Common use of NOTICE OF EXERCISE OF STOCK OPTION Clause in Contracts

NOTICE OF EXERCISE OF STOCK OPTION. TO: Petro River Oil Corp. (the “Company”) The undersigned hereby exercises the Stock Option, dated November 22, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______. Payment method (Choose one or more of the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject to special conditions or may not be available under certain circumstances. [ ] Cash or Check [ ] By Regulation T Program (cashless exercise) [ ] Delivery of already-owned shares

NOTICE OF EXERCISE OF STOCK OPTION. TO: Petro River Oil Corp. (the “Company”) The undersigned hereby exercises the Stock Option, dated November 2226, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______. Payment method (Choose one or more of the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject to special conditions or may not be available under certain circumstances. [ ] Cash or Check [ ] By Regulation T Program (cashless exercise) [ ] Delivery of already-owned shares

NOTICE OF EXERCISE OF STOCK OPTION. TO: Petro River Oil Corp. (the “Company”) The undersigned hereby exercises the Stock Option, dated November 2227, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______. Payment method (Choose one or more of the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject to special conditions or may not be available under certain circumstances. [ ] Cash or Check [ ] By Regulation T Program (cashless exercise) [ ] Delivery of already-owned shares

NOTICE OF EXERCISE OF STOCK OPTION. TO: Petro River Oil Corp. (the “Company”) The undersigned hereby exercises the Stock Option, dated November 2220, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______. Payment method (Choose one or more of the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject to special conditions or may not be available under certain circumstances. [ ] Cash or Check [ ] By Regulation T Program (cashless exercise) [ ] Delivery of already-owned shares

NOTICE OF EXERCISE OF STOCK OPTION. TO: Petro River Oil Corp. (the “Company”) The undersigned hereby exercises the Stock Option, dated November 2225, 2013, granted by the Company pursuant to its 2012 Equity Compensation Plan, to purchase ________ shares of common stock of the Company at a price of $0.059 per share, for a total purchase price of $______. Payment method (Choose one or more of the following methods): Notify the Company if you wish to pay other than by cash or check as these alternatives may be subject to special conditions or may not be available under certain circumstances. [ ] Cash or Check [ ] By Regulation T Program (cashless exercise) [ ] Delivery of already-owned shares