Exhibit 10(d)

                PROMISSORY NOTE - Fixed or Variable Rate - Commercial

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DEBTOR (S) NAME AND    NOTE        DATE OF     MATURITY DATE  PRINCIPAL
ADDRESS                NUMBER      NOTE        08/15/03       AMOUNT
                       1001        05/15/03                   $350,000.00

The Beard Company
5600 N. May Ave.
Suite 320
Oklahoma City, OK
73112
                       CUSTOMER        NEW LOAN               OFFICER
                       NUMBER      X RENEWAL OF LOAN(S)         918
                       5664802     NUMBER:   1001
                       FIXED INTEREST RATE OF ______________ % PER ANNUM
                       INTEREST PAYABLE: ______________________
                       X VARIABLE INTEREST RATE  0.50000%
                       ABOVE Chase Bank Prime

                       INITIAL RATE   4.75%     INTEREST PAYABLE   MONTHLY
                       _______________________________________
                       COLLATERAL CATEGORIES    SOCIAL SECURITY NUMBER
                                                73-0970298
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P                                                 PURPOSE
A  T Accrued interest due and payable MONTHLY,
Y  E beginning 06/15/03 and MONTHLY thereafter,
M  R with outstanding principal balance plus      Working Capital
E  M unpaid accrued interest due and payable
N  S on 08/15/03.
T
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FOR VALUE  RECEIVED,  the undersigned  Debtor(s),  jointly and severally if more
than one,  agree to the terms of this  Note and  promise  to pay to the order of
Lender named below at its place of business as indicated herein or at such other
place as may be  designated in writing by holder,  the Principal  Amount of this
Note  together with interest  until  maturity at the per annum  interest rate or
rates stated above.  If the writing above  indicates that the per annum interest
rate is to vary with changes made from time to time in the base or prime rate of
Lender or other  financial  institution,  each  change  in the rate will  become
effective  without  notice to Debtor on the same day such base or prime  rate is
changed, unless a different effective date is specified above. The base or prime
rate set forth above is determined  by the named  Financial  Institution  in its
sole  discretion  primarily on a basis of its cost of funds,  is not necessarily
the lowest or highest  rate the named  Financial  Institution  is  charging  its
customers,  and is not  necessarily  a  published  rate.  In the event the named
Financial Institution fixing the base or prime rate ceases to exist or ceases to
announce such a rate, lender may specify a new Financial Institution to fix such
rate, in its sole discretion.  Interest on this Note is calculated on the actual
number of days elapsed on a basis of a 360 day year unless  otherwise  indicated
herein.  For purposes of computing  interest and  determining the date principal
and interest  payments are received,  all payments made under this Note will not
be deemed to have been made until such payments are received in collected funds.

PAYMENTS NOT MADE WHEN DUE. Any principal  and/or  interest amount not paid when
due shall bear  interest at a rate six percent  (6%) per annum  greater than the
per annum  interest  rate  prevailing on this Note at the time the unpaid amount
became due, but in no event at a rate less than fifteen percent (15%) per annum.
In addition or in the  alternative  to the  interest  rate  provided for in this
paragraph Lender may assess a charge of ten dollars ($10.00) times the number of
days late to cover  cost of past due  notices  and other  expenses.  In no event
shall the interest rate and related  charges  either before or after maturity be
greater than permitted by law.

ALL PARTIES  PRINCIPALS.  All parties liable for payment hereunder shall each be
regarded  as a  principal  and each  party  agrees  that any party  hereto  with
approval  of holder and  without  notice to other  parties may from time to time
renew this Note or consent to one or more  extensions  or  deferrals of Maturity
Date for any term or terms, and all parties shall be liable in same manner as on
original  note.  All parties  liable for payment  hereunder  waive  presentment,
notice of dishonor and protest and consent to partial payments, substitutions or
release of collateral and to addition or release of any party or guarantor.

ADVANCES AND PAYMENTS. It is agreed that the sum of all advances under this Note
may exceed the  Principal  Amount as shown above,  but the unpaid  balance shall
never  exceed said  Principal  Amount.  Advances  and  payments on Note shall be
recorded on a schedule  attached hereto or on the records of the Lender.  Debtor
appoints  the  Lender  as  Debtor's  attorney  in fact,  irrevocably,  to record
advances  and  payments on the  attached  schedule or in the  Lender's  records.
Records  shall be prima facie  evidence of such  advances,  payments  and unpaid
principal balance provided,  however, that the failure to make a notation on the
attached  schedule or Lender's  records  with  respect to any advance or payment
shall not limit the obligation of the Debtor hereunder.  Subsequent advances and
the  procedures  described  herein  shall not be  construed  or  interpreted  as
granting a continuing line of credit for Principal  Amount.  Lender reserves the
right to apply any payment by Debtor, or for account of Debtor, toward this Note
or any other obligation of Debtor to Lender.

