abandon any part of the Assets (except in the
ordinary course of business or the abandonment of leases upon the expiration of their respective terms or if not capable of production
in paying quantities), (ii) approve any operations on the properties anticipated in any instance to cost the owner of the Assets
more than $50,000 per activity net to Seller&rsquo;s interest (excepting emergency operations, operations required under presently
existing contractual obligations, ongoing commitments under existing AFEs and operations undertaken to avoid a monetary penalty
or forfeiture provision of any applicable agreement or order), (iii) convey or dispose of any material part of the Assets (other
than replacement of equipment or the sale of oil, gas, and other liquid products produced from the Assets in the ordinary course
of business) or enter into any farmout, farmin or other similar contract affecting the Assets if the net expense to Seller&rsquo;s
interest will be in excess of $50,000, (iv) let lapse any insurance now in force with respect to the Assets, or (v) materially
modify or terminate any of the agreements which affect the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Marketing.</U>
Unless FRI and Seller obtains the prior written consent of Buyer to act otherwise, prior to the Closing Date FRI and Seller will
not alter any existing marketing contracts currently in existence, or enter into any new marketing contracts or agreements providing
for the sale of Hydrocarbons for a term in excess of sixty (60) days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents.</U>
For the purposes of obtaining the written consents required in this Section 8.1, this Section 8.1(d) shall control over Section
15.3, and Buyer designates the following contact person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">P.O. Box 11350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Midland, Texas 79702</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Kelly Hoffman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(432)682-7464 (phone)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(432)682-7465 (facsimile)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">email: khoffman@ringenergy.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such consents may be obtained in writing
by mail or facsimile transmission, or given verbally if confirmed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Status.</U>
Each Seller shall use all reasonable efforts to maintain its legal status from the date hereof until the Final Settlement Date
and to assure that as of the Closing Date it will not be under any material restriction that would prohibit or delay the timely
consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws.</U> Prior to the Closing Date, FRI and Seller shall attempt in good faith to comply in all material respects with all
applicable statutes, ordinances, rules, regulations and orders relating to the ownership and operation of the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance.</U>
Prior to the Closing Date, FRI and Seller (if Seller currently maintains such insurance) shall maintain its insurance with respect
to the Assets as is reasonable and customary in the industry for properties comparable to the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI
and Seller acknowledge that Buyer may be required to include statements of revenues and direct operating expenses and other financial
information relating to the Assets (&ldquo;Financial Statements&rdquo;) in documents filed with the SEC by Buyer pursuant to the
Securities Act of 1933, as amended, and that such Financial Statements may be required to be audited. In that regard, FRI and Seller
shall provide Buyer reasonable access to such records (to the extent such information is available) and personnel of FRI and Seller
as Buyer may reasonably request to enable Buyer, and its representatives and accountants, at Buyer&rsquo;s sole cost and expense,
to create and audit any Financial Statements that Buyer deems necessary. Notwithstanding the foregoing, (i) FRI and Seller shall
in no event be required to create new records relating to the Assets and (ii) the access to be provided to Buyer pursuant to this
Section 8.1(h) shall not interfere with Seller&rsquo;s ability to prepare its own financial statements or its regular conduct of
business and shall be made available during FRI and Seller&rsquo;s normal business hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI
and Seller shall consent to the inclusion or incorporation by reference of the Financial Statements in any registration statement,
report or other document of Buyer to be filed with the SEC in which Buyer reasonably determines that the Financial Statements are
required to be included or incorporated by reference to satisfy any rule or regulation of the SEC or to satisfy relevant disclosure
obligations under the Securities Act or the Securities Exchange Act of 1934, as amended. Upon request of Buyer, FRI and Seller
shall request the external audit firm that audits the Financial Statements (the &ldquo;Audit Firm&rdquo;) to consent to the inclusion
or incorporation by reference of its audit opinion with respect to the audited Financial Statements in any such registration statement,
report or other document. FRI and Seller shall provide Buyer and Buyer&rsquo;s independent accountants with access to (i) audit
work papers of FRI and/or Seller&rsquo;s independent accountants and (ii) management representation letters provided by FRI and/or
Seller to their independent accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Compete
in Area of Interest</U>. FRI and Seller agree that for a twelve (12) month period commencing on the Closing Date, each of FRI and
Seller shall cease leasing, buying or otherwise participating in any manner (whether directly or indirectly) in any and all oil
and gas activities within the geographical area comprising any portion of the Assets, as well a three (3) mile radius around any
portion of such Assets (collectively, the &ldquo;Area of Interest&rdquo;). During the twelve (12) month period following the Closing
Date, FRI and Seller shall promptly notify Buyer in writing of any potential oil and gas activities in the Area of Interest, and
in such event, FRI and/or Seller (as the case may be) shall be allowed to pursue such activities in the event Buyer declines to
pursue such activities or otherwise fails to respond to FRI and/or Seller within thirty (30) days after receipt of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Covenants
and Agreements of Buyer</U>. </B>Buyer covenants and agrees with Seller that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Status</U>.
Buyer shall maintain its legal status from the date hereof until the Final Settlement Date. As of the Closing Date, Buyer will
not be under any material restriction that would prohibit or delay the timely consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bonding;
Insurance</U>. On or before five (5) days prior to the Closing Date, Buyer shall provide evidence to FRI and Seller that Buyer
has arranged to have in place, to be effective on the Closing Date and relating to the ownership and operation of the Assets after
the Closing Date (i) all necessary federal, state, Indian and local bonds, and (ii) insurance as is reasonable and customary in
the industry for properties comparable to the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents</U>.
Cooperate with Seller, at no expense to Buyer, in obtaining any required consents to assignment of any Assets as set forth in Section
4.2(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Covenants
and Agreements of the Parties.</U></B> Buyer covenants and agrees with Seller that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Operatorship;
Seller/FRI Obligations</U>. Seller and FRI each agree that it will promptly take (and/or cause each of its affiliates to take)
such actions as are necessary for Buyer to become the successor operator of those Assets now operated by FRI and to obtain all
necessary approvals of governmental authorities and will indemnify Buyer from any and all liabilities, costs and expenses in connection
with the succession of FRI by Buyer as operator of the Assets now operated by FRI. Seller and/or FRI will provide executed originals
to Buyer prior to the Closing Date to the extent available and in any event promptly after same becomes available, of all forms
to be filed with the appropriate governmental authorities necessary to replace FRI as operator of the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Government
Reviews and Filings</U>. Before and after the Closing Date, FRI, Seller and Buyer shall cooperate to provide requested information,
make required filings with, prepare applications to and conduct negotiations with each governmental agency as required to consummate
the transaction contemplated hereby. Each party shall make any governmental filings occasioned by its ownership or structure. Buyer
shall make all filings after the Closing Date at its expense with governmental agencies necessary to transfer title to the Assets
or to comply with laws and shall indemnify and hold harmless FRI and Seller from and against all claims, costs, expenses, liabilities
and actions arising out of Seller&rsquo;s holding of such title after the Closing Date and prior to the securing of any necessary
governmental approvals of the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Data
and Information</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
All data and information obtained from FRI and Seller in connection with the transactions contemplated by this Agreement whether
before or after the execution of this Agreement, and data and information generated by Buyer in connection with this transaction
(collectively the &ldquo;Information&rdquo;) is deemed by the parties to be confidential and proprietary to FRI and Seller. Following
the Closing Date (and for a period of two (2) years if the consummation of the transactions contemplated hereunder should not occur
for any reason), except as required by law, Buyer and its officers, agents and representatives will hold in strict confidence the
terms of this Agreement and all Information, except any Information which : (i) at the time of disclosure to Buyer by FRI or Seller
is in the public domain; (ii) after disclosure to Buyer by Seller becomes part of the public domain by publication or otherwise,
except by breach of this covenant by Buyer; (iii) Buyer can establish by competent proof was rightfully in its possession at the
time of disclosure to Buyer by FRI or Seller; (iv) Buyer rightfully receives from third parties free of any obligation of confidence;
or (v) is disclosed to Buyer&rsquo;s consultants, investors and lenders who similarly agree to protect the confidentiality of such
Information and agree to use such Information only for their due diligence evaluation of the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Return
of Information</U>. If the transaction contemplated by this Agreement does not close on or before the Closing Date, Buyer shall
(i) return to FRI all copies of the Records and Information generated by FRI or Seller or otherwise in the possession of Buyer
obtained under the terms of this Agreement, which Information is at the time of termination required to be held in confidence pursuant
to Section 8.3(c)(1); (ii) not utilize or permit utilization of the Information to compete with Seller; and (iii) destroy any and
all notes, reports, studies or analyses made or generated by Buyer, based on or incorporating the Records and Information, and
certify said destruction in writing to Seller. The terms of this Section 8.3(c) shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Injunctive
Relief</U>. Buyer agrees that Seller will not have an adequate remedy at law if Buyer violates any of the terms of this Section
8.3(c). In such event, Seller will have the right, in addition to any other right it may have, to obtain injunctive relief, without
the requirement of posting a bond, to restrain any breach or threatened breach of the terms of this Section 8.3(c) or to obtain
specific enforcement of such terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality.</U>
In connection with reviewing certain information during the bid process with respect to the Assets, Buyer executed a Confidentiality
Agreement dated April 13, 2015. This Agreement shall supersede the provisions of the Confidentiality Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Facilities
Sharing Agreement</U>. If any Asset is excluded from this Agreement in accordance with the provisions hereof, then at Closing,
Seller and Buyer agree to negotiate in good faith in an attempt to enter into a facilities sharing agreement pursuant to which
Seller shall have the right to use all common facilities relating to ownership, operation and development of the Assets, including
the water transportation facilities, the electric transmission facilities, pipelines, compressors, roads and other common surface
facilities, such as storage tanks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
9</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TAX MATTERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Apportionment
of Tax Liability.</U></B> &ldquo;Taxes&rdquo; shall mean all ad valorem, property, production, excise, conservation, net proceeds,
severance, and all other taxes and similar obligations assessed against the Assets or based upon or measured by the ownership of
the Assets or the production of Hydrocarbons or the receipt of proceeds therefrom other than income taxes. With respect to the
Assets and all personal property associated therewith, all Taxes shall be prorated between Seller and Buyer as of the Effective
Time for all taxable periods that include the Effective Time; provided, however, that any Taxes determined by the value of any
production or ownership of any property shall be deemed to be attributable to the period during which the Taxes were assessed.
