Document:

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                                                                    Exhibit 10.3

                  TAX SEPARATION AND INDEMNIFICATION AGREEMENT

     This TAX SEPARATION AND INDEMNIFICATION AGREEMENT (the "Agreement"), dated
_____________, 2003, is by and among Alliant Energy Corporation, a Wisconsin
corporation ("Alliant Energy"), Alliant Energy Resources, Inc., a Wisconsin
corporation ("Resources"), Whiting Petroleum Corporation, a Delaware corporation
("WPC"), Whiting Oil and Gas Corporation, a Delaware corporation ("Whiting"),
and three wholly-owned subsidiaries of Whiting: Whiting-Golden Gas Corporation,
an Oklahoma corporation, Whiting Programs, Inc., a Delaware corporation and WOK
Acquisition Company, a Delaware corporation (the three subsidiaries are
collectively referred to as "Whiting Subs").

                                    PREAMBLE:

     WHEREAS, Resources, Whiting and Whiting Subs have been members of an
affiliated group of corporations filing consolidated federal income tax returns
of which Alliant Energy is the common parent (the "Alliant Energy Group") and
filing certain state, local and foreign income or franchise tax returns on a
combined, consolidated, unitary or other similar basis (such federal, state,
local and foreign tax returns are collectively referred to as the "Consolidated
Returns");

     WHEREAS, Alliant Energy, Resources, Whiting and Whiting Subs are parties to
the Alliant Energy Corporation Tax Allocation Agreement (the "Tax Allocation
Agreement"), which became effective for tax years ending on or after December
31, 1999;

     WHEREAS, WPC is acquiring all of the outstanding stock of Whiting from
Resources (the "Transfer") pursuant to the Master Separation Agreement dated
_________, 2003, by and among WPC, Whiting, Resources and Alliant Energy;

     WHEREAS, upon consummation of the Closing (as such term is defined below),
Whiting, Whiting Subs and WPC will become members of an affiliated group of
corporations (the "Buyer Group") and Whiting and Whiting Subs will cease to be
members of the Alliant Energy Group; and

     WHEREAS, the parties wish to assign responsibility for the preparation and
filing of tax returns; to set forth the methodology for determining their
respective liabilities for Taxes (as such term is defined below) and for
allocating such liabilities among themselves for all Taxes that may be owed to
or assessed by the Internal Revenue Service or any other comparable state, local
or foreign governmental authority attributable to the periods before, after
and/or including the Closing Date (as such term is defined below); to establish
procedures for reimbursing one party for Taxes allocated to the other under this
Agreement; and to provide for certain tax elections and for the division of any
tax benefits which may arise as a result of such elections.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the parties hereby agree as follows:

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     1. Definitions. For purposes of this Agreement, the following terms shall
be defined as follows:

          1.1 "Actual Tax Liability" has the meaning specified in Section 1.38
hereof.

          1.2 "ADSP" means "aggregate deemed sale price" as such term is defined
in the regulations under Section 338 of theCode.

          1.3 "AGUB" means "adjusted grossed-up basis" as such term is defined
in the regulations under Section 338 of the Code.

          1.4 "Alliant Energy" means Alliant Energy Corporation, a Wisconsin
corporation.

          1.5 "Alliant Energy Group" has the meaning specified in the Preamble
of this Agreement.

          1.6 "Allocation Schedule" has the meaning specified in Section 5.1
hereof.

          1.7 "AMT Credits" has the meaning specified in Section 1.26 hereof.

          1.8 "Buyer" means WPC and any successors thereto.

          1.9 "Buyer Group" has the meaning specified in the Preamble of this
Agreement.

          1.10 "Change of Control" means the occurrence of any one or more of
the following events subsequent to the Closing Date: (i) the acquisition by an
individual, entity or other "person" (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more of either (a) the outstanding
shares of common stock of Buyer (the "Outstanding Buyer Common Stock") or (b)
the combined voting power of the then outstanding voting securities of Buyer
entitled to vote generally in the election of directors (the "Outstanding Buyer
Voting Securities"); (ii) the acquisition by any Person, other than Buyer, of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 50% or more of either (a) the then outstanding shares of common
stock of Whiting (the "Outstanding Whiting Common Stock") or (b) the combined
voting securities of Whiting entitled to vote generally in the election of
directors (the "Outstanding Whiting Voting Securities"); (iii) any
reorganization (including, but not limited to, transactions described in Section
368(a) of the Code), merger, share exchange, or consolidation involving Buyer or
any subsidiary of Buyer (each, a "Buyer Merger"), unless, immediately following
any such Buyer Merger (a) more than 50% of the then Outstanding Buyer Common
Stock and 50% of the then Outstanding Buyer Voting Securities are then
beneficially owned, directly or indirectly, by Persons who were the beneficial
owners, respectively, of the Outstanding Buyer Common Stock and the Outstanding
Buyer Voting Securities immediately prior to such Buyer Merger and (b) no Person
beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) 25% or more of either (1) the then Outstanding Buyer Common Stock
or (2) the then Outstanding Buyer Voting Securities; or (iv) any

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reorganization (including, but not limited to, transactions described in section
368(a) of the Code), merger, share exchange, or consolidation involving Whiting
(each, a "Whiting Merger"), unless immediately following any such Whiting
Merger, Buyer beneficially owns, directly or indirectly, at least 80% of the
Outstanding Whiting Common Stock and 80% of the Outstanding Whiting Voting
Securities.

          1.11 "Closing" means the closing of the Transfer and the immediate
sale of more than 50% of the stock of WPC to underwriters by Resources.

          1.12 "Closing Date" means the date on which the Closing occurs.

          1.13 "Code" means the Internal Revenue Code of 1986, as amended. All
section references to the Code also include any successor sections thereto.

          1.14 "Consolidated Returns" has the meaning specified in the Preamble
of this Agreement, and the term "Consolidated Return" means any one of the
Consolidated Returns.

          1.15 "Disputed Allocation" has the meaning specified in Section 5.2
hereof.

          1.16 "Disputed Amount" has the meaning specified in Section 9.3.3
hereof.

          1.17 "Estimated Tax Payment Date" means any of the dates specified in
Section 6655 of the Code for the payment of Buyer's estimated U.S. federal
income tax.

          1.18 "Fair Market Value Schedule" has the meaning specified in Section
5.1 hereof.

          1.19 "Interim Period" has the meaning specified in Section 3.1 hereof.

          1.20 "Lump Sum Record Date" means the last day of Buyer's taxable year
that includes the 10th anniversary of the Closing Date.

          1.21 "Lump Sum Payment Date" means the Return Due Date for the taxable
year that ends on the Lump Sum Record Date.

          1.22 "Lump Sum Tax Benefit Amount" has the meaning specified in
Section 8.6 hereof.

          1.23 "Notional Tax Liability" has the meaning specified in Section
1.38 hereof.

          1.24 "Other Returns" has the meaning specified in Section 2.2 hereof.

          1.25 "Prepayment Amount" has the meaning specified in Section 8.4
hereof.

          1.26 "Realized Section 29 Tax Credits" has the meaning specified in
Section 7.1 hereof.

          1.27 "Resources" means Alliant Energy Resources, Inc., a Wisconsin
corporation.

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          1.28 "Returns" means all returns, declarations, reports, statements
and other documents required to be filed in respect of Taxes, and the term
"Return" means any one of the foregoing Returns.

          1.29 "Return Due Date" means the date specified in Section 6072 of the
Code for the filing of Buyer's income tax returns, as may be validly extended by
Buyer pursuant to the automatic extension procedure under the Code and the
regulations thereunder.

          1.30 "Section 29 Tax Credits" means the tax credits under Section 29
of the Code attributable to Whiting's and Whiting Subs' activities during the
taxable year ending on December 31, 2002 that were not utilized in the Alliant
Energy Group's consolidated U.S. Corporation Income Tax Return for taxable year
2002. The amount of such Section 29 Tax Credits is approximately $4,350,000
(such amount is subject to the adjustment by the IRS or otherwise). By operation
of the corporate alternative minimum tax, the Section 29 Tax Credits carry over
to Alliant Energy Group's U.S. federal Consolidated Return for taxable year
ending on December 31, 2003 and future years as part of the Alliant Energy
Group's alternative minimum tax credits. The Alliant Energy Group's alternative\
minimum tax credits generated in taxable year 2002 are referred to as the
"AMT Credits."

          1.31 "Section 338(h)(10) Election" has the meaning specified in
Section 4 hereof.

          1.32 "Short Period" has the meaning specified in Section 3.1 hereof.

          1.33 "Tax" means any one of the Taxes. "Taxes" means all federal,
state, local and foreign taxes, including interest and penalties, on, based on,
measured by, or with respect to, income, net income, net worth or capital
(including without limitation the Michigan single business tax); provided that
Taxes shall not include deferred income taxes.

          1.34 "Tax Allocation Agreement" has the meaning specified in the
Preamble of this Agreement.

          1.35 "Tax Authority" means the Internal Revenue Service or any other
comparable state, local or foreign governmental authority.

          1.36 "Tax Benefit Base Amount" for any Taxable Period means (i) any
increase in an amortization, depreciation, expense or loss deduction in such
Taxable Period or any decrease in an item of income or gain in such Taxable
Period attributable to, or as a result of, the basis adjustments due to the
Section 338(h)(10) Election, including any basis increases attributable to, or
as a result of, payments made pursuant to this  Agreement, (ii) any portion of
payments made pursuant to this Agreement characterized as interest or original
issue discount for tax purposes, or (iii) any increase in any net operating or
capital loss carryover or carryback or tax credit that is carried to such
Taxable Period and that arose or arises in a prior or subsequent Taxable Period
as a result of any such increase in deduction or decrease in income or gain
under (i) or (ii) in such prior or subsequent Taxable Period.

          1.37 "Tax Benefit Issue" has the meaning specified in Section 9.3.1
hereof.

