Document:

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                                                                     EXHIBIT 4.4

                      SECOND AMENDMENT TO CREDIT AGREEMENT

        This Second Amendment to Credit Agreement (this "Second Amendment") is
effective as of June 30, 2003 (the "Effective Date"), by and among WHITING
PETROLEUM CORPORATION, a Delaware corporation ("Borrower"), BANK ONE, NA, a
national banking association, as Administrative Agent ("Administrative Agent"),
and each of the financial institutions a party hereto as Banks (hereinafter
collectively referred to as "Executing Banks," and individually, an "Executing
Bank").

                              W I T N E S S E T H :

        WHEREAS, Borrower, Administrative Agent and Banks are parties to that
certain Credit Agreement dated as of December 20, 2002, as amended by that
certain First Amendment to Credit Agreement dated as of January 7, 2003 (the
"Credit Agreement") (unless otherwise defined herein, all terms used herein with
their initial letter capitalized shall have the meaning given such terms in the
Credit Agreement); and

        WHEREAS, Borrower has advised Banks that AER intends to dispose of its
stock in Borrower in transactions which may include (a) a sale of the shares of
common stock of Borrower in a private transaction to the Designated Shareholders
(as hereinafter defined), and/or (b) a sale of the shares of common stock of
Borrower to the public pursuant to an initial public offering under the Exchange
Act; and

        WHEREAS, the transactions described in the preceding paragraph are
prohibited by certain provisions of the Credit Agreement as in effect on the
date hereof; and

        WHEREAS, Borrower has requested that the Credit Agreement be amended in
certain respects to permit such transactions; and

        WHEREAS, subject to and upon the terms and conditions set forth herein,
Executing Banks have agreed to Borrower's request.

        NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed,
Borrower, Administrative Agent and each Executing Bank hereby agree as follows:

        SECTION 1. Amendments. In reliance on the representations, warranties,
covenants and agreements contained in this Second Amendment, and subject to the
satisfaction of each condition precedent set forth in Section 2 hereof, the
Credit Agreement is hereby amended effective as of the Effective Date in the
manner provided in this Section 1.

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        1.1.    Amendment to Definitions. The definitions of "Change of
Control," "Loan Papers" and "Restricted Payment" contained in Section 1.1 of the
Credit Agreement shall be amended to read in full as follows:

                "Change of Control" means that, for any reason (a) at any time
        prior to the completion of a Qualified Public Offering or the Equity
        Investment, Borrower shall cease to be a wholly-owned direct or indirect
        Subsidiary of Alliant, (b) at any time prior to the completion of a
        Qualified Public Offering but after the completion of the Equity
        Investment, Alliant shall cease to hold, directly or indirectly, at
        least fifty one percent (51%) of the total voting power of all classes
        of capital stock then outstanding of Borrower entitled (without regard
        to the occurrence of any contingency) to vote in elections of directors
        of Borrower, (c) at any time prior to the completion of the Equity
        Investment but after the completion of a Qualified Public Offering, any
        Person or group (as defined in Section 13(d)(3) or 14(d)(2) of the
        Exchange Act) other than Alliant shall become (i) the direct or indirect
        beneficial owner (as defined in Section 13(d)(3) of the Exchange Act) of
        greater than forty-nine percent (49%) of the total voting power of all
        classes of capital stock then outstanding of Borrower entitled (without
        regard to the occurrence of any contingency) to vote in elections of
        directors of Borrower, and (ii) the largest shareholder of the total
        voting power of all classes of capital stock then outstanding of
        Borrower entitled (without regard to the occurrence of any contingency)
        to vote in elections of directors of Borrower, and (d) at any time after
        the completion of a Qualified Public Offering and the Equity Investment,
        any Person or group (as defined in Section 13(d)(3) or 14(d)(2) of the
        Exchange Act) other than the Designated Shareholders shall become (i)
        the direct or indirect beneficial owner (as defined in Section 13(d)(3)
        of the Exchange Act) of greater than forty-nine percent (49%) of the
        total voting power of all classes of capital stock then outstanding of
        Borrower entitled (without regard to the occurrence of any contingency)
        to vote in elections of directors of Borrower, and (ii) the largest
        shareholder of the total voting power of all classes of capital stock
        then outstanding of Borrower entitled (without regard to the occurrence
        of any contingency) to vote in elections of directors of Borrower.

                "Loan Papers" means this Agreement, the First Amendment, the
        Second Amendment, the Notes, each Facility Guaranty which may now or
        hereafter be executed, each Borrower Pledge Agreement which may now or
        hereafter be executed, each Subsidiary Pledge Agreement which may now or
        hereafter be executed, all Mortgages now or at any time hereafter
        delivered pursuant to Section 5.1, all Letters of Credit, and all other
        certificates, documents or instruments delivered in connection with this
        Agreement, as the foregoing may be amended from time to time.

