<SEC-DOCUMENT>0001072613-15-000265.txt : 20150428
<SEC-HEADER>0001072613-15-000265.hdr.sgml : 20150428
<ACCEPTANCE-DATETIME>20150428161937
ACCESSION NUMBER:		0001072613-15-000265
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150423
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150428
DATE AS OF CHANGE:		20150428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE PETROLEUM CORP
		CENTRAL INDEX KEY:			0000887396
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731238709
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1213

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16653
		FILM NUMBER:		15798851

	BUSINESS ADDRESS:	
		STREET 1:		165 S. UNION BLVD.
		STREET 2:		UNION TOWER, SUITE 360
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228
		BUSINESS PHONE:		720-627-5641

	MAIL ADDRESS:	
		STREET 1:		165 S. UNION BLVD.
		STREET 2:		UNION TOWER, SUITE 360
		CITY:			LAKEWOOD
		STATE:			CO
		ZIP:			80228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM RESOURCES CORP
		DATE OF NAME CHANGE:	19951115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_17798.htm
<DESCRIPTION>FORM 8K DATED APRIL 23, 2015
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<div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">UNITED STATES</font></div>

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<div style="TEXT-ALIGN: center"><font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">FORM 8-K</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; DISPLAY: inline">Pursuant To Section 13 or 15 (</font><font style="FONT-FAMILY: Times New Roman; DISPLAY: inline">d</font><font style="FONT-VARIANT: small-caps; DISPLAY: inline">) of the Securities Exchange Act of 1934</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Item 2.01 Completion of Acquisition or Disposition of Assets.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On April 23, 2015, Empire Petroleum Corporation (the &#8220;Company&#8221;) entered into an Option to Acquire Oil &amp; Gas Leases (the &#8220;Lease Option Agreement&#8221;) with Dennis Anderson, Lazy BS, LLP, a South Dakota limited liability partnership, Boot Jack Partnership, a South Dakota general partnership, Stan Anderson, Bart Cheney, Scot Eisenbraun, Jem Kjerstad, Kem Kjerstad, Kent Kjerstad and Kevin Kjerstad (collectively, the &#8220;BHPP Group&#8221; and, individually, a &#8220;BHPP Group Member&#8221;).&#160;&#160;The Lease Option Agreement has an effective date of April 14, 2015.&#160;&#160;Pursuant to the Lease Option Agreement, the Company acquired the sole and exclusive option for a period of two years to enter into one or more oil and gas leases with respect to any mineral interests owned by BHPP Group Members within an area of mutual interest located in the Counties of Haakon, Meade and Pennington in the State of South Dakota (the &#8220;Area of Mutual Interest&#8221;).&#160;&#160;The Lease Option Agreement covers approximately 150,000 gross leasable acres.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">As the initial consideration under the Lease Option Agreement, the Company granted to the BHPP Group options to acquire an aggregate of 1,000,000 shares of the Company&#8217;s common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), at exercise price of $0.25 per share for a period of two years from the effective date of the Lease Option Agreement.&#160;&#160;In addition, under the Lease Option Agreement, the BHPP Group has the right to be issued additional options to acquire shares of Common Stock at an exercise price of $0.25 per share upon assisting the Company securing additional oil and gas leases within the Area of Mutual Interest.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The foregoing summary of the<font style="FONT-SIZE: 10pt; DISPLAY: inline">&#160;</font>Lease Option Agreement is qualified in its entirety by reference to the full terms and conditions of such agreement, a copy of which is included as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As discussed above, as the initial consideration under the Lease Option Agreement, the Company granted to the BHPP Group options to acquire an aggregate of 1,000,000 shares of the Company&#8217;s common stock, par value $0.001 per share, at an exercise price of $0.25 per share for a period of two years from the effective date of the Lease Option Agreement.&#160;&#160;The material terms and conditions applicable to such options are set forth in the form of the stock option agreement included as an exhibit to this Current Report on Form 8-K.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The offers and sales related to the securities described above were not registered under the Securities Act of 1933, as amended, in reliance upon the exemption from the registration requirements of that act provided by section 4(2) thereof.&#160;&#160;Each of the investors that acquired the securities described above is a sophisticated investor with the experience and expertise to evaluate the merits and risks of an investment in the Company&#8217;s securities and the financial means to bear the risks of such an investment. In addition, each investor was provided access to all of the material information regarding the Company that such investor would have received if the offer and sale of the securities had been registered.</font></font></div>

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<div align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Option to Acquire Oil &amp; Gas Leases effective as of April 14, 2015</font></div>
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<DOCUMENT>
<TYPE>EX-2.1
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<DESCRIPTION>OPTION TO ACQUIRE OIL & GAS LEASES EFFECTIVE AS OF APRIL 14, 2015