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          1.38 "Tax Benefits" means, for any Taxable Period, the excess, if any,
of (a) the total amount of U.S. federal, state, local and foreign income and
franchise taxes that would be payable by Whiting or any other member of the
Buyer Group in respect of such Taxable Period if the Tax Benefit Base Amount for
such Taxable Period were not taken into account ("Notional Tax Liability"), over
(b) the total amount of U.S. federal, state, local and foreign income and
franchise taxes payable by Whiting or any other member of the Buyer Group in
respect of such Taxable Period after taking into account the Tax Base Benefit
Amount for such Taxable Period (the "Actual Tax Liability"); provided, however,
that the Tax Benefits for any Taxable Period shall be no less than the Tax
Benefits calculated without giving effect to any items of income, gain, expense,
loss, deduction, credit or related carryovers or carrybacks directly
attributable to or related to any businesses, assets or liabilities other than
(i) the businesses conducted by Whiting or any other member of the Buyer Group
prior to Closing, (ii) any assets held by Whiting or any other member of the
Buyer Group immediately prior to Closing and (iii) any liabilities of Whiting or
any other member of the Buyer Group immediately prior to Closing (the "Minimum
Tax Benefits"). Any Tax Benefits hereunder shall be determined using the method
of reporting (i.e., consolidated, combined or separate returns) actually
utilized by Whiting or the particular member of the Buyer Group. In any Taxable
Period ending prior to or on the date of a Change of Control, the Tax Benefits
shall equal the amount calculated as provided above in this Section 1.38. In any
Taxable Period ending subsequent to a Change of Control, the Tax Benefits shall
be the greater of (i) the Tax Benefits calculated as if a Change of Control had
not occurred, with the Notional Tax Liability and the Actual Tax Liability
calculated by including only items of income, gain, expense, loss, deduction,
credit and related carryovers and carrybacks directly attributable or related to
the businesses conducted by Whiting or any other member of the Buyer Group prior
to the Change of Control (the "Historic Businesses") and excluding all items of
income, gain, expense, loss, deduction, credit or related carryovers or
carrybacks not attributable or related to the Historic Businesses as conducted
by Whiting or any other member of the Buyer Group prior to the Change of Control
(including, without limitation, any interest expense incurred by Whiting or any
other member of the Buyer Group after the Change of Control, whether or not to a
related person, or any fees, expenses or other charges to any related person
unless directly related to the Historic Businesses as conducted by Whiting or
any other member of the Buyer Group prior to the Change of Control), (ii) the
excess of the Notional Tax Liability over the Actual Tax Liability, calculated
by including all items of income, gain, expense, loss, deduction, credit and
related carryovers and carrybacks of any corporation or group of corporations
filing a federal or other consolidated, combined or unitary income or franchise
tax return entitled to the Tax Benefit Base Amount, and (iii) the Minimum Tax
Benefits.

          1.39 "Taxable Period" means any taxable year (or portion thereof)
ending after the Closing Date.

          1.40 "Transfer" has the meaning specified in the Preamble of this
Agreement.

          1.41 "Underpayment Rate" has the meaning specified in Section 9.3.2
hereof.

          1.42 "Whiting" means Whiting Oil and Gas Corporation, a Delaware
corporation.

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          1.43 "Whiting Subs" means Whiting-Golden Gas Corporation, an Oklahoma
corporation, Whiting Programs, Inc., a Delaware corporation, and WOK Acquisition
Company, a Delaware corporation. A "Whiting Sub" means any one of the Whiting
Subs.

          1.44 "WPC" means Whiting Petroleum Corporation, a Delaware
corporation.

     2.   Preparation and Filing of Tax Returns.

          2.1 Preparation. Alliant Energy shall prepare or cause to be prepared
all Consolidated Returns with respect to Whiting and Whiting Subs and the
Returns set forth on Schedule A attached hereto, but only for taxable periods
ending on, prior to, or including the Closing Date. Buyer, Whiting and Whiting
Subs shall prepare or cause to be prepared all other Returns of Buyer, Whiting
and Whiting Subs. Buyer, Whiting and Whiting Subs shall prepare or cause to be
prepared work papers and schedules with respect to Whiting and Whiting Subs
setting forth all of the information necessary for Alliant Energy to properly
prepare any Consolidated Return or other return set forth on Schedule A
consistent with past practices on a timely basis. All such Returns shall be
prepared using accounting methods, tax elections and tax positions as determined
by Alliant Energy in its sole discretion, but only for taxable periods ending
on, prior to, or including the Closing Date.

          2.2 Filing. Alliant Energy shall file or cause to be filed all
Consolidated Returns with respect to Whiting and Whiting Subs for taxable
periods ending on, prior to, or including the Closing Date. Buyer, Whiting and
Whiting Subs shall file or cause to be filed all other Returns of Buyer, Whiting
and Whiting Subs ("Other Returns"), including those set forth on Schedule A.

     3.   Obligation for Taxes. Except as provided in Section 4 of this
Agreement, Buyer, Whiting and Whiting Subs shall be responsible for all Taxes of
Buyer, Whiting and Whiting Subs.

          3.1 Taxes Due with Respect to Consolidated Returns. Alliant Energy
shall timely pay or cause to be paid all Taxes on behalf of Whiting and Whiting
Subs that are due with respect to the Consolidated Returns for taxable periods
ending on, prior to, or including the Closing Date. With the exception of the
Tax liability on the deemed asset sale as a result of the Section 338(h)(10)
Election (as set forth in this Section 3.1 and Section 4 of this Agreement),
Buyer, Whiting and Whiting Subs shall reimburse Alliant Energy for (i) Whiting's
and Whiting Subs' portions of the U.S. federal consolidated income tax of the
Alliant Energy Group in accordance with the Tax Allocation Agreement as if each
of Whiting and Whiting Subs remained a "member of the Group" as set forth
therein, and (ii) Whiting's and Whiting Subs' portions of all other Taxes on
such Consolidated Returns using similar principles and procedures as used in the
Tax Allocation Agreement to determine a member's portion of the U.S. federal
consolidated income tax liability of the Alliant Energy Group. Such Taxes shall
be determined by closing Whiting's and Whiting Subs' books and records as of and
including the Closing Date, or if the allocation of an item of income, gain,
expense, loss, deduction, credit or related carryovers or carrybacks cannot be
definitely allocated to an ascertainable date, such item shall be pro rated on a
daily basis. The parties hereto will, to the extent permitted by applicable law,
elect with the relevant Tax Authority to treat for all purposes the Closing Date
as the last day of a taxable

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period of Whiting and Whiting Subs. The period January 1, 2003, through and
including the Closing Date shall be treated as a "Short Period" for purposes of
this Agreement. In any case where applicable law does not permit Whiting or
Whiting Subs to treat the Closing Date as the last day of a Short Period, then
for purposes of this Agreement, Buyer, Whiting and Whiting Subs shall pay all
such Taxes that are attributable to the operation of Whiting and Whiting Subs
for such Interim Period (as defined below) as follows: (i) in the case of Taxes
that are not based in whole or in part on income or gross receipts, the total
amount of such Taxes for the period in question multiplied by a fraction, the
numerator of which is the total number of days in the Interim Period, and the
denominator of which is the total number of days in the entire period in
question, and (ii) in the case of Taxes that are based in whole or in part on
income or gross receipts, the Taxes that would be due with respect to the
Interim Period, if such Interim Period were a Short Period. "Interim Period"
means, with respect to any Taxes imposed on Whiting or Whiting Subs for which
the Closing Date is not the last day of a Short Period, the period of time
beginning on the first day of the actual taxable period that includes the
Closing Date and ending on and including the Closing Date. Buyer, Whiting and
Whiting Subs shall not be required to reimburse Alliant Energy for Taxes due on
Consolidated Returns for taxable periods beginning after the Closing Date.

          3.2 Taxes Due with Respect to Other Returns. Buyer, Whiting and
Whiting Subs shall pay or cause to be paid timely to the relevant Tax Authority
all Taxes that are due with respect to the Other Returns, including those set
forth on Schedule A.

     4.   Section 338(h)(10) Election. Buyer and Alliant Energy and, if
necessary, Resources, Whiting, and/or Whiting Subs, shall timely make or cause
to be made a valid joint election under Section 338(h)(l0) of the Code and
equivalent elections under comparable state, local or foreign law as may be
requested by Alliant Energy (in its sole discretion) relating to the Transfer
(collectively, the "Section 338(h)(10) Election"). Buyer, Whiting, Whiting Subs,
Alliant Energy and Resources shall each file, or cause to be filed, their
federal Tax Returns treating the Transfer as a sale of the assets of Whiting and
Whiting Subs followed by a liquidation pursuant to Section 338(h)(10) of the
Code. If an equivalent election is made for state, local or foreign Tax
purposes, the parties shall each file on a similar basis all of their state,
local and foreign Tax Returns. Buyer, Whiting and Whiting Subs shall timely
assist Alliant Energy in making the Section 338(h)(10) Election, including
without limitation, completing all relevant forms, schedules, and other
documents and all Tax Returns reflecting the Section 338(h)(10) Election.
Notwithstanding anything to the contrary contained in the Tax Allocation
Agreement, Alliant Energy shall be responsible for the Taxes resulting from the
deemed asset sale on account of the Section 338(h)(10) Election (the calculation
of such Taxes shall take into account all current deductions as a result of a
liability being treated as part of ADSP). If a Section 338(h)(10) Election is
made, Buyer, Whiting and Whiting Subs shall cause each partnership (and each
entity taxed as a partnership for Tax purposes) in which any of them has an
interest to make an election under Section 754 of the Code to the extent such
election maximizes the amount of Tax Benefits, the Prepayment Amount and the
Lump Sum Tax Benefit Amount to be paid to Resources as determined by Alliant
Energy or Resources in their sole discretion.