Accordingly, Buyer expressly assumes all obligations and liabilities for all Taxes attributable to the Assets which relate to the
assessment of Taxes on production or ownership of the Assets after the Effective Time, and, subject to Section 13.1, Seller expressly
retains all obligations and liabilities for all Taxes attributable to the Assets which relate to the assessment of Taxes on production
or ownership of the Assets prior to the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Calculation
of Tax Liability</U></B><U>.</U> Consistent with Section 9.1 and with respect to the tax liability apportioned in Section 9.1,
if any Taxes relating to the assessment of Taxes on ownership or operation of Assets are incurred by Seller for a tax period which
commences prior to the Effective Time and extends for a period after the Effective Time, then the respective parties&rsquo; liability,
if any, for such Taxes for both the period prior to the Effective Time and the period subsequent to the Effective Time shall be
determined by prorating such Taxes to Seller in the ratio that the number of days in the assessment period before the Effective
Time bears to the total number of days in the assessment period, and to the Buyer in the ratio that the number of days in the assessment
period on or after the Effective Time bears to the total number of days in the assessment period. Based on the best current information
available as of the Closing Date, the proration shall be made between the parties as an adjustment to the Purchase Price in accordance
with Section 2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Tax
Reports and Returns</U></B><U>.</U> For the tax period in which the Effective Time occurs, Seller agrees to immediately forward
to Buyer any such tax reports and returns received by Seller after the Closing Date and provide Buyer with appropriate information
which is necessary for Buyer to file and require tax reports and returns. Buyer agrees to file all tax returns and reports applicable
to the Assets that Buyer is required to file after the Closing Date, and pay all required Taxes payable with respect to the Assets
subject to the provisions of Section 9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Sales
and Transfer Taxes</U>.</B> Buyer shall be liable for and shall indemnify Seller for, any sales and use taxes, conveyance, transfer,
and real estate transfer stamps or taxes that may be imposed on any transfer of the Assets pursuant to this Agreement. If required
by applicable law, Buyer shall, in accordance with applicable law, calculate and remit any sales or similar taxes that are required
to be paid as a result of the transfer of the Assets to Buyer. If Seller receives notice that any sales and/or use taxes are due,
Seller shall promptly forward such notice to Buyer for handling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
10</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CONDITIONS TO CLOSING</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Seller&rsquo;s
Conditions.</U></B> The obligations of Seller on the Closing Date are subject, at the option of Seller, to the satisfaction at
or prior to the Closing Date of the following conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Buyer&rsquo;s representations and warranties contained in Article 7 of this Agreement shall be true in all material respects at
and as of the Closing Date in accordance with their terms as if such representations and warranties were remade at and as of the
Closing Date, and Buyer shall have performed and satisfied all covenants and agreements required by this Agreement to be performed
and satisfied by Buyer at or prior to the Closing Date in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order shall have been entered by any court or governmental agency having jurisdiction over the parties or the subject matter of
this Agreement that restrains or prohibits the purchase and sale contemplated by this Agreement and which remains in effect on
the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
shall have received the evidence of bonding and insurance as required in Section 8.2(b); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Buyer nor Seller has elected to terminate this Agreement pursuant to Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Buyer&rsquo;s
Conditions.</U></B> The obligations of Buyer on the Closing Date are subject, at the option of Buyer, to the satisfaction at or
prior to the Closing Date of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
representations and warranties of Seller contained in Article 6 of this Agreement shall be true in all material respects at and
as of the Closing Date in accordance with their terms as if such representations and warranties were remade at and as of the Closing
Date and Seller shall have performed and satisfied all covenants and agreements required by this Agreement to be performed and
satisfied by Seller at or prior to the Closing Date in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
order shall have been entered by any court or governmental agency having jurisdiction over the parties or the subject matter of
this Agreement that restrains or prohibits the purchase and sale contemplated by this Agreement and which remains in effect on
the Closing Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Buyer nor Seller has elected to terminate this Agreement pursuant to Section 2.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
11</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RIGHT OF TERMINATION AND ABANDONMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Termination.</U>
</B>This Agreement may be terminated in accordance with the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
Seller if the conditions set forth in Section 10.1 are not satisfied through no fault of Seller, or waived by Seller as of the
Closing Date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
Buyer if the conditions set forth in Section 10.2 are not satisfied through no fault of Buyer or waived by Buyer as of the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Liabilities
Upon Termination.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Buyer&rsquo;s
Breach.</U> If the transactions contemplated by this Agreement are not consummated on or before the date specified in Section 12.1
by reason of Buyer&rsquo;s failure to tender performance of the Closing Date, and Seller is in compliance with the terms of this
Agreement and terminates this Agreement, or if Seller terminates this Agreement pursuant to Section 11.1(a), FRI and Buyer shall
thereafter (but within three (3) business days following the date such notice is received by Buyer) provide joint written instructions
to the Escrow Agent to pay the Deposit to FRI as liquidated damages and as the sole and exclusive remedy of Seller, and Seller
shall have no further obligation to Buyer with respect to the Assets or under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Seller&rsquo;s
Breach.</U> If the transactions contemplated by this Agreement are not consummated on or before the date specified in Section 12.1
by reason of Seller&rsquo;s failure to tender performance on the Closing Date, and Buyer is in compliance with the terms of this
Agreement, and Buyer elects to terminate this Agreement in accordance with Section 11.1(b), FRI and Seller shall (but within three
(3) business days following the date such notice is received by Seller) (i) provide joint written instructions to the Escrow Agent
to return the Deposit to Buyer and (ii) pay to Buyer an amount equal to the Deposit as liquidated damages and as the sole and exclusive
remedy of Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
Without Liability</U>. If this Agreement is terminated because of a failure of the conditions set forth in Section 10.1(b) or 10.2(b),
or if this Agreement is terminated by the mutual agreement of the parties, FRI shall return the Deposit to Buyer, and each party
shall release the other party for any and all liabilities and obligations under the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
12</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CLOSING</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Closing
Date.</U></B> Unless otherwise agreed to in writing and subject to the conditions stated in this Agreement the Closing Date shall
be held on or before June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Place
of Closing</U></B><U>.</U> The consummation of the transactions contemplated under this Agreement shall be held at FRI&rsquo;s
offices in Fort Worth, Texas, at 9:00 a.m. or at such other time and place as Buyer and Seller may agree in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Closing
Obligations</U>.</B> On the Closing Date, the following events shall occur, each being a condition precedent to the others and
each being deemed to have occurred simultaneously with the others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
and FRI shall execute, acknowledge and deliver to Buyer (1) an Assignment, Bill of Sale and Conveyance of the Assets (other than
the Surface Lands) which Seller owns, effective as of the Effective Time to Buyer (in sufficient counterparts to facilitate filing
and recording) substantially in the form of Exhibit J conveying the Assets (other than the Surface Lands and the Mineral Interests)
with a special warranty of title (provided that Buyer shall not have any remedy under the special warranty of title in the Assignment,
Bill of Sale and Conveyance for any Title Defect to any Asset which was (of the subject matter of which was) asserted by Buyer
and addressed pursuant to Article 4 herein), but with no other warranties, express or implied, and in the existing condition &ldquo;as
is, where is&rdquo;, (2) a special warranty deed covering the Surface Lands substantially in the form of Exhibit K, (3) a mineral
deed with special warranty covering the Mineral Interests in the form of Exhibit L and (4) such other assignments, bills of sale,
or deeds necessary to transfer the Assets to Buyer, including without limitation any conveyances on official forms and related
documentation necessary to transfer the Assets to Buyer in accordance with requirements of governmental regulations (collectively,
the &ldquo;Conveyances&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI,
Seller and Buyer shall execute and deliver the Preliminary Settlement Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall deliver to FRI the Closing Amount by wire transfer in immediately available funds, or by such other method as may be agreed
to by the parties hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI
and Buyer shall provide joint written instructions to the Escrow Agent to pay the Deposit to FRI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
and FRI shall deliver to Buyer possession of the Assets which Seller and FRI own;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI,
Seller and Buyer shall execute and deliver letters in lieu directing all purchasers of production to pay Buyer the proceeds attributable
to production from the Assets from and after the Effective Time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall deliver to Seller evidence of appropriate federal, state, Indian and local bonds relating to ownership of the Assets after
the Closing Date and certificates of insurance evidencing that Buyer has obtained appropriate insurance covering the Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRI
and Seller shall deliver to Buyer a certificate substantiating its non-foreign status in accordance with Treasury Regulations under
Section 1445 of the Internal Revenue Code of 1986, as amended, in the form of Exhibit M (&ldquo;FIRPTA certificate&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall prepare and FRI shall execute and deliver to Buyer all forms necessary for Buyer to assume operations on the Assets as agreed
to by the parties; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
applicable, Seller and Buyer will execute the facilities sharing agreement set forth in Section 8.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
13</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>POST-CLOSING OBLIGATIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Post-Closing
Adjustments.</U></B> As soon as practicable after the Closing Date, but in no event later than ninety (90) days after the Closing
Date, Seller shall prepare and deliver to Buyer, in accordance with GAAP, a final settlement statement (the &ldquo;Final Settlement
Statement&rdquo;) setting forth each adjustment or payment that was not finally determined as of the Closing Date and showing the
calculation of such adjustment and the resulting final purchase price (the &ldquo;Final Purchase Price&rdquo;). Notwithstanding
anything contained in this Section 13.1 to the contrary, there shall be no adjustments on the Final Settlement Statement for any
claims, demands, liabilities, judgments, causes of action, Loss, damages, costs and expenses arising out of gas balancing matters,
