Exhibit 10.2

(MulticurrencyCross
Border)

ISDA®International Swaps and Derivatives Association, Inc.

MASTER AGREEMENT

dated
as of September 30, 2008

BANK OF THE WESTandKODIAK OIL & GAS (USA) INC.

have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this Master Agreement, which includes the schedule
(the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties confirming those Transactions.

Accordingly,
the parties agree as follows:

1.     Interpretation

(a)Definitions.The terms defined in Section 14 and in the Schedule will have the meanings therein
specified for the purpose of this Master Agreement.

(b)Inconsistency.In the event of any inconsistency between the provisions of the Schedule and the other
provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)Single Agreement.All Transactions are entered into in reliance on the fact that this Master Agreement and
all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any Transactions.

2.     Obligations

(a)General Conditions.



(b)Change of Account.Either party may change its account for receiving a payment or delivery by giving notice
to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable
objection to such change.

Copyright
© 1992 by International Swaps and Derivatives Association, Inc.

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(c)Netting.If on any date amounts would otherwise be payable:



by
each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would
otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of
such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through
which the parties make and receive payments or deliveries.

(d)Deduction or Withholding for Tax.



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(e)Default Interest; Other Amounts.Prior to the occurrence or effective designation of an Early Termination
Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to
pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due
date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be
calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant
Confirmation or elsewhere in this Agreement.

3.     Representations

Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:

(a)Basic Representations.



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(b)Absence of Certain Events.No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or
any Credit Support Document to which it is a party.

(c)Absence of Litigation.There is not pending or, to its knowledge, threatened against it or any of its
Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document.

(d)Accuracy of Specified Information.All applicable information that is furnished in writing by or on behalf
of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect.

(e)Payer Tax Representation.Each representation specified in the Schedule as being made by it for the purpose
of this Section 3(e) is accurate and true.

(f)Payee Tax Representations.Each representation specified in the Schedule as being made by it for the purpose
of this Section 3(f) is accurate and true.

4.     Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which
it is a party:

(a)Furnish Specified Information.It will deliver to the other party or, in certain cases under subparagraph
(iii) below, to such government or taxing authority as the other party reasonably directs:



in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

(b)Maintain Authorisations.It will use all reasonable efforts to maintain in full force and effect all
consents of any governmental or other authority that are required to be obtained by it with respect

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to
this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future.

(c)Comply with Laws.It will comply in all material respects with all applicable laws and orders to which it
may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

(d)Tax Agreement.It will give notice of any failure of a representation made by it under Section 3(f)
to be accurate and true promptly upon learning of such failure.

(e)Payment of Stamp Tax.Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or
in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or
office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the other party against any Stamp Tax levied or imposed upon the other
party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.     Events of Default and Termination Events

(a)Events of Default.The occurrence at any time with respect to a party or, if applicable, any Credit Support
Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an "Event of Default") with respect to such party:



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(b)Termination Events.The occurrence at any time with respect to a party or, if applicable, any Credit Support
Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified
in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to
(iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:



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(c)Event of Default and Illegality.If an event or circumstance which would otherwise constitute or give rise
to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

6.     Early Termination

(a)Right to Terminate Following Event of Default.If at any time an Event of Default with respect to a party
(the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the Defaulting Party specifying
the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, "Automatic Early
Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to
such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of
the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent
analogous thereto, (8).

(b)Right to Terminate Following Termination Event.



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(c)Effect of Designation.



(d)Calculations.



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(e)Payments on Early Termination.If an Early Termination Date occurs, the following provisions shall apply
based on the parties' election in the Schedule of a payment measure, either "Market Quotation" or "Loss", and a payment method, either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed that "Market Quotation" or the "Second Method", as the case may be, shall apply. The amount, if any, payable in respect
of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off.



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7.     Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:



Any
purported transfer that is not in compliance with this Section will be void.

8.     Contractual Currency

(a)Payment in the Contractual Currency.Each payment under this Agreement will be made in the relevant currency
specified in this Agreement for that payment (the "Contractual Currency"). To

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the
extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the
currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law,
immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the
amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess.

(b)Judgments.To the extent permitted by applicable law, if any judgment or order expressed in a currency other
than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in
respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery,
after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency
received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual
Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in
good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such
party. The term "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

(c)Separate Indemnities.To the extent permitted by applicable law, these indemnities constitute separate and
independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement.

