STOCK PURCHASE WARRANTStock Purchase Warrant • May 13th, 2003 • Tidelands Oil & Gas Corp • Oil & gas field exploration services • Oklahoma
THIS STOCK PURCHASE WARRANT (“Warrant”) CERTIFIES THAT, for the agreed upon value of $1.00 and for other good and valuable consideration, Impact International, L.L.C., an Oklahoma limited liability company (“Impact” or “Holder”) is entitled to purchase the number of fully paid and nonassessable shares (the “Shares”) of common stock (“Common Stock”) of Tidelands Oil & Gas Corporation (the “Company”) at the Exercise Price per Share (the “Warrant Price”) as defined below, all as set forth herein and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. This Warrant is issued pursuant to the terms of the Purchase and Sale Agreement (the “Purchase Agreement”), dated as of the date hereof, between the Company and Impact. The amount and kind of securities receivable pursuant to the rights granted hereunder are subject to adjustment pursuant to the provisions contained in this Warrant.
