Document:

EXHIBIT 4.5

                                SECOND AMENDMENT
                                       to
                                CREDIT AGREEMENT
                                  by and among
               WHITTIER ENERGY COMPANY, WHITTIER OPERATING, INC.
                                      and
                                  COMPASS BANK

     This Second Amendment ("Second Amendment") to that certain Credit Agreement
dated July 17, 2002 by and among WHITTIER ENERGY COMPANY, a Nevada corporation
("Whittier Energy"), and WHITTIER OPERATING, INC., a Texas corporation
("Whittier Operating") (collectively, the "Borrower") and COMPASS BANK, an
Alabama state chartered bank (the "Bank"), as amended by the First Amendment
thereto dated March 10, 2003 is entered into effective as of the 9th day of
September 2003.

                              W I T N E S S E T H:

     Whereas, Borrower and Bank entered into that certain Credit Agreement dated
July 17, 2002, as amended by the First Amendment thereto dated March 10, 2003
(the "Credit Agreement").

     Whereas, as of the date hereof the stock ownership of Whittier Energy has
been restructured and certain other corporate restructuring has occurred with
regard to the Parent Company of Whittier Energy.

     Whereas, Borrower has requested that Bank amend and waive certain
provisions under the Credit Agreement and Bank has agreed to such amendments and
waivers subject to the terms and conditions hereof.

     NOW, THEREFORE, in consideration of the mutual promises herein contained,
and for other good and valuable consideration, the receipt and sufficiency of
which are acknowledged by Borrower and Bank, and each intending to be legally
bound hereby, the parties agree as follows:

     I.   Specific Amendments to Credit Agreement.

     Article I of the Credit Agreement is hereby amended by revising the
following defined term in its entirety to read as follows:

          "Loan Documents" means this Agreement, the Guaranty, the Pledge
     Agreements and all promissory notes, security agreements, guaranties, and
     other instruments, documents, and agreements executed and delivered
     pursuant to or in connection with this Agreement, as such instruments,
     documents, and agreements may be amended, modified, renewed, extended, or
     supplemented from time to time.

<PAGE>

     Article I of the Credit Agreement is hereby amended by adding the following
definitions thereto:

          "Agreement and Plan of Merger" means that certain Agreement and Plan
     of Merger dated as of July 8, 2003, between WEC Acquisition and Whittier
     Energy Company.

          "Guaranty" means that certain Unlimited Guaranty executed by Parent
     Company in favor of Bank in the form attached to the Second Amendment as
     Exhibit "A."

          "Merger" means that certain merger transaction of WEC Acquisition with
     and into Whitter Energy Company as evidenced by that certain Agreement and
     Plan of Merger and the other Merger Documents.

          "Merger Documents" means those several documents executed in
     connection with the Merger including, without limitation, (1) the Agreement
     and Plan of Merger, (2) the Articles of Merger dated September 9, 2003 of
     WEC Acquisition and Whittier Energy, (3) the Contribution Agreement dated
     July 28, 2003 between Parent Company and WEC Acquisition, (4) the Articles
     of Amendment to the Articles of Incorporation of Parent Company filed with
     the Secretary of State of Wyoming on July 21, 2003 and (5) the Omnibus
     Agreement.

          "Olympic Resources" means Olympic Resources Ltd., a Wyoming
     corporation and any assignee or successor thereof, including specifically,
     Whittier Energy Corporation, the anticipated name of the corporation to be
     the successor by name change of Olympic Resources which is to be
     reincorporated under the laws of Nevada.

          "Olympic Resources (Arizona)" means Olympic Resources (Arizona) Ltd.,
     an Arizona corporation, a wholly-owned subsidiary of Parent Company.

          "Omnibus Agreement" means that certain Agreement among Parent Company,
     WEC Acquisition and Whittier Energy dated July 8, 2003.

          "Parent Company" means Olympic Resources, and, upon the name change of
     Olympic Resources to Whittier Energy Corporation and its reincorporation as
     a Nevada corporation, Whittier Energy Corporation.

          "Pledge Agreements" means, collectively, the Stock Pledge Agreement
     executed by Parent Company in favor of Bank covering the capital stock of
     Whittier Energy in the form attached to the Second Amendment as Exhibit "B"
     and the Stock Pledge Agreement executed by Whittier Energy in favor of Bank
     covering the capital stock of Whittier Operating in the form attached to
     the Second Amendment as Exhibit "C."

          "Second Amendment" means the Second Amendment to this Agreement dated
     effective by Borrower and Bank on September 9, 2003.

                                       2
<PAGE>

          "WEC Acquisition" means WEC Acquisition, Inc., a Wyoming corporation
     and wholly-owned subsidiary of Parent Company.

          "Whittier Energy Corporation" means Whittier Energy Corporation, a
     Nevada corporation, upon the name change and reincorporation of Olympic
     Resources.