     5.   Valuation and Allocation of Consideration.

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     5.1 General. The parties agree that ADSP, AGUB and similar terms under the
relevant state, local or foreign law with respect to the Transfer and the
Section 338(h)(10) Election and any post-Closing adjustment thereto shall be
determined by Alliant Energy, such determination to be made, in part, based on
the sales price per share of the common stock of Buyer to the underwriters.
Within ninety (90) days after the Closing Date, Buyer or Whiting shall deliver
to Alliant Energy a schedule that sets forth the fair market value of each asset
of Whiting and Whiting Subs and a schedule that allocates the value of the
consideration among the assets of Whiting and Whiting Subs, which schedules are
subject to the review, approval and adjustment by Alliant Energy, which review,
approval and adjustment shall include, but is not limited to, making necessary
adjustments to make the allocations consistent with any post-Closing Date
adjustments; provided, however, that any adjustments to the initial schedules
prepared by Buyer or Whiting shall be mutually agreed to by Buyer or Whiting, on
the one hand, and Alliant Energy, on the other. The schedule setting forth the
fair market value of each asset of Whiting and Whiting Subs as mutually agreed
to by the parties is referred to as the "Fair Market Value Schedule." The
schedule setting forth the allocation of the value of the consideration among
the assets of Whiting and Whiting Subs as mutually agreed to by the parties is
referred to as the "Allocation Schedule." The Allocation Schedule shall be
revised to reflect any subsequent adjustments to ADSP or AGUB or similar terms
(including without limitation as a result of the payments made pursuant to this
Agreement) in accordance with each asset's fair market value as set forth on the
Fair Market Schedule. The parties (i) shall be bound by the fair market values
of the assets set forth on the Fair Market Value Schedule and the allocation set
forth on the Allocation Schedule (as may be revised from time to time) for
purposes of determining any Taxes, Tax Benefits, the Prepayment Amount and the
Lump Sum Tax Benefit Amount, and (ii) shall prepare and file all Returns (and
Buyer, Whiting and any other member of the Buyer Group shall file amended
Returns if requested by Alliant Energy) in a manner consistent with such
allocation as set forth on such Allocation Schedule (as may be revised from time
to time). In the event that any Tax Authority disputes such allocation, the
party receiving notice of such dispute shall promptly notify and consult with
the other parties hereto concerning resolution of such dispute.

     5.2 Resolution of Allocation Disputes. If the parties hereto are unable to
mutually agree on the fair market values of the assets set forth on the Fair
Market Value Schedule or the allocation on the initial Allocation Schedule
described in Section 5.1 hereof within sixty (60) days (the "Disputed
Allocation") following delivery thereof, the determination of such Disputed
Allocation shall be made by an independent firm of certified public accountants
jointly selected by Alliant Energy and Buyer. If Alliant Energy and Buyer cannot
agree on the selection of an independent firm of certified public accountants,
such firm will be jointly selected by the firms of certified public accountants
that certify (or selected by the firm of certified public accountants that
certifies) the financial statements of Alliant Energy and Buyer and such firm
cannot be one of the selecting firm(s). Such accountants shall be given access
by Alliant Energy, Buyer and their respective subsidiaries to all information
necessary to determine the Disputed Allocation, subject to the agreement of such
accountants that such information shall be kept confidential and shall not be
released without the written consent of Alliant Energy or Buyer, as appropriate,
except as compelled by legal process. The Disputed Allocation as determined by
the accountants shall be final and binding on the parties, and the parties agree
to be bound thereby and to act accordingly. Each of Alliant Energy and Buyer
(and their subsidiaries) shall pay its own costs and expenses incurred in
determining the Disputed Allocation. Resources and

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Buyer shall share equally the costs of the independent firm of certified public
accountants selected to determine the Disputed Allocation.

     6. Subsequent Assessments or Refunds.

          6.1 Tax Adjustment Relating to Consolidated Returns. In the event
     there is an adjustment with respect to a Consolidated Return for a taxable
     period ending on, prior to or including the Closing Date subsequent to the
     preparation of such Return and payment and reimbursement of the Taxes shown
     as due thereon, Alliant Energy shall pay or cause to be paid any Taxes and
     be entitled to receive all refunds of Taxes. If, as a result of the
     adjustment, additional Tax is due, then Buyer, Whiting and Whiting Subs
     shall reimburse Alliant Energy the portion of such Tax due attributable to
     Whiting or Whiting Subs calculated using the same principles as set forth
     in Section 3.1 hereof within ten (10) days after notice thereof. If, as a
     result of the adjustment, the Alliant Energy Group is entitled to a Tax
     refund, then Alliant Energy shall pay to Buyer, Whiting or Whiting Subs the
     portion of such Tax refund attributable to Whiting or Whiting Subs
     calculated in the same manner as Tax liabilities are calculated as set
     forth in Section 3.1 hereof within ten (10) days after receipt thereof.

          6.2 Tax Adjustment Relating to Other Returns. In the event there is an
     adjustment with respect to the Other Returns subsequent to the preparation
     of such Returns and payment of the Taxes due, Buyer, Whiting and Whiting
     Subs shall pay or cause to be paid any Taxes and be entitled to receive all
     refunds of Taxes with respect to such Other Returns.

     7. Section 29 Tax Credits.

          7.1 Realized Section 29 Tax Credits. "Utilized AMT Credits" means, for
     any taxable period ending after the Closing Date, an amount equal to the
     excess, if any, of (a) the total amount of U.S. federal income tax that
     would be payable by the Alliant Energy Group in respect to such taxable
     period if the AMT Credits were not taken into account, over (b) the total
     amount of U.S. federal income tax payable by the Alliant Energy Group in
     respect to such taxable period taking into account the AMT Credits (if any)
     for such taxable period in accordance with the Code and the regulations
     thereunder. For purposes of determining whether the AMT Credits are taken
     into account for such taxable period for purpose of calculating Utilized
     AMT Credits and the amount of AMT Credits remaining under this Agreement,
     the alternative minimum tax credits (including the AMT Credits) generated
     from the earliest year shall be deemed to be used first (i.e., on a
     First-In-First-Out basis). Realized Section 29 Tax Credits shall mean an
     amount equal to the Utilized AMT Credits multiplied by a fraction, the
     numerator of which is the difference between the Section 29 Credits less
     cumulative amounts paid by Alliant under this Section 7.1 (as may be
     adjusted under Section 7.2) and the denominator of which is the difference
     between the AMT Credits less cumulative amounts of Utilized AMT Credits.
     Within ten (10) days after Alliant Energy files or causes to be filed its
     U.S. federal Consolidated Return for a taxable period ending after the
     Closing Date, Alliant Energy shall, in lieu of any other payment under any
     agreement among the parties, pay to Whiting or Whiting Subs an amount equal
     to the Realized Section 29 Tax Credits (if any) for such taxable period.
     Buyer, Whiting and Whiting Subs hereby acknowledge and agree that the
     Alliant Energy Group may not be able to utilize its AMT Credits until
     taxable year 2008 or later.

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     Consequently, the amount of Realized Section 29 Tax Credits may be zero
     until taxable year 2008 or later.

          7.2 Tax Adjustment Relating to Realized Section 29 Tax Credits. If, as
     a result of an adjustment, the amount of the Realized Section 29 Tax
     Credits for a taxable period is less than the amount as computed under
     Section 7.1 hereof (or as recomputed under this Section 7.2), then Buyer,
     Whiting and Whiting Subs shall pay Alliant Energy the difference within ten
     (10) days of notice thereof. If, as a result of an adjustment, the amount
     of the Realized Section 29 Tax Credits for a taxable period is more than
     the amount as computed under Section 7.1 hereof (or as recomputed under
     this Section 7.2), then Alliant Energy shall pay Whiting or Whiting Subs
     the difference within ten (10) days of its discovery thereof.

          7.3 Payment with respect to Realized Section 29 Tax Credits. Any
     amount that Alliant Energy is obligated to pay to Whiting or Whiting Subs
     under this Section 7 shall first be offset by the amount that Buyer,
     Whiting and Whiting Subs are obligated to pay Alliant Energy or Resources
     under this Agreement.

          7.4 Tax Credit Accounting. Alliant Energy shall prepare and deliver or
     cause to be prepared and delivered to Buyer, Whiting or Whiting Subs, no
     more than sixty (60) days after it files a U.S. federal Consolidated
     Return, a good faith accounting of the amounts, if any, of the AMT Credits
     utilized in such Consolidated Return, the amounts, if any, of the AMT
     Credits that have not been utilized, the Section 29 Tax Credits, and the
     Realized Section 29 Tax Credits. Alliant Energy's accounting obligation
     shall terminate after the sum of the amounts paid to Whiting or Whiting
     Subs under Sections 7.1 and 7.2 hereof and the amounts subject to offset
     under Section 7.3 hereof equals the Section 29 Tax Credits.

     8. Tax Benefit Sharing Payment to Resources.

          8.1 Return Due Date Payments. Except as set forth in Section 8.6, with
     respect to each Taxable Period, Buyer, Whiting, or Whiting Subs shall pay
     to Resources, on the appropriate Return Due Date for such Taxable Period,
     an amount equal to 90% of the amount of the Tax Benefits for the Taxable
     Period, together with accrued interest at the Underpayment Rate determined
     as follows: interest shall accrue on 22.5% (or, in the case of a Taxable
     Period of less than one year, 90% divided by the number of Estimated Tax
     Payment Dates in such Taxable Period) of the Tax Benefits with respect to a
     Taxable Period beginning on each Estimated Tax Payment Date with respect to
     such Taxable Period until paid.

          8.2 Current Amount Adjustment. To the extent that the amounts paid to
     Resources pursuant to Section 8.1, this Section 8.2 and Section 9.3.2
     (excluding amounts for interest and penalties) hereof for a Taxable Period
     exceed the sum of 90% of the amount of the actual Tax Benefits (as may be
     amended or recomputed, as the case may be), such excess amounts paid shall
     be paid to Buyer, Whiting or Whiting Subs by Resources. To the extent that
     the amounts paid to Resources pursuant to Section 8.1, this Section 8.2 and
     Section 9.3.2 (excluding amounts for interest and penalties) hereof for a
     Taxable Period are less than 90% of the amount of the actual Tax Benefits
     (as may be amended or recomputed, as the case may be), such deficit in
     amounts shall be paid to Resources by Buyer, Whiting or Whiting Subs. All
     amounts due under this Section 8.2 shall be paid within ten (10) days of
     the time Buyer files its

                                       10

<PAGE>

     U.S. federal, state, local or foreign income, franchise, or other Tax
     Return for the Taxable Period (or amended returns, claims for refund or
     other modifications to taxable income).

          8.3 Tax Computation Assumptions. The Tax Benefits, the Prepayment
     Amount and the Lump Sum Tax Benefit Amount hereunder shall be calculated
     separately for U.S. federal, state, local and foreign Tax purposes. When
     allocation or apportionment factors are required for any Tax computation,
     the factors used in Whiting's or the affected member of the Buyer Group's
     most recently filed Returns or Returns as filed (as appropriate) in the
     relevant jurisdictions shall be used if actual allocation or apportionment
     factors are not readily available.