suspense funds delivered by Seller to Buyer, title to the Assets, Environmental Matters or Current Operations, as the Buyer&rsquo;s
sole remedies for these matters are covered by other Sections of this Agreement. As soon as practicable after receipt of the Final
Settlement Statement, but in no event later than on or before twenty (20) days after receipt of Seller&rsquo;s proposed Final Settlement
Statement, Buyer shall deliver to FRI a written report containing any changes that Buyer proposes to make to the Final Settlement
Statement. Buyer&rsquo;s failure to deliver to FRI a written report detailing proposed changes to the Final Settlement Statement
by that date shall be deemed an acceptance by Buyer of the Final Settlement Statement as submitted by FRI. The parties shall agree
with respect to the changes proposed by Buyer, if any, no later than ten (10) days after receipt by FRI of Buyer&rsquo;s comments
to the Final Settlement Statement. The date upon which such agreement is reached or upon which the Final Purchase Price is established
for a transaction shall be herein called the &ldquo;Final Settlement Date.&rdquo; If (1) the Final Purchase Price is more than
the Closing Amount, Buyer shall pay FRI, on behalf of Seller, the amount of such difference, or (2) the Final Purchase Price applicable
to Buyer is less than the Closing Amount, FRI, on behalf of Seller, shall pay to Buyer the amount of such difference, in either
event by wire transfer of immediately available funds. Payment by Buyer or FRI, as the case may be, shall be within three (3) business
days of the Final Settlement Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Final
Settlement Statement.&nbsp;&nbsp;</U>The Final Settlement Statement and the Final Purchase Price paid thereunder shall be a final
settlement as between Buyer and Seller for all adjustments to the Purchase Price, and as of the Final Settlement Date, Buyer shall
assume all of the obligations and liabilities associated with the Assets, whether before, on or after the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispute
Resolution.&nbsp;&nbsp;</U>If the parties are unable to resolve a dispute as to the Final Purchase Price by ten (10) days after
FRI&rsquo;s receipt of Buyer&rsquo;s comments to the proposed Final Settlement Statement, the parties shall submit the dispute
to binding arbitration to PricewaterhouseCoopers LLP in accordance with the following procedures.&nbsp;&nbsp;No later than thirty
(30) days after initiating the arbitration procedure, the arbitrator shall conduct a hearing, at which time the parties shall present
such evidence and witnesses as they may choose, with or without counsel.&nbsp;&nbsp;Adherence to formal rules of evidence shall
not be required, but the arbitrator shall consider any evidence and testimony that it determines to be relevant, in accordance
with procedures that it determines to be appropriate.&nbsp;&nbsp;The arbitrator shall render its decision specifically establishing
the Final Purchase Price within ten (10) days after the hearing.&nbsp;&nbsp;A decision may be filed in any court of competent jurisdiction
and may be enforced by any party as a final judgment of such court.&nbsp;&nbsp;Without the consent of both FRI and Buyer, the arbitration
shall not determine any issues other than adjustments to be made pursuant to Section 2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Records.&nbsp;&nbsp;</U></B>Within
twenty (20) business days following the Closing Date, FRI shall make the Records available for pick up by Buyer.&nbsp;&nbsp;FRI
may retain copies of the Records, and FRI, Seller and Seller&rsquo;s predecessors in title shall have the right to review and copy
the Records during normal business hours upon reasonable notice to Buyer.&nbsp;&nbsp;Buyer agrees to not destroy or otherwise dispose
of the records for a period of six (6) years after the Closing Date without giving FRI and Seller reasonable advance notice and
an option at Seller&rsquo;s sole election to take delivery of such Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Transfer
and Recording Fees.&nbsp;&nbsp;</U></B>Seller shall submit all assignments and changes of operator forms for filing or recording
with the appropriate governmental or regulatory offices and shall pay all documentary, transfer, filing, licensing, and recording
fees required in connection with the processing, filing, licensing or recording of all such documents.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Additional
Proceeds and Invoices.&nbsp;&nbsp;</U></B>From and after the Closing Date until the Final Settlement Date, promptly after its receipt
thereof, but only to the extent that such proceeds or invoices shall not have been the subject of an adjustment to the Purchase
Price, (i) FRI and Seller agree to pay promptly to Buyer any and all proceeds received by FRI or Seller that are attributable to
the post-Effective Time production of Hydrocarbons from the Assets and to forward all unpaid invoices received by FRI or Seller
that are attributable to the production of Hydrocarbons from the Assets on or after the Effective Time, and (ii) Buyer agrees to
pay promptly to FRI any and all proceeds that are attributable to the pre-Effective Time production of Hydrocarbons from the Assets
and to forward all unpaid invoices received by Buyer that are attributable to the production of Hydrocarbons from the Assets prior
to the Effective Time, including any of such proceeds that were held in suspense by the purchasers of production.&nbsp;&nbsp;Nothing
in this Section 13.4 shall modify the indemnification obligations of the Parties set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Further
Assurances.&nbsp;&nbsp;</U></B>From time to time after the Closing Date, Seller, FRI and Buyer shall each execute, acknowledge
and deliver to the other such further instruments and take such other action as may be reasonably necessary in order to more effectively
assure to the other the full beneficial use and enjoyment of the Assets and otherwise to accomplish the purposes of the transactions
contemplated by this Agreement.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Suspense
Funds.&nbsp;&nbsp;</U></B>FRI agrees to convey and Buyer agrees to receive all suspense funds held by FRI, as of the date Buyer
assumes the accounting functions relating to the Assets, for the benefit of royalty, overriding royalty interest (and all other
such non-cost bearing interests) and working interest owners attributable to the Assets, and Buyer shall assume and defend, indemnify
and hold Seller, FRI and their respective employees harmless from all costs, expenses, claims, demands and causes of action associated
with such funds, but only as to the suspense funds actually transferred and not as to any liability resulting from FRI&rsquo;s
or Seller&rsquo;s failure to pay or retain any amounts prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
14</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ASSUMPTION OF OBLIGATIONS AND INDEMNIFICATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Assumption
of Liabilities and Obligations of Buyer</U></B><U>.&nbsp;&nbsp;</U>After the Closing Date, Buyer shall assume and pay, perform,
fulfill and discharge all claims, costs, expenses, liabilities and obligations accruing or relating to (i) the owning, developing,
exploring, operating or maintaining of the Assets or the producing, transporting and marketing of Hydrocarbons from the Assets,
relating to periods on and after the Effective Time, including without limitation, the payment of Capital/LOE/JIB Expenses and
Taxes, the obligations to plug and abandon all Wells and reclaim all Well sites, the make-up and balancing obligations for overproduction
of gas from the Wells, all obligations arising under the agreements affecting the Assets, and (ii) the failure of any of Buyer&rsquo;s
warranties and representations hereunder to be true (collectively, the &ldquo;Assumed Liabilities&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Buyer&rsquo;s
Indemnification of Seller</U></B><U>.&nbsp;&nbsp;</U>After the Closing Date, Buyer shall assume all risk, liability, obligation
and Losses in connection with, and shall defend, indemnify and save and hold harmless each Seller and FRI, their respective affiliates,
officers, directors, managers, shareholder, members, partners, employees, representatives, agents, beneficiaries, personal representatives,
successors and assigns forever from and against all Losses (other than Losses arising from Seller&rsquo;s (a) Retained Liabilities,
and (b) liabilities for Environmental Matters retained by Seller under Article 5) which arise from or in connection with (i) the
Assumed Liabilities, (ii) any matter for which Buyer has agreed to indemnify Seller and/or FRI in this Agreement, or (iii) any
breach by Buyer of this Agreement (subject to the limitations of Section 11.2).&nbsp;&nbsp;&ldquo;Losses&rdquo; shall mean any
actual loss, cost, expense, liability (including, civil fines), damage, demands, suits, sanctions of every kind and character including
reasonable fees and expenses of attorneys, technical experts and expert witnesses reasonably incident to matters indemnified against;
excluding however any special, consequential, punitive or exemplary damages.&nbsp;&nbsp;Buyer shall be deemed to have released
Seller and FRI on the Closing Date from any Losses for which Buyer has agreed to retain or indemnify Seller and FRI hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Liabilities
and Obligations Retained by Seller</U></B>.&nbsp;&nbsp;Subject to Section 13.1, Seller hereby retains and shall pay, perform, fulfill
and discharge, for a period of six (6) months from Closing, all claims, costs, expenses, liabilities and obligations accruing or
relating to (i) the owning, developing, exploring, operating or maintaining of the Assets which it owns or the producing, transporting
and marketing of Hydrocarbons from such Assts, relating to periods before the Effective Time, including without limitation, the
payment of Capital/LOE/JIB Expenses and Taxes and all obligations arising under the agreements which affect the Assets, but excluding
costs, expenses and losses arising out of gas balancing matters, suspense funds delivered by FRI to Buyer, title to the Assets,
Environmental Matters or Current Operations, as Buyer&rsquo;s exclusive remedies for these matters are set forth in other Sections
of this Agreement, (ii) the failure of Seller&rsquo;s warranties and representations hereunder to be true, (iii) Seller&rsquo;s
failure to properly or timely pay royalties with respect to the production of Hydrocarbons for the period prior to the Effective
Time, (iv) any claims under the Material Contracts that arose or were incurred prior to the Effective Time, (v) all Litigation
and any other litigation or claims arising prior to the Closing Date, whether or not scheduled, which affect Seller or the Assets;
(vi) liability of Seller to third parties for personal injury or death or property damage as a result of ownership or operation
of the Assets prior to the Effective Time, and (vii) ad valorem, property, severance and similar taxes attributable to Seller&rsquo;s
ownership of the Assets prior to the Effective Time.&nbsp;&nbsp;Subject to Sections 13.1 and 14.4, Seller hereby indefinitely retains
and shall pay, perform, fulfill and discharge all claims, costs, expenses, liabilities and obligations accruing or relating to
(i) Taxes relating to Seller or the Assets and (ii) the Excluded Assets.&nbsp;&nbsp;The foregoing obligations and liabilities to
be retained by Seller shall be collectively deemed the &ldquo;Retained Liabilities&rdquo; and shall be retained dollar for dollar,
except as provided in Section 14.4.&nbsp;&nbsp;To the extent that a claim is made with respect to a Retained Liability prior to
the expiration of the six (6) month survival period for such Retained Liability (if applicable), Seller shall retain such liability
indefinitely or until it is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Seller&rsquo;s
Indemnification of Buyer</U></B><U>.&nbsp;&nbsp;</U>After the Closing Date, each Seller shall defend, indemnify and save and hold
harmless Buyer, its officers, directors, employees, representatives, agents, beneficiaries, personal representatives, successors
and assigns forever from and against all Losses (other than Losses arising from Buyer&rsquo;s Assumed Liabilities) which arise
from or in connection with (i) the Retained Liabilities of Seller, (ii) any matter for which Seller has agreed to indemnify Buyer
in this Agreement, or (iii) any breach by Seller of this Agreement (subject to the limitations of Section 11.2).&nbsp;&nbsp;&ldquo;Losses&rdquo;
shall have the meaning set forth in Section 14.2. Seller&rsquo;s obligations under indemnities for the Retained Liabilities shall
only arise to the extent the indemnity for any individual event exceeds a deductible of $50,000 net to Seller&rsquo;s account.
