Document:

EX-10.2

Acceleration of Payout of 2004 and 2005 Dividend Equivalent Awards; Grants of 2006 Dividend
Equivalent Awards; Performance Criteria for Acceleration of Payout of Dividend Equivalent Awards.

On March 7, 2006, the Executive Compensation and Employee Benefits Committee, with the concurrence
of the Board of Directors, approved the following actions regarding compensation for the Company’s
executive officers named in its proxy statement:

The acceleration of the payment period by one year for the previously granted 2004 and 2005
dividend equivalent awards based on Aqua America’s achievement of the performance criteria
established by the Executive Compensation and Employee Benefits Committee in early 2005
with respect to Aqua America’s earnings target, dividends, total return to shareholders and
customer growth in 2005. As a result of the acceleration relating to the 2004 dividend
equivalent awards, the 2004 dividend equivalents accrued for the executive officers since
the grant of the dividend equivalent awards in 2004 will be paid to the executives in March
2006 in the amount of $73,152 for Mr. DeBenedictis, $23,513 for Mr. Stahl, $15,676 for Mr.
Smeltzer, $10,450 for Mr. Riegler and $10,450 for Mr. Hugus. Payments of the remaining
amounts due under the 2004 dividend equivalent grants will be made to the named executives
on a quarterly basis at the same time and at the same rate as the dividend payments to
shareholders through March 1, 2008 with respect to 93,333 dividend equivalents for Mr.
DeBenedictis, 30,000 dividend equivalents for Mr. Stahl, 20,000 dividend equivalents for
Mr. Smeltzer, 13,333 dividend equivalents for Mr. Riegler and 13,333 dividend equivalents
for Mr. Hugus. As a result of the acceleration relating to the 2005 dividend equivalent
awards, the 2005 dividend equivalents accrued for the executive officers since the grant of
the dividend equivalent awards in 2005 would be paid to the executives on March 1, 2008
with respect to 93,333 dividend equivalents for Mr. DeBenedictis, 26,667 dividend
equivalents for Mr. Stahl, 20,000 dividend equivalents for Mr. Smeltzer, 13,333 dividend
equivalents for Mr. Riegler and 13,333 dividend equivalents for Mr. Hugus; provided, that
the payment of the 2005 dividend equivalents accrued for the executive officers since the
grant of the dividend equivalents could be accelerated by one additional year to March 1,
2007 or delayed by one year to March 1, 2009 depending on whether the Company achieves the
performance criteria for 2006 established by the Executive Compensation and Employee
Benefits Committee.

The following dividend equivalent awards for 2006: 55,000 dividend equivalents for Mr.
DeBenedictis, 17,000 dividend equivalents for Mr. Stahl, 15,000 dividend equivalents for
Mr. Smeltzer, 10,000 dividend equivalents for Mr. Riegler and 10,000 dividend equivalents
for Mr. Hugus.

The performance criteria for 2006 and for future years, unless otherwise specified by the
Executive Compensation and Employee Benefits Committee, for the acceleration of payouts of
dividend equivalent awards will be based upon Aqua America earnings per share, dividends,
total return to shareholders and customer growth.EX-10.3

Vesting of Restricted Stock Granted in 2004 and 2005; Grants of Restricted Stock.

On March 7, 2006, the Executive Compensation and Employee Benefits Committee, with the concurrence
of the Board of Directors, approved the following actions regarding compensation for the Company’s
executive officers named in its proxy statement:

Based on Aqua America’s achievement of the 2005 financial target for operating earnings
established by the Executive Compensation and Employee Benefits Committee on March 1, 2005,
the vesting as of March 19, 2006 of (a) the following number of shares granted on March 19,
2004 with a vesting period of one-third of the total grant each year on the anniversary of
the date of grant — 2,667 shares for Mr. DeBenedictis, 2,444 shares for Mr. Stahl, 1,778
shares for Mr. Smeltzer and 444 shares for Mr. Riegler and (b) the following number of
 shares granted on March 1, 2005 with a vesting period of one-third of the total grant each
year on the anniversary of the date of grant — 5,778 shares for Mr. DeBenedictis, 2,222
shares for Mr. Stahl and 1,778 shares for Mr. Smeltzer.

The granting of the following shares of restricted stock (a) with a vesting period of
one-third of the total grant each year on the anniversary of the date of grant for the
grants to Messrs. DeBenedictis, Stahl and Smeltzer and (b) with a vesting period of two
years from the anniversary of the date of grant for the grant to Mr. Hugus, provided Aqua
America achieves the annual financial target for operating earnings for the immediately
preceding year established by the Executive Compensation and Employee Benefits Committee at
the time of the grant: 15,000 shares for Mr. DeBenedictis, 5,000 shares for Mr. Stahl,
5,000 shares for Mr. Smeltzer and 5,000 shares for Mr. Hugus.Exhibit 10.1

     

    EXHIBIT 10.1

    
      
        

      

    MASTER
      CRUDE OIL PURCHASE AND SALE CONTRACT

     

    

     

    DATED

     

    

     

    March
      10,
      2006

     

    

     

    AMONG

     

    

     

    UTEXAM
      LIMITED,

    AS
      SELLER,

     

    

     

    AND

     

    

     

    FRONTIER
      OIL AND REFINING COMPANY,

    AS
      PURCHASER,

     

    

     

    FRONTIER
      OIL CORPORATION,

    AS
      GUARANTOR

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF
      CONTENTS

     

     

    ARTICLE
      I

    INTERPRETATION

     

    
      
        	
                Section
                  1.01

              	
                Definitions

              	 

      

      
        	
                Section
                  1.02

              	
                Headings

              	 

      

      
        	
                Section
                  1.03

              	
                Number

              	 

      

      
        	
                Section
                  1.04

              	
                Non-Business
                  Days

              	 

      

    

     

    ARTICLE
      II

    SALE
      AND
      PURCHASE OF CRUDE OIL

     

    
      	
              Section
                2.01

            	
              Sale
                and Purchase of Crude Oil

            	 

    

    
      	
              Section
                2.02

            	
              Condition
                Precedent to Seller’s
                Obligations

            	 

    

    
      	
              Section
                2.03

            	
              Delivery
                of Crude Oil

            	 

    

    
      	
              Section
                2.04

            	
              Transportation
                Fees and Documentation

            	 

    

    
      	
              Section
                2.05

            	
              Payment
                of Transfer Fees

            	 

    

    
      	
              Section
                2.06

            	
              Force
                Majeure Default Delivery
                Location

            	 

    

    
      	
              Section
                2.07

            	
              Transportation
                Imbalances

            	 

    

    
      	
              Section
                2.08

            	
              Rights
                and Remedies; Waiver of Certain Damage
                Claims

            	 

    

    
      	
              Section
                2.09

            	
              Possession,
                Title and Risk

            	 

    

    
      	
              Section
                2.10

            	
              Taxes

            	 

    

    
      	
              Section
                2.11

            	
              Limitations

            	 

    

    
      	
              Section
                2.12

            	
              Early
                Termination of Agreement

            	 

    

    
      	
              Section
                2.13

            	
              Purchaser’s
                Early Purchase Option

            	 

    

    
      	
              Section
                2.14

            	
              Performance
                of Obligations

            	 

    

     

    ARTICLE
      III

    REPRESENTATIONS
      AND WARRANTIES

     

    
      	
              Section
                3.01

            	
              Representations
                and Warranties of
                Seller

            	 

    

    
      	
              Section
                3.02

            	
              Representations
                and Warranties of Purchaser and
                Guarantor

            	 

    

     

    ARTICLE
      IV

    COVENANTS

     

    
      	
              Section
                4.01

            	
              Affirmative
                Covenants of Seller

            	 

    

    
      	
              Section
                4.02

            	
              Negative
                Covenants of Seller

            	 

    

    
      	
              Section
                4.03

            	
              Affirmative
                Covenants of Purchaser and
                Guarantor

            	 

    

     

    ARTICLE
      V

    EVENTS
      OF
      DEFAULT AND EARLY TERMINATION

     

    
      	
              Section
                5.01

            	
              Seller’s
                Events of Default

            	 

    

    
      	
              Section
                5.02

            	
              Purchaser’s
                Events of Default

            	 

    

    
      	
              Section
                5.03

            	
              Default
                Rights; Early Termination

            	 

    

    
      	
              Section
                5.04

            	
              Failure
                to Make or Accept Delivery.

            	 

    

     

    ARTICLE
      VI

    TERMINATION
      RIGHTS RESULTING FROM FORCE MAJEURE

     

    
      	
              Section
                6.01

            	
              Termination
                Rights After Force Majeure.

            	 

    

     

    ARTICLE
      VII

    MISCELLANEOUS

     

    
      	
              Section
                7.01

            	
              Notice

            	 

    

    
      	
              Section
                7.02

            	
              Interest
                on Overdue Amounts

            	 

    

    
      	
              Section
                7.03

            	
              Governing
                Law; Waiver of Jury Trial

            	 

    

    
      	
              Section
                7.04

            	
              Severability

            	 

    

    
      	
              Section
                7.05

            	
              Place
                of Payment; Currency

            	 

    

    
      	
              Section
                7.06

            	
              No
                Agency; No Joint Venture

            	 

    

    
      	
              Section
                7.07

            	
              Benefit
                of the Agreement

            	 

    

    
      	
              Section
                7.08

            	
              Assignment
                and Transfer

            	 

    

    
      	
              Section
                7.09

            	
              Entire
                Agreement

            	 

    

    
      	
              Section
                7.10

            	
              Amendments

            	 

    

    
      	
              Section
                7.11

            	
              No
                Waivers, Remedies

            	 

    

    
      	
              Section
                7.12

            	
              Time
                of the Essence

            	 

    

    
      	
              Section
                7.13

            	
              Counterparts

            	 

    

    
      	
              Section
                7.14

            	
              Intent

            	 

    

    
      	
              Section
                7.15

            	
              Disclosure
                of Information

            	 

    

    
      	
              Section
                7.16

            	
              Stamp
                and Documentary Taxes

            	 

    

    
      	
              Section
                7.17

            	
              Further
                Assurances

            	 

    

    
      	
              Section
                7.18

            	
              Successors
                and Assigns

            	 

    

    
      	
              Section
                7.19

            	
              Survival

            	 

    

    
      	
              Section
                7.20

            	
              INDEMNITY

            	 

    

    
      	
              Section
                7.21

            	
              Expenses

            	 

    

    
      	
              Section
                7.22

            	
              Consent
                to Recording

            	 

    

    

    ANNEX
      1     Conditions
      Precedent

    

    EXHIBITS:

    Exhibit
      A     Form
      of
      Deal Sheet

    Exhibit
      B     Form
      of
      Master Agreement

    Exhibit
      C     List
      of
      Approved Pipelines, Injection Points and Delivery Locations

    Exhibit
      D     List
      of
      Approved Suppliers

    Exhibit
      E      Monthly
      Reconciliation Statement

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    MASTER
      CRUDE OIL PURCHASE AND SALE CONTRACT

     

    This
      MASTER CRUDE OIL PURCHASE AND SALE CONTRACT (as the same may from time to time
      be amended, modified, supplemented or restated, this “Agreement”)
      is
      entered into as of March 10, 2006, between Utexam Limited, a company
      incorporated under the laws of the Republic of Ireland (the “Seller”),
      Frontier Oil and Refining Company, a Delaware corporation (the “Purchaser”),
      and
      Frontier Oil Corporation, a Wyoming corporation (the “Guarantor”)
      (Seller, Purchaser and Guarantor sometimes collectively referred to as “the
      parties” and individually as a “party”).

     

    WHEREAS,
      Seller desires to sell, and Purchaser desires to purchase, upon the terms and
      conditions set forth in this Agreement, certain quantities of crude oil to
      serve
      as feedstock for the El Dorado, Kansas refinery owned by one of its affiliates,
      the daily quantity of which shall not at any time exceed 35,000 Barrels per
      day;

     

    WHEREAS,
      Purchaser and Seller acknowledge that the purchase and sale transactions
      contemplated and evidenced by this Agreement and the other Transaction Documents
      are dependent upon the existence of certain other agreements to be entered
      into
      by Seller, certain of its affiliates and/or other third parties, including,
      but
      not limited to, the Supply Contracts, the Master Agreement and the Swaps to
      be
      issued thereunder, and the Credit Facility (as such terms are defined
      below);

     

    WHEREAS,
      Guarantor has agreed to guarantee the obligations of Purchaser pursuant to
      this
      Agreement and contemporaneously with the execution of this Agreement, Guarantor
      and Seller shall execute a mutually-acceptable form of Guaranty Agreement (the
      “Guaranty
      Agreement”);

     

    NOW
      THEREFORE, in consideration of the respective covenants and agreements of the
      parties hereinafter set forth and for good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged by each of Seller
      and
      Purchaser, Seller and Purchaser hereby agree as follows:

     

    ARTICLE
      I

    INTERPRETATION

     

    Section
      1.01  Definitions

     

    .
      For
      purposes of this Agreement, terms defined above have the meanings given above
      and the following terms shall have the meanings indicated below:

     

    “Acquisition
      Cost”
shall
      mean with respect to each Batch of Crude Oil purchased by Seller at an Injection
      Point the actual proceeds paid by Seller to the Supplier pursuant to the
      applicable Supply Contract for the number of Barrels in such Batch.

     

    “Applicable
      Instruments”
of
      any
      Person shall mean the Certificate or Articles of Incorporation, Memorandum
      and
      Articles of Association, by-laws and other organizational documents of such
      Person and all contracts, indentures, agreements, instruments and documents
      to
      which such Person is a party or by which such Person or any assets of such
      Person may be bound or affected.

     

    “Approved
      Injection Point”
shall
      mean any Injection Point identified in Exhibit C attached
      hereto.

     

    “Approved
      Supplier”
shall
      mean (a)
      any
      Person listed on Exhibit D hereto or (b)
      any
      other Person Seller and Purchaser mutually agree in writing possesses financial
      resources and credit histories mutually acceptable to both Seller and Purchaser
      and has quantities of Crude Oil available for sale to Seller.

     

    “Barrel”
shall
      mean one United States barrel (42 United States gallons at 60 degrees
      Fahrenheit).

     

    “Batch”
shall
      mean an identified quantity of Seller Crude Oil that has been accepted for
      transportation in a Pipeline and shall refer to and include any batch
      designations made by any Pipelines transporting the same quantity of Crude
      Oil.

     

    “Business
      Day”
shall
      mean a day, other than a Saturday or a Sunday, on which commercial banks are
      not
      authorized or required to be closed in New York City, New York, U.S.A. or in
      Dublin, Ireland.

     

    “Canadian
      Discount”
shall
      mean, in respect of any Batch of Crude Oil acquired by Seller pursuant to a
      Supply Contract for resale to Purchaser, either (a) the differential or discount
      to CMA for the Injection Month (expressed in United States Dollars per Barrel)
      set forth in the applicable Supply Contract and used to determine the
      Acquisition Cost of such Crude Oil, or (b) in the event the Supply Contract
      utilizes a reference or index price other than CMA to establish the Acquisition
      Cost, the equivalent differential or discount to CMA for the Injection Month
      (expressed in United States Dollars per Barrel) for the Crude Oil purchased
      under the Supply Contract. 

     

    “Carrying
      Cost”
shall
      mean with respect to each Batch of Crude Oil Delivered by Seller the sum of
      (a)
      all Swap Settlements applicable to such Batch plus (b) the Service Fee
      applicable to such Batch plus (c) any amounts due under Section
      2.03(b),
      if
      any.

