Document:

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                                                                    EXHIBIT 10.2

                             SUPPLEMENTAL INDENTURE

                            -------------------------

                           BENTON OIL AND GAS COMPANY
                          9 3/8% SENIOR NOTES DUE 2007

                          FIRST SUPPLEMENTAL INDENTURE
                           DATED AS OF AUGUST 22, 2001

                            -------------------------

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                   AS TRUSTEE

                            -------------------------

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         FIRST SUPPLEMENTAL INDENTURE, dated as of August 22, 2001, between
BENTON OIL AND GAS COMPANY, a Delaware corporation (the "Company"), and U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association and formerly
known as First Trust of New York, National Association (the "Trustee").

         WHEREAS, the Company and the Trustee are parties to an indenture, dated
as of November 3, 1997 (the "Indenture"), pursuant to which the Company issued
its 9 3/8% Senior Notes due 2007 (the "Notes");

         WHEREAS, the Board of Directors of the Company has determined that it
is in the best interests of the Company to authorize and approve certain
amendments (the "Proposed Amendments") to the Indenture;

         WHEREAS, the Company has distributed a Consent Solicitation Statement
(the "Statement") and accompanying Consent Letter, each dated August 2, 2001, to
the Holders of the Notes in connection with the Proposed Amendments as described
in the Statement;

         WHEREAS, Section 7.2 of the Indenture provides that the Company and the
Trustee may amend the Indenture and the Notes with the written consent of the
Holders of not less than a majority in aggregate principal amount of the Notes
then outstanding;

         WHEREAS, the Holders of not less than a majority in aggregate
outstanding principal amount of Notes have approved the Proposed Amendments to
the provisions of the Indenture;

         WHEREAS, pursuant to a Consent Solicitation Statement, dated as of
August 2, 2001, the Company has solicited consents from holders of its 11 5/8%
Senior Notes due 2003 to certain proposed amendments to the indenture governing
such notes (the "2003 Consent Solicitation");

         WHEREAS, the 2003 Consent Solicitation is conditioned upon, among other
things, receipt of consents from holders of not less than a majority in
aggregate outstanding principal amount of 2003 Notes prior to the consent date
for the 2003 Consent Solicitation, and this First Supplemental Indenture
evidencing approval of the Proposed Amendments becoming operative; and

         WHEREAS, the execution and delivery of this instrument have been duly
authorized and all conditions and requirements necessary to make this instrument
a valid and binding agreement of the Company have been duly performed and
complied with;

         NOW, THEREFORE, for and in consideration of the premises and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is mutually covenanted and agreed, for the equal proportionate
benefit of all Holders of the Notes, as follows:

ARTICLE 1. AMENDMENTS

         Section 1.01. Article 1, Section 1.1 of the Indenture is hereby amended
by inserting the following definitions, in alphabetical order:

         "'FIRST SUPPLEMENTAL INDENTURE' means the First Supplemental Indenture
         to the Indenture."

         "'PERMITTED ARCTIC GAS INDEBTEDNESS' means Indebtedness of Arctic Gas
         Company in an aggregate amount not to exceed $77 million at any time
         outstanding less the then outstanding aggregate amount of Investments
         by the Company and its Restricted Subsidiaries in Arctic Gas Company
         and Restricted Subsidiaries thereof in excess of $5 million made after
         the date of the First Supplemental Indenture, as to which Indebtedness
         neither the Company nor any Restricted Subsidiary (other than Arctic
         Gas Company or any Restricted Subsidiary thereof) (a) provides credit
         support including any undertaking, agreement or instrument which would
         constitute Indebtedness or (b) is directly or indirectly liable for
         such Indebtedness; provided that the Company and any Restricted
         Subsidiary shall be entitled to pledge or otherwise encumber

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         shares of Capital Stock of Arctic Gas Company held directly or
         indirectly by it to secure any such Permitted Arctic Gas Indebtedness."

         Section 1.02. Clause (v) of the definition of "Indebtedness" in Article
1, Section 1.1 of the Indenture is hereby amended by:

         (a) deleting the parentheses around the proviso at the end of the
         clause and inserting a semi-colon after the word "person" immediately
         preceding such proviso; and

         (b) inserting the following proviso at the end of such clause, after
         the proviso referred to in (a) above:

         "and provided further that any Permitted Arctic Gas Indebtedness shall
         not be deemed Indebtedness of the Company or any Restricted Subsidiary
         (other than Arctic Gas Company or any Restricted Subsidiary thereof)
         under this clause (v) by reason of any Permitted Lien described in
         clause (ix) of the definition of Permitted Liens relating to such
         Permitted Arctic Gas Indebtedness;"

         Section 1.03. The definition of "Permitted Company Secured
Indebtedness" in Article 1, Section 1.1 of the Indenture is deleted in its
entirety and replaced with the following:

         "'PERMITTED COMPANY SECURED INDEBTEDNESS' means secured Indebtedness of
         the Company Incurred after the date of this Indenture (other than
         pursuant to the definition of Permitted Indebtedness) in an aggregate
         amount not to exceed $50 million outstanding at any time less the
         aggregate amount of Permitted Restricted Subsidiary Indebtedness
         outstanding at such time."

