Document:

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                                                                  EXHIBIT 10(c)

                                                                EXECUTION COPY

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                                OMNIBUS AGREEMENT

                                      among

                          THE WILLIAMS COMPANIES, INC.

                          WILLIAMS ENERGY SERVICES, LLC

                       WILLIAMS NATURAL GAS LIQUIDS, INC.

                         WILLIAMS PIPE LINE COMPANY, LLC

                    WILLIAMS INFORMATION SERVICES CORPORATION

                          WILLIAMS ENERGY PARTNERS L.P.

                               WILLIAMS OLP, L.P.

                                       and

                                 WILLIAMS GP LLC

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                                OMNIBUS AGREEMENT

         THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the
Closing Date among The Williams Companies, Inc., a Delaware corporation
("Williams"), Williams Energy Services, LLC a Delaware limited liability company
("WES"), Williams Natural Gas Liquids, Inc., a Delaware corporation ("WNGL"),
Williams Pipe Line Company, LLC, a Delaware limited liability company ("Williams
Pipe Line"), Williams Information Services Corporation, a Delaware corporation
("WISC"), Williams Energy Partners L.P., a Delaware limited partnership (the
"MLP"), Williams GP LLC, a Delaware limited liability company (the "General
Partner") and Williams OLP, L.P., a Delaware limited partnership (the "OLP").

                                   RECITALS:

         1. Williams, WES, WNGL, the MLP, the OLP and the General Partner, for
itself and in its capacity as the general partner of the MLP and the OLP, desire
by their execution of this Agreement to evidence their understanding, as more
fully set forth in Article II of this Agreement, with respect to (a) those
business opportunities that Williams will not avail itself of during the
Applicable Period unless each of the MLP and the OLP has declined to engage in
such business opportunity for its own account and (b) the procedures whereby
such business opportunities are to be offered to the MLP and the OLP and
accepted or declined.

         2. WES, WNGL, the General Partner, the MLP and the OLP desire by their
execution of this Agreement to evidence their understanding, as more fully set
forth in Article III of this Agreement, with respect to certain indemnification
obligations of WES and WNGL in favor of the Partnership Entities (as defined
herein).

         3. Williams, WES, WNGL, the General Partner, the MLP and the OLP desire
by their execution of this Agreement to evidence their understanding, as more
fully set forth in Article IV of this Agreement, with respect to the general and
administrative expenses to be reimbursed by the MLP to Williams.

         4. Williams, Williams Pipe Line and WISC (the "Licensors") and the
Partnership Entities desire by their execution of this Agreement to evidence
their understanding, as more fully set forth in Article V of this Agreement,
with respect to grants of intellectual property from the Licensors to the
Partnership Entities.

         5. Williams, WES, WNGL, the General Partner, the MLP and the OLP desire
by their execution of this Agreement to evidence their understanding, as more
fully set forth in Article VI of this Agreement, with respect to certain capital
expenditures to be reimbursed by Williams to the MLP.

         In consideration of the premises and the covenants, conditions, and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

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                                    ARTICLE I
                                   DEFINITIONS

         1.1 DEFINITIONS. (a) Capitalized terms used herein but not defined
shall have the meanings given them in the MLP Agreement.

         (b) As used in this Agreement, the following terms shall have the
respective meanings set forth below:

                  "Agreement" means this Omnibus Agreement, as it may be
         amended, modified, or supplemented from time to time.

                  "Applicable Period" means the period commencing on the Closing
         Date and terminating on the date on which the General Partner (or any
         Person that directly, or indirectly through one or more intermediaries,
         is controlled by or under common control with Williams) ceases to be
         the general partner of the MLP and the OLP.

                  "Assets" is defined in Section 3.1

                  "Change of Control" means, with respect to any Person (the
         "Applicable Person"), any of the following events: (i) any sale, lease,
         exchange or other transfer (in one transaction or a series of related
         transactions) of all or substantially all of the Applicable Person's
         assets to any other Person unless immediately following such sale,
         lease, exchange or other transfer such assets are owned, directly or
         indirectly, by the Applicable Person; (ii) the consolidation or merger
         of the Applicable Person with or into another Person pursuant to a
         transaction in which the outstanding Voting Stock of the Applicable
         Person is changed into or exchanged for cash, securities or other
         property, other than any such transaction where (a) the outstanding
         Voting Stock of the Applicable Person is changed into or exchanged for
         Voting Stock of the surviving corporation or its parent and (b) the
         holders of the Voting Stock of the Applicable Person immediately prior
         to such transaction own, directly or indirectly, not less than a
         majority of the Voting Stock of the surviving corporation or its parent
         immediately after such transaction; and (iii) a "person" or "group"
         (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act)
         being or becoming the "beneficial owner" (as defined in Rules 13d-3 and
         13d-5 under the Exchange Act) of more than 50% of all of the then
         outstanding Voting Stock of the Applicable Person, except in a merger
         or consolidation which would not constitute a Change of Control under
         clause (ii) above.

                  "Closing Date" means the date of the closing of the initial
         public offering of common units representing limited partner interests
         in the MLP.

                  "Conflicts Committee" is defined in the MLP Agreement.

                  "Control" means the possession, direct or indirect, of the
         power to direct or cause the direction of the management and policies
         of a Person, whether through ownership of voting securities, by
         contract or otherwise.

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                  "Covered Environmental Losses" is defined in Section 3.1.

                  "Environmental Laws" means all federal, state, and local laws,
         statutes, rules, regulations, orders, and ordinances relating to
         protection of health and the environment including, without limitation,
         the federal Comprehensive Environmental Response, Compensation, and
         Liability Act, the Superfund Amendments Reauthorization Act, the
         Resource Conservation and Recovery Act, the Clean Air Act, the Federal
         Water Pollution Control Act, the Toxic Substances Control Act, the Oil
         Pollution Act, the Safe Drinking Water Act, the Hazardous Materials
         Transportation Act, and other environmental conservation and protection
         laws, each as amended through the Closing Date.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
         amended.

                  "General Partner" means the General Partner and its successors
         as general partner of the MLP and the OLP, unless the context otherwise
         requires.

                  "Licensees" means, for purposes of Article V hereof, the
         Partnership Entities.

                  "Licensors" means, for purposes of Article V hereof, Williams,
         Williams Pipe Line Company and WISC.

                  "Marks" means (i) all trademarks, tradenames, logos and/or
         service marks identified on Schedule I attached hereto and (ii) those
         trademarks, tradenames, service marks or logos associates with the
         Licensors' Software or with the subject matter of other licenses
         granted hereunder.

                  "MLP" is defined in the introduction to this Agreement.

                  "MLP Agreement" means the Amended and Restated Agreement of
         Limited Partnership of the MLP, dated as of the Closing Date, as such
         agreement is in effect on the Closing Date, to which reference is
         hereby made for all purposes of this Agreement. No amendment or
         modification to the MLP Agreement subsequent to the Closing Date shall
         be given effect for the purposes of this Agreement unless consented to
         by each of the parties to this Agreement.

                  "Offer" is defined in Section 2.3.

                  "OLP" is defined in the introduction to this Agreement.

                  "Partnership Entities" means the General Partner, the MLP, the
         OLP and any Person controlled by the General Partner, the MLP or the
         OLP.

                  "Partnership Group" means the MLP, the OLP and any Person
         controlled by such entities.

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                  "Person" means an individual, corporation, partnership, joint
         venture, trust, limited liability company, unincorporated organization
         or any other entity.

                  "Prospectus" means the final prospectus, dated February 5,
         2001, relating to the initial public offering of common units
         representing limited partnership interests in the MLP, as filed with
         Securities and Exchange Commission pursuant to Rule 424(b) under the
         Securities Act of 1933.

                  "Restricted Assets" is defined in Section 2.1.

                  "Software" means, with respect to the software programs
         identified on Schedule I attached hereto as such exist on the Closing
         Date, (i) the source code, the object code, any enhancements, upgrades,
         modifications and new versions, and (ii) any documentation and
         instructions regarding use.

                  "Voting Stock" means securities of any class of Williams
         entitling the holders thereof to vote on a regular basis in the
         election of members of the board of directors of Williams.

                  "WES" is defined in the introduction to this Agreement.

                  "WISC" is defined in the introduction to this Agreement.

                  "Williams" is defined in the introduction to this Agreement.

                  "Williams Entities" means Williams and any Person controlled
         by Williams, other than the Partnership Entities.

                  "Williams Pipe Line" is defined in the introduction to this
         Agreement.

                  "WNGL" is defined in the introduction to this Agreement.

                                   ARTICLE II
                             BUSINESS OPPORTUNITIES

         2.1 RESTRICTED ASSETS. During the Applicable Period, each of the
Williams Entities shall be prohibited from engaging in or acquiring any business
having assets engaged in the following activities ("Restricted Assets"): (a) the
transportation, storage or distribution of ammonia or related products in the
United States and (b) the ownership and operation of facilities for the
terminalling and storage of refined petroleum products in any state in the
United States, except Alaska and Hawaii.

         2.2 PERMITTED EXCEPTIONS. Notwithstanding any provision of Section 2.1
to the contrary, a Williams Entity may own and operate Restricted Assets under
the following circumstances:

               (a) The Restricted Assets were owned, leased or operated by the
Williams Entities on the date of this Agreement.

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               (b) The value of the Restricted Assets acquired in a transaction
does not exceed $20 million at the time of the acquisition, as determined by the
Board of Directors of WES, in its sole discretion.

               (c) (i) The value of the Restricted Assets acquired in a
transaction exceeds $20 million at the time of acquisition, as determined by the
Board of Directors of WES, in its sole discretion and (ii) the General Partner
(with the approval of the Conflicts Committee) has elected not to cause a member
of the Partnership Group to pursue such opportunity in accordance with the
procedures set forth in Section 2.3.

               (d) The original cost of Restricted Assets constructed by a
Williams Entity does not exceed $20 million, as determined by the Board of
Directors of WES, in its sole discretion.

               (e) (i) The original cost of Restricted Assets constructed by a
Williams Entity exceeds $20 million, as determined by the Board of Directors of
WES, in its sole discretion and (ii) the General Partner (with the approval of
the Conflicts Committee) has elected not to cause a member of the Partnership
Group to pursue such opportunity in accordance with the procedures set forth in
Section 2.3.

               (f) The Restricted Assets, at the time of acquisition or
construction, are either connected to assets owned by the Williams Entities or
are primarily related to the operations or business of, and are located within
50 miles of, the refinery owned by Williams in Memphis, Tennessee.

         2.3 PROCEDURES. In the event that a Williams Entity acquires or
constructs Restricted Assets valued or having an original cost in excess of $20
million at the time of the acquisition or the completion of construction, as
determined by the Board of Directors of WES, then not later than six months
after the consummation of the acquisition and not later than one year after the
completion of construction by such Williams Entity of the Restricted Assets,
such Williams Entity shall notify the General Partner of such purchase or
construction and offer the MLP the opportunity to purchase such Restricted
Assets. As soon as practicable, but in any event, within 60 days after receipt
of such notification, the General Partner shall notify the Williams Entity that
either (i) the General Partner has elected, with the approval of the Conflicts
Committee, not to cause a member of the Partnership Group to purchase such
Restricted Assets, in which event the Williams Entity shall be forever free to
continue to own or operate such Restricted Assets, or (ii) the General Partner
has elected to cause a member of the Partnership Group to purchase such
Restricted Assets, in which event the following procedures shall be followed:

               (a) Within 30 days of receipt of the notice from the General
Partner that the General Partner has elected to cause a member of the
Partnership Group to purchase the Restricted Assets, the Williams Entity shall
submit an offer to the General Partner to sell the Restricted Assets (the
"Offer") to any member of the Partnership Group on the terms and for the
consideration stated in the Offer.

               (b) The Williams Entity and the General Partner shall negotiate
after receipt of such Offer by the General Partner, the terms on which the
Restricted Assets will be sold to a

                                      -6-
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member of the Partnership Group. The Williams Entity shall provide all
information concerning the business, operations and finances of such Restricted
Assets as may be reasonably requested by the General Partner.

                              (i) If the Williams Entity and the General Partner
               agree on such terms within 60 days after receipt by the General
               Partner of the Offer, a member of the Partnership Group shall
               purchase the Restricted Assets on such terms as soon as
               commercially practicable after such agreement has been reached.

                              (ii) If the Williams Entity and the General
               Partner are unable to agree on the terms of a sale during the
               60-day period after receipt by the General Partner of the Offer,
               the Williams Entity and the General Partner will engage an
               independent investment banking firm with a national reputation to
               determine the fair market value of the Restricted Assets. In
               determining the fair market value of the Restricted Assets, the
               investment banking firm will have access to the proposed sale and
               purchase values for the submitted by Williams and the General
               Partner, respectively. Such investment banking firm will
               determine the value of the Restricted Assets within 30 days and
               furnish the Williams Entity and the General Partner its opinion
               of such value. The fees of the investment banking firm's
               appraisal will be split equally between Williams and the MLP.
               Upon receipt of such opinion, the General Partner will have the
               option, but not the obligation, subject to the approval of the
               Conflicts Committee, to:

                              (iii) (A) cause a member of the Partnership Group
               to purchase the Restricted Assets in accordance with the
               following process:

                                    (1) if the valuation of the investment
                           banking firm is in the range between the proposed
                           sale/purchase values of Williams and the General
                           Partner, a member of the Partnership Group will have
                           the right to purchase the Restricted Assets at the
                           valuation submitted by the investment banking firm;

                                    (2) if the valuation of the investment
                           banking firm is less than the proposed purchase value
                           submitted by the General Partner, a member of the
                           Partnership Group will have the right to purchase the
                           Restricted Assets for the amount submitted by the
                           General Partner; and

                                    (3) if the valuation of the investment
                           banking firm is greater than the proposed sale value
                           submitted by Williams, a member of the Partnership
                           Group will have the right to purchase the Restricted
                           Assets for the amount submitted by Williams; or

                           (B) decline to purchase such Restricted Assets, in
                  which event the Williams Entity forever will be free to
                  continue to own and operate such Restricted Assets.

         2.4 SCOPE OF PROHIBITION. Except as provided in this Article II and the
Partnership Agreement, each Williams Entity shall be free to engage in any
business activity whatsoever, including those that may be in direct competition
with any Partnership Entity.

                                      -7-
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         2.5 ENFORCEMENT. The Williams Entities agree and acknowledge that the
Partnership Group does not have an adequate remedy at law for the breach by the
Williams Entities of the covenants and agreements set forth in this Article II,
and that any breach by the Williams Entities of the covenants and agreements set
forth in Article II would result in irreparable injury to the Partnership Group.
The Williams Entities further agree and acknowledge that any member of the
Partnership Group may, in addition to the other remedies which may be available
to the Partnership Group, file a suit in equity to enjoin the Williams Entities
from such breach, and consent to the issuance of injunctive relief under this
Agreement.

                                  ARTICLE III
                                 INDEMNIFICATION

         3.1 WILLIAMS ENERGY SERVICES ENVIRONMENTAL INDEMNIFICATION. WES shall
indemnify, defend and hold harmless the Partnership Entities from and against
any Covered Environmental Losses relating to the assets of the Partnership
Entities described in the Prospectus that arose prior to the Closing Date (the
"Assets") that become known within three years after the Closing Date and that
exceed all amounts recovered or recoverable by any Partnership Entity under
contractual indemnities from third Persons or under any applicable insurance
policies. "Covered Environmental Losses" mean those non-contingent environmental
losses, costs, damages and expenses suffered or incurred by the Partnership
Entities arising from correction of violations of, or performance of remediation
required by, Environmental Laws in effect at the Closing Date due to events and
conditions associated with the operation of the Assets and occurring before the
Closing Date.

         3.2 LIMITATIONS REGARDING ENVIRONMENTAL INDEMNIFICATION. WES shall have
no indemnification obligation under Section 3.1 for claims made after the third
anniversary of the date of this Agreement. The aggregate liability of WES in
respect of all Covered Environmental Losses under Section 3.1 shall not exceed
$15 million.

         3.3 WNGL RIGHT OF WAY INDEMNIFICATION. WNGL shall indemnify, defend and
hold harmless the Partnership Entities and their successors or assigns for a
period of 15 years after the Closing Date from and against any losses, costs,
damages, expenses and fees suffered or incurred by any of the Partnership
Entities or their successors or assigns as a result of (a) the failure of
Williams Ammonia Pipeline, L.P. or its successors or assigns to be the owner of
such valid and indefeasible easement rights in and to the easements and rights
of way in which the ammonia pipeline is located as of the Closing Date as are
necessary to enable Williams Ammonia Pipeline, L.P. and its successors and
assigns to continue to own and operate the ammonia pipeline in the manner that
it has been owned and operated as of the Closing Date; and (b) the failure of
Williams Ammonia Pipeline, L.P. or its successors and assigns to have the
consents and permits necessary to allow such pipeline to cross the roads,
waterways, railroads and other areas upon which the ammonia pipeline is located
as of the Closing Date.

         3.4 WILLIAMS ENERGY SERVICES RIGHT OF WAY INDEMNIFICATION. WES shall
indemnify, defend and hold harmless, the Partnership Entities and their
successors and assigns, for a period of 15 years after the Closing Date, from
and against any losses, costs, damages, expenses and fees suffered or incurred
by any of the Partnership Entities or their successors or assigns as a result of
(a) the failure of Williams Terminals Holdings, L.P. or its successors and
assigns to be

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the owner of valid and indefeasible easement rights in and to the easements and
rights of way in which the pipelines that are associated with the marine
terminal facilities at Galena Park, Texas, Corpus Christi, Texas and Marrero,
Louisiana are located, as of the Closing Date, that are necessary to enable
Williams Terminals Holdings, L.P. and its successors and assigns to continue to
own and operate the pipelines in all material respects in the manner that such
pipelines have been owned and operated, prior to the Closing Date; and (b) the
failure of Williams Terminals Holdings, L.P. or its successors and assigns to
have the consents and permits necessary to allow such pipelines to cross roads,
waterways, railroads and other areas upon which such pipelines are located as of
the Closing Date.