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Option to Acquire Oil &amp; Gas Leases (this &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Agreement</font>&#8221;) is entered into effective as of April 14, 2015, by and between Empire Petroleum Corporation, a Delaware corporation (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Empire</font>&#8221;), and Dennis Anderson (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Dennis</font>&#8221;), Lazy BS, LLP, a South Dakota limited liability partnership (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">LBSP</font>&#8221;), Boot Jack Partnership, a South Dakota general partnership (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">BJP</font>&#8221;), Stan Anderson (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Stan</font>&#8221;), Bart Cheney (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Bart</font>&#8221;), Scot Eisenbraun (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Scot</font>&#8221;), Jem Kjerstad (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Jem</font>&#8221;), Kem Kjerstad (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Kem</font>&#8221;), Kent Kjerstad (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Kent</font>&#8221;) and Kevin Kjerstad (&#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Kevin</font>&#8221;).&#160;&#160;Dennis, Stan, LBSP, BJP, Bart, Scot, Jem, Kem, Kent and Kevin are sometimes collectively referred to herein as the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">BHPP Group</font>&#8221; and individually as a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">BHPP Group Member</font>.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, the parties desire to create an area of mutual interest with respect the area located with the blue outline on <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit A* </font>attached hereto (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">AMI</font>&#8221;);</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, Empire desires to secure from each BHPP Group Member an option to obtain one or more oil and gas leases with respect to any mineral interests owned by such BHPP Group Member within the AMI (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Option Lands</font>&#8221;), and Empire may determine to enter into such lease(s) after completion of a Geological &amp; Geophysical (G&amp;G) evaluation by Empire;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, upon completion of the G&amp;G evaluation by Empire, Empire may also desire for the BHPP Group to assist Empire in obtaining one or more oil and gas leases from third parties with respect to any mineral interests owned by such third parties within the AMI (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage</font>&#8221;); and</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Whereas</font>, the parties hereto desire to enter into this Agreement to set forth the terms and conditions relating to the grant of the option and the cooperation in the AMI as described in the preceding paragraphs.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Now, Therefore</font>, in consideration of the mutual covenants and agreements of the parties herein contained, the parties agree as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;Initial Consideration</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In consideration of the grant of options (each, an &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Initial Stock Option</font>&#8221; and, collectively, the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Initial Stock Options</font>&#8221;) to the BHPP Group to acquire an aggregate of 1,000,000 shares of Empire&#8217;s common stock, par value $0.001 per share (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Common Stock</font>&#8221;), at $0.25 per share for a period of two years from the date hereof, each BHPP Group Member hereby grants and conveys to Empire, its successors and assigns, the sole and exclusive option (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease Option</font>&#8221;) to acquire one or more oil and gas leases pertaining to the Option Lands using the oil and gas lease agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;B*</font> (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease</font>&#8221;).&#160;&#160;The Initial Stock Options shall be granted using the stock option agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;C*</font> (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Stock Option Agreement</font>&#8221;) and shall be issued as directed by the BHPP Group in writing.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Lease Option is hereby granted for a period of two years, commencing with the effective date hereof and ending at midnight on April 14, 2017 (the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Lease Option Term</font>&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the Lease Option Term and for so long as any Lease remains in effect, Empire shall have the right to conduct seismic operations over the Option Lands as well as any surface owned by the BHPP Group within the AMI.&#160;&#160;In connection with any such seismic operations, Empire agrees to use commercially reasonable efforts not to cut, damage or destroy any merchantable crops on the Option Lands and, in the event any merchantable crops of a BHPP Group Member are so damaged, Empire shall promptly pay to such BHPP Group Member the market value of such crops less (a) the salvage value (if any) of such crops and (b) an estimate of the costs that would have been incurred by such a BHPP Group Member in connection with harvesting such crops.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In the event Empire desires to exercise the Lease Option one or more times with respect to any or all of the Option Lands, Empire shall notify the BHPP Group during the Lease Option Term.&#160;&#160;Such notice shall contain (a)&#160;a statement that Empire is exercising the Lease Option, (b)&#160;a legal description of the Option Lands to be leased in connection with such exercise and (c)&#160;the appropriate Lease bonus payment calculated in accordance with Section 6 below along with (d) the applicable Lease to be executed by the appropriate parties.&#160;&#160;The effective date of the Lease(s) will be, at Empire&#8217;s option, any date (inclusive) between the effective date of this Agreement and the expiration date hereof.