WHT Westside Energy Corp.

Basic Agreement

On December 31, 2007, Westside Energy Corporation, a Nevada corporation (the “Company” ), entered into a Contribution Agreement (the “Contribution Agreement” ) with Knight Energy Group I Holding Co., LLC, a Delaware limited liability company (“ Knight I Parent ”), Knight Energy Group II Holding Company, LLC, a Delaware limited liability company (“ Knight II Parent ”), Knight Energy Management Holding Company, LLC, a Delaware limited liability company ( “Knight Energy Parent” ), Hawk Energy Fund I Holding Company, LLC, an Oklahoma limited liability company (“ Hawk Parent ”), RCH Energy Opportunity Fund I, L.P., a Delaware limited partnership (“ RCH Parent ”), David D. Le Norman (“ Crusader Management Parent ”), Crusader Energy Group Holding Co., LLC, an Oklahoma limited liability company (“ Crusader Energy Parent ” and together with Knight I Parent, Knight II Parent, Knight Energy Parent, Hawk Parent, RCH Parent and Crusader Management Parent, the “Crusader Parent Entities” ), Knight Energy Group, LLC, a Delaware limited liability company (“ Knight I ”), Knight Energy Group II, LLC, a Delaware limited liability company (“ Knight II ”), Knight Energy Management, LLC, a Delaware limited liability company ( “Knight Energy” ), Hawk Energy Fund I, LLC, an Oklahoma limited liability company (“ Hawk ”), RCH Upland Acquisition, LLC, a Delaware limited liability company (“ RCH ”), Crusader Management Corporation, an Oklahoma corporation ( “Crusader Management” ), and Crusader Energy Group, LLC, an Oklahoma limited liability company ( “Crusader Energy” and together with Knight I, Knight II, Knight Energy, Hawk, RCH and Crusader Management, the “ Crusader Operating Entities ” and, together with the Crusader Parent Entities, “ Crusader ”).

Pursuant to the Contribution Agreement, following the fulfillment of the conditions precedent to closing (the “Closing” ), the following transactions will take place:

If before Closing, Knight II Parent makes cash capital contributions to Knight II, then the number of Common Shares issuable to Knight II Parent will be increased by one Common Share for each three dollars of capital contributed; provided that no more than 19,290,000 additional Common Shares may be so issued to Knight II Parent.

As part of the transactions contemplated by the Contribution Agreement, the Company Board (as defined below) approved the adoption of the Westside Energy Corporation 2008 Long Term Incentive Plan (the “2008

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LTIP” ) to be put in place effective as of the Closing. The 2008 LTIP provides for the issuance of awards thereunder for up to 37,310,000 Common Shares. Options to purchase 35,000,000 Common Shares, exercisable at $3.00 per share (the “LTIP Options” ), will be issued at Closing to employees of the Crusader Operating Entities who become eligible employees of the Company or its subsidiaries at that time.

Board of Directors and Officers

All of the Company’s directors have executed and delivered to the Company an irrevocable resignation of their position as a director effective as of the Closing. If on or prior to January 31, 2008, (i) Crusader has not submitted to the Company a list of director nominees who are acceptable to the Company’s Board of Directors, acting reasonably (the “ Director Nominees ”), to be nominated as directors at the Company Stockholders’ Meeting (as defined below) such that (A) a majority of the Director Nominees are “independent” under the rules of the American Stock Exchange, (B) three of the Director Nominees satisfy all applicable rules relating to membership on the Company’s audit committee and (C) at least one of the Director Nominees is an “audit committee financial expert” as defined by the rules of the SEC, the Company will have the right to terminate the Contribution Agreement.

At the Closing, the existing officers of the Company will resign and will be replaced by individuals acceptable to the new board of directors.

Shareholder Approval

Under the Contribution Agreement, the Company is required to convene and hold a meeting of the Company’s stockholders (the “Company Stockholders’ Meeting” ), for the purpose of authorizing and approving:

Other Agreements

The directors and executive officers of the Company have executed and delivered to Crusader voting agreements pursuant to which they have agreed to vote their Common Shares in favor of the transactions contemplated by the Contribution Agreement.

Each executive officer and director of the Company has executed and delivered to Crusader a Termination Agreement and Release whereby they have released the Company and Crusader for certain liabilities associated with the termination of their positions with the Company.

At the Closing, the Crusader Parent Entities and the Company will enter into a registration rights agreement providing for the registration under the Securities Act of 1933 of the resale of the Common Shares issuable to the Crusader Parent Entities pursuant to the Contribution Agreement. In addition, each Crusader Parent Entity will enter into a Non-Transfer Agreement with the Company which restricts the disposition of the Common Shares acquired by such entity pursuant to the Contribution Agreement.

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The Company has made various representations and warranties and covenants in the Contribution Agreement, including, among others, not to (1) solicit proposals relating to alternative business combination transactions or (2) subject to certain exceptions which permit the board of directors of the Company (the “Company Board” ) to comply with its fiduciary duties, enter into discussions concerning, or provide confidential information in connection with, alternative business combination transactions. In addition, subject to certain exceptions which permit the Company Board to comply with its fiduciary duties, the Company Board has agreed to recommend that the Company’s stockholders vote in favor of adopting and approving the Contribution Agreement and the other proposals contemplated by the Contribution Agreement. The Contribution Agreement also includes covenants pertaining to the operation of the Company’s business between the date of the Contribution Agreement and the Closing.

The Contribution Agreement contains certain termination rights and provides that, upon the termination of the Contribution Agreement under specified circumstances, the Company may be required to pay Crusader a termination fee equal to $2,000,000 plus up to $500,000 in expenses. Consummation of the transactions contemplated by the Contribution Agreement is subject to various conditions, including, among others, approval and adoption of the Required Proposals by the Company’s stockholders, the receipt of regulatory approvals, and other customary closing conditions.

Following the Closing, the Company will continue to be a reporting company under the Securities Exchange Act of 1934 and its Common Stock will continue to be traded on the American Stock Exchange.

The foregoing description of the Contribution Agreement does not purport to be complete and is qualified in its entirety by reference to the Contribution Agreement, which is filed as an exhibit to this Form 8-K and is incorporated by reference herein.