         3.5 INDEMNIFICATION PROCEDURES.

                  (a) The Partnership Entities agree that within a reasonable
         period of time after they become aware of facts giving rise to a claim
         for indemnification pursuant to Section 3.1 or Section 3.3, they will
         provide notice thereof in writing to WES or WNGL, as applicable,
         specifying the nature of and specific basis for such claim.

                  (b) WES or WNGL, as applicable, shall have the right to
         control all aspects of the defense of (and any counterclaims with
         respect to) any claims brought against the Partnership Entities that
         are covered by the indemnification set forth in Section 3.1 and Section
         3.3, including, without limitation, the selection of counsel,
         determination of whether to appeal any decision of any court and the
         settling of any such matter or any issues relating thereto; provided,
         however, that no such settlement shall be entered into without the
         consent of the Partnership Entities unless it includes a full release
         of the Partnership Entities from such matter or issues, as the case may
         be.

                  (c) The Partnership Entities agree, at their own cost and
         expense, to cooperate fully with WES or WNGL, as applicable, with
         respect to all aspects of the defense of any claims covered by the
         indemnification set forth in Section 3.1 and Section 3.3, including,
         without limitation, the prompt furnishing to WES or WNGL, as
         applicable, of any correspondence or other notice relating thereto that
         the Partnership Entities may receive, permitting the names of the
         Partnership Entities to be utilized in connection with such defense,
         the making available to WES or WNGL, as applicable, of any files,
         records or other information of the Partnership Entities that WES or
         WNGL considers relevant to such defense and the making available to WES
         or WNGL, as applicable, of any employees of the Partnership Entities;
         provided, however, that in connection therewith WES and WNGL agree to
         use reasonable efforts to minimize the impact thereof on the operations
         of such Partnership Entities. In no event shall the obligation of the
         Partnership Entities to cooperate with WES or WNGL as set forth in the
         immediately preceding sentence be construed as imposing upon the
         Partnership Entities an obligation to hire and pay for counsel in
         connection with the defense of any claims covered by the
         indemnification set forth in this Article III; provided, however, that
         the Partnership Entities may, at their own option, cost and expense,
         hire and pay for counsel in connection with any such defense. WES and
         WNGL agree to keep any such counsel hired by the Partnership Entities
         reasonably informed as to the status of any such defense, but WES and
         WNGL, as applicable, shall have the right to retain sole control over
         such defense.

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                  (d) In determining the amount of any loss, cost, damage or
         expense for which any of the Partnership Entities are entitled to
         indemnification under this Agreement, the gross amount of the
         indemnification will be reduced by (i) any insurance proceeds realized
         or to be realized by the Partnership Entities, and such correlative
         insurance benefit shall be net of any incremental insurance premium
         that becomes due and payable by the Partnership Entities as a result of
         such claim and (ii) all amounts recovered or recoverable by any
         Partnership Entity under contractual indemnities from third Persons as
         described in Section 3.1

                                   ARTICLE IV
                       GENERAL AND ADMINISTRATIVE EXPENSES

         4.1 INITIAL GENERAL AND ADMINISTRATIVE EXPENSES. The initial general
and administrative expenses to be reimbursed by the Partnership Group to
Williams will not exceed $6 million for the year 2001, excluding expenses
associated with incentive compensation plans (the "Baseline G&A"). The Baseline
G&A will be prorated to reflect the actual number of months for which services
are actually provided to the Partnership Group by Williams, including the
entirety of the month in which such services begin.

         4.2 SUBSEQUENT GENERAL AND ADMINISTRATIVE EXPENSES. The Baseline G&A
may increase only as follows during the first ten years of the MLP:

                  (a) Each year, the Baseline G&A (as adjusted in accordance
         with this Article IV) may be increased by no more than the greater of
         7% per year or the percentage increase in the Consumer Price Index -
         All Urban Consumers, U.S. City Average, Not Seasonally Adjusted.

                  (b) If the Partnership Group makes an acquisition, the
         Baseline G&A will be increased based upon the amount of general and
         administrative expense included in the valuation of such acquisition
         made by the General Partner on a pro forma basis for the succeeding
         four fiscal quarters. The portion of this pro forma amount that is
         proportionate to the remainder of the MLP fiscal year in which the
         acquisition is made will be added to the Baseline G&A for that year.
         The entire pro forma amount will be added to Baseline G&A in the
         succeeding fiscal years.

                                   ARTICLE V
                                LICENSE AGREEMENT

         5.1 GRANT OF LICENSE. Subject to the terms and conditions herein, the
Licensors hereby grant to each Licensee, and each Licensee hereby accepts, a
non-exclusive, world-wide, non-transferable, royalty-free, perpetual license
during the term of this Agreement on an "AS IS, WHERE IS" basis to use the
Software solely for the internal use by each Licensee's employees for the
benefit of such Licensee, any Person directly or indirectly controlled by or
under common control with such Licensee, but specifically excluding disclosure
to any third parties including, without limitation, any customer of such
Licensee.

         5.2 RESTRICTIONS ON SOFTWARE. (a) Each of the Licensees agrees that it
shall not sublicense, license, disclose or otherwise make available any part of
the Software to any person

                                      -10-
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other than: (i) each of Licensees' employees who is required to have access to
the Software; and (ii) each of Licensees' consultants who is required to have
access to the Software and who has executed a non-disclosure agreement
containing obligations of confidence consistent with the restrictions set forth
in this Agreement.

                  (b) Each Licensee shall keep the Software in a secure
         environment and shall take reasonable commercial steps necessary to
         protect the Software, or any part thereof, from unauthorized disclosure
         or release.

                  (c) Each Licensee shall be entitled to create a sufficient
         number of copies of the Software for backup and archival purposes only
         provided that such Licensee reproduces and applies all copyright
         notices and any other proprietary rights notices that appear on the
         original copies supplied by Licensors. Licensees shall not be permitted
         to adapt, create derivative works of, translate, perform or display
         publicly, post or otherwise modify the Software.

                  (d) Each of the Licensees agrees that it shall not use the
         Software for any development or analysis purposes whatsoever and that
         it shall not decompile or reverse engineer the Software.

                  (e) Each Licensee acknowledges and agrees that Licensors shall
         own all intellectual property rights in and to the Software.

         5.3 GRANT OF LICENSE. Subject to the terms and conditions herein,
Licensors hereby grant to Licensees the right and license to use the Marks
solely in connection with the Licensees' businesses and the services performed
therewith within the United States during the term of this Agreement.

         5.4 RESTRICTIONS ON MARKS. In order to ensure the quality of uses under
the Marks, and to protect the goodwill of the Marks, Licensees agree as follows:

                  (a) Licensees will only use the Marks in formats approved by
         Licensors and only in strict association with the Licensees' businesses
         and the services performed therewith;

                  (b) Prior to publishing any new format or appearance of the
         Marks or the advertising or promotional materials, Licensees shall
         first provide such format, appearance or materials to Licensors for its
         approval. If Licensors do not inform Licensees in writing within
         fourteen (14) days from the date of the receipt of such new format,
         appearance, or materials that such new format, appearance, or materials
         is acceptable, then such new format, appearance or materials shall be
         deemed to be unacceptable and disapproved by Licensors. Licensors may
         withhold approval of any proposed changes to the format, appearance or
         materials which Licensees propose to use in Licensors' sole discretion;

                    (c) Licensees shall not use any other trademarks, service
        marks, trade names or logos in connection with the Marks or use the
        Marks or any trademark or

                                      -11-
<PAGE>

         servicemark confusingly similar to the Marks after the termination of
         this Agreement. Licensors will not use the Marks in such a manner so as
         to impair the validity or enforceability or in any way disparage or
         dilute the Marks.

         5.5 OWNERSHIP. Licensors shall own all right, title and interest,
including all goodwill relating thereto, in and to the Marks, and all trademark
rights embodied therein shall at all times be solely vested in Licensors.
Licensors shall also own all right, title, and interest in and to the Software.
Licensees have no right, title, interest or claim of ownership in the Marks or
the Software, except for the licenses granted in this Agreement. All use of the
Marks shall inure to the benefit of Licensors. Licensees agree that they will
not attack the title of Licensors in and to the Marks or the Software.

         5.6 CONFIDENTIALITY. The Licensees shall maintain in strictest
confidence all confidential or nonpublic information or material disclosed by
Licensors embodied in or reflected in the Software and in the materials supplied
hereunder in connection with the license of the Marks, whether in writing or
orally and whether or not marked as confidential. Such confidential information
includes, but is not limited to, algorithms, inventions, ideas, processes,
computer system architecture and design, operator interfaces, operational
systems, technical information, technical specifications, training and
instruction manuals, and the like. In furtherance of the foregoing
confidentiality obligation, Licensees shall limit disclosure of such Software
and other confidential information to those of their employees, contractors or
agents having a need to access the Software and confidential information for the
purpose of exercising rights granted hereunder.

         5.7 ESTOPPEL. Nothing in this Agreement shall be construed as
conferring by implication, estoppel, or otherwise upon Licensees (a) any license
or other right under the intellectual property rights of Licensors other than
the license granted herein to the Software and Marks as set forth expressly
herein or (b) any license rights other than those expressly granted herein.

         5.8 WARRANTIES; DISCLAIMERS.

               (a) The Licensors represent and warrant that (i) they own and
have the right to license the Software and the Marks licensed under this
Agreement, (ii) the Software and the Marks do not infringe upon the rights of
any third parties and (iii) the Software includes all software owned or licensed
by Licensors that is necessary and sufficient to operate the Assets in the
manner in which they are currently operated by the Licensors or their
affiliates.

               (b) EXCEPT FOR THE WARRANTIES AND REPRESENTATIONS DESCRIBED IN
SECTION 5.8(a), LICENSORS DISCLAIM ANY AND ALL WARRANTIES, CONDITIONS OR
REPRESENTATIONS (EXPRESS OR IMPLIED, ORAL OR WRITTEN) WITH RESPECT TO THE
SUBJECT MATTER HEREOF, OR ANY PART THEREOF, INCLUDING ANY AND ALL IMPLIED
WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS OR SUITABILITY FOR
ANY PURPOSE (WHETHER THE PARTY KNOWS, HAS REASON TO KNOW, HAS BEEN ADVISED, OR
IS OTHERWISE IN FACT AWARE OF ANY SUCH PURPOSE) WHETHER ALLEGED TO ARISE BY LAW,
BY REASON OF CUSTOM OR USAGE IN THE TRADE OR BY COURSE OF DEALING. THE SOFTWARE
AND DOCUMENTATION LICENSED

                                      -12-
<PAGE>

HEREUNDER IS LICENSED "AS IS" AND LICENSEES AGREE THAT THE SOFTWARE MAY HAVE
BUGS AND THAT INTERRUPTIONS IN ITS OPERATION MAY OCCUR.

         5.9 INDEMNIFICATION.

               (a) Each Licensee shall jointly and severally, and to the fullest
extent permitted by applicable law, defend, indemnify and hold harmless the
Licensors and their respective successors and assigns authorized hereunder and
any of their respective officers, directors, employees, agents and
representatives from and against any and all claims, demands, damages, losses,
costs and expenses arising out of or related in any way to this Article V to the
extent such claims are attributable to such Licensee's failure to comply with
its obligations under this Article V or Licensee's negligence or the negligence
of Licensee's employees, agents, subcontractors or other representatives
regarding this Article V.

               (b) Each Licensor shall jointly and severally, and to the fullest
extent permitted by applicable law, defend, indemnify and hold harmless the
Licensees and their respective successors and assigns authorized hereunder and
any of their respective officers, directors, employees, agents and
representatives from and against any and all claims, demands, damages, losses,
costs and expenses arising out of or related in any way to this Article V to the
extent such claims are attributable to (i) Licensor's failure to comply with its
obligations under this Article V, (ii) any claim of infringement or ownership
asserted by a third party as to the Software or Marks or (iii) Licensor's
negligence or the negligence of Licensor's employees, agents, subcontractors or
other representatives regarding this Article V.

                                   ARTICLE VI
                              CAPITAL EXPENDITURES

         6.1 WILLIAMS REIMBURSEMENT OF PARTNERSHIP GROUP MAINTENANCE CAPITAL
EXPENDITURES. Williams will reimburse the Partnership Group for maintenance
capital expenditures in excess of $4.9 million made by the Partnership Group in
each year over a two year period beginning in the year 2001, subject to a
maximum aggregate reimbursement of $15.0 million over the two year period.

                                  ARTICLE VII
                                  MISCELLANEOUS

         7.1 CHOICE OF LAW; SUBMISSION TO JURISDICTION. This Agreement shall be
subject to and governed by the laws of the State of Oklahoma, excluding any
conflicts-of-law rule or principle that might refer the construction or
interpretation of this Agreement to the laws of another state. Each party hereby
submits to the jurisdiction of the state and federal courts in the State of
Oklahoma and to venue in Tulsa, Oklahoma.

         7.2 NOTICE. All notices or requests or consents provided for or
permitted to be given pursuant to this Agreement must be in writing and must be
given by depositing same in the United States mail, addressed to the Person to
be notified, postpaid, and registered or certified with return receipt requested
or by delivering such notice in person or by telecopier or telegram to such
party. Notice given by personal delivery or mail shall be effective upon actual
receipt. Notice given by telegram or telecopier shall be effective upon actual
receipt if received during

                                      -13-
<PAGE>

the recipient's normal business hours, or at the beginning of the recipient's
next business day after receipt if not received during the recipient's normal
business hours. All notices to be sent to a party pursuant to this Agreement
shall be sent to or made at the address set forth below such party's signature
to this Agreement, or at such other address as such party may stipulate to the
other parties in the manner provided in this Section 7.2.

         7.3 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
of the parties relating to the matters contained herein, superseding all prior
contracts or agreements, whether oral or written, relating to the matters
contained herein.

         7.4 TERMINATION. This Agreement will terminate upon a Change in Control
of the General Partner. In addition, the provisions of Article II of this
Agreement may be terminated by Williams upon a Change of Control of Williams. In
the event of termination of this Agreement, the Licensees' right to utilize or
possess the Software and the Marks licensed under this Agreement shall
automatically cease. Within 15 days after the termination of this Agreement, the
Licensees shall (i) return to Licensors or destroy the original and all copies,
in any form, of all Software and Inventions, or parts thereof, for which it has
received a license hereunder and (ii) provide a certified affidavit executed by
an officer of the Licensees to the effect that the destruction has been
completed.

         7.5 EFFECT OF WAIVER OR CONSENT. No waiver or consent, express or
implied, by any party to or of any breach or default by any Person in the
performance by such Person of its obligations hereunder shall be deemed or
construed to be a consent or waiver to or of any other breach or default in the
performance by such Person of the same or any other obligations of such Person
hereunder. Failure on the part of a party to complain of any act of any Person
or to declare any Person in default, irrespective of how long such failure
continues, shall not constitute a waiver by such party of its rights hereunder
until the applicable statute of limitations period has run.

         7.6 AMENDMENT OR MODIFICATION. This Agreement may be amended or
modified from time to time only by the written agreement of all the parties
hereto; provided, however, that the MLP and the OLP may not, without the prior
approval of the Conflicts Committee, agree to any amendment or modification of
this Agreement that, in the reasonable discretion of the General Partner, will
adversely affect the holders of Common Units. Each such instrument shall be
reduced to writing and shall be designated on its face an "Amendment" or an
"Addendum" to this Agreement.

         7.7 ASSIGNMENT. No party shall have the right to assign its rights or
obligations under this Agreement without the consent of the other parties
hereto.

         7.8 COUNTERPARTS. This Agreement may be executed in any number of
counterparts with the same effect as if all signatory parties had signed the
same document. All counterparts shall be construed together and shall constitute
one and the same instrument.

         7.9 SEVERABILITY. If any provision of this Agreement or the application
thereof to any Person or circumstance shall be held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of such
provision to other Persons or circumstances shall not be affected thereby and
shall be enforced to the greatest extent permitted by law.

                                      -14-
<PAGE>

         7.10 GENDER, PARTS, ARTICLES AND SECTIONS. Whenever the context
requires, the gender of all words used in this Agreement shall include the
masculine, feminine and neuter, and the number of all words shall include the
singular and plural. All references to Article numbers and Section numbers refer
to Articles and Sections of this Agreement.

         7.11 FURTHER ASSURANCES. In connection with this Agreement and all
transactions contemplated by this Agreement, each signatory party hereto agrees
to execute and deliver such additional documents and instruments and to perform
such additional acts as may be necessary or appropriate to effectuate, carry out
and perform all of the terms, provisions and conditions of this Agreement and
all such transactions.

         7.12 WITHHOLDING OR GRANTING OF CONSENT. Each party may, with respect
to any consent or approval that it is entitled to grant pursuant to this
Agreement, grant or withhold such consent or approval in its sole and
uncontrolled discretion, with or without cause, and subject to such conditions
as it shall deem appropriate.

         7.13 U.S. CURRENCY. All sums and amounts payable to or to be payable
pursuant to the provisions of this Agreement shall be payable in coin or
currency of the United States of America that, at the time of payment, is legal
tender for the payment of public and private debts in the United States of
America.

         7.14 LAWS AND REGULATIONS. Notwithstanding any provision of this
Agreement to the contrary, no party this Agreement shall be required to take any
act, or fail to take any act, under this Agreement if the effect thereof would
be to cause such party to be in violation of any applicable law, statute, rule
or regulation.

         7.15 NEGOTIATION OF RIGHTS OF LIMITED PARTNERS, ASSIGNEES, AND THIRD
PARTIES. The provisions of this Agreement are enforceable solely by the parties
to this Agreement, and no Limited Partner, Assignee or other Person of the MLP
or the OLP shall have the right, separate and apart from the MLP or the OLP, to
enforce any provision of this Agreement or to compel any party to this Agreement
to comply with the terms of this Agreement.