&#160;&#160;The Lease(s) executed hereunder shall cover Option Lands selected by Empire in its sole discretion; <font style="FONT-STYLE: italic; DISPLAY: inline">provided</font>, however, that with respect to each BHPP Group Member leasing hereunder, the selected lands for a Lease in a given section must comprise all of the mineral acres owned by the such BHPP Group Member in that particular section.&#160;&#160;Additionally, in connection with acquiring any Lease(s) hereunder, Empire shall, and shall cause its leasing agents to, use commercially reasonable efforts to assist the BHPP Group in indentifying and reclaiming any abandoned mineral rights to which the BHPP Group are entitled to reclaim pursuant to the South Dakota Dormant Mineral Act.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notwithstanding the above, in the event that any Option Lands should become subject to a regulatory hearing before the State of South Dakota which involves the forced integration or pooling of any portion of the Option Lands, the BHPP Group shall, within five days of being notified of such action, give Empire written notice of such hearing. Within fifteen days of receiving notice from the BHPP Group, or five days prior to the regulatory hearing date (provided Empire has received written notice from BHPP), whichever occurs first, Empire must make an election to either (a) exercise the Option Lands which are subject to the regulatory hearing for inclusion in a Lease and promptly obtain a Lease from the BHPP Group or (b) Empire shall release the Option Lands subject to the regulatory hearing from this Agreement, in which case Empire shall have no further Lease Option in the acreage so released.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In connection with any exercise of the Lease Option hereunder, the Lease bonus payment with respect to such exercise shall be $10.00 per each net mineral acre owned by the applicable BHPP Group Members in the Option Lands to be subject to the Lease in connection with the exercise, payable by check, accompanying the option notification.&#160;&#160;The primary term for the Lease(s) will be five years.&#160;&#160;The lessor&#8217;s royalty reserved in each Lease will be 15.00%.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The BHPP Group agrees to make available to Empire all technical and land information within the AMI in its possession unless the BHPP Group is prohibited from giving out such information by the existence of a license or confidentiality agreement.&#160;&#160;All data provided by the BHPP Group pursuant to this Agreement shall not be disclosed to the public in a general manner by Empire, except as may be required by law without the BHPP Group&#8217;s written consent.&#160;&#160;Such data may, however, be disclosed without prior approval by the BHPP Group to entities involved in Empire&#8217;s normal course of business, which includes consultants whose professional advice is necessary to interpret such data or to prospective purchasers of mineral fee title, oil and gas leases, or production from leased premises and partners in the exploration project.&#160;&#160;The BHPP Group makes no representation or warranty, express, implied, statutory or otherwise, with respect to the accuracy or completeness of any information, records or data, factual, interpretive or otherwise furnished or made available by the BHPP Group to Empire under the provision of, or in connection with this Agreement and any use of such information, records and data by Empire for any purpose whatsoever shall be at Empire&#8217;s sole risk.&#160;&#160;If at any time Empire determines not to continue leasing or developing the AMI, Empire shall deliver to the BHPP Group all G&amp;G work relating to the AMI in Empire&#8217;s possession, unless the Empire is prohibited from giving out such information by the existence of a license or confidentiality agreement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Empire shall consult with the BHPP Group from time to time with respect to White Acreage areas that Empire desires to lease from third parties pursuant to an oil and gas lease substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;B</font> (each, a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Lease</font>&#8221;).&#160;&#160;Upon the execution of a White Acreage Lease during the Lease Option Term, Empire shall grant to the BHPP Group a Stock Option to acquire Common Stock at $0.25 per share for a period of two years from the date of execution of such White Acreage Lease covering one share of Common Stock for each net mineral acre delivered under such White Acreage Lease (each, a &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Stock Option</font>&#8221; and, collectively, the &#8220;<font style="TEXT-DECORATION: underline; DISPLAY: inline">White Acreage Stock Options</font>&#8221;).&#160;&#160;Any such White Acreage Stock Options shall be issued to one or more of the BHPP Group Members covering such number of shares of Common Stock as directed in writing by the BHPP Group.&#160;&#160;The White Acreage Stock Options shall be granted using the stock option agreement substantially in the form attached hereto as <font style="FONT-WEIGHT: bold; DISPLAY: inline">Exhibit&#160;C</font>.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Any notices required or desired shall be in writing and delivered personally or by messenger or sent by U.S. certified mail, return receipt requested, postage prepaid, or sent via facsimile or e-mail transmission, and shall be sent to the respective addressee at the respective address or facsimile number or e-mail address set forth below or to such other address or facsimile number or e-mail address as the parties may specify in writing.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">Empire Petroleum Corporation</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">165 S. Union Blvd.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Agreement constitutes the entire agreement and understanding between the parties with respect to the subject matter herein and supersedes all prior negotiations and representations.&#160;&#160;This Agreement may not be modified except in writing signed by the parties.