Notwithstanding anything contained in this Agreement to the contrary, Seller&rsquo;s obligations under all indemnities by Seller
contained in this Agreement shall not, in the aggregate and without duplication, exceed twenty-five percent (25%) of the Purchase
Price as it may be adjusted under this Agreement up to the Final Settlement Date.&nbsp;&nbsp;Further, Seller&rsquo;s indemnification
obligations under this Section 14.4 do not cover or apply to any claims, judgments, causes of action, Loss, damages, costs or expenses
arising out of gas balancing matters, suspense funds delivered by Seller to Buyer, title to the Assets, environmental matters or
Current Operations, as Buyer&rsquo;s exclusive remedies for these matters are set forth in other Sections of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>14.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Reservation
as to Non-Parties.&nbsp;&nbsp;</U></B>Nothing herein is intended to limit or otherwise waive any recourse Buyer (or Seller or FRI)
may have against any non-party for any obligations or liabilities which may be incurred with respect to the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
15</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>MISCELLANEOUS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Exhibits.&nbsp;&nbsp;</U></B>The
Exhibits referred to in this Agreement are hereby incorporated in this Agreement by reference and constitute a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Expenses.&nbsp;&nbsp;</U></B>Except
as otherwise specifically provided, all fees, costs and expenses incurred by Buyer or Seller in negotiating this Agreement or in
consummating the transactions contemplated by this Agreement shall be paid by the party incurring the same, including, without
limitation, legal and accounting fees, costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Notices.&nbsp;&nbsp;</U></B>Except
as provided in Section 8.1(d), all notices and communications required or permitted under this Agreement shall be in writing and
addressed as set forth below.&nbsp;&nbsp;Any communication or delivery hereunder shall be deemed to have been duly made and the
receiving party charged with notice (i) if personally delivered, when received, (ii) if sent by certified mail, return receipt
requested, three (3) days after sending, (iii) if sent by overnight courier, one day after sending, or (iv) if sent by facsimile
transmission or electronic mail, when written confirmation is received.&nbsp;&nbsp;All notices shall be addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B><U>If to Seller</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c/o Finley Resources Inc.<BR>
1308 Lake Street, Suite 200<BR>
Fort Worth, Texas 76102<BR>
Attn:&nbsp; Clinton Koerth<BR>
(817) 336-1924 (phone)<BR>
(817) 336-1925 (facsimile)<BR>
email: <FONT STYLE="font-size: 10pt">clint@finleyresources.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B><U>If to Buyer</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">P.O. Box 11350</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Midland, Texas 79702</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Kelly Hoffman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(432)682-7464 (phone)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(432)682-7465 (facsimile)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">email: khoffman@ringenergy.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any party may, by written notice so delivered
to the other parties, change the address or individual to which delivery shall thereafter be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Amendments.&nbsp;&nbsp;</U></B>Except
for waivers specifically provided for in this Agreement, this Agreement may not be amended nor any rights hereunder waived except
by an instrument in writing signed by the part to be charged with such amendment or waiver and delivered by such party to the party
claiming the benefit of such amendment or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Assignment</U></B><U>.&nbsp;&nbsp;</U>Buyer
shall not assign all or any portion of its respective rights or delegate all or any portion of its respective duties hereunder
unless it continues to remain liable for the performance of its obligations hereunder; provided that Buyer may not assign the benefits
of Seller&rsquo;s indemnity given pursuant to Article 5 and any permitted assignment shall not include such benefits.&nbsp;&nbsp;No
such assignment or obligation shall increase the burden on Seller or impose any duty on Seller to communicate with or report to
any transferee, and Seller may continue to look to Buyer for all purposes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Announcements.&nbsp;&nbsp;</U></B>There
shall be no press release or other public announcement by Buyer concerning this Agreement or the transactions contemplated hereby,
unless such press release or announcement is approved by Seller in writing, or except as may be required by applicable laws or
the applicable rules and regulations of any governmental agency or stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Headings.&nbsp;&nbsp;</U></B>The
headings of the Articles and Sections of this Agreement are for guidance and convenience of reference only and shall not limit
or otherwise affect any of the terms or provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Counterparts.&nbsp;&nbsp;</U></B>This
Agreement may be executed by Buyer and Seller in any number of counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute by one and the same instrument.&nbsp;&nbsp;Execution can be evidenced by facsimile transmission
or electronic mail (in .pdf format) of signature pages with original signature pages to promptly follow in due course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>References</U></B>.&nbsp;&nbsp;References
made in this Agreement, including use of a pronoun, shall be deemed to include where applicable, masculine, feminine, singular
or plural, individuals, partnerships or corporations.&nbsp;&nbsp;As used in this Agreement, &ldquo;person&rdquo; shall mean any
natural person, corporation, partnership, court, agency, government, board, commission, trust, estate or other entity or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Governing
Law.&nbsp;&nbsp;</U></B>This Agreement and the transactions contemplated hereby and any litigation, arbitration or dispute resolution
conducted pursuant hereto shall be construed in accordance with, and governed by, the laws of the State of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Entire
Agreement</U>.&nbsp;&nbsp;</B>This Agreement constitutes the entire understanding among the parties, their respective partners,
shareholders, officers, directors and employees with respect to the subject matter hereof, superseding all negotiations, prior
discussions and prior agreements and understandings relating to such subject matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Binding
Effect.&nbsp;&nbsp;</U></B>This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto, and their
respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Survival.&nbsp;&nbsp;</U></B>The
representations and warranties of the parties contained in this Agreement shall survive the execution and delivery of this Agreement
for a period of one (1) year following the Closing Date.&nbsp;&nbsp;The representations and warranties shall terminate after such
date.&nbsp;&nbsp;Notwithstanding the preceding provisions of this Section 15.13, the representations and warranties of the parties
contained in Sections 6.3, 6.4, 7.3, 7.4, 7.5, 7.6, and 7.8 shall survive without limitation or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Closing
Conditions.&nbsp;&nbsp;</U></B>If the transactions contemplated hereunder are consummated, all conditions of closing set forth
in Article 10 shall be deemed to have been satisfied or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>No
Third-Party Beneficiaries.&nbsp;&nbsp;</U></B>This Agreement is intended only to benefit the parties hereto and their respective
permitted successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>DISCLAIMER
OF REPRESENTATIONS AND WARRANTIES</U></B><U>.&nbsp;&nbsp;</U><B>EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES HERETO
EACH DISCLAIM ALL LIABILITY AND RESPONSIBILITY FOR ANY REPRESENTATION, WARRANTY, STATEMENT OR COMMUNICATION (ORALLY OR IN WRITING)
TO THE OTHER PARTY (INCLUDING, BUT NOT LIMITED TO, ANY INFORMATION CONTAINED IN ANY OPINION, INFORMATION OR ADVICE THAT MAY HAVE
BEEN PROVIDED TO ANY SUCH PARTY BY ANY OFFICER, STOCKHOLDER, DIRECTOR, EMPLOYEE, AGENT, CONSULTANT, REPRESENTATIVE OR CONTRACTOR
OF SUCH DISCLAIMING PARTY OR ITS AFFILIATES OR ANY ENGINEER OR ENGINEERING FIRM, OR OTHER AGENT, CONSULTANT OR REPRESENTATIVE)
WHEREVER AND HOWEVER MADE, INCLUDING, BUT NOT LIMITED TO, THOSE MADE IN ANY DATA ROOM OR DATA DOCUMENTS AND ANY SUPPLEMENTS OR
AMENDMENTS THERETO OR DURING ANY NEGOTIATIONS.&nbsp;&nbsp;WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SELLER MAKES NO REPRESENTATION
OR WARRANTY AS TO (A) THE AMOUNT, VALUE, QUALITY OR DELIVERABILITY OF HYDROCARBONS OR RESERVES ATTRIBUTABLE TO THE ASSETS OR (B)
ANY GEOLOGICAL, ENGINEERING OR OTHER INTERPRETATIONS OR ECONOMIC VALUATION.&nbsp;&nbsp;THE ASSETS ARE SOLD WITHOUT ANY EXPRESS
OR IMPLIED WARRANTY OF TITLE EXCEPT AS TO PERSONS CLAIMING BY, THROUGH OR UNDER SELLER.&nbsp;&nbsp;ALL TANGIBLE PERSONAL PROPERTY
INCLUDED IN THE ASSETS IS SOLD &ldquo;AS IS, WHERE IS,&rdquo; AND SELLER MAKES NO, AND DISCLAIMS ANY, REPRESENTATION OR WARRANTY,
WHETHER EXPRESS OR IMPLIED, AND WHETHER BY COMMON LAW, STATUTE, OR OTHERWISE, AS TO (I) MERCHANTABILITY, (II) FITNESS FOR ANY PARTICULAR
PURPOSE, (III) CONFORMITY TO MODELS OR SAMPLES OF MATERIALS OR (IV) CONDITION.&nbsp;&nbsp;THE PARTIES AGREE THAT THE PRECEDING
DISCLAIMERS OF WARRANTY ARE &ldquo;CONSPICUOUS&rdquo; DISCLAIMERS FOR PURPOSES OF ANY APPLICABLE LAW, RULE OR ORDER.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Like-Kind
Exchange.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
shall have the right at its option, to dispose of the Assets, or any portion thereof, through a transaction that is structured
to qualify as a like/kind exchange of property within the meaning of Section 1031 of the Internal Revenue Service Code of 1986,
as amended (the &ldquo;Code&rdquo;).&nbsp;&nbsp;Buyer agrees to cooperate with Seller in Effecting a qualifying like/kind exchange
through a trust, escrow or other means as determined by Seller; provided, however, that Seller shall hold Buyer harmless from any
expense, obligation or liability, without limitation, which Buyer may suffer in connection with or arising out of Buyer&rsquo;s
cooperation with Sellers&rsquo; treatment of the Assets as part of a like/kind exchange.&nbsp;&nbsp;Seller shall have the right
to assign its rights, but not its obligations, under the Agreement, in whole or in part, to a &ldquo;qualified intermediary&rdquo;
(as defined under the Code) or as otherwise necessary or appropriate to effectuate a like/kind exchange and Buyer agrees to recognize
said qualified intermediary.&nbsp;&nbsp;Seller shall be solely responsible for assuring the effectiveness of the exchange for Seller&rsquo;s
tax purposes and Buyer does not represent to Seller any particular tax treatment will result to Seller as a result thereof.&nbsp;&nbsp;In
no event shall any like/kind exchange contemplated by this provision cause an extension of the Closing Date set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall have the right at its option, to acquire the Assets, or any portion thereof, through a transaction that is structured to
qualify as a like/kind exchange of property within the meaning of Section 1031 of the Code. Seller agrees to cooperate with Buyer
in effecting a qualifying like/kind exchange through a trust, escrow or other means as determined by Buyer; provided, however,
that Buyer shall hold Seller harmless from any expense, obligations or liability, without limitation, which Seller may suffer in
connection with or arising out of Seller&rsquo;s cooperation with Buyer&rsquo;s treatment of the Assets as part of a like/kind
exchange.&nbsp;&nbsp;Buyer shall have the right to assign its rights, but not its obligations, under this Agreement, in whole or
in part, to a &ldquo;qualified intermediary&rdquo; (as defined under the Code) or as otherwise necessary or appropriate to effectuate
a like/kind exchange and Seller agrees to recognize said qualified intermediary.&nbsp;&nbsp;Buyer shall be solely responsible for
assuring the effectiveness of the exchange for Buyer&rsquo;s tax purposes and Seller does not represent to Buyer any particular
tax treatment will result to Buyer as a result thereof.&nbsp;&nbsp;In no event shall any like/kind exchange contemplated by this
provision cause an extension of the Closing Date set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Several,
Not Joint, Liability of Each Seller</U>.&nbsp;&nbsp;</B>The liabilities and obligations of each Seller under this Agreement shall
be several and not joint (except as noted below with respect to FPC and FRI).&nbsp;Such liabilities and obligations shall be in
proportion of seventy nine and 90/100ths percent (79.90%) to FPC and FRI, jointly and severally, two and 55/100ths percent (2.55%)
to BDT, one and 275/1000ths percent (1.275%) to Metcalfe, one and 275/1000ths percent (1.275%) to Grasslands and fifteen percent
(15%) to BOG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>FRI</U></B>.&nbsp;&nbsp;FRI
is executing this Agreement as a Seller and in its capacity as the operator of the Assets to perform the covenants of FRI as the
operator of the Assets as set forth in (i) Sections 3.1 and 3.2, (ii) Article 6, (iii) Article 8, (iv) Section 11.2, (v) Section
12.3, (vi) Article 13, and (vii) Section 15.20.&nbsp;&nbsp;For purposes of this Agreement, any breach by FRI of any of the covenants
of FRI as set forth in this Section 15.19 shall be deemed to be a breach by Seller of such covenants, as if such covenants were
the covenants of Seller (and they shall be deemed to be for purposes hereof), and any liability relating to such breach by FRI
shall be borne by Seller, according to the proportions set forth in Section 15.18.&nbsp;&nbsp;It is acknowledged that FRI shall
have no personal liability for monetary damages associated with a breach of such covenants by FRI (and it is further acknowledged
and agreed that (i) Seller shall be solely liable with regard thereto, as described in the immediately preceding sentence, and
(ii) to the extent that Buyer does elect to pursue claims for monetary damages based on, or relating, to a breach of covenants
by FRI under this Agreement, Buyer agrees that it shall pursue indemnification from Seller with regard thereto under Section 14.4,
as described above); provided, however, that notwithstanding the above, in lieu of pursuing indemnification for monetary damages
in connection with a breach of covenants by FRI (as described above), Buyer shall be entitled to obtain injunctive or other equitable
relief against FRI without the necessity of posting a bond, as Buyer&rsquo;s sole and exclusive remedy against FRI, to restrain
any breach or threatened breach or to otherwise to specifically enforce the covenants of FRI under this Agreement, it being agreed
that monetary damages alone would be inadequate to compensate Buyer and would be an inadequate remedy for such breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>15.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>Seller&rsquo;s&nbsp;Representative</U></B>.&nbsp;&nbsp;Seller&nbsp;hereby
appoints FRI&nbsp;as their sole representative (&ldquo;Seller&rsquo;s Representative&rdquo;) to act as the agent and on behalf
of Seller for all purposes under this Agreement, including for the purposes of:&nbsp; (i) administering and supervising the conduct
of Buyer&rsquo;s title review pursuant to Article 4 and the conduct of Buyer&rsquo;s physical inspection of the Assets&nbsp;pursuant
to Article 5, including, without limitation, determining any adjustments to the Purchase Price&nbsp;in accordance with Article
4 or Article 5, giving and receiving environmental reports, materials, and assessments as provided in Article 5; (ii) entering
into the escrow agreement for the Deposit and receiving the Deposit&nbsp;and the Purchase Price pursuant to Section&nbsp;2.1, Section
2.2 and Section 12.3 and, if applicable, the Final Purchase Price pursuant to Section 13.1; (iii) determining whether the conditions
to Closing in Section&nbsp;10.1 have been satisfied and supervising the Closing, including waiving any such condition if Seller&rsquo;s