                                      -15-
<PAGE>

         IN WITNESS WHEREOF, the Parties have executed this Agreement on, and
effective as of, the Closing Date.

                                     THE WILLIAMS COMPANIES, INC.

                                     By:     /s/ William G. von Glahn
                                         --------------------------------------
                                         Name:   William G. von Glahn
                                         Title:  Senior Vice President

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                     WILLIAMS ENERGY SERVICES, LLC

                                     By:     /s/ Don R. Wellendorf
                                         --------------------------------------
                                         Name:   Don R. Wellendorf
                                         Title:  Vice President -
                                                 Enterprise Development
                                                 And Planning, Strategic

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                     WILLIAMS NATURAL GAS LIQUIDS, INC.

                                     By:     /s/ Don R. Wellendorf
                                         --------------------------------------
                                         Name:   Don R. Wellendorf
                                         Title:  Vice President

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                      -16-
<PAGE>

                                     WILLIAMS PIPE LINE COMPANY, LLC

                                     By:     /s/ Michael N. Mears
                                         --------------------------------------
                                         Name:   Michael N. Mears
                                         Title:  Vice President -
                                                 Transportation and Terminals

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                     WILLIAMS INFORMATION SERVICES CORPORATION

                                     By:     /s/ William G. von Glahn
                                         --------------------------------------
                                         Name:   William G. von Glahn
                                         Title:  Vice President

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                     WILLIAMS ENERGY PARTNERS L.P.

                                     By:    WILLIAMS GP LLC, its sole
                                            general partner

                                            By:    /s/ Don R. Wellendorf
                                               --------------------------------
                                            Name:   Don R. Wellendorf
                                            Title:  Senior V.P., C.F.O. &
                                                    Treasurer

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                      -17-
<PAGE>

                                     WILLIAMS OLP, L.P.

                                     By:    WILLIAMS GP LLC, its sole
                                            general partner

                                            By:   /s/ Don R. Wellendorf
                                               --------------------------------
                                               Name:   Don R. Wellendorf
                                               Title:  Senior V.P., C.F.O. &
                                                       Treasurer

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                     WILLIAMS GP LLC

                                     By:    /s/ Don R. Wellendorf
                                         --------------------------------------
                                         Name:  Don R. Wellendorf
                                         Title: Senior V. P., C.F.O. & Treasurer

                                     Address for Notice:

                                     One Williams Center
                                     Tulsa, Oklahoma  74172
                                     Telecopy Number:  (918) 573-2296

                                      -18-
<PAGE>

                                   SCHEDULE I
                              INTELLECTUAL PROPERTY

Software and Inventions:

Automated Transportation Logistics Activity System, a/k/a "Atlas 2000" Terminal
Automation System, a/k/a "TAS" Scquire Manage and Analyze Geographic Inventory
Control, a/k/a "MAGIC" Supervisory Control and Data system, a/k/a "SCADA"
Customer Information System, a/k/a "CIS"

Marks:

The Williams name and logo necessary for the following MLP name and logo:

[WILLIAMS ENERGY PARTNERS LOGO]

                                      -19-
<PAGE>
                                   AMENDMENT I

         This Amendment I is made this 28th day of January, 2002, to that
certain Omnibus Agreement among The Williams Companies, Inc., Williams Energy
Services, LLC, Williams Natural Gas Liquids, Inc., Williams Pipe Line Company,
LLC, WilliAms Information Services Corporation, Williams Energy Partners L.P.,
Williams GP LLC, and Williams OLP, L.P. dated as of the Closing Date defined
therein, (the "Agreement"). The parties hereto agree as follows:

1.       Article IV, Section 4.1 is amended to read as follows--

     4.1 INITIAL GENERAL AND ADMINISTRATIVE EXPENSES. The initial general and
     administrative expenses to be reimbursed by the Partnership Group to
     Williams will not exceed $6 million for the year 2001, excluding expenses
     associated with the Williams Energy Partners Long Term Incentive Plan (the
     "Baseline G&A"). The Baseline G&A will be prorated to reflect the actual
     number of months for which services are actually provided to the
     Partnership Group by Williams, including the entirety of the month in which
     such services begin.

2.       Article V, Section 5.1 is amended to read as follows--

         5.1 GRANT OF LICENSE. The Licensors hereby grant to each Licensee, and
     each licensee hereby accepts, a non-exclusive, world-wide,
     non-transferable, royalty-free, perpetual license during the term of this
     Agreement on an "AS IS, WHERE IS" basis to use the Software under the terms
     and conditions provided herein.

3.       Article V, Section 5.2 is amended to read as follows--

         5.2 RESTRICTIONS ON SOFTWARE. (a) Each of the Licensees agrees that it
     shall not sublicense, license, disclose or otherwise make available any
     part of the Software to any person other than: (i) each of Licensees'
     employees who is required to have access to the Software; and (ii) each of
     Licensees' consultants who is required to have access to the Software and
     who has executed a non-disclosure agreement containing obligations of
     confidence consistent with the restrictions set forth in this Agreement.

          (b) Each Licensee shall keep the Software in a secure environment and
     shall take reasonable commercial steps necessary to protect the Software,
     or any part thereof, from unauthorized disclosure or release.

          (c) Each Licensee shall be entitled to create a sufficient number of
     copies of the Software for backup and archival purposes only provided that
     such Licensee reproduces and applies all copyright notices and any other
     proprietary rights notices that appear on the original copies supplied by
     Licensors. Licensees shall not be permitted to adapt, create derivative
     works of, translate, perform or display publicly, post or otherwise modify
     the Software.

          (d) Each of the Licensees agrees that it shall not use the Software
     for any development or analysis purposes whatsoever and that it shall not
     decompile or reverse engineer the Software.

                                   Page 1 of 3
<PAGE>

          (e) Each Licensee acknowledges and agrees that Licensors shall own all
     intellectual property rights in and to the Software.

          (f) The foregoing notwithstanding, the Licensees may sublicense use of
     the object code and any enhancements, upgrades, modifications and new
     versions of Automated Transportation Activity System a/k/a "Atlas 2000" to
     Licensees' customers. Any such sublicense shall be on a non-exclusive,
     non-transferable basis and shall be subject to obligations of confidence
     consistent with the restrictions set forth in this Agreement.

2. Unless defined otherwise herein, terms used in this Amendment I shall have
the same defined meaning as set forth in the Agreement.

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

                                  THE WILLIAMS COMPANIES, INC.

                                  By:       /s/ William G. von Glahn
                                     -------------------------------------------
                                  Name:   William G. von Glahn
                                       -----------------------------------------
                                  Title:  Senior Vice President
                                        ----------------------------------------

                                  WILLIAMS ENERGY SERVICES, LLC

                                  By:       /s/ Don R. Wellendorf
                                     -------------------------------------------
                                  Name:  Don R. Wellendorf
                                  Title: Vice President - Enterprise Development
                                         And Planning, Strategic

                                  WILLIAMS NATURAL GAS LIQUIDS, INC.

                                  By:       /s/ Don R. Wellendorf
                                     -------------------------------------------
                                  Name:  Don R. Wellendorf
                                  Title: Vice President

                                  WILLIAMS PIPE LINE COMPANY, LLC

                                  By:       /s/ Michael Mears
                                     -------------------------------------------
                                  Name:  Michael Mears
                                  Title: Vice President

                                  WILLIAMS INFORMATION SERVICES
                                  CORPORATION

                                  By:       /s/ William G. von Glahn
                                     -------------------------------------------
                                  Name:  William G. von Glahn
                                       -----------------------------------------
                                  Title: Vice President
                                        ----------------------------------------

                                   Page 2 of 3
<PAGE>

                                  WILLIAMS ENERGY PARTNERS L.P.

                                  By: WILLIAMS GP LLC, its general partner

                                  By:       /s/ Don R. Wellendorf
                                     -------------------------------------------
                                  Name:  Don R. Wellendorf
                                  Title: Senior V.P., C.F.O. & Treasurer

                                  WILLIAMS OLP, L.P.

                                  By: WILLIAMS GP LLC, its general partner

                                  By:       /s/ Don R. Wellendorf
                                     -------------------------------------------
                                  Name:  Don R. Wellendorf
                                  Title: Senior V.P., C.F.O. & Treasurer

                                  WILLIAMS GP LLC

                                  By:      /s/ Don R. Wellendorf
                                     -------------------------------------------
                                  Name:  Don R. Wellendorf
                                  Title: Senior V.P., C.F.O. & Treasurer

                                   Page 3 of 3<PAGE>
                                                                   EXHIBIT 10(d)

                           PURCHASE AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT, is made and entered into as of the 18 day of
October , 2001, by and between Geonet Gathering, Inc., a Texas corporation
having its business office in Houston, Texas ("Seller"), and Williams Terminals
Holdings, L.P., a Delaware limited partnership having its business office in
Tulsa, Oklahoma ("Buyer"), sometimes referred to herein collectively as
"Parties" or singularly as "Party."

                                   WITNESSETH

WHEREAS, Seller is engaged in the business of purchasing, financing, trading,
hedging, managing product quality and specifications, controlling loses,
selling, and transporting of crude oil;

WHEREAS, Seller has an interest in a certain crude oil terminal located in
Terrebonne Parish, Louisiana and pipelines and other equipment and real property
interests related thereto; and

WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from
Seller such Subject Property (defined below), upon the terms and conditions set
forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the representations,
warranties, agreements and covenants contained herein, the Parties agree as
follows:

                                    ARTICLE 1
                                   DEFINITIONS

"Affiliates" means with respect to any individual or legal business entity, any
Person which directly or indirectly controls, is controlled by, or is under a
common control with such individual or legal business entity. The term "control"
(including the terms "controlled by" and "under common control with") as used in
the preceding sentence means the possession, directly or indirectly, of the
power to direct or cause the direction of management and policies of a Person.

"Agreement" means this Purchase and Sale Agreement and all exhibits and
schedules attached hereto.

"Assignment and Assumption Agreement" has the meaning set forth in Section 4.2.1
(c).

"Assigned Permits" means all permits, licenses and authorizations held by the
Seller to own and/or operate the Louisiana Facilities as a crude oil storage and
terminal facility in the manner and in the areas in which the Louisiana
Facilities are being used or operated that are described in Exhibit D.

"Assigned Real Property Interests" means all leases, easements, rights-of-way
and licenses and instruments or other legally enforceable obligations affecting
or related to the Louisiana Facilities, including without limitation the
Terminal Lease, the New Dock Lease and the On Shore Tie-In

                                       1
<PAGE>

Agreement for the Ship Shoal Pipeline System dated December 22, 1997 between
Seller and Ship Shoal Pipeline Company, all of which are listed on Exhibit C.

"Best of Seller's Knowledge" means the personal knowledge of the majority
shareholder Henry O. Harper, Jr., the corporate officers or the Employees who,
in the normal scope of their employment would have knowledge of the subject
matter and who shall make reasonable efforts to discover and deliver the
document, fact or information to Buyer.

"Bill of Sale" has the meaning set forth in Section 4.2.1 (b).

"Buyer" means Williams Terminals Holdings, L.P.

"Buyer Indemnitees" has the meaning set forth in Section 12.2.

"Claim Notice" has the meaning set forth in Section 12.1.

"Claims or Losses" has the meaning set forth in Section 12.2.

"Closing" has the meaning set forth in Section 4.1.

"Closing Date" means the date as set forth and calculated in Section 4.1.

"Code" means the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.

"Crude Oil Inventories" means all inventories of crude oil owned by Seller at
the Effective Time, including crude oil and/or condensate located in barges,
tanks, pipelines and other facilities, which Crude Oil Inventories are not being
sold to Buyer pursuant to this Agreement but which are being sold to Williams
Energy Marketing & Trading Company pursuant to the terms of that certain
Louisiana Facilities Commercial Development Transition Agreement.

"Cure Period" has the meaning set forth in Section 5.3.2.

"Disclosure Schedule" has the meaning set forth in Article 6.

"Effective Time" has the meaning set forth in Section 4.1.

"Employees" has the meaning set forth in Section 8.3.1.

"Environment" means soil, land surface or subsurface strata, surface waters
(including navigable waters, ocean waters, streams, drainage basins, and
wetlands), groundwater, drinking water supply, stream sediments, ambient air,
plant and animal life, and any other medium or natural resource.

                                       2
<PAGE>

"Environmental Law or Environmental Laws" means all applicable common law,
federal, state, or local law, including any plans, rules, regulations, orders or
ordinances adopted, or other criteria and guidelines promulgated pursuant to the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended by the Superfund Amendments and Reauthorization Act of 1986 and as
further amended, 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control
Act, as amended, 15 U.S.C. Section 2601 et seq.; the Hazardous Materials
Transportation Act, as amended, 49 U.S.C. Section 1802 et seq.; the Resource
Conservation and Recovery Act, as amended, 42 U.S.C. Section 6901 et seq.; the
Clean Water Act, as amended, 33 U.S.C. Section 1251 et seq.; the Clean Air Act,
as amended, 42 U.S.C. Section 7401 et seq.; the Federal Safe Drinking Water Act,
as amended, 42 U.S.C. Section 300f et seq.; the Emergency Planning and Community
Right To Know Act, as amended, 42 U.S.C. Section 11001 et seq.; and other
applicable federal, state, or local law, including any plans, rules,
regulations, orders, or ordinances adopted pursuant to the preceding laws or
other similar laws, regulations, rules, orders, or ordinances that are currently
in effect and as may be amended or created in the future relating to the
protection of human health and the Environment.

"Escrow Agent" has the meaning set forth in Section 3.2.

"Escrow Fund" has the meaning set forth in Section 3.2.

"Governmental Authority" means any federal, state, county, city or other
political subdivision, agency, department, board, court or instrumentality that
has jurisdiction over the asset, entity or matter in question.

"Hazardous Materials" means any wastes, substances or materials, whether solid,
liquids or gases, that are deemed hazardous, toxic, pollutants or contaminants,
including, but not limited to, substances defined as "hazardous wastes",
"hazardous materials," "restricted hazardous materials," "extremely hazardous
substances," "toxic substances," or words of similar meaning and regulatory
effect in any of the Environmental Laws. "Hazardous Materials" also includes,
but is not limited to, (a) any petrochemical or petroleum products, oil or coal
ash, radioactive materials, radon gas, asbestos in any form that is or could
become friable, urea formaldehyde foam insulation and transformers or other
equipment that contain dielectric fluid which may contain levels of
polychlorinated biphenyls; and (b) any other chemical, material or substance, or
combination thereof, exposure to which is prohibited, limited or regulated by
any applicable Environmental Law.

"Indemnified Party" has the meaning set forth in Section 12.7.

"Indemnifying Party" has the meaning set forth in Section 12.7.

"Losses" has the meaning set forth in Section 12.2.

"Louisiana Facilities" means that certain crude oil terminal located in
Terrebonne Parish, Louisiana and pipelines and other equipment and real property
interests related thereto as more particularly described in Section 2.1 and in
the Special Warranty Deed, Bill of Sale and the Assignment and Assumption
Agreement.

                                       3
<PAGE>

"Louisiana Facilities Commercial Development Transition Agreement" means that
certain agreement between Geonet Gathering, Inc. as seller, and Williams Energy
Marketing & Trading Company, as buyer, pursuant to the terms of which Geonet
Gathering, Inc. sells and Williams Energy Marketing & Trading Company buys the
Crude Oil Inventories.

"New Dock Lease" means all of Lessee's interest in a certain oil barge off-load
dock site as described within a certain Lease Contract dated December 10, 1999,
effective date being October 1, 1999, between Eugene H. Darnall, as Trustee of
the Carline Land Trust, ("Lessor") and Geonet Gathering, Inc. ("Lessee") leasing
to Lessee space for an (a) oil barge off-load dock together with approximately
4000 feet of 8-inch, 6-inch and 12-inch diameter pipelines running easterly from
said dock, (b) approximately 4000 feet of 6-inch diameter pipeline running
southeasterly from said dock, and (c) one 6-inch and one 8-inch diameter
pipelines approximately 6,146 feet long and 30 feet wide in Sections 52, 53, 54,
55, 56, 57, 58, 59 and 81 all in T16S - R14E, Terrebonne Parish, Louisiana.

"Person" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, governmental agency or authority, or any other
entity.

"Products" has the meaning set forth in Section 8.2.

"Purchase Price" has the meaning set forth in Section 3.2.

"Release" means any emission, spill, seepage, leak, escape, leaching, discharge,
injection, pumping, pouring, emptying, dumping, or disposing of Hazardous
Materials into or upon the Environment.

"Retained Matters" means the cash, cash equivalents, accounts receivable,
accounts payable and rights and obligations earned, incurred or accrued in
periods prior to the Effective Time, and the office equipment and business and
other administrative records located in the offices of the Seller in Houston,
Texas.

"Seller" means Geonet Gathering, Inc., a Texas corporation.

"Seller Indemnitees" has the meaning set forth in Section 12.3.

"Special Warranty Deed" has the meaning set forth in Section 4.2.1 (a).

"Subject Property" has the meaning set forth in Section 2.1.

"Survival Period" has the meaning set forth in Section 12.1.

"Terminal Lease" means any lease agreement, and any amendment thereto, executed
by Seller as the Lessee and multiple lessors, which lease pertains to a tract of
land consisting of approximately five acres in Terrebonne Parish, Louisiana and
upon which are located (a) a 16'x16' combination office,

                                       4
<PAGE>

tool and test house, (b) two 10,000 barrel steel tanks designated tanks #8000
and #8001, (c) a 37,500 barrel steel tank designated tank #8002, (d) a 10'x24'
barge loading dock, (e) inter-connecting piping, a 10" dock line, and a pump,
all of such personal property also being leased by Seller. Such Terminal Lease
includes, without limitation, (1) the "Lease Agreement" executed between Seller
and multiple lessors the term of which began on or about September 15, 1993, (2)
"Addendum to Lease Agreement" executed on or about September 15, 1993, (3)
"Amendment to Lease Agreement" effective on or about February 1, 1997, (4)
"Amendment to Lease Agreement" effective on or about August 27, 1998 and (5) the
"Property Lease Agreement" attached hereto as Exhibit H and the execution of
which has been recently requested of the multiple lessors by Seller.

