<Page>

                                                                    EXHIBIT 10.3

                                   RANCH LEASE

     This lease is made and entered into this ___ day of June, 1998, by and
between Seven J Stock Farm, Inc. , a Texas corporation, referred to in this
lease as Lessor, and Risinger Ranches Corporation, a Wyoming corporation,
referred to in this lease as Lessee.

                      ARTICLE 1. DEMISE OF LEASED PREMISES

     In consideration of the mutual covenants and agreements set fourth in this
lease, and other good and valuable consideration, Lessor does hereby demise and
lease to Lessee, and: Lessee does hereby lease from Lessor, approximately
1183.71 acres of Seven J Stock Farm land located in Houston County, Texas, and
more particularly described in Article 2 below. These premises are referred to
in this lease as "the Premises" or "the Leased Premises".

     Lessee is to have and to hold the Leased Premises together with all rights,
privileges, easements, appurtenances, and immunities belonging to or in any way
appertaining to the Leased Premises, including, but not limited to any and all
easements, rights, title, and privileges of Lessor, existing now or in existence
at any time during the lease term.

                    ARTICLE 2. DESCRIPTION OF LEASED PREMISES

     2.01  The Premises herein leased shall be all of the Seven J Stock Farm
acreage located in Houston County, Texas, and outlined in red on the map
included as Exhibit "A" hereto.

     2.02  The net acreages for each pasture shall be those shown on Exhibit "B"
attached hereto.

     2.03  Lessee shall have free access over any of Lessor's unleased land and
roadways to gain proper access to the Leased Premises.

     2.04  Lessor, its tenants, its agents, and its tenants' agents shall have
free access over any of the Leased Premises and the roadways thereon to gain
proper access to unleased areas, oil and gas wells, compressor stations,
pipelines, storage yards and all other activities conducted on the Seven J Stock
Farm.

                                ARTICLE 3. OPTION

     3.01  If during the term of this lease, Lessor has available for lease
other pasture land, Lessee shall have the option to lease said land on the same
terms and conditions as contained herein and for a term concurrent with the
remaining time on this lease including any extensions under section 4.02 below.

                             ARTICLE 4. LEASE TERMS

                     Fixed Commencement and Termination Date

     4.01  This lease shall be for a term of Five Years, (60 months), referred
to as the lease term commencing on August 1, 1998, and ending on July 31, 2003,
subject, however to earlier termination as provided in this lease.

                                     Page 1
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                                 Right to Extend

     4.02  Lessee will have the right and the option, but no duty to renew and
extend this Lease for an additional five year term. Rent may be adjusted as
specified in paragraph 5.02 below at the option of Lessor. Lessor shall give
Lessee notice of the proposed rental rate (not to exceed the adjustment
specified in paragraph 5.02) no later than 180 days prior to the expiration of
the lease term. Lessee shall notify Lessor no later than 120 days prior to the
expiration of the lease term if he chooses to exercise his options. If notice is
not given of the new rate as specified above, then Lessor shall be deemed to
have offered to re-lease the property at the current rate specified herein.

                                   Termination

     4.03  This lease shall terminate and become null and void without further
notice on the expiration of the term specified in paragraph 4.01, and any
holding over by Lessee after the expiration of that term, other than as provided
in paragraph 4.02, shall not constitute a renewal of the lease or give Lessee
any rights under the lease in or to the Leased Premises.

                                 ARTICLE 5. RENT

                                   Yearly Rent

     5.01  Lessee agrees to pay to Lessor Sixteen Dollars ($16.00) per net acre
during the term of this lease as annual rent for the use and occupancy of the
Leased Premises. This amount will be known as the "yearly rent". Net acreage
shall be as shown on Exhibit "B" and may be adjusted from time to time if
acreage is added or dropped by mutual agreement.