          8.4 Prohibited Transactions by Buyer, Whiting and Whiting Subs. Buyer,
     Whiting and every member of the Buyer Group shall not (i) enter into any
     transactions a significant purpose of which is to reduce the amount of the
     Tax Benefits, the Prepayment Amount or the Lump Sum Tax Benefit Amount
     otherwise payable to Resources under this Agreement, or (ii) enter into any
     transactions which may result in the disqualification or invalidation of
     the Section 338(h)(10) Election, which transactions include but are not
     limited to the merger, liquidation, conversion or other corporate
     transactions involving Whiting or Whiting Subs that may result in the
     Internal Revenue Service or any other Tax Authority disqualifying or
     invalidating any Section 338(h)(10) Election. In addition, prior to the
     receipt of the Lump Sum Tax Benefit Amount by Resources, Buyer, Whiting and
     every member of the Buyer Group shall not, without the prior written notice
     to Alliant Energy and Resources and the prior written consent of Alliant
     Energy, sell, distribute or otherwise dispose of any assets of Buyer
     (including the stock of Whiting acquired pursuant to the Master Separation
     Agreement), Whiting or Whiting Subs other than assets disposed of by Buyer,
     Whiting or Whiting Subs in the ordinary course of business. Alliant
     Energy's consent shall not be withheld unless Alliant Energy determines, in
     its sole discretion, that such sale, distribution or other disposition of
     assets is a transaction described in (i) or (ii) above or that the value
     (considering both the timing and the amount) of the Tax Benefits or the
     Lump Sum Tax Benefit Amount that Resources is entitled to receive under
     this Agreement after such sale, distribution or other disposition of assets
     is less than the value of the Tax Benefits or the Lump Sum Tax Benefit
     Amount that Resources would have been entitled to receive under this
     Agreement if such sale, distribution or other disposition had not occurred.
     In the event Alliant Energy withholds its consent because the value of the
     Tax Benefits or the Lump Sum Tax Benefit Amount that Resources is entitled
     to receive under this Agreement after a sale, distribution or other
     disposition of assets is less than the value of the Tax Benefits or the
     Lump Sum Tax Benefit Amount that Resources would have been entitled to
     receive under this Agreement if such sale, distribution or other
     disposition had not occurred, if Buyer or Whiting, prior to ten (10) days
     before the date of such sale, distribution or other disposition of assets,
     pays Resources an amount equal to 90% of all of the Tax Benefits for all
     taxable periods ending on, after or including the date of such sale,
     distribution or other disposition (including Tax Benefits for future
     Taxable Periods which shall take into account adjustments to the Tax
     Benefit Base Amount as a result of the payment of the Prepayment Amount)
     attributable to the assets sold, distributed or otherwise disposed of as if
     all of such assets were sold for their fair market value in a fully taxable
     transaction on the date of such sale, distribution or other disposition and
     assuming that each of Buyer, Whiting and other members of the Buyer Group
     have income or gain in excess of all available depreciation, amortization,
     losses and other deductions (the "Prepayment Amount"), then Alliant Energy
     and Resources shall consent to such sale, distribution or other
     disposition.

                                       11

<PAGE>

          8.5 Tax Benefit Estimates. With respect to each Taxable Period ending
     on or prior to the Lump Sum Record Date, Buyer, Whiting and Whiting Subs
     shall prepare and deliver or cause to be prepared and delivered to
     Resources, no less than sixty (60) days prior to the end of each calendar
     year, a good faith estimate of the amount of the Tax Benefits that will be
     payable to Resources during the immediately following year. Buyer, Whiting
     and Whiting Subs shall in good faith revise and update or cause to be
     revised and updated each such estimate on a quarterly basis, to be
     delivered to Resources no less than fifteen (15) days prior to the end of
     each quarter.

          8.6 Lump Sum Tax Benefit Amount. Buyer, Whiting and other members of
     the Buyer Group shall, on the Lump Sum Payment Date, pay Resources the
     present value of 90% of all the Tax Benefits with respect to all Taxable
     Periods ending after the Lump Sum Record Date (the "Lump Sum Tax Benefit
     Amount"). The Lump Sum Tax Benefit Amount shall be calculated by projecting
     future Tax Benefits (which shall take into account adjustments to the Tax
     Benefit Base Amount as a result of the payment of the Lump Sum Tax Benefit
     Amount) using all relevant data, business plans, engineering and geological
     studies, tax rates and other provisions of the tax law in effect (and
     giving effect to any changes thereto for the Taxable Periods such changes
     are scheduled to become effective) and by assuming that each of Buyer,
     Whiting and other members of the Buyer Group have income or gain in all
     relevant Taxable Periods in excess of all available depreciation,
     amortization, losses and other deductions, thereby maximizing the Tax
     Benefits for each such Taxable Period. In determining the present value of
     the future projected Tax Benefits amount, (i) the projected Tax Benefits
     for all Taxable Periods ending on or before the fourth anniversary of the
     Lump Sum Record Date shall be discounted using the short-term applicable
     federal rate (compounding annually) effective on the Lump Sum Payment Date
     as published by the Internal Revenue Service under Section 1274(d) of the
     Code, (ii) the projected Tax Benefits for all Taxable Periods ending after
     the fourth anniversary and on or before the tenth anniversary of the Lump
     Sum Record Date shall be discounted using the mid-term applicable federal
     rate (compounding annually) effective on the Lump Sum Payment Date as
     published by the Internal Revenue Service under Section 1274(d) of the
     Code, and (iii) the projected Tax Benefits for all Taxable Periods ending
     after the tenth anniversary of the Lump Sum Record Date shall be discounted
     using the long-term applicable federal rate (compounding annually)
     effective on the Lump Sum Payment Date as published by the Internal Revenue
     Service under Section 1274(d) of the Code. For purposes of computing the
     discounted Tax Benefits for each Taxable Period, such Tax Benefits shall be
     assumed to be earned ratably throughout the year and shall be discounted to
     the Lump Sum Payment Date. Buyer, Whiting and Whiting Subs' payment of the
     Lump Sum Tax Benefit Amount pursuant to this Section 8.6 shall relieve the
     obligation of Buyer, Whiting and other members of the Buyer Group to make
     Tax Benefit payments with respect to Taxable Periods ending after the Lump
     Sum Record Date under Sections 8.1 and 8.2 hereof but shall not affect any
     other aspect of this Agreement.

     9. Matters Arising After the Closing Date.

          9.1 Cooperation. Buyer, Whiting and any affected member of the Buyer
     Group shall consult in good faith and provide Resources and Alliant Energy
     with such assistance as reasonably may be requested in writing by any of
     them in connection with (i) the preparation and execution of any Return,
     (ii) the determination of the Tax Benefit Base Amount, the Notional Tax
     Liability, the Actual Tax Liability, the estimate of the amount of the Tax
     Benefits and any adjustment thereof, the Prepayment Amount and the Lump Sum
     Tax Benefit Amount

                                       12

<PAGE>

(iii) the negotiation and settlement of any audit or other examination of any
Return by any Tax Authority, or (iv) the handling of any judicial or
administrative proceeding relating to any Tax liability or taxable periods of
Whiting or Whiting Subs ending on, prior to, or including the Closing Date,
including without limitation to (i) notify Resources and Alliant Energy of any
Tax Authority's initiating an audit, requesting information or proposing
adjustment, or any extension of statutes of limitation and of final
determinations of adjustment, (ii) preserve records, documents and other
information relevant to liabilities for Taxes until the expiration of the
applicable statute of limitations or extensions thereof and to provide, upon
written request, copies of such records and/or reasonable access thereto, (iii)
make available without charge at a location determined by Buyer, Whiting or
Whiting Subs during normal working hours, upon written request, personnel
responsible for preparing, maintaining, or explaining information, records and
documents in connection with matters relating to Taxes, and (iv) execute and
deliver such powers of attorney, consents and other documents as are necessary
to carry out the intent of this Agreement.

          9.2 Discretion to Contest, Negotiate and Settle. Alliant Energy shall
have sole and exclusive discretion to contest or not to contest, negotiate and
settle proposed adjustments relating to the inclusion in any Consolidated Return
of the income, gain, expense, loss, deduction, credit, related carryovers or
carrybacks, or other tax items of Whiting and Whiting Subs for any period ending
on, prior to, or including the Closing Date. Buyer shall have sole and exclusive
discretion to contest or not to contest, negotiate and settle proposed
adjustments relating to the inclusion in all other Returns of the income, gain,
expense, loss, deduction, credit, related carryovers or carrybacks, or other tax
items of Whiting and Whiting Subs, except as set forth in Section 9.3 hereof.

          9.3 Disputed Tax Benefits.

          9.3.1 Control of Proceedings. In the event that an audit of Buyer,
Whiting or any other affected member of the Buyer Group by the Internal Revenue
Service or other Tax Authority may have an effect on the existence or amount of
the Tax Benefits, the Prepayment Amount or the Lump Sum Tax Benefit Amount (a
"Tax Benefit Issue"), Buyer, Whiting and any other affected member of the Buyer
Group shall contest the matter on audit, through Internal Revenue Service or
other administrative proceedings and through judicial proceedings.
Representatives of Alliant Energy or Resources shall be allowed to participate
in such proceedings in so far as they relate to the Tax Benefit Issue and such
participation shall be reflected by the grant of appropriate powers of attorney.
Decisions regarding the conduct of a contest shall be made by Alliant Energy or
Resources or its representatives after consultation with Buyer and its
representatives; provided, however, that ultimate control over contesting the
Tax Benefit Issue, including control over procedural matters that necessarily
relate to all issues being contested (including, without limitation, choice of
forum), shall be exercised in good faith by Alliant Energy or Resources and its
representatives and Buyer, Whiting and any other affected member of the Buyer
Group shall take any action as is necessary to effectuate the decisions of
Alliant Energy or Resources; provided, further, however, that decisions relating
solely to tax issues unrelated to the Tax Benefit Issue shall be made as set
forth in Section 9.2 hereof. Decisions regarding the settlement of a contest of
the Tax Benefit Issue shall be made in good faith jointly by Alliant Energy (and
Resources) and Buyer (and Whiting and Whiting Subs) and their representatives;
provided, however, that if Alliant Energy (or Resources) or Buyer (or

                                       13

<PAGE>

Whiting or Whiting Subs) decline a settlement proposal relating to the Tax
Benefit Issue that the other wishes to accept, the contest will continue and the
declining party will (i) bear all further contest costs, (ii) indemnify the
party wishing to accept the settlement against any outcome more adverse than
that of the proposed settlement and (iii) be entitled to all benefits more
advantageous than those of the proposed settlement.