"Title Company" means Chicago Title Insurance Company.

"Title Commitment" has the meaning set forth in Section 5.3.2.

"Title Defect" has the meaning set forth in Section 5.3.2.

                                    ARTICLE 2
                         DESCRIPTION OF SUBJECT PROPERTY

2.1 Description of Subject Property. The property that is the subject of this
Agreement (collectively, the "Subject Property") consists of (i) the business
goodwill from operations located in Texas and (ii) the Louisiana Facilities,
which more specifically include the following:

         (a) the real property held in fee related to the Louisiana Facilities
and any and all appurtenant surface leases, easements, rights of way, permits
and licenses that grant real property rights, and other interests in real
property in which Seller has an interest servicing, benefiting and/or pertaining
to the real property held in fee described in Exhibit A, and any and all
buildings, structures, fixtures and other real property improvements situated on
the real property held in fee described on Exhibit A;

         (b) the personal property, including, without limitation, the
facilities, pipelines, equipment and other personal property currently used in
the operation, repair and maintenance of the Louisiana Facilities and situated
thereon in which Seller has an interest, and, any and all piping, valves,
fittings, meters, tanks, pumps and other engineering works situated at the
Louisiana Facilities and appurtenant equipment and facilities, including, but
not limited to, terminal delivery lines in which Seller has an interest,
described in Exhibit B;

         (c) all programs, applications and computer software systems (with the
source code, the object code and all related documentation for such programs,
applications and computer software systems) thereto used by Seller in the
operation of the Seller's business related to the Louisiana Facilities, to the
extent identified as assignable and transferable in Exhibit B;

         (d) all policy, procedure, operation, safety and/or training manuals
related to Seller's operation of the Seller's business and the Louisiana
Facilities;

                                       5
<PAGE>

         (e) all right, title and interest associated with the Assigned Real
Property Interests, which are described in Exhibit C together with all of
Seller's original records related to said Assigned Real Property Interests;

         (f) all right, title and interest associated with the Assigned Permits,
to the extent identified as assignable and transferable in Exhibit D;

         and

         (g) all goodwill associated with the business of the Seller.

             The Subject Property specifically excludes the Retained Matters,
all bottom sediment and water ("BS&W"), Products and Crude Oil Inventories and
all contract rights of Seller with respect to the purchase or sale of such
Products and Crude Oil Inventories.

                                    ARTICLE 3
                    PURCHASE AND SALE OF THE SUBJECT PROPERTY

3.1 Agreement to Sell and Purchase the Subject Property. Upon the terms and
subject to the conditions set forth in this Agreement, at the Closing, Seller
shall sell, transfer, convey, assign and deliver to Buyer, and Buyer shall
purchase, acquire and accept from Seller on the Closing Date the Subject
Property.

3.2 Purchase Price. Upon the terms and subject to the conditions set forth in
this Agreement, Buyer shall pay to Seller a total amount of $20,150,000 for the
Subject Property (the "Purchase Price"), subject to any adjustments, prorations
and deductions as provided herein, to be delivered at the Closing. Of the
Purchase Price, Buyer shall pay to Seller $19,150,000 by wire transfer of
immediately available funds to such account as Seller shall designate to Buyer
in writing not less than two (2) business days prior to the Closing Date. Buyer
shall deposit the remaining $1,000,000 of the Purchase Price (the "Escrow Fund")
with Bank of Oklahoma, N.A., the "Escrow Agent." The Escrow Agent shall (i)
place the Escrow Fund in an interest-bearing account, and (ii) hold, manage and
disburse the Escrow Fund only in accordance with the terms of the Escrow
Agreement, the form of which is attached hereto as Exhibit I. Upon disbursement
of the Escrow Fund, Buyer shall pay to Seller interest on the Escrow Fund in an
amount equal to the interest or other income earned by the escrow during the
period prior to disbursement.

3.3 Purchase Price Allocation. Buyer and Seller agree that the allocation of the
Purchase Price among the Subject Property set forth in Schedule K shall govern
for all income tax purposes. Seller and Buyer shall report the transactions
contemplated hereby on all tax returns (including information returns and
supplements thereto required to be filed by the parties under Section 1060 of
the Code) in a manner consistent with such allocation. The parties agree that
the initial payment of the Purchase Price at the Closing is attributable to the
Seller's sale of the Subject Property, including the Seller's

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<PAGE>

goodwill and personal property and that portion of the Purchase Price paid
through the Escrow Fund is attributable to Seller's sale of the goodwill.

                                    ARTICLE 4
                                     CLOSING

4.1 Closing. The closing of the sale and purchase contemplated by this Agreement
("Closing") shall take place on such date ("Closing Date") and at such place as
Buyer and Seller may mutually agree to in writing. The "Effective Time" of such
Closing shall be deemed to be 7:00 a.m. Central Daylight Savings Time on the
Closing Date.

4.2 Deliveries at Closing.

         4.2.1 Seller's Deliveries. At the Closing, Seller shall deliver to
Buyer the following:

                  (a) Special Warranty Deed, in the form of Exhibit E attached
         hereto, executed by Seller and conveying to Buyer all of the real
         property described in Exhibit A;

                  (b) Bill of Sale, in the form of Exhibit F attached hereto,
         executed by Seller and selling and transferring to Buyer all of the
         personal property described in Exhibit B;

                  (c) Assignment and Assumption Agreement, in the form of
         Exhibit G attached hereto, executed by Seller, whereby all of Seller's
         rights, interests and obligations arising after the Effective Time in
         and to the Assigned Real Property Interests, and Assigned Permits are
         assigned to Buyer;

                  (d) Such documents as required, including UCC-3 filings as
         appropriate, in a form and substance satisfactory to Buyer, to evidence
         the release of any and all security interests in the Subject Property;

                  (e) All written or electronically stored files, maps, records,
         documents and other instruments in the possession or control of Seller
         related to the Subject Property, including, without limitation, those
         related to construction, acquisition, maintenance, operation or
         regulatory compliance of the Louisiana Facilities;

                  (f) Copies of duly-adopted actions of shareholders and
         resolutions of the Board of Directors of Seller approving the
         execution, delivery and performance of this Agreement, certified by an
         officer of Seller and in a form and substance satisfactory to Buyer;

                  (g) Officer's certificate, in a form and substance
         satisfactory to Buyer, that Seller's representations and warranties are
         true and correct as of the Closing Date;

                                       7
<PAGE>

                  (h) a foreign ownership affidavit pursuant to Section 1445 of
         the Code, in form and substance satisfactory to Buyer;

                  (i) Document(s) evidencing that any and all persons or
         entities with preferential purchase rights, options or other rights to
         purchase or acquire any interest in the Subject Property, in whole or
         in part, as set forth in the Disclosure Schedule, have been given
         notice of their right to exercise the same, together with evidence of a
         waiver of such rights or a certificate from Seller that such rights
         have not been exercised;

                  (j) Schedule and certificates of insurance of property and
         liability insurance and schedule of surety bonds in effect regarding
         the right, title and interest of the Seller in the Subject Property for
         the period immediately prior to the Closing, including types of
         coverage, deductibles, limits, policy numbers, period of coverage and
         names of insurance companies; and

                  (k) Affidavit in a form acceptable to the Title Company,
         certifying the full payment of all bills that may create workman's or
         materialman's liens on the Subject Property and any other document from
         Seller reasonably required by the Title Company for the issuance of a
         policy of title insurance.

         4.2.2 Buyer's Deliveries. At the Closing, Buyer shall deliver to Seller
the following:

                  (a) The Purchase Price, subject to any adjustments,
         prorations, additions or deductions as set forth in this Agreement;

                  (b) Assignment and Assumption Agreement, in the form of
         Exhibit G, executed by Buyer, whereby Buyer or its designee assumes all
         of Seller's rights and obligations under the Assigned Real Property
         Interests from and after Closing; and

                  (c) Officer's certificate, in form and substance satisfactory
         to Buyer, that Buyer's representations and warranties are true and
         correct as of the Closing Date.

4.3      Prorations and Adjustments.

         4.3.1 Except as otherwise provided in this Section 4.3 and in the
Transition Agreement between Williams Energy Marketing & Trading Company, Buyer
and Seller and the Revenue Sharing Agreement between Williams Energy Marketing &
Trading Company and Seller, all taxes, assessments, utilities, rents and other
expenses and revenues arising out of or relating to Seller's interest in the
Subject Property shall be prorated between Seller and Buyer as of the Effective
Time. Buyer and Seller hereby agree to cooperate, following the Closing, in the
distribution of any such expense(s) and/or revenue(s) the amount of which is
unknown as of the Effective Time.

         4.3.2 All real estate, personal property, and other ad valorem taxes
assessed or payable for all years prior to 2001 against the Subject Property
shall be the responsibility of Seller. That portion

                                       8
<PAGE>

of real estate, personal property, and other ad valorem taxes assessed or
payable for the year 2001 against the Subject Property shall be prorated between
the parties to the Effective Time, with Seller being responsible for the
prorated portion of such taxes up to the Effective Time, and Buyer being
responsible for its prorated portion of such taxes at the Effective Time and
thereafter. If Seller's prorated portion of such 2001 taxes is payable in
arrears, Seller will pay Buyer, at Closing, Seller's estimated proportionate
share of 2001 real estate, personal property, and ad valorem taxes, such
estimate being based on the latest assessment, and Buyer shall be responsible
for payment of all such taxes for the 2001 tax year and upon payment thereof,
necessary corrections to the estimated 2001 amount paid at Closing by Seller
will be paid promptly by the appropriate party to the other party. If Buyer's
prorated portion of such 2001 taxes is payable in advance, Buyer will reimburse
to Seller, at Closing, the amount of such prepaid taxes which is attributable to
the period on and after the Effective Time and which have been paid by Seller.

         4.3.3 Buyer shall pay at Closing: (a) all recording fees; (b) all
survey fees related to any survey conducted by Buyer pursuant to Section
5.3.1(b); (c) any and all escrow or closing agent fees; (d) all premiums of
title insurance policies and any endorsements thereto desired by Buyer related
to the Subject Property and (e) one-half of the cost of identification and
measurement of Crude Oil Inventories and Product pursuant to Section 8.2(b).

         4.3.4 Seller shall pay at Closing: (a) all sales, use, excise or
personal property transfer taxes related to the Subject Property; (b) all fees
charged by the Title Company related to providing the Title Commitment for the
Subject Property and any updates thereto, (c) all survey fees related to any
surveys provided by Seller pursuant to Section 5.3.1(a) and (d) one-half of the
cost of identification and measurement of Crude Oil Inventories and Product
pursuant to Section 8.2(b).

                                    ARTICLE 5
                        INSPECTIONS AND APPROVAL OF TITLE

5.1 Access to Information. Buyer's and its Affiliates' respective officers,
employees, representatives, and agents shall have access to all of the records
of Seller pertaining to the ownership, use and/or operation of the Subject
Property in Seller's possession or capable of being obtained by Seller by
request, including, without limitation, records, books, contracts, commitments,
reports, permits, applications, monitoring reports, environmental
assessments/audits, studies, correspondence and any other relevant data at all
reasonable times from the date hereof to the Closing in order that Buyer may
make such technical, legal, financial, accounting, environmental or other review
or investigation as Buyer deems desirable; and the officers, employees,
representatives, and agents of Seller shall permit such access to such data or
information or furnish Buyer with such data or information as may be reasonably
requested by Buyer, including, but not limited to, access to such information
maintained in electronic format. Buyer may inspect and, at its own expense, make
copies of such data and information as Buyer deems reasonably necessary. Seller
shall also make available its officers, agents, employees and other
representatives, during normal business hours, to discuss with Buyer and Buyer's
representatives any and all information relating to the Subject Property and to
the ownership, use and operation thereof.

                                       9
<PAGE>

5.2 Access to the Subject Property. At Buyer's sole cost, risk, and expense,
Seller may, at Seller's sole option, provide Buyer's and its Affiliates'
respective employees, representatives and agents with access to the Subject
Property at all reasonable times from the date hereof to the Closing for the
purpose of inspection and review of the Subject Property; provided that Buyer
shall not be authorized, unless specifically authorized in writing by Seller,
which authorization may be withheld by Seller for any reason which reason need
not be disclosed to Buyer, to conduct (i) any inspection or review of the
Subject Property that will interfere with or restrict in any way the operations
of the business of the Seller or (ii) any environmental assessment of the
Subject Property.

5.3 Real Property Title.

         5.3.1 Survey.

               (a) Within five (5) days following the date of this Agreement,
Seller shall deliver to Buyer any and all surveys, prepared prior to the date of
this Agreement, in Seller's possession or available to Seller, of all interests,
including leases and easements, in the real property associated with the Subject
Property.

               (b) If, in the reasonable judgment of Buyer or the Title Company,
the surveys described under 5.3.1 (a) are inadequate for any reason, Buyer shall
have the right to cause metes and bounds surveys to be made of the real property
described in Section 2.1(a), the leasehold property associated with the New Dock
Lease and/or the leasehold property associated with the Terminal Lease, together
with all appurtenant fixtures and improvements, by a registered surveyor
acceptable to the Title Company. If Buyer should acquire additional surveys,
Seller shall cooperate as needed in utilizing the Buyer's new surveys as new
legal descriptions for all or any portion of the fee or leasehold interests
which are a part of the Louisiana Facilities. If necessary, Seller shall acquire
new amendments for the Terminal Lease and/or the New Dock Lease utilizing
Buyer's additional surveys as new descriptions for the property affected by said
leasehold interest.

         5.3.2 Title Defects. Buyer shall order or has previously ordered title
commitments and upon receipt of the surveys referenced in Sections 5.3.1(a)
and/or 5.3.1(b), Buyer shall order revised title commitments from the Title
Company (both the original and any revised title commitments collectively the
"Title Commitment") with respect to the real property described in Section
2.1(a) together with the leasehold property associated with the New Dock Lease
and the leasehold property associated with the Terminal Lease. Within ten (10)
days following Buyer's receipt of the Title Commitment and within five (5) days
of Buyer's receipt of any revision to any such Title Commitment showing any new
title matter, Buyer shall notify Seller in writing as to whether Buyer objects
to any title matter which appears on such Title Commitment ("Title Defect").
Seller shall have the option to remove or cure any Title Defect during the
thirty (30) day period after receipt of Buyer's notice ("Cure Period") to remedy
Title Defects. In the event that Seller fails or chooses not to remedy the Title
Defects to Buyer's satisfaction within the Cure Period, Buyer shall have the
option, exercisable within: (i) ten (10) days from the expiration of the Cure
Period; or, if a shorter period of time, (ii) ten (10) day from Seller's written
notice of its choice not to remedy the Title Defects, to:

                                       10
<PAGE>

               (a) accept the status of the title subject to the Title Defects
and proceed with the performance of this Agreement, in which case the Special
Warranty Deed in the form of Exhibit E and/or the Assignment and Assumption
Agreement in the form of Exhibit G will be modified, if applicable, to make the
Title Defect an exception to Seller's warranties thereunder;

               (b) extend the Cure Period for a reasonable period mutually
agreeable to the parties to give Seller an additional opportunity to remedy the
Title Defects at the end of which period, if Seller still has not cured the
Title Defect to Buyer's satisfaction, Buyer shall have ten (10) days after such
period ends to elect option (a) or (c) in this Section 5.3.2; or

               (c) terminate this Agreement by giving written notice to Seller.

                                    ARTICLE 6
                            REPRESENTATIONS OF SELLER

         Subject to the disclosures as provided by Seller on Schedule J, if any
("Disclosure Schedule"), Seller represents and warrants to Buyer as of the date
hereof and as of the Closing Date that:

6.1 Organization, Qualification and Good Standing. Seller (a) is a corporation,
duly organized, validly existing, and in good standing under the laws of the
State of Texas, (b) is duly qualified to transact business and is in good
standing under the laws of each jurisdiction where the conduct of its business
requires it to so qualify, and (c) has all the requisite company power and
authority to own or hold under lease its property and assets, and to transact
the business in which it is engaged.

6.2 Authority. This Agreement has been duly executed and delivered by Seller.
Seller has the full corporate power and authority to enter into this Agreement,
to make the representations, warranties, covenants and agreements made herein
and to consummate the transactions contemplated hereby. The execution, delivery
and performance of this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all requisite
shareholder and corporate action on the part of Seller.

6.3 Legally Binding. This Agreement and each of the documents described herein
to be executed by Seller constitute legal, valid and binding obligations of
Seller, enforceable against Seller in accordance with their terms, except as
enforcement may be limited by bankruptcy, insolvency, or other similar laws
affecting the enforceability of creditors' rights in general, and to moratorium
laws from time to time in effect. The enforceability of Seller's obligations
under this Agreement is subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

6.4 No Violation or Breach Resulting from this Transaction. Neither the
execution and delivery of this Agreement by Seller nor the consummation by
Seller of the transactions contemplated hereby:

                                       11
<PAGE>

         (a) will constitute a violation or breach by Seller of any judgment,
order, writ, injunction or decrees issued against or imposed upon Seller;

         (b) will result in the violation by Seller of any applicable law,
order, rule or regulation or decree of any governmental or quasi-governmental
authority; or

         (c) will constitute a breach of or default under (or an event that,
with giving of notice or passage of time or both, would constitute a breach of
or default under), or will result in the termination of, or accelerate the
performance required by, or result in the creation or imposition of any security
interest, lien, charge or other encumbrance upon the Subject Property under, any
contract, instrument or agreement to which Seller is a party or by which Seller
or any of its assets is bound.

6.5 No Consent Required. No approval, notification, permits, licenses,
authorization, or other action by, to or from, or filing with, any Governmental
Authority or any third party is required in connection with the execution,
delivery, and performance by Seller of this Agreement.