(d)Evidence of Loss.For the purpose of this Section 8, it will be sufficient for a party to demonstrate
that it would have suffered a loss had an actual exchange or purchase been made.

9.     Miscellaneous

(a)Entire Agreement.This Agreement constitutes the entire agreement and understanding of the parties with
respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.

(b)Amendments.No amendment, modification or waiver in respect of this Agreement will be effective unless in
writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.

(c)Survival of Obligations.Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the
parties under this Agreement will survive the termination of any Transaction.

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(d)Remedies Cumulative.Except as provided in this Agreement, the rights, powers, remedies and
privileges
provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

(e)Counterparts and Confirmations.



(f)No Waiver of Rights.A failure or delay in exercising any right, power or privilege in respect of this
Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that
right, power or privilege or the exercise of any other right, power or privilege.

(g)Headings.The headings used in this Agreement are for convenience of reference only and are not to affect
the construction of or to be taken into consideration in interpreting this Agreement.

10.   Offices; Multibranch Parties

(a)   If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had
entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into.

(b)   Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the
other party.

(c)   If
a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any
Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation.

11.   Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting
Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection.

12.   Notices

(a)Effectiveness.Any notice or other communication in respect of this Agreement may be given in any manner set
forth below (except that a notice or other communication under Section 5 or 6 may

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not
be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:



unless
the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after
the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day.

(b)Change of Addresses.Either party may by notice to the other change the address, telex or facsimile number
or electronic messaging system details at which notices or other communications are to be given to it.

13.   Governing Law and Jurisdiction

(a)Governing Law.This Agreement will be governed by and construed in accordance with the law specified in the
Schedule.

(b)Jurisdiction.With respect to any suit, action or proceedings relating to this Agreement ("Proceedings"),
each party irrevocably:



Nothing
in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as
defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

(c)Service of Process.Each party irrevocably appoints the Process Agent (if any) specified opposite its name
in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for

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notices
in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law.

(d)Waiver of Immunities.Each party irrevocably waives, to the fullest extent permitted by applicable Law, with
respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property,
(iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any
Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14.   Definitions

As used in this Agreement:

"Additional Termination Event"has the meaning specified in Section 5(b).

"Affected Party"has the meaning specified in Section 5(b).

"Affected Transactions"means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions.

"Affiliate"means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any
entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership
of a majority of the voting power of the entity or person.

"Applicable Rate" means:

(a)   in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)   in
respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on
which that amount is payable, the Default Rate;

(c)   in
respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)   in
all other cases, the Termination Rate.

"Burdened Party"has the meaning specified in Section5(b).

"Change in Tax Law"means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into.

"consent"includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

"Credit Event Upon Merger"has the meaning specified in Section 5(b).

"Credit Support Document"means any agreement or instrument that is specified as such in this Agreement.

"Credit Support Provider"has the meaning specified in the Schedule.

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"Default Rate"means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified
by it) if it were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party"has the meaning specified in Section 6(a).

"Early Termination Date"means the date determined in accordance with Section 6(a) or 6(b)(iv).

"Event of Default"has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

"Illegality"has the meaning specified in Section 5(b).

"Indemnifiable Tax"means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a
present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in
a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such
recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

"law"includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and"lawful"and"unlawful"will be construed accordingly.

"Local Business Day"means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place
where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication,
including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b),
in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified
Transaction.

"Loss"means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination
Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection with this
Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss
includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early
Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more
leading dealers in the relevant markets.

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"Market Quotation"means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined
on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as
a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement Transaction") that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether
the underlying obligation was, absolute or contingent and assuming the
satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are
to be excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition
precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith,
agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and time (without
regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in
good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market
Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of
such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated Transaction or group of Terminated
Transactions cannot be determined.

"Non-default Rate"means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
Non-defaulting Party (as certified by it) if it were to fund the relevant amount,

"Non-defaulting Party"has the meaning specified in Section 6(a).

"Office"means a branch or office of a party, which may be such party's head or home office.

"Potential Event of Default"means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of
Default.

"Reference Market-makers"means four leading dealers in the relevant market selected by the party determining a Market Quotation in good
faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of
credit and (b) to the extent practicable, from among such dealers having an office in the same city.