          9.3.2 Outcome of Contest and Repayment.

               A. Adverse Outcome. If, as the result of a contest described in
Section 9.3.1 hereof, the Tax Benefits, the Prepayment Amount or the Lump Sum
Tax Benefit Amount is less than that taken into account in computing any
payments made under Section 8 hereof, such payments shall be recomputed on the
basis of such revised Tax Benefits, the Prepayment Amount or the Lump Sum Tax
Benefit Amount and any excess payments shall be paid by Resources to Buyer,
Whiting or any other member of the Buyer Group, within ten (10) days after such
contest is over. Resources shall also pay to Buyer, Whiting or any other member
of the Buyer Group interest at the rates required to be paid by Buyer, Whiting
or such other member of the Buyer Group under Section 6621 of the Code (the
"Underpayment Rate") with respect to the revision of the amount of Tax Benefits,
the Prepayment Amount or the Lump Sum Tax Benefit Amount or at the corresponding
state, local or foreign underpayment interest rates in connection with revisions
relating to the state, local or foreign tax revisions also within ten (10) days
after the contest is over.

               B. Favorable Outcome. If, as the result of a contest described in
Section 9.3.1 hereof, Tax Benefits, the Prepayment Amount or the Lump Sum Tax
Benefit Amount is more than that taken into account in computing any payments
made under Section 8 hereof, such payments shall be recomputed on the basis of
such revised Tax Benefits, the Prepayment Amount or the Lump Sum Tax Benefit
Amount and any deficit in payment amounts shall be paid by Buyer, Whiting and
other members of the Buyer Group to Resources within ten (10) days after such
contest is over. Buyer, Whiting and other members of the Buyer Group shall also
pay to Resources interest at the rates Buyer, Whiting or other members of the
Buyer Group are entitled to under Section 6611 of the Code with respect to the
revision of the amount of Tax Benefits, the Prepayment Amount or the Lump Sum
Tax Benefit Amount or at the corresponding state, local or foreign overpayment
interest rates in connection with revisions relating to the state, local or
foreign tax revisions, also within ten (10) days after the contest is over.

               9.3.3 Resolution of Computational Disputes. If the parties hereto
are unable to agree on the amount of Tax Benefits, the Prepayment Amount or the
Lump Sum Tax Benefit Amount (the "Disputed Amount") as determined under Sections
1.38, 8.1, 8.2, 8.3, 8.4 and 8.6 hereof, the determination of such Disputed
Amount shall be made by an independent firm of certified public accountants
jointly selected by Alliant Energy and Buyer. If Alliant Energy and Buyer cannot
agree on the selection of an independent firm of certified public accountants,
such firm will be jointly selected by the firms of certified public accountants
that certify (or selected by the firm of certified public accountants that
certifies) the financial statements of Alliant Energy and Buyer and such firm
cannot be one of the selecting firm(s). Such accountants shall be given access
by Alliant Energy, Buyer and their respective subsidiaries to all information
necessary to determine the Disputed Amount, subject to the agreement of such
accountants that

                                       14

<PAGE>

such information shall be kept confidential and shall not be released without
the written consent of Alliant Energy or Buyer, as appropriate, except as
compelled by legal process. Any amount otherwise due under this Agreement that
is a Disputed Amount shall be paid, together with interest at the Underpayment
Rate from the date on which such payment was originally due, within ten (10)
days of the determination of such Disputed Amount. Judgment upon the Disputed
Amount as determined by the accountants may be entered in any court having
jurisdiction over the matter. Each of Alliant Energy and Buyer (and their
subsidiaries) shall pay its own costs and expenses incurred in determining the
Disputed Amount. Resources and Buyer shall share equally the costs of the
independent firm of certified public accountants selected to determine the
Disputed Amount.

          9.3.4 Expenses. Unless otherwise provided in the Agreement, fees and
expenses paid to third-party service providers and incurred after the date
hereof by Alliant Energy, Resources, Buyer or any of their subsidiaries for the
purpose of resolving any dispute relating to the Tax Benefits, the Prepayment
Amount or the Lump Sum Tax Benefit Amount including, without limitation, legal
and accounting expenses relating to the resolution of any dispute with any Tax
Authority regarding a Tax Benefit Issue or any related activity, shall be borne
by Resources in the lesser of the following percentages (i) 90% or (ii) the Tax
Benefits, the Prepayment Amount or the Lump Sum Tax Benefit Amount in
controversy relating to a Tax Benefit Issue divided by the total Tax in
controversy relating to such Tax Benefit Issue. All other such fees and expenses
shall be borne by Buyer. Notwithstanding the above, the obligation of Resources
to bear any portion of such fees or expenses related to service providers not
retained by it shall be contingent upon Alliant Energy's and Resources' prior
written approval of the retention of any such service providers.

     10. Capital Contribution. Whiting shall deliver to Alliant Energy a
schedule setting forth the minimum required amount of federal, state and local
income taxes and Federal Insurance Contributions Act taxes Whiting is required
to withhold from its employees on the payments made to them pursuant to that
certain Whiting Petroleum Corporation Phantom Equity Plan at least ten (10) days
prior to the date such taxes are required to be withheld, together with all
supporting documentation. Such schedule shall be subject to the review, approval
and adjustment by Alliant Energy; provided, however, that any such adjustments
shall be mutually agreed to by Buyer or Whiting, on the one hand, and Alliant
Energy, on the other. If the parties are unable to mutually agree on the amount
of the minimum required tax withholding within five (5) business days following
delivery of such schedule, then the resolution procedure set forth in Section
5.2 hereof shall be used to resolve such dispute. Resources shall pay (as a
capital contribution), on behalf of Whiting, such amount of the minimum
required tax withholding to Whiting's outside payroll processor on the date the
withholding tax is required to be remitted to the appropriate taxing authority;
provided however, that any portion of such amount that is still the subject of a
dispute (and only to the extent of such portion) does not have to be paid at
such time. Any remaining amount, as finally determined, shall be paid by
Resources to Whiting's outside payroll processor within three (3) business days
after such amount is finally determined. Buyer and Whiting shall cause such
payroll processor to timely remit all amounts paid by Resources under this
Section 10 to the appropriate tax authorities.

     11. Attorney's Fees. Should suit be brought to enforce or interpret any
part of the Agreement, the prevailing party will be entitled to recover, as an
element of the costs of suit and not as damages, reasonable attorneys' fees
actually incurred by such prevailing party (including, without limitation,
costs, expenses and fees on any appeal). The prevailing party will be entitled
to recover its costs of suit, regardless of whether such suit proceeds to final
judgment.

     12. Notice of Change of Control. Buyer shall notify Alliant Energy and
Resources in writing of any Change of Control within thirty (30) days of the
occurrence of such Change of Control and shall promptly provide Resources with
all information in Buyer's possession relating to such Change of Control as
Alliant Energy or Resources may reasonably request. Notwithstanding any other
provision of this Agreement, Alliant Energy and Resources may elect, by
delivering written notice to Buyer within ninety (90) days after its receipt of
the aforementioned notice from Buyer, to have such Change of Control not deemed
a "Change of Control" for purposes of this Agreement. Alliant Energy and
Resources shall have the right to make such an election with respect to any
Change of Control.

     13. Construction. Each of the parties further agrees that notwithstanding
anything to the contrary contained herein, the provisions of this Agreement in
all events shall be interpreted and applied in a manner consistent with the
following principle: Alliant Energy or Resources shall be compensated for 90% of
any tax savings arising from (i) the increase in basis of the assets of Whiting
and Whiting Subs due to the Section 338(h)(10) Election and (ii) the payments
made pursuant to this Agreement.

                                       15

<PAGE>

     14. Notices. Any notice required under any provisions of this Agreement
shall be made in the manner provided in the section entitled "Notices" in the
Master Separation Agreement. Delivery of notice to Buyer shall be deemed to be
delivery of notice to Whiting and Whiting Subs.

     15. Governing Law. This Agreement shall be governed by and construed in
accordance with the law of the state of Wisconsin applicable to contracts made
and to be performed therein, without effect to its choice of law.

     16. Binding Effect; Successors. This Agreement shall be binding upon and
inure to the benefit of any successor, by merger, acquisition of assets or
otherwise, to any of the parties hereto (including but not limited to any
successor of Alliant Energy, Resources, Buyer, Whiting or Whiting Subs
succeeding to the tax attributes of Alliant Energy, Resources, Buyer, Whiting or
Whiting Subs under Section 381 of the Code), to the same extent as if such
successor had been an original party to the Agreement. In addition, Buyer shall
cause any and all members of the Buyer Group to be bound by the Agreement to the
extent necessary to implement the Agreement. Moreover, in the event of any
acquisition of the assets of Whiting or Whiting Subs in which gain or loss is
not recognized, in whole or in part, for federal income tax purposes, Buyer,
Whiting and Whiting Subs shall ensure that any purchaser of such assets shall
assume the obligation set forth in this Agreement.

     17. Severability. In the event that any term or provision of this Agreement
shall for any reason be held invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other term
or provision, to the extent the same shall have been held to be invalid, illegal
or unenforceable, had never been contained herein.

     18. Headings. The headings in the sections of this Agreement are inserted
for convenience of reference only and shall not constitute a part hereof.

     19. Waivers. No waiver of any breach or default hereunder shall be
considered valid unless in writing and signed by the party giving such waiver,
and no such waiver shall be deemed a waiver of any subsequent breach or default
of the same or similar nature.

     20. Rules of Construction. Each of the parties hereto agrees that (a) the
normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation
or construction of this Agreement, and (b) no usage of trade, course of dealing,
course of performance or enforcement or surrounding circumstances shall be used
in interpreting or construing this Agreement.

     21. Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     22. Entire Agreement. This Agreement, together with the Tax Allocation
Agreement, the Registration Rights Agreement and the Master Separation
Agreement, constitutes the entire agreement of the parties with respect to the
subject matter hereof, supersedes all prior agreements and understandings
between them, and may not be modified, amended or terminated except by a written
agreement signed by all of the parties hereto. In the

                                       16

<PAGE>

event there is a conflict between this Agreement and the Tax Allocation
Agreement, this Agreement shall control. In the event both this Agreement and
the Tax Allocation Agreement provide for a payment or reimbursement of the same
Tax, this Agreement shall control.

