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                                                                   EXHIBIT 10.17

                    FIRST AMENDMENT TO MANAGEMENT AGREEMENT

        This First Amendment to Management Agreement (this "Amendment"), dated
this 28th day of October 1999, amends that certain Management Agreement, dated
as of August 3, 1999, but effective as of the Effective Date, by and between
PetroCorp Incorporated, a Texas corporation (the "Company"), and Kaiser-Francis
Oil Company, a Delaware corporation (the "Management Agreement"). Except as
otherwise specified in this Amendment, capitalized terms used in this Amendment
have the meanings provided in the Management Agreement.

                                   RECITALS

        A. Pursuant to Article X of the Management Agreement, the individuals
identified in Schedule 10.1 to the Management Agreement were to be designated to
serve as officers of the Company until the annual meeting of shareholders of the
Company and thereafter until their successors were elected. The parties to the
Management Agreement desire to amend Schedule 10.1 as provided herein.

                                   AGREEMENT

        In consideration of the mutual promises and covenants of the parties
hereto and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

        1. Amendment of Schedule 10.1. Schedule 10.1 of the Management Agreement
is hereby amended to read as follows:

                                 SCHEDULE 10.1
                        PETROCORP INCORPORATED OFFICERS

        Gary R. Christopher, President and Chief Executive Officer
        Tony Pelletier, Executive Vice President and Chief Operating Officer
        Richard Dunham, Vice President of Engineering
        Steve Berlin, Vice President, Chief Financial Officer and
            Corporation Secretary
        Craig Townsend, Vice President Finance and Assistant Secretary
        Ted Jacobson, Vice President of Operations
        Les Watson, Vice President of Canadian Operations
        Mike Moore, Vice President of Marketing and Assistant Secretary
        Craig Dolinsky, Vice President Land
        Bruce Kenney, Vice President Legal and Assistant Secretary
        Reece A. Hembree, Treasurer
        Frederic Dorwart, Assistant Secretary

                 PCC ENERGY CORP. & PCC ENERGY, INC. OFFICERS

        Les Watson, Vice President
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2. Governing Law. This Amendment shall be subject to, and interpreted by and in
accordance with, the laws (excluding conflict of law provisions) of the State of
Oklahoma.

3. Construction. This Amendment, and all the provisions of this Amendment, shall
be deemed drafted by all of the parties hereto.

4. Authority. Each of the persons signing below on behalf of a party hereto
represents and warrants that he or she has full requisite power and authority to
execute and deliver this Amendment on behalf of the parties for whom he or she
is signing and (subject to the approval of the shareholders of the Company) to
bind such party to the terms and conditions of this Amendment.

5. Counterparts. This Amendment may be executed in counterparts, each of which
shall be deemed an original. This Amendment shall become effective only when all
of the parties hereto shall have executed the original or counterpart hereof.
This Amendment may be executed and delivered by a facsimile transmission of a
counterpart signature page hereof.

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written, but effective for all purposes
as of the Effective Date.

                                               KAISER-FRANCIS OIL COMPANY

                                               By: /s/ Steven R. Berlin
                                                  --------------------------
                                               Name: Steven R. Berlin
                                                    ------------------------
                                               Title: V.P.
                                                     -----------------------

                                               PETROCORP INCORPORATED

                                               By: /s/ Joel R. Christopher
                                                  --------------------------
                                               Name: Joel R. Christopher
                                                    ------------------------
                                               Title: President
                                                     -----------------------

                                       2<PAGE>

                                                                   EXHIBIT 10.18

                   SECOND AMENDMENT TO MANAGEMENT AGREEMENT

        This Second Amendment to Management Agreement (this "Amendment"), dated
effective as of the 1st day of March 2001, amends that certain Management
Agreement, dated as of August 3, 1999, but effective as of the Effective Date,
by and between PetroCorp Incorporated, a Texas corporation, and Kaiser-Francis
Oil Company, a Delaware corporation ("Kaiser-Francis"), as amended (as amended,
the "Management Agreement"). Except as otherwise specified in this Amendment,
capitalized terms used in this Amendment have the meanings provided in the
Management Agreement.

                                   RECITALS

        WHEREAS, the Management Agreement provides that Kaiser-Francis will
provide certain Services on behalf of PetroCorp Incorporated and its
wholly-owned subsidiaries, both in the United States of America and Canada; and

        WHEREAS, from time to time it is necessary for Kaiser-Francis to retain
on behalf of PetroCorp certain third-party consultants of a type not expressly
contemplated in the Management Agreement; and

        WHEREAS, Services performed by Kaiser-Francis include certain computer
support functions that were formerly outsourced by PetroCorp, including computer
network administration and trouble-shooting ("Computer Support"); and

        WHEREAS, Services performed by Kaiser-Francis include certain tax
functions that were formerly outsourced by PetroCorp, including initial
preparation of domestic tax returns and schedules ("Tax Preparation"); and

        WHEREAS, Kaiser-Francis has determined that performing certain routine
Services on behalf of PetroCorp, including, for example, recordkeeping and
reporting related to PetroCorp's institutional investors, is more complex and
time-intensive than Kaiser-Francis contemplated when it entered into the
Management Agreement; and