                "Restricted Payment" means, with respect to any Person, (a) any
        Distribution by such Person, (b) any capital contribution, loan or
        advance by any Credit Party to any Unrestricted Subsidiary, (c) the
        issuance of a Guarantee by any Credit Party with respect to any Debt or
        other obligation of Parent, Alliant, AER or any Unrestricted Subsidiary,
        or (d) the retirement, redemption, defeasance, repurchase or prepayment
        prior to scheduled maturity by such Person or any Affiliate of such
        Person of any Debt of such Person.

                                        2

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        1.2.    Additional Definitions. Section 1.1 of the Credit Agreement
shall be amended to add the following definitions to such Section:

                "Designated Shareholders" means shareholders of Borrower, other
        than Alliant, which are designated by Borrower, and approved by Required
        Banks, as "Designated Shareholders" pursuant to a written designation
        and notice executed and delivered by Borrower to, and acknowledged by,
        Administrative Agent (on behalf of Required Banks).

                "Equity Investment" means the purchase by the Designated
        Shareholders of the common stock of Borrower, with the proceeds of such
        purchase being distributed to Alliant or Borrower to be applied, in the
        case of proceeds distributed to Borrower, towards the purchase of oil
        and gas properties.

                "Qualified Public Offering" means the first underwritten public
        offering pursuant to an effective registration statement under the
        Exchange Act covering the offering and sale of the common stock of
        Borrower.

                "Second Amendment" means that certain Second Amendment to Credit
        Agreement dated as of June 30, 2003, among Borrower, Administrative
        Agent and Banks.

        1.3.    Deletion of Definitions. Section 1.1 of the Credit Agreement
shall be amended to delete the definitions of "Consolidated Senior Debt,"
"Subordinate Debt," "Subordinate Loan Documents" and "Subordinate Note" from
such Section.

        1.4.    Amendment to Organizational Representation. Section 7.13 of the
Credit Agreement shall be amended to read in full as follows:

                "Section 7.13 Organizational Structure; Nature of Business. As
        of the Closing Date and the Effective Date (as defined therein) of the
        Second Amendment, Borrower has no direct, wholly-owned Subsidiaries,
        other than Whiting-Golden Gas, WOK and Whiting Programs. Whiting
        Programs is the general partner of various partnerships that own oil and
        gas properties that are not Borrowing Base Properties. Borrower also
        owns, directly and partially indirectly through Whiting Programs, one
        hundred percent (100%) of the Equity in Whiting Institutional, which has
        assets of not greater than $2,000,000, and which assets are not included
        in the Borrowing Base. Borrower is engaged only in the business of
        acquiring, exploring, developing and operating Mineral Interests and the
        production, processing and marketing of Hydrocarbons therefrom. Schedule
        7.13 attached hereto accurately reflects (i) the jurisdiction of
        incorporation or organization of each Credit Party, (ii) each
        jurisdiction in which each Credit Party is qualified to transact
        business as a foreign corporation, foreign partnership or foreign
        limited liability company, (iii) the authorized, issued and outstanding
        Equity of each Credit Party (and the record and beneficial owners of
        such Equity interests), and (iv) all outstanding warrants, options,
        subscription rights, convertible securities or other rights to purchase
        Equity of each Credit Party. Promptly following the completion of the
        Equity Investment and/or a Qualified Public Offering,

                                        3

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        Borrower shall prepare and deliver to Administrative Agent, as
        applicable, an amended Schedule 7.13 reflecting changes resulting from
        the consummation of such transactions."

        1.5.    Subordinate Loan Representation. Section 7.21 of the Credit
Agreement shall be amended to read in full as follows:

                "Section 7.21 [Intentionally Deleted]."

        1.6.    Amendment to Information Covenant. Section 8.1(d) of the Credit
Agreement shall be amended to read in full as follows:

                "(d)    promptly upon (i) the filing thereof, copies of all
        final registration statements, post-effective amendments thereto and
        annual, quarterly or special reports which any Credit Party shall have
        filed with the Securities and Exchange Commission; provided, that
        Borrower must deliver, or cause to be delivered, any annual reports
        which any Credit Party shall have filed with the Securities and Exchange
        Commission, within ninety (90) days after the end of each Fiscal Year of
        such Credit Party, and any quarterly reports which any Credit Party
        shall have filed with the Securities and Exchange Commission, within
        forty-five (45) days after the end of each of the first three (3) Fiscal
        Quarters of each Fiscal Year of such Credit Party, and (ii) the mailing
        thereof to the stockholders of any Credit Party generally, copies of all
        financial statements, reports and proxy statements so mailed;".

        1.7.    Amendment to Debt Covenant. Section 9.1 of the Credit Agreement
shall be amended to read in full as follows:

                "Section 9.1 Incurrence of Debt. Borrower will not, nor will
        Borrower permit any other Credit Party to, incur, become or remain
        liable for any Debt other than (a) the Obligations, and (b) other
        unsecured Debt in an aggregate amount outstanding at any time not to
        exceed $5,000,000."