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective heirs, successors, and assigns; <font style="FONT-STYLE: italic; DISPLAY: inline">provided</font>, however that neither this Agreement nor the obligations hereunder may be transferred or assigned by Empire, on the one hand, or the BHPP Group, on the other hand, without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">12. Mandatory Arbitration of Disputes</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">All controversies and disputes of any kind arising out of or relating in any manner to this Agreement that cannot be settled by discussions among the disputing parties within 30 days after the initial written notification thereof, shall be finally settled by confidential arbitration proceedings. Without limiting the foregoing, this Section 12 specifically applies to the construction, performance or alleged breach of this Agreement, including the issue of whether any controversy or dispute is subject to arbitration.&#160;&#160;Such arbitration shall be conducted in Pennington County, South Dakota, before a single arbitrator under the Commercial Arbitration Rules of the American Arbitration Association, as such rules may be amended from time to time, and judgment upon the award rendered in the arbitration may be entered in any court having jurisdiction thereof.&#160;&#160;The arbitration award shall be in writing and shall specify the factual and legal bases for the award.&#160;&#160;Each party hereto understands and agrees that (a) arbitration is final and binding on the parties, (b) the parties are waiving their rights to seek remedies in court, including the right to jury trial, (c) pre-arbitration discovery is generally more limited than and different from court proceedings, (d) any party&#8217;s right to appeal or to seek modification of rulings in the arbitration is strictly limited, and (e) the subject matter of this Agreement involves interstate commerce and any dispute regarding the enforcement of this Section 12, including any motion to compel arbitration or any defense to the arbitrability of this Section 12, shall be interpreted pursuant to the provisions of the Federal Arbitration Act, 9 U.S.C. Section 1, et seq., notwithstanding the governing law provision of this Agreement. In the event any dispute or controversy is resolved by arbitration, the nonprevailing party in such arbitration shall reimburse the prevailing party for the prevailing party&#8217;s reasonable attorneys&#8217; fees, witness fees, court costs and all other costs in connection with such arbitration.&#160;&#160;A party shall be deemed to have been a prevailing party for purposes of this Section 12 only if such party improved such party&#8217;s position from the parties&#8217; written offers of settlement, if any, prior to the arbitration award.&#160;&#160;As an example of the foregoing, if, prior to the final award in the arbitration, a party had offered in writing to settle a dispute by paying an amount and if the counterparty failed to accept such offer and thereafter obtained an award for less than the offered amount, then the offering party (and not the counterparty) shall be deemed to have been a prevailing party for purposes of this Section 12. Notwithstanding the foregoing, (y) nothing contained in this Agreement shall limit or restrict in any way the right or power of a party at any time to commence and prosecute a proceeding for a preliminary or temporary injunction or other temporary order pending arbitration under this Agreement, and (z) any matter that is within the jurisdiction of a probate or bankruptcy court shall be excluded from the provisions of this Section 12.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Each party to this Agreement, and each individual signing on behalf of each party, hereby represents and warrants to the other that it has full power and authority to enter into this Agreement and that its execution, delivery, and performance of this Agreement has been fully authorized and approved, and that no further corporate approvals or consents are required to bind such party.</font></div>

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<td align="left" valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Empire Petroleum Corporation</font></font></td>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By:&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Dennis Anderson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Name:&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Dennis Anderson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160; </font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By:&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Scot Eisenbraun&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Name:&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">Scot Eisenbraun&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Kem Kjerstad</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 28<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared J. C. Whorton, Jr., to me known to be the Chief Executive Officer of Empire Petroleum Corporation, the corporation that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said company, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Amanda Wynn&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 15<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Dennis Anderson who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Dustan Hellbusch&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;&#160;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this _______ day of ________________, 2015, before me personally appeared _____________, to me known to be the _____________ of Lazy BS, LLP, the limited liability partnership that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said limited liability partnership, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 15<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Scot Eisenbraun, to me known to be a Partner of Boot Jack Partnership, the partnership that executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of said partnership, for the uses and purposes therein mentioned, and on oath stated that they were authorized to execute said instrument.