        WHEREAS, from time to time Kaiser-Francis performs certain non-routine
Services on behalf of PetroCorp that either were not formerly performed by
PetroCorp or were formerly outsourced by PetroCorp; and

        WHEREAS, the parties desire to amend the Management Agreement (i) to
clarify that, in connection with the performance of Oil and Gas Operations
and/or Administrative Services on behalf of PetroCorp, Kaiser-Francis may
engage third party consultants to perform functions reasonably necessary to the
conduct of PetroCorp's business, whether or not retention of consultants of that
type is expressly provided for in the Management Agreement; (ii) to provide
additional compensation for certain routine Services rendered in-house by
Kaiser-Francis, including Tax Preparation, Computer Support, and record-keeping
and reporting with respect to PetroCorp's institutional investors, (iii) to
provide for reimbursement of Kaiser-Francis for
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certain non-routine Services rendered in-house by Kaiser-Francis that were
previously either not performed by PetroCorp or were performed by third party
consultants on behalf of PetroCorp; and (iv) to eliminate the ORRI Interest and
Back-In in favor of Kaiser-Francis provided for in the Management Agreement.

                               A G R E E M E N T

     Now, therefore, in consideration of the mutual promises and covenants of
the parties hereto and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto hereby
agree as follows:

1.   Amendment of Section 1.1. Section 1.1 of the Management Agreement is hereby
amended by deleting the following definitions in their entirety:

     a.   "Back-In";

     b.   "Geological and Geophysical Costs";

     c.   "Kaiser-Francis Compensation";

     d.   "Land Costs";

     e.   "New Prospect";

     f.   "New Prospect on Acquired Lands";

     g.   "New Prospect on Existing Lands";

     h.   "ORRI Interest";

     i.   "Prospect Area";

     j.   "Prospect Exploration and Development Costs";

     k.   "Prospect Net Proceeds";

     l.   "Prospect Payout";

     m.   "Proved Developed Oil and Gas Reserves";

     n.   "Proved Undeveloped Reserves";

     o.   "Proved Oil and Gas Reserves";

     p.   "Services Fee".

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2.   Amendment of Section 2.2(B). Section 2.2(B) of the Management Agreement is
hereby deleted in its entirety and replaced with the following:

     "B.  Making such arrangements and employing, at the expense and for the
     benefit of PetroCorp, such third persons as may from time to time be
     reasonably necessary for the conduct of PetroCorp's business, including,
     without limitation, accountants, attorneys, banks, transfer agents,
     custodians, underwriters, insurance companies and other third persons."

3.   Amendment of Section 2.3. Section 2.3 of the Management Agreement is hereby
amended by the addition of new Section 2.3(N) as follows:

     "N.  Making such arrangements and employing, at the expense and for the
     benefit of Petro Corp, such third persons as may from time to time be
     reasonably necessary for the conduct of the Oil and Gas Operations
     described in 2.3(A)-(M) above."

4.   Amendment of Section 3.1. Section 3.1 of the Management Agreement is hereby
deleted in its entirety and replaced with the following:

     "3.1 Compensation. Petrocorp shall pay Kaiser-Francis a monthly fee for the
     Services equal to (i) $12,500.00, plus (ii) 100% of the Operator's Fees and
     Non-Operator's Fees, respectively, for each of the PetroCorp Operated
     Properties and Non-Operated Properties. In addition, with respect to
     Services of a non-routine nature that (i) are performed in-house by Kaiser-
     Francis, and (ii) prior to the Effective Date, either (x) were not
     performed by PetroCorp, or (y) were performed by third party consultants
     retained by or on behalf of PetroCorp. Kaiser-Francis shall be entitled to
     compensation at a mutually agreed rate that is competitive with the
     generally available rate charged for such services in the area in which
     such services were furnished."

5.   Governing Law. This Amendment shall be subject to, and interpreted by and
in accordance with, the laws (excluding conflict of law provisions) of the State
of Oklahoma.

6.   Construction.  This Amendment, and all the provisions of this Amendment,
shall be deemed drafted by both parties hereto.

7.   Authority. Each of the persons signing below on behalf of a party hereto
represents and warrants that he or she has full requisite power and authority to
execute and deliver this Amendment on behalf of the parties for whom he or she
is signing and to bind such party to the terms and conditions of this Amendment.

8.   Counterparts. This Amendment may be executed in counterparts, each of which
shall be deemed an original. This Amendment shall become effective only when all
of the parties hereto shall have executed the original or counterpart hereof.
This Amendment may be executed and delivered by a facsimile transmission of a
counterpart signature page hereof.

                                       3

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        EXECUTED on the respective dates set forth below, but effective for all
purposes as of March 1, 2001.

                                   KAISER-FRANCIS OIL COMPANY

                                   By: /s/ Steven R. Berlin
                                      ----------------------------------------
                                           Steven R. Berlin
                                           Vice President
                                   Date: March 5, 2001

                                   PETROCORP INCORPORATED

                                   By: /s/ Gary R. Christopher
                                      -----------------------------------------
                                           Gary R. christopher
                                           President and Chief Executive Officer
                                   Date: March 7, 2001

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