        1.8.    Amendment to Asset Disposition Covenant. The last sentence of
Section 9.5 of the Credit Agreement shall be amended to read in full as follows:

                "Except in connection with the Equity Investment or a Qualified
        Public Offering, in no event will Borrower sell, transfer or dispose of
        any Equity in any Subsidiary nor will any Credit Party issue or sell any
        Equity or any option, warrant or other right to acquire such Equity or
        security convertible into such Equity to any Person other than the
        Credit Party which is the direct parent of such issuer on the Closing
        Date."

        1.9.    Amendment to Organizational Documents Covenant. Section 9.6 of
the Credit Agreement shall be amended to read in full as follows:

                "Section 9.6 Amendments to Organizational Documents; Other
        Material Agreements. Borrower will not, nor will Borrower permit any
        other Credit Party to, enter into or permit any modification or
        amendment of, or waive any material right or obligation of any Person
        under, its certificate or articles of incorporation, bylaws, partnership
        agreement, regulations or other organizational documents other than

                                        4

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        amendments, modifications and waivers (a) in connection with the Equity
        Investment or a Qualified Public Offering, or (b) which will not,
        individually or in the aggregate, have a Material Adverse Effect."

        1.10.   Deletion of Subordinate Debt Covenant. Section 9.14 of the
Credit Agreement shall be amended to read in full as follows:

                "Section 9.14 [Intentionally Deleted]."

        1.11.   Amendment to Financial Covenants. Section 10.2 and Section 10.3
of the Credit Agreement shall be amended to read in full as follows:

                "Section 10.2 Consolidated Total Debt to Annualized Consolidated
        EBITDAX. As of the end of any Fiscal Quarter, commencing with the Fiscal
        Quarter ending December 31, 2002, Borrower will not permit its ratio of
        Consolidated Total Debt to Annualized Consolidated EBITDAX to be greater
        than 3.0 to 1.0.

                Section 10.3 [Intentionally Deleted]."

        1.12.   Amendments to Events of Default. Subsections (m) and (n) of
Section 11.1 of the Credit Agreement shall be amended to read in full as
follows:

                "(m) a default or event of default shall occur under any Hedge
        Agreement under which the liability to Borrower could reasonably be
        expected to exceed $1,000,000, and any grace period applicable thereto
        shall have lapsed without cure or waiver of such default or event of
        default; or

                (n) [intentionally deleted];".

        SECTION 2. Conditions Precedent. The effectiveness of the amendments to
the Credit Agreement contained in Section 1 hereof is subject to the
satisfaction, on or prior to the Effective Date, of each condition precedent set
forth in this Section 2:

        2.1.    Amendment Fee. Upon execution of this Second Amendment by
Required Banks, Borrower shall pay to Administrative Agent, for the benefit of
Executing Banks, a fee in the amount of $5,000 for each Executing Bank. Such
$5,000 fee shall be distributed by Administrative Agent to each Executing Bank
provided that such Executing Bank executes and delivers this Second Amendment on
or before June 30, 2003.

        2.2.    Fees and Expenses. Borrower shall have paid all fees and
expenses incurred by Administrative Agent in connection with the preparation,
negotiation and execution of this Second Amendment, including, without
limitation, all fees and expenses of Vinson & Elkins L.L.P., counsel to
Administrative Agent.

        2.3.    No Defaults. No Default or Event of Default shall exist.

                                        5

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        SECTION 3. Representations and Warranties of Borrower. To induce
Executing Banks and Administrative Agent to enter into this Second Amendment,
Borrower hereby represents and warrants to Banks and Administrative Agent as
follows:

        3.1.    Due Authorization; No Conflict. The execution, delivery and
performance by Borrower of this Second Amendment are within Borrower's corporate
powers, have been duly authorized by all necessary action, require no action by
or in respect of, or filing with, any governmental body, agency or official and
do not violate or constitute a default under any provision of applicable law or
any Material Agreement binding upon Borrower or result in the creation or
imposition of any Lien upon any of the assets of Borrower except Permitted
Encumbrances.

        3.2.    Validity and Enforceability. This Second Amendment constitutes
the valid and binding obligation of Borrower enforceable in accordance with its
terms, except as (i) the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditor's rights generally, and (ii) the
availability of equitable remedies may be limited by equitable principles of
general application.

        3.3.    Accuracy of Representations and Warranties. Each representation
and warranty of each Credit Party contained in the Loan Papers is true and
correct in all material respects as of the Effective Date (except to the extent
such representations and warranties are expressly made as of a particular date,
in which event such representations and warranties were true and correct as of
such date).

        3.4.    Absence of Defaults. No Default or Event of Default has occurred
which is continuing.

        3.5.    No Defense. Borrower has no defense to payment of, or any
counterclaim or rights of set-off with respect to, all or any portion of the
Obligations.