     

    “CMA”
shall
      mean for any calendar month the average of the daily settlement prices
      (expressed in United States Dollars per Barrel) for the first nearby or prompt
      futures contract for West Texas Intermediate Crude Oil as traded on the NYMEX
      (trading days only).

     

    “Credit
      Facility”
shall
      mean that certain Revolving Credit Facility dated March 10, 2006 by and between
      Seller, as Borrower, and the lenders named therein, as the same may be amended,
      restated or replaced from time to time in accordance with Section
      4.03(b).

     

    “Crude
      Oil”
shall
      mean all types or grades of crude petroleum or oil which are acceptable to
      both
      Purchaser and Seller and are accepted by the Pipelines for transportation from
      the Injection Points to the Delivery Locations existing from time to time under
      this Agreement.

     

    “Days
      Outstanding”
shall
      mean with respect to the calculation of the amount of each Acquisition Cost
      and
      each Swap Settlement the actual number of days between (a) the date a payment
      is
      made by Seller (or received by Seller pursuant to the settlement or a Swap)
      and
      (b) the date Purchaser tenders to Seller the Purchase Price applicable to the
      Batch in question.

     

    “Deal
      Sheet”
shall
      mean a Transaction summary substantially in the form attached hereto as Exhibit
      A which is executed by both Seller and Purchaser and confirms, among other
      things, (a) Seller’s commitment to purchase at an identified Injection Location
      a specified quantity of Crude Oil from an identified Supplier and (b)
      Purchaser’s commitment to purchase from Seller at an identified Delivery
      Location a specified Batch or Batches of Crude Oil, in each case subject to
      the
      timely performance of transportation services to be provided by the Pipelines
      referenced in such Transaction summary; and including any amended Deal Sheet
      pursuant to Section 2.13.

     

    “Default
      Termination Date”
shall
      have the meaning ascribed thereto in Section
      5.03.

     

    “Delivered”
shall
      mean with respect to any Batch of Crude Oil either (a) the transfer, delivery
      or
      tender of such Crude Oil to Purchaser at a Delivery Location or (b) the
      transfer, delivery or tender of such Crude Oil to an authorized third party
      transferee at a point on or along a Pipeline, in each case as evidenced by
      the
      transporting Pipeline’s issuance of a custody transfer certificate or similar
      form or the entry by such Pipeline of a notation in the Pipeline’s electronic
      records.

     

    “Delivery
      Location”
shall
      mean with respect to any Batch of Crude Oil the point of Seller’s delivery to
      Purchaser which is specified in the applicable Deal Sheet and shall include
      in
      all events the Delivery Locations described in Exhibit C attached
      hereto.

     

    “Delivery
      Month”
shall
      mean with respect to any Batch of Crude Oil the calendar month during which
      such
      Crude Oil is Delivered.

     

    “Early
      Termination Date”
shall
      have the meaning ascribed thereto in Section
      2.12.

     

    “Enbridge
      Pipeline”
means
      the common carrier pipeline systems owned or operated by Enbridge Pipelines,
      Inc. and its affiliated companies and ventures.

     

    “Environmental
      Laws”
means
      any and all Governmental Requirements pertaining in any way to health, safety
      the environment or the preservation or reclamation of natural resources, in
      effect in any and all jurisdictions in which Seller is conducting or at any
      time
      has conducted business, or where any Crude Oil subject to this Agreement, any
      Supply Contract or any transportation or storage agreement contemplated by
      the
      foregoing two agreements (collectively, “Identified
      Crude Oil”)
      is
      located, including without limitation, the Oil Pollution Act of 1990
      (“OPA”),
      as
      amended, the Clean Air Act, as amended, the Comprehensive Environmental,
      Response, Compensation, and Liability Act of 1980 (“CERCLA”),
      as
      amended, the Federal Water Pollution Control Act, as amended, the Occupational
      Safety and Health Act of 1970, as amended, the Resource Conservation and
      Recovery Act of 1976 (“RCRA”),
      as
      amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control
      Act, as amended, the Superfund Amendments and Reauthorization Act of 1986,
      as
      amended, the Hazardous Materials Transportation Act, as amended, and other
      environmental conservation or protection Governmental Requirements.

     

    “Environmental
      Licenses”
means
      any permit, license, or other authorization from any (a) local, state,
      territorial, federal, or foreign judicial, executive, regulatory,
      administrative, legislative, or governmental agency, board, bureau, commission,
      department, or other instrumentality, (b) private arbitration board or panel
      or
      (c) central bank, that is required under any Environmental Law for the lawful
      conduct of any business, process, or other activity.

     

    “Event
      of Default”
means
      a
      Seller Event of Default or a Purchaser Event of Default, as the case may
      be.

     

    “Factor”
shall
      mean with respect to the calculation of the amount of each Acquisition Cost
      and
      each Swap Settlement, as the case may be, the product of (a) the sum of 1.75%
      plus LIBOR for the period corresponding to any Days Outstanding calculation,
      times (b) the number of Days Outstanding divided by 360.

     

    “Federal
      Funds Rate”
shall
      mean, for any day, a fluctuating interest rate per annum equal for such day
      to
      the weighted average of the rates on overnight Federal funds transactions with
      members of the Federal Reserve System arranged by Federal funds brokers, as
      published for such day (or, if such day is not a Business Day, for the
      immediately preceding Business Day) by the Federal Reserve Bank of New York,
      or,
      if such rate is not so published for any day which is a Business Day, the
      average of the quotations for such day on such transactions received by
      Purchaser from three Federal funds brokers of recognized standing selected
      by
      Seller.

     

    “Fee
      Letter”
shall
      mean the fee letter identified in Annex 1, item 2.

     

    “Force
      Majeure”
shall
      mean an event which causes a failure by any party to perform delivery or
      acceptance obligations hereunder to the extent that such event is reasonably
      beyond the control of such party, except for the obligation to make payment
      due
      hereunder, including war, riots, insurrections, fires, explosions, sabotage,
      acts of terrorism, strikes and other labor or industrial disturbances, acts
      of
      God or the elements, government laws, regulations or requests, disruption or
      breakdown of production or transportation facilities, and delays of Pipelines
      in
      receiving and delivering Crude Oil tendered, but does not include the failure
      to
      perform obligations solely as a result of the fact that to do so will result
      in
      economic loss or hardship to such party.

     

    “Force
      Majeure Termination Date”
shall
      have the meaning given such term in Section
      6.01.

     

    “GAAP”
shall
      mean generally accepted accounting principles in the United States of America
      as
      in effect from time to time.

     

    “Governmental
      Authority”
means
      the government of the United States of America, Canada or any political
      subdivision thereof, whether state, provincial or local, and any agency,
      authority, instrumentality, regulatory body, court, central bank or other entity
      exercising executive, legislative, judicial, taxing, regulatory or
      administrative powers or functions of or pertaining to government over Seller
      or
      Purchaser, any of their respective properties and the activities contemplated
      by
      this Agreement or any other Transaction Document.

     

    “Governmental
      Requirement”
means
      any law, statute, code, ordinance, order, determination, rule, regulation,
      judgment, decree, injunction, franchise, permit, certificate, license,
      authorization or other directive or requirement, whether now or hereinafter
      in
      effect, including, without limitation, Environmental Laws, energy regulations
      and occupational, safety and health standards or controls, of any Governmental
      Authority.

     

    “Hazardous
      Substances”
means
      (a) any substance that is reasonably expected to require, removal, remediation,
      or other response under any Environmental Law, (b) any substance that is
      designated, defined or classified as a hazardous waste, hazardous material,
      pollutant, contaminant, explosive, corrosive, flammable, infectious,
      carcinogenic, mutagenic, radioactive, dangerous, or toxic or hazardous substance
      under any Environmental Law, including, without limitation, any hazardous
      substance within the meaning of §101(14) of CERCLA, (c) petroleum, oil,
      gasoline, natural gas, fuel oil, motor oil, waste oil, diesel fuel, jet fuel,
      and other petroleum hydrocarbons, (d) asbestos and asbestos-containing materials
      in any form, (e) polychlorinated biphenyls, (f) urea formaldehyde foam or (g)
      any substance the presence of which on any real property (including, without
      limitation, leases and mineral interests) either (i) poses or threatens to
      pose
      a hazard to the health or safety of persons or to the environment or (ii) could
      constitute a health or safety hazard to persons or the environment if it
      emanated or migrated from the real property (including, without limitation,
      leases and mineral interests).

     

    “Initial
      Swap”
shall
      mean the initial Swap, as identified by a confirmation number, applicable to
      a
      Batch of Crude Oil.

     

    “Injected
      Quantity”
shall
      mean with respect to any Batch of Crude Oil Delivered pursuant to this Agreement
      the quantity of Crude Oil actually delivered by the Supplier at the Injection
      Point prior to the transporting Pipelines’ retention or deduction of any
      Transportation Allowance.

     

    “Injection
      Month”
shall
      mean with respect to any Batch of Crude Oil the calendar month such Crude Oil
      is
      delivered to Seller at the Injection Point.

     

    “Injection
      Point”
shall
      mean the point of delivery specified in a Supply Contract and shall include
      in
      all events any Approved Injection Point.

     

    “LIBOR”
shall
      mean with respect to any calculation of the Factor for a relevant period, the
      “Cost of Funds Rate” or LIBOR rate in effect under the Credit Facility during
      such period.

     

    “Lien”
shall
      mean any mortgage, pledge, security interest, encumbrance, lien, claim or charge
      of any kind (including any production payment, advance payment or similar
      arrangement with respect to minerals in place, any agreement to grant any Lien,
      any conditional sale or other title retention agreement, the interest of a
      lessor under a capital lease and any filing or agreement to provide any
      financing statement or other Lien perfection document to secure an obligation),
      whether or not filed, recorded or otherwise perfected under applicable
      law.

     

    “Master
      Agreement”
shall
      mean the ISDA Master Agreement dated March 10, 2006 between Seller and the
      Swap
      Provider, in substantially the form of Exhibit B hereto, as such agreement
      may
      from time to time be amended, modified or replaced in accordance with
Section
      4.03(b).

     

    “Notice
      of Early Termination”
shall
      mean a notice designated as such and described in Section
      2.12.
      

     

    “Notice
      of Environmental Problem”
means
      any notice, letter, citation, order, warning, complaint, inquiry, claim or
      demand pursuant to which it is indicated or implied that Purchaser has violated
      or is about to violate any Environmental Law or any ordinance, judgment or
      order
      relating thereto, which in each case (i) relates to or affects the purchase,
      transportation or storage of Crude Oil purchased pursuant to a Supply Contract
      and (ii) could reasonably be expected to have a material and adverse affect
      on
      Purchaser’s ability to perform its obligations under this
      Agreement.

     

    “NYMEX”
shall
      mean the New York Mercantile Exchange, Inc. and any successor
      thereto.

     

    “Off-take
      Month”
shall
      mean with respect to any Batch of Crude Oil the calendar month such Batch is
      scheduled to be Delivered to Purchaser at the applicable Delivery Location,
      as
      reflected in the initial or any amended Deal Sheet applicable to such Crude
      Oil.

     

    “Payment
      Date”
shall
      mean the 20th day of each month following a Delivery Month, or if such day
      is
      not a Business Day, the next succeeding Business Day.

     

    “Permitted
      Liens”
shall
      mean (a) Liens in connection with worker’s compensation, unemployment insurance
      or other social security, old age pension or public liability obligations;
      (b)
      legal or equitable encumbrances; (c) vendors’, carriers’, pipeline,
      warehousemen’s, repairmen’s, mechanics’, workmen’s, materialmen’s or other like
      Liens arising by operation of law in the ordinary course of business; (d) Liens
      securing the performance of statutory obligations; (e) Liens securing taxes
      that
      are either not yet due and payable or that are being contested in good faith
      and
      for which adequate reserves have been established; and (f) Liens to secure
      any
      Swap and any indebtedness incurred by Seller to finance transactions
      contemplated by the Transaction Documents and/or the Supply Contracts.

     

    “Person”
shall
      mean any individual, corporation, company, partnership, joint venture, trust,
      unincorporated association, government or any commission, board, court, agency,
      instrumentality or political subdivision thereof, any other entity or any
      trustee, receiver, custodian or similar official.

     

    “Pipeline”
shall
      mean with respect to any Batch of Crude Oil acquired by Seller for resale to
      Purchaser the common carrier pipeline(s) designated by Seller from time to
      time
      to transport such Crude Oil from an Injection Point to a Delivery Point and
      shall include in all events the Approved Pipelines set forth in Exhibit C
      attached hereto.

     

    “Property”
shall
      mean any asset, revenue or any other property, whether tangible or intangible,
      real or personal, including, without limitation, any oil and gas exploration
      or
      production permit, concession, lease and license and any right to receive
      income.

     

    “Purchase
      Price”
shall
      mean with respect to each Batch of Crude Oil Delivered in any Delivery Month
      the
      sum of (a) the product obtained by multiplying (i) the CMA for the Injection
      Month for such Crude Oil less the Canadian Discount applicable to such Crude
      Oil, and (ii) the Injected Quantity associated with such Batch, plus (b) the
      Carrying Cost applicable to such Batch of Crude Oil.

     

    “Purchaser’s
      Event of Default”
shall
      have the meaning given such term in Section
      5.02.

     

    “Related
      Parties”
means,
      with respect to any specified Person, such Person’s Affiliates and the
      respective directors, officers, employees, agents and advisors (including
      attorneys, accountants and experts) of such Person and such Person’s
      Affiliates.

     

    “Replacement
      Swaps”
shall
      mean all Swaps other than Initial Swaps which either replace an Initial Swap
      or
      which relate to a Batch (or other quantity) of Crude Oil to be delivered later
      than the originally scheduled Off-Take Month.

     

    “Replacement
      Value”
shall
      mean (a) if Seller is the party which has failed to perform its delivery
      obligations, the price which Purchaser, acting in good faith and at arm’s
      length, actually pays, or has contracted to pay, for Crude Oil to replace any
      quantity not so delivered at the agreed Delivery Location plus any additional
      transportation and other costs and expenses incurred by Purchaser in connection
      with the purchase of such quantity of Crude Oil; and (b) if Purchaser is the
      party which has failed to perform its purchase obligations, the price which
      Seller, acting in good faith and at arm’s length, actually receives, or has
      contracted to receive, for the sale of any quantity of Crude Oil less any
      additional transportation and other costs and expenses incurred by Seller in
      connection with the sale of such quantity of Crude Oil.

     

    “Seller
      Crude Oil”
shall
      mean any quantity of Crude Oil acquired and owned by, credited to the account
      of, or otherwise belonging to, Seller pursuant to a Supply
      Contract.

     

    “Seller’s
      Event of Default”
shall
      have the meaning given such term in Section
      5.01.

     

    “Service
      Fee”
shall
      mean with respect to each Batch of Crude Oil Delivered by Seller the sum of
      (a)
      the product of (i) the Acquisition Cost times (ii) the Factor, plus (b) the
      product of (i) each Swap Settlement times (ii) the Factor applicable to each
      such settlement.

     

    “Spearhead
      Pipeline”
means
      the common carrier pipeline system owned or operated by CCPS Transportation,
      L.L.C. which originates at the Hartsdale Terminal in the vicinity of Griffith,
      Indiana, and terminates at Cushing, Oklahoma.

     

    “Supplier”
shall
      mean a third party producer or marketer of Crude Oil executing a Supply Contract
      with Seller for the sale of Crude Oil at an Injection Point.