"Relevant Jurisdiction"means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

"Scheduled Payment Date"means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction.

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"Set-off"means set-off, offset, combination of accounts, right of retention or withholding or similar right or
requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer.

"Settlement Amount"means, with respect to a party and any Early Termination Date, the sum of:



"Specified Entity"has the meaning specified in the Schedule.

"Specified Indebtedness"means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal
or surety or otherwise) in respect of borrowed money.

"Specified Transaction"means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now
existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other
party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these
transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

"Stamp Tax"means any stamp, registration, documentation or similar tax.

"Tax"means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

"Tax Event"has the meaning specified in Section 5(b).

"Tax Event Upon Merger"has the meaning specified in Section 5(b).

"Terminated Transactions"means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected
Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination
Date (or, if "Automatic Early Termination" applies, immediately before that Early Termination Date).

"Termination Currency"has the meaning specified in the Schedule.

"Termination Currency Equivalent"means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the
relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the

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relevant
Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign
exchange
agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on
such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange
agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

"Termination Event"means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon
Merger or an Additional Termination Event.

"Termination Rate"means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each
party (as certified by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts"owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or
would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with
(to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid
or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if
each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties.

IN WITNESS WHEREOFthe parties have executed this document as of the date specified on the first page of this document.

BANK OF THE WEST

KODIAK OIL & GAS (USA) INC.By:

/s/ MICHAEL STEAD Name: Michael Stead
Title: Director of Capital Markets

By:

/s/ KEITH DOSS Name: Keith Doss
Title: CFO


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SCHEDULEto theISDA MASTER AGREEMENT

This is the Schedule to that certain ISDA Master Agreement dated as ofSeptember 30,
2008between Bank of the West ("Party A") andKodiak Oil & Gas (USA) Inc.("Party B").

PART 1        Termination Provisions

In this Agreement:



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PART 2        Tax Representations

(A)Payer Representations.For the purpose of Section 3(e) of this Agreement, each party makes the
following representation:



(B)Payee Representations.For the purpose of Section 3(f) of this Agreement, Party A represents that it
is a California Banking Corporation.

For
the purpose of Section 3(f) of this Agreement, Party B represents that it is aCorporationorganized under the laws of the
State ofColorado.

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PART 3        Agreement to Deliver Documents

For the purposes of Section 4(a)(i) and (ii) of this Agreement, the parties agrees that the following documents will be
delivered:

Party Required to
Deliver Document

Form/Document/Certificate

Date by which
to be delivered

Covered by Section 3(d)
RepresentationParty B

Resolution adopted by the Board of Directors, certified by the Secretary or an Assistant Secretary, authorizing the execution, delivery and performance of this Agreement and each Confirmation

Concurrent with the execution of this Agreement and upon request with respect to Confirmations

YesParty B

Specimen signature certificate of the Secretary or an Assistant Secretary, setting out names and specimen signatures of each
person or persons authorized on behalf of the party to execute and deliver this Agreement and each Confirmation

Concurrent with the execution of this Agreement and upon request with respect to Confirmations

Yes


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PART 4        Miscellaneous

(A)Addresses for Notices.For the purpose of Section 12(a) of this Agreement:

Address
for notices or communications to Party A:

Address:

Bank of the West
Treasury Operations
1450 Treat Blvd
Mail Sort: NC-TRE-02-H
Walnut Creek, CA. 94596Attention:

Derivatives Documentation Specialist
Swift No: BWSTUS66; ABA (BIC) #121100782; ACCT: 148635041
Telephone No: (925) 942-8768
Fax No: (925) 939-6578Address for notices or communications to Party B:Address:

1625 Broadway, Suite 250
Denver, CO 80202Telephone No.: (303) 592-8075
Fax No.: (303) 592-8071
Email: kdoss@kodiakog.com; khoogendyk@kodiakog.com
Attention: Keith Doss


Any
notice, demand or other communication to be provided by Party A pursuant to this Agreement (including, without limitation, any notice, demand or communication pursuant to Section 6(a) or
Section 6(b)(iv) of this Agreement) shall be sent to the address of Party B provided in this Part 4(A) notwithstanding the death of Party B, the adjudication of Party B as incompetent or
the appointment of a guardian with respect, in the event Party B is an individual, to the affairs of Party B. Any failure by Party B or any guardian, conservator, executor, administrator or other
similarly appointed person to receive any such notice, demand or communication shall in no way abrogate, invalidate or otherwise affect the validity or enforceability of the notice, demand or
communication or the matters set forth therein, including, without limitation, the designation of an Event of Default, Termination Event, Early Termination Date or any other such matter.