        SECTION 4. Miscellaneous.

        4.1.    Reaffirmation of Loan Papers. Any and all of the terms and
provisions of the Credit Agreement and the Loan Papers shall, except as amended
and modified hereby, remain in full force and effect. The amendments
contemplated hereby shall not limit or impair any Liens securing the
Obligations, each of which are hereby ratified, affirmed and extended to secure
the Obligations.

        4.2.    Parties in Interest. All of the terms and provisions of this
Second Amendment shall bind and inure to the benefit of the parties hereto and
their respective successors and assigns.

        4.3.    Legal Expenses. Borrower hereby agrees to pay on demand all
reasonable fees and expenses of counsel to Administrative Agent incurred by
Administrative Agent in connection with the preparation, negotiation and
execution of this Second Amendment.

        4.4.    Counterparts. This Second Amendment may be executed in
counterparts, and all parties need not execute the same counterpart; however, no
party shall be bound by this

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Second Amendment until Borrower and Required Banks have executed a counterpart.
Facsimiles shall be effective as originals.

        4.5.    Complete Agreement. THIS SECOND AMENDMENT, THE CREDIT AGREEMENT
AND THE OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE
PARTIES.

        4.6.    Headings. The headings, captions and arrangements used in this
Second Amendment are, unless specified otherwise, for convenience only and shall
not be deemed to limit, amplify or modify the terms of this Second Amendment,
nor affect the meaning thereof.

        4.7.    Effectiveness. This Second Amendment shall be effective
automatically and without necessity of any further action by Borrower,
Administrative Agent or Banks when counterparts hereof have been executed by
Borrower, Administrative Agent and Required Banks, and all conditions to the
effectiveness hereof set forth herein and in the Credit Agreement have been
satisfied.

        IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment
to be duly executed by their respective Authorized Officers on the date and year
first above written.

                           [Signature pages to follow]

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                                SIGNATURE PAGE TO
                      SECOND AMENDMENT TO CREDIT AGREEMENT
                                  BY AND AMONG
                   WHITING PETROLEUM CORPORATION, AS BORROWER,
                      BANK ONE, NA, AS ADMINISTRATIVE AGENT
                           AND THE BANKS PARTY THERETO

BORROWER:                                  FORTIS CAPITAL CORP.

WHITING PETROLEUM CORPORATION,             By:    /s/ David Montgomery
a Delaware corporation                            ---------------------------
                                           Name:  David Montgomery
By:    /s/ James J. Volker                 Title: Senior Vice President
       -------------------------
Name:  James J. Volker
Title: President/CEO                       By:    /s/ Darrell W. Holley
                                                  ------------------------------
                                           Name:  Darrell W. Holley
                                           Title: Managing Director

ADMINISTRATIVE AGENT:                      U.S. BANK NATIONAL ASSOCIATION

BANK ONE, NA                               By:    /s/ Matthew J. Purchase
                                                  ------------------------------
                                           Name:  Matthew J. Purchase
/s/ J. Scott Fowler                        Title: Vice President
--------------------------------
J. Scott Fowler
Director, Capital Markets

BANKS:                                     UNION BANK OF CALIFORNIA, N.A.

BANK ONE, NA                               By:    /s/ John A. Clark
                                                  ------------------------------
                                           Name:  John A. Clark
/s/ J. Scott Fowler                        Title: Vice President
--------------------------------
J. Scott Fowler
Director, Capital Markets                  By:    /s/ Sean Murphy
                                                  ------------------------------
                                           Name:  Sean Murphy
                                           Title: Vice President

WACHOVIA BANK, NATIONAL                    BANK OF SCOTLAND
 ASSOCIATION
                                           By:    /s/ Susan E. Hay
By:    /s/ Philip Trinder                         ------------------------------
       -----------------------             Name:  Susan E. Hay
Name:  Philip Trinder                      Title: Director, Business Services
Title: Vice President

                                        8

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WELLS FARGO BANK, N.A.                      COMPASS BANK

By:     /s/ Laura Bumgarner                By:     /s/ John M. [Illegible]
       -----------------------                    ------------------------------
Name:  Laura Bumgarner                     Name:  John M. [Illegible]
Title: Relationship Manager                Title: Senior Vice President

BANK OF OKLAHOMA, N.A.                     NATEXIS BANQUES POPULAIRES

By:     /s/ Michael M. Logan               By:     /s/ Donovan C. Broussard
       -----------------------                    ------------------------------
Name:  Michael M. Logan                    Name:  Donovan C. Broussard
Title: Senior Vice President               Title: Vice President & Group Manager

                                           By:     /s/ Daniel Payer
COMERICA BANK - TEXAS                             ------------------------------
                                           Name:  Daniel Payer
By:     /s/ Thomas G. Rajan                Title: Vice President
       -----------------------
Name:  Thomas G. Rajan
Title: Vice President

                                        9<PAGE>

                                                                    EXHIBIT 10.5

                          WHITING PETROLEUM CORPORATION

                          PRODUCTION PARTICIPATION PLAN

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                          WHITING PETROLEUM CORPORATION

                          PRODUCTION PARTICIPATION PLAN

                                    PREAMBLE

        WHITING PETROLEUM CORPORATION, a Delaware corporation (the "Company"),
hereby establishes the following production participation plan (the "Plan"). The
Plan is intended to provide greater incentives to the Company's employees to
increase the profitability of the Company and to enable the Company to attract,
motivate and retain valuable employees upon whom, in large measure, the
continued profitability of the Company depends.