6.6 Governmental/ Regulatory Notices/ Judicial Actions. Except for matters
related to an Environmental Law,

         (a) There are no violations of or instances of noncompliance with any
laws, rules, regulations, ordinances, orders, judgments and decrees applicable
to Seller's ownership, use, and operation of the Subject Property or the
condition thereof;

         (b) There are no pending, or to the Best of Seller's Knowledge,
threatened claims, actions, suits, proceedings, or investigations by or before
any court or Governmental Authority against Seller with respect to its interest
in the Subject Property or the operations thereof;

         (c) There are no judgments, orders, writs or injunctions of any
Governmental Authority in effect against Seller or affecting the Subject
Property; and

         (d) There are no pending condemnation or similar proceedings affecting
the Subject Property or any portion thereof, nor to the Best of Seller's
Knowledge, is any such action threatened against all or any portion of the
Subject Property.

6.7 Assigned Permits. Seller has delivered to Buyer true and complete copies of
all Assigned Permits. The list of Assigned Permits provided on Exhibit "D" is a
complete list of all of the permits, licenses and authorizations, excluding
Environmental Permits, held by the Seller to own and/or operate the Subject
Property as a crude oil storage and terminal facility in the manner and in the
areas in which the Subject Property is being used or operated. To the Best of
Seller's Knowledge, each Assigned Permit has been granted by the appropriate
Governmental Authority and is valid and in full force and effect.

                                       12
<PAGE>

6.8 Taxes. All returns required to be filed pursuant to federal, state or local
laws with respect to the ownership and operation of the Subject Property have
been or will be timely filed, and all taxes (other than income taxes) imposed or
assessed, whether federal, state or local, on the Subject Property that would
result in a lien attaching to the Subject Property if not paid, have been or
will be timely paid or validly contested. Furthermore, no tax returns covered by
this Section are now under audit or, to the Best of Seller's Knowledge
investigation by any taxing authority, and no suits or other judicial or
administrative proceedings or claims are pending, or to the Best of Seller's
Knowledge, threatened with respect to any tax return covered by this Section
6.8.

6.9 Assigned Real Property Interests. Seller has or will deliver to Buyer, true
and complete copies of each Assigned Real Property Interest. The list of
Assigned Real Property Interests provided on Exhibit C is a complete list of all
of the leases, easements, rights of way, licenses and other legally enforceable
interests held by Seller for the operation, maintenance and placement of the
Subject Property prior to Closing. Seller has received no notice of a claim or
cause of action that gives rise to a right of offset by any party under any of
the Assigned Real Property Interests for monies owed by Seller. Seller is not in
violation, breach or default under the Assigned Real Property Interest nor, to
the Best of Seller's Knowledge, is any other party to the Assigned Real Property
Interests in violation, breach or default thereunder. To the Best of Seller's
Knowledge, the Assigned Real Property Interests are valid and enforceable
according to their terms.

6.10 Title to Subject Property. Except (a) for any claims or encumbrances that
do not arise by, through or under Seller, or (b) any lien for taxes that are not
yet due and payable, Seller has good and indefeasible title to the Subject
Property free and clear of all liens, charges, mortgages, security interests,
pledges, lease or deed restrictions or other encumbrances of any nature
whatsoever created by, through or under Seller, but not otherwise.

6.11 Insurance. There are no occurrences and/or incidents that have been
reported as a claim or potential claim and are ongoing, open and/or outstanding
claims against Seller's insurance on its ownership interest in the Subject
Property.

6.12 Foreign Person. Seller is not a "foreign person" as defined in Section 1445
of the Code and the regulations promulgated thereunder.

6.13 Preferential Purchase Rights. There are no preferential purchase rights,
options, or other rights held by any person or entity not a party to this
Agreement to purchase or acquire any interest in the Subject Property, in whole
or in part, as a result of the transactions contemplated by this Agreement.

6.14 Condition and Sufficiency of Property. The buildings, structures and
equipment associated with the Subject Property are structurally sound, are in
good operating condition and repair, and are adequate for the uses to which they
are being put, and none of such is in need of maintenance or repairs except for
ordinary, routine maintenance and repairs that are not material in nature or
cost. The buildings, structures and equipment associated with the Subject
Property are sufficient for the continued conduct of operations on the Subject
Property after the Closing in substantially the same

                                       13
<PAGE>

manner as such operations have been conducted prior to the Closing; provided,
however, the Seller disclaims any and all liability to the extent of any
modifications that are made after the Closing to any of the Subject Property or
the methods of operation thereof.

6.15 Records. All records and documents relating to the operation and
maintenance of the Subject Property furnished to Buyer were prepared and
maintained in the ordinary course of business, and, to the Best of Seller's
Knowledge, are complete and sufficient for the conduct of the Seller's business
in the same manner as conducted prior to the Closing. Seller has delivered to
Buyer true and correct copies of the report of independent auditors for the
Seller with respect to the calendar years 1998, 1999 and 2000. Furthermore,
Seller will, by October 31, 2001, make available to Buyer for its analysis
certain operational reports prepared by the management of the Seller for its
internal use in accordance with GAAP (subject to post period adjustments) with
respect to the period beginning January 1, 2001 through and including September
30, 2001. Except as specifically stated, no representation or warranty is made
with respect to any records, financial statements, reports, or other data except
as set out in this Section 6.15.

6.16 Brokers. Seller represents and warrants it has not retained any brokers
with respect to this Agreement and agrees to indemnify Buyer against any claim
by any third person for any commission, brokerage, finder's fee or any other
payment based upon any agreement or understanding between such third person and
Seller.

6.17 Disclosure. No representation or warranty of Seller in this Agreement omits
to state a material fact necessary to make the statements herein, in light of
the circumstances made, not misleading.

                                    ARTICLE 7
                            REPRESENTATIONS OF BUYER

         Buyer represents and warrants to Seller as of the date hereof and as of
the Closing Date that:

7.1 Organization and Good Standing. Buyer is a limited partnership duly
organized, validly existing and in good standing under the laws of the State of
Delaware.

7.2 Authority. This Agreement has been duly executed and delivered by Buyer.
Buyer has the full requisite power and authority to enter into this Agreement,
to make the representations, warranties, covenants and agreements made herein
and to consummate the transactions contemplated hereby. The execution, delivery
and performance of this Agreement and the consummation of the transactions
contemplated hereby have been duly and validly authorized by all requisite
partnership action on the part of Buyer; including, without limitation,
receiving all approvals and authorizations from the board of directors of its
general partner and any special committee of that board of directors reviewing
this transaction subject to completion of due diligence to the satisfaction of
Buyer.

7.3 Legally Binding. This Agreement and each of the documents described herein
to be executed by Buyer constitute legal, valid and binding obligations of
Buyer, enforceable against Buyer in

                                       14
<PAGE>

accordance with their terms, except as enforcement may be limited by bankruptcy,
insolvency, or other similar laws affecting the enforceability of creditors'
rights in general, and to moratorium laws from time to time in effect. The
enforceability of Buyer's obligations under this Agreement is subject to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law).

7.4 No Violation. The execution and delivery of this Agreement and the
performance by the Buyer of the terms of this Agreement do not conflict with or
result in a violation or breach of the corporate organizational documents of
Buyer or of any agreement, instrument, order, writ, judgment, decree, statute,
rule, or regulation to which Buyer is a party or is subject.

7.5 Brokers. Buyer represents and warrants it has not retained any brokers with
respect to this Agreement and agrees to indemnify Seller against any claim by
any third person for any commission, brokerage, finder's fee or any other
payment based upon any agreement or understanding between such third person and
Buyer.

                                    ARTICLE 8
                 OTHER AGREEMENTS AND OBLIGATIONS OF THE PARTIES

8.1 Conduct of Business Pending Closing.

         8.1.1 From the date of execution of this Agreement to and including the
Closing Date, Seller shall:

                  (a) conduct the business of the Subject Property in the
         ordinary course consistent with past practices;

                  (b) maintain the Subject Property in good repair, order and
         condition consistent with past practice, subject only to normal wear
         and tear;

                  (c) operate the Subject Property in compliance with all
         statutes, laws, ordinances, rules, regulations and orders applicable to
         the Subject Property;

                  (d) maintain records relating to the Subject Property
         consistent with past practice; and

                  (e) continue in full force and effect the insurance currently
         maintained by Seller on the Subject Property with substantially the
         same form and with the same limits and deductibles as presently
         maintained by Seller.

         8.1.2 Without limiting the generality of Section 8.1.1, except as
expressly provided in this Agreement, from the date hereof to and including the
Closing Date, Seller shall not, without Buyer's written consent:

                  (a) sell, transfer, encumber or otherwise dispose of any of
         its interest in the Subject Property;

                                       15
<PAGE>

                  (b) enter into any agreements, commitments or contracts
         affecting the Subject Property other than agreements in the ordinary
         course of business (including agreements with its customers for storage
         in the Subject Property) or in accordance with past practices, and in
         no event for any term in excess of thirty (30) days following the
         Closing Date, or terminate, amend or modify any of the Assigned Real
         Property Interests; provided, however, Buyer agrees that Seller
         continue the effort to obtain full execution of the "Property Lease
         Agreement" associated with the Terminal Lease in the form attached
         hereto as Exhibit H.

                  (c) settle any pending judicial or administrative litigation
         or claim applicable to Seller's interest in the Subject Property except
         for settlements which do not impose any obligation on the Subject
         Property or the operation of the Subject Property which extends beyond
         the Closing Date;

                  (d) make any material changes to the physical characteristics
         of the Subject Property; or

                  (e) make any capital commitments or expenditures in excess of
         $10,000 except for expenditures made in connection with any emergency
         or other force majeure event.

8.2 Transfer of Custody of Inventory.

         (a) It is understood by the parties that Seller will have, as of the
Closing Date, custody of crude oil owned by third parties at, from or in transit
to the Subject Property (hereinafter referred to as the "Products") and of the
Crude Oil Inventories and BS&W. The BS&W, Products and Crude Oil Inventories are
specifically excluded from this sale, except as to the transfer of their custody
from Seller to Buyer.

         (b) On the Closing Date, the quality of the Products and Crude Oil
Inventories shall be in compliance with Seller's existing product
specifications, Seller will transfer custody of the Products and Crude Oil
Inventories to Buyer, and Buyer will issue to Seller any necessary documentation
to acknowledge receipt of the Products and Crude Oil Inventories upon Buyer's
verification and acceptance of both the physical and book Products and Crude Oil
Inventories. At Closing, Seller shall also transfer custody of the BS&W to
Buyer.

8.3 Employee Matters.

         8.3.1    Employment and Compensation of Employees. Buyer and its
                  Affiliates will have the right, after execution of this
                  Agreement, to interview and offer employment to any and all of
                  the people employed on behalf of Seller in connection with the
                  Subject Property (the "Employees") on such terms as Buyer will
                  determine. Buyer and its Affiliates shall have no obligation
                  to offer employment to or to employ such Employees.

         8.3.2    Employee Liabilities. Seller will be solely responsible for
                  all liabilities and obligations with respect to the Employees,
                  including, but not limited to, compensation or employee
                  benefits arising before the Effective Time. Seller will bear
                  all severance costs for the Employees terminated by Geonet or
                  its agent and arising out of the transactions contemplated by
                  this Agreement. Buyer will be solely responsible for all
                  liabilities and obligations with respect to the compensation
                  or employee benefits of

                                       16
<PAGE>

                  those Employees, if any, who are employed by Buyer and which
                  arise with respect to employment with Buyer after the
                  Effective Time.

8.4 Seller's Covenant Not to Compete.

         (a) Seller agrees that for the lesser of two (2) years after the
Closing Date or for so long as Buyer owns or operates the Subject Property,
neither Seller nor its present or future Affiliates will, directly or
indirectly, own, manage, operate, control, or participate in the ownership,
management, operation or control of, any crude oil terminal within Terrebonne,
St. James, St. Mary, Iberia, Vermilion, Cameron, LaFourche, Jefferson, or
Plaquemines Parishes.

         (b) The Parties specifically acknowledge and agree that the remedy at
law for any breach of the foregoing will be inadequate and that Buyer, in
addition to any other relief available herein, shall be entitled to temporary
and permanent injunctive relief without the necessity of proving actual damage;
provided, however, Buyer will notify Seller of any breach and allow Seller
twenty-four (24) hours to cease the activities resulting in the breach prior to
Buyer pursuing its available remedies as set forth herein. In the event that the
provisions of this Section should ever be deemed to exceed the limitation
provided by applicable law, then the Parties agree that such provisions shall be
reformed to set forth the maximum limitations permitted.

8.5 Public Announcements. Except as required by applicable law or the applicable
rules and regulations of any governmental agency or stock exchange, neither
Seller nor Buyer shall give notice to third parties or otherwise make any public
statement or releases concerning this Agreement, its content or the transactions
contemplated hereby except for such written information as shall have been
approved in writing as to form and content by both Parties; provided, however,
Buyer shall have no such obligation following the Closing of the transaction
contemplated herein.

8.6 Third Party Negotiations. Seller will not, directly or indirectly, through
any representative or otherwise, solicit or entertain offers from, negotiate
with or in any manner encourage, discuss, accept or consider any proposal of any
other party relating to the sale, lease or other disposition of the Subject
Property, in whole or in part, whether through direct purchase, merger,
consolidation or business combination.

8.7 Reasonable Efforts and Further Negotiations. Each of the Parties will use
its respective reasonable efforts to (a) cause to be fulfilled and satisfied all
of the conditions to the Closing and (b) cause to be performed all of the
matters required of it at or prior to the Closing. The Parties agree to
negotiate the form and content of any documents required to be delivered at the
Closing, or otherwise required to effect the transactions contemplated hereby,
in good faith, taking into consideration the intents and purposes of this
Agreement and terms and conditions normally and reasonably found in transactions
of similar form and magnitude.

8.8 Seller Disclosure Schedule. From the date of this Agreement to the Closing
Date, Seller shall have the continuing obligation to promptly supplement or
amend the Disclosure Schedule, being delivered concurrently with the execution
of this Agreement and attached hereto, with respect to any matter hereafter
arising or discovered which, if existing or known at the date of this Agreement,
would have been required to be set forth or described in the Disclosure
Schedule.

                                       17
<PAGE>

                                    ARTICLE 9
                       CONDITIONS TO OBLIGATIONS OF SELLER

         The obligations of Seller to effect the transactions contemplated by
this Agreement on the Closing Date shall be subject to the fulfillment, prior to
or at the Closing, of each of the conditions set forth in this Article 9 (unless
waived, in whole or in part, in writing by Seller).

9.1 Representation and Warranties True. The representations and warranties made
by Buyer as set forth in Article 7 of this Agreement shall have been true and
correct when made and shall be true and correct as of the Closing Date as though
such representations and warranties were made at and as of such date.

9.2 Performance of Obligations. Buyer shall have performed, observed and
complied with, in all material respects, all agreements, obligations, covenants
and conditions required by this Agreement to be performed or complied with by it
on or prior to the Closing Date.

9.3 Litigation. No action or proceeding shall be pending or threatened against
Seller or Buyer in any court of law or by any Governmental Authority on the
Closing Date, wherein an unfavorable judgment, decree or order could prevent,
make unlawful or materially affect the consummation of the transactions
contemplated by this Agreement.

9.4 Documents and Deliveries. All instruments and documents required on Buyer's
part to effectuate this Agreement and the transactions contemplated hereby shall
be delivered to Seller and shall be in form and substance consistent with the
requirements herein.

9.5 Collateral Agreements. The following agreements shall have been fully
executed and delivered:

         (a)      the Louisiana Facilities Commercial Development Transition
                  Agreement ;

         (b)      the Employment and Nonsolicitation/Noncompetition/
                  Confidentiality Agreement between Williams Energy Marketing &
                  Trading Company and Don Robinson; and

         (c)      the Consulting and Nonsolicitation/Noncompetition/
                  Confidentiality between Williams Energy Marketing & Trading
                  Company and Larry Golden;

         (d)      the "Property Lease Agreement" associated with the Terminal
                  Lease in the form attached hereto as Exhibit H;

         (e)      the Agreement between Williams Energy Marketing & Trading
                  Company and Seller, or its designated Affiliate, regarding the
                  services of Don Robinson and other Geonet employees who become
                  employees of Williams Energy Marketing & Trading Company for
                  the closing of the books of Geonet for the year ended December
                  31, 2001;

         (f)      the Transition Services Agreement between Williams Energy
                  Marketing & Trading Company, Seller and Buyer; and

         (g)      the Revenue Sharing Agreement between Williams Energy
                  Marketing & Trading Company and Seller.

                                       18
<PAGE>

                                   ARTICLE 10
                       CONDITIONS TO OBLIGATIONS OF BUYER

         The obligations of Buyer to effect the transactions contemplated by
this Agreement on the Closing Date shall be subject to the fulfillment, prior to
or at the Closing, of each of the conditions set forth in this Article 10
(unless waived, in whole or in part, in writing by Buyer).

10.1 Representation and Warranties True. The representations and warranties made
by Seller as set forth in Article 6 of this Agreement shall have been true and
correct when made and shall be true and correct as of the Closing Date as though
such representations and warranties were made at and as of such date without
giving effect to any update to Seller's Disclosure Schedule.

10.2 Performance of Obligations. Seller shall have performed, observed and
complied with, in all material respects, all agreements, obligations, covenants
and conditions required by this Agreement to be performed or complied with by it
on or prior to the Closing Date.

10.3 Litigation. No action or proceeding shall be pending or threatened against
Seller or Buyer in any court of law or by any administrative or governmental
agency on the Closing Date, wherein an unfavorable judgment, decree or order
could prevent, make unlawful or materially affect the consummation of the
transactions contemplated by this Agreement.

10.4 Absence of Certain Changes. There shall not have occurred with respect to
the Subject Property any act or omission constituting a violation of any
Environmental Law, rule or regulation of any Governmental Authority between the
date of this Agreement and the Closing Date nor any damage or destruction,
whether covered by insurance or not, which could materially adversely affect the
normal utilization and operations of the Subject Property.