                          Automatic Rental Adjustments

     5.02  At the end of the lease term, the yearly rent may be adjusted as set
forth in this section to reflect increases in the Consumer Price Index of the
Bureau of Labor Statistics of the United States Department of Labor for all
items, Houston and Galveston, Texas (CUURA318SAO) (referred to in this Section
as "CPI-U"), using 1998 as the base year. The index numbers referred to in
Subsection (a) below will be taken from this consumer price index, except as set
forth in Subsection (b) below.

       a.  The adjustment in the yearly rent shall be determined by multiplying
           ($16.00) by a fraction, the denominator of which is the index number
           for August, 1998, and the numerator of which is the index number for
           August, 2003. If the product of this multiplication is greater than
           the minimum yearly rent or $16.00. Lessee shall pay this greater
           amount as the yearly rent until the time of the next rental
           adjustment as called for in this section. If the product of this
           multiplication is less than $16.00, there shall be no adjustment in
           the annual rent at that time, and Lessee shall pay yearly rent of
           $16.00. In no event shall any rental adjustment called for in this
           section result in an annual rent less than $16.00.

       b.  If the CPI-U is discontinued during the term of this lease, the
           remaining rental adjustments called for in this section shall be made
           using the formula set forth in Subsection (a) above, but substituting
           statistics of the Bureau of Labor Statistics of the United States
           Department of Labor that are most nearly comparable to the consumer
           price index specified in first paragraph of this section. If the
           Bureau of Labor Statistics of the United States Department of Labor
           ceases to exist or ceases to publish statistics concerning the
           purchasing power of the consumer dollar during the term of this
           lease, the remaining rental adjustments called for in this section
           shall be made using the most nearly comparable statistics published
           by a recognized financial authority selected by Lessor.

<Page>

                           Time and Manner of Payment

     5.03  All rent due under this article shall be paid by Lessee as follows:

       a.  The six months rent paid on or about August, 1993 shall be credited
           as rent payable for the last six months of this five year lease.

       b.  Rental for each month beginning in August, 1998, shall be due and
           payable on or before the last day of the month for which the rent is
           due.

     All installments of rent shall be paid in lawful money of the United States
to Lessor, at Lessor's address specified below.

                            Additional Consideration

     5.04  As additional consideration to the Lessor for entering into this
Lease, Lessee agrees to perform the following operations on the Leased Premises:

       a.  Weed Control: Lessee will mow or spray with herbicide every acre of
           pasture land of the Leased Premises each year of this lease. In the
           event Lessee opts to use herbicide for weed control, he will take all
           precautions to prevent damage to growing crops, ground water or
           surface water in compliance with any valid and applicable law,
           regulation, or ordinance of the United States, the State of Texas, or
           the County of Houston, or other lawful authority having jurisdiction
           over the Leased Premises.

       b.  Soil Maintenance: Lessee shall spread lime annually on the Leased
           Premises based on soil tests by the Soil Conversation Service
           provided however Lessee shall not be required to spread more than 240
           tons per year.

                               Liquidated Damages

     5.05  If Lessee fails to perform the weed control or soil maintenance
programs specified in 5.04 above, the damages to Lessor's land will be difficult
or impossible to measure. If Lessee fails to mow or spray all of the pasture
land of the Leased Premises each year, Lessee shall pay to Lessor the sum of
$6.50 per acre (or the current area custom rate) for each acre not treated.
Likewise, if Lessee fails to lime the required amount of land each year Lessee
shall pay to Lessor $21.00 for each acre (or current liming cost of one ton per
acre plus spreading) which his actual treatment falls short of the requirements
set out in 5.04 above. No charge for liquidated damage shall be made if Lessee
is in substantial compliance with the requirements. Lessee shall be considered
to be in substantial compliance in any year if Lessee has performed more than
90% of the required program.

                                   Information

     5.06  Lessee shall furnish to Lessor each December 15th with an annual
report showing work done with copies of invoices showing the area limed, the
number acres, amount spread per acre, and the cost. Likewise, Lessee shall
furnish to Lessor a statement showing the area limed , the number acres, amount
spread per acre and the costs likewise. Lessee shall furnish to Lessor a
statement showing the areas mowed or sprayed during that annual period.

<Page>

                                ARTICLE 6. TAXES

                                Payment by Lessor

     6.01  Lessor shall pay all ad valorem taxes on the property herein leased.

                              ARTICLE 7. UTILITIES

     7.01  Lessee shall pay or cause to be paid all charges for water, heat,
electricity, and all other utilities used on the Leased Premises throughout the
term of this lease, including any connection fees.