(B)Process Agent.For the purpose of Section 13(c) of the Agreement, neither Party A nor Party B will
appoint a Process Agent.

(C)Offices.The provisions of Section 10(a) will apply to this Agreement.

(D)Multibranch Party.For the purpose of Section 10(c) of this Agreement:



(E)Calculation Agent.The Calculation Agent is Party A. No failure by Party A to perform any duties of the
Calculation Agent under this Agreement shall be construed as an Event of Default under this Agreement.

(F)Credit Support Provider.



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(G)Governing Law.This Agreement will be governed by and construed in accordance with the laws of the State of
New York without reference to choice of law doctrine.

(H)Netting of Payments.Subparagraph (ii) of Section 2(c) of this Agreement will not apply to the
Transactions.

(I)"Affiliate"will have the meaning specified in Section 14 of this Agreement and shall exclude any
broker/dealer affiliates with respect to Party A.

PART 5        Other Provisions

(A)Confirmations.Notwithstanding anything to the contrary in this Agreement:



(B)Definitions.For each Transaction (unless otherwise specified in the relevant Confirmation for that
Transaction) all provisions of the 2000 ISDA Definitions (as published by the International Swaps & Derivatives Association, Inc.), including the Annex to the 2000 ISDA Definitions, are
hereby incorporated by this reference into this Agreement and shall form a part hereof as if set forth in full herein.

(C)Notice of Event of Default.Each party agrees, upon learning of the occurrence of any event or commencement
of any condition that constitutes (or that with the giving of notice or passage of time or both would constitute) an Event of Default with respect to that party, promptly to give the other party
notice of such event or condition.

(D)Additional Representations.Section 3 of this Agreement is hereby amended by adding at the end
thereof the following subsections (g) through (k):



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(E)Right of Setoff.Section 6 of this Agreement is amended by adding the following new
Section 6(f):



(F)Inconsistency Among Definitions or Provisions.In the event of any inconsistency between the definitions or
provisions in any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation (with respect only to definitions in such Confirmation; provided,
however, that other provisions in a Confirmation will govern over inconsistent provisions in the following documents to the extent that such Confirmation explicitly states its intent to modify the
following documents); (ii) the Schedule to the ISDA Master Agreement; (iii) the ISDA Master Agreement; (iv) the Commodity Definitions (as defined below); and (v) the 2000
Definitions.

(G)Incorporation by Reference of Terms of the Credit Agreement.The covenants, terms and provisions of the
Credit Agreement with respect to Party B, including all representations and warranties of Party B contained therein, as in effect as of the date of this Agreement, are hereby incorporated by reference
in, and made part of, this Agreement to the same extent as if such covenants, terms, and provisions were set forth in full herein. Party B hereby agrees that, during the period commencing with the
date of this Agreement through and including such date on which all of Party B's obligations under this Agreement are fully performed, Party B will (a) observe, perform, and fulfill each and
every such covenant, term, and provision applicable to Party B, as such covenants, terms, and provisions may be amended from time to time after the date of this Agreement with the consent of Party A,
and (b) deliver to Party A at the address for notices to Party A provided in this Agreement, each notice, document, certificate or other writing that Party B is obligated to furnish to any
other party to the Credit Agreement. In the event the Credit Agreement terminates or becomes no longer binding on Party B prior to the termination of this Agreement and any Transactions outstanding
hereunder, such covenants, terms, and provisions (other than those requiring payments in respect of amounts owed under the Credit Agreement) will remain in force and effect for purposes of this
Agreement as though

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set
forth in full herein until the date on which all of Party B's obligations under this Agreement are fully performed and this Agreement is terminated.

(H)Severability.Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. The parties hereto shall endeavor in good faith negotiations to replace the prohibited or unenforceable provision with a valid provision,
the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision.

(I)Waiver of Jury Trial.Each party hereby irrevocably waives any and all right to trial by jury in any trial
or litigation arising out of or in connection with any transaction or this agreement.