                                       17

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first above written.

                                            ALLIANT ENERGY CORPORATION

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            ALLIANT ENERGY RESOURCES, INC.

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            WHITING PETROLEUM CORPORATION

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            WHITING OIL AND GAS CORPORATION

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            WHITING-GOLDEN GAS CORPORATION

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            WHITING PROGRAMS, INC.

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                            WOK ACQUISITION COMPANY

                                               By:______________________________

                                               Name:____________________________

                                               Title:___________________________

                                       18<PAGE>

                                                                   Exhibit 10.10

================================================================================

                         WHITING OIL AND GAS CORPORATION

                               PHANTOM EQUITY PLAN

                           (Effective January 1, 2000
                    As Amended and Restated October 22, 2003)

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

Section 1 Introduction .....................................................   1
      1.1 Establishment ....................................................   1
      1.2 Purposes .........................................................   1
      1.3 General Plan Description .........................................   1
Section 2 Definitions ......................................................   1
      2.1 Definitions ......................................................   1
      2.2 Gender and Number ................................................   5
Section 3 Plan Administration ..............................................   5
      3.1 Administration by the PEC ........................................   5
      3.2 Adoption of Rules ................................................   6
Section 4 Participation in the Plan ........................................   6
      4.1 Eligibility for Participation ....................................   6
      4.2 Plan Agreement ...................................................   6
Section 5 Performance Cycle ................................................   6
      5.1 Determination of Performance Cycle ...............................   6
      5.2 Normal Performance Cycle .........................................   6
Section 6 Phantom Share Grants .............................................   7
      6.1 Grants ...........................................................   7
      6.2 Maximum Number of Phantom Shares and Initial Grant ...............   7
      6.3 Establishment of Individual Phantom Share Accounts ...............   7
Section 7 Vesting of Phantom Shares ........................................   8
      7.1 Normal Vesting Schedule ..........................................   8
      7.2 Vesting in Other Circumstances ...................................   8
      7.3 Termination for Cause ............................................   8
Section 8 Payments to Participants .........................................   8
      8.1 Value of Phantom Shares ..........................................   8
      8.2 Payments to Participants-In General ..............................   9
      8.3 Form of Payment ..................................................   9
      8.4 Use of Common Stock for Payment ..................................   9

<PAGE>

Section 9  Rights of Employees ..............................................  9
Section 10 Designation of Beneficiaries ..................................... 10
Section 11 Changes in Accounting Rules ...................................... 10
Section 12 Other Employee Benefits .......................................... 10
Section 13 Plan Amendment, Modification and Termination ..................... 10
Section 14 Setoff ........................................................... 11
Section 15 Plan Funding ..................................................... 11
Section 16 Non-Assignability of Rights ...................................... 11
Section 17 Withholding Taxes ................................................ 11
Section 18 Requirements of Law .............................................. 11
     18.1  Requirements of Law .............................................. 11
     18.2  Governing Law .................................................... 11
Section 19 Severability ..................................................... 12

                                     - ii -

<PAGE>

                         WHITING OIL AND GAS CORPORATION
                               PHANTOM EQUITY PLAN
                           (Effective January 1, 2000
                    As Amended and Restated October 22, 2003)

                                   Section 1
                                  Introduction

     1.1 Establishment. Whiting Oil and Gas Corporation (as defined in
subsection 2.1(i), the "Company") hereby adopts the Whiting Oil and Gas
Corporation Phantom Equity Plan (the "Plan"). The Plan permits the grant of
Phantom Shares (as defined in subsection 2.1(t)) to employees of the Company.

     1.2 Purposes. The purposes of the Plan are to provide the employees
selected for participation in the Plan with added incentives to continue in the
service of the Company and to create in such employees a more direct interest in
the future success of the operations of the Company by relating incentive
compensation to the achievement of long-term growth and financial performance.
The Plan is also designed to attract employees and to retain and motivate
employees by providing an opportunity to participate in the long-term growth,
profitability and performance of the Company, thus enhancing the value of the
Company.

     1.3 General Plan Description. Participants in the Plan will receive Phantom
Shares (as defined herein) in the Company. The Phantom Shares will entitle the
holders to a portion of the gain in economic value of the Company, if any, upon
a Triggering Event (as defined herein) as described in Section 8. Except as
otherwise provided in Sections 8.3 and 8.4, the Phantom Shares will not,
however, entitle the holders to acquire actual securities of the Company, nor
shall the holders of the Phantom Shares have actual ownership rights, such as
voting rights, in the Company.

                                   Section 2

                                   Definitions

     2.1 Definitions. The following terms shall have the meanings set forth
below:

          (a) "Affiliated Corporation" means any corporation which is affiliated
     with the Company through stock ownership or otherwise and is treated as a
     common employer under the provisions of Sections 414(b) and (c) of the
     Internal Revenue Code.

          (b) "Agreement" or "Plan Agreement" means the written agreement
     entered into between the Company and the Participant to carry out the
     provisions of the Plan with respect to the Participant and in accordance
     with the Plan's terms and conditions.

          (c) "Award Value" or "Total Award Value" means such percentage of not
     less than four percent (4%) nor more than seven percent (7%), as determined
     by the Board, in its sole discretion, of the positive amount resulting from
     the subtraction of the Beginning Company Value from the Ending Company
     Value with respect to a Performance Cycle. If there is an existing public
     market for the Company's common stock, the Award Value will be paid in

<PAGE>

     common stock of the Company. If there is an existing public market for a
     Holding Company's common stock, the Award Value will be paid in common
     stock of the Holding Company. If the Company is preparing for an Initial
     Public Offering (as defined in Section 2.1(cc)) within 120 days or less the
     Award Value will be paid in common stock of the Company after the closing
     of the Initial Public Offering. If a Holding Company is preparing for an
     Initial Public Offering within 120 days or less the Award Value will be
     paid in common stock of the Holding Company after the closing of the
     Initial Public Offering. If paid in stock, the amount of stock (percentage
     of the Company or the Holding Company, as the case may be) paid out, which
     shall be the percentage of outstanding common stock paid out under the Plan
     measured immediately after the payout of such stock, is calculated as
     AV/EV. The calculation of Award Value will be as described above in this
     Section 2.1(c) and as shown below. The following example assumes that the
     Board has selected five percent (5%) as the applicable percentage to
     determine Award Value.

          CALCULATION OF AWARD VALUE

          Award Value (AV) = (EV less BV X 5%)

          Where:BV = Beginning Company Value
          EV  = Ending Company Value

             For example, if:
          EV = $890 million
          BV = $190 million
          AV = $35.0 million ($890 million less $190 million X 5%)

          If paid in stock, the percentage of the Company common stock or
          Holding Company common stock, as the case may be, paid out will be
          calculated as follows: AV/EV = 3.9% of the Company or the Holding
          Company ($35 million/$890 million)

          (d) "Award" means the Award Value amount payable to the Participant in
     accordance with the terms and provisions of the Plan.

          (e) "Beginning Company Value" means $190 million which was the Company
     Corporate Consolidated SEC PV10% value at January 1, 2000.

          (f) "Board" means the Board of Directors of the Company.

          (g) "Cause" means willful misconduct, a willful failure to perform the
     Eligible Employee's duties, insubordination, theft, dishonesty, conviction
     of a felony or any other willful conduct that is materially detrimental to
     the Eligible Employee's performance of his or her duties or is materially
     detrimental to the Company or an Affiliated Corporation or such other cause
     as the Board in good faith reasonably determines provides cause for the
     discharge of an Eligible Employee.

          (h) "Change of Control" shall be deemed to have occurred if either (A)
     any individual, entity, or group (within the meaning of Section 13(d)(3) or
     14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
     Act")) other than Alliant Energy Corporation

                                        2

<PAGE>

     ("Alliant Energy"), Alliant Energy Resources, Inc. ("Alliant Resources") or
     a Holding Company acquires beneficial ownership (within the meaning of Rule
     13d-3 promulgated under the Exchange Act), directly or indirectly, of
     twenty percent (20%) or more of either (i) the then-outstanding shares of
     common stock of the Company, a Holding Company, Alliant Energy or Alliant
     Resources ("Outstanding Shares") or (ii) the combined voting power of the
     then-outstanding voting securities of the Company, a Holding Company,
     Alliant Energy or Alliant Resources entitled to vote generally in the
     election of directors ("Voting Power").

          (i) "Company" means Whiting Oil and Gas Corporation, a Delaware
     corporation formerly known as Whiting Petroleum Corporation, or any company
     which is a successor thereto as a result of merger, consolidation,
     liquidation or other reorganization.

          (j) "Corporate Consolidated SEC PV10% Value" means the total proved
     reserve value at PV10% using constant year-end prices and costs. If the end
     of the Measuring Period is not at a year-end, constant prices and costs at
     the end of the Measuring Period will be used to calculate the Ending
     Company Value.

          (k) "Effective Date" means the effective date of the Plan, January 1,
     2000.

          (l) "Eligible Employees" means those employees (including, without
     limitation, officers and directors who are also employees) of the Company
     or an Affiliated Corporation who are designated for participation in the
     Plan pursuant to Section 4.

          (m) "Ending Company Value" means the Company Corporate Consolidated
     SEC PV10% value at the end of the Measuring Period, less the amount of all
     "Payable to Parent Debt" on the Company's balance sheet resulting from the
     period June 1, 2000 to the end of the Measuring Period (the "PPD"). The
     June 1, 2000 date reflects the commencement of the Company's parent's plan
     to increase the size of the Company. In calculating the PPD the amount of
     Payable to Parent Debt will be reduced by $106 million, which was the
     amount of debt on the Company's balance sheet at June 1, 2000 after equity
     in the Company was converted to debt by its parent. If the Company's common
     stock is traded on an established securities market as of the time Ending
     Company Value is determined, the Award Value shall be paid in shares of
     common stock of the Company. If a Holding Company's common stock is traded
     on an established securities market as of the time Ending Company Value is
     determined, the Award Value shall be paid in shares of common stock of the
     Holding Company. The number of shares paid out will be determined by the
     percentage of stock derived in the Award Value calculation, as provided in
     Section 2.1(c).

          (n) "Internal Revenue Code" means the Internal Revenue Code of 1986,
     as it may be amended from time to time.