Representative, in its sole discretion, determines that such waiver is appropriate; (iv) taking any action that may be necessary
or desirable, as determined by Sellers&rsquo; Representative in its sole discretion, in connection with the termination of this
Agreement&nbsp;in accordance with Section&nbsp;11.1; (v) taking any and all actions that may be necessary or desirable, as determined
by Seller&rsquo;s Representative in its sole discretion, in connection with the amendment of this Agreement&nbsp;or waivers of
any term of this Agreement; (vi) taking any and all actions that may be necessary or desirable, as determined by Seller&rsquo;s
Representative in its sole discretion, in connection with the payment of the costs and expenses incurred with respect to Seller
in connection with the transactions contemplated by this Agreement; (vii) granting any consent or approval on behalf of Seller
under this Agreement; and (viii) taking any and all other actions and doing any and all other things provided in or contemplated
by this Agreement&nbsp;to be performed by Seller&rsquo;s Representative on behalf of Seller.&nbsp;&nbsp;As the representative of
Seller, Seller&rsquo;s Representative shall act as the agent for Seller, shall have authority to bind Seller in accordance with
this Agreement, and Buyer may rely on such appointment and authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Executed on the dates
set forth in the acknowledgments below but effective as of the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>SELLER:</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>FINLEY PRODUCTION CO., LP</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">FPC GP, LLC,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">its General Partner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Clinton Koerth</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Clinton Koerth, VP Land &amp; Acquisitions</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>BDT OIL &amp; GAS, LP</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">BDT GP, LLC,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">its General Partner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Brent D. Talbot</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Brent D. Talbot, President</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>METCALFE OIL, LP</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">Metcalfe GP, LLC,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">its General Partner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Stephen M. Clark</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Stephen M. Clark, President</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>GRASSLANDS ENERGY LP</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">Grasslands GP, LLC,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">its General Partner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Clinton Koerth </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Clinton Koerth, President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>BUFFALO OIL &amp; GAS, LP</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom">SHBL Management, Inc.,</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">its General Partner</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Bobby Lutz</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Bobby Lutz, President</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>FINLEY RESOURCES INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Clinton H. Koerth </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Name:</TD>
    <TD STYLE="vertical-align: bottom">Clinton H. Koerth </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Title:</TD>
    <TD STYLE="vertical-align: bottom">VP of Land &amp; Acquisition</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>BUYER:</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>RING ENERGY, INC. </B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Kelly Hoffman</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Kelly Hoffman, Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
A-1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Leases and Lands</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
A-2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Wells</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Allocated Values</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
C</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Surface Lands</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
D</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Mineral Interests</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>EXHIBIT E</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Excluded Assets</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary contained herein, there is hereby excluded from this purchase and sale, and the Assets shall not cover or include
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary
seismic, geological, geochemical, and geophysical data or interpretations of data relating to the Assets, whether belonging to
Seller or licensed from third parties but only to the extent they are restricted from transfer or distribution by any legal constraints,
obligations of confidence or prior agreements with third parties, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade
credits, accounts, deposits with utilities, causes of action, and notes receivable and adjustments or refunds (including without
limitation transportation tariff refunds, take-or-pay claims, audit adjustments claims for under-or-non-payment and over, inaccurate
or excessive billings, and claims with respect to breach of contract) arising under contracts and agreements and attributable to
the Assets with respect to any period before the Effective Time, including, without limitation, any claim Seller may have for refunds
or reimbursement of money that may have been paid by Seller to any current or prior operator of the Assets on account of over-billings,
excessive billings and inaccurate billings or otherwise made by such operator as a result of Seller&rsquo;s interest in the Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil,
gas and associated hydrocarbon products produced from the Assets prior to the Effective Time; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
claims and causes of action Seller may have, as of the Effective Time, against any purchaser or purchasers of oil or gas produced
from the Assets or parties to any agreements or contracts applicable to the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photocopies
of any of the Records made by Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Asset excluded from this Agreement pursuant to the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
F</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Current Operations</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
G</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Environmental Matters</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
H</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Seller&rsquo;s Pre-Closing Operations</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Kingfisher Lease</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
J</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Assignment, Bill of Sale
and Conveyance</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>ASSIGNMENT,
BILL OF SALE AND CONVEYANCE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS ASSIGNMENT,
BILL OF SALE AND CONVEYANCE</B> (this &ldquo;Assignment&rdquo;), dated effective May 1, 2015 (the &ldquo;Effective Time&rdquo;),
is from FINLEY PRODUCTION CO., LP, BDT OIL &amp; GAS, LP, METCALFE OIL, LP, GRASSLANDS ENERGY LP, BUFFALO OIL &amp; GAS, LP and
FINLEY RESOURCES INC., each having an address c/o Finley Resources Inc., 1308 Lake Street, Suite 200, Fort Worth, Texas 76102 (collectively,
&ldquo;Assignor&rdquo;) to RING ENERGY, INC., having an address at P.O. Box 11350, Midland, Texas 79702(&ldquo;Assignee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For $10.00 and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby sells, assigns,
transfers, grants, bargains, conveys to Assignee all of Assignor&rsquo;s right, title and interest, in and to the following (all
of which are called the &ldquo;Assets&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of Assignor&rsquo;s right, title and interest in and to the oil and gas leases specifically described in Exhibit A-1 (collectively,
the &ldquo;Leases&rdquo;) insofar and only insofar as the Leases cover the lands and specified depths described in Exhibit A-1
(the &ldquo;Lands&rdquo;), the royalties, overriding royalties, net profits interests, production payments and other interests,
if any, owned by Assignor burdening the Leases, and any and all right, title and interest in and to the oil, gas and all other
hydrocarbons in, on or under the Lands and other hydrocarbons and products, whether liquid or gaseous, produced in association
therewith (&ldquo;Hydrocarbons&rdquo;) after the Effective Time and all other minerals of whatever nature in, on or under the Leases
and Lands and lands pooled or unitized therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
oil and gas wells located on the Leases and Lands, or lands pooled or unitized therewith, including without limitation, the oil
and gas wells specifically described in Exhibit A-2, whether producing, non-producing or plugged (the &ldquo;Wells&rdquo;), all
injection and disposal wells on the Leases or Lands, and all personal property and equipment located on or used in the operation
of the Wells as of the Effective Time, but excluding all tools, administrative computer equipment and other personal property of
Assignor not intended to be included in the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, to the extent transferable, in and to all existing and effective unitization, pooling and communitization agreements, declarations
and orders, and the properties covered and the units created thereby to the extent that they relate to or affect any of Assignor&rsquo;s
properties and interests described in Paragraphs 1 and 2 or the production of Hydrocarbons, if any, attributable to said properties
and interests after the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights, to the extent transferable, in and to all existing and effective oil, gas, liquids, condensate, casinghead gas and natural
gas sales, purchase, exchange, gathering, transportation and processing contracts, operating agreements, balancing agreements,
joint venture agreements, partnership agreements, farmout agreements and other contracts, agreements and instruments insofar only
as they relate to any of Assignor&rsquo;s properties and interests described in Paragraphs 1, 2 and 3, excluding, however, any
insurance contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the personal property, fixtures, improvements, permits, licenses, approvals, servitudes, rights-of-way and easements, including,
without limitation the rights-of-way and easements set forth on Exhibits A-1 and A-2, surface leases and other surface rights (including,
but not limited to, any wells, tanks, boilers, buildings, injection facilities, saltwater disposal facilities, compression facilities,
gathering systems, other appurtenances and facilities) located on and used in connection with or otherwise related to the exploration
for or production, gathering, treatment, processing, storing, sale or disposal of Hydrocarbons or water produced from the properties
and interests described in Paragraphs 1 through 4 to the extent that they are located on or used in the operation of such properties
and interests as of the Effective Time, and all contract rights (including rights under leases to third parties) related thereto,
but excluding all tools, administrative computer equipment and other personal property of Seller not intended to be included in
the Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
files, records, data and information relating to the items described in Paragraphs 1 through 5, maintained by Assignor (the &ldquo;Records&rdquo;),
including without limitation, accounting files relating to the Assets, lease files, land files, well files, gas, oil and other
hydrocarbon sales contract files, gas processing files, division order files, abstracts, title opinions, all electronic files directly
related to the Assets, AFEs, and all other information of every type related exclusively or primarily to any of the Assets but
excluding the following: (i) all of Assignor&rsquo;s internal appraisals and interpretive data related to the Assets, (ii) all
information and data under contractual restrictions on assignment, (iii) all privileged information and intellectual property,
(iv) Assignor&rsquo;s corporate, financial, employee and general tax records that do not relate exclusively to the Assets, (v)
all accounting files that do not relate exclusively to the Assets, and (vi) any Excluded Assets identified in the Purchase Agreement(defined
below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TO HAVE AND TO HOLD
the Assets unto Assignee and its successors and assigns forever, and Assignor agrees to warrant and forever defend title to the
Assets unto Assignee, its successors and assigns, against the claims of persons claiming by, through or under Assignor, but not
otherwise, excluding, however, from such warranty any Title Defect (as defined in the Purchase Agreement) asserted by Assignee
and addressed pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Assignment is
made and accepted expressly subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
ASSIGNMENT IS MADE WITHOUT WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, OTHER THAN THE SPECIAL WARRANTY OF TITLE SET FORTH
ABOVE. ASSIGNOR EXPRESSLY DISCLAIMS AND NEGATES ANY WARRANTY AS TO THE CONDITION OF ANY PERSONAL PROPERTY, EQUIPMENT, FIXTURES
AND ITEMS OF MOVABLE PROPERTY COMPRISING ANY PART OF THE ASSETS, INCLUDING (i) MERCHANTABILITY OR CONDITION, (ii) FITNESS FOR A
PARTICULAR PURPOSE, (iii) CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (iv) ANY RIGHTS OF ASSIGNEE UNDER APPLICABLE STATUTES TO
CLAIM DIMINUTION OF CONSIDERATION, AND (v) ANY CLAIM BY ASSIGNEE FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, IT BEING
EXPRESSLY UNDERSTOOD BY ASSIGNEE THAT SAID PERSONAL PROPERTY, FIXTURES, EQUIPMENT, AND ITEMS ARE BEING CONVEYED TO ASSIGNEE &ldquo;AS
IS, WHERE IS,&rdquo; WITH ALL FAULTS, AND IN THEIR PRESENT CONDITION AND STATE OF REPAIR.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>TO THE EXTENT APPLICABLE TO THE ASSETS
OR ANY PORTION THEREOF, ASSIGNEE EXPRESSLY WAIVES THE PROVISIONS OF THE TEXAS DECEPTIVE TRADE PRACTICES ACT, AS AMENDED, IN CHAPTER
17, SUBCHAPTER E, SECTIONS 17.41 THROUGH 17.63, INCLUSIVE (OTHER THAN SECTION 17.555) OF THE TEXAS BUSINESS AND COMMERCIAL CODE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by law, Assignee shall be subrogated to Assignor&rsquo;s rights in and to representations, warranties and
covenants given by others with respect to the Assets. Assignor hereby grants and transfers to Assignee, its successors and assigns,
to the extent so transferable and permitted by law, the benefit of and the right to enforce such covenants, representations and
warranties, if any, which Assignor is entitle to enforce with respect to the Assets, but only to the extent not enforced by Assignor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignee
assumes and agrees to pay, perform, fulfill and discharge all claims, costs, expenses, liabilities and obligations accruing or
relating to the owning, developing, exploring, operating or maintaining of the Assets or the producing, transporting and marketing
of Hydrocarbons from the Assets, relating to periods on and after the Effective Time, including, without limitation, environmental
obligations and liabilities, the obligation to plug and abandon all Wells and reclaim all Well sites, and all obligations arising
under all agreements covering or relating to the Assets, subject to Assignee&rsquo;s rights and obligations, including without
limitation, Assignee&rsquo;s indemnity obligations, under the Purchase Agreement and other documents executed in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
references herein to liens, encumbrances, burdens, defects and other matters shall not be deemed to ratify or create any rights
in third parties or merge with, modify or limit the rights of Assignor or Assignee, as between themselves, as set forth in the
Purchase Agreement or other documents executed in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