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Donna Leown&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 9<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Stan Anderson who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Carolynn Anderson&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: July 20, 2019</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-FAMILY: times new roman; DISPLAY: inline">COUNTY OF </font>PENNINGTON</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ss</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 15<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Bart Cheney who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Donna Leown&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;&#160;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: 8-25-16</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">STATE OF SOUTH DAKOTA</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-FAMILY: times new roman; DISPLAY: inline">COUNTY OF </font>PENNINGTON</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ss</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 15<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Scot Eisenbraun who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Donna Leown&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: 8-25-16</font><br>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-FAMILY: times new roman; DISPLAY: inline">COUNTY OF </font>PENNINGTON</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ss</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 16<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Jem Kjerstad who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Donna Leown&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: 8-25-16</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-FAMILY: times new roman; DISPLAY: inline">COUNTY OF </font>PENNINGTON</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ss</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 17<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Kem Kjerstad who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Steele Bendigo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#160;&#160;</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: January 14, 2021</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ss</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On this 16<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">th</font> day of April, 2015, before me personally appeared Kent Kjerstad who executed the within and foregoing instrument, and acknowledged said instrument to be the free and voluntary act and deed of him, for the uses and purposes therein mentioned, and on oath stated that he was authorized to execute said instrument.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-VARIANT: small-caps; FONT-WEIGHT: bold; DISPLAY: inline">In Witness Whereof</font>, I have hereunto set my hand and affixed my official seal the day and year herein first above written.</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Donna Leown&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notary Public in and for the State of South Dakota</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 135pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">My appointment expires: 8-25-16</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline"><font style="FONT-FAMILY: times new roman; DISPLAY: inline">COUNTY OF </font>PENNINGTON</font></div>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>exh4-1_17798.htm
<DESCRIPTION>FORM OF STOCK OPTION AGREEMENT
<TEXT>
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<div style="TEXT-ALIGN: right"><font style="TEXT-DECORATION: underline; FONT-WEIGHT: bold">EXHIBIT 4.1</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">THE SECURITIES REPRESENTED BY THIS CALL OPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT. SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CALL OPTION AGREEMENT</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This Call Option Agreement (this &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Agreement</font>&#8221;), is made and entered as of [&#8226;], 2015 (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Effective Date</font>&#8221;), by and among Empire Petroleum Corporation, a Delaware corporation (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Company</font>&#8221;), and [&#8226;] (&#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Optionee</font>&#8221;).&#160;&#160;The Company and Optionee are sometimes collectively referred to herein as the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Parties</font>&#8221; and singly as a &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Party</font>.&#8221;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">WHEREAS, Optionee desires to have the right to purchase 125,000 shares (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Shares</font>&#8221;) of the Company&#8217;s common stock, and the Company desires to grant such right to Optionee, pursuant to the terms and conditions set forth herein.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">NOW, THEREFORE, in consideration of the foregoing, and the mutual and dependent covenants hereinafter set forth, the Parties agree as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a888263"><!--EFPlaceholder--></a><a name="main"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Grant of Call Option</font>.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Right to Purchase</font>. Subject to the terms and conditions of this Agreement, at any time from the Effective Date through two years thereafter (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Call End Date</font>&#8221;), Optionee shall have the right (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Call Right</font>&#8221;), but not the obligation, to purchase all or less than all of the Shares at a purchase price of $0.25 per Share (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Call Purchase Price</font>&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a146715"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Procedures</font>.