     Article IV, Representations and Warranties, of the Credit Agreement is
hereby amended by adding the following new sections:

          Section 4.24. Merger Documents; Ownership of Borrower. Each
     representation and warranty of Whittier Energy in the Merger Documents is
     true and correct in all respects and, to Whittier Energy's knowledge, each
     representation and warranty made by each party, other than Whittier Energy,
     in the Merger Documents are true and correct in all respects. Whittier
     Energy has provided full, complete and accurate copies of the Merger
     Documents to Bank.

          Section 4.25. Restructure. Upon the execution of the Merger Documents,
     Whittier Energy will be a wholly-owned subsidiary of Parent Company; and
     the Whittier Family Group will own, indirectly through Parent Company,
     eighty-five (85%) of the outstanding capital stock of Whittier Energy.

          Section 4.26. Merger Authorization. The execution and delivery by
     Whittier Energy of the Merger Documents, to which it is a party, and the
     consummation of the Merger are (a) within the Corporate Power of Whittier
     Energy; (b) have been duly authorized by all necessary Corporate Action of
     Whittier; and (c) do not and will not (i) require the consent of any
     regulatory authority, governmental body, or any other Person, (ii) violate
     any provision of law, the Certificate of Formation of Whittier Energy, or
     the Governing Documentation of Whittier Energy, (iii) cause a default to
     occur under the terms and provisions of any indenture, instrument or other
     agreement to which Whittier Energy is a party or by which its property may
     be presently bound or encumbered, or (iv) result in or require the creation
     or imposition of any mortgage, lien, pledge, security interest, charge or
     other encumbrance in, upon or of any of the properties or assets of
     Whittier Energy under any such indenture, instrument or other agreement.

     Section 5.03, Quarterly Financial Statements, of the Credit Agreement is
hereby amended by replacing the entire section with the following text:

          Section 5.03. Quarterly Financial Statements of Borrower. Deliver to
     Bank, on or before the sixtieth (60th) day after the end of each of the
     calendar quarters of each fiscal year, beginning with the quarter ending
     September 30, 2003, consolidated and consolidating unaudited Financial
     Statements of Parent Company as at the end of such period and from the
     beginning of such fiscal year to the end of the respective period, as
     applicable, which Financial Statements shall be certified by the president,
     vice president or chief financial officer of Parent Company as being true
     and correct, subject to changes resulting from year-end audit adjustments.

     Section 5.04, Annual Financial Statements of Borrower, of the Credit
Agreement is hereby amended by replacing the entire section with the following
text:

                                       3
<PAGE>

          Section 5.04. Annual Financial Statements. Deliver to Bank, on or
     before the one hundred twentieth (120th) day after the close of each fiscal
     year of Borrower, beginning with the fiscal year ending December 31, 2003,
     (i) annual consolidated audited Financial Statements of Parent Company for
     such fiscal year and (ii) annual consolidating unaudited Financial
     Statements of Parent Company for such fiscal year.

     Section 5.21, Changes in Management, of the Credit Agreement is hereby
amended by adding the following sentence at the end of that Section:

     Attached to the Second Amendment as Schedule 5.21 is a list of the
     directors and officers of Whittier Energy as of the date of the Merger.

     Article V, Affirmative Covenants, of the Credit Agreement is hereby amended
by adding the following new sections:

          Section 5.33, Additional Loan Documents. Within 20 days of the date of
     the Second Amendment, Borrower shall deliver or cause to be delivered to
     Bank, as the case may be, fully executed counterparts of the Guaranty and
     the Pledge Agreements, together with executed blank stock powers.

          Section 5.34, Corporate Resolutions of Parent Company. Within 20 days
     of the date of the Second Amendment, Bank shall have received from Parent
     Company, (i) its Governing Documentation certified by the secretary or
     assistant secretary of Parent Company, (ii) copies of all resolutions of
     its Governing Body authorizing the transactions set forth in Guaranty and
     the Pledge Agreement to which it is a party, such copy or copies to be
     certified by the secretary or an assistant secretary of Parent Company, as
     being true and correct and in full force and effect as of the date hereof.
     In addition, Bank shall have received from Parent Company a certificate of
     incumbency signed by a secretary or an assistant secretary of Parent
     Company, setting forth (a) the names of the officers executing Guaranty and
     the Pledge Agreement to which it is a party, (b) the office(s) to which
     such Persons have been elected and in which they presently serve and (c) an
     original specimen signature of each such person.