          (o) "Market Value" means the average of the mean between the bid and
     the asked prices of the Company's equity security(ies), or the closing
     price, as applicable, on the principal stock exchange, NASDAQ, or other
     market on which such equity security is traded, over the 20 consecutive
     trading days ending on the date of the Triggering Event.

          (p) "Measuring Period" means the time period between the date as of
     which Beginning Company Value is determined with respect to the grant of a
     Phantom Share to a

                                       3

<PAGE>

     Participant and the date as of which Ending Company Value is determined,
     which shall be the earlier of the date of a Triggering Event or the end of
     the applicable Performance Cycle.

          (q) "Participant" means an Eligible Employee who has been selected for
     participation under the Plan pursuant to Section 4, who has executed a Plan
     Agreement and who has outstanding grants of Phantom Shares under the Plan.

          (r) "Performance Cycle" means the period established by the Board at
     the time of each grant of Phantom shares at the end of which Ending Company
     Value is determined (unless a Triggering Event has occurred prior to the
     end of the Performance Cycle) for purposes of calculating the value of such
     Phantom Shares under the Plan. The Performance Cycle with respect to each
     grant of Phantom Shares shall be determined by the Board at the time of
     grant and shall be specified in the Plan Agreement with respect to such
     grant of Phantom Shares.

          (s) "Permanent Disability" means any physical or mental condition
     which permanently prevents a Participant from performing the material
     duties of his or her current employment. If a Participant makes application
     for disability benefits under the Company's long-term disability program,
     as now in effect or as hereafter amended, and qualifies for such benefits,
     the Participant shall be presumed to qualify as permanently disabled under
     this Plan.

          (t) "Phantom Share" means a unit of value determined under the
     provisions of Section 8 of the Plan.

          (u) "Phantom Equity Committee (PEC)" means the Committee established
     to administer the Plan pursuant to Section 3.1 herein and determine the
     amount of Phantom Shares to be awarded to each Plan Participant.

          (v) "Plan" means the Whiting Oil and Gas Corporation Phantom Equity
     Plan as set forth in this document.

          (w) "Retirement" means termination of employment with the Company and
     all Affiliated Corporations on or after reaching the normal retirement age
     of sixty-five, or other retirement age agreed to by the Eligible Employee
     and the Company.

          (x) "Termination Date" means the date of a Participant's severance
     from employment with the Company and all Affiliated Corporations for any
     reason, including but not limited to, death, Permanent Disability,
     Retirement, resignation, voluntary or involuntary termination or otherwise.

          (y) "Triggering Event" means the first to occur of the following
     events that triggers the redemption of and payment for the Phantom Shares:

               (i) Change of Control,

               (ii) Initial Public Offering

                                        4

<PAGE>

               (iii) Issuance by the Company of additional equity or debt
          convertible into equity that represents, in the aggregate, more than
          50% of the then value of the Company, as determined by the Board, or

               (iv) Within any twelve month period, a sale for cash by the
          Company of assets equal to forty percent (40%) or more of the
          Corporate Consolidated SEC PV 10% Value.

If one of the above described Triggering Events has not occurred on or before
December 31, 2010, this Plan will terminate and no payments will be made with
respect to the Phantom Shares.

          (aa) "Vested" or "Vesting" means the portion of a Participant's Award
     payable to the Participant in the case of termination of employment with
     the Company and all Affiliated Corporations for reasons other than Cause as
     provided in Section 7. A Participant shall forfeit any unvested Phantom
     Shares on the date of termination of employment with the Company and all
     Affiliated Corporations. The Participant shall become entitled to payment
     with respect to such Vested Phantom Shares as a result of a subsequent
     Triggering Event on or before December 31, 2010.

          (bb) "Holding Company" means a corporation formed solely for the
     purpose of serving as a holding company for the Company that becomes
     wholly-owned by Alliant Resources and owns 100% of the common stock of the
     Company.

          (cc) "Initial Public Offering" means the first underwritten public
     offering pursuant to an effective registration statement under the
     Securities Act of 1933, as amended, covering the offering and sale of
     common stock of the Company or a Holding Company, as the case may be.

     2.2 Gender and Number. Except when otherwise indicated by the context, the
masculine gender shall also include the feminine gender, and the definition of
any term herein in the singular shall also include the plural.

                                   Section 3
                               Plan Administration

     3.1 Administration by the PEC.The Plan shall be administered by the PEC.
The PEC shall consist of the Company's Chief Executive Officer, the President of
Alliant Energy Investments, Inc. and a member of the Board who is not also an
employee of the Company. Subject to approval of its recommendations by the
Company's Board, the PEC shall have exclusive and final authority, without
modifying or changing the Plan, to interpret the Plan consistent with the intent
of the Plan, to prescribe, amend, and rescind rules and regulations relating to
the Plan, to delegate such responsibilities or duties as are allowable under the
Plan or by law and as it deems desirable, and if it so determines, to cause an
audit of the Plan's operations to be conducted by an independent certified
public accounting firm selected by the PEC, and to make all other determinations
necessary or advisable for the administration of the Plan. In exercising its
authority and discretion under the Plan, unless the context clearly provides
otherwise, all decisions of the PEC shall be made in the sole and absolute
discretion of the PEC.

                                       5

<PAGE>

     3.2 Adoption of Rules. The PEC may from time to time adopt such rules and
regulations for carrying out the purposes of the Plan as it may deem proper and
in the best interests of the Company. The PEC may correct any defect, supply any
omission or reconcile any inconsistency in the Plan or in any agreement entered
into hereunder in the manner and to the extent it shall deem expedient and it
shall be the sole and final judge of such expediency. The determinations,
interpretations and other actions of the PEC pursuant to the provisions of the
Plan shall be binding and conclusive for all purposes and on all persons.

                                   Section 4
                            Participation in the Plan

     4.1 Eligibility for Participation. The PEC shall establish the criteria for
participation of Eligible Employees in the Plan, select the Participants,
determine the number of Phantom Shares to be granted to each Participant, and
the provisions applicable to such Phantom Shares, which may include provisions
in addition to or different than the provisions of the Plan. As a general
matter, Plan participation shall be extended to those Eligible Employees of the
Company and Affiliated Corporations who, in the opinion of the PEC, have the
opportunity to significantly impact the long-term financial success of the
Company. An Eligible Employee shall become a Participant in the Plan upon
designation as an Eligible Employee by the PEC, and the execution by the
Participant and the Company of a Plan Agreement.

     4.2 Plan Agreement. The Plan Agreement will specify the terms and
conditions of a grant of Phantom Shares to a Participant, including the number
of Phantom Shares granted, the date as of which Beginning Company Value shall be
calculated, and the amount of Beginning Company Value, for purposes of
calculating the value of the Phantom Shares, the Performance Cycle associated
with the Phantom Shares, the beginning date for the Measuring Period with
respect to the Phantom Shares, the Vesting arrangement that shall apply to the
Participant's Phantom Shares, and any other provisions that shall apply to the
Participant's Phantom Shares, which may include provisions in addition to or
different than the provisions of the Plan. The Plan Agreement must be signed by
the Participant and by an authorized officer of the Company (other than the
Participant). All references to the "Whiting Petroleum Corporation Phantom
Equity Plan" in any Plan Agreements or Change of Control Agreements entered into
prior to October 22, 2003 by Participants shall be deemed to refer to the
"Whiting Oil and Gas Corporation Phantom Equity Plan."

                                   Section 5
                                Performance Cycle

     5.1 Determination of Performance Cycle. The PEC shall determine at the time
of each grant of Phantom Shares hereunder when the Performance Cycle with
respect to the grant of such Phantom Shares shall begin and end.

     5.2 Normal Performance Cycle. The normal Performance Cycle shall be a five
(5) year period, but the PEC may propose and the Board agree to shorter or
longer Performance Cycles. The beginning and ending of the Performance Cycle
will be specified for each grant of Phantom Shares in the Plan Agreement with
each Participant.

                                        6

<PAGE>

                                   Section 6
                              Phantom Share Grants

     6.1 Grants. Phantom Shares shall be granted to a Participant based upon the
PEC's assessment of the anticipated role and contribution of the Participant
over the applicable Performance Cycle. Phantom Shares may be granted with
respect to a Performance Cycle at any time during the Performance Cycle.

     6.2 Maximum Number of Phantom Shares and Initial Grant. The total number of
Phantom shares in the Company is set at ten million. The maximum number of
Phantom Shares available for grant during the first Performance Cycle under the
Plan is 500,000 or 5 percent of the total Phantom Shares. Of the 500,000 Phantom
shares available for grant under the Plan=s first Performance Cycle, 200,000
shall be for grants to any and all Eligible Employees (excluding current
managers), 200,000 shall be for grants to current management, and 100,000 shall
be reserved for future grants to Eligible Employees.

     Regardless of the number of Phantom Shares granted under the Plan with
respect to the first Performance Cycle, the total Vested Phantom Shares
outstanding on the applicable Valuation Date shall share in the allocation of
the Total Award Value in accordance with the provisions of Section 8.1. For
example, if the full 500,000 Phantom Shares are granted with respect to the
first Performance Cycle and were fully Vested, those 500,000 Phantom Shares
would share, in accordance with the provisions of Section 8.1, in the Total
Award Value with respect to such Performance Cycle. Based upon the example set
forth in Section 2.1(c), if a Triggering Event were to occur with respect to the
first Performance Cycle (and on or before December 31, 2010), and if the Total
Award Value is $35,000,000 with respect to the first Performance Cycle, the
Participants with respect to the first Performance Cycle would share in the
Total Award Value of $35,000,000.

     The PEC shall retain sole discretion to determine the total number of
Phantom Shares to be granted at the beginning of any subsequent Performance
Cycle and the number of Phantom Shares to be awarded to any specific
Participant. The Company anticipates that to promote retention of valued
employees, a disproportionate number of Phantom Shares may be granted in the
initial years of the Performance Cycle. However, as in the first Performance
Cycle, a number of Phantom Shares will be reserved for grants to new
Participants and for additional grants to Eligible Employees. If a Phantom Share
has been redeemed and an Award made to a Participant in accordance with the
provisions of Section 8, or if a Phantom Share has been forfeited or canceled
for any other reason, the Phantom Share shall again be available for grant under
the Plan.