     7.02  Lessor will furnish well water to Lessees headquarters' traps, Lessee
shall furnish water for all other leased property.

     7.03  Lessor, at its expense, shall make all necessary repairs to the water
well bores and down-hole equipment.

                           ARTICLE 8. USE OF PREMISES

                                 Primary Purpose

     8.01  Lessee shall use the Leased Premises for ranching purposes and crops
incident thereto.

                            Illegal Use Not Permitted

     8.02  Lessee agrees not to use all or part of the Leased Premises or any
building situated upon the Leased Premises for any use or purpose in violation
of any valid and applicable law, regulation, or ordinance of the United States,
the State of Texas, County of Houston, or other lawful authority having
jurisdiction over the Leased Premises: provided, however, that there shall be no
violation by Lessee of this provision unless and until Lessor has notified
Lessee in writing, specifying the alleged violation and until there has been a
final adjudication that the specified use is in violation of the law, regulation
or ordinance specified in the written notice, and that the specified law,
regulation, or ordinance is valid and applicable to the Leased Premises, and
until Lessee has had a reasonable time after the final adjudication to cure the
specified violation.

              Violation of Environmental Regulations Not Permitted

     8.03  Notwithstanding paragraph 8.02, Lessee agrees not to knowingly
violate any Environmental Law through activities conducted by Lessee on the
Leased Premises.

                       ATRICLE 9. LIVESTOCK AND EQUIPMENT

     Lessor shall separately dispose of its livestock, hay, and equipment. None
of its livestock, or hay or equipment is subject to this lease except by
subsequent mutual agreement of the parties.

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                       ARTICLE 10. CONSTRUCTION BY LESSEE

                               General Conditions

     10.01 Lessee shall have the right at any time and from time to time during
the term of this lease, to erect, maintain, alter, remodel, reconstruct,
rebuild, replace, and remove building and other improvements on the Leased
Premises, and correct and change the contour of the Leased Premises, subject to
prior approval of the Lessor. The following general conditions shall apply:

       a.  The cost of any such work shall be borne and paid for by Lessee.

       b.  The Leased Premises shall at all times be kept free of mechanics' and
           materialmen's liens.

       c.  Lessor shall be notified of the time of commencement and the general
           nature of any such work, other than routine maintenance of existing
           buildings or improvements, at the time of commencement.

               Ownership of Buildings, Improvements, and Fixtures

     10.02 Any and all buildings, improvements, additions, alterations and
fixtures, except furniture and trade fixtures, constructed, placed, or
maintained on any part of the Leased Premises during the lease term shall be
considered part of the real property of the Premises and shall remain on the
Premises and become the property of Lessor on termination of this lease.

                          Right to Remove Improvements

     10.03 Lessee shall have the right at any time during Lessee's occupancy of
the Leased Premises, or within a reasonable time thereafter, to remove any and
all furniture, machinery, equipment, or other trade fixtures, owned or placed by
Lessee its sublessees or licensees, in, under, on the Leased Premises, or
acquired Lessee, whether before or during the lease term, but prior to the
termination of the lease Lessee must repair any damage to any buildings or
improvements on the Premises resulting from their removal, Any such items which
are not removed by the termination date of the lease shall become the property
of Lessor as of that date.

                            ARTICLE 11. FLOOD CONTROL

     11.01 Lessor shall remain responsible for maintenance of the levee system,
main drainage ditches and for maintenance and operation of the two pumping
stations used to protect the bottom land from flood waters. Lessor shall bill to
Lessee part of its cost for this service, annually on May 1, each year. The part
billed shall be Lessor's actual cost multiplied by a fraction, the numerator of
which shall be the number of Lessee's acres protected by the system. The
denominator shall be the total number of net acres protected by the system.
Lessor shall not spend more than $10,000 in any one year maintaining the system.

                            ARTICLE 12. HUNTING LEASE

     12.01 Lessee will not allow hunting on the Leased Premises.

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                ARTICLE 13. REPAIRS, MAINTENANCE, AND RESTORATION

                      Lessee's Duty to Maintain and Repair

     13.01 At all times during the term of the lease, Lessee will keep and
maintain, or cause to be kept and maintained, all buildings and improvements
which may be erected on the Leased Premises in a good state of appearance and
repair, reasonable wear and tear accepted, at Lessee's own expense.