                                    ARTICLE I

                                   Definitions

        The following words and phrases shall have the meaning set forth below
unless the context clearly indicates otherwise:

        1.1     "Committee" means the Administrative Committee provided for in
section 5.2.

        1.2     "Company" means Whiting Petroleum Corporation and any successor
thereto.

        1.3     "Compensation" means the total salary paid or accrued to a
Participant by the Company or a wholly owned subsidiary of the Company during a
Plan Year, excluding bonuses, reimbursed expenses and other extraordinary items.

        1.4     "Effective Date" means January 1, 1981.

        1.5     "Employee" means each common-law salaried Employee of the
Company or a subsidiary of the Company who performs services for the Company or
a subsidiary on a full-time basis, as determined by the Company.

        1.6     "Participant" means an Employee, or former Employee, who is
eligible to receive distributions in accordance with the terms of the Plan.

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        1.7     "Plan Year" means the twelve-month period on which the records
of the Plan are kept, which shall be the same as the fiscal year of the Company.

        1.8     Pronouns: Gender and Number. Unless the context clearly
indicates otherwise, words in any gender shall include the other genders and the
singular shall include the plural and vice versa.

                                   ARTICLE II

                            Participation in the Plan

        2.1     Participation.

                Each Employee of the Company shall become a Participant in the
Plan on his date of employment by the Company.

        2.2     Enrollment - Procedure.

                Each Participant shall fill out and sign an enrollment form
supplied by the Committee and return it to the Committee. The enrollment form
shall state, among other information, the Participant's post office address and
date of birth and a designation of the names and post office addresses of his
beneficiaries.

        2.3     Absences.

                A leave of absence approved in writing by the Company shall not
constitute a termination of employment for purposes of computing years of
service with the Company for determining vesting under section 4.3.

                                   ARTICLE III

                              Company Contributions

        3.1     Allocation of Royalty Interests to the Plan.

                (a)     Effective as of January 1, 1981, and continuing for the
duration of the Plan, the Company shall allocate on its books, for Plan
purposes, the following amounts:

                        (i)     With respect to all onshore, non-federal oil and
gas leases located in the United States in which the Company acquires a working
interest, except leases located in Alaska, the Company shall allocate an amount
equal to an overriding royalty of two percent (2%) of 8/8ths or the equivalent
of such a royalty. The amount of such overriding royalty shall be dedicated to
the Plan effective as of the date of acquisition by the Company. To

                                       -2-

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the extent the acquired interest of the Company in a lease is less than one
hundred percent (100%) or 8/8ths as a result of the joint acquisition of a lease
by the Company and other non-affiliated parties, the royalty dedicated to the
Plan shall be proportionately reduced; and

                        (ii)    With respect to all federal, off-shore United
States, Alaskan and foreign oil and gas leases, contracts and concessions,
royalty or overriding royalty interests, or producing properties in which the
Company acquires an interest, the Company, at its sole discretion and option,
may allocate up to a two percent (2%) of 8/8ths overriding royalty, or the
equivalent thereof, or any other interest, such as a net profits interest, to
the Plan; and

                        (iii)   Notwithstanding the foregoing, properties
acquired by the Company prior to January 1, 1981 will be totally excluded from
the Plan.

                (b)     If considered necessary by the Company for sound
business reasons, the overriding royalty with respect to a particular property
or properties may be established by the Company at its sole discretion at an
amount less than two percent. The Company's Board of Directors shall allocate
interests to the Plan at least once each Plan Year and all allocations shall be
made on a well by well basis. In cases where the Company receives income from
unit arrangements under which the amount of income attributable to particular
wells cannot be ascertained, the amount of income allocable for Plan purposes
shall be determined by the Company's Board of Directors in its sole discretion.
The Company shall not be considered to own a beneficial interest in properties
to which it holds title as the nominee for others.