     Section 6.01, Loans, Advances or Investments, of the Credit Agreement is
hereby amended by replacing the entire section with the following text:

          Section 6.01, Loans, Advances or Investments. Make or agree to make or
     allow to remain outstanding any loans or advances to any Person, including
     Affiliates of Borrower, or make Investments in or purchase or otherwise
     acquire all or substantially all of the assets of any Person, or any shares
     of stock of, or similar interest in, any Person, in amounts which exceed
     $200,000 in the aggregate for any and all of the foregoing, except (i)
     advances or extensions of credit in the form of accounts receivable
     incurred in the ordinary course of business, (ii) advances made by Borrower
     in its capacity as operator of oil, gas and other mineral properties for
     the benefit of the working interest owners pursuant to standard industry
     practices, and (iii) Whittier Energy's Investment in those certain Persons
     described on Schedule 6.01 attached hereto.

                                       4
<PAGE>

     Section 6.09, Management and Shareholder Control, of the Credit Agreement
is hereby amended by replacing the entire section with the following text:

          Section 6.09, Management and Shareholder Control. Cause or permit the
     Whittier Family Group to own, directly or indirectly, through Parent
     Company, less than fifty-one percent (51%) of the total equity or the
     voting stock of Whittier Energy and Whittier Operating.

     II. Waiver. Bank hereby grants Borrower a one-time waiver of the provisions
of Section 6.07 and Section 6.09 of the Credit Agreement solely for the purposes
of permitting the consummation of the Merger.

     III. Conditions Precedent in Connection with the Second Amendment. The
obligation of Bank to enter into the Second Amendment is subject to satisfaction
of the following conditions precedent:

          (a) Receipt of Second Amendment, Compliance Certificate and Loan
     Documents. Bank shall have received multiple counterparts of the Second
     Amendment, as requested by Bank, and the Compliance Certificate duly
     executed by an authorized officer for each Borrower.

          (b) Accuracy of Representations and Warranties and No Event of
     Default. The representations and warranties contained in Article IV of the
     Credit Agreement shall be true and correct in all material respects on the
     date of the Second Amendment with the same effect as though such
     representations and warranties had been made on such date; and no Event of
     Default shall have occurred and be continuing.

          (c) Legal Matters Satisfactory to Special Counsel to Bank. All legal
     matters incident to the consummation of the transactions contemplated by
     the Second Amendment shall be satisfactory to the firm of Porter & Hedges,
     L.L.P., special counsel for Bank.

          (d) No Material Adverse Change. No material adverse change shall have
     occurred since the date of the Credit Agreement in the condition, financial
     or otherwise, of Borrower.

     IV. Reaffirmation of Representations and Warranties. To induce Bank to
enter into this Second Amendment, Borrower hereby reaffirms, as of the date
hereof, its representations and warranties contained in Article IV of the Credit
Agreement and in all other documents executed pursuant thereto, and additionally
represents and warrants as follows:

          A. The execution and delivery of this Second Amendment and the
     performance by Borrower of its obligations under this Second Amendment are
     within Borrower's Corporate Power, have been duly authorized by all
     necessary Corporate Action, have received all necessary governmental
     approval (if any shall be required), and do not and will not contravene or
     conflict with any provision of law or of the Governing Documentation of
     Borrower or of any agreement binding upon Borrower.

                                       5
<PAGE>

          B. The execution and delivery of the Loan Documents to which Parent
     Company is a party and the performance by Parent Company of its obligations
     under such Loan Documents are and will be within Parent Company's Corporate
     Power, have been duly authorized by all necessary Corporate Action, have
     received all necessary governmental approval (if any shall be required),
     and do not and will not contravene or conflict with any provision of law or
     of the Governing Documentation of Parent Company or of any agreement
     binding upon Parent Company.

          C. The Credit Agreement as amended by this Second Amendment,
     represents the legal, valid and binding obligations of Borrower,
     enforceable against Borrower in accordance with its terms, subject as to
     enforcement only to bankruptcy, insolvency, reorganization, moratorium or
     other similar laws affecting the enforcement of creditors' rights
     generally. The Loan Documents to which Parent Company is a party represent
     and will represent the legal, valid and binding obligations of Parent
     Company, enforceable against Parent Company in accordance with their terms,
     subject as to enforcement only to bankruptcy, insolvency, reorganization,
     moratorium or other similar laws affecting the enforcement of creditors'
     rights generally.

          D. No Event of Default or Unmatured Event of Default has occurred and
     is continuing as of the date hereof.

     V. Defined Terms. Except as amended hereby, terms used herein that are
defined in the Credit Agreement shall have the same meanings in this Second
Amendment.

     VI. Reaffirmation of Credit Agreement. This Second Amendment shall be
deemed to be an amendment to the Credit Agreement, and the Credit Agreement, as
hereby amended, is hereby ratified, approved and confirmed in each and every
respect. All references to the Credit Agreement herein and in any other
document, instrument, agreement or writing shall hereafter be deemed to refer to
the Credit Agreement as amended hereby.

     VII. Entire Agreement. The Credit Agreement, as hereby amended, embodies
the entire agreement between Borrower and Bank and supersedes all prior
proposals, agreements and understandings relating to the subject matter hereof.
Borrower certifies that it is relying on no representation, warranty, covenant
or agreement except for those set forth in the Credit Agreement as hereby
amended and the other documents previously executed or executed of even date
herewith.