     

    “Supply
      Contract”
shall
      mean a contract by and between a Supplier, as seller, and Seller, as buyer,
      governing the sale of Crude Oil at an Injection Point, as the same may be
      amended, modified or replaced.

     

    “Swap”
shall
      mean a commodity price swap transaction, as identified by a confirmation number,
      contemplated by and existing pursuant to the Master Agreement whether for one
      or
      more Batches or other quantity of Crude Oil and shall include Initial Swaps
      and
      Replacement Swaps.

     

    “Swap
      Provider”
shall
      mean BNP Paribas or any other Person designated by Seller and approved by
      Purchaser (such approval not to be unreasonably withheld or
      delayed).

     

    “Swap
      Settlement”
shall
      mean with respect to each Swap the gain (or loss) realized by Seller upon
      settlement of such Swap with the Swap Provider, i.e.
      the
      difference between the “Floating Price” and the “Fixed Price” as specified in
      the relevant ISDA confirmation for a Swap.

     

    “Taxes”
shall
      mean all federal, state, municipal or local, ad valorem, property, occupation,
      severance, production, gathering, pipeline, utility, withholding, gross
      production, gross turnover, sales, value added, use, excise, environmental,
      transaction, customs, export and any other present or future taxes, charges,
      duties and assessments of any kind whatsoever (including, without limitation,
      deficiencies, penalties, additions to tax and interest attributable thereto),
      other than taxes based on income or net worth of a Person.

     

    “Termination
      Date”
shall
      mean either an Early Termination Date, a Force Majeure Termination Date or
      a
      Default Termination Date, as the case may be.

     

    “Transaction”
shall
      have the meaning assigned such term in Section
      2.01(b).

     

    “Transaction
      Documents”
shall
      mean this Agreement, each Deal Sheet, the Guaranty Agreement and the Fee
      Letter.

     

    “Transportation
      Activities”
shall
      have the meaning assigned such term in Section
      2.03(b).

     

    “Transportation
      Allowance”
shall
      mean any in-kind deduction or fee (expressed in Barrels) reserved or retained
      by
      the operator of a Pipeline in connection with the transportation of Crude Oil,
      as the same is calculated or established pursuant to a then-effective tariff
      or
      contract.

     

    “Transportation
      Imbalance”
shall
      mean with respect to any Pipeline during any period of time the variance or
      differential (stated in Barrels) between (a) the sum of the Injected Quantities
      tendered to such Pipeline during such period of time less the associated
      Transportation Allowances, and (b) the quantities of Seller Crude Oil actually
      Delivered by such Pipeline during the same period of time, as determined and
      calculated by the transporting Pipeline in question.

     

    “Uniform
      Commercial Code”
means
      the Uniform Commercial Code presently in effect in the State of New
      York.

     

    “United
      States Dollars”,
      “U.S.
      Dollars”,
      or
“U.S.
      $”
shall
      mean the lawful currency of the United States of America in immediately
      available funds.

     

    “Unpaid
      Amounts”
shall
      mean, with respect to any Termination Date, the aggregate of the amounts that
      became payable (whether or not due) to Purchaser or Seller hereunder prior
      to
      the occurrence of such Termination Date and that remain payable (whether or
      not
      due) as at such Termination Date, together with interest thereon from (and
      including) the date such amounts became due and payable to (but excluding)
      such
      Termination Date at the U.S. Base Rate.

     

    “U.S.
      Base Rate”
shall
      mean, at any time, a fluctuating interest rate per annum as shall be in effect
      from time to time, which rate per annum shall at all times be equal to the
      highest of: (a) the rate of interest announced publicly by BNP Paribas in New
      York, New York, from time to time, as its prime commercial lending rate; or
      (b)
      two percent per annum above the Federal Funds Rate in effect from time to time.
      In the event there is any Unpaid Amount, Purchaser will use reasonable efforts
      to inform Seller of changes in the U.S. Base Rate promptly upon the occurrence
      of such changes.

     

    Section
      1.02  Headings

     

    .
      The
      division of this Agreement into Articles and Sections and the insertion of
      an
      index and headings are for convenience of reference only and shall not affect
      the construction or interpretation of this Agreement. The terms “this
      Agreement”, “hereof”, “hereunder” and similar expressions refer to this
      Agreement and not to any particular Article, Section, clause, paragraph, annex,
      exhibit or other portion hereof and include any agreement supplemental hereto.
      Unless something in the subject matter or context is inconsistent therewith,
      references herein to Articles, Sections, clauses and paragraphs are to Articles,
      Sections, clauses and paragraphs of this Agreement.

     

    Section
      1.03  Number

     

    .
      Words
      importing the singular number shall include the plural and vice
      versa,
      and
      words importing the masculine gender shall include the feminine and neuter
      genders and vice
      versa.

     

    Section
      1.04  Non-Business
      Days

     

    .
      Whenever any action to be taken hereunder shall be stated to be required to
      be
      taken or any payment to be made hereunder shall be stated to be due on a day
      other than a Business Day, unless otherwise specifically provided for herein,
      such payment shall be made or such action shall be taken (a)
      on the
      next succeeding Business Day if the due date was a Sunday or a NYMEX or New
      York
      or Dublin bank holiday which occurs on a Monday or (b)
      on the
      last preceding Business Day if the due date was a Saturday or a NYMEX or New
      York or Dublin bank holiday other than a Monday, and in the case of the payment
      of any monetary amount, the extension or curtailment of time shall be taken
      into
      account for the purposes of computation of interest or fees
      thereon.

     

    ARTICLE
      II

    SALE
      AND PURCHASE OF CRUDE OIL

     

    Section
      2.01  Sale
      and Purchase of Crude Oil

    .
      

    (a)  The
      respective obligations of Seller, Purchaser and Guarantor pursuant to this
      Agreement shall not become effective until the date on which each of the
      conditions specified in Annex 1 hereto is satisfied (or waived in accordance
      with Section
      7.10).
      

     

    (b)  Seller
      and Purchaser may from time to time enter into one or more transactions to
      be
      governed by this Agreement for the sale by Seller, and the purchase by
      Purchaser, of Crude Oil (each a “Transaction”),
      which
      Transactions shall be evidenced and confirmed by one or more Deal Sheets
      executed by Seller and Purchaser. The procedure for entering into a Transaction
      between Seller and Purchaser is as follows: 

     

    (i)  In
      consultation with Purchaser concerning Purchaser’s then-existing need for Crude
      Oil, Seller shall submit bids to, or enter into negotiations with, Approved
      Suppliers having available supplies of Crude Oil in or around either (1) an
      Approved Injection Point or (2) any other Injection Point that is mutually
      acceptable to Seller and Purchaser, for the purchase by Seller of certain
      quantities of Crude Oil that are consistent with Purchaser’s needs. Purchaser
      shall assist Seller in identifying potential Approved Suppliers, preparing
      and
      submitting bids and evaluating the terms of potential purchase and sale
      transactions between Seller and such suppliers, and shall provide such other
      assistance as is reasonably requested by Seller to facilitate Seller’s securing
      of supplies of Crude Oil for resale to Purchaser. Seller shall promptly after
      Seller’s receipt of a quote/bid acceptable to Purchaser, but in any event no
      later than two hours (unless the time at which such receipt occurs is after
      4:00
      p.m. Mountain Time, in which case no later than 8:00 a.m. Mountain Time on
      the
      next Business Day), notify Purchaser of Seller’s acceptance or rejection of such
      quote/bid. If
      Seller
      does not accept such quote/bid within the time period described in the foregoing
      sentence, Seller’s silence or failure to respond shall be deemed a rejection. If
      Seller accepts such quote/bid, Seller shall promptly cause to be confirmed
      the
      essential terms of Seller’s purchase transaction with the Supplier,
      including:

     

    (A)  the
      legal
      name of the Supplier, 

     

    (B)  the
      type
      of Crude Oil to be acquired, 

     

    (C)  the
      price
      or pricing formula to be used by Seller to calculate payments to Supplier for
      all Crude Oil sold to Seller, 

     

    (D)  the
      number of Barrels (which shall not exceed 35,000 Barrels per day) to be acquired
      by Seller, the Injection Month, the Injection Point and the Delivery Location
      (if known) and the Off-take Month or Months during which such Barrels are to
      be
      Delivered; provided, however, that no bid/quote (or resulting Supply Contract)
      shall obligate Seller to purchase Crude Oil for a period of time beyond the
      “First Nearby-Month” following the effective date of the applicable Supply
      Contract; 

     

    (E)  the
      amount of any required letter of credit or bank guarantee, the beneficiary
      of
      such letter of credit or bank guarantee, the date prior to which such letter
      of
      credit or bank guarantee must be delivered to the beneficiary thereof, the
      tenor
      thereof and all other details relevant to each letter of credit or bank
      guarantee to be delivered in connection with Seller’s purchase transaction;
      and

     

    (F)  other
      material terms or conditions.

     

    Following
      Seller’s acceptance of a quote/bid with a Supplier, Seller shall request
      Supplier to prepare a form of Supply Contract consistent with the agreed upon
      terms and Seller shall proceed to obtain and furnish to the Supplier any
      required letter of credit or other financial assurances. Each Supply Contract
      shall be acceptable as to both form and substance to both Seller and Purchaser
      and shall contain terms, provisions and conditions generally used for the sale
      of Crude Oil in and around the applicable Injection Point. Seller’s acceptance
      of a quote/bid with a Supplier shall also authorize Seller to enter into one
      or
      more Initial Swaps as contemplated by Section 2.01(f).

     

    (ii)  Promptly,
      but in any event no later than the third (3rd) Business Day, following Seller’s
      and Supplier’s agreement as to a purchase and sale transaction, Purchaser shall
      cause to be prepared a Deal Sheet evidencing (x) Seller’s purchase transaction
      with the Supplier and (y) Seller’s proposed Transaction with Purchaser. The
      Transaction described in the Deal Sheet shall in all events provide for
      Purchaser’s purchase from Seller of a quantity of Crude Oil equal to the
      quantity to be acquired by Seller from the identified Supplier. Seller shall
      promptly advise Purchaser of any comments on or objections to the terms of
      the
      Transaction proposed by Purchaser, and Purchaser and Seller shall amend or
      supplement the Deal Sheet as needed to evidence the terms of the Transaction
      that is acceptable to both parties.

     

    (iii)  Upon
      Seller’s and Purchaser’s final approval of the terms of a proposed Transaction,
      each of Purchaser and Seller shall execute the Deal Sheet; provided however
      that
      the parties agree to be legally bound by the terms of each Transaction from
      the
      moment they agree to and approve the corresponding terms (whether orally or
      otherwise) of the Supply Contract under clause (i) of this Section 2.01(b).
      The
      parties agree that such agreement may occur through an exchange of facsimile
      transmissions, electronic messages or orally. Notwithstanding the forgoing,
      the
      parties further agree that the
      obligations of both Purchaser and Seller under such Transaction and the related
      Deal Sheet shall be subject to and conditioned upon Seller and Supplier actually
      entering into a Supply Contract that is consistent in all respects with the
      terms set out in the Deal Sheet.

     

    (iv)  Not
      sooner than the date of execution of a Deal Sheet, but in no event later than
      the fifth (5th) Business Day of the Injection Month applicable to the Crude
      Oil
      identified in each such Deal Sheet, Purchaser will consult with and advise
      Seller with respect to its execution of one or more Swaps with the Swap Provider
      as contemplated in Section
      2.01(f) below;
      provided, however, if Purchaser fails to consult with and advise Seller with
      respect to any Swap, Seller may, on the fifth (5th) Business Day described
      above, proceed to execute such Swap in an amount equal to 100% of the quantity
      set forth in the applicable Deal Sheet. If Delivery for any Batch is delayed
      for
      any reason and as a result thereof, Delivery of such Batch occurs later than
      the
      originally scheduled Off-take Month, the parties shall promptly meet to
      ascertain whether a Replacement Swap should be entered with respect to such
      Batch.

     

    (c)  Upon
      the
      effectiveness of a Deal Sheet as to both Purchaser and Seller, (i)
      Seller
      shall sell and cause to be Delivered to Purchaser via an in line transfer at
      the
      relevant Delivery Location the identified quantity of Crude Oil, upon the terms
      and conditions set forth in this Agreement and the applicable Deal Sheet; and
      (ii)
      Purchaser shall accept delivery of such Crude Oil via in line transfer at the
      relevant Delivery Location and shall pay to Seller the Purchase Price for each
      Batch of Crude Oil Delivered during each Delivery Month (which for the avoidance
      of doubt, shall include any amounts not Delivered as the result of
      Transportation Allowances), upon the terms and conditions set forth in this
      Agreement and the applicable Deal Sheet.

     

    (d)  Seller
      shall cause to be provided to Purchaser an invoice for the Purchase Price for
      each Batch of Crude Oil Delivered (including for the avoidance of doubt, any
      amounts not Delivered as the result of Transportation Allowances) in any
      Delivery Month no later than the 10th day of the calendar month following such
      Delivery Month. All payments under this Agreement by Purchaser shall be made
      by
      wire transfer in immediately available funds on the relevant Payment Date
      to:

     

    
      	 	
              Bank
                Name:

            	
              BNP
                Paribas New York

            

    

    
      	 	
              ABA
                Account:

            	
              0260-0768-9

            

    

    
      	 	
              Instructions:

            	
              For
                further credit to the account of Utexam Limited under Account No.
                0200-605032-001 74 USD;

            

    

    

    or
      such
      other account designated by Seller from time to time; provided, however, any
      change in account shall not be effective until the third (3rd) Business Day
      following Purchaser’s receipt of Seller’s designation of a new payment
      account.

     

    (e)  Fall-Back
      Pricing.
      In the
      event (i)
      NYMEX
      fails to publish or calculate the futures prices for West Texas Intermediate
      Crude Oil, (ii)
      there is
      a material suspension of trading in futures contracts for West Texas
      Intermediate Crude Oil or West Texas Intermediate Crude Oil or its futures
      contracts cease to be traded on the NYMEX, or (iii)
      there is
      a material change in the content, composition or constitution or the formula
      for
      calculation of prices for West Texas Intermediate Crude Oil or its futures
      contracts, in each case, for any month during which any Transaction is executory
      or pending, Seller and Purchaser shall immediately meet and negotiate in good
      faith to agree on an alternate price (or a method for determining an alternate
      price). If Seller and Purchaser have not agreed on or before the fifth Business
      Day following the first pricing date on which any such event in clauses (i)
      though (iii) occurred or existed, then such price (or the method for determining
      such price) shall be calculated as set forth in the relevant Supply Contract;
      and if such price (or such method for determining price is unavailable, then
      Seller shall determine the price (or the method for determining price) taking
      into consideration the latest available NYMEX quotations and any other
      information that in good faith it deems relevant.