         Section 1.04. The definition of "Permitted Indebtedness" in Article 1,
Section 1.1 of the Indenture is hereby amended by:

         (a) deleting the word "and" preceding clause (xi) at the end of the
         first sentence thereof; and

         (b) inserting the following after clause (xi):

         "; and (xii) Permitted Arctic Gas Indebtedness."

         Section 1.05. The definition of "Permitted Investment" in Article 1,
Section 1.1 of the Indenture is hereby amended by inserting the following
proviso at the end of such definition:

         "; provided that Investments by the Company and its Restricted
         Subsidiaries in Arctic Gas Company and Restricted Subsidiaries thereof
         made after the date of the First Supplemental Indenture shall be
         Permitted Investments only to the extent that the aggregate amount of
         such Investments at any time outstanding does not exceed $82 million
         less the then outstanding Permitted Arctic Gas Indebtedness."

         Section 1.06. The definition of "Permitted Liens" in Article 1, Section
1.1 of the Indenture is hereby amended by inserting the following clause (ix)
after clause (viii) thereof and renumbering existing clause (ix) as clause (x):

         "(ix) Permitted Arctic Gas Indebtedness; provided such Liens are solely
         on (A) assets of Arctic Gas Company and its Restricted Subsidiaries and
         (B) the Capital Stock of Arctic Gas Company and its Restricted
         Subsidiaries held by the Company or any Restricted Subsidiary;"

         Section 1.07. The definition of "Permitted Restricted Subsidiary
Indebtedness" in Article 1, Section 1.1 of the Indenture is deleted in its
entirety and replaced with the following:

         "'PERMITTED RESTRICTED SUBSIDIARY INDEBTEDNESS' means Indebtedness of
         any Restricted Subsidiary (including Permitted Benton-Vinccler
         Indebtedness but excluding Indebtedness of Benton-Vinccler referred

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         to in clause (vii)(a) of the definition of Permitted Indebtedness)
         Incurred after the date of this Indenture (other than pursuant to the
         definition of Permitted Indebtedness) in an aggregate amount for all
         such Restricted Subsidiaries not to exceed $50 million, in each case
         outstanding at any time less the aggregate amount of Permitted Company
         Secured Indebtedness outstanding at such time."

         Section 1.08. Clause (ii) of the second paragraph of Section 3.10,
"Limitation on Restricted Payments," is hereby deleted in its entirety and
replaced with the following:

         "(ii) any Investment in the Company by any Restricted Subsidiary and
         any Investment in any Restricted Subsidiary or any person which
         concurrently with such Investment becomes a Restricted Subsidiary by
         the Company or another Restricted Subsidiary; provided that in the case
         of any Investment in Arctic Gas Company or any Restricted Subsidiary
         thereof made after the date of the First Supplemental Indenture, such
         Investment shall be permitted under this clause only if and to the
         extent that such Investment is a Permitted Investment,"

         Section 1.09. Section 3.15, "Limitation on Dividends and Other Payment
Restrictions Affecting Restricted Subsidiaries," is hereby amended by:

         (a) replacing "(a) and (b)" in clause (iii) with "(i) and (ii)" to
         correct a typographical error;

         (b) deleting the word "and" preceding clause (v) at the end of the
         first sentence thereof;

         (c) inserting a comma at the end of clause (iv); and

         (d) inserting the following after clause (v):

         "and (vi) any encumbrance or restriction with respect to Arctic Gas
         Company or its Restricted Subsidiaries pursuant to any instrument or
         agreement governing Permitted Arctic Gas Indebtedness."

ARTICLE 2. CONDITIONS; EFFECTIVENESS

         Section 2.01. In accordance with Article Six of the Indenture, this
First Supplemental Indenture shall become effective upon execution and delivery
to the Trustee. This First Supplemental Indenture shall become operative upon
satisfaction or waiver of the following conditions:

         (a) consummation of the 2003 Consent Solicitation; and

         (b) compliance with the requirements of Article Seven of the Indenture.