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">If Optionee desires to purchase one or more of the Shares, Optionee shall deliver to the Company a written notice (the &#8220;<font style="FONT-WEIGHT: bold; DISPLAY: inline">Call Exercise Notice</font>&#8221;) exercising the Call Right on or before the Call End Date and shall send Optionee&#8217;s original executed version of this Agreement back to the Company along with such Call Exercise Notice.&#160;&#160;In the event the Call Right is not exercised on or before the Call End Date, the Call Right shall automatically, without further action, expire and become null and void.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The closing of any sale of Shares pursuant to this Section <a href="#a888263">1</a> shall take place at the Company&#8217;s office at a time mutually agreeable to the Parties but in no event later than five business days following receipt by the Company of the Call Exercise Notice.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a851682"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Consummation of Sale</font>. The consummation of the sale of the Shares, if any, shall occur effective as of the receipt of the payment of the Call Purchase Price by certified or official bank check or by wire transfer of immediately available funds.<a name="a785549"><!--EFPlaceholder--></a>&#160;&#160;As soon as practicable, but not later than five business days after the Company shall have received the Call Exercise Notice and payment, the Company shall execute and deliver or cause to be executed and delivered a certificate or certificates representing the Shares.&#160;&#160;In addition, if Optionee purchases less than all of the Shares subject to this Agreement in connection with any Call Exercise Notice, the Parties shall cause a new call option agreement related to the Shares not subject to such Call Exercise Notice to be executed and delivered to each other in a form substantially similar to this Agreement.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Disclosure Materials</font>.&#160;&#160;Optionee represents and warrants to the Company that&#160;&#160;Optonee has reviewed the following copies of the Company&#8217;s reports (all of which is collectively referred to as the &#8220;Disclosure Materials&#8221;):</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Annual Report on Form 10-K for year ended 12/31/14 located at http://www.sec.gov/Archives/edgar/data/887396/000107261315000242/0001072613-15-000242-index.htm;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Current Report on Form 8-K filed 1/26/15 located at https://www.sec.gov/Archives/edgar/data/887396/000107261314000498/form8k_17737.htm;</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Current Report on Form 8-K filed 12/30/14 located at https://www.sec.gov/Archives/edgar/data/887396/000107261314000498/form8k_17737.htm; and</font></div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Quarterly Report on Form 10-Q for quarter ended 9/30/14 located at https://www.sec.gov/Archives/edgar/data/887396/000088739614000006/form10q-092014.htm.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Representations and Warranties</font>.&#160;&#160;Optionee represents and warrants to the Company as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee has also reviewed the Company&#8217;s Certificate of Incorporation, as amended, and Bylaws.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee is experienced in evaluating and investing in companies such as the Company and understands that the option granted hereby and the Shares underlying such option (the &#8220;Securities&#8221;) are of a highly speculative nature and could result in the loss of Optionee&#8217;s entire investment.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee has been furnished by the Company with all information requested concerning the proposed operations, affairs and current financial condition of the Company.&#160;&#160;Such information and access have been available to the extent Optionee considers necessary and advisable in making an intelligent investment decision.&#160;&#160;In addition, Optionee has received and reviewed copies of the Disclosure Materials and has had the opportunity to discuss the Company&#8217;s business, management and financial affairs with its Chief Executive Officer.&#160;&#160;Optionee understands that such discussions, as well as the Disclosure Materials and any other written information issued by the Company, were intended to describe certain aspects of the Company&#8217;s business and prospects which it believes to be material but were not necessarily a thorough or exhaustive description.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Securities to be acquired by you will be acquired, solely for your account, for investment purposes only and not with a view to the resale or distribution thereof, are not being purchased for subdivision or fractionalization thereof, and Optionee has no contract, undertaking, agreement or arrangement with any person to sell or transfer such Securities to any person and does not intend to enter into such contract or arrangement.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee understands that the Securities have not been registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), nor are they registered or qualified under the blue sky or securities laws of any state, by reason of their issuance in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Sections 3(b) or 4(2) of the Securities Act and available exemptions from the registration requirements of any applicable state securities laws.&#160;&#160;Optionee further understands that the Securities must be held by Optionee indefinitely and Optionee must therefore bear the economic risk of such investment indefinitely, unless a subsequent disposition thereof is registered under the Securities Act or is exempt from registration.