     

    (f)  Swaps.
      For
      purposes of this Agreement and the calculation of the Swap Settlements, Seller
      agrees in consultation with Purchaser to execute Swaps relating to one or more
      Batches (or other quantities) to be Delivered under this Agreement having the
      following terms: (i)
      Seller
      shall be the floating rate payor and shall receive a fixed price, (ii)
      the
      notional volume associated with each Swap shall correspond to the number of
      Barrels to be Delivered, (iii)
      the
      floating rate for any calculation period shall always be (unless otherwise
      agreed in writing by Purchaser) the arithmetic average of the settlement price
      per Barrel of West Texas Intermediate Light Sweet Crude Oil for each commodity
      business day in such calculation period on the NYMEX of the futures contract
      corresponding to the Off-take Month during which delivery of such Batch (or
      other quantities) is originally scheduled, and (iv)
      the
      settlement date for such Swap shall be the 20th day (or the nearest Business
      Day) of the calendar month following the originally scheduled Off-take Month
      or,
      if Delivery is thereafter delayed, the 20th day (or the nearest Business Day)
      of
      the calendar month following the amended Off-take Month during which Delivery
      is
      then anticipated, as evidenced by the amended Deal Sheet and Replacement Swap,
      if any, applicable thereto.
      Each
      Swap shall comply with the terms and provisions of the Master
      Agreement.

     

    (g)  Amendments
      to Deal Sheets.
      If
      Delivery for any Batch is expedited or delayed for any reason and as a result
      thereof, Delivery of such Batch occurs earlier or later than the originally
      scheduled Off-take Month, the parties shall promptly amend the related Deal
      Sheet to reflect such change. 

     

    Section
      2.02  Condition
      Precedent to Seller’s Obligations

     

    .
      Each of
      Purchaser and Guarantor acknowledges that the Crude Oil to be sold by Seller
      to
      Purchaser hereunder is to be acquired by Seller from one or more Suppliers
      pursuant to separately executed Supply Contracts. Each of Purchaser and
      Guarantor hereby agrees that (a)
      Seller’s
      obligations under this Agreement and each Deal Sheet are subject to the
      condition precedent that Seller has received at the Injection Point the
      corresponding quantity of Crude Oil from the relevant Supplier under the Supply
      Contract associated with such Deal Sheet and (b)
      if
      Seller becomes entitled to repudiate, terminate or otherwise not perform its
      obligations under the relevant Supply Contract, or the relevant Supplier
      repudiates, terminates or for any reason fails to perform its obligations under
      the relevant Supply Contract, then, to such extent, Seller shall be entitled
      to
      withhold its own performance under this Agreement and the relevant Deal Sheet
      without being deemed in breach of this Agreement or the relevant Deal Sheet
      and
      Seller shall have no liability to Purchaser in respect thereof.

     

    Section
      2.03  Delivery
      of Crude Oil

    .

    (a)  Each
      of
      Seller and Purchaser shall take such actions as shall be necessary to properly
      nominate, schedule and confirm the delivery and receipt of Crude Oil subject
      to
      each Transaction at the relevant Delivery Location in each Delivery Month in
      compliance with applicable rules and regulations of the transporting
      Pipeline(s). Without
      limiting the foregoing, and to the extent the Delivery Location for a
      Transaction is on the Spearhead Pipeline, Seller shall assign to Purchaser,
      and
      Purchaser shall assume and accept, Seller's rights in the Crude Oil
      transportation tariff applicable to the Spearhead Pipeline and the associated
      portion of the Enbridge Pipeline that
      is located
      in the United States, such rights currently derived from CCPS Transportation,
      LLC’s (“CCPS”)
      Tariff
      No. 4 on file with the Federal Energy Regulatory Commission, as supplemented
      and/or amended from time to time (“Tariff
      No. 4”).
      Seller’s assignment and Purchaser's assumption of
      the
      foregoing rights shall
      be
      limited to the Batches involved in a Transaction and shall be evidenced by
      certificates acceptable as to form and substance by each of CCPS, Seller and
      Purchaser.

     

    (b)  Purchaser
      shall use reasonable commercial efforts to cause the transporting Pipelines
      to
      transport each Batch of Seller Crude Oil in accordance with all Governmental
      Requirements and the Pipelines’ operating rules and regulations for delivery
      during the applicable Off-take Month. In connection with Crude Oil purchased
      by
      Seller under the Supply Contracts for resale to Purchaser in the Transactions,
      Purchaser shall act as Seller’s representative in making all necessary
      ministerial arrangements with
      respect to nominating
      and scheduling deliveries, managing overall imbalance and cash-out exposure,
      trade imbalances with other shippers on each Pipeline’s system, and cash-out
      imbalances with transporters, including, taking actions to avoid or mitigate
      pipeline and distribution system penalties associated with transportation,
      distribution and delivery of Seller Crude Oil, including monitoring for system
      alert or operational notices, communicating with the Pipelines regarding
      operational matters that may affect imbalances or penalties, and taking actions
      to comply with or respond to any of the foregoing and handling any issues
      related thereto, and,
      in
      the event transportation of Seller Crude Oil is interrupted or suspended by
      a
      transporting Pipeline, assisting in arranging for storage of such Crude Oil
      on
      such terms and conditions as Seller deems acceptable (all of the foregoing
      being
      referred to as the “Transportation
      Activities”).
      Notwithstanding
      anything to the contrary in Section
      2.03,
      Section
      5.02
      or
Section
      5.03,
      if
      Purchaser fails to diligently and timely undertake any Transportation Activities
      described in this Section
      2.03(b),
      then,
      as its sole and exclusive remedy for such failure, Seller shall have the right
      to take control of and make (whether directly or through a service provider)
      any
      such Transportation Activities, and all direct costs incurred by Seller shall
      be
      charged to Purchaser as an additional Carrying Cost.
      For the
      avoidance of doubt, nothing in this Section
      2.03(b)
      shall
      confer to Purchaser the right to enter into or execute any contracts on behalf
      of Seller.

     

    (c)  Purchaser
      shall have the obligation to (i)
      procure that
      all
      Seller Crude Oil purchased
      by Seller for resale to Purchaser
      is
      stored or transported in such manner as will ensure that, to the extent
      consistent with prudent business storage practices in respect of various grades
      of Crude Oil, that Crude Oil purchased under a Supply Contract is separated
      physically from, and is not commingled with, any and all other Crude Oil or
      any
      other grade (provided, however, Seller acknowledges that Seller Crude Oil will
      be transported from the Injection Points set forth in the Supply Contracts
      to
      the Delivery Locations set forth in the Deal Sheets through the common carrier
      facilities of the Pipelines and pursuant to such Pipelines’ respective rules,
      regulations and standard practices affecting the transportation and/or storage
      of crude oil and other petroleum substances), and (ii)
      take
      commercially reasonable steps to assure the proper measurement of Seller Crude
      Oil, including verification that the quality or grade designated for purchase
      in
      a Supply Contract and delivered to a Pipeline is within commercial tolerances
      for such quality or grade and conforms to the latest American Society for
      Testing Materials (“ASTM”)
      or
      American Society of Mechanical Engineers-American Petroleum Institute
      (“API”)
      (Petroleum PD Meter Code) published methods then in effect and applicable to
      such quality or grade, handling the rejection of non-conforming Crude Oil,
      and
      pursing any claims of loss or damage arising therefrom.

     

    (d)  Prior
      to
      the delivery of Crude Oil to Purchaser at a Delivery Location in accordance
      with
      a Deal Sheet, Purchaser shall not claim or hold itself out as the owner of
      any
      Seller Crude Oil and will not create or permit any third party acting by or
      through Purchaser to create any mortgage, charge, pledge, lien or to otherwise
      encumber any portion of Seller Crude Oil without Seller’s prior approval in
      writing. Purchaser shall not deal with or in Seller Crude Oil in any way or
      otherwise part with possession of Seller Crude Oil without Seller’s prior
      written consent, except as expressly contemplated hereby, the Deal Sheets and/or
      the Supply Contracts, and Purchaser shall procure that none of its agents or
      any
      operators of any Pipeline do so. If a Pipeline operator shall issue to Purchaser
      (in its capacity as Seller’s representative with respect to the Transportation
      Activities) any certificates or documents evidencing ownership of the Seller
      Crude Oil prior to the Delivery Location, Purchaser agrees that such
      certificates or documents shall be issued in the name of Seller, or in the
      name
      of Purchaser on behalf of Seller, and that each original receipt will be sent
      as
      soon as practicable after its issue to Seller.

     

    (e)  To
      the
      extent any Pipeline operator or common carrier requires Seller to purchase
      or
      otherwise pay for a quantity of Crude Oil to serve as “tank-bottoms” or
“retention stock” (collectively, “Retention
      Stock”),
      Purchaser agrees to promptly acquire and deliver such quantity of Crude Oil
      as
      Retention Stock, or to pay for such Retention Stock at the price invoiced to
      Seller. Upon termination of this Agreement and upon Purchaser’s payment in full
      of all amounts due to Seller under this Agreement, Seller shall convey to
      Purchaser all its right, title and interest in and to such Retention
      Stock.

     

    Section
      2.04  Transportation
      Fees
      and
      Documentation

     

    (a)  In
      consideration for Seller’s sale of Crude Oil to Purchaser hereunder, Purchaser
      agrees to pay all tariffs, costs and expenses charged by the Pipelines for
      the
      transportation of each Batch of Crude Oil acquired by Seller pursuant to a
      Deal
      Sheet from such Crude Oil’s Injection Point to its Delivery Point. Seller shall
      cause to be provided to Purchaser each month a statement setting forth the
      transportation-related charges actually incurred by Seller (in its capacity
      as
      shipper) together with supporting pipeline invoices, statements and/or delivery
      schedules. Purchaser shall pay to Seller (or at Seller’s request, the Pipelines)
      all amounts due pursuant to this Section
      2.04
      no later
      than the date payments are due and payable to the relevant
      Pipelines.

     

    (b)  Purchaser
      shall be responsible for (i)
      the
      preparation of, delivering and retaining copies of, bills of sale, bills of
      lading, monthly pipeline reconciliation statements (in substantially the form
      of
      Exhibit E attached hereto or such other form as is mutually agreeable),
      quarterly lists of the grades of Crude Oil then approved for transportation
      by
      the Pipelines under approved and effective tariffs applicable or available
      to
      the Crude Oil, receipts and other instruments transferring title to Crude Oil
      subject to the Supply Contracts, the Deal Sheets and any transportation or
      storage agreement or tariff relating to the foregoing, (ii)
      arranging for the payment prior to becoming delinquent of all undisputed
      invoices of Suppliers, Pipelines, Pipeline operators and other parties, and
      amounts payable under transportation or storage agreements, pipeline agreements
      and other similar agreements, and (iii)
      handling
      accounting disputes and reconciliations, and preparing all necessary sales
      tax
      documents for filing by Seller as appropriate at the relevant Delivery
      Location.

     

    (c)  Purchaser
      shall maintain and make available to Seller any documentation received by
      Purchaser or in Purchaser’s possession related to the Seller Crude Oil and at
      any reasonable time, permit any representatives designated by Seller, upon
      reasonable prior notice, to visit and inspect its records relating to Seller
      Crude Oil and the contracts and agreements associated therewith, to examine
      and
      make extracts from its books and records, and to discuss its affairs, finances
      and condition with its officers and independent accountants, all at such
      reasonable times and as often as reasonably requested.

     

    Section
      2.05  Payment
      of Transfer Fees

     

    .
      Purchaser shall be solely responsible for the payment of all in line transfer
      fees payable to the owner of the Pipeline facilities, if any, in connection
      with
      the delivery of the Crude Oil at the relevant Delivery Location, including
      any
      such fees accruing to the account of Seller. Seller shall not be responsible
      for
      any insurance, storage, transportation or other costs in respect of the period
      after title to any Crude Oil Delivered hereunder has passed to Purchaser in
      accordance with Section
      2.09
      of this
      Agreement.

     

    Section
      2.06  Force
      Majeure Default Delivery Location

     

    .
      If as a
      result of an event of Force Majeure, either (a)
      Seller
      is unable, after using all reasonable commercial efforts, to deliver Crude
      Oil
      to Purchaser at the relevant Delivery Location or (b)
      Purchaser is unable, after using all reasonable commercial efforts, to receive
      Crude Oil from Seller at the relevant Delivery Location, then, to the extent
      commercially feasible, Seller shall be obligated to deliver and Purchaser shall
      be obligated to receive, the affected quantities of Crude Oil at a mutually
      acceptable comparable delivery location with mutually acceptable adjustments
      for
      quality, location and associated transportation costs. If the parties are unable
      to agree on a mutually acceptable comparable delivery location with mutually
      acceptable adjustments for quality, location and associated transportation
      costs, then Section 6.01(c) shall apply to the affected quantities.

     

    Section
      2.07  Transportation
      Imbalances 

     

    .
      Seller
      and Purchaser shall notify the other as promptly as possible of any changes
      in
      its rate of delivery or receipt of Crude Oil at the relevant Injection or
      Delivery Location, as the case may be, and take all reasonable actions necessary
      to avoid the incurrence of Pipeline penalties and imbalances. In the event
      a
      transporting Pipeline determines that a Transportation Imbalance (whether
      positive or negative) exists with respect to any Seller Crude Oil transported
      by
      such Pipeline during the term of this Agreement, and such Pipeline requires
      Seller (as shipper) to settle such Transportation Imbalance in cash or in kind,
      Seller shall assign to Purchaser, and Purchaser shall assume and accept, all
      rights and obligations with respect to such Transportation Imbalance, including
      the obligation to make payment for (or if settled in kind, make delivery of)
      any
      shortage and the right to receive payment for (or accept delivery of) any
      overage, in each case as established by the invoices, records and statements
      of
      the transporting Pipeline.

     

    Section
      2.08  Rights
      and Remedies; Waiver of Certain Damage Claims

     

    .
      Except
      as set forth in this Section
      2.08,
      the
      rights and remedies of the parties set forth in this Agreement and the other
      Transaction Documents are non-exclusive of the other rights and remedies of
      the
      parties existing at law or equity. It is expressly agreed that, notwithstanding
      any other rights or remedies which a party may have, payments made in accordance
      with Section
      2.07
      or
      Articles V
      or
VI
      of this
      Agreement constitute the exclusive and total compensation for damages available
      to Seller and Purchaser for non-delivery or non-acceptance of Crude Oil.
TO
      THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY SHALL BE LIABLE FOR
      ANY
      PUNITIVE, EXEMPLARY, INCIDENTAL, CONSEQUENTIAL, INDIRECT OR DIRECT (OTHER THAN
      AS SET FORTH IN THIS SECTION 2.08)
      OR OTHER DAMAGES, IN TORT, CONTRACT OR OTHERWISE IN RESPECT THEREOF. THE PARTIES
      ACKNOWLEDGE AND AGREE THAT THE CRUDE OIL SUBJECT OF THIS AGREEMENT IS NOT UNIQUE
      AND THAT NO CLAIM FOR SPECIFIC PERFORMANCE IS APPROPRIATE OR WILL BE MADE BY
      ANY
      PARTY.

     

    Section
      2.09  Possession,
      Title and Risk

     

    .
      Possession of and title to any quantities of Crude Oil Delivered pursuant to
      this Agreement and any Deal Sheet shall pass from Seller to Purchaser at the
      relevant Delivery Location when such Crude Oil is either (a)
      transferred to or delivered into the facilities of Purchaser’s designee at the
      Delivery Location for the account of Purchaser and such transfer is recorded
      by
      the applicable metering device or (b)
      the
      transporting Pipeline issues a custody transfer certificate or similar form
      or
      the Pipeline enters a notation in the Pipeline’s electronic records. Until such
      time, Seller shall be deemed to be in control and possession of, have title
      to,
      risk of loss of and be responsible for such Crude Oil and, after such time,
      Purchaser shall be deemed to be in control and possession of, have title to,
      risk of loss of and be responsible for such Crude Oil.