     VIII. Governing Law. THIS SECOND AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA. This Second Amendment has been entered
into in Harris County, Texas, and it shall be performable for all purposes in
Harris County, Texas. Courts within the State of Texas shall have jurisdiction
over any and all disputes between Borrower and Bank, whether in law or equity,
including, but not limited to, any and all disputes arising out of or relating
to this Second Amendment or any other Loan Document; and venue in any such
dispute whether in federal or state court shall be laid in Harris County, Texas.

                                       6
<PAGE>

     IX. Severability. Whenever possible each provision of this Second Amendment
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Second Amendment shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Second Amendment.

     X. Execution in Counterparts. Each party hereto acknowledges that this
Agreement may be executed in several counterparts by each party at different
times and in different locations; that each separate counterpart bearing the
signature of any party may be effectively delivered to the other parties by the
delivery of an electronic facsimile sent via telecopier; that each party so
delivering any such counterpart shall be bound by its facsimile signature
thereon; and that the signature pages from counterparts signed by each party may
be collated into one or more copies of this agreement, which shall constitute
one and the same agreement among all parties hereto.

     XI. Section Captions. Section captions used in this Second Amendment are
for convenience of reference only, and shall not affect the construction of this
Second Amendment.

     XII. Successors and Assigns. This Second Amendment shall be binding upon
Borrower and Bank and their respective successors and assigns, and shall inure
to the benefit of Borrower and Bank, and the respective successors and assigns
of Bank.

     XIII. Non-Application of Chapter 346 of Texas Finance Codes. In no event
shall Chapter 346 of the Texas Finance Code (which regulates certain revolving
loan accounts and revolving tri-party accounts) apply to this Credit Agreement
as hereby amended or any other Loan Document or the transactions contemplated
hereby.

     XIV. Notice. THIS SECOND AMENDMENT TOGETHER WITH THE CREDIT AGREEMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

                            [signature page follows]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
be effective as of the day and year above written.

                                         BORROWER:
                                         ---------

                                         WHITTIER OPERATING, INC.,
                                         a Texas corporation

                                         By:
                                         ---------------------------------
                                         Bryce W. Rhodes
                                         Vice President

                                         WHITTIER ENERGY COMPANY,
                                         a Nevada corporation

                                         By:
                                         ----------------------------------
                                         Bryce W. Rhodes
                                         Vice President

                                         BANK:
                                         -----

                                         COMPASS BANK

                                         By:
                                         ----------------------------------
                                         Kathleen J. Bowen
                                         Vice President

                                        8
<PAGE>

                                  SCHEDULE 5.21
                                  -------------

                   Directors and Officers of Whittier Energy

o  James A. Jeffs - Chairman
o  Bryce W. Rhodes, Director, President and CEO
o  David A. Dahl, Director
o  Arlo Sorensen, Director
o  Charles O. Buckner, Director
o  Daryl Pollock, Director
o  John Pierce, Director
o  Daniel Silverman, COO
o  Michael B. Young, CFO and Treasurer
o  Dallas Parker, Corporate SecretaryEXHIBIT 4.6

                                   EXHIBIT A
                                   ---------

                               UNLIMITED GUARANTY
                               ------------------

     THIS UNLIMITED GUARANTY ("Guaranty"), is made and entered into effective as
of Septemeber __, 2003 by OLYMPIC RESOURCES LTD., a Wyoming corporation
(together with its successors and assigns, "Guarantor"), for the benefit of
COMPASS BANK, an Alabama state chartered bank ("Bank").

                              W I T N E S S E T H:

     WHEREAS, Bank has advanced and may further advance certain funds to
Whittier Energy Company, a Nevada corporation and Whittier Operating, Inc., a
Texas corporation (collectively, "Borrower"), pursuant to that certain Credit
Agreement dated July 17, 2002, as amended by the First Amendment thereto dated
March 10, 2003 and the Second Amendment thereto dated as of even date herewith
(the "Credit Agreement"), specifically including the indebtedness evidenced by
that certain promissory note dated July 17, 2002, executed by Borrower and made
payable to Bank, in the principal amount of $15,000,000.00 and all other notes
given in substitution therefor or in modification, renewal or extension thereof
in whole or in part (the "Note");

     WHEREAS, as a condition to Bank's entry into the Second Amendment to the
Credit Agreement, and its advance of funds to Borrower under the Credit
Agreement, as amended, Guarantor has agreed to enter into this Guaranty of
indebtedness owed or to be owed by Borrower to Bank;

     WHEREAS, Guarantor owns the controlling interest in Borrower; and

     WHEREAS, Guarantor will directly and indirectly benefit from the Loan or
Loans, as those terms are defined in the Credit Agreement, and evidenced by the
Note.