                (c)     Interests in wells allocated to the Plan which are
either spudded or purchased during each Plan Year shall form a separate
accounting pool (the "Pool") and the net income attributable to each year's Pool
shall be allocated and accounted for separately. Proceeds received by the
Company with respect to interests which have been allocated to a Pool shall be
distributed annually in accordance with Article IV, but less accrued taxes
measured by production, such as severance and production taxes, and less accrued
taxes imposed by the Windfall Profit Tax Act of 1980, which are applicable to
the income allocable to the Plan. The taxes applicable to such income shall be
calculated solely on an estimated basis by the Company using the same method
that the Company uses to estimate taxes for other financial accounting purposes.
No adjustment shall be made to reflect any difference between such estimates and
taxes actually imposed with respect to such income.

                                       -3-

<PAGE>

        3.2     Sale of Interests.

                If the Company sells or transfers its interest in a well
(including the spacing unit on which such well is located) that is being used to
determine the amount of Plan income pursuant to section 3.1, that portion of the
net profit from such sale, before income taxes, attributable to the production
interest allocated to the Plan shall be distributable to the Participants
eligible to share in income distributions from the Pool in question in the same
manner as current income from production.

                                   ARTICLE IV

                    Allocation and Distribution of Net Income

        4.1     Allocation of Current Pool Net Income.

                As of the last day of each Plan Year, beginning with the Plan
Year ending December 31, 1981, the Committee shall allocate the accrued net
income allocable to the Pool created for that Year among the Participants
employed by the Company on the last day of that Plan Year in the following
manner:

                (a)     Thirty-three and one-third percent (33-1/3%) of the net
income of each Year's current Pool shall be allocated among the Participants in
the proportion which the Compensation of each Participant for such Year bears to
the total Compensation of all Participants for such Plan Year.

                (b)     Up to sixty-six and two-thirds percent (66-2/3%) of the
net income of each Year's current Pool shall be available for allocation among
any Participants who receive points pursuant to this section 4.1(b). Up to 666
points may be awarded annually based upon each Participant's contributions to
the Company with respect to that Plan Year. However, there is no requirement
that any points be awarded with respect to any given Plan Year. Points will be
awarded only to Participants who have put forth extraordinary effort on behalf
of the Company in cases where the Company has materially benefited from such
effort. The Committee shall furnish annually to the Company's Board of Directors
a recommended list of point allocations for eligible Participants (other than
members of the Committee). The Company's Board of Directors shall then determine
the points to be awarded to all eligible Participants, including those Committee
members who are also eligible Participants. The determination of the Company's
Board of Directors as to whether to award any points during a given Plan Year,
and

                                       -4-

<PAGE>

as to the points awarded to each eligible Participant, shall be solely within
the discretion of the Board, and all decisions of the Board shall be final and
binding on all Participants and beneficiaries. All decisions with respect to the
award of points shall remain confidential.

                The portion of such sixty-six and two-thirds percent of the
Pool's net income to be allocated to each Participant receiving points shall be
equal to the percentage that the Participant's points are of the 666 possible
points for that Plan Year. If fewer than 666 points are awarded during any Plan
Year, the unallocated portion of the sixty-six and two-thirds percent of the net
income for that Plan Year shall be allocated and paid to Participants in the
same proportion as the amounts paid under section 4.1(a).

        4.2     Allocation of Prior Pool Net Income.

                The accrued net income for each Plan Year allocable to each
separate Pool formed under the Plan during prior Plan Years shall be allocated
only among those Participants who originally shared in the allocation of the net
income of such Pool pursuant to section 4.1 (or their beneficiaries) and who are
either employed by the Company as of the last day of the latest Plan Year or are
vested in accordance with section 4.4. The accrued net income attributable to
each prior Pool shall be allocated among those persons eligible to share in such
income based upon their original sharing ratios in such Pool, but increased
proportionately to account for the forfeiture of interests because of (a) the
termination of employment of Participants prior to becoming fully vested in
accordance with section 4.4, or (b) those matters specified in section 4.5.

        4.3     Distribution of Net Income.

                As soon as practicable after the end of each Plan Year,
beginning with the Plan Year ending December 31, 1981, the Company shall
distribute to each Participant (or his beneficiary) in one lump sum his
allocable share of the net income of the Plan for the preceding Plan Year, less
any required withholding of income taxes or other amounts applicable to payments
made to Employees of the Company.

        4.4     Vesting.

                (a)     If a Participant with fewer than one full year of
employment with the Company terminates employment with the Company for any
reason, he shall cease to be a Participant in this Plan and all rights of such
Employee under this Plan shall terminate. A Participant who is credited with one
or more full years of employment with the Company at the

                                       -5-

<PAGE>

date of his termination of employment shall continue to participate in the Plan
on a vested basis in accordance with the following schedule:

                                                Vested Percentage
        Full Years of Employment                of Future Income
        ------------------------                -----------------
                   1                                    20%
                   2                                    40%
                   3                                    60%
                   4                                    80%
                   5                                   100%

A vested Participant shall continue to share in the distribution of accrued net
income from Pools in which he originally shared in the same manner as
Participants who are employed by the Company, based upon his vested percentage
at the date of his termination of employment and his percentage of the net
income of each such Pool as of the end of the Plan Year immediately preceding or
coincident with the date of his termination of employment. For purposes of this
section, employment prior to January 1, 1981 shall be disregarded and only full
Plan Years of employment after January 1, 1981 shall be credited to
Participants.