ARTICLE 3. MISCELLANEOUS

         Section 3.01. The Trustee accepts the trusts created by the Indenture,
as supplemented by this First Supplemental Indenture, and agrees to perform the
same upon the terms and conditions of the Indenture, as supplemented by this
First Supplemental Indenture.

         Section 3.02. All capitalized terms used and not defined herein shall
have the respective meanings assigned to them in the Indenture.

         Section 3.03. Each of the Company and the Trustee hereby confirms and
reaffirms the Indenture in every particular except as amended by this First
Supplemental Indenture.

         Section 3.04. All covenants and agreements in this First Supplemental
Indenture by the Company or the Trustee shall bind their respective successors
and assigns, whether so expressed or not.

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         Section 3.05. In case any provisions in this First Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

         Section 3.06. Nothing in this First Supplemental Indenture express or
implied, shall give to any Person, other than the parties hereto, and their
successors under the Indenture, and the Holders any benefit or any legal or
equitable right, remedy or claim under the Indenture.

         Section 3.07. The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this
First Supplemental Indenture.

         Section 3.08. This First Supplemental Indenture shall be governed by,
and construed in accordance with, the laws of the State of New York, including,
without limitation, Section 5-1401 of the New York General Obligations Law.

         Section 3.09. All provisions of this First Supplemental Indenture shall
be deemed to be incorporated in, and made a part of, the Indenture; and the
Indenture, as supplemented by this First Supplemental Indenture, shall be read,
taken and construed as one and the same instrument.

         Section 3.10. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this First
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which are made solely by the Company.

         IN WITNESS WHEREOF, the parties have caused this First Supplemental
Indenture to be duly executed as of the date first written above.

                                        BENTON OIL AND GAS COMPANY

                                        By: /s/ Steven W. Tholen
                                           -------------------------------------
                                           Name: Steven W. Tholen
                                           Title: Senior Vice President and
                                                  Chief Financial Officer

                                        U.S. BANK TRUST NATIONAL ASSOCIATION, AS
                                        TRUSTEE

                                        By: /s/ Barbara A. Nastro
                                           -------------------------------------
                                           Name: Barbara A. Nastro
                                           Title: Vice PresidentMORGAN STANLEY SELECT EQUITY TRUST
                   STRATEGIC GROWTH LARGE-CAP PORTFOLIO 2001-4
                            REFERENCE TRUST AGREEMENT

                  This Reference Trust Agreement dated , 2001 between MORGAN
STANLEY DW INC., as Depositor, and The Chase Manhattan Bank, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Sears Equity Investment Trust, Trust Indenture and
Agreement" dated January 22, 1991, as amended on March 16, 1993 and July 18,
1995 (the "Basic Agreement"). Such provisions as are incorporated by reference
constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:
                                ---------------

                  In consideration of the premises and of the mutual agreements
herein contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

                  Subject to the provisions of Part II hereof, all the
provisions contained in the Basic Agreement are herein incorporated by reference
in their entirety and shall be deemed to be a part of this instrument as fully
and to the same extent as though said provisions had been set forth in full in
this instrument except that the Basic Agreement is hereby amended in the
following manner:

                    A.  Article  I,  Section  1.01,   paragraph   (29)  defining
               "Trustee" shall be amended as follows:

                    "'Trustee'  shall  mean The  Chase  Manhattan  Bank,  or any
                    successor trustee appointed as hereinafter provided."

                    B.  Reference to United  States Trust Company of New York in
               its capacity as Trustee is replaced by The Chase  Manhattan  Bank
               throughout the Basic Agreement.

                    C.  Reference to "Morgan  Stanley Dean Witter  Select Equity
               Trust" is replaced by "Morgan Stanley Select Equity Trust".