     NOW, THEREFORE, for and in consideration of the premises and the extension
of credit by Bank to Borrower pursuant to the Credit Agreement, and for TEN AND
NO/100 DOLLARS ($10.00) and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and to induce Bank to execute
the Second Amendment to Credit Agreement, Bank and Guarantor hereby agree as
follows:

     1.   Guarantor unconditionally guarantees the prompt payment to Bank of the
following (the "Guaranteed Indebtedness"):

     (a)  Any and all indebtedness, obligations (including reimbursement
          obligations) and liabilities of Borrower to Bank now existing or
          hereafter incurred in connection with or incident to the Loan(s),
          under or arising out of or in connection with any documents executed
          in connection with any indebtedness of Borrower to Bank in connection
          with the Loan or any promissory note or notes executed by Borrower at
          any time in connection with the Loan(s), whether for principal,
          interest, penalty interest, fees, expenses or otherwise, including,
          without limitation, all sums, principal, accrued interest and other
          amounts owing with respect to the Note, together with any and all
          renewals, extensions and/or rearrangements thereof, whether with or
          without notice to Guarantor;

<PAGE>

     (b)  All interest, charges, expenses, attorneys' or other fees and any
          other sums payable to or incurred by the Bank, to the extent
          reasonable, in connection with the execution, administration or
          enforcement of the Bank's rights and remedies under the Note; and

     (c)  All post-petition interest on the Guaranteed Indebtedness in the event
          of a bankruptcy or insolvency of the Borrower.

     2.   If the Guaranteed Indebtedness is not paid by Guarantor when due, as
required herein, and this Guaranty is placed in the hands of an attorney for
collection, or if this Guaranty is enforced by suit or through the Bankruptcy
Court or through any judicial proceedings, Guarantor shall pay to Bank an amount
equal to its reasonable attorneys' fees and collection costs incurred by Bank in
the collection of the Guaranteed Indebtedness.

     3.   This is an absolute, complete and continuing Guaranty, and no notice
of the Guaranteed Indebtedness or any extension of credit already or hereafter
contracted by or extended to Borrower need be given to Guarantor, nor shall
anything herein contained be a limitation upon the amount of credit which may be
extended to Borrower, the numbers of transactions with Borrower, repayments by
Borrower to Bank, or the allocation by Bank of repayment by Borrower, it being
the understanding of the Guarantor that Guarantor's liability shall continue
hereunder so long as any of the Guaranteed Indebtedness remains unpaid. Borrower
and Bank may rearrange, increase, decrease, extend and/or renew the Guaranteed
Indebtedness without notice to Guarantor and in such event Guarantor will remain
fully bound hereunder on the Guaranteed Indebtedness. The obligations of
Guarantor hereunder shall not be released, impaired or diminished by any
amendment, modification or alteration of the Credit Agreement or the Note.
Guarantor expressly waives all notices of any kind, presentment for payment,
demand for payment, protest, notice of protest, notice of intent to accelerate,
notice of acceleration, dishonor, diligence, notice of any amendment of the
Credit Agreement, notice of any adverse change in the financial condition of
Borrower, notice of any adjustment, indulgence, forbearance or compromise that
might be granted or given by Bank to Borrower, and also notice of acceptance of
this Guaranty, acceptance on the part of Bank being conclusively presumed by its
request for this Guaranty and delivery of the same to it. The liability and
obligations of Guarantor hereunder shall not be affected or impaired by any
action or inaction by Bank in regard to any matter waived or notice of which is
waived by Guarantor in this paragraph or in any other paragraph of this
Guaranty.

     4.   Guarantor authorizes Bank, without notice or demand and without
affecting Guarantor's liability hereunder, (a) to take and hold security for the
payment of the Guaranteed Indebtedness, and to exchange, enforce, waive and/or
release any such security; (b) to apply such security and direct the order or
manner of sale thereof as Bank in its discretion may determine; (c) to obtain a
guaranty of the Guaranteed Indebtedness from any one or more other persons,
corporations or entities whomsoever and to enforce, waive, rearrange, modify,
limit or release at any time or times such other persons, corporations or
entities from their obligations under such guaranties; (d) to waive or delay the
exercise of any of its rights or remedies against the Borrower or any other
person or entity; (e) to renew, extend, or modify the terms of any of the
Guaranteed Indebtedness or any instrument or agreement evidencing the same; and
(f) to fully or partially release at any time any Guarantor which executes this
Guaranty whether with or without consideration.