     

    Section
      2.10  Taxes

     

    (a)  Seller
      is
      liable for and shall pay, cause to be paid or reimburse Purchaser if Purchaser
      shall have paid, all Taxes applicable to the Crude Oil sold hereunder prior
      to
      the time title to the Crude Oil has passed to Purchaser, unless allocated to
      Purchaser as hereinafter provided. Purchaser is liable for and shall pay, cause
      to be paid or reimburse Seller if Seller shall have paid, all Taxes applicable
      to the Crude Oil sold hereunder at or after the time title to the Crude Oil
      has
      passed to Purchaser. Both parties shall use all their reasonable efforts to
      administer this Agreement and implement its provisions in accordance with their
      intent to minimize Taxes. Purchaser represents that it is engaged in the
      refining of the Crude Oil Delivered under this Agreement and the Deal Sheets
      and
      Purchaser is purchasing the Crude Oil for refining, and accordingly Purchaser
      is
      entitled to purchase the Crude Oil hereunder free of any Taxes pursuant to
      an
      Oklahoma manufacturing exemption. Each party agrees to cooperate with obtaining
      any exemption from or reduction of Tax upon request by the other
      party.

     

    (b)  Each
      of
      Seller and Purchaser shall be responsible for and discharge all taxes on its
      net
      worth or income, whether assessed or collected by any governmental authority
      of
      the United States, Canada, the Republic of Ireland or any political subdivision
      thereof, and shall indemnify and hold the other party harmless from and against
      any liabilities relating to such taxes.

     

    Section
      2.11  Limitations

     

    .
      PURCHASER ACKNOWLEDGES THAT IT HAS ENTERED INTO THIS AGREEMENT AND IS
      CONTRACTING FOR THE CRUDE OIL TO BE SUPPLIED BY SELLER BASED SOLELY UPON THE
      EXPRESS COVENANTS, REPRESENTATIONS AND WARRANTIES HEREIN SET FORTH (INCLUDING
      Section
      3.01(f))
      AND,
      SUBJECT TO SUCH COVENANTS, REPRESENTATIONS AND WARRANTIES (INCLUDING
Section
      3.01(f)),
      ACCEPTS SUCH CRUDE OIL “AS IS, WHERE IS” AND “WITH ALL FAULTS.”

     

    Section
      2.12  Early
      Termination of Agreement

     

    .
      In
      addition to any rights of Seller or Purchaser to terminate this Agreement under
      Article V
      or
VI,
      each
      such party shall have the right to terminate this Agreement and its obligations
      hereunder by designating in writing (a “Notice
      of Early Termination”)
      to the
      other party a day (such day being the “Early
      Termination Date”)
      on
      which this Agreement will terminate, provided that no Notice of Early
      Termination shall affect or impair the obligations of the parties arising prior
      to the Early Termination Date, including the obligations of Purchaser
(a)
      to
      receive and pay for Crude Oil acquired by Seller for resale to Purchaser
      pursuant to a Supply Contract executed prior to the Early Termination Date
      and
(b)
      to pay
      any other Unpaid Amounts due under any Transaction Documents. Any Notice of
      Early Termination shall clearly state that it is a “Notice of Early
      Termination”, shall specify the Termination Date and shall be received or deemed
      received as provided in Section
      7.01
      by the
      receiving party not less than 30 days prior to the Early Termination Date.
      

     

    Section
      2.13  Purchaser’s
      Early Purchase Option

     

    .
      With
      respect to any Batch of Crude Oil, Purchaser shall have the unilateral right
      and
      option at any time prior to delivery of such Crude Oil at the Delivery Location
      then specified in a Deal Sheet to purchase all of such Batch of Crude Oil by
      giving written notice to Seller of such election as soon as reasonably possible;
      provided, however, all early purchases pursuant to this Section
      2.13
      shall be
      made at a Delivery Location within the United States unless Seller otherwise
      agrees. Any such early sale of Crude Oil shall be deemed to be a sale of Crude
      Oil for purposes of Section 2.01 and Purchaser shall make payment for such
      Crude
      Oil in accordance with Section 2.01(d). The Purchase Price for such Batch of
      Crude Oil shall be determined as of the date of actual purchase, with, for
      this
      purpose, any Swaps related to the Batch subject of early purchase being settled
      by Seller as soon as commercially reasonable following Seller’s receipt of
      Purchaser’s notice of its election. Purchaser shall be authorized to
      provide
      all
      notices to transporting Pipelines concerning each election and early purchase
      by
      Purchaser pursuant to this Section
      2.13.
      Upon
      the giving of Purchaser’s notice, the affected Deal Sheet shall be deemed to
      have been amended to conform to the terms of Purchaser’s election.

     

    Section
      2.14  Performance
      of Obligations

     

    .
      Each
      party agrees that it will use reasonable care and diligence in its performance
      of its obligations contained in this Agreement such as it accords to its own
      business and as otherwise required hereby. Purchaser agrees that in fulfilling
      its obligations under this Agreement, including its performance of the
      Transportation Activities, it will not engage any agents or contractors without
      the prior written consent of Seller and will remain entirely liable for any
      losses and damages caused to Seller or any third person by the activities of
      its
      agents or contractors.

     

    ARTICLE
      III

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      3.01  Representations
      and Warranties of Seller

     

    .
      Seller
      represents and warrants to Purchaser as follows (which representations and
      warranties shall be deemed repeated on each date on which a Deal Sheet is
      executed by Seller):

     

    (a)  Status
      and Authority.
      Seller
      is a company duly incorporated and validly existing under the laws of the
      Republic of Ireland and has all necessary power and authority to carry on its
      business as now being conducted by it. Seller has full corporate power and
      authority to enter into this Agreement and the Transaction Documents to which
      it
      is a party and to do all acts and things and execute and deliver all other
      documents as are required hereunder or thereunder to be done, observed or
      performed by it in accordance with the terms hereof or thereof.

     

    (b)  Power
      and Authority.
      The
      execution, delivery and performance by Seller of this Agreement and the
      Transaction Documents to which it is a party and the consummation of the
      transactions contemplated hereby and thereby are within Seller’s power and
      authority and have been duly authorized by all necessary corporate
      action.

     

    (c)  Consents,
      Approvals, Etc.
      No
      authorization, consent or approval of, or other action by, or notice to or
      filing with, any governmental authority, regulatory body or any other Person
      is
      required for the due authorization, execution, delivery or performance by Seller
      of this Agreement or any Transaction Document to which it is a party, or the
      consummation of the transactions contemplated hereby and thereby except those
      approvals which have been obtained, and those notices and filings which have
      been made.

     

    (d)  Validity
      of Documents and Enforceability.
      This
      Agreement and the Transaction Documents to which Seller is a party are the
      legal, valid and binding obligations of Seller enforceable against Seller in
      accordance with their terms, except as the enforceability thereof may be limited
      by the effect of any applicable bankruptcy, insolvency, reorganization,
      moratorium or similar laws affecting creditors’ rights generally and by general
      principles of equity.

     

    (e)  Compliance
      with Laws.
      Neither
      the execution, delivery and performance by Seller of this Agreement or any
      Transaction Document to which it is a party, nor the consummation of the
      transactions contemplated by hereby or thereby (i)
      does or
      will violate any provision of any Applicable Instrument of Seller or any
      Governmental Requirement applicable to Seller or (ii)
      does or
      will result in or require the creation or imposition of any Lien on any
      properties, assets or revenues of Seller. Seller is in compliance in all
      material respects with the Applicable Instruments of Seller and all Governmental
      Requirements applicable to Seller.

     

    (f)  Ownership
      of Crude Oil.
      The
      Crude Oil to be delivered by Seller to Purchaser hereunder shall be delivered
      to
      Purchaser with good and marketable title thereto, free and clear of all
      Liens.

     

    (g)  Commercial
      Purpose.
      Seller
      has entered into this Agreement for commercial purposes related to its business
      and not for speculative purposes. Seller has the capability (either directly
      or
      indirectly), and intends, to make delivery of the Crude Oil to be delivered
      hereunder. Seller is selling the Crude Oil in the ordinary course of its
      business. Seller is acting as a principal and not as an agent, and understands
      and acknowledges that Purchaser has been and will be acting only on an arm’s
      length basis and not as its agent, broker, advisor or fiduciary in any respect
      (except with respect to Purchaser’s performance of the Transportation
      Activities); and Seller is relying solely upon its own evaluation of this
      Agreement and the transactions contemplated hereby (including the present and
      future results, consequences, risks and benefits thereof, whether financial,
      accounting, tax, legal or otherwise) and upon advice from its own professional
      advisors, understands this Agreement and the transactions contemplated hereby
      and the risks associated therewith, has determined that those risks are
      appropriate for it, and is willing to assume those risks, and has not relied
      and
      will not be relying upon any evaluation or advice (including any recommendation,
      opinion or representation) from Purchaser or its affiliates or the
      representatives or advisors of Purchaser or its affiliates.

     

    (h)  Environmental
      Matters.
      Seller
      represents that there are no material Environmental Licenses applicable to
      Seller’s activities contemplated by this Agreement and that there is no
      litigation or governmental proceeding pending nor, to its best knowledge,
      threatened against Seller which, if adversely determined, would have a material
      and adverse affect on its ability to purchase, own and resell Seller Crude
      Oil
      pursuant to this Agreement.

     

    (i)  CFMA.
      Seller
      represents that it is an “eligible commercial entity” as defined in Section
      1a(11) of the Commodity Exchange Act, and it is an “eligible contract
      participant” within the meaning of 1a(12) of the Commodity Exchange Act, as
      amended by the Commodity Futures Modernization Act of 2000.

     

    Section
      3.02  Representations
      and Warranties of Purchaser and Guarantor

     

    .
      Each of
      Purchaser and Guarantor represents and warrants to Seller as follows (which
      representations and warranties shall be deemed repeated on each date on which
      a
      Deal Sheet is executed by Purchaser):

     

    (a)  Status
      and Authority.
      Each is
      a corporation duly organized, validly existing and in good standing under the
      laws of the jurisdiction of its formation and has all necessary power and
      authority to carry on its business as now being conducted by it. Each has full
      corporate power and authority to enter into this Agreement and the Transaction
      Documents to which it is a party and to do all acts and things and execute
      and
      deliver all other documents as are required hereunder or thereunder to be done,
      observed or performed by it in accordance with the terms hereof or
      thereof.

     

    (b)  Power
      and Authority.
      The
      execution, delivery and performance by Purchaser and Guarantor of this Agreement
      and the Transaction Documents to which it is a party and the consummation of
      the
      transactions contemplated hereby and thereby are within its power and authority
      and have been duly authorized by all necessary corporate action.

     

    (c)  Consents,
      Approvals, Etc.
      No
      authorization, consent or approval of, or other action by, or notice to or
      filing with, any governmental authority, regulatory body or any other Person
      is
      required for the due authorization, execution, delivery or performance by
      Purchaser or Guarantor of this Agreement or any Transaction Document to which
      it
      is a party, or the consummation of the transactions contemplated hereby and
      thereby except those approvals which have been obtained, and those notices
      and
      filings which have been made, copies of all of which have been delivered to
      Seller.

     

    (d)  Validity
      of Documents and Enforceability.
      This
      Agreement and the Transaction Documents to which it is a party are its legal,
      valid and binding obligations enforceable against it in accordance with their
      terms, except as the enforceability thereof may be limited by the effect of
      any
      applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting creditors’ rights generally and by general principles of
      equity.

     

    (e)  Compliance
      with Laws.
      Neither
      the execution, delivery and performance by Purchaser or Guarantor of this
      Agreement or any Transaction Document to which it is a party, nor the
      consummation of the transactions contemplated by hereby or thereby (i)
      does or
      will violate any provision of any Applicable Instrument of Purchaser or
      Guarantor or any Governmental Requirement applicable to it or (ii)
      does or
      will result in or require the creation or imposition of any Lien on any of
      its
      properties, assets or revenues. Purchaser and Guarantor are in compliance in
      all
      material respects with its Applicable Instruments and all Governmental
      Requirements applicable to it.

     

    (f)  Investment
      Company.
      Purchaser is not an “investment company” subject to regulation under the
      Investment Company Act of 1940, as amended.

     

    (g)  Commercial
      Purpose.
      Purchaser has entered into this Agreement for commercial purposes related to
      its
      business in conjunction with its line of business and not for speculative
      purposes. Purchaser has the capability (either directly or indirectly), and
      intends, to take delivery of the Crude Oil to be delivered hereunder. Purchaser
      is acquiring the Crude Oil in the ordinary course of business. Purchaser is
      acting as a principal and not as an agent, and understands and acknowledges
      that
      Seller has been and will be acting only on an arm’s length basis and not as its
      agent, broker, advisor or fiduciary in any respect; and Purchaser is relying
      solely upon its own evaluation of this Agreement and the transactions
      contemplated hereby (including the present and future results, consequences,
      risks and benefits thereof, whether financial, accounting, tax, legal or
      otherwise) and upon advice from its own professional advisors, understands
      this
      Agreement and the transactions contemplated hereby and the risks associated
      therewith, has determined that those risks are appropriate for it, and is
      willing to assume those risks, and has not relied and will not be relying upon
      any evaluation or advice (including any recommendation, opinion or
      representation) from Seller or its affiliates or the representatives or advisors
      of Seller or its affiliates. Notwithstanding
      the foregoing, Seller and Purchaser acknowledge that Purchaser will act as
      Seller’s representative in connection with the Transportation Activities
      described in Section
      2.03(b).

     

    (h)  Environmental
      Matters

     

    .
      Purchaser will at the appropriate time obtain and thereafter maintain in full
      force and effect and in good standing all material Environmental Licenses (if
      any) applicable to its performance of the Transportation Activities and will
      at
      all times comply in all material respects with the terms and conditions of
      such
      Environmental Licenses. Purchaser has not given, nor is it under a duty to
      give,
      nor has it received, any Notice of Environmental Problem and that there is
      no
      litigation or governmental proceeding pending nor, to its best knowledge,
      threatened against Purchaser which, if adversely determined, would have a
      material and adverse affect on ability to perform the Transportation
      Activities.

     

    (i)  CFMA.
      Purchaser represents that it is an “eligible commercial entity” as defined in
      Section 1a(11) of the Commodity Exchange Act, and it is an “eligible contract
      participant” within the meaning of 1a(12) of the Commodity Exchange Act, as
      amended by the Commodity Futures Modernization Act of 2000.

     

    ARTICLE
      IV

    COVENANTS

     

    Section
      4.01  Affirmative
      Covenants of Seller

     

    .
      Seller
      covenants and agrees with Purchaser that so long as any obligation of Seller
      to
      deliver Crude Oil to Purchaser is outstanding hereunder:

     

    (a)  Compliance
      with Laws, Etc.
      Seller
      will comply with all Governmental Requirements applicable to the performance
      of
      Seller’s obligations hereunder, except where noncompliance therewith would not
      have a material adverse effect on Seller or on the performance of the
      Transaction Documents. Seller will comply in all material respects with the
      Applicable Instruments of Seller.

     

    (b)  Maintenance
      of Concessions, Permits, Leases and Licenses.
      Seller
      will maintain in full force and effect and good standing (and renew or extend
      when appropriate or lawfully permitted) all its rights under any existing or
      future material permits and transportation concessions, leases or licenses
      and
      will observe and perform all conditions or restrictions contained or arising
      thereunder, except to the extent any such failure to maintain, observe or
      perform would not have a material adverse effect on Seller or on the performance
      of the Transaction Documents.