                (b)     If a Participant dies or becomes disabled (as determined
by the Committee) prior to becoming fully vested in accordance with (a) above,
such Participant (or his beneficiary) shall nevertheless be fully vested for
purposes of future distributions from the Plan and shall be entitled to receive
future distributions of Plan income in accordance with section 4.4(a).

        4.5     Forfeiture-Termination for Cause.

                (a)     If a Participant's employment with the Company is
terminated for cause, as determined by the Company, the Participant, regardless
of his or her vested percentage, shall not be entitled to any further
distributions or payments from the Plan.

                (b)     If a vested terminated Participant is later determined
by the Company to have engaged in any activity which would be grounds for
termination for cause while employed by the Company, such Participant shall,
upon such determination, forfeit all rights to any further payments from the
Plan.

        4.6     Purchase of Interests by Company.

                The Company may, at its sole option, purchase the entire vested
interest under the Plan of any terminated or deceased Participant if such
interest produced $1,000 or less income for the Plan Year preceding the date of
purchase. The Company shall notify the

                                       -6-

<PAGE>

terminated Participant, or the beneficiary of a deceased Participant, within 120
days after the end of any Plan Year, of its election to purchase such person's
interest under the Plan. Payment for any interest so purchased shall be made by
the Company, by its check, within 60 days after the expiration of said notice
period. The purchase price of any interest so purchased shall be based on the
fair market value of the Participant's (or beneficiary's) interest under the
Plan as of the end of the immediately preceding Plan Year. The determination of
fair market value shall be made by the Company, using the valuation reports,
discount rates and other factors then being used by the Company for the purchase
of oil and gas interests from third parties.

                                    ARTICLE V

                  Allocation of Administrative Responsibilities

        5.1     The Company.

                The Company shall be responsible for: (a) keeping accurate books
and accounts with respect to all income which it receives attributable to
interests which have been allocated to the Plan; (b) keeping accurate books and
records with respect to its Employees and their Compensation and furnishing such
data to the Committee; and (c) making payments to Plan Participants and their
beneficiaries in accordance with the provisions of the Plan.

        5.2     The Committee.

                The Board of Directors of the Company shall appoint an
administrative Committee composed of at least two, but no more than seven,
persons who may, but need not be, Employees of the Company or Participants. The
Committee shall administer the Plan and shall have all powers necessary for that
purpose, including, but not by way of limitation, power to interpret the Plan,
to determine the eligibility, status and rights of all persons under the Plan
and in general to decide any dispute. The Committee shall direct all
distributions in accordance with the provisions of the Plan and shall maintain
all Plan records except records required to be kept by the Company.

        5.3     Organization of Committee.

                The Committee shall elect a chairman and shall adopt such rules
as it deems desirable for the conduct of its affairs and for the administration
of the Plan. It may appoint agents (who need not be members of the Committee) to
whom it may delegate such powers as it deems appropriate, except that any
dispute shall be determined by the Committee.

                                       -7-

<PAGE>

The Committee may make its determinations with or without meetings. It may
authorize one or more of its members or agents to sign instructions, notices and
determinations on its behalf. The action of a majority of the Committee shall
constitute the action of the Committee.

        5.4     Indemnification of Committee Members.

                The Company shall indemnify each member of the Committee against
any and all claims, loss, damages, expense and liability arising from any action
or failure to act with respect to the Plan, except when the same is judicially
determined to be due to the gross negligence or willful misconduct of such
person.

                                   ARTICLE VI

                            Termination and Amendment

        6.1     Termination of Plan and Discontinuance of Contributions.

                The Company presently intends to continue the Plan indefinitely,
but the continuance of the Plan is not assumed as a contractual obligation and
the Company may terminate the Plan at any time by delivering written notice of
termination to the Committee and each Participant and beneficiary then entitled
to receive distributions from the Plan. Upon the termination of the Plan, or
upon the sale or exchange of all or substantially all of the Company's assets,
or the merger of the Company (if the Company is not the surviving entity), or
upon the liquidation of the Company, the interests of all Participants in the
Plan shall become fully vested, notwithstanding any other provision hereof.