                                       2
<PAGE>

     5.   Guarantor waives any right to require Bank to (a) proceed against, or
make any effort at the collection of the Guaranteed Indebtedness from Borrower
or any other guarantor or party liable for the Guaranteed Indebtedness; (b)
proceed against or exhaust any collateral held by Bank; or (c) pursue any other
remedy in Bank's power whatsoever. Guarantor further waives any and all rights
and remedies which Guarantor may have or be able to assert by reason of the
provisions of Chapter 34 of the Texas Business and Commerce Code. Guarantor
waives any defense arising by reason of any disability, lack of corporate
authority or power, or other defense of Borrower or any other guarantor of the
Guaranteed Indebtedness, and Guarantor shall remain liable under this Guaranty
regardless of whether Borrower or any other guarantor be found not liable on the
Guaranteed Indebtedness for any reason including, without limitation, insanity,
minority, disability, bankruptcy, insolvency, death or corporate dissolution,
even though rendering the Guaranteed Indebtedness void or unenforceable or
uncollectible as against Borrower or any other guarantor. This Guaranty shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Guaranteed Indebtedness is rescinded or must otherwise
be returned by Bank upon the insolvency, bankruptcy or reorganization of
Borrower or otherwise, all as though such payment had not been made and will,
thereupon, guarantee payment of such amount as to which refund or restitution
has been made, together with interest accruing thereon subsequent to the date of
refund or restitution at the applicable rate under the Credit Agreement and
collection costs and fees (including, without limitation, attorneys' fees)
applicable thereto, subject to the limitations set forth in Section 10 hereof.

     6.   The liability and obligations of Guarantor hereunder shall not be
affected or impaired by (a) the failure of Bank or any other party to exercise
diligence or reasonable care in the preservation, protection or other handling
or treatment of all or any part of the collateral securing payment of all or any
part of the Guaranteed Indebtedness, (b) the failure of any security interest or
lien intended to be granted or created to secure the Guaranteed Indebtedness to
be properly perfected or created or the unenforceability of any security
interest or lien for any other reason, or (c) the subordination of any such
security interest or lien to any other security interest or lien.

     7.   Bank may pursue any remedy without altering the obligations of
Guarantor hereunder and without liability to Guarantor, even though Bank's
pursuit of such remedy may result in Guarantor's loss of rights of subrogation
or to proceed against others for reimbursement or contribution or any other
right. In no event shall any payment by Guarantor entitle it, by subrogation or
otherwise, to any rights against Borrower or any right to participate in any
security now or hereafter held by Bank prior to payment in full of all of the
Guaranteed Indebtedness and, in any event, not until 367 days after the making
of any payment and/or the granting of any security interest by Borrower or any
other guarantor to Bank in connection with the Guaranteed Indebtedness.

                                       3
<PAGE>

     8.   Should the status of Borrower change in any way, including, without
limitation, as a result of any dissolution of Borrower, any sale, lease or
transfer of any or all of the assets of Borrower, any changes in the
shareholders of Borrower, or any reorganization of Borrower, this Guaranty shall
continue, and shall cover the Guaranteed Indebtedness under the new status.

     9.   The liability of Guarantor for the payment of the Guaranteed
Indebtedness shall be primary and not secondary.

     10.  Guarantor is familiar with and has independently reviewed the books
and records regarding the financial condition of Borrower and is familiar with
the value of any and all collateral intended to be granted as security for the
payment of the Guaranteed Indebtedness; Guarantor is not, however, relying on
such financial condition or such collateral as an inducement to enter into this
Guaranty. As of the date hereof, and after giving effect to this Guaranty and
the contingent obligations evidenced hereby, Guarantor is, and will be, solvent,
and has and will have assets and property which, valued fairly, exceed such
Guarantor's obligations, debts and liabilities, and has and will have assets and
property sufficient to satisfy, repay and discharge the same. Notwithstanding
the definition of Guaranteed Indebtedness herein, the liability of Guarantor
hereunder is limited to (a) the lowest amount that would render this Guaranty
void against creditors or creditors' representatives under any fraudulent
conveyance or similar law or under Sections 544 or 548 of the Bankruptcy Code of
1978, as revised, minus (b) $1.00.

     11.  If Borrower shall at any time or times be or become obligated to Bank
for payment of any indebtedness other than the Guaranteed Indebtedness, Bank
(without in any way impairing its rights hereunder or diminishing Guarantor's
liability) shall be at liberty at any time or times to apply to such other
indebtedness any amounts paid to or received by or coming into the hands of Bank
from or attributable to Borrower or any other person or party liable for any of
such other indebtedness or from or attributable to or representing proceeds of
any property or security held by Bank securing payment of such other
indebtedness or any credits, deposits or offsets due Borrower or other party
liable on any of such other indebtedness (whether or not the Guaranteed
Indebtedness or such other indebtedness are then due), it being intended to give
Bank the right to apply all payments, credits and offsets and amounts becoming
available for application on or credit against the indebtedness of Borrower to
Bank (now or hereafter existing) first toward payment and satisfaction of the
Borrower's indebtedness not hereby guaranteed, before making application thereof
on or against the Guaranteed Indebtedness.