     6.3 Establishment of Individual Phantom Share Accounts. The Company shall
establish, or shall cause to be established, individual accounts for each
Participant which will be unsecured and unfunded and will be maintained for each
grant of Phantom Shares to a Participant under the Plan. The account for each
Participant shall reflect the number of Phantom Shares granted and held by such
Participant and the Beginning Company Value of each such Phantom Share.

                                       7

<PAGE>

                                   Section 7
                            Vesting of Phantom Shares

     7.1 Normal Vesting Schedule. Phantom Shares granted under the Plan shall
Vest at the rate of 20% for each full year of employment with the Company or an
Affiliated Corporation (or as specified in the Plan Agreement for a particular
Participant) completed after the date specified by the PEC for the beginning of
the vesting computation period unless the Board specifies a different Vesting
arrangement with respect to the grant of Phantom Shares to a particular
Participant. The manner in which each Participant's Phantom Shares shall Vest
shall be set forth in the Plan Agreement with the Participant. Different Vesting
arrangements may apply with respect to the grant of Phantom Shares to different
Participants or to different grants of Phantom Shares to the same Participants.

     7.2 Vesting in Other Circumstances. Except as provided in Section 7.3, a
Participant shall become 100% Vested in all of his or her Phantom Shares in the
event of the Participant's death, Permanent Disability or Retirement. A
Participant who is employed by the Company shall also become 100% Vested in all
of his or her Phantom Shares upon the occurrence of a Triggering Event as
defined in Section 2.1(y). The end of a Performance Cycle shall not cause any
acceleration of Vesting for any Participant.

     7.3 Termination for Cause . If a Participant's employment is terminated for
Cause, he shall forfeit all of his or her Vested Phantom Shares and shall not be
entitled to any Award or payment under this Plan with respect to any Phantom
Shares previously granted to such Participant.

                                   Section 8
                            Payments to Participants

     8.1 Value of Phantom Shares. The value of a Participant's Phantom Shares
will be calculated upon the earlier of a Triggering Event or the end of the
applicable Performance Cycle (the "Valuation Date"), according to the following
formula:

Number of the Participant's Phantom Shares vested at the Valuation Date/total
Vested Phantom Shares in the Plan on the Valuation Date X the Total Award Value.
Notwithstanding the foregoing, the PEC may provide, at the time of the grant of
Phantom Shares to a Participant, whether such Phantom Shares are granted as
different class Phantom Shares or not, that the portion of the Total Award Value
payable to such Participant shall be adjusted to reflect the amount of capital
expenses made at the time of the grant of such Phantom Shares as a percentage of
the total capital expenses budgeted for the Performance Cycle. For example, if a
Participant is awarded Phantom Shares at a time when the Company has expended
$400,000,000 of capital expenditures out of a budgeted $500,000,000 of capital
expenditures, the PEC may provide that the Participant's payment would be based
on the Participant's allocable share of the Total Award Value X 20%.

The Participant's individual Award may be paid in cash or common stock of the
Company or a Holding Company. Common stock of the Company or a Holding Company,
as the case may be, will be used pursuant to Sections 2.1(c), 2.1(m) and 8.4 of
the Plan.
                                       8

<PAGE>

The value of each Participant's Phantom Shares shall be determined as soon as
practicable before or after the applicable Triggering Event, but in no event
later than ninety (90) days after the Triggering Event.

     8.2 Payments to Participants - In General. Except as otherwise provided in
this Section and Sections 2.1(c) and 2.1(m), a Participant in the Plan shall
receive payment for his or her Vested Phantom Shares that are affected by the
applicable Triggering Event within thirty (30) days following the final
determination of the Award Value. If a Triggering Event has not occurred on or
before December 31, 2010, the Plan shall terminate and no payments shall be made
to Participants under the Plan.

     8.3 Form of Payment. Payment shall be made to the Participant, if the
conditions of Section 8.4 are satisfied, in shares of the Company's common stock
or a Holding Company's common stock, as the case may be, subject to applicable
withholding of income tax and other amounts, no later than thirty (30) days
after the final determination of the value of the Phantom Shares, except as
provided in Sections 2.1(c) and 2.1(m).

     8.4 Use of Common Stock for Payment. If the Company's common stock is
actively traded on an established securities market, payments of amounts due
under this Plan will be made in shares of the Company's common stock. If a
Holding Company's common stock is actively traded on an established securities
market, payments of amounts due under this Plan will be made in shares of the
Holding Company's common stock. If the shares of the Company's common stock or
the Holding Company's common stock, as the case may be, to be received by a
Participant hereunder may not be immediately sold by the Participant because of
restrictions imposed by federal or state securities laws, the Board shall permit
the Participant to elect to pay the applicable income and other taxes required
to be withheld by causing the Company or the Holding Company to withhold from
the shares otherwise issuable to the Participant sufficient shares to satisfy
the withholding obligation. If the Company is preparing for an Initial Public
Offering within 120 days or less payment may be made in common stock of the
Company after the closing of the Initial Public Offering. If a Holding Company
is preparing for an Initial Public Offering within 120 days or less payment may
be made in common stock of the Holding Company after the closing of the Initial
Public Offering.

                                   Section 9
                               Rights of Employees

     Nothing contained in the Plan or in any Phantom Share granted under the
Plan shall confer upon any Participant any right with respect to the
continuation of his or her employment by the Company or Affiliated Corporation,
or interfere in any way with the right of the Company or Affiliated Corporation,
subject to the terms of any separate employment agreement to the contrary, at
any time to terminate such employment or to increase or decrease the
compensation of the Participant. Whether an authorized leave of absence, or
absence in military or government service, shall constitute a termination of
employment for any purpose of this Plan shall be determined by the Board,
subject to the requirements of applicable law, if any.

                                        9

<PAGE>

                                   Section 10
                          Designation of Beneficiaries

     A Participant may designate a beneficiary or beneficiaries to receive all
or part of the amounts earned by the Participant under the Plan in case of
death. A designation of beneficiary may be replaced by a new designation or may
be revoked by the Participant at any time. A designation or revocation shall be
on a form to be provided by the Company for this purpose and shall be signed by
the Participant and delivered to the Company prior to the Participant's death.
In the case of the Participant's death, the amounts to be distributed to the
Participant under the Plan with respect to which a designation of beneficiary
has been made (to the extent it is valid and enforceable under applicable law)
shall be distributed in accordance with the Plan to the designated beneficiary
or beneficiaries. The amount distributable to a Participant upon death and not
subject to a valid beneficiary designation shall be distributed to the
Participant's estate. If there shall be any question as to the legal right of
any beneficiary to receive a distribution under the Plan, the amount in question
may be paid to the estate of the Participant, in which event the Company shall
have no further liability with respect to such amount.

                                   Section 11
                           Changes in Accounting Rules

     Notwithstanding any other provision of the Plan to the contrary, if, during
the term of the Plan, any changes in the financial or tax accounting rules
applicable to Phantom Shares shall occur which, in the sole judgment of the PEC,
may have a material adverse effect on the reported earnings, assets or
liabilities of the Company, the PEC shall have the right and power to modify as
necessary any then outstanding Phantom Shares, provided, however, that no such
modification shall in any manner adversely affect any Phantom Shares theretofore
granted under the Plan without the consent of the Participant holding such
Phantom Shares.

                                   Section 12
                             Other Employee Benefits

     The amount of any compensation deemed to be received by a Participant as a
result of the receipt of Phantom Shares shall not constitute "earnings" with
respect to which any other employee benefits of such employee are determined,
including without limitation benefits under any pension, profit sharing, 401(k),
life insurance or salary continuation plan.

                                   Section 13
                  Plan Amendment, Modification and Termination

     The Board may at any time terminate, and from time to time may amend or
modify the Plan. The Plan shall terminate upon the sale of all or substantially
all of the assets of the Company, a distribution of all or substantially all of
the assets of the Company to its shareholders, or the merger or reorganization
of the Company if the Company is not the surviving entity. Upon termination of
the Plan, no further Phantom Shares shall be issued, but the provisions of the
Plan shall remain applicable to all Phantom Shares then outstanding at the time
of Plan termination. No amendment, modification or termination of the Plan shall
in any

                                       10

<PAGE>

manner adversely affect any Phantom Shares theretofore granted under the
Plan, without the consent of the Participant holding such Phantom Shares.

                                   Section 14
                                     Setoff

     All or part of any amount otherwise due and payable to a Participant under
the Plan may be setoff or applied by the Company against any liability or
reimbursement then due and payable by the Participant to the Company.

                                   Section 15
                                  Plan Funding

     Obligations to Participants under the Plan will not be funded, trusteed,
insured or secured in any manner. The Participants under the Plan shall have no
security interest in any assets of the Company, shall have no interest or right
as a shareholder in the Company and shall be only general creditors of the
Company.

                                   Section 16
                           Non-Assignability of Rights

     Except as provided in the Plan, no grant, right, benefit or account of a
Participant under this Plan shall be subject to anticipation, alienation, sale,
assignment, pledge, encumbrance, or charge, and any attempt to anticipate,
alienate, sell, assign, pledge, encumber, or charge the same shall be void. No
right or benefit under the Plan shall in any manner be liable for or subject to
the debts, contracts, liabilities, or torts of the person entitled to such
benefits except as expressly provided herein. If any Participant should become
bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or
charge any right or benefit hereunder, then such right or benefit shall, in the
discretion of the Company, cease, and in such event, the Company may hold or
apply the Participant's Phantom Shares or any part thereof for the benefit of
the Participant or the Participant's spouse, children, or other dependents, or
any of them in such manner and in such proportions as the PEC shall deem proper.

                                   Section 17
                                Withholding Taxes

     The Company shall have the right to deduct from all amounts payable to a
Participant any taxes or other impositions required by law to be withheld upon
such payment.

                                   Section 18
                               Requirements of Law

     18.1 Requirements of Law. The issuance of Phantom Shares and the payment of
cash pursuant to the Plan shall be subject to all applicable laws, rules and
regulations.

     18.2 Governing Law. The Plan and all agreements hereunder shall be
construed in accordance with and governed by the laws of the State of Colorado.

                                       11

<PAGE>

                                   Section 19

                                  Severability

         In the event that any provision of the Plan is held invalid, void or
unenforceable, the same shall not affect, in any respect whatsoever, the
validity of any other provision of the Plan.

ATTEST:                                      WHITING OIL AND GAS CORPORATION

___________________________________          By:________________________________
                                             President and CEO

Dated:_____________________________

                                       12

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