        6.2     Procedure Upon Termination.

                Upon voluntary termination of the Plan by the Company, the
Committee shall either (a) distribute to each Participant or beneficiary then
participating in the Plan, in one lump sum or in five equal installments with
interest at the minimum rate required in order to avoid the imputation of
interest under Section 483 of the Internal Revenue Code, or any successor
provision, an amount equal to the then present worth of each such person's
interests in the Plan, computed in accordance with section 4.6, or (b) continue
to make distributions in accordance with the provisions of the Plan from all
Pools existing at the time of termination, all as the Committee in its sole
discretion may determine. If the Plan terminates automatically because of one of
the events specified in section 6.1, the interest of each person, valued in
accordance with section 4.6, shall be distributed in one lump sum. Upon
termination of the Plan,

                                       -8-

<PAGE>

the interest of each Participant or beneficiary in each Pool under the Plan
shall be 100% vested and shall be the percentage interest of each such person in
that Pool as of the end of the last Plan Year prior to termination of the Plan,
adjusted to account for any forfeitures between the end of the prior Plan year
and the time of termination of the Plan.

        6.3     Amendment by Company.

                The Company may at any time amend the Plan in any respect by
action of its Board of Directors, but no amendment shall be made which would
have the effect of materially and adversely affecting the interest of any person
under the Plan with respect to then existing Pools.

                                   ARTICLE VII

                                  Miscellaneous

        7.1     Right to Dismiss Employees.

                The Company may terminate the employment of any Employee as
freely and with the same effect as if this Plan were not in existence.

        7.2     Withholding of Taxes, Etc.

                The Company shall withhold from all payments to Participants and
beneficiaries hereunder, and pay to the appropriate governmental authority, all
amounts of income taxes and other amounts which are required by applicable law
and regulation to be withheld from wage payments to Employees of the Company.

        7.3     Source of Benefits.

                All benefits payable under the Plan shall be paid solely from
the general assets of the Company and no allocation of royalty interest or
income on the books of the Company shall be deemed to create a separate fund or
any ownership interest on the part of the Plan in any properties being used to
measure Plan income or in any production from such properties.

        7.4     Ownership of Properties.

                Nothing contained in this Plan shall in any way restrict the
right of the Company to sell, transfer, mortgage, encumber or otherwise deal
with the properties giving rise to the revenues used to measure Plan income.

                                       -9-

<PAGE>

        7.5     Beneficiaries.

                Each Participant shall file with the Committee a designation of
the beneficiaries and contingent beneficiaries to whom income attributable to
his interest under the Plan shall be paid in the event of his death. Such
designation may be changed by the Participant at any time and without the
consent of any previously designated beneficiary. In the absence of an effective
beneficiary designation as to any portion of a Participant's interest under the
Plan, income attributable to such interest shall be paid to the Participant's
personal representative, but if the Committee believes that none has been
appointed within six months after the Participant's death, the Committee may
direct that such income shall not be paid until a personal representative has
been appointed or may direct that such income shall be paid to the Participant's
surviving spouse, or if there is none, to his surviving children and issue of
deceased children by right of representation, or if there be none, to his
surviving parents.

        7.6     Non-transferability of Benefits.

                No Participant or beneficiary shall have any right to assign,
alienate, transfer, hypothecate, encumber or anticipate his interest in any
benefits under this Plan, nor shall such benefits be subject to any legal
process to levy upon or attach the same for payment of any claim against any
such Participant or beneficiary.

        7.7     Payments Due Minors or Incapacitated Persons.

                If any person entitled to a payment under the Plan is a minor,
or if the Committee determines that any such person is incapacitated by reason
of physical or mental disability, whether or not legally adjudicated as such,
the Committee shall have the power to cause the payments becoming due to such
person to be made to his personal representative or to another for his benefit,
without responsibility of the Committee to see to the application of such
payments. The Committee shall have no responsibility to investigate the physical
or mental condition of a Participant and any determination of disability made by
the Committee shall be binding on the Participant and all other persons.
Payments made pursuant to such power shall operate as a complete discharge of
the Plan, the Company and the Committee.

        7.8     Disposition of Unclaimed Payments.

                Each Participant must file with the Committee from time to time
in writing his post office address and the post office address of each of his
beneficiaries and each change of post office address. Any communication,
statement or notice addressed to a Participant or

                                      -10-

<PAGE>

beneficiary at his last post office address filed with the Committee, or if no
address is filed with the Committee, then at his last post office address as
shown on the Company's records, will be binding in the Participant and his
beneficiaries for all purposes of the Plan. Neither the Committee nor the
Company shall be required to search for or locate a Participant or beneficiary.
If the Committee notifies a Participant or beneficiary that he is entitled to a
distribution and also notifies him of the provisions of this section, and the
Participant or beneficiary fails to make his address known to the Committee
within three calendar years after the notification, the interest in each Pool
under the Plan of the Participant or beneficiary will be forfeited as of the end
of the Plan Year following the expiration of such three-year period and
re-allocated among the Participants in each Plan Pool at that time.

        7.9     Governing Law.

                The construction and interpretation of this Plan shall be
governed by the laws of the State of Colorado.

DATE:  September 1, 1981

ATTEST:                                         WHITING PETROLEUM CORPORATION

/s/ Patricia J. Butler                          By:  /s/  Kenneth R. Whiting
----------------------------                        ----------------------------
                                                    President

                                      -11-

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