     12.  Guarantor represents and warrants that this Guaranty accurately and
completely embodies the entire agreement between Guarantor and Bank with respect
to the respective rights, obligations and liabilities of Guarantor and Bank
hereunder, and supersedes all prior agreements and understandings, if any,
relating to the subject matter hereof. Guarantor acknowledges that Guarantor is
not relying on any representations (oral or otherwise) of Bank, or any other
party, other than as expressly described in this Guaranty.

     13.  This Guaranty was reviewed by Guarantor, and Guarantor acknowledges
and agrees that Guarantor (a) understands fully all of the terms of this
Guaranty and the consequences and implications of Guarantor's execution of this
Guaranty, and (b) has been afforded an opportunity to have this Guaranty
reviewed by, and to discuss the terms, consequences and implications of this
Guaranty with an attorney or other such persons as Guarantor may have desired.

                                       4
<PAGE>

     14.  This Guaranty is and shall be in every particular available to the
successors and assigns of Bank and is and shall always be fully binding upon the
heirs, executors, administrators, successors and assigns of Guarantor. This
Guaranty is intended for and shall inure to the benefit of Bank and each and
every other person who shall from time to time be or become the owner or holder
of any of the Guaranteed Indebtedness, and each and every reference herein to
"Bank" shall also include and refer to each and every successor or assignee of
Bank at any time holding or owning any part of or interest in any part of the
Guaranteed Indebtedness. This Guaranty shall be transferable and negotiable,
with the same force and effect and to the same extent that the Guaranteed
Indebtedness is transferable, it being understood and stipulated that upon the
assignment or transfer by Bank of any of the Guaranteed Indebtedness the legal
or beneficial owner of the Guaranteed Indebtedness (or part thereof or interest
therein thus transferred or assigned by Bank) shall also, unless provided
otherwise by Bank in its assignment, have and may exercise all of the rights
granted to Bank under this Guaranty to the extent of the part of or interest in
the Guaranteed Indebtedness thus assigned or transferred to such person or
entity. Guarantor expressly waives notice of transfer or assignment of the
Guaranteed Indebtedness, or any part thereof, or of the rights of Bank
hereunder.

     15.  All amounts becoming payable by Guarantor to Bank under this Guaranty
shall be payable at Bank's offices in the City of Houston, Harris County, Texas.

     16.  Any notice hereunder to Guarantor shall be in writing, duly stamped
and addressed to Guarantor at the address shown below Guarantor's signature
hereto, or at such other address as Guarantor may by written notice, received by
Bank, have designated as Guarantor's address for such purpose. Any notice
provided for herein shall become effective upon the earlier of (a) the first
business day of Bank following the deposit in a regularly maintained postal
deposit box of the United States Postal Service, or (b) the day of its receipt
by Guarantor; but actual notice, however given or received, shall always be
effective. The preceding sentence shall not be construed in any way to affect or
impair any waiver of notice or demand herein provided or to require giving of
notice or demand to or upon Guarantor in any situation or for any reason.

     17.  It is the intention of the parties hereto to comply strictly with all
applicable usury laws; accordingly, it is agreed that notwithstanding any
provisions to the contrary in this Guaranty, or in any documents securing
payment hereof or otherwise relating hereto, in no event shall this Guaranty or
such documents require the payment or permit the collection of an aggregate
amount of interest in excess of the maximum amount permitted by such laws,
including the laws of the State of Texas and the laws of the United States of
America. If any such excess of interest is contracted for, charged or received
under this Guaranty or under the terms of any documents securing payment hereof
or otherwise relating hereto, or if under any circumstances, the amount of
interest (including all amounts payable hereunder which are not denominated as
interest but which constitute interest under the applicable laws) contracted
for, charged or received under this Guaranty shall exceed the maximum amount of
interest permitted by the applicable usury laws, then in any such event (a) the
provisions of this paragraph shall govern and control, (b) Guarantor shall not
be obligated to pay the amount of such interest to the extent that it is in
excess of the maximum amount of interest permitted by the applicable usury laws,

                                       5
<PAGE>

(c) any such excess interest which may have been collected shall be either
applied as a credit against the then unpaid Guaranteed Indebtedness or, if the
Guaranteed Indebtedness shall have been paid in full, refunded to Guarantor, and
(d) the effective rate of interest shall be automatically reduced to the maximum
lawful contract rate allowed under the applicable usury laws as now or hereafter
construed by the courts having jurisdiction thereof. It is further agreed that
without limitation of the foregoing, all calculations of the rate of interest
contracted for, charged or received under this Guaranty or under such other
documents which are made for the purpose of determining whether such rate
exceeds the maximum lawful contract rate, shall be made, to the extent permitted
by applicable usury laws, by amortizing, prorating, allocating and spreading in
equal parts during the full period during which this Guaranty is to be in
effect, all interest at any time contracted for, charged or received from
Guarantor or otherwise by the holder or holders hereof in connection with this
Guaranty.