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee has the full right, power and authority to enter into and perform this Agreement, and this Agreement constitutes a legal, valid and binding obligation upon Optionee, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting enforcement of creditors&#8217; rights, and except as limited by application of legal principles affecting the availability of equitable remedies.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(vii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee is able to bear the full economic risk of Optionee&#8217;s investment in the Securities, including the risk of a total loss of your investment in connection therewith.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(viii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">By initialing one of the categories below, Optionee represents and warrants that Optionee falls within the category so initialed and has truthfully set forth the factual basis or reason the undersigned comes within that category:</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Category II.&#160;&#160;_____.&#160;&#160;Optionee is an individual (not a partnership, corporation, etc.) who had an individual income in excess of U.S. $200,000 in each of the two most recent years, or joint income with the undersigned's spouse in excess of $300,000 in each of the two most recent years, and has a reasonable expectation of reaching the same income level in the current year.</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Category III.&#160;&#160;_____.&#160;&#160;The undersigned otherwise meets the definition of &#8220;Accredited Investors&#8221; as defined in Section 230.501(a) of the Act.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(ix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Optionee was not offered the Securities by means of general solicitations, publicly disseminated advertisements or sales literature.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Legends</font>.&#160;&#160;Optiones acknowledges and agrees the instrument representing the Shares shall be endorsed with the legend set forth below:</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES ACT.&#160;&#160;THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE COMPANY SHALL HAVE BEEN FURNISHED AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER ANY OF SUCH ACTS.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In addition, the instrument representing the Shares shall be endorsed with any other legend required by any state securities laws.&#160;&#160;The Company need not register a transfer of legended Securities, and may also instruct its transfer agent not to register the transfer of the Securities, unless one of the conditions specified in each of the foregoing legends is satisfied.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Indemnification by Purchaser</font>.&#160;&#160;Optionee acknowledges and agrees that the Company has agreed to offer and sell the Securities to Optionee based upon the representations and warranties made by you in this Agreement, and Optionee hereby agree to indemnify the Company and to hold the Company and its incorporators, officers, directors and professional advisors harmless against all liability, costs or expenses (including attorneys&#8217; fees) arising by reason of or in connection with any misrepresentation or any breach of such representations and warranties by Optioneee, or arising as a result of the sale or distribution of any Securities by Optionee in violation of the Securities Act or other applicable law.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2.&#160; </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Notices</font>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this <font style="FONT-WEIGHT: bold; DISPLAY: inline">Section 2</font>).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">[Insert address]</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">If to the Company:</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Empire Petroleum Corporation</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">165 S. Union Blvd.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Union Tower, Suite 360</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Facsimile:&#160;&#160;[&#8226;]</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">E-mail: jcw@empirepertocorp.com</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a447792"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Entire Agreement</font>. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a834911"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Successor and Assigns</font>. Neither this Agreement nor any of the rights of the parties hereunder may otherwise be transferred or assigned by any Party hereto by operation of law or otherwise. Any attempted transfer or assignment in violation of this Section 4 shall be void.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a126484"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">No Third-Party Beneficiaries</font>. This Agreement is for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a892362"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Amendment and Modification; Waiver</font>. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving.&#160;&#160;Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a501199"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Severability</font>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a674691"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Governing Law</font>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of Delaware.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a685372"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">Counterparts</font>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall together be deemed to be one and the same agreement.&#160;&#160;A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">11.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="a165816"><!--EFPlaceholder--></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="TEXT-DECORATION: underline; DISPLAY: inline">No Strict Construction</font>. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.</font></div>

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