provided otherwise, all recording references in the Exhibits hereto are to the official real property records of the county or
parish in which the Assets are located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate
governmental form assignments of the Assets may be executed on officially approved forms by Assignor to Assignee, in sufficient
counterparts to satisfy applicable statutory and regulatory requirements. Those assignments shall be deemed to contain all of the
exceptions, warranties, rights, title, power and privileges set forth herein as fully as though they were set forth in each such
assignment. The interests conveyed by such separate assignments are the same, and not in addition to, the interest in the Assets
conveyed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment binds and inures to the benefit of Assignor and Assignee and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment may be executed in any number of counterparts, each of which shall be deemed to be an original instrument, but all of
which together shall constitute but one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Assignment is expressly made subject to the terms of that certain Purchase and Sale Agreement dated May 21, 2015 between Assignor
and Assignee (the &quot;Purchase Agreement&quot;) The delivery of this Assignment shall not affect, enlarge, diminish, or otherwise
impair any of the representations, warranties, covenants, indemnities, terms, or provisions of the Purchase Agreement.&nbsp; The
representations, warranties, covenants, indemnities, terms, and provisions contained in the Purchase Agreement shall not be merged
with or into this Assignment but shall survive the execution and delivery of this Assignment to the extent, and in the manner,
set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EXECUTED on the dates
contained in the acknowledgment of this instrument, to be effective for all purposes as of the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ASSIGNOR:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY PRODUCTION CO., LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">FPC GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton Koerth</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, VP Land &amp; Acquisitions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BDT OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">BDT GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Brent D. Talbot </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Brent D. Talbot, President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>METCALFE OIL, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Metcalfe GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Stephen M. Clark </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Stephen M. Clark, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GRASSLANDS ENERGY LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Grasslands GP LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BUFFALO OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SHBL Management, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Bobby Lutz </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bobby Lutz, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY RESOURCES INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton H. Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Clinton H. Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>VP of Land &amp; Acquisition</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>ASSIGNEE:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>RING ENERGY, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Kelly Hoffman </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Kelly Hoffman, Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ACKNOWLEDGMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, VP Land &amp; Acquisitions of FPC GP, LLC, General
Partner of Finley Production Co., LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Brent D. Talbot, President of BDT GP, LLC, General Partner of
BDT Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Stephen M. Clark, President of Metcalfe GP, LLC, General Partner
of Metcalfe Oil, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, President of Grasslands GP LLC, General Partner
of Grasslands Energy LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Bobby Lutz, President of SHBL Management, Inc., General Partner
of Buffalo Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by ____________________, ____________ of Finley Resources Inc., a
Texas corporation, on behalf of said corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF __________</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF _________</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Kelly Hoffman, Chief Executive Officer of Ring Energy, Inc., a
Nevada corporation, on behalf of said corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Special Warranty Deed</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><B><U>SPECIAL WARRANTY DEED</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTIES OF CULBERSON AND</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">REEVES</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FINLEY PRODUCTION CO.,
LP, BDT OIL &amp; GAS, LP, METCALFE OIL, LP, GRASSLANDS ENERGY LP, BUFFALO OIL &amp; GAS, LP and FINLEY RESOURCES INC. (collectively,
&ldquo;Grantor&rdquo;), in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt
and sufficiency of which are acknowledged, have GRANTED, BARGAINED, SOLD, and CONVEYED and do GRANT, BARGAIN, SELL, AND CONVEY
to RING ENERGY, INC. (&quot;Grantee&quot;) the real property in Culberson and Reeves Counties, Texas, fully described in Exhibit&nbsp;A,
and all improvements located on it, together with all of Grantor&rsquo;s right, title, and interest in and to (a)&nbsp;any and
all rights, titles, powers, privileges, easements, licenses, rights-of-way, and interests appurtenant to the real property and
any improvements on the real property, and (b)&nbsp;any and all rights, titles, powers, privileges, easements, licenses, rights-of-way,
and interests of Grantor, either at law or in equity, in possession or in expectancy, in and to any real estate lying in the streets,
highways, roads, alleys, rights-of-way, or sidewalks, open or proposed, in front of, above, over, under, through, or adjoining
the real property, and in and to any strips or gores of real estate adjoining the real property (collectively, &ldquo;Property&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Special Warranty
Deed and the conveyance above are executed by Grantor and accepted by Grantee subject to any and all restrictions, easements, mineral
reservations, and other matters of record, to the extent they are validly existing and applicable to the Property (collectively,
&ldquo;Permitted Exceptions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TO HAVE AND TO HOLD
the Property, together with all and singular the rights and appurtenances to it in any way belonging, to Grantee, its successors,
and its assigns forever, and Grantor binds itself, its successors, and its assigns to WARRANT AND FOREVER DEFEND all and singular
the title to the Property to Grantee, its successors, and its assigns against any person lawfully claiming or to claim the same
or any part of it, by, through, or under Grantor, but not otherwise, subject to the Permitted Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">GRANTOR IS CONVEYING
THE PROPERTY TO GRANTEE AS IS, WHERE IS, AND WITH ALL FAULTS, AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY WARRANTIES, REPRESENTATIONS,
OR GUARANTEES, EITHER EXPRESS OR IMPLIED, OF ANY KIND, NATURE, OR TYPE FROM OR ON BEHALF OF GRANTOR, EXCEPT FOR GRANTOR&rsquo;S
SPECIAL WARRANTY OF TITLE STATED ABOVE. GRANTEE ACKNOWLEDGES AND STIPULATES THAT GRANTEE IS NOT RELYING ON ANY REPRESENTATION,
STATEMENT, OR OTHER ASSERTION ABOUT THE CONDITION OF THE PROPERTY MADE BY GRANTOR, OR ANYONE ACTING ON GRANTOR&rsquo;S BEHALF,
BUT IS RELYING ON GRANTEE&rsquo;S OWN EXAMINATION OF THE PROPERTY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Special Warranty
Deed is expressly made subject to the terms of that certain Purchase and Sale Agreement dated May 21, 2015 between Grantor and
Grantee (the &quot;Purchase Agreement&quot;). The delivery of this Assignment shall not affect, enlarge, diminish, or otherwise
impair any of the representations, warranties, covenants, indemnities, terms, or provisions of the Purchase Agreement.&nbsp; The
representations, warranties, covenants, indemnities, terms, and provisions contained in the Purchase Agreement shall not be merged
with or into this Assignment but shall survive the execution and delivery of this Assignment to the extent, and in the manner,
set forth in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Grantee&rsquo;s address
is: Ring Energy, Inc., P.O. Box 11350, Midland, Texas 79702</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EXECUTED as of May
21, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>GRANTOR:</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY PRODUCTION CO., LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">FPC GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton Koerth</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, VP Land &amp; Acquisitions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BDT OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">BDT GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Brent D. Talbot </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Brent D. Talbot, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>METCALFE OIL, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Metcalfe GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Stephen M. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Stephen M. Clark, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GRASSLANDS ENERGY LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Grasslands GP LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BUFFALO OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SHBL Management, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Bobby Lutz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bobby Lutz, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY RESOURCES INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton H. Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Clinton H. Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>VP of Land &amp; Acquisition</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">ACKNOWLEDGMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, VP Land &amp; Acquisitions of FPC GP, LLC, General
Partner of Finley Production Co., LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Brent D. Talbot, President of BDT GP, LLC, General Partner of
BDT Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Stephen M. Clark, President of Metcalfe GP, LLC, General Partner
of Metcalfe Oil, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, President of Grasslands GP LLC, General Partner
of Grasslands Energy LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Bobby Lutz, President of SHBL Management, Inc., General Partner
of Buffalo Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by ____________________, ____________ of Finley Resources Inc., a
Texas corporation, on behalf of said corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center"><U>Legal Description</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">[to be attached]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
L</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of Mineral Deed</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>MINERAL DEED </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: justify"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 2%; text-align: justify"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD>
    <TD STYLE="width: 63%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">KNOW ALL PERSONS BY THESE PRESENTS THAT:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">COUNTIES OF CULBERSON</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FINLEY PRODUCTION CO.,
LP, BDT OIL &amp; GAS, LP, METCALFE OIL, LP, GRASSLANDS ENERGY LP.BUFFALO OIL &amp; GAS, LP and FINLEY RESOURCES INC. (collectively,
&ldquo;Grantor&rdquo;) have GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents do GRANT, BARGAIN, SELL and CONVEY unto
RING ENERGY, INC., all right, title and interest of GRANTOR in and to all oil, gas and other minerals, mineral fee, mineral rights,
royalty interests, non-participating royalty interests, executive (leasing) rights and all other mineral and/or royalty interests
and properties (collectively, the &ldquo;Mineral Interests&rdquo;) in and to those lands more particularly described or referred
to on Exhibit &ldquo;A&rdquo; attached hereto and made a part hereof for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that any
of the Mineral Interests are now under or subject to one or more oil and gas leases, and it is understood and agreed that this
deed and conveyance is made subject to the terms of such leases and/or any other valid and subsisting leases covering any of the
Mineral Interests, but covers and includes all of the oil royalty and gas rental or royalty due and to be paid under terms of such
leases, insofar as such leases cover any portion of the Mineral Interests. In the event that any of the above described leases
for any reason become canceled or forfeited, then and in that event, GRANTEES shall own all of GRANTOR&rsquo;s interest in the
oil, gas and other minerals in and under the Mineral Interests formerly subject to such lease, together with a like interest in
all bonuses paid, and all royalties and rentals provided for in future oil, gas and mineral leases covering the Mineral Interests
formerly subject to such lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TO HAVE AND TO HOLD
the above described premises, together with all and singular the rights and appurtenances thereto and anywise belonging to GRANTEES,
its successors and assigns forever; and GRANTOR herein does hereby bind itself, its successors and assigns, to warranty and forever
defend, all and singular, the interests conveyed by such GRANTOR unto GRANTEES, their successors and assigns, against every person
whomsoever lawfully claiming or to claim the same or any part thereof, by, through or under GRANTOR, but not otherwise excluding,
however, from such warranty any Title Defect (as defined in the Purchase Agreement) asserted by Grantee and addressed pursuant
to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Mineral Deed is
expressly made subject to the terms of that certain Purchase and Sale Agreement dated May 21, 2015 between Grantor and Grantee
(the &quot;Purchase Agreement&quot;). The delivery of this Assignment shall not affect, enlarge, diminish, or otherwise impair
any of the representations, warranties, covenants, indemnities, terms, or provisions of the Purchase Agreement.&nbsp; The representations,
warranties, covenants, indemnities, terms, and provisions contained in the Purchase Agreement shall not be merged with or into
this Assignment but shall survive the execution and delivery of this Assignment to the extent, and in the manner, set forth in
the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EXECUTED effective
as of the  21 day of May, 2015, but effective for all purposes as of May 1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><U>GRANTOR:</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY PRODUCTION CO., LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">FPC GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clinton Koerth </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, VP Land &amp; Acquisitions</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BDT OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">BDT GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Brent D. Talbot</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Brent D. Talbot, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>METCALFE OIL, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Metcalfe GP, LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Stephen M. Clark</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Stephen M. Clark, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GRASSLANDS ENERGY LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Grasslands GP LLC,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Clinton Koerth</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton Koerth, President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>BUFFALO OIL &amp; GAS, LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">SHBL Management, Inc.,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Bobby Lutz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Bobby Lutz, President</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>FINLEY RESOURCES INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Clinton H. Koerth</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Clinton H. Koerth</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>VP of Land &amp; Acquisition</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ACKNOWLEDGMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, VP Land &amp; Acquisitions of FPC GP, LLC, General