10.5 Documents and Deliveries. All instruments and documents required on
Seller's part to effectuate this Agreement and the transactions contemplated
hereby shall be delivered to Buyer and shall be in form and substance consistent
with the requirements herein.

10.6 Title Insurance Policy. The Title Company shall have committed to issue to
Buyer at Closing, an extended coverage ALTA owner's policy of title insurance
(subject only to such Title Defects as Buyer has accepted under Section
5.3.2(a)) upon payment by Buyer of its regularly scheduled premium, insuring
Buyer's interests in (a) that portion of the Subject Property described in
Section 2.1(a), (b) a leasehold interest in the New Dock and (c) a leasehold
interest in the Terminal Lease in an amount satisfactory to Buyer, subject only
to delivery of the executed Bill of Sale, Assignment and Assumption Agreement
and Special Warranty Deed, the printed provisions of such policy, and such title
matters accepted by Buyer pursuant to Section 5.3.2

10.7 Due Diligence Review. Buyer shall have completed, to Buyer's satisfaction,
a due diligence investigation of the Subject Property, including without
limitation, any Seller authorized physical inspection of the Subject Property
and a review of any and all documents and other writings related to or affecting
the Subject Property and Buyer, in its sole judgment, is satisfied with the
results of the due diligence investigation .

10.8 Preferential Purchase Rights/Consents to Assignment. Seller shall have
provided written notice of this Agreement to any Persons with preferential
purchase rights to the Subject Property pursuant to and in accordance with the
terms of the governing documents and either (i) such Persons shall have notified
Seller of their intent to either waive or not to exercise their preferential
rights with respect to this Agreement, or (ii) said preferential rights of first
refusal shall have expired pursuant

                                       19
<PAGE>

to the terms of the governing documents. Seller shall also have received the
consent of any third parties required for the assignment of Assigned Real
Property Interests, including without limitation, consent of (1) the Carline
Land Trust for assignment of the New Dock Lease, (2) Ship Shoal Pipeline Company
for assignment of that Onshore Tie-In Agreement for the Ship Shoal Pipeline
System dated December 22, 1997 between Seller and Ship Shoal Pipeline Company,
(3) the Servitude for Pipeline between Seller and Henrietta Marie Smith Hunt,
(4) the Servitude for Pipeline between Seller and Gertrude B. Rodriquez, (5) the
Servitude for Pipeline between Seller and Arthur E. Lagard and Juanita Steward
Lagard, (6) the Servitude for Pipeline between Seller and IP Petroleum Company,
Inc. and (7) the Pipeline Right-of-Way Grant between Seller and the State of
Louisiana.

10.9 Collateral Agreements. The following agreements shall have been fully
executed and delivered:

         (a)      Louisiana Facilities Commercial Development Transition
                  Agreement;

         (b)      the Employment and Nonsolicitation/Noncompetition/
                  Confidentiality Agreement between Williams Energy Marketing &
                  Trading Company and Don Robinson; and

         (c)      the Consulting and Nonsolicitation/Noncompetition/
                  Confidentiality between Williams Energy Marketing & Trading
                  Company and Larry Golden;

         (d)      the "Property Lease Agreement" associated with the Terminal
                  Lease in the form attached hereto as Exhibit H;

         (e)      the Agreement between Williams Energy Marketing & Trading
                  Company and Seller, or its designated Affiliate, regarding the
                  services of Don Robinson and other Geonet employees who become
                  employees of Williams Energy Marketing & Trading Company for
                  the closing of the books of Geonet for the year ended December
                  31, 2001;

         (h)      the Transition Services Agreement between Williams Energy
                  Marketing & Trading Company, Seller and Buyer; and

         (f)      the Revenue Sharing Agreement between Williams Energy
                  Marketing & Trading Company and Seller.

10.10 Approvals. The conditions of approvals and authorizations from the board
of directors of Buyer's general partner and any special committee of that board
of directors reviewing this transaction have been satisfied.

                                   ARTICLE 11
                         LOSS BY CASUALTY; CONDEMNATION

11.1 Risk of Loss. Risk of loss of or damage to the Subject Property shall be
borne by Seller until the Closing Date; thereafter, Buyer shall bear the risk of
loss or damage. Seller shall promptly notify Buyer of any casualty to the
Subject Property, any condemnation proceeding commenced or threatened, or the
exercise of any preferential right to purchase any of the Subject Property prior
to the Closing. In the event of any such casualty, condemnation proceeding or
exercise of preferential rights, Buyer shall elect in writing to either (a)
purchase the Subject Property under the terms and conditions set forth herein
with a reduction to Purchase Price as agreed upon by Buyer and Seller before
Buyer makes this election, or (b) terminate this Agreement, in which event,
except as otherwise provided herein, neither Party shall have any further rights
or obligations hereunder.

                                       20
<PAGE>

                                   ARTICLE 12
                                 INDEMNIFICATION

12.1 Survival. Except as provided in Sections 8.4 and 12.4, the representations,
warranties, covenants and obligations of the Parties under Section 6.14 shall
survive until December 31, 2001 and under the remainder of this Agreement shall
survive until the first anniversary date of the Closing (with such time period
beginning at the Effective Time through December 31, 2001, the first anniversary
of this Agreement or forever, as appropriate, being referred to as the "Survival
Period"); provided, however, that any bona fide claim relating thereto (a) is
asserted in writing to the other Party specifying in reasonable detail the
specific nature of the Claim and the estimated amount of such Claim ("Claim
Notice"), and (b) shall, if delivered in accordance with Section 12.7 during the
Survival Period, with respect only to such Claim, survive the Survival Period.

12.2 Indemnification by Seller.

         (a) Seller shall indemnify, defend and hold harmless Buyer, its
Affiliates, successors and assigns and their respective directors, officers,
employees, shareholders, trustees, beneficiaries, representatives and agents
(collectively, the "Buyer Indemnitees") from and against any and all claims,
demands, actions or causes of action, assessments, judgments, court costs,
penalties, damages, interest, losses, costs, expenses, obligations, and
liabilities (including without limitation, reasonable consultants' and
attorneys' fees and expenses) of every type and nature whatsoever (collectively,
"Claims or Losses") suffered by Buyer as a result of:

         (i) any inaccuracy in or breach by Seller of any representation,
         warranty, covenant or agreement of Seller set forth in this Agreement ;

         (ii) the ownership or operation of the Subject Property prior to the
         Effective Time and events occurring or conditions existing prior to the
         Effective Time; provided, however, that this Section 12.2 shall not
         apply, and Section 12.4 shall govern, with respect to Claims or Losses
         arising out of environmental matters; or

         (iii) any noncompliance by Seller with any bulk transfer laws that may
         be applicable to the transaction contemplated by this Agreement.

12.3 Indemnification by Buyer. Buyer shall indemnify, defend and hold Seller,
its parent, Affiliates, successors and assigns and their respective directors,
officers, employees, shareholders, representatives, trustees, beneficiaries and
agents (collectively, the "Seller Indemnitees") harmless from and against any
and all Claims or Losses suffered by Seller as a result of:

         (a) any inaccuracy in or breach by Buyer of any representation,
warranty, covenant or agreement of Buyer set forth in this Agreement; or

         (b) the ownership, operation or use of the Subject Property that
relates to the period of time after the Effective Time.

12.4 Environmental Indemnification.

                  (a) BUYER HEREBY RELEASES AND DISCHARGES SELLER INDEMNITEES
         FROM, AND AGREES TO INDEMNIFY, DEFEND AND HOLD SELLER INDEMNITEES
         HARMLESS FROM, ANY AND ALL CLAIMS OR LOSSES AT LAW OR IN EQUITY, KNOWN
         OR UNKNOWN, WHETHER NOW EXISTING OR ARISING IN THE FUTURE, CONTINGENT
         OR OTHERWISE, REGARDLESS OF ANY

                                       21
<PAGE>

         NEGLIGENCE OR STRICT LIABILITY OF SELLER INDEMNITIES, WITH RESPECT TO
         ANY CONDITION OF THE ENVIRONMENT, WHETHER OR NOT ADVERSE AND WHETHER AT
         THE SUBJECT PROPERTY (REGARDLESS OF WHETHER THE CONDITION ORIGINATED AT
         THE SUBJECT PROPERTY OR OFF SITE TO THE SUBJECT PROPERTY) OR ANY
         PROPERTY OFF SITE TO THE SUBJECT PROPERTY (PROVIDED THAT THE CONDITION
         ORIGINATED AT THE SUBJECT PROPERTY), EXISTING BEFORE, OR ON, THE
         EFFECTIVE TIME OR ARISING AFTER THE EFFECTIVE TIME, INCLUDING, BUT NOT
         LIMITED TO:

                  (i) MATTERS OR CIRCUMSTANCES RELATING TO ENVIRONMENTAL LAWS
                  WHETHER IN EFFECT BEFORE, ON OR AFTER THE EFFECTIVE TIME;

                  (ii) THE RELEASE INTO THE ENVIRONMENT; OR

                  (iii) PROTECTION OF THE ENVIRONMENT OR PUBLIC HEALTH.

         (b) BUYER EXPRESSLY AGREES TO ASSUME THE RISK THAT THE SUBJECT PROPERTY
MAY CONTAIN HAZARDOUS MATERIALS ON THE SUBJECT PROPERTY OR IN THE ENVIRONMENT AT
THE SUBJECT PROPERTY, INCLUDING WITHOUT LIMITATION NATURALLY OCCURRING
RADIOACTIVE MATERIALS, HYDROCARBONS, OR HAZARDOUS MATERIALS , AND THAT PHYSICAL
CONDITIONS, WHETHER OR NOT ADVERSE, INCLUDING, BUT NOT LIMITED TO, THE PRESENCE
OF UNKNOWN ABANDONED FACILITIES, SUMPS AND PIPELINES THAT MAY NOT HAVE BEEN
REVEALED BY BUYER'S INVESTIGATION.

12.5 Limitation on Liability.

         (a) Neither party hereto shall have any liability for Claims or Losses
pursuant to Article 12 unless a Claim Notice has been delivered to the other
Party as required by Section 12.7 within the applicable Survival Period.

         (b) The Parties hereto agree to waive any rights to special,
incidental, consequential, indirect or punitive damages, including without
limitation, loss of profits, resulting from any Claim or Loss except to the
extent that such result from third party claims; provided however that the
foregoing restriction shall not relate (i) to a breach of the representation
provided in Section 6.14, regarding the condition of the Subject Property or
(ii) to any environmental matter for which the Buyer provides indemnity pursuant
to Section 12.4.

         (c) Buyer's only recourse for indemnification from the Seller for any
and all Claims or Losses pursuant to this Article 12 or otherwise, shall be to
collect from the Escrow Agent out of the Escrow Fund under the terms and methods
provided in Section 12.7 and the Escrow Agreement, which is attached hereto as
Exhibit H. UPON CLOSING, SELLER SHALL NO LONGER BE LIABLE IN ANYWAY UNDER THIS
AGREEMENT OR OTHERWISE BEYOND THE AMOUNT OF MONEY AVAILABLE IN THE ESCROW FUND
(MINUS ANY PENDING CLAIMS) AT THE TIME THE CLAIM IS MADE; PROVIDED, HOWEVER, IF
THE ESCROW FUND HAS ALREADY BEEN LIQUIDATED AND DISTRIBUTED TO SELLER PURSUANT
TO THE ESCROW AGREEMENT, SELLER SHALL NO LONGER BE LIABLE.

                                       22
<PAGE>

12.6 Cooperation by Buyer and Seller. Buyer and Seller shall cooperate fully
with one another in connection with any matters covered by the indemnity
obligations under this Agreement. Such cooperation shall include, without
limitation, providing the other Party with reasonable access to files,
properties and personnel and advance notification of any meeting or
communications with any third parties which could reasonably be expected to
affect the rights or obligations of the other Party under this Agreement.

12.7 Notice of Asserted Liability; Opportunity to Defend. All claims for
indemnification under this Article 12 shall be asserted and resolved pursuant to
this Section 12.7. Any person claiming indemnification hereunder is hereinafter
referred to as the "Indemnified Party" and any person against whom such claims
are asserted hereunder is hereinafter referred to as the "Indemnifying Party".

         (a) Third Party Claims. In the event that any Claims or Losses are
asserted against or sought to be collected from an Indemnified Party by a third
party ("Third Party Claims"), the Indemnified Party shall with reasonable
promptness provide to the Indemnifying Party a Third Party Claim Notice. The
Indemnifying Party shall not be obligated to indemnify the Indemnified Party
with respect to any such Third Party Claims if the Indemnified Party fails to
notify the Indemnifying Party thereof in accordance with the provisions of this
Agreement in reasonably sufficient time so that the Indemnifying Party's ability
to defend against the Third Party Claims is not prejudiced. The Indemnifying
Party shall have 30 days from the personal delivery or receipt of the Third
Party Claim Notice ("Notice Period") to notify the Indemnified Party (a) whether
or not it disputes the liability of the Indemnifying Party to the Indemnified
Party hereunder with respect to such Third Party Claims and/or (b) whether or
not it desires, at the sole cost and expense of the Indemnifying Party, to
defend the Indemnified Party against such Third Party Claims. If the
Indemnifying Party notifies the Indemnified Party within the Notice Period that
it desires to defend the Indemnified Party against such Third Party Claims, the
Indemnifying Party shall have the right to defend all appropriate proceedings,
with counsel of its own choosing, which proceedings shall be promptly settled or
prosecuted by them to a final conclusion. If the Indemnified Party desires to
participate in, but not control, any such defense or settlement it may do so at
its sole cost and expense. If requested by the Indemnifying Party, the
Indemnified Party agrees to cooperate with the Indemnifying Party and its
counsel in contesting any Third Party Claims that the Indemnifying Party elects
to contest or, if appropriate and related to the claim in question, in making
any counterclaim against the person asserting the Third Party Claims, or any
cross-complaint against any person. No Third Party Claim may be settled or
otherwise compromised in a manner which imposes any obligation or liability on
the Indemnifying Party or Indemnified Party without the prior written consent of
the Indemnifying Party or Indemnified Party, respectively, provided that a
reasonable defense(s) to such Third Party Claim exists.

         (b) Other Claims. A claim for indemnification for any matter not
involving a third party claim may be asserted by delivery of a Claim Notice to
the party from whom indemnification is sought. The Indemnified Party shall with
reasonable promptness provide to the Indemnifying Party such Claim Notice. The
Indemnifying Party shall not be obligated to indemnify the Indemnified Party
with respect to any such claims if the Indemnified Party fails to provide notice
to the Indemnifying Party thereof in accordance with the provisions of this
Agreement in reasonably sufficient time so that the Indemnifying Party's ability
to address the subject of the indemnification is not prejudiced.

12.8 Exclusive Remedy. As between the Buyer and Seller, the remedies and the
rights, obligations and limitations relating thereto set forth in this Article
12 are the exclusive remedies with respect to

                                       23
<PAGE>

this Agreement, the events giving rise to this Agreement, and the transactions
provided for herein or contemplated hereby or thereby.

                                   ARTICLE 13
                   DISCLAIMER OF CONDITION OF Subject Property

         EXCEPT AS PROVIDED IN ARTICLE 6, SELLER DISCLAIMS, AND BUYER HEREBY
WAIVES, ALL IMPLIED OR STATUTORY WARRANTIES AND REPRESENTATIONS OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, DESCRIPTION, CONDITIONS,
DESIGN OR OTHERWISE, WITH RESPECT TO THE Subject Property.

                                   ARTICLE 14
                                   TERMINATION

14.1 Termination Events. This Agreement may, by notice given prior to or at the
Closing, be terminated:

         (a) by either Buyer or Seller if a breach of any material provision of
this Agreement has been committed by the other party and such breach has not
been waived;

         (b) (1) by Buyer, if any of the conditions in Article 10 has not been
satisfied as of the Closing Date or if satisfaction of such a condition is or
becomes impossible (other than through the failure of Buyer to comply with its
obligations under this Agreement) and Buyer has not waived such condition on or
before Closing; or (2) by Seller, if any of the conditions in Article 9 has not
been satisfied as of the Closing Date or if satisfaction of such a condition is
or becomes impossible (other than through the failure of Seller to comply with
its obligations under this Agreement) and Seller has not waived such condition
on or before Closing;

         (c) by mutual consent of Buyer and Seller; or

         (d) by either Buyer or Seller if the Closing has not occurred (other
than through the failure of any party seeking to terminate this Agreement to
comply fully with its obligations under this Agreement) on or before October 31,
2001, or such later date as the parties may agree upon.

14.2 Effect of Termination. Each party's right of termination under Section 14.1
is in addition to any other rights it may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies. If this Agreement is terminated pursuant to Section 14.1, all further
obligations of the parties under this Agreement will terminate except that the
obligations in Sections 6.16, 7.5, 8.5 and 15.2 will survive; provided, however,
that if this Agreement is terminated by a party because of the breach of the
Agreement by the other party or because one or more of the conditions to the
terminating party's obligations under this Agreement is not satisfied as a
result of the other party's failure to comply with its obligations under this
Agreement, the terminating party's right to pursue all legal remedies will
survive such termination unimpaired.

                                       24
<PAGE>

                                   ARTICLE 15
                                  MISCELLANEOUS

15.1 Notices. All notices or correspondence required or permitted to be given
hereunder shall be in writing. Notices may be given in person, or may be sent by
nationally recognized overnight courier, registered or certified mail (postage
prepaid and return receipt requested) or facsimile with written confirmation to
the party to be notified at the following address:

         If to Seller:       Geonet Gathering, Inc.
                             10203 Birchridge Drive
                             Suite 400
                             Humble, Texas 77338
                             Attn: President
                             Fax #: (281) 446-8442

         If to Buyer:        Williams Terminals Holdings, L.P.
                             One Williams Center, Mail Drop 720
                             Tulsa, Oklahoma   74101
                             Attn: Jay Wiese
                             Fax #: (918)573-6865

or such other address as may be designated by notice to the other party. Notices
shall be deemed given when received by the party to be notified; provided,
however, that notices received after 5:00 p.m. or on a non-business day shall be
deemed to be given the following business day.