     

    (c)  Notice
      of Event of Default.
      Seller
      shall notify Purchaser of the occurrence of any event which with the passage
      of
      time or the giving of notice, or both, would be a Seller’s Event of Default
      promptly after becoming aware of the same.

     

    (d)  Qualification.
      Seller
      will be duly qualified to do business as a foreign entity and will be in good
      standing under the laws of all jurisdictions in which the failure to be so
      qualified could have a material adverse effect on Seller.

     

    (e)  Environmental.
      Seller
      will comply with Section
      4.03(g).

     

    Section
      4.02  Negative
      Covenants of Seller

     

    .
      Seller
      covenants and agrees with Purchaser that so long as any obligation of Seller
      to
      deliver Crude Oil or to make any payment is outstanding hereunder, Seller will
      not at any time create, assume, incur or suffer to exist any Lien, other than
      Permitted Liens, on any Crude Oil subject to this Agreement or any Deal Sheet.
      Unless a Purchaser’s Event of Default has then occurred and is continuing,
      Seller agrees it will not (a)
      sell or
      transfer to any Person other than Purchaser or otherwise dispose of any Crude
      Oil acquired by Seller pursuant to this Agreement and/or any Deal Sheet or
      (b)
      amend
      the Master Agreement or the Credit Agreement without Purchaser’s prior written
      consent.

     

    Section
      4.03  Affirmative
      Covenants of Purchaser and Guarantor

     

    .
      Each of
      Purchaser and Guarantor covenants and agrees with Seller that so long as any
      obligation of Purchaser is outstanding hereunder:

     

    (a)  Compliance
      with Laws, Etc.
      Each
      will comply with all Governmental Requirements applicable to the performance
      of
      its obligations hereunder, except where noncompliance therewith would not have
      a
      material adverse effect on Purchaser or Guarantor or on their respective
      performance of the Transaction Documents. Each will comply in all material
      respects with its Applicable Instruments. Purchaser agrees to assist Seller
      in
      obtaining and maintaining in full force and effect and good standing (and renew
      or extend when appropriate or lawfully permitted) all permits, qualifications,
      licenses, authorities, consents, approvals, clearances or concessions deemed
      by
      Seller to be necessary or appropriate, in connection with Seller’s purchase,
      transportation and/or resale of Crude Oil purchased under this Agreement and
      Seller’s performance of its obligations under the Supply Contracts, this
      Agreement, the Deal Sheets, related transportation agreements or tariffs and
      the
      transactions contemplated hereby and thereby.

     

    (b)  Maintenance
      of Concessions, Permits, Leases and Licenses.
      Purchaser will maintain in full force and effect and good standing (and renew
      or
      extend when appropriate or lawfully permitted) all of its rights under any
      existing or future material permits and transportation concessions, leases
      or
      licenses and will observe and perform all conditions or restrictions contained
      or arising thereunder, except to the extent any such failure to maintain,
      observe or perform would not have a material adverse effect on Purchaser or
      on
      its performance of the Transaction Documents. Purchaser will be responsible
      for
      obtaining and maintaining in full force and effect and in good standing all
      Environmental Licenses (if any) required to be obtained with respect to the
      ownership or transportation of Crude Oil to be purchased and sold pursuant
      to
      this Agreement.

     

    (c)  Notice
      of Event of Default.
      Purchaser shall notify Seller of the occurrence of any event which with the
      passage of time or the giving of notice, or both, would be a Purchaser’s Event
      of Default promptly after becoming aware of the same.

     

    (d)  Qualification.
      Purchaser will be duly qualified to do business as a foreign entity and will
      be
      in good standing under the laws of all jurisdictions in which the failure to
      be
      so qualified could have a material adverse effect on Purchaser.

     

    (e)  Tax
      Indemnity.
      Any and
      all payments under this Agreement or under any Deal Sheet shall be made free
      and
      clear of and without deduction for any and all present or future Taxes. If
      Purchaser shall be required by law to deduct any Taxes from or in respect of
      any
      sum payable or any implied interest hereunder to Seller (i)
      the sum
      payable shall be increased by the amount necessary so that after making all
      required deductions (including deductions applicable to additional sums payable
      under this Section
      4.03(e)),
      Seller
      shall receive an amount of cash equal to the sum it would have received had
      no
      such deductions been made, (ii)
      Purchaser shall make such deductions and (iii)
      Purchaser shall pay the full amount deducted to the relevant taxing authority
      or
      other governmental authority in accordance with applicable law. Purchaser shall
      confirm that all applicable Taxes, if any, imposed on it by virtue of the
      transactions under this Agreement, have been properly and legally paid by it
      to
      the appropriate taxing authorities by sending to Seller either (A)
      official
      tax receipts or notarized copies of such receipts to Purchaser within 15 days
      after payment of any applicable Tax or (B)
      a
      certificate executed by an authorized officer of Purchaser confirming that
      such
      Taxes have been paid, together with evidence of such payment. To the fullest
      extent permitted by applicable law, Purchaser will indemnify Seller for the
      full
      amount of Taxes, including, but not limited to, any Taxes imposed by any
      jurisdiction on amounts payable under this Section
      4.03(e),
      paid by
      Seller pursuant to this Section
      4.03(e)
      and any
      liability (including penalties, interest and expenses) arising therefrom or
      with
      respect thereto, whether or not such Taxes were correctly or legally asserted.
      Any payment pursuant to such indemnification shall be made within 30 days after
      the date Seller makes written demand therefor.

     

    (f)  Financial
      Statements.

     

    (i)  As
      soon
      as available, but in any event in accordance with then applicable law and not
      later than 90 days after the end of each fiscal year of Guarantor, Guarantor
      shall deliver to Seller its audited consolidated balance sheet and related
      statements of operations, stockholders’ equity and cash flows as of the end of
      and for such year, setting forth in each case in comparative form the figures
      for the previous fiscal year, all reported on by independent public accountants
      of recognized national standing (without a “going concern” or like qualification
      or exception and without any qualification or exception as to the scope of
      such
      audit) to the effect that such consolidated financial statements present fairly
      in all material respects the financial condition and results of operations
      of
      Guarantor and its consolidated on a consolidated basis in accordance with GAAP
      consistently applied. 

     

    (ii)  As
      soon
      as available, but in any event in accordance with then applicable law and not
      later than 45 days after the end of each of the first three fiscal quarters
      of
      each fiscal year of Guarantor, Guarantor shall deliver to Seller its
      consolidated balance sheet and related statements of operations, stockholders’
equity and cash flows as of the end of and for such fiscal quarter and the
      then
      elapsed portion of the fiscal year, setting forth in each case in comparative
      form the figures for the corresponding period or periods of (or, in the case
      of
      the balance sheet, as of the end of) the previous fiscal year, all certified
      by
      one of its chief financial officer as presenting fairly in all material respects
      the financial condition and results of operations of Guarantor and its
      consolidated subsidiaries on a consolidated basis in accordance with GAAP
      consistently applied, subject to normal year-end audit adjustments and the
      absence of footnotes.

     

    (g)  Compliance
      with Environmental Laws.
      Purchaser and Seller shall use reasonable commercial efforts to cause each
      Pipeline (and each operator thereof) to comply continuously during the term
      of
      this Agreement with the following, insofar as they relate to the Crude Oil
      and/or the activities or transactions contemplated by this Agreement, the Deal
      Sheets and/or the Supply Contracts:

     

    (i)  Environmental
      Laws relating inter alia to (A)
      releases, discharges, emissions, or disposals of Hazardous Substances to air,
      overlaying land and soil, watercourses (such as streams, rivers and lakes),
      ground water (i.e. percolating water) or surface waters (including rainfall
      and
      seepage); (B)
      the use,
      handling, disposal, treatment, storage or management of Hazardous Substances;
      (C)
      the
      exposure of Persons to Hazardous Substances; and (D)
      the
      transportation, storage, disposal, management, or release of Hazardous
      Substances, and any regulation, order, injunction, judgment, declaration,
      notice, or demand issued thereunder; and

     

    (ii)  laws
      relating inter
      alia
      to any
      substantial and unreasonable interference with (A)
      any
      private individual’s use or enjoyment of property or (B)
      the
      health, safety or property rights of the community;

     

    (h)  Notices
      of Environmental Problems.
      In the
      event Purchaser receives or obtains knowledge of a Notice of Environmental
      Problem, Purchaser shall promptly (but no later than 3 Business Days from
      receipt or submission of such notice) provide a copy to Seller of such notice
      and, if requested, shall provide Seller with a written report (including an
      assessment and environmental audit) relating to any properties affected thereby.
      Purchaser agrees that as between Seller and Purchaser, Purchaser will be solely
      liable in the event of losses or damages (including any losses or damages
      resulting from a violation of any Environmental Law or any release or threatened
      release of Hazardous Substances) to any Person or any Property caused by Crude
      Oil purchased by Seller pursuant to a Supply Contract for resale to
      Purchaser.

     

    (i)  Transportation
      Statements and Pipeline Information.
      Purchaser shall:

     

    (i)  as
      soon
      as practicable and in any event no later than the fourth (4th) Business Day
      after Purchaser’s receipt of the transporting Pipeline’s end of month
      transportation statement, prepare and deliver to Seller a monthly pipeline
      reconciliation statement, substantially in the form of Exhibit E hereto,
      summarizing for the prior calendar month and each subsequent month then
      scheduled as an Off-take Month, all purchases of Crude Oil by Seller (and
      specifying quality, quantity and price for each purchase transaction), all
      actual deliveries and scheduled deliveries to Seller, Injection Point(s) for
      each such quantity, all quantities then in transit or storage, all quantities
      delivered and sold on behalf of Seller at the Delivery Locations (and specifying
      quality, quantity and price for each sale transaction) and such other
      information related to any of the foregoing as Seller may reasonably
      request;

     

    (ii)  at
      least
      once per calendar quarter or upon the request of Seller, a list of the grades
      of
      crude oil then approved for transportation by the Pipelines under approved
      and
      effective tariffs applicable or available to the Crude Oil; or if one of the
      grades specified in the definition of “Crude Oil” ceases to be a grade approved
      for transportation, prompt notice of such status;

     

    (iii)  unless
      continuously available by electronic means or on a website to which Seller
      has
      been granted access, a nomination schedule for transporting Crude Oil and any
      information received from the Pipeline operator related thereto, such
      information to be furnished to Seller promptly upon becoming available from
      a
      Pipeline operator and in any event not less frequently than once per calendar
      quarter;

     

    (iv)  promptly
      upon becoming aware of any change to a previously published nomination schedule
      which change affects any Crude Oil, prompt notice of such change; 

     

    (v)  promptly
      upon becoming aware of any “apportionment” by a common carrier or Pipeline
      operator, but in any event within five (5) Business Days of such event, notice
      of such apportionment; and

     

    (vi)  use
      commercially reasonable efforts, consistent with those of a reasonably prudent
      shipper, to gain access to each Pipeline’s relevant notification systems and
      monitor the injection, scheduling and flow of all Barrels of Crude Oil to their
      intended destination in each transporting Pipeline; promptly deliver such
      information to Seller at reasonable intervals or more frequently if requested
      of
      Seller; and assist Seller to gain such access to such notification
      systems.

     

    ARTICLE
      V

    EVENTS
      OF DEFAULT AND EARLY TERMINATION

     

    Section
      5.01  Seller’s
      Events of Default

     

    .
      Each of
      the following events shall constitute a “Seller’s
      Event of Default”
under
      this Agreement:

     

    (a)  Seller
      shall fail to deliver the required quantities of Crude Oil to any Delivery
      Location (or any alternate Delivery Location) in accordance with the terms
      of
      this Agreement and the relevant Deal Sheet; or 

     

    (b)  Seller
      shall fail to perform or observe any material term, covenant or agreement
      contained herein or in any Transaction Document to which it is a party on its
      part to be performed or observed and such failure shall remain unremedied for
      twenty-five (25) days after notice thereof to Seller by Purchaser;
      or

     

    (c)  any
      representation or warranty made by Seller in this Agreement or any Transaction
      Document shall prove to have been incorrect in any material respect when made
      or
      when deemed made.

     

    Section
      5.02  Purchaser’s
      Events of Default

     

    .
      Each of
      the following events shall constitute a “Purchaser’s
      Event of Default”
under
      this Agreement:

     

    (a)  Purchaser
      shall fail to accept the required quantities of Crude Oil at any Delivery
      Location (or any alternate Delivery Location) in accordance with the terms
      of
      this Agreement and the relevant Deal Sheet; or 

     

    (b)  Purchaser
      or Guarantor shall fail to pay the Purchase Price due on any Payment Date or
      any
      amounts due under this Agreement or any other Transaction Document and such
      failure is not remedied within the grace period set forth in the applicable
      agreement or, if no grace period is specified, within three (3) Business Days
      after the Business Day on which such payment is due; or

     

    (c)  Purchaser
      or Guarantor shall fail to perform or observe any material term, covenant or
      agreement contained herein or in any Transaction Document to which it is a
      party
      on its part to be performed or observed (other than the failure to perform
      obligations related to Transportation Activities or any term, covenant or
      agreement whose breach or default in performance is specifically dealt with
      elsewhere in this Section
      5.02)
      and
      such failure shall remain unremedied for twenty-five (25) days after notice
      thereof to Purchaser and Guarantor by Seller; or

     

    (d)  any
      representation or warranty made by Purchaser or Guarantor in this Agreement
      or
      any Transaction Document shall prove to have been incorrect in any material
      respect when made or when deemed made;

     

    (e)  to
      the
      extent permitted by applicable law, an “Event of Default” under Second Amended
      and Restated Revolving Credit Agreement dated November 22, 2004, by and
      among Purchaser, as borrower, the Guarantor and the lenders named therein shall
      occur and be continuing; or

     

    (f)  any
      event
      or circumstance shall occur and be continuing which could reasonably be expected
      to have a material and adverse effect on the financial condition or the ability
      of Guarantor and Purchaser to perform its obligations under this Agreement
      and
      the other Transaction Documents.

     

    Section
      5.03  Default
      Rights; Early Termination

     

    .
      At any
      time while an Event of Default is continuing, the non-defaulting party may
      provide a written notice to the defaulting party specifying the relevant Event
      of Default, and either demand adequate assurances under Article 2-609 of the
      Uniform Commercial Code (and pending the delivery of such adequate assurances,
      suspend its own performance, unless such performance is the payment of money)
      or
      designate a Business Day not earlier than the fifth (5th) Business Day following
      the defaulting party’s receipt of such notice (as provided in Section
      7.01)
      as a
      default termination date (“Default
      Termination Date”).
      To
      the extent an Event of Default is established to exist and has not been resolved
      to the non-defaulting party’s satisfaction, then upon the occurrence of a
      Default Termination Date, the obligations of the parties to make or receive
      any
      further deliveries of Crude Oil under this Agreement (except the obligations
      of
      Purchaser to receive and pay for Crude Oil acquired by Seller pursuant to a
      Supply Contract entered into prior to the Default Termination Date) shall
      terminate and without limiting the non-defaulting party’s other remedies, the
      non-defaulting party shall have the right to decline to enter into any
      additional Transactions.

     

    Section
      5.04  Failure
      to Make or Accept Delivery.