(J)No Reliance.In connection with the negotiation of and entering into this Agreement, any Credit Support
Document and each Transaction, each party agrees and, with respect to itself, represents and warrants that; (i) the other party hereto is not acting as a fiduciary or a financial or investment
advisor for it; (ii) it is not relying upon any advice, counsel or representations (whether written or oral) of the other party hereto other than the representations expressly set forth in this
Agreement, in such Credit Support Document and in any Confirmation; (iii) the other party hereto has not given to it any advice or counsel as to the expected or projected success, return,
performance, result, consequence or benefit (either legal, regulatory, tax, financial, accounting, or otherwise) of this Agreement, such Credit Support Document or such Transaction; (iv) it has
consulted with its own legal, regulatory, tax, business, investment financial and accounting advisors to the extent it has deemed necessary and has made its own investment, hedging, and trading
decisions (including decisions regarding the suitability of such Transaction pursuant to this Agreement) based upon its own judgment and upon any advice from such advisors as it has deemed necessary
and not upon any view expressed by the other party hereto; (v) it has determined that the rates, prices, or amounts and other terms of such Transaction in the indicative
quotations (if any) provided by the other party hereto reflect those in the relevant market for similar transactions, and all trading decisions have been the result of arms length negotiations between
the parties; (vi) it is entering into this Agreement, such Credit Support Document and such Transaction with a full understanding of all of the terms, conditions and risks thereof (economic and
otherwise), and it is capable of assuming and willing to assume (financially and otherwise) those risks; and (vii) it is a sophisticated investor.

PART 6        Commodity Swaps and Options Transactions

(A)Incorporation of 2005 ISDA Commodity Derivatives Definitions.The 1993 ISDA Commodity Derivatives
Definitions, as supplemented by the 2000 Supplement, as supplemented by the 2005 ISDA Commodity Derivatives Definitions, thereto and otherwise as amended, supplemented, replaced or modified from time
to time, (the "Commodity Definitions") are incorporated by reference in this Agreement and the relevant Confirmations with respect to "Transactions," as defined by the Commodity Definitions, in
commodities, except as otherwise specifically provided in the relevant Confirmation. All terms used in this Part 6 that are not otherwise defined shall have the meanings given to them in the
Commodity Definitions.

(B)  In
lieu of Section 7.4(d)(i) of the Commodity Definitions, the "Market Disruption Events" specified in Section 7.4(c)(i), (c)(ii), (c)(iii), (c)(iv),
(c)(v) and (c)(viii) of the Commodity Definitions shall apply, except as otherwise specified in the relevant Confirmation.

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(C)  Section 7.4(c)(viii)
of the Commodity Definitions is hereby amended by the addition of the following at the end thereof:



(D)  Section 7.5(e)
of the Commodity Definitions is hereby deleted.

(E)  "Additional
Market Disruption Events" shall apply only if so specified in the relevant Confirmation.

(F)  The
following "Disruption Fallbacks" specified in Section 7.5(c) of the Commodity Definitions shall apply, in the following order, except as otherwise specified
in the relevant Confirmation:



(G)  For
purposes of any Transaction in which the relevant Commodity is traded in a market that is less liquid than other OTC derivatives markets, Party B recognizes that
(i) such market is less liquid than other OTC derivatives markets; (ii) it may be more difficult for it to obtain quotations from a marketmaker or other dealer that is not a party to the
Transaction and consequently to establish an independent value for the Transaction; (iii) any prices or terms quoted by Party A for entering into, modifying, or terminating a transaction,
although based upon what Party A believes to be a commercially reasonable valuation methodology, may be different than if this market were more mature and liquid; and (iv) any valuations which
may be provided by Party A do not necessarily reflect Party A's internal bookkeeping or theoretical model-based valuations of the Transaction and may reflect other factors, including without
limitation the creditworthiness of a counterparty, costs of carry, use of capital, and profit.

IN WITNESS WHEREOFthe parties have executed this document as of the date specified on the first page of this document.

"Party A"

"Party B"BANK OF THE WEST

KODIAK OIL & GAS (USA) INC.By:

/s/ MICHAEL STEAD

By:

/s/ KEITH DOSSName: Michael Stead



Name: Keith DossTitle: Director of Capital Markets



Title: CFO


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