                              Damage or Destruction

     13.02 In the event any building or improvement constructed on the Leased
Premises is damaged or destroyed by fire or any other casualty, regardless of
the extent of such damage or destruction, Lessee shall, within one year from the
date of such damage or destruction, begin to repair, reconstruct, or replace the
damage or destroyed building or improvement and pursue the repair,
reconstruction, or replacement with reasonable diligence so that the building
shall be restored to substantially the condition it was in prior to the
happening of the casualty: provided, however, that if commencement or completion
of this restoration is prevented or delayed by reason of war, civil commotion,
acts of God, strikes, governmental restrictions or regulations, or
interferences, fire or other casualty, or any other reason beyond the control of
Lessee, whether similar to any of those enumerated or not, the time for
commencing or completing, or both, of the restoration will automatically be
extended for the period of each such delay.

                            Fences and Water Systems

     13.03 Lessee shall repair and maintain all fencing and water systems on the
Leased Premises in such a manner as to keep it in a good condition as it is at
the beginning of the lease term, normal wear and tear excepted.

                          ARTICLE 14. MECHANICS' LIENS

     14.01 Lessee shall not cause or permit any mechanics' liens or other liens
to be filed against the fee of the Leased Premises or against Lessee leasehold
interest in the land or any buildings or improvements on the Leased Premises by
reason of any work, labor, services, or material supplied or holding the Leased
Premises or any part of them through or under Lessees, If such a mechanic's lien
or materialman's lien is recorded against the Leased Premises or any buildings
or improvements on the Premises, Lessee shall either cause the same to be
removed or, if Lessee in good faith desires to contest the lien, take timely
action to do so, at Lessee's sole expense. If Lessee contests the lien, Lessee
agrees to indemnify Lessor and hold Lessor harmless from all liability for
damages occasioned by the lien or the lien contest and shall, in the even of a
judgment or foreclosure on the lien, cause the lien to be discharged and removed
prior to execution of the judgment.

                        ARTICLE 15. DEFAULT AND REMEDIES

                             Termination on Default

     15.01 Should Lessee default in the performance of any covenant, condition,
or agreement to this lease, and not correct the default within thirty (30) days
after receipt of written notice from Lessor to Lessee and any lender, Lessor may
declare this lease, and all rights and interest created by it, to be terminated.
Upon Lessor's electing to terminate, this lease shall cease and come to an end
as if the day of Lessor's election were the day originally fixed and the lease
for its expiration. Lessee shall have 120 days to remove cattle during which
time no additional rental will be due, Lessor or Lessor's agent or attorney may
resume possession of the Premises.

<Page>

                                 Other Remedies

     15.02 Any termination of this lease as provided in this article shall not
relieve Lessee from the payment of any sum or sums that are due and payable to
Lessor under the lease at the time of termination, or any claim for damages then
or previously accruing against Lessee under this lease, and any such termination
shall not prevent Lessor from enforcing the payment of any such sum or sums or
claim for damages by any remedy provided for by law, or from recovering damages
from Lessee or any default under the lease. All rights, options, and remedies of
Lessor contained in this lease shall be construed and held to be cumulative, and
no one of them shall be exclusive of the other, and Lessor shall have the right
to pursue any one or all of such remedies or any other remedy or relief which
may be provided by law, whether or not stated in this lease. No waiver by Lessor
of a breach of any of the covenants, conditions, or restrictions of this lease
shall be construed or held to be a waiver of any succeeding or preceding breach
of the name or any other covenant, conditions, or restriction contained in this
lease.

                               Liquidated Damages

     15.03 Notwithstanding anything contained in this lease to the contrary, due
to the difficulty and uncertainty in measuring damages, in the event that either
party breaches the lease resulting in termination of the lease, it is agreed
that damages from loss of future revenue (on the part of Lessor) or loss of
future pasture use (on the part of the Lease) shall be a sum of money equal to
six months of rent based upon the monthly rate that was in effect at the time of
termination of the lease.