15.2 Expenses. Except as otherwise provided herein, each party hereto shall bear
its own expenses incurred in connection with the preparation, execution and
performance of this Agreement and the transactions contemplated herein. In the
event of termination of this Agreement, the obligation of each party to pay its
own expenses will be subject to any rights of such party arising from a breach
of this Agreement by the other party.

15.3 Further Assurances. Buyer and Seller shall upon request execute and deliver
or cause to be executed and delivered all documents, conveyances, deeds,
assignments, or other instruments or further assurance, and shall do or cause to
be done any acts or things as may be reasonably necessary or advisable to
implement and give full effect to the provisions of this Agreement.

15.4 Waiver. Except as otherwise provided herein, neither the failure nor any
delay on the part of any party in exercising any right, power or remedy
hereunder shall operate as a waiver thereof, or of any other right, power or
remedy; nor shall any single or partial exercise of any right, power or remedy
preclude any further or other exercise thereof, or the exercise of any other
right, power or remedy. No waiver of any of the provisions of this Agreement
shall be valid unless it is in writing and signed by the party against whom it
is sought to be enforced.

15.5 Parties in Interest. Nothing in this Agreement, expressed or implied, is
intended to create any third party beneficiary or to confer upon any third
person any rights or remedies under or by reason of this Agreement.

15.6 Assignability. This Agreement shall not be assigned in whole or in part by
either Party except upon the prior written consent of the other Party; provided,
however, that the preceding requirement for consent shall not apply to Buyer if
Buyer assigns this Agreement, in whole or in part, to one or more of its
Affiliates. In the later case, Buyer shall give Seller prompt notice of such
assignment.

                                       25
<PAGE>

15.7 Successor and Assigns. Subject to Section 15.6, this Agreement shall inure
to the benefit of and be binding upon Buyer and Seller and their respective
successors and assigns.

15.8 Amendments. This Agreement may only be amended or modified by a written
instrument executed by the duly authorized representatives of both Seller and
Buyer.

15.9 Headings. The article and section headings contained herein are for
convenience only and shall not in any way affect the meaning, construction or
interpretation of this Agreement.

15.10 Partial Invalidity. In the event any provision or portion of a provision
hereof is held to be invalid, void, or unenforceable, such holding shall not
affect the remaining portion of that provision or any other provision hereof.

15.11 Interpretation. This Agreement is the product of negotiations during which
all parties have had an opportunity to make alterations, changes, and deletions
to the text and have, in fact, made such alterations, deletions, and additions.
This Agreement should be read as if drafted equally by all concerned with no
presumption or penalty attached to any party for its particular role in
producing any preliminary of final draft of this Agreement.

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

15.13 Governing Law. THIS AGREEMENT, AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER, SHALL BE CONSTRUED, INTERPRETED, ENFORCED, AND GOVERNED BY
THE LAWS OF THE STATE OF OKLAHOMA, WITHOUT REGARD TO CHOICE OF LAW PRINCIPLES
THEREOF; PROVIDED HOWEVER, REAL PROPERTY RIGHTS ASSOCIATED WITH THIS AGREEMENT
SHALL BE CONSTRUED, INTERPRETED, ENFORCED, AND GOVERNED BY THE LAWS OF THE STATE
OF LOUISIANA, WITHOUT REGARD TO CHOICE OF LAW PRINCIPLES THEREOF.

15.14 Entire Agreement. This Agreement, together with the exhibits and schedules
attached hereto, embodies the entire agreement and understanding between the
parties with respect to the subject matter hereof and supersedes any and all
prior agreements and understandings relating thereto, written and oral,
including, but not limited to, prior drafts of this Agreement and that certain
Nondisclosure Agreement executed by the Seller and Williams Energy Services,
LLC, dated February 23, 2001.

                [Remainder of this page intentionally left blank]

                                       26
<PAGE>

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement
by their respective, duly authorized representatives as of the date first above
written.

Geonet Gathering, Inc.

By:      /s/ Larry J. Golden
   -------------------------------
Name:        Larry J. Golden
     -----------------------------
Title:       President
      ----------------------------

Williams Terminals Holdings, L.P.

By:      Williams NGL, LLC, a Delaware limited
         liability company, as general partner

         By:       /s/ Don R. Wellendorf
            ------------------------------------------
         Name:      Don R. Wellendorf
              ----------------------------------------
         Title: Sr. Vice President, CPO and Treasurer
               ---------------------------------------

                                       27
<PAGE>

                           LIST OF EXHIBITS/SCHEDULES

<Table>
<S>                           <C>
Exhibit A             -       Fee Property Description

Exhibit B             -       Personal Property Description

Exhibit C             -       Assigned Real Property Interests

Exhibit D             -       Assigned Permits

Exhibit E             -       Form of Special Warranty Deed

Exhibit F             -       Form of Bill of Sale

Exhibit G             -       Form of Assignment and Assumption Agreement

Exhibit H             -       Form of "Property Lease Agreement"

Exhibit I             -       Form of Escrow Agreement

Schedule J            -       Seller's Disclosure Schedule

Schedule K            -       Purchase Price Allocation
</Table>

                                       28
<PAGE>

                                    EXHIBIT A

                           [Fee Property Descriptions]

                                   Tract No. 1
A CERTAIN TRACT OF LAND, situated in the Parish of Terrebonne, Louisiana, shown
and designated as Tract 25 on a plat of survey entitled "Final Plat of Survey of
Oak Forest Plantation Estates, located in Section 80 and 81, T16S, R15E and
Sections 30 and 31, T17S, R15E, Terrebonne Parish, Louisiana", which plat was
dated September 19, 1979, revised October 29, 1979, prepared by the Office of T.
Baker Smith & Son, Inc., approved by Charles M. Camp and duly recorded November
30, 1979, at COB 776, folio 619, Entry Number 612226 and at Map Volume 49, folio
74 as Map Number 5361; said tract having the size and dimensions and being
located as shown on said plat; namely:

TRACT 25 containing 6.6150 acres, measuring a front of 126.22 feet on the
southerly ordinary low water line of Bayou Black by a depth of 2307.06 feet
along the easternmost line with a dept of 2303.27 feet along the westernmost
line, containing a width of 125.75 feet on the rear or southernmost side, being
bounded in the front by Bayou Black, on the easternmost side by property owned
by Thomas B. Goldsby, Jr., or assigns on the westernmost side by Tract 24, and
on the rear and southernmost side by property of Williams, Inc., or their
assigns, together with all improvements thereon and all rights, ways. privileges
and servitudes thereunto belonging or otherwise appertaining.

LESS AND EXCEPT the following portion of Tract 25 sold to Langdon S. Anderson,
Jr., et ux, by act dated January 7, 1985 and recorded at Entry No. 752048,
Terrebonne Parish, Louisiana, described as follows:

A certain portion of Lot 25 containing the southernmost 773 feet being bounded
as follows: on the north by the remainder of Tract 25 formerly owned by Marion
Hewett; on the west by other property of Langdon S. Anderson, Jr., now or
formerly; on the south by the land owned by Williams, Inc.; and on the east by
property owned by Thomas B. Goldsby, Jr., or his assigns. The northern line of
said property conveyed herein is also bordered by a drainage canal; as will be
more fully shown on the plat recorded in Map Volume 61, folio 11, records of
Terrebonne Parish. FOR TITLE SEE: COB 1322, folio 514, records of Terrebonne
Parish. SEE ALSO: Entry No. 928862.

Which has the address of 5379 Bayou Black Drive, Gibson, Louisiana 70356.

<PAGE>

                       Exhibit A [Fee Property] continued

                                   Tract No. 2

A certain tract of property situated in the Parish of Terrebonne, State of
Louisiana and designated as Lot One (1) of LIVE OAK ESTATES on a plat of survey
entitled "Final Plat Survey of Live Oak Estates Located in Section 81, T16S,
R15E and Section 30, T17S, R15E, Terrebonne Parish, Louisiana", dated February
27, 1980 and revised March 3, 1980, prepared by the office of T. Baker Smith &
Son, Inc., approved by Charles M. Camp, said plat having been duly filed of
record under Entry No. 632036 at COB 806 folio 153, and as Map No. 5731 at Map
Vol. 51, folio 34; said lot having the size and dimensions and being located as
shown on said plat, namely Lot One (1), containing 6.626 acres, measuring a
width of 126.24 feet along the southern ordinary low water line of Bayou Black
by a depth of 2,307.06 feet along its western property line and a depth of
2,310.94 feet along its eastern property line with a width along its rear or
southerly property line of 125.75 feet; together with all the buildings and
improvements thereon and all rights, ways, privileges and servitudes thereunto
belonging or in anywise appertaining. Bounded in the front by Bayou Black, on
the west by property of Douglas Fruge, et al, bounded on the east by Lot 2 of
Live Oak Estates, bounded in the rear by the property of Williams, Inc.

(See COB 800 folio 545, Entry No. 627891 and COB 849 folio 599, Entry No.
660319, records of Terrebonne Parish, Louisiana.)

<PAGE>

                                    EXHIBIT B

                        [Personal Property Descriptions]

o  Floating Roofs - Tank 8000, 8001, & 8002
o  Tank Bottom - Tank 8002
o  Tank Repairs - All Tanks
o  Site Preparation, Tank farm and 8 mile pipeline. Pipe Purchased for Repair of
   8 mile line and Construction two new lines
o  Truck Tanks o Pipeline construction - 8 mile line (6" pipeline)
o  Pipeline construction - new lines connecting terminal to "Carline" Dock and
   connecting terminal to Ship Shoal at Gibson (12", 8" and 6" pipelines)
o  Pumps and Electronics at Terminal including (3) Discharge pump units and (1)
   Offloading pump unit
o  Dock Construction on "Carline" Property
o  (2) dock areas with cranes and hoses
o  Miscellaneous Assets at Terminal, such as:
   - Office foundations and construction of buildings including (1) Dispatch
   bldg (1) Bunk House bldg and (1) MCC bldg
   - Hoses
   - Parking lot refurbishment
   - Paint
   - Plumbing
   - Computers and Monitors including (3) computers on site
   - Lab Equipment
o  Furniture & Fixtures at Terminal
o  Proprietary Computer Ticket System
o  Nissan Pickup Truck and Pursuit 2550 Cuddy Cabin Boat with two 200 hp Suzuki
   outdrive units (1986 model boat with 2000 model motors)
o  Lawn equipment including (1) 4200 John Deere Tractor with bush hog front end
   loader and box blade attachment, (1) LT 133 John Deere Lawn mower and (1)
   Weed eater
o  Portable Building
o  Spare pipe at 12" x 150 ' and 6 " x 100'.
o  (1) Tandem axle trailer for Tractor
o  (1) LATC unit located at Shell Equilon facility
o  (1) 6" pipeline 8 miles to Chacahuola tank farm

<PAGE>

                                    EXHIBIT C

                       [Assigned Real Property Interests]

o  Terminal Lease
o  New Dock Lease
o  On Shore Tie-In Agreement for the Ship Shoal Pipeline System dated December
   22, 1997 between Seller and Ship Shoal Pipeline Company
o  all interests identified on the attached "Exhibit C continued"

<PAGE>
                                                                    Page 1 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
322     SERVITUDE FOR PIPELINES      3/15/99    SHELL OIL COMPANY,              GEONET GATHERING, INC.,
                                                A DELAWARE CORPORATION          A TEXAS CORPORATION

324,    SERVITUDE FOR PIPELINES      3/10/99    EQUILON PIPELINE COMPANY        GEONET GATHERING, INC.,
325,                                            LLC, A DELAWARE LIMITED         A TEXAS CORPORATION
326,                                            LIABILITY COMPANY
327 &
328

329     SERVITUDE FOR PIPELINE       11/13/98   DENNIS R. LEONARD AND           GEONET GATHERING, INC.,
                                                KAREN FONTENOT LEONARD          A TEXAS CORPORATION

331     SERVITUDE FOR PIPELINE       11/11/98   SUZANNE M. LANDRY               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

332     SERVITUDE FOR PIPELINE       11/11/98   SIDNEY J. LANDRY, JR. AND       GEONET GATHERING, INC.,
                                                HAZEL A. LANDRY                 A TEXAS CORPORATION

333     SERVITUDE FOR PIPELINE       11/9/98    CRAIG J. THERIOT, SR. AND       GEONET GATHERING, INC.,
                                                WINNIE BOUDREAUX THERIOT        A TEXAS CORPORATION

334     SERVITUDE FOR PIPELINE       12/30/98   ELISHA LYNORE ROBINSON,         GEONET GATHERING, INC.,
                                                INDIVIDUALLY AND AS NATURAL     A TEXAS CORPORATION
                                                TUTRIX OF CHARLES TOBIAS
                                                ROBINSON AND CHANTLER
                                                TIANA ROBINSON

<Caption>

TR. #   INSTRUMENT TITLE             LAND DESCRIPTION                                             DATE REC.      BOOK      ENTRY #
-----   ----------------             ----------------                                             ---------      ----      -------
<S>     <C>                          <C>                                                          <C>            <C>       <C>
322     SERVITUDE FOR PIPELINES      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK           3/26/99       1642       1042381
                                     OF BAYOU BLACK, DESIGNATED AS LOT 22 IN SECTION
                                     30, TOWNSHIP 17 SOUTH, RANGE 15 EAST.

324,    SERVITUDE FOR PIPELINES      A CERTAIN TRACT OF LAND ON LEFT DESCENDING BANK OF            3/26/99       1642       1042380
325,                                 BAYOU BLACK, DESIGNATED AS LOTS 17, 18, 19, 20 AND
326,                                 21 IN SECTION 30, TOWNSHIP 17 SOUTH, RANGE 15 EAST.
327 &
328

329     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042463
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

331     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042462
                                     OF BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

332     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042461
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

333     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042460
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

334     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        UNKNOWN       COB        1046139
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,                       1648
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 2 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
335     SERVITUDE FOR PIPELINE       12/17/98   HOWARD D. PINKSTON AND          GEONET GATHERING, INC.,
                                                BRENDA DIGGS PINKSTON           A TEXAS CORPORATION

336     SERVITUDE FOR PIPELINE       1/5/99     ELDRIDGE J. GAUDET              GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

337     SERVITUDE FOR PIPELINE       12/4/98    HERMAN L. CRAWFORD              GEONET GATHERING, INC.,
& 338                                           AND CARRIE T. CRAWFORD          A TEXAS CORPORATION

339     SERVITUDE FOR PIPELINE       1/14/99    MORGAN PIERCE                   GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

340     SERVITUDE FOR PIPELINE       1/12/99    DAVID N. PIERCE                 GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

342     SERVITUDE FOR PIPELINE       1/7/99     RUDOLPH P. AUCOIN AND           GEONET GATHERING, INC.,
                                                ADA GUIDRY AUCOIN               A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE             LAND DESCRIPTION                                             DATE REC.      BOOK      ENTRY #
-----   ----------------             ----------------                                             ---------      ----      -------
<S>     <C>                          <C>                                                          <C>            <C>       <C>
335     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042459
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

336     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042458
                                     BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

337     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042457
& 338                                BAYOU BLACK LOCATED IN SECTION 30, TOWNSHIP 17 SOUTH,
                                     RANGE 15 EAST AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

339     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042456
                                     BAYOU BLACK SHOWN AND DESIGNATED AS TRACT SEVEN ON A
                                     PLAT OF SURVEY ENTITLED "FINAL PLAT SURVEY OF LIVE OAK
                                     ESTATES, LOCATED IN SECTION 81, T16S-R15E AND SECTION 30,
                                     T17S-R15E, TERREBONNE PARRISH, LOUISIANA" AS MORE FULLY
                                     DESCRIBED IN THIS INSTRUMENT.

340     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042455
                                     BAYOU BLACK SHOWN AND DESIGNATED AS TRACT SIX ON A PLAT
                                     OF SURVEY ENTITLED "FINAL PLAT SURVEY OF LIVE OAK ESTATES
                                     LOCATED IN SECTION 81 T16S-R15E AND SECTION 30, T17S- R15E,
                                     TERREBONNE PARRISH, LOUISIANA" AS MORE FULLY DESCRIBED IN
                                     THIS INSTRUMENT.

342     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99       1642       1042454
                                     BAYOU BLACK SHOWN AND DESIGNATED AS TRACTS THREE, FOUR
                                     AND FIVE OF LIVE OAK ESTATES, LOCATED IN SECTION 81, T16S-
                                     R15E AND SECTION 30, T17S-R15E AS MORE FULLY DESCRIBED IN
                                     THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 3 of 14
EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
343     SERVITUDE FOR PIPELINE       1/7/99     ROGERS DEHART, JR. AND          GEONET GATHERING, INC.,
                                                KATHY A. DEHART                 A TEXAS CORPORATION

344     SERVITUDE FOR PIPELINE       2/22/99    KIM B. LEBLANC                  GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

345,    SERVITUDE FOR PIPELINE       1/22/99    BOB'S BAYOU BLACK MARINA,       GEONET GATHERING, INC.,
346 &                                           INC.                            A TEXAS CORPORATION
348

349     SERVITUDE FOR PIPELINE       12/8/98    FRANCIS A. MARCEAUX AND         GEONET GATHERING, INC.,
                                                RUTH C. MARCEAUX                A TEXAS CORPORATION

351     SERVITUDE FOR PIPELINE       11/16/98   NORMAN H. BREAUX, JR.           GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

352     SERVITUDE FOR PIPELINE       12/18/98   DREXEL D. ROY, JR. AND          GEONET GATHERING, INC.,
                                                BETHANY ROY                     A TEXAS CORPORATION

353     SERVITUDE FOR PIPELINE       12/21/98   DWAYNE T. ROY                   GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE           LAND DESCRIPTION                                               DATE REC.      BOOK      ENTRY #
-----   ----------------           ----------------                                               ---------      ----      -------
<S>     <C>                        <C>                                                            <C>            <C>       <C>
343     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042453
                                   BAYOU BLACK SHOWN AND DESIGNATED AS TRACT 2 OF LIVE
                                   OAK ESTATES LOCATED IN SECTION 81, T16S-R15E AND SECTION
                                   30, T17S-R15E AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

344     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042452
                                   BAYOU BLACK LOCATED IN SECTION 61, T16S-R14E AND
                                   SECTION 72, T16S-R15E AS MORE FULLY DESCRIBED IN THIS
                                   INSTRUMENT.