                    D. Section 3.01 is amended to substitute the following:

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                    Section 3.01. Initial Cost The costs of organizing the Trust
               and sale of the Trust Units shall,  to the extent of the expenses
               reimbursable  to the Depositor  provided  below,  be borne by the
               Unit Holders, provided,  however, that, to the extent all of such
               costs are not borne by Unit Holders, the amount of such costs not
               borne  by Unit  Holders  shall be  borne  by the  Depositor  and,
               provided further,  however, that the liability on the part of the
               Depositor  under this section shall not include any fees or other
               expenses  incurred in connection with the  administration  of the
               Trust subsequent to the deposit referred to in Section 2.01. Upon
               notification  from the Depositor that the primary offering period
               is  concluded,  the Trustee  shall  withdraw  from the Account or
               Accounts specified in the Prospectus or, if no Account is therein
               specified,  from the Principal Account,  and pay to the Depositor
               the Depositor's reimbursable expenses of organizing the Trust and
               sale of the Trust Units in an amount  certified to the Trustee by
               the  Depositor.  If the  balance  of  the  Principal  Account  is
               insufficient  to make such  withdrawal,  the  Trustee  shall,  as
               directed by the  Depositor,  sell  Securities  identified  by the
               Depositor,  or distribute to the  Depositor  Securities  having a
               value,  as  determined  under  Section  4.01  as of the  date  of
               distribution,    sufficient   for   such    reimbursement.    The
               reimbursement  provided  for in  this  section  shall  be for the
               account of the  Unitholders  of record at the  conclusion  of the
               primary  offering  period  and  shall  not  be  reflected  in the
               computation of the Unit Value prior thereto.  As used herein, the
               Depositor's  reimbursable  expenses of  organizing  the Trust and
               sale of the Trust  Units  shall  include  the cost of the initial
               preparation  and  typesetting  of  the  registration   statement,
               prospectuses (including preliminary prospectuses), the indenture,
               and other documents relating to the Trust, SEC and state blue sky
               registration  fees,  the  cost of the  initial  valuation  of the
               portfolio  and audit of the Trust,  the initial fees and expenses
               of the  Trustee,  and  legal  and  other  out-of-pocket  expenses
               related thereto,  but not including the expenses  incurred in the
               printing of preliminary  prospectuses and prospectuses,  expenses
               incurred in the  preparation  and printing of brochures and other
               advertising  materials and any other selling  expenses.  Any cash
               which  the   Depositor   has   identified   as  to  be  used  for
               reimbursement  of  expenses  pursuant  to this  Section  shall be
               reserved by the Trustee for such purpose and shall not be subject
               to distribution or, unless the Depositor otherwise directs,  used
               for  payment  of  redemptions  in excess of the  per-Unit  amount
               allocable to Units tendered for redemption.

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                    E.  Reference to "Dean Witter  Reynolds Inc." is replaced by
               "Morgan Stanley DW Inc."

                    F. Section  2.03 is amended to add the  following to the end
               of the  first  paragraph  thereof.  The  number  of Units  may be
               increased  through  a split of the Units of  decreased  through a
               reverse  split  thereof,  as  directed  by the  Depositor,  which
               revised  number of Units  shall be  recorded  by  Trustee  on its
               books.

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                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

                    The following special terms and conditions are hereby agreed
               to:

                    A. The Trust is  denominated  Morgan  Stanley  Select Equity
               Trust Strategic Growth Large-Cap Portfolio 2001-4 (the "Strategic
               Growth Trust").

                    B. The publicly  traded  stocks  listed in Schedule A hereto
               are those  which,  subject to the terms of this  Indenture,  have
               been or are to be deposited in trust under this Indenture.

                    C. The term, "Depositor" shall mean Morgan Stanley DW Inc.

                    D. The  aggregate  number of Units  referred  to in Sections
               2.03 and 9.01 of the Basic Agreement is         for the Strategic
               Growth Trust.

                    E. A Unit is hereby  declared  initially  equal to 1/     th
               for the Strategic Growth Trust.

                    F. The term "In-Kind Distribution Date" shall mean    ,    .

                    G. The term  "Record  Dates"  shall mean       ,       ,
                   ,          ,             ,            and        ,        and
               such other date as the Depositor may direct.

                    H. The term  "Distribution  Dates shall mean        ,      ,
                   ,            ,            ,            and         ,      and
               such other date as the Depositor may direct.

                    I. The term "Termination Date" shall mean         ,        .

                    J. The Depositor's Annual Portfolio Supervision Fee shall be
               a maximum of $0.25 per 100 Units.

                    K. The  Trustee's  annual fee as defined in Section  6.04 of
               the Indenture  shall be $    per 100 Units if the greatest number
               of Units outstanding  during the period is 10,000,000 or more; $
               per 100 Units if the greatest number of Units outstanding  during
               the period is between 5,000,000 and 9,999,999; and $      per 100

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               Units if the  greatest  number of Units  outstanding  during  the
               period is 4,999,999 or less.

                    L.  For a Unit  Holder  to  receive  "in-kind"  distribution
               during  the life of the Trust  other  than in  connection  with a
               rollover,  such Unit Holder must tender at least 25,000 Units for
               redemption.  On the  In-Kind  Date there is no minimum  amount of
               Units  that a Unit  Holder  must  tender in order to  receive  an
               "in-kind" distribution.

                    M.  Paragraph  (b)(ii) of Section 9.03 is amended to provide
               that the period  during  which the Trustee  shall  liquidate  the
               Trust  Securities shall not exceed 14 business days commencing on
               the first business day following the In-Kind Date.

               (Signatures and acknowledgments on separate pages)

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