                       ARTICLE 16. LESSOR'S WARRANTIES AND
                                    COVENANTS

                                Warranty of Title

     16.01 Lessor covenants and agrees that as long as Lessee pays the rent and
other charges as provided in this lease and observes and keeps the covenants,
conditions, and terms of this lease, Lessee shall lawfully and quietly hold,
occupy, and enjoy the Leased Premises during the term of this lease without
hindrance or molestation, by Lessor or any person claiming under Lessor, except
such portion of the Leased Premises, if any, a shall be taken under the power of
eminent domain.

                    ARTICLE 17. GENERAL PROTECTIVE PROVISIONS

                          Right of Entry and Inspection

     17.01 Lessee shall permit Lessor or Lessor's agents, representatives, or
employees to enter on the Leased Premises for the purposes of inspection,
determining whether Lessee is in compliance with the terms of this lease,
maintaining, repairing, or altering the Premises, or showing the Leased Premises
to prospective Lessees, purchasers, mortgages, or beneficiaries under trust
deeds.

                         No Partnership or Joint Venture

     17.02 The relationship between Lessor and Lessee at all times shall remain
solely that of landlord and tenant and not be deemed a partnership or a joint
venture.

                                     Page 7
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                                  Force Majeure

     17.03 It is expressly understood and agreed that if the curing of any
default (other than failure to pay rent) or the performance of any other
covenant, agreement, obligation, or undertaking contained in this lease is
delayed by reason of war , civil commotion, act of God, governmental
restrictions, regulations, or interference, fire or other casualty, or any other
circumstances beyond Lessee's control or beyond the control of the party
obligated or permitted under the terms of this ease to do or perform the same,
regardless of whether any such circumstance is similar to any of those
enumerated or not, each party so delayed shall be excused from doing or
performing the same during the period delay.

                          No Termination on Bankruptcy

     17.04 Neither bankruptcy, insolvency, assignment for the benefit of
creditors, nor the appointment of a receiver shall affect this lease so long as
Lessee and Lessor or their respective successors or legal representatives
continue to perform all covenants of this lease.

                                    No Waiver

     17.05 No waiver by either party of any default or breach of any covenant,
condition, or stipulation contained in this lease shall be treated as a waiver
of any subsequent default or breach of the same or any other covenant,
condition, or stipulation of this lease.

                                Release of Lessor

     17.06 If Lessor sells or transfers all or part of the Leased Premises and
as a part of the transaction assigns its interest as Lessor in and to this
lease, then from and after the effective date of the sale, assignment, or
transfer, Lessor shall have no further liability under this lease to Lessee,
except as to matters of liability which have accrued and are unsatisfied as of
that date, it being intended that the covenants and obligations of Lessor
contained in this lease shall be binding on Lessor and its successors and
assigns only during and in respect of their respective successive periods of
ownership of the fee.

                               Mineral Development

     17.07 Lessor retains the right to allow current or future owners of the
mineral leasehold estate to proceed with development of the Premises, including
but not limited to future well locations, roadways, and pipeline rights-of-way.
Any compensation received by Lessor shall be divided as follows:

       a.  Amounts paid which represent recurring or continuous use of the land
           shall go to Lessor.

       b.  Amounts paid which represent payment for damage to growing crops or
           livestock shall go to Lessee.

                            ARTICLE 18. MISCELLANEOUS

                          Delivery of Rents and Notices

     18.01 All rents or other sums, notices, demands, or requests from one party
to another may be personally delivered or sent by mail, certified or registered,
postage prepaid, to the addressee stated in this section and shall be deemed to
have been given at the time of personal delivery or at the time of mailing.

<Page>

     All payments, notices, demands, or requests from Lessee to Lessor shall be
given or mailed to Lessor at 1453 Esperson Building, 808 Travis, Houston, Texas,
77002-5701.

     All payments, notices, demands, or requests from Lessor to Lessee shall be
given or mailed to Lessee at Rt. 2, Box 255, Crockett, Texas 75835, or at such
other address as requested by Lessee in writing.

                                  Parties Bound

     18.02 This agreement shall be binding upon and insure to the benefit of the
parties to the lease and their respective heirs, executors, administrators,
legal representatives, successors and assigns.

                               Texas Law to Apply

     18.03 This agreement shall be construed under and in accordance with the
laws of the Sate of Texas, and all obligations of the parties created by this
lease are performable in Houston County, Texas.