Partner of Finley Production Co., LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Brent D. Talbot, President of BDT GP, LLC, General Partner of
BDT Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Stephen M. Clark, President of Metcalfe GP, LLC, General Partner
of Metcalfe Oil, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Clinton Koerth, President of Grasslands GP LLC, General Partner
of Grasslands Energy LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by Bobby Lutz, President of SHBL Management, Inc., General Partner
of Buffalo Oil &amp; Gas, LP, a Texas limited partnership, on behalf of said limited partnership in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">STATE OF TEXAS</FONT></TD>
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">COUNTY OF TARRANT</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&sect;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This instrument was
acknowledged before me on this ___ day of ____________, 2015, by ____________________, ____________ of Finley Resources Inc., a
Texas corporation, on behalf of said corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">Notary Public, State of</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Printed Name:</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">My Commission Expires:</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Legal Description</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[to be attached]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
M</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form of FIRPTA Certificate </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1445 of the
Internal Revenue Code provides that a buyer of a United States real property interest must withhold tax if the seller is a foreign
person. To inform RING ENERGY, INC. (the &ldquo;Buyer&rdquo;) that withholding of tax is not required upon the disposition of a
United States real property interest owned by _________________________ (the &ldquo;Seller&rdquo;), the undersigned hereby certifies
the following on behalf of Seller:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
is not a non-resident alien, foreign corporation, foreign partnership, foreign trust, or foreign estate &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(as those terms are defined
in the Internal Revenue Code and Income Tax Regulations);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
United States employer/taxpayer identification number of Seller is ___________________; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller&rsquo;s
address is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seller understands that this affidavit
may be disclosed to the Internal Revenue Service by Buyer and any false statement contained herein may be punished by fine, imprisonment,
or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under penalties of
perjury I declare that I have examined this affidavit and to the best of my knowledge and belief it is true, correct and complete,
and I further declare that I have authority to sign this document on behalf of Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscribed and sworn before me this _______
day of ____________________, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%"><FONT STYLE="font-size: 10pt">Notary Public in and for the State of Texas</FONT></TD>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>v411535_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>



<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT="STRH_sizedforDocs" STYLE="height: 72px; width: 300px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 21, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 N. Loraine Street, Suite 1245</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Midland, TX 79701</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.75in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">William R. Broaddrick</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.75in; text-indent: 0in; text-align: justify">Vice
President and Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">Re:</TD><TD STYLE="text-align: justify">$500,000,000 Amended Senior Secured Revolving Credit
Facility for Ring Energy, Inc., subject to an initial Borrowing Base of $100,000,000</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">Ring Energy, Inc.
(the &ldquo;<U>Company</U>&rdquo;) has advised SunTrust Bank and SunTrust Robinson Humphrey, Inc. (the &ldquo;<U>Arranger</U>&rdquo;
and, together with SunTrust Bank, &ldquo;<U>SunTrust</U>&rdquo;) that the Company intends to acquire (the &ldquo;<U>Acquisition</U>&rdquo;)
the oil and gas properties in the Ford West Field and Ford Geraldine Unit in Culberson and Reeves Counties, Texas (the &ldquo;<U>Acquired
Assets</U>&rdquo;) of Finley Resources, Inc. the &ldquo;<U>Seller</U>&rdquo;) pursuant to a purchase and sale agreement between
the Company and the Seller (the &ldquo;<U>Acquisition Agreement</U>&rdquo;). You have further advised SunTrust that, in connection
with the Acquisition,<B> </B>the Company seeks to amend its existing senior credit facility (the &ldquo;<U>Existing Senior Credit
Facility</U>&rdquo;) by increasing the maximum facility amount from $100,000,000 to $500,000,000 and increasing the total borrowing
base to $100,000,000, adding additional lenders, extending the maturity date and making other amendments on the terms set forth
in the Summary of Principal Terms and Conditions attached hereto as <U>Annex I</U> (the &ldquo;<U>Term Sheet</U>&rdquo;). As used
in this letter, the &ldquo;<U>Amendment</U>&rdquo; means the proposed amendment described in this letter and the Term Sheet and
the &ldquo;<U>Amended Senior Credit Facility</U>&rdquo; means the Existing Senior Credit Facility as amended by such proposed Amendment.
All transactions described above, together with the financing contemplated hereby, are sometimes referred to herein as the &ldquo;<U>Transactions</U>&rdquo;.
Capitalized terms used in this letter but not defined herein shall have the meanings given to them in the Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.05pt">SunTrust Bank is
pleased to commit to provide the full amount of the $100,000,000 initial increased Borrowing Base, subject to the terms and conditions
set forth in this letter and the Term Sheet (collectively, this &ldquo;<U>Commitment Letter</U>&rdquo;). You hereby appoint SunTrust
Robinson Humphrey, Inc. to act, and the Arranger agrees to act, as sole lead arranger and book manager for the Amended Senior Credit
Facility, subject to the terms and conditions of this Commitment Letter. No other agents, co-agents or arrangers will be appointed,
or other titles conferred, without the prior written consent of the Arranger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
</FONT>2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Syndication</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Lead Arranger reserves
the right, before or after the execution of the Financing Documentation, to syndicate all or a portion of SunTrust Bank&rsquo;s
commitment to one or more other financial institutions that will become parties to the Financing Documentation (such financial
institutions, the &ldquo;<U>Lenders</U>&rdquo;) and the commitment of SunTrust Bank hereunder shall be reduced dollar-for dollar
as and when the corresponding commitments are received. The Company understands that the Lead Arranger intends to commence such
syndication efforts promptly. The Company agrees to actively assist the Lead Arranger in achieving a Successful Syndication (as
defined in the Fee Letter) and take such action as the Arranger may reasonably request related thereto. The Company&rsquo;s assistance
shall include (but not be limited to) (i) making senior management, representatives and advisors of the Company and its affiliates
available to participate in meetings and to provide information to potential lenders under the Amended Senior Credit Facility at
such times and places as the Arranger may reasonably request; (ii) using the Company&rsquo;s existing lending relationships to
assist in the syndication process; and (iii) assisting in the preparation of an information memorandum regarding the Company, the
Acquired Assets, the Amendment<B> </B>and the Amended Senior Credit Facility and other customary marketing materials to be used
in connection with the syndication, in form and substance reasonably acceptable to the Lead Arranger, at least 25 days prior to
the Closing Date; and (iv) preparing and providing promptly to the Lead Arranger all information with respect to the Company, its
subsidiaries, the Acquired Assets and the Transactions, including without limitation all financial information and projections
(the &ldquo;<U>Projections</U>&rdquo;), reasonably requested by the Lead Arranger in connection with the syndication of the Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Arranger will manage
all aspects of the syndication of the Amended Senior Credit Facility in consultation with SunTrust Bank and the Company, including
the timing of all offers to potential Lenders, the determination of all amounts offered to potential Lenders, the selection of
Lenders, the allocation of commitments, and the determination of compensation and titles (such as co-agent, managing agent, etc.)
given, if any, to such Lenders. The Company agrees that no other agents, co-agents or arrangers will be appointed, or other titles
conferred, without the prior written consent of the Lead Arranger, and that no Lender will receive any compensation for its commitment
to, or participation in, the Amended Senior Credit Facility except as expressly set forth in the Term Sheet or the Fee Letter (as
defined below), or as otherwise agreed to and offered by the Arranger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure an orderly
and effective syndication of the Amended Senior Credit Facility, the Company further agrees that until the earlier of termination
of this Commitment Letter and a Successful Syndication (as defined in the Fee Letter), the Company will not, and will not cause
or permit any of its affiliates or agents to, arrange, sell, syndicate or issue, attempt to arrange, sell, syndicate or issue,
announce or authorize the announcement of the arrangement, sale, syndication or issuance of, or engage in discussions concerning
the arrangement, sale, syndication or issuance of, any credit facility or debt security (including any renewals thereof) except
with the prior written consent of the Arranger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>B.</B></TD><TD STYLE="text-align: justify"><B><U>Conditions Precedent</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undertakings and
obligations of SunTrust under this Commitment Letter are subject to: (i) the preparation, execution and delivery of mutually acceptable
loan documentation, including an amendment to the Existing Credit Agreement incorporating substantially the terms and conditions
outlined in this Commitment Letter; (ii) the accuracy of all representations that the Company makes to SunTrust (including those
in <U>Section D</U> below) and all information that the Company furnishes to SunTrust, and the absence of any information or other
matter being disclosed after the date hereof that is inconsistent in a material and adverse manner with any information or other
material disclosed to SunTrust; (iii) the completion, and the Company&rsquo;s reasonable cooperation in connection with, our due
diligence investigation and review, and our satisfaction in all material respects with the results thereof; (iv) the payment in
full of all fees, expenses and other amounts payable hereunder and under the Fee Letter; (v) the compliance with the provisions
of this Commitment Letter; (vi) the Closing Date on or prior to July 31, 2015; and (vii) the satisfaction of the other conditions
set forth in the Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
</FONT>3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Representations</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company represents
and warrants to SunTrust that all information, other than the Projections, that has been or will be made available to SunTrust
or any of the Lenders by the Company or any of the Company&rsquo;s representatives (or on your or their behalf) in connection with
the transactions contemplated by this Commitment Letter (the &ldquo;<U>Information</U>&rdquo;) is or will be, when furnished, complete
and correct in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements contained therein not misleading and (ii) the Projections
have been or will be prepared in good faith based upon reasonable assumptions. The Company agrees to supplement the Information
and the Projections from time to time so that the representation and warranty contained in this paragraph remains correct. In issuing
the commitments and undertakings hereunder and in arranging and syndicating the Amended Senior Credit Facility, SunTrust Bank and
the Arranger are relying on the accuracy of the Information and the Projections without independent verification thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company authorizes
the Arranger and its affiliates, including SunTrust Bank, to share with each other, and to use, credit and other confidential or
non-public information regarding the Company to the extent permitted by applicable laws and regulations and for the purpose of
performing their obligations under this Commitment Letter and the Amended Senior Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>D.</B></TD><TD STYLE="text-align: justify"><B><U>Indemnities, Expenses, Fees Etc.</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&#9;<U>Indemnification</U>.&nbsp;&nbsp;The
Company agrees to indemnify and hold harmless the Arranger, SunTrust Bank, each other Lender, their respective affiliates and their
respective directors, officers, employees, agents, representatives, legal counsel, and consultants (each, an &ldquo;<U>Indemnified
Person</U>&rdquo;) against, and to reimburse each Indemnified Person upon its demand for, any losses, claims, damages, liabilities
or other expenses (&ldquo;<U>Losses</U>&rdquo;) incurred by such Indemnified Person or asserted against such Indemnified Person
by any third party or by the Company or any of its affiliates, arising out of or in connection with this Commitment Letter, the
Fee Letter, the financing and other Transactions or the use of the proceeds of the Amended Senior Credit Facility, or any claim,
litigation, investigation or proceeding relating to any of the foregoing (whether or not such Indemnified Person is a party thereto),
and to reimburse each Indemnified Person upon demand for any legal or other expenses incurred in connection with investigation
or defending any of the foregoing, whether or not such Indemnified Person is a party to any such proceeding, in all cases, whether
or not caused by or arising in whole or in part out of the comparative, contributory or sole negligence of any indemnified person;
<U>provided</U> that the Company shall not be liable pursuant to this indemnity for any Losses to the extent that a court having
competent jurisdiction shall have determined by a final judgment (not subject to further appeal) that such Loss resulted from the
gross negligence or willful misconduct of such Indemnified Person. The Company shall not, without the prior written consent of
any Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which such Indemnified Person
is a party and indemnity has been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional
release of such Indemnified Person from all liability on claims that are the subject matter of such indemnity. No Indemnified Person
shall be responsible or liable to the Company or any other person or entity for any punitive, indirect or consequential damages
in connection with the Amendment or the Amended Senior Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&#9;<U>Fees and Expenses</U>.