     18.  In case any of the provisions of this Guaranty shall for any reason be
held to be invalid, illegal, or unenforceable, such invalidity, illegality, or
unenforceability shall not affect any other provisions hereof, and this Guaranty
shall be construed as if such invalid, illegal, or unenforceable provision had
never been contained herein.

     19.  In all instances herein, the singular shall be construed to include
the plural and the masculine to include the feminine.

     20.  This Guaranty may be executed in multiple counterparts each of which
shall constitute an original, but all of which when taken together shall
constitute one and the same Guaranty.

     21.  THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS AND THE UNITED STATES OF AMERICA. All actions or
proceedings with respect to the Guaranteed Indebtedness or this Guaranty may be
instituted in the Courts of the State of Texas located in Harris County, Texas,
or the United States District Court for the Southern District of Texas, and by
execution and delivery of this Guaranty, Guarantor irrevocably and
unconditionally submits to the jurisdiction (both subject matter and personal)
of each such Court, and irrevocably and unconditionally waives (a) any objection
Guarantor may now or hereafter have to the laying of venue in any such Courts,
(b) any claim that any action or proceeding brought in any of such Courts has
been brought in an inconvenient forum, and (c) any right to bring any action or
proceeding with respect to the Guaranteed Indebtedness or this Guaranty in any
forum other than the courts of the State of Texas located in Harris County,
Texas, or the United States District Court for the Southern District of Texas.

     22.  GUARANTOR HEREBY RELEASES AND AGREES TO INDEMNIFY AND HOLD BANK AND
ITS OFFICERS, EMPLOYEES, DIRECTORS, AGENTS AND ATTORNEYS (COLLECTIVELY THE "BANK
PARTIES") HARMLESS, FROM AND AGAINST ALL CLAIMS, DAMAGES, LIABILITIES AND
EXPENSES, KNOWN OR UNKNOWN, ACCRUED AND UNACCRUED, INCLUDING ANY OF THE
FOREGOING ALLEGED TO HAVE RESULTED FROM NEGLIGENCE OF ANY OF THE BANK PARTIES,
UNLESS ATTRIBUTABLE TO BANK PARTIES' OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT,
THAT MAY NOW OR HEREAFTER BE ASSERTED AGAINST ANY OF BANK PARTIES IN CONNECTION
WITH OR ARISING OUT OF ANY INVESTIGATION, LITIGATION OR PROCEEDING DIRECTLY OR
INDIRECTLY RELATING TO OR ARISING OUT OF ANY OF THE TRANSACTIONS CONTEMPLATED BY
THE CREDIT AGREEMENT OR THIS GUARANTY.

                                       6
<PAGE>

     23.  Guarantor represents and warrants to Bank that this Guaranty is a
valid, binding and enforceable obligation of Guarantor and does not violate any
provisions of any law, rule, regulation, contract or agreement enforceable
against Guarantor and shall also be a valid, binding and enforceable obligation
of each of Guarantor's successors and assigns without any further action by
either party.

     24.  Guarantor hereby agrees that a counterpart of this Guaranty bearing
the signature of Guarantor may be effectively delivered to the Bank by the
delivery of an electronic facsimile sent via telecopier; and that Guarantor
shall be bound by his facsimile signature thereon.

     EXECUTED this _____ day of September, 2003.

                                         GUARANTOR:

                                         OLYMPIC RESOURCES, LTD.

                                         By:
                                         ------------------------------------
                                         Name:
                                         ------------------------------------
                                         Title:
                                         ------------------------------------

                                         Address: 3355 West Alabama, Suite 950
                                                  Houston, Texas 77098

                                       7
<PAGE>

STATE OF TEXAS   ss.
                 ss.
COUNTY OF HARRIS ss.

     We, _______________________ and _________________________, sign our names
to this instrument as witnesses to the signature of _________________________
(the "Signor"), and being duly sworn, do hereby declare to the undersigned
authority that we are personally acquainted with the Signor, that we know the
Signor to be the person that he purports to be through his signature, that he
has signed this instrument willingly, and that each of us, in the presence and
hearing of the Signor, the undersigned authority, and each other, hereby execute
this instrument as witnesses to the Signor's signing, and that to the best of
our knowledge, the Signor is twenty-one years of age or older, of sound mind,
and under no constraint or undue influence.

                                       WITNESSES:

                                       -----------------------------------------
                                       Printed Name:

                                       -----------------------------------------
                                       Printed Name:

STATE OF TEXAS   ss.
                 ss.
COUNTY OF HARRIS ss.

     The foregoing instrument was subscribed, sworn to and acknowledged before
me by _____________________________, the ______________________ of Olympic
Resources, Ltd., a Wyoming corporation on behalf of said corporation on this
_____ day of September 2003.

                                       -----------------------------------------
                                       Notary Public in and for
                                       The State of Texas

[Notarial Seal or Stamp]

                                       8

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