                               Legal Construction

     18.04 In case any one or more of the provisions contained in this agreement
shall for any reason be held to be invalid, illegal, or unenforceable in any
respect, this invalidity, illegality, or unenforceability shall not affect any
other provision of the lease, and this agreement shall be construed as if the
invalid, illegal or inenforceable provision had never been contained in the
lease.

                           Prior Agreements Superseded

     18.05 This agreement constitutes the sole and only agreement of the parties
to the lease of the land described in Article 2 above and superseded any prior
understandings or written or oral agreements between the parties respecting the
subject matter of the lease.

                                    Amendment

     18.06 No amendment, modification, or alteration of the terms of this lease
shall be binding unless it is in writing, dated subsequent to the date of this
lease, and only executed by the parties to this lease.

                         Rights and Remedies Cumulative

     18.07 The rights and remedies provided by this lease agreement are
cumulative, and the use of any one right or remedy by either party shall not
preclude or waive its right to use any or all other remedies. The rights and
remedies provided in this lease are given in addition to any other rights the
parties may have by law, statute, ordinance, or otherwise.

                            Attorney's Fees and Costs

     18.08 If, as a result of a breach of this agreement by either party, the
other party employs an attorney or attorneys to enforce its rights under this
lease, then the breaching party agrees to pay the other party the reasonable
attorney's fees and costs incurred to enforce the lease.

                                     Page 9
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                                 Time of Essence

     18.09 Time is of the essence of this agreement.

                                Further Documents

     18.10 Lessor agrees that it will from time to time and at any reasonable
time execute and deliver to Lessee other and further instruments and assurances
as Lessee may reasonably request, approving, ratifying, and confirming this
lease and the leasehold estate created by this lease and certifying that the
lease is in full force and effect and that no default under the lease on the
part of Lessee exists, except, that if any default on the part of Lessee does
exist, Lessor shall specify in any such instrument each such default.

     THIS LEASE has been executed by the parties on the date and year first
above written.

                                               LESSOR:

                                               SEVEN J STOCK FARM, INC.


                                               By
                                                 ------------------------
                                               JOHN R. PARTEN, President


                                               LESSEE:

                                               RISINGER RANCHES CORPORATION


                                               By
                                                 ---------------------------
                                               TOM RISINGER, President

                                     Page 10
<Page>

THE STATE OF TEXAS  ( )

COUNTY OF MADISON   ( )

          Before me, the undersigned authority, on this day personally appeared
Tom Risinger as President of Risinger Ranches Corporation, a Wyoming
corporation, and acknowledged to me that he executed the same for the purposes
and consideration therein expressed, in the capacity stated, and as the act and
deed of said corporation.

          Given under my hand and seal of office this the _______day of
_________, 1998

My Commission Expires:                  ____________________________
                                        Notary Public in and for the
____________________                    State of Texas


THE STATE OF TEXAS  ( )

COUNTY OF MADISON   ( )

          Before me, the undersigned authority, on this day personally appeared
John R. Parten, President of Seven J Stock Farm Inc., a Texas Corporation, and
acknowledged to me that he executed the same for the purposes and consideration
therein expressed, in the capacity stated, and as the act and deed of said
corporation.

          Given under my hand and seal of office this ______ day of ___________,
1998.

My Commission Expires:                  ____________________________
                                        Notary Public in and for the
____________________                    State of Texas

<Page>

                                   EXHIBIT "B"
                           SEVEN J STOCK FARM ACREAGE

<Table>
<Caption>
                                                              NET ACRES
                                                              ---------
<S>                                                            <C>
North Wolf Den                                                   146.62
Wolf Den Meadow                                                   70.56
Stumpville Pasture                                               155.01
South McDougald Place                                            102.86
North McDougald Place                                            123.48
Patty Place                                                      147.98
Jackson Place                                                    291.19
Jackson Bottom                                                    86.24
Feed Lots                                                         11.00
Barn Trap   EST. 1/3 OF 36.57 OR                                  12.19
Horse Trap                                                        10.29
Hay Trap                                                           4.80
Manager's House                                                    0.50
Back half of Commissary                                            0.50
Quonset                                                            0.50
                                                               --------

Total                                                          1,183.72
</Table>