345,    SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042451
346 &                              BAYOU BLACK LOCATED IN SECTION 30, T16S-R15E AS MORE
348                                FULLY DESCRIBED IN THIS INSTRUMENT.

349     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042450
                                   BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS MORE
                                   FULLY DESCRIBED IN THIS INSTRUMENT.

351     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042449
                                   BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS MORE
                                   FULLY DESCRIBED IN THIS INSTRUMENT.

352     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042448
                                   BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS MORE
                                   FULLY DESCRIBED IN THIS INSTRUMENT.

353     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042447
                                   BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E, BEING LOT
                                   19 OF OAK FOREST PLANTATION AS MORE FULLY DESCRIBED IN THIS
                                   INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 4 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>

354     SERVITUDE FOR PIPELINE       12/4/98    CHARLES A. AUCOIN AND           GEONET GATHERING, INC.,
                                                LINDA WILLIAMS AUCOIN           A TEXAS CORPORATION

355     SERVITUDE FOR PIPELINE       12/10/98   ETHEL DUPRE FRYOU, ET AL        GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

356     SERVITUDE FOR PIPELINE       3/15/99    RODERIC D. RYAN AND             GEONET GATHERING, INC.,
                                                ANNE HEBERT RYAN                A TEXAS CORPORATION

357     SERVITUDE FOR PIPELINE       1/27/99    RICHARD JAMES AUTIN, JR.        GEONET GATHERING, INC.,
                                                AND TERRI MARTIN AUTIN          A TEXAS CORPORATION

358     SERVITUDE FOR PIPELINE       11/17/98   ALFRED C. BERGERON AND          GEONET GATHERING, INC.,
                                                SHIRLEY SAVOIE BERGERON         A TEXAS CORPORATION

359     SERVITUDE FOR PIPELINE       1/25/99    CARROL J. BOYNE AND GLORIA      GEONET GATHERING, INC.,
                                                LEON BOYNE                      A TEXAS CORPORATION

360     SERVITUDE FOR PIPELINE       11/4/98    DAISY GUNNER DIGGS,             GEONET GATHERING, INC.,
                                                INDIVIDUALLY AND AS CO-TRUSTEE  A TEXAS CORPORATION
                                                OF THE BYRON DIGGS TRUST AND
                                                THE SHARON DIGGS TRUST
                                                AND RICKY LEBLANC, AS
                                                CO-TRUSTEE OF THE BYRON DIGGS
                                                TRUST AND THE SHARON DIGGS
                                                TRUST

<Caption>

TR. #   INSTRUMENT TITLE          LAND DESCRIPTION                                              DATE REC.       BOOK      ENTRY #
-----   ----------------          ----------------                                              ---------       ----      -------
<S>     <C>                       <C>                                                           <C>             <C>       <C>

354     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042446
                                  BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS
                                  MORE FULLY DESCRIBED IN THIS INSTRUMENT.

355     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042445
                                  BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS
                                  MORE FULLY DESCRIBED IN THIS INSTRUMENT.

356     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042444
                                  BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS
                                  MORE FULLY DESCRIBED IN THIS INSTRUMENT.

357     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042443
                                  BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS
                                  MORE FULLY DESCRIBED IN THIS INSTRUMENT.

358     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042442
                                  BAYOU BLACK LOCATED IN SECTIONS 80 AND/OR 81, T16S-
                                  R15E AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

359     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042441
                                  BAYOU BLACK LOCATED IN SECTIONS 80 AND/OR 81, T16S-
                                  R15E AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

360     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF         3/26/99        1642       1042440
                                  BAYOU BLACK LOCATED IN SECTIONS 80 AND/OR 81, T16S-
                                  R15E AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 5 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
361     SERVITUDE FOR PIPELINE       11/5/98    GILBERT M. GOLDMAN AND          GEONET GATHERING, INC.,
                                                MARY MORRIS GOLDMAN             A TEXAS CORPORATION

362     SERVITUDE FOR PIPELINE       11/5/98    ERIC M. WILKINSON               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

363     SERVITUDE FOR PIPELINE       1/22/99    JOHN D. WHIPPLE AND             GEONET GATHERING, INC.,
                                                CHRISTINA L. WHIPPLE            A TEXAS CORPORATION

364,    SERVITUDE FOR PIPELINE       10/26/98   MARGARET T. GUIDRY, PAUL        GEONET GATHERING, INC.,
365 &                                           HAROLD GUIDRY AND ERIC C.       A TEXAS CORPORATION
366                                             GUIDRY

364,    SERVITUDE FOR PIPELINE       10/26/98   KENNETH J. GUIDRY               GEONET GATHERING, INC.,
365 &
366

367     SERVITUDE FOR PIPELINE       11/10/98   LEEWOOD L. HEBERT AND           GEONET GATHERING, INC.,
                                                HELLEN ORTEGO HEBERT            A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE           LAND DESCRIPTION                                               DATE REC.     BOOK      ENTRY #
-----   ----------------           ----------------                                               ---------     ----      -------
<S>     <C>                        <C>                                                            <C>           <C>       <C>
361     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042439
                                   BAYOU BLACK IN SECTIONS 80 AND/OR 81, T16S-R15E
                                   AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

362     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042438
                                   BAYOU BLACK IN SECTIONS 80 AND/OR 81, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

363     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042437
                                   BAYOU BLACK SHOWN AND DESIGNATED AS TRACT EIGHT ON A
                                   PLAT OF SURVEY ENTITLED "FINAL PLAT SURVEY OF OAK FOREST
                                   PLANTATION ESTATES LOCATED IN SECTIONS 80 & 81, T16S-R15E
                                   AND SECTIONS 30 & 31, T17S-R15E, TERREBONNE PARISH,
                                   LOUISIANA" AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

364,    SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042436
365 &                              BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS MORE FULLY
366                                DESCRIBED IN THIS INSTRUMENT.

364,    SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042435
365 &                              BAYOU BLACK LOCATED IN SECTION 81, T16S-R15E AS MORE
366                                FULLY DESCRIBED IN THIS INSTRUMENT.

367     SERVITUDE FOR PIPELINE     A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99      1642       1042434
                                   BAYOU BLACK SHOWN AND DESIGNATED AS TRACT THREE ON
                                   A PLAT OF SURVEY ENTITLED "FINAL PLAT SURVEY OF OAK FOREST
                                   PLANTATION ESTATES LOCATED IN SECTION 80, T16S-R15E AND
                                   SECTIONS 30 & 31, T17S-R15E, TERREBONNE PARISH,
                                   LOUISIANA" AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 6 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
368     SERVITUDE FOR PIPELINE       2/12/99    ARTHUR D. LAGARD AND            GEONET GATHERING, INC.,
                                                JUANITA STEWARD LAGARD          A TEXAS CORPORATION

369     SERVITUDE FOR PIPELINE       11/2/98    HENRY J. TYLER AND              GEONET GATHERING, INC.,
                                                CLAUDETTE DIGGS TYLER           A TEXAS CORPORATION

370     SERVITUDE FOR PIPELINE       2/8/99     MCARTHUR GIROIR AND             GEONET GATHERING, INC.,
                                                LORRAINE BOURGEOIS GIROIR       A TEXAS CORPORATION

371     SERVITUDE FOR PIPELINE       2/4/99     MARIE VALENTI TRAINER,          GEONET GATHERING, INC.,
                                                EXECUTRIX AND                   A TEXAS CORPORATION
                                                AS A REPRESENTATIVE OF THE
                                                SUCCESSION OF CECIL W. TRAINER

371-B   SERVITUDE FOR PIPELINE       11/4/98    JASON PAUL BOURGEOIS AND        GEONET GATHERING, INC.,
                                                CHASITY H. BOURGEOIS            A TEXAS CORPORATION

373     SERVITUDE FOR PIPELINE       10/5/98    OLGA BERTRAND SIMON AND         GEONET GATHERING, INC.,
                                                BETTY JANE SIMON VEILLON        A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE          LAND DESCRIPTION                                                DATE REC.     BOOK      ENTRY #
-----   ----------------          ----------------                                                ---------     ----      -------
<S>     <C>                       <C>                                                             <C>           <C>       <C>
368     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           2/12/99      1637       1039665
                                  BAYOU BLACK SHOWN AND DESIGNATED AS TRACT TWO ON A
                                  A PLAT OF SURVEY ENTITLED "FINAL PLAT SURVEY OF OAK
                                  FOREST PLANTATION ESTATES, LOCATED IN SECTION
                                  80, T16S-R15E AND SECTIONS 30 & 31, T17S-R15E,
                                  TERREBONNE PARISH, LOUISIANA" AS MORE FULLY DESCRIBED
                                  IN THIS INSTRUMENT.

369     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           3/26/99      1642       1042433
                                  BAYOU BLACK SHOWN AND DESIGNATED AS TRACT ONE ON A
                                  PLAT OF SURVEY ENTITLED "FINAL PLAT SURVEY OF OAK FOREST
                                  PLANTATION ESTATES, LOCATED IN SECTION 80, T16S-R15E AND
                                  SECTIONS 30 & 31, T17S-R15E, TERREBONNE PARISH, LOUISIANA" AS
                                  MORE FULLY DESCRIBED IN THIS INSTRUMENT.

370     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           3/26/99      1642       1042432
                                  BAYOU BLACK IN SECTION 80, T16S-R15E AS MORE FULLY
                                  DESCRIBED IN THIS INSTRUMENT.

371     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           3/26/99      1642       1042431
                                  BAYOU BLACK IN SECTION 80, T16S-R15E AS MORE FULLY
                                  DESCRIBED IN THIS INSTRUMENT.

371-B   SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           3/26/99      1642       1042430
                                  BAYOU BLACK IN SECTION 80, T16S-R15E AS MORE FULLY
                                  DESCRIBED IN THIS INSTRUMENT.

373     SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF           3/26/99      1642       1042429
                                  BAYOU BLACK IN SECTION 80, T16S-R15E AS MORE FULLY
                                  DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 7 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>

374     SERVITUDE FOR PIPELINE       1/28/99    RALPH R. STRAHN AND             GEONET GATHERING, INC.,
                                                IVA E. LEE STRAHN               A TEXAS CORPORATION

375     SERVITUDE FOR PIPELINE       1/29/99    LARRY J. AUCOIN AND             GEONET GATHERING, INC.,
                                                PHYLLIS RODRIGUEZ AUCOIN        A TEXAS CORPORATION

376     SERVITUDE FOR PIPELINE       1/29/99    CARRIE TURNER GIVENS            GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

377     SERVITUDE FOR PIPELINE       1/11/99    PAUL W. GRANGER                 GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

379-B   SERVITUDE FOR PIPELINE       1/19/99    RICARDO P. VEGA AND             GEONET GATHERING, INC.,
                                                DONNA PIERCE VEGA               A TEXAS CORPORATION

381     SERVITUDE FOR PIPELINE       11/17/98   TERREBONNE PARISH               GEONET GATHERING, INC.,
                                                RECREATION DISTRICT NO. 8       A TEXAS CORPORATION

382     SERVITUDE FOR PIPELINE       1/15/99    JAMES P. DOIRON, SR. AND        GEONET GATHERING, INC.,
                                                ROSLYN F. DOIRON                A TEXAS CORPORATION

383     SERVITUDE FOR PIPELINE       1/19/99    ERNEST A. VICKNAIR, JR.         GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE             LAND DESCRIPTION                                            DATE REC.       BOOK      ENTRY #
-----   ----------------             ----------------                                            ---------       ----      -------
<S>     <C>                          <C>                                                         <C>             <C>       <C>
374     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042428
                                     BAYOU BLACK IN SECTIONS 79 AND/OR 80, T16S-R15E AS
                                     MORE FULLY DESCRIBED IN THIS INSTRUMENT.

375     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042427
                                     BAYOU BLACK IN SECTION 79, T16S-R15E AS MORE FULLY
                                     DESCRIBED IN THIS INSTRUMENT.

376     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042425
                                     BAYOU BLACK IN SECTION 78 AND/OR 79, T16S-R15E AS
                                     MORE FULLY DESCRIBED IN THIS INSTRUMENT.

377     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042424
                                     BAYOU BLACK IN SECTION 78 AND/OR 79, T16S-R15E AS
                                     MORE FULLY DESCRIBED IN THIS INSTRUMENT.

379-B   SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042423
                                     BAYOU BLACK IN SECTION 78 AND/OR 79, T16S-R15E AS
                                     MORE FULLY DESCRIBED IN THIS INSTRUMENT.

381     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042422
                                     BAYOU BLACK IN SECTION 78, T16S-R15E AS MORE FULLY
                                     DESCRIBED IN THIS INSTRUMENT.

382     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042421
                                     BAYOU BLACK IN SECTION 78, T16S-R15E AS MORE FULLY
                                     DESCRIBED IN THIS INSTRUMENT.

383     SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042426
                                     BAYOU BLACK IN SECTION 79, T16S-R15E AS MORE FULLY
                                     DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 8 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>

384     SERVITUDE OF USE             12/18/98   IP PETROLEUM COMPANY,           GEONET GATHERING, INC.
        FOR PIPELINE                            INC., A DELAWARE
                                                CORPORATION

384    SERVITUDE FOR PIPELINE        10/19/98   DIANNE S. POWELL, ET AL         GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

384    SERVITUDE FOR PIPELINE        10/5/98    EDWARD SIMMONS                  GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

384    SERVITUDE FOR PIPELINE        10/27/98   IDA MAE SIMMONS AND             GEONET GATHERING, INC.,
                                                MICHAEL CARL SIMMONS, SR.       A TEXAS CORPORATION

384    SERVITUDE FOR PIPELINE        10/28/98   AD VAL, INC.                    GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

384    SERVITUDE FOR PIPELINE        10/14/98   MARK J. HATHERILL               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

384    SERVITUDE FOR PIPELINE        12/10/98   BARBARA ANN SONNIER             GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        11/30/98   JOHN L. GUIDRY                  GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE            LAND DESCRIPTION                                            DATE REC.       BOOK      ENTRY #
-----   ----------------            ----------------                                            ---------       ----      -------
<S>     <C>                         <C>                                                         <C>             <C>       <C>
384    SERVITUDE OF USE             A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042420
       FOR PIPELINE                 BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E
                                    AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042419
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E
                                    AS MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042418
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042417
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042416
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042415
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.

384    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042414
                                    BAYOU BLACK IN SECTIONS 76, 77 AND 78, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE       A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF       3/26/99        1642       1042388
                                    BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                    MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                    Page 9 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
387    SERVITUDE FOR PIPELINE        11/23/98   CHARLES F. GUIDRY               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/24/99    ELSIE W. AUSTIN                 GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/24/99    NANCY W. CASTETTE               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/24/99    KYLE GUIDRY                     GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/19/99    CAROLYN ANDERSON PALMER         GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/9/99     CHERYLL GUIDRY HENSON           GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        2/6/99     JANET GUIDRY BLANCHARD          GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/18/99    MICHAEL J. POWELL               GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE         LAND DESCRIPTION                                               DATE REC.       BOOK      ENTRY #
-----   ----------------         ----------------                                               ---------       ----      -------
<S>     <C>                      <C>                                                            <C>             <C>       <C>
387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042387
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042413
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042412
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042411
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042410
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042409
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042408
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE    A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF          3/26/99        1642       1042407
                                 BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                 MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                                                   Page 10 of 14

EXHIBIT C CONTINUED

<Table>
<Caption>
TR. #   INSTRUMENT TITLE             DATED      GRANTOR/LICENSOR                GRANTEE/LICENSEE
-----   ----------------             -----      ----------------                ----------------
<S>     <C>                          <C>        <C>                             <C>
387    SERVITUDE FOR PIPELINE        1/25/99    ROY A. BROWN,                   GEONET GATHERING, INC.,
                                                USUFRUCTUARY AND                A TEXAS CORPORATION
                                                LEAH CATHERINE BROWN

387    SERVITUDE FOR PIPELINE        1/26/99    SHARON GUIDRY DALTON            GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/23/99    DAVID E. POWELL                 GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/20/99    SIDNEY J. LANDRY                GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/22/99    KATHLEEN L. PRENTICE            GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/15/99    LAMAR LANDRY                    GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/13/99    MONICA LANDRY                   GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

387    SERVITUDE FOR PIPELINE        1/14/99    JUDY W. BRUNO                   GEONET GATHERING, INC.,
                                                                                A TEXAS CORPORATION

<Caption>

TR. #   INSTRUMENT TITLE           LAND DESCRIPTION                                             DATE REC.       BOOK       ENTRY #
-----   ----------------           ----------------                                             ---------       ----       -------
<S>     <C>                        <C>                                                          <C>             <C>        <C>
387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042406
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042405
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042404
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042403
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042402
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042401
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042400
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.

387    SERVITUDE FOR PIPELINE      A CERTAIN TRACT OF LAND ON THE LEFT DESCENDING BANK OF        3/26/99        1642       1042399
                                   BAYOU BLACK IN SECTIONS 75 AND 76, T16S-R15E AS
                                   MORE FULLY DESCRIBED IN THIS INSTRUMENT.
</Table>

<PAGE>

                                    EXHIBIT D

                         [Assigned Permits Description]

<Table>
<Caption>
NAME OF PERMIT                                                   ASSIGNABILITY
--------------                                                   -------------
<S>                                                              <C>
1.    Spill Prevention Control/Spill Prevention                   Assignable
      Control and Countermeasure Plan

2.    Oil Transfer Manual                                         Assignable

3.    Facility Response Plan                                      Assignable

4.    Air Permit                                                  Assignable
</Table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]