In addition to the fees described in the Term Sheet, the Company will pay (or cause to be paid) the fees set forth in that certain
letter agreement dated as of the date hereof, executed by SunTrust Bank and the Lead Arranger and acknowledged and agreed to by
the Company relating to this Commitment Letter (the &ldquo;<U>Fee Letter</U>&rdquo;). The Company also agrees to pay, or to reimburse
SunTrust on demand for, all reasonable costs and expenses incurred by SunTrust (whether incurred before or after the date hereof)
in connection with the Amendment, the Amended Senior Credit Facility, the syndication thereof, the preparation of the Financing
Documentation and the other Transactions, including, without limitation, bank meeting expenses and fees and disbursements of its
counsel, regardless of whether the Closing Date occurs. The Company also agrees to pay all costs and expenses of SunTrust (including,
without limitation, fees and disbursements of its counsel) incurred in connection with the enforcement of any of its rights and
remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
4</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>E.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Miscellaneous</U></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&#9;<U>Termination</U><B>.</B>
This Commitment Letter and all commitment and undertakings of SunTrust hereunder shall expire at 5:00&nbsp;p.m., Atlanta, Georgia
time, on May&nbsp;29, 2015, unless by such time the Company executes and delivers to SunTrust and this Commitment Letter and the
Fee Letter. Thereafter, all commitments and obligations of SunTrust under this Commitment Letter will terminate upon the earliest
to occur of (i) consummation of the Acquisition (with or without the use of the Amended Senior Credit Facility), (ii) termination
of the Acquisition Agreement, either by its terms or by a court of competent jurisdiction, or (iii) at 5:00 p.m. Atlanta, Georgia
time on July&nbsp;31, 2015 unless the Closing Date occurs on or prior to such date. In addition to the foregoing, this Commitment
Letter may be terminated at any time by mutual agreement, and all commitments and undertakings of SunTrust hereunder may be terminated
by SunTrust if the Company fails to perform its obligations under this Commitment Letter or the Fee Letter on a timely basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&#9;<U>No Third-Party
Beneficiaries</U>. This Commitment Letter is solely for the benefit of the Company, SunTrust and the Indemnified Persons; no provision
hereof shall be deemed to confer rights on any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&#9;<U>No Assignment;
Amendment</U>. This Commitment Letter and the Fee Letter may not be assigned by the Company to any other person or entity, but
all of the obligations of the Company hereunder and under the Fee Letter shall be binding upon the successors and assigns of the
Company. This Commitment Letter and the Fee Letter may be not be amended or modified except in writing executed by each of the
parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&#9;<U>Use of Name
and Information.</U> The Company agrees that any references to SunTrust or any of its affiliates made in connection with the Amended
Senior Credit Facility are subject to the prior approval of SunTrust, which approval shall not be unreasonably withheld. SunTrust
shall be permitted to use information related to the syndication and arrangement of the Amended Senior Credit Facility in connection
with marketing, press releases or other transactional announcements or updates provided to investor or trade publications; including,
but not limited to, the placement of &ldquo;tombstone&rdquo; advertisements in publications of its choice at its own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&#9;<U>Governing
Law; Waiver of Jury Trial</U>. This Commitment Letter and the Fee Letter will be governed by and construed in accordance with the
laws of the state of Texas without regard to the principles of conflicts of laws thereof. EACH OF THE COMPANY AND SUNTRUST IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING
OUT OF OR RELATED TO THIS COMMITMENT LETTER, THE FEE LETTER OR ANY OF THE TRANSACTIONS OR THE ACTIONS OF SUNTRUST IN THE NEGOTIATION,
PERFORMANCE OR ENFORCEMENT HEREOF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
</FONT>5</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE COMPANY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT IN THE STATE OF GEORGIA OR THE UNITED STATES DISTRICT
COURT FOR THE NORTHERN DISTRICT OF GEORGIA FOR THE PURPOSE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
COMMITMENT LETTER, THE FEE LETTER, AND THE OTHER TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY AND IRREVOCABLY AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. THE COMPANY AND IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. A FINAL
JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT MAY BE ENFORCED IN ANY OTHER COURTS TO WHOSE JURISDICTION
THE COMPANY OR SUNTRUST ARE OR MAY BE SUBJECT, BY SUIT UPON JUDGMENT. SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT ON THE
COMPANY MAY BE MADE BY REGISTERED MAIL ADDRESSED TO THE COMPANY AT THE ADDRESS APPEARING AT THE BEGINNING OF THIS LETTER FOR ANY
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT PURSUANT TO THIS COMMITMENT LETTER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&#9;<U>Survival</U>. The obligations
of the Company under the expense reimbursement, indemnification, confidentiality, and governing law, submission to jurisdiction,
jury trial waiver and related provisions of this Commitment Letter shall survive the expiration and termination of this Commitment
Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&#9;<U>Confidentiality</U>. The Company
will not disclose or permit disclosure of this Commitment Letter, the Fee Letter nor the contents of the foregoing to any person
or entity (including, without limitation, any Lender other than SunTrust), either directly or indirectly, orally or in writing,
except (i) to the Company&rsquo;s officers, directors, agents and legal counsel who are directly involved in the transactions contemplated
hereby, in each case on a confidential basis or (ii) as required by law (in which case the Company agrees to inform SunTrust promptly
thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&#9;<U>No fiduciary duty.</U> The
Company acknowledges and agrees that (i) the commitment to and syndication of the Amended Senior Credit Facility pursuant to this
Commitment Letter is an arm's-length commercial transaction between the Company, on the one hand, and SunTrust, on the other, (ii)
in connection with the transactions contemplated hereby and the process leading to such transactions, SunTrust is and has been
acting solely as a principal and is not the agent or fiduciary of the Company or its stockholders, creditors, employees or any
other party, (iii) SunTrust has not assumed an advisory responsibility or fiduciary duty in favor of the Company with respect to
the transactions contemplated hereby or the process leading thereto (irrespective of whether SunTrust has advised or is currently
advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this
Commitment Letter, (iv) SunTrust and its affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Company and its affiliates, and SunTrust has no obligation to disclose an of such interests by virtue
of any fiduciary or advisory or other relationship as a consequence of this Commitment Letter, and (v) SunTrust has not provided
any legal, accounting, regulatory or tax advice with respect to any transactions contemplated hereby and the Company has consulted
its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. The Company waives and releases, to
the fullest extent permitted by law, any claims that it may have against SunTrust with respect to any breach or alleged breach
of fiduciary duty as a consequence of this Commitment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ring Energy, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page
</FONT>6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&#9;<U>Counterparts</U>.
This Commitment Letter and the Fee Letter may be executed in any number of separate counterparts, all of which together constitute
one original. Delivery of an executed counterpart of a signature page to this Commitment Letter or the Fee Letter by facsimile
transmission or electronic transmission (in pdf form) shall be as effective as delivery of a manually executed counterpart hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&#9;<U>Entire Agreement;
Swap Disclaimer</U>. (a) This Commitment Letter and the Fee Letter embody the entire agreement and understanding among SunTrust,
the Company and their affiliates with respect to the Amended Senior Credit Facility and any transactions related thereto, and supersede
all prior understandings and agreements among the parties relating to the subject matter hereof. However, the terms and conditions
of the commitments of SunTrust Bank and the undertakings of the Arranger hereunder are not limited to those set forth herein, in
the Term Sheet or in the Fee Letter; those matters not covered or made clear herein or in the Term Sheet are subject to mutual
agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&#9;Nothing herein
constitutes an offer or recommendation to enter into any &ldquo;swap&rdquo; or trading strategy involving a &ldquo;swap&rdquo;
within the meaning of Section 1a(47) of the Commodity Exchange Act. Any such offer or recommendation, if any, will only occur after
we have received appropriate documentation from you regarding whether you are qualified to enter into a swap under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&#9;<U>Patriot Act</U>.
SunTrust hereby notifies the Company that pursuant to the requirements of the USA Patriot Improvement and Reauthorization Act of
2005, Title III of Pub. L. 109-177 (signed into law March 9, 2006) (the &ldquo;<U>Patriot Act</U>&rdquo;), it and its affiliates
are required to obtain, verify and record information that identifies the Company, which information includes the name, address,
tax identification number and other information regarding the Company that will allow SunTrust to identify the Company in accordance
with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for SunTrust
and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">[Remainder of this page
is intentionally blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We look forward to
working with you on this important transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.25in">SUNTRUST BANK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.25in">By:&nbsp;<U>/s/ Scott Mackey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.75in">Scott Mackey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.75in">Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">SunTrust
Robinson Humphrey, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.25in">By:&nbsp;<U>/s/ Dan Mayer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.75in">Dan Mayer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-indent: 2.75in">Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt"></P>

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</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ACCEPTED AND AGREED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">this 21 day of May, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RING ENERGY, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: &nbsp;<U>/s/ William R. Broaddrick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">William R. Broaddrick</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.5pt">Vice President and Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