     

    (a)  If
      other
      than as a result of an event of Force Majeure, Purchaser defaults in its
      obligation to accept delivery at the applicable Delivery Location of all or
      any
      part of the quantities of Crude Oil scheduled to be Delivered by Seller, then
      Seller shall sell the quantity of Crude Oil not accepted by Purchaser and
      Purchaser shall pay to Seller, as liquidated damages, an amount equal to the
      difference between (i)
      the
      Purchase Price applicable to the quantity of such Crude Oil, less (ii)
      the
      Replacement Value of such quantity; provided,
      however,
      if the
      Replacement Value exceeds the Purchase Price, then Seller shall pay such
      difference to Purchaser. Such payment shall be due on the date that Seller
      presents to Purchaser a certificate reflecting the amount due. Seller agrees
      to
      use all reasonable commercial efforts to maximize the Replacement Value and
      Seller shall prepare and deliver to Purchaser, within five (5) Business Days
      after the end of the applicable Off-take Month, a certificate setting out the
      calculation of the Replacement Value accompanied by reasonably available back-up
      documentation therefor. Any such certificate shall, absent manifest error,
      be
      conclusive evidence of the amount due in respect of the Replacement
      Value.

     

    (b)  If
      other
      than as a result of an event of Force Majeure or a failure by a Supplier to
      deliver as provided in Section
      2.02,
      Seller
      defaults in its obligation to deliver the required quantities of Crude Oil
      to
      Purchaser at the applicable Delivery Location, then Purchaser may purchase
      through ordinary commercial channels a quantity of Crude Oil equal to the
      quantity of Crude Oil not Delivered by Seller and Seller shall pay to Purchaser,
      as liquidated damages, an amount equal to the difference between (i)
      the
      Replacement Value of such quantity of Crude Oil, less (ii)
      the
      Purchase Price applicable to such quantity. Such payment shall be due on the
      date Purchaser presents to Seller a certificate reflecting the amount due.
      Purchaser agrees to use all reasonable commercial efforts to minimize the
      Replacement Value and Purchaser shall prepare and deliver to Seller, within
      five
      (5) Business Days after the end of the applicable Off-take Month, a certificate
      setting out the calculation of the Replacement Value accompanied by reasonably
      available back-up documentation therefor. Any such certificate shall, absent
      manifest error, be conclusive evidence of the amount due in respect of the
      Replacement Value.

     

    ARTICLE
      VI

    TERMINATION
      RIGHTS RESULTING FROM FORCE MAJEURE 

     

    Section
      6.01  Termination
      Rights After Force Majeure.

     

    (a)  Each
      party shall notify the other as soon as possible of any anticipated inability
      to
      perform all or any portion of its obligations hereunder as the result of an
      event of Force Majeure. Such notice shall specify the event constituting a
      Force
      Majeure and the anticipated duration of such party’s inability to perform as a
      result thereof.

     

    (b)  If
      an
      event of Force Majeure has occurred and is continuing, the obligations of the
      party affected by such event of Force Majeure shall be suspended during the
      duration of such event, provided the forgoing shall not affect the obligations
      of a party which may have accrued prior to the occurrence of such event or
      which
      are unaffected by such event, including without limitation, the obligation
      of
      Purchaser to pay for Crude Oil delivered to it. Each party agrees to take all
      reasonable commercial steps to avoid or mitigate the consequences of an event
      of
      Force Majeure and to bring it to an end as soon as is reasonably possible.
      

     

    (c)  During
      the continuation of any Force Majeure, to the extent the parties cannot reach
      an
      agreement under Section 2.06, Purchaser shall have the exclusive right (unless
      a
      Purchaser’s Event of Default has then occurred and is continuing), and hereby
      agrees (unless a Purchaser’s Event of Default has then occurred and is
      continuing and the Seller has given written notice to Purchaser that Seller
      intends to market), to either (i)
      take all
      commercially reasonably efforts to promptly market and dispose of to one or
      more
      third persons, or (ii)
      purchase, all Crude Oil the transportation, delivery and/or receipt of which
      is
      then suspended as the result of such Force Majeure. Any such sale or other
      disposition to a third person or purchase by Purchaser shall be treated as
      an
      early purchase under Section 2.13, settled in the manner set forth in such
      section, and Purchaser shall pay the Purchase Price for such affected quantities
      as contemplated in such section.

     

    (d)  If
      any
      one or more events of Force Majeure occur and continue for a consecutive period
      of longer than ninety (90) days, then either party may designate a force majeure
      termination date (“Force
      Majeure Termination Date”)
      upon
      not less than two (2) and not more than ten (10) Business Days’ notice to the
      other party. Upon the Force Majeure Termination Date, the parties’ obligations
      hereunder shall terminate, except for the obligation of Purchaser to pay any
      Unpaid Amounts.

     

    ARTICLE
      VII 

    MISCELLANEOUS

     

    Section
      7.01  Notice

     

    .
      Any
      demand, notice or communication to be made or given hereunder shall be in
      writing and may be made or given by personal delivery or by transmittal by
      telecopy or other mutually acceptable electronic means of communication
      addressed to the respective party as follows:

     

    To
      Seller:

    

    Utexam
      Limited

    5
      George’s Dock

    IFSC

    Dublin
      1,
      Ireland

    Attention:
      Mr. Clive Christie

    Telephone
      No.: +353.1.612.50.00

    Telecopier
      No.: +353.1.612.51.05

    

    with
      a
      copy to:

     

    BNP
      Paribas

    787
      Seventh Avenue

    New
      York,
      NY 10019

    Attention:
      Keith Cox

    Telecopier
      No.: 212.841.2536

    Telephone
      No.: 212.841.2575

    

    To
      Purchaser:

     

    Frontier
      Oil and Refining Company 

    4610
      S.
      Ulster Street, Suite 200

    Denver,
      Colorado 80237

    Attention:
      Mr. Joey W. Purdy

    Telephone
      No.: 303.714.0125

    Telecopier
      No.: 303.714.1030

    

    with
      copy
      to:

     

    Frontier
      Oil Corporation 

    10000
      Memorial Drive, Suite 600

    Houston,
      Texas 77024-0616

    Attention:
      Mr. Doug Aron, Vice President—Corporate Finance

    Telephone
      No.: 713.688.9600

    Telecopier
      No.: 713.688.0616

    

    or
      to
      such other address or telecopy number as any party may from time to time notify
      the other in accordance with this Section
      7.01.
      Any
      demand, notice or communication made or given by personal delivery shall be
      conclusively deemed to have been given on the day of actual delivery thereof,
      or, if made or given by telecopy or any other mutually acceptable electronic
      means of communication, on the date of such transmittal or if such date is
      not a
      Business Day, on the first Business Day following the transmittal
      thereof.

     

    Contacts
      designed for approval of a Transaction and execution of Deal Sheets are Mr.
      Clive Christie in Dublin and any other Person(s) designated in writing by
      Seller, with copies to BNP Paribas, attention Mr. Keith Cox and any other
      Persons designated in writing by Seller. 

     

    Section
      7.02  Interest
      on Overdue Amounts

     

    .
      If any
      monetary amounts payable under this Agreement are not paid when due, then such
      overdue amount shall bear interest for each day until paid in full, payable
      on
      demand, both before and after judgment or petition for bankruptcy, the Default
      Termination Date and the Force Majeure Termination Date, at the U.S. Base Rate
      plus two percent per annum on the basis of the actual number of days elapsed
      and
      on the basis of a year of 360 days, as the case may be. Such interest shall
      be
      determined daily and compounded monthly in arrears on the last day of each
      calendar month.

     

    Section
      7.03  Governing
      Law; Waiver of Jury Trial

     

    (a)  THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK AND APPLICABLE FEDERAL LAWS OF THE UNITED STATES OF
      AMERICA.

     

    (b)  ANY
      PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT
      MAY
      BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK
      OR
      OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK AND, BY EXECUTION
      AND
      DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
      ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
      UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. TO THE EXTENT
      PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
      CONSENTS TO THE SERVICE OF PROCESS WITH RESPECT TO ANY PROCEEDING (WHETHER
      OR
      NOT IN NEW YORK), BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
      MAIL, POSTAGE PREPAID, TO SUCH PERSON, AT ITS RESPECTIVE ADDRESS, SUCH SERVICE
      TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING.

     

    (c)  EACH
      OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
      BY
      APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
      OF VENUE OF ANY OF THE AFORESAID PROCEEDINGS ARISING OUT OF OR IN CONNECTION
      WITH THIS OR ANY OTHER TRANSACTION DOCUMENT BROUGHT IN THE COURTS REFERRED
      TO IN
      SECTION 7.03(b)
      HEREOF
      AND HEREBY FURTHER IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY
      SUCH
      PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
      FORUM.

     

    (d)  EACH
      OF
      THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED
      BY
      LAW ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING
      DIRECTLY OR INDIRECTLY TO ANY OF THIS AGREEMENT OR ANY OTHER TRANSACTION
      DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED
      ON
      CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (i)
      CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
      REPRESENTED EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT
      OF
      LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii)
      ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER
      INTO
      THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
      IN
      THIS PARAGRAPH.

     

    Section
      7.04  Severability

     

    .
      In the
      event that one or more of the provisions contained in this Agreement shall
      be
      judicially determined to be invalid, illegal or unenforceable in any respect
      under any applicable law the validity, legality or enforceability of the
      remaining provisions hereof shall not be affected or impaired thereby and the
      parties agree to negotiate in good faith to agree on a provision which is
      enforceable and which preserves the economic bargain of the parties to the
      greatest extent possible. Each of the Sections of this Agreement is hereby
      declared to be separate and distinct.

     

    Section
      7.05  Place
      of Payment; Currency

     

    .
      Unless
      otherwise stated, all payments herein or in any Transaction Document shall
      be
      made at the offices of Seller in New York City, New York. Unless otherwise
      stated, all amounts expressed herein in terms of money refer to the United
      States Dollar and all payments to be made and prices mentioned hereunder shall
      be made in United States Dollars. Seller shall be entitled to set-off amounts
      it
      owes hereunder against amounts owed to it or any of its affiliates by Purchaser
      or Guarantor or any of their affiliates.

     

    Section
      7.06  No
      Agency; No Joint Venture

     

    .
      Purchaser acknowledges and confirms that all purchases of Crude Oil made by
      it
      hereunder are being made by it as a principal and that it is not acting as
      agent
      for any other Person in connection with purchases of Crude Oil hereunder.
      Purchaser acknowledges and agrees that Seller is not acting as an agent of
      Purchaser under any Supply Contract and no joint venture, partnership or similar
      enterprise is intended or exists as a result of the transactions contemplated
      by
      this Agreement or any Deal Sheet. There are no third party
      beneficiaries.

     

    Section
      7.07  Benefit
      of the Agreement

     

    .
      This
      Agreement shall inure to the benefit of and be binding upon Seller, Purchaser
      and Guarantor and their respective permitted successors and
      assigns.

     

    Section
      7.08  Assignment
      and Transfer

     

    .
      Except
      as provided in this Section
      7.08,
      neither
      party may assign any rights or delegate any obligations hereunder without the
      prior written consent of the other party. Seller may grant a security interest
      and collaterally assign all of its right title and interest in and to this
      Agreement and any other Transaction Document to one or more banks or other
      financial institutions providing financing to it. 

     

    Section
      7.09  Entire
      Agreement

     

    .
      This
      Agreement and the other Transaction Documents constitute the entire agreement
      between the parties hereto and supersedes any prior agreement, undertaking,
      declarations, commitments or representations, written or oral, in respect
      thereof. There are no unwritten oral agreements among the parties.

     

    Section
      7.10  Amendments

     

    .
      This
      Agreement may not be modified or amended except by an instrument in writing
      signed by Purchaser, Seller and Guarantor or by their respective successors
      or
      permitted assigns.

     

    Section
      7.11  No
      Waivers, Remedies

     

    .
      No
      failure to exercise and no delay in exercising any right hereunder shall operate
      as a waiver thereof nor shall any single or partial exercise of any right
      hereunder preclude any other or further exercise thereof or the exercise of
      any
      other right. The remedies herein provided are cumulative and not exclusive
      of
      any remedies provided by law except as otherwise expressly provided
      herein.

     

    Section
      7.12  Time
      of the Essence

     

    .
      Time
      shall be of the essence of this Agreement.

     

    Section
      7.13  Counterparts

     

    .
      This
      Agreement may be executed in counterparts, each of which so executed shall
      be
      deemed to be an original and such counterparts together shall constitute one
      and
      the same instrument.

     

    Section
      7.14  Intent

     

    .
      It
      is the
      express intent of the parties that this Agreement and each Transaction pursuant
      to this Agreement to be construed as a contract of purchase and sale of Crude
      Oil between Seller, as seller, and Purchaser, as buyer. Further, it is not
      the
      intention of the parties that this Agreement or any Transaction be deemed a
      financing or a grant of a charge, lien or security interest in Crude Oil or
      any
      other rights of Purchaser under this Agreement or any Transaction Document
      to
      secure a debt or other obligation of either Purchaser or Guarantor.

     

    The
      parties further intend that this Agreement shall constitute a “forward contract”
and Seller and Purchaser are “forward contract merchants” within the meaning of
      Section 556 of the United States Bankruptcy Code of 1978, as amended from time
      to time. 

     

    Section
      7.15  Disclosure
      of Information

     

    .
      In the
      event that any party provides any other party with written confidential
      information belonging to such disclosing party or its affiliates which has
      been
      denominated in writing as “confidential”, the non-disclosing party agrees to
      thereafter maintain such information in confidence in accordance with the
      standards of care and diligence that each utilizes in maintaining its own
      confidential information. This obligation of confidence shall not apply to
      such
      portions of the information which (a)
      are in
      the public domain, (b)
      hereafter become part of the public domain without such party breaching its
      obligation of confidence hereunder, (c)
      are
      previously known by such party from some source other than the disclosing party,
      (d)
      are
      hereafter developed by such party without using the disclosing party’s
      information, (e)
      are
      hereafter obtained by or available to such party from a third party who owes
      no
      obligation of confidence to the disclosing party with respect to such
      information or through any other means other than through disclosure by the
      disclosing party, (f)
      are
      disclosed with the disclosing party’s consent, (g)
      must be
      disclosed either pursuant to any Governmental Requirement or to Persons
      regulating the activities of the non-disclosing party, or (h)
      as may
      be required by law or regulation or order of any governmental authority in
      any
      judicial, arbitration or governmental proceeding; provided, however, that any
      party required pursuant to clauses (g)
      or
(h)
      above to
      disclose shall, as soon as practicable, give prior written notice to the other
      party that such disclosure is required and shall consult with such party on
      whether to so disclose, and if so, what action should be taken, if any, to
      resist such requirement. Further, any party may disclose any such information
      to
      its affiliates, any consultants, any independent certified public accountants,
      any legal counsel employed by it in connection with this Agreement or any
      Transaction Document, including without limitation, for the purpose of
      investigating and appraising the business, financial condition,
      creditworthiness, status and affairs of the other party or the enforcement
      or
      exercise of all rights and remedies thereunder; provided, however, that it
      imposes on such Person to whom such information is disclosed the same obligation
      to maintain the confidentiality of such information as is imposed upon it
      hereunder. In addition, in connection with any assignment or participation
      pursuant to Section
      7.08,
      Seller
      may disclose to its lenders or any assignee or participant or proposed assignee
      or participant any such information; provided that prior to any such disclosure,
      the assignee or participant or proposed assignee or participant shall agree
      to
      comply with this Section. In addition, Seller may disclose any such information
      to the Swap Provider. Notwithstanding anything to the contrary provided herein,
      this obligation of confidence shall cease three (3) years from the date the
      information was furnished, unless the disclosing party requests in writing
      at
      least 30 days prior to the expiration of such three year period, that the
      non-disclosing party maintain the confidentiality of such information for an
      additional three year period. Each party waives any and all other rights it
      may
      have to confidentiality as against the other arising by contract, agreement,
      statute or law except as expressly stated in this Section.