COLLATERAL.  This Note and all other  obligations  of Debtor to Lender,  and all
renewals or extensions thereof, are secured by all collateral securing this Note
and by all other security interests heretofore or hereafter granted to Lender as
more   specifically   described  in  Security   Agreements  and  other  securing
documentation.

ACCELERATION. At option of holder, the unpaid balance of this Note and all other
obligations  of Debtor  to  holder,  whether  direct or  indirect,  absolute  or
contingent,  now existing or hereafter arising, shall become immediately due and
payable  without notice or demand upon the occurrence or existence of any of the
following  events or  conditions:  (a) Any payment  required by this Note or any
other note or  obligation  of Debtor to holder or to others is not made when due
or the occurrence or existence of any event which results in acceleration of the
maturity of any obligation of Debtor to holder or to others under any promissory
note,  agreement  or  undertaking;  (b) Debtor  defaults in  performance  of any
covenant,  obligation,  warranty or provision contained in any loan agreement or
in any  instrument  or  document  securing or relating to this Note or any other
note or  obligation  of  Debtor  to  holder  or to  others;  (c)  Any  warranty,
representation,  financial  information or statement made or furnished to Lender
by or in behalf of Debtor proves to have been false in any material respect when
made or furnished; (d) The making of any levy against or seizure, garnishment or
attachment  of any  collateral;  (e) Any time  Lender in good  faith  determines
prospect of payment of this Note is impaired; (f) When in the judgment of Lender
the  collateral,  if any,  becomes  unsatisfactory  or  insufficient  either  in
character  or value  and  upon  request,  Debtor  fails  to  provide  additional
collateral  as  required  by  Lender;  (g) Loss,  theft,  substantial  damage or
destruction  of  collateral,  if any; (h) Death,  dissolution,  change in senior
management,  or termination of existence of any Debtor;  or (I) Appointment of a
receiver over any part of the property of any Debtor, the assignment of property
by  any  Debtor  for  the  benefit  of  creditors,  or the  commencement  of any
proceedings  under any  bankruptcy  or  insolvency  laws by or against any party
liable, directly or indirectly, hereunder.

WAIVERS.  No waiver by holder of any  payment or other  right under this Note or
any related  agreement or  documentation  shall operate as a waiver of any other
payment or right.

GOVERNING  LAW.  Any  cause of  action  for a breach  or  enforcement  of,  or a
declaratory judgment respecting,  this agreement or any agreement related to the
execution and delivery of this agreement  shall be commenced and maintained only
in the United States District Court for the Northern District of Oklahoma or the
applicable  Oklahoma  state trial court  sitting in Tulsa,  Oklahoma  and having
subject matter jurisdiction; provided, however, any action to foreclose any deed
of trust or real estate mortgage  securing finance or repayment shall be brought
in any county having  mandatory venue thereof  pursuant to the venue statutes of
the State of Oklahoma.

COLLECTION  COSTS.  All  parties  liable  for  payment  hereunder  agree  to pay
reasonable  costs of  collection,  including an  attorney's  fee of a minimum of
fifteen percent (15%) of all sums due upon default.

RIGHT OF OFFSET.  Any indebtedness due from holder hereof to Debtor or any party
hereto including,  but without  limitation,  any deposits or credit balances due
from holder,  is pledged to secure payment of this Note and any other obligation
to holder of Debtor or any party hereto,  and may at any time while the whole or
any part of such  obligation  remains  unpaid,  either before or after  Maturity
hereof, be appropriated,  held or applied toward the payment of this Note or any
other obligation to holder of Debtor or any party hereto.

PURPOSE.  Debtor  affirms  that the  proceeds  of this Note are to be used for a
business or  agricultural  purpose and not for a personal,  family or  household
purpose.

ENTIRE AGREEMENT.  All parties  acknowledge that this Note and related documents
contain  the  complete  and entire  agreement  between  Debtor and Lender and no
variation. modification, changes or amendments to this Note or related documents
shall  be  binding  unless  in  writing  and  signed  by all  parties.  No legal
relationship  is created by the  execution  of this Note and  related  documents
except that of debtor and creditor or as stated in writing.

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LENDER NAME AND ADDRESS             DEBTOR(S) SIGNATURE(S)
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                                    The Beard Company
Bank of Oklahoma, N.A.
OKC Main                            HERB MEE, JR.
P.O. Box 268800                     Herb Mee, Jr., President
Oklahoma City, OK 73126-8800
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