     

    Section
      7.16  Stamp
      and Documentary Taxes

     

    .
      To the
      fullest extent permitted by applicable law, Purchaser agrees to pay, and shall
      indemnify Seller for any and all liabilities incurred by it in connection with,
      any present or future stamp or documentary taxes or similar levies that arise
      from any payment made hereunder or from the execution, delivery or registration
      of, or otherwise with respect to, this Agreement or any other Transaction
      Document. 

     

    Section
      7.17  Further
      Assurances

     

    .
      The
      parties hereto agree to take all such further actions and to execute,
      acknowledge and deliver all such further documents that are necessary or useful
      to carry out the purposes of this Agreement, as may be reasonably requested
      by
      either party.

     

    Section
      7.18  Successors
      and Assigns

     

    .
      All
      references to Seller, Purchaser and Guarantor herein shall mean Seller,
      Purchaser and Guarantor and their respective successors and assigns as permitted
      under this Agreement.

     

    Section
      7.19  Survival

     

    .
      Notwithstanding anything to the contrary contained herein, the obligations
      to
      make payment hereunder, and the obligation of either party to indemnify the
      other, pursuant hereto shall survive the termination of this
      Agreement.

     

    Section
      7.20  INDEMNITY

     

    .
      (a)
      PURCHASER SHALL INDEMNIFY SELLER AND EACH RELATED PARTY OF SELLER (EACH SUCH
      PERSON BEING CALLED AN “INDEMNITEE”)
      AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS,
      DAMAGES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE FEES, CHARGES AND
      DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE, INCURRED BY OR ASSERTED AGAINST
      ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF
(i)
      THE
      EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR
      THE
      PERFORMANCE BY PURCHASER OF ITS OBLIGATIONS HEREUNDER, (ii)
      THE
      FAILURE OF PURCHASER TO COMPLY WITH THE TERMS OF ANY TRANSACTION DOCUMENT,
      INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iii)
      ANY
      INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT
      OF
      PURCHASER SET FORTH HEREIN OR IN ANY OF THE TRANSACTION DOCUMENTS OR ANY
      INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH,
      (iv)
      ANY
      BREACH OR NON-COMPLIANCE BY PURCHASER OF THIS AGREEMENT AND THE OTHER
      TRANSACTION DOCUMENTS, INCLUDING WITHOUT LIMITATION ANY DAMAGES SUFFERED BY
      THE
      SELLER UNDER THIS AGREEMENT AS THE RESULT OF A BREACH OF THIS AGREEMENT BY
      PURCHASER OR ANY COSTS ASSOCIATED WITH FINDING AN ALTERNATE PROVIDER TO PERFORM
      THE TRANSPORTATION ACTIVITIES RELATED TO ANY CRUDE OIL IN TRANSIT AFTER THE
      OCCURRENCE AN EVENT OF DEFAULT AND THE TERMINATION OF THIS AGREEMENT UNDER
      SECTION 5.01, (v)
      THE
      OPERATIONS OF THE BUSINESS OF PURCHASER AND ITS AFFILIATES, (vi)
      ANY
      ASSERTION THAT SELLER WAS NOT ENTITLED TO RECEIVE ANY SELLER CRUDE OIL OR THE
      PROCEEDS OF THE SALE OF ANY SELLER CRUDE OIL, OR ANY SUITS, ACTIONS, DEBTS,
      ACCOUNTS, DAMAGES, COSTS, LOSSES AND EXPENSES ARISING FROM OR OUT OF ADVERSE
      CLAIMS OF ANY AND ALL PERSONS IN RESPECT OF ROYALTIES, TAXES, LICENSE FEES
      OR
      CHARGES THEREON WHICH ARE APPLICABLE BEFORE THE TITLE TO ANY CRUDE OIL PASSES
      TO
      SELLER OR WHICH MAY BE LEVIED AND ASSESSED UPON SELLER, (vii)
      ANY
      ENVIRONMENTAL LAW APPLICABLE TO PURCHASER OR ANY OF ITS AFFILIATES OR ANY OF
      THEIR PROPERTIES, INCLUDING WITHOUT LIMITATION, LAWS RELATING TO THE PRESENCE,
      GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL,
      ARRANGEMENT OF DISPOSAL OR TREATMENT OF OIL, OIL AND GAS WASTES, SOLID WASTES
      OR
      HAZARDOUS SUBSTANCES ON ANY PROPERTY, (viii)
      THE
      BREACH OR NON-COMPLIANCE BY PURCHASER OR ANY OF ITS AFFILIATES WITH ANY
      ENVIRONMENTAL LAW APPLICABLE TO PURCHASER OR ANY OF ITS AFFILIATES, (ix)
      OWNERSHIP BY SELLER OR PURCHASER OR ITS AFFILIATES OF ANY SELLER CRUDE OIL
      OR
      THE INJECTION, TRANSPORTATION, STORAGE, HANDLING, PURCHASE, SALE, DELIVERY
      OR
      RECEIPT OF ANY SELLER CRUDE OIL, (x)
      THE
      PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED
      RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF
      ANY
      SELLER CRUDE OIL AND ANY ASSOCIATED OIL AND GAS WASTES, SOLID WASTES OR
      HAZARDOUS SUBSTANCES, (xi)
      ANY
      ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO SELLER, PURCHASER OR ANY OF THEIR
      RESPECTIVE AFFILIATES ARISING OUT OF ANY TRANSACTION DOCUMENT OR ANY TRANSACTION
      CONTEMPLATED THEREBY, (xii)
      ANY
      OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION ARISING IN CONNECTION WITH
      THE
      ACTIVITIES CONTEMPLATED BY THE TRANSACTION DOCUMENTS, (xiii)
      ANY
      DAMAGES CAUSED DIRECTLY OR INDIRECTLY BY SELLER CRUDE OIL TO ANY THIRD PARTY
      AND
      ANY DAMAGE TO CRUDE OIL, (xiv)
      ANY
      UNRECOVERABLE CHARGES, LOSSES, DAMAGES OR INDEMNITIES PAID BY SELLER TO ITS
      LENDERS UNDER THE CREDIT FACILITY PURSUANT TO WHICH SELLER OBTAINS FUNDS TO
      ACQUIRE THE SELLER CRUDE OIL (EXCLUDING INTEREST BUT INCLUDING ADDITIONAL
      AMOUNTS DUE AS THE RESULT OF THE UNAVAILABILITY OF LIBOR), OR (xv)
      ANY
      ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING
      TO
      ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND
      REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY
      SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT
      NEGLIGENCE OF EVERY KIND OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE,
      WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL
      TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS
      OF
      ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT LIABILITY IMPOSED WITHOUT
      FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED, HOWEVER, THAT
(A)
      THE
      FOREGOING INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT
      THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE
      DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE
      JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF
      SUCH INDEMNITEE AND (B)
      PURCHASER SHALL BE SUBROGATED TO EACH INDEMNITEE’S RIGHTS (INCLUDING RIGHTS
      UNDER CONTRACTS WITH THIRD PARTIES) CONCERNING ANY INDEMNIFIED CLAIM
      HEREUNDER.

     

    (b)  To
      the
      extent permitted by applicable law, Purchaser and Guarantor shall not assert,
      and hereby waives, any claim against any Indemnitee, on any theory of liability,
      for special, indirect, consequential or punitive damages (as opposed to direct
      or actual damages) arising out of, in connection with, or as a result of, this
      Agreement, any other Transaction Document or any agreement or instrument
      contemplated hereby or thereby or the Transactions.

     

    (c)  The
      obligations of Purchaser in this Article VI shall survive termination of this
      Agreement.

     

    (d)  All
      amounts due under this Section
      7.20
      shall be
      payable on demand.

     

    Section
      7.21  Expenses

     

    .
      Purchaser shall pay all reasonable expenses (inclusive of allocated costs for
      in-house legal services and sales taxes) incurred by Seller, including the
      fees,
      charges and disbursements of any counsel for Seller, in connection with the
      enforcement or protection of its rights in connection with this Agreement or
      any
      other Transaction Document, including its rights under Section
      7.20.
      All
      amounts due under this Section
      7.21
      shall be
      payable on demand.

     

    Section
      7.22  Consent
      to Recording

     

    .
      Each
      party (i)
      consents
      to the recording of telephone conversations of trading and marketing personnel
      of the parties in connection with this Agreement, any Supply Contracts and
      any
      Transactions hereunder and to the submission of such recordings in evidence
      in
      any proceedings and (ii)
      agrees
      to obtain any necessary consent of, and give notice of such recording to, such
      personnel.

     

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

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

     

    UTEXAM
      LIMITED

     

    By:      

    Name:

    Title:

    

    

    By:      

    Name:

    Title:

    

    

    FRONTIER
      OIL AND REFINING COMPANY, 

    as
      Purchaser

     

    By:      

    Michael
      C. Jennings

    Executive
      Vice President - Chief Financial

    Officer

    

    

    

    FRONTIER
      OIL CORPORATION, as Guarantor

     

    By:      

    Doug
      S.
      Aron

    Vice
      President - Corporate Finance

    

    

    
      
        
          

          Signature
            Page to 

          Master
            Crude Oil Purchase and Sale Contract

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    ANNEX
      1

     

    To
      Master
      Crude Oil Purchase and Sale Contract

     

    Conditions
      Precedent

     

    

    
      	1.  	
              Execution
                of the Guaranty Agreement by
                Guarantor.

            

    

     

    
      	2.  	
              Payment
                to BNP Paribas of all fees described in that certain letter agreement
                dated November 22, 2005, by and between BNP Paribas and Frontier
                Oil
                Corporation, as amended and assigned to
                date.

            

    

     

    
      	3.  	
              An
                opinion or opinions of counsel to Seller in form and substance acceptable
                to Purchaser.

            

    

     

    
      	4.  	
              An
                opinion or opinions of counsel to Purchaser and Guarantor in form
                and
                substance acceptable to Seller. 

            

    

     

    
      	5.  	
              A
                certificate of the secretary or the assistant secretary of each party
                setting forth (i) the consent action(s) of its governing body to
                execute
                and deliver the Agreement and the Transaction Documents to which
                it is a
                party and to enter into the transactions contemplated in those documents
                and authorizing its representatives to sign this Agreement and Transaction
                Documents and any other documentation necessary to implement the
                transactions contemplated in those documents and (ii) specimen signatures
                of the authorized officers. A party may conclusively rely on such
                certificate until it receives notices from the other party in writing
                to
                the contrary.

            

    

     

    
      	6.  	
              Purchaser
                and Seller shall be reasonably satisfied that the other party has
                all
                requisite insurances, licenses and permits required by either the
                Transaction Documents or any Governmental Requirement to perform
                the
                obligations under the Transaction Documents to which it is a
                party.

            

    

     

    
      	7.  	
              Seller
                shall be reasonably satisfied that Purchaser possesses and exemption
                from
                the Oklahoma sales tax with respect to the Crude Oil subject to this
                Agreement.

            

    

     

    
      	8.  	
              Seller
                shall be reasonably satisfied with Guarantor’s and Purchaser’s accounting
                treatment of its obligations under this Agreement and its disclosure
                of
                this Agreement and the other Transaction Documents and its obligations
                hereunder and thereunder in its quarterly and annual filings with
                the
                SEC.

            

    

     

    

    
      
        
        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A

     

    Deal
      Sheet

     

    
      	
              NO.

            	 
	
              DATE:

            	 

    

    

    Utexam’s
      Purchase of Crude Oil from Supplier:

    

    
      	
              Name
                of Supplier:

            	 
	
              Supplier’s
                Address:

              Attn:

              Phone:

              Fax:

            	 
	
              Quantity
                of Crude Oil:

            	 
	
              Grade(s):

            	 
	
              Supply
                Price (per Barrel):

            	 
	
              Injection
                Point:

            	 
	
              Pipeline:

            	 
	
              Injection
                Month:

            	 
	
              Batch
                Numbers:

            	 
	
              Required
                Financial Assurances:

            	 
	
              a.  Type:

            	 
	
              b.  Amount:

            	 
	
              c.  Deadline
                for Posting:

            	 
	
              d.  Credit
                Contact Address:

              Attn:

              Phone:

              Fax:

              Mechanism
                for Posting:

            	 
	
              Special
                Terms or Conditions:

            	 

    

    

    UTEXAM
      LIMITED., in its capacity as Buyer

    

    By:

    Name:

    Title:

    

    By:

    Name:

    Title:

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    (continued)

    

    DEAL
      SHEET

    
      	
              NO.

            	 
	
              DATE:

            	 

    

    

    

    Frontier’s
      Purchase of Crude Oil from Utexam:

    

    
      	
              Quantity:

            	 
	
              Grade(s):

            	 
	
              Price:

            	
              See
                Section 2.01 of Master Crude Oil Purchase and Sale
                Contract

            
	
              Off-Take
                Month:

              Initial:

              Revised:

            	 
	
              Delivery
                Point:

            	 
	
              Batch
                Nos.

            	 
	
              Delivery
                Pipeline:

            	 
	
              Special
                Terms or Conditions:

            	 

    

    

    
      	
              UTEXAM
                LIMITED., in its capacity as Seller pursuant to Master Crude Oil
                Purchase
                and Sale Contract dated March 10, 2006

            	 	
              FRONTIER
                OIL AND REFINING COMPANY, in its capacity as Purchaser pursuant to
                Master
                Crude Oil Purchase and Sale Contract dated March 10,
                2006

            
	 	 	 
	
              By:

              Name:

              Title:

            	 	
              By:

              Name:

              Title:

            
	 	 	 
	
              By:

              Name:

              Title:

            	 	 

    

    

     

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      C

     

    List
      of
      Approved Pipelines, Injection Points and Delivery Locations

     

    
      	1.  	
              Approved
                Pipelines:

            

    

     

    The
      Enbridge Pipelines

     

    
      	2.  	
              Approved
                Injection Points:

            

    

     

    
      	a.  	
              Any
                tank farm connected to any Enbridge
                Pipeline

            

    

     

    
      	b.  	
              Any
                feeder or gathering line connected to any Enbridge
                Pipeline.

            

    

     

    
      	3.  	
              Approved
                Delivery Locations:

            

    

     

    
      	a.  	
              Any
                tank farm connected to any Enbridge Pipeline (within the United
                States)

            

    

     

    
      	b.  	
              Teppco
                Partners - Cushing, Oklahoma

            

    

     

    
      	c.  	
              Any
                point on any Enbridge Pipeline (within the United
                States)

            

    

     

    
      	d.  	
              Spearhead
                Pipeline’s Custody and Transfer Meter at Cushing,
                Oklahoma

            

    

     

    
      	e.  	
              Plains
                Marketing & Transportation - Cushing,
                Oklahoma

            

    

     

    

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      D

     

    List
      of
      Approved Suppliers

     

    BP
      Canada

    Canadian
      Natural Resources

    Conoco
      Phillips

    Encana

    Exxon
      Mobil

    Frontier
      Oil and Refining Company

    Nexen
      Marketing

    Petro-Canada

    Seminole
      Canada Energy Company

    Shell
      Canada

    Suncor
      Energy

    Trafigura
      Canada General Partnership

    Tidal
      Energy Marketing

    Western
      Oil Sands

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