Document:

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                                                                    EXHIBIT 10.2

                  This CONTRIBUTION AGREEMENT (this "AGREEMENT"), is entered
into as of August 2, 2001, by and among Park Hampton Holdings LLC, a Delaware
limited liability company ("HOLDINGS"), Pengo Securities Corp., a Delaware
corporation ("PENGO"), Smith Energy Partnership, a New York general partnership
("SEP"), Randall D. Smith, Jeffrey A. Smith, JWA Investments IV LLC, Arthur J.
Pasmas, Thomas J. Trzanowski (collectively, the "SMITH INDIVIDUALS") and Hampton
Investments LLC, a Delaware limited liability company (the "COMPANY").

                  WHEREAS, Holdings wishes to contribute $1,000 in cash to the
Company, and the Company wishes to accept such sum, in exchange for certain
membership interests in the Company;

                  WHEREAS, each of Pengo, SEP and the Smith Individuals
(collectively, the "Stockholders") owns shares of common stock, par value $0.01
per share, of Inland Resources Inc. (the "INLAND SHARES"), including the Inland
Shares set forth on Schedule A; and

                  WHEREAS, the Stockholders wish to contribute to the Company,
and the Company wishes to accept, all of the Stockholders' respective Inland
Shares in exchange for certain membership interests in the Company.

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficient of which are hereby acknowledged, the
parties hereto agree as follows:

                  1.       CONTRIBUTION. Upon the terms and subject to the
conditions set forth in this Agreement, effective as of the date hereof:

                  (a)      Holdings hereby contributes and pays to the Company,
as a capital contribution to the Company, cash in the amount of One Thousand
Dollars ($1,000) in exchange for the membership interest in the Company set
forth opposite the name of Holdings on Schedule B; and
<PAGE>

                  (b)      each of the Stockholders hereby assigns, conveys,
transfers and delivers, as a capital contribution to the Company, all of its
right, title and interest in and to the Inland Shares owned by such Stockholder
(as set out in Schedule A and any other Inland Shares that may be owned by such
Stockholder) in exchange for the membership interest in the Company set forth
against such Stockholder's name in Schedule B.

                  2.       DELIVERY OF SHARE CERTIFICATES. Each of the
Stockholders hereby agrees to promptly deliver to the Company, or its designee,
certificates representing such Stockholder's Inland Shares, duly endorsed in
blank or accompanied by appropriate instruments of transfer duly endorsed in
blank, together with any other documents that are necessary for the Company, or
its designee, to acquire record ownership of such Inland Shares.

                  3.       FURTHER ASSURANCES. Each party hereto shall execute,
deliver, file and record, or cause to be executed, delivered, filed and
recorded, such further agreements, instruments and other documents, and take, or
cause to be taken, such further actions, as any other party hereto may
reasonably request as being necessary or advisable to effect or evidence the
transactions contemplated by this Agreement.

                  4.       MISCELLANEOUS.

                  (a)      The provisions of this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

                  (b)      This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provisions or rule (whether of
the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any other jurisdiction other than the State of
Delaware.

                  (c)      This Agreement may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.
<PAGE>

                  IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by each party hereto as of the date first above written.

                                   PARK HAMPTON HOLDINGS LLC

                                   By:  /s/ Steven R. Kamen
                                        ---------------------------------------
                                   Name:    Steven R. Kamen
                                   Title:   Senior Vice President

                                   c/o Smith Management Company, Inc.
                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   PENGO SECURITIES CORP.

                                   By:  /s/ Steven R. Kamen
                                        ---------------------------------------
                                   Name:    Steven R. Kamen
                                   Title:   Senior Vice President

                                   c/o Smith Management Company, Inc.
                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   SMITH ENERGY PARTNERSHIP

                                   By: Smith Management LLC, its General Partner

                                   By:  /s/ Steven R. Kamen
                                        ---------------------------------------
                                   Name:    Steven R. Kamen
                                   Title:   Senior Vice President

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   /s/ Randall D. Smith
                                   --------------------------------------------
                                   RANDALL D. SMITH

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022
<PAGE>

                                   /s/ Jeffrey A. Smith
                                   --------------------------------------------
                                   JEFFREY A. SMITH

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   JWA INVESTMENTS IV LLC

                                   By:  /s/ Steven R. Kamen
                                        ---------------------------------------
                                   Name:    Steven R. Kamen
                                   Title:   Senior Vice President

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   /s/ Arthur J. Pasmas
                                   --------------------------------------------
                                   ARTHUR J. PASMAS

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   /s/ Thomas J. Trzanowski
                                   --------------------------------------------
                                   THOMAS J. TRZANOWSKI

                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022

                                   HAMPTON INVESTMENTS LLC

                                   By:  JWA Investments IV, LLC,
                                        its managing member

                                   By:  /s/ Steven R. Kamen
                                        ---------------------------------------
                                   Name:    Steven R. Kamen
                                   Title:   Senior Vice President

                                   c/o Smith Management LLC
                                   885 Third Avenue, 34th Floor,
                                   New York, New York 10022
<PAGE>

                                   SCHEDULE A
                                   ----------

STOCKHOLDER                                     NUMBER OF INLAND SHARES
-----------                                     -----------------------

Pengo Securities Corp.                                   402,927

Randall D. Smith                                          87,441

Jeffrey A. Smith                                          16,374

JWA Investments IV LLC                                    16,374

Arthur J. Pasmas                                          21,560

Thomas J. Trzanowski                                      10,800

Smith Energy Partnership                                  15,222
<PAGE>

                                   SCHEDULE B
                                   ----------

MEMBER                                         MEMBERSHIP INTERESTS TO BE ISSUED
------                                         ---------------------------------

Park Hampton Holdings LLC                      1,779,725 Class A interests

Pengo Securities Corp.                         402,927 Class B interests

Randall D. Smith                               87,441 Class B interests

Jeffrey A. Smith                               16,374 Class B interests

JWA Investments IV LLC                         16,374 Class B interests

Arthur J. Pasmas                               21,560 Class B interests

Thomas J. Trzanowski                           10,800 Class B interests

Smith Energy Partnership                       15,222 Class B interests<PAGE>

                                                                    EXHIBIT 10.3

                  SERIES E PREFERRED STOCK PURCHASE AGREEMENT
                  -------------------------------------------

     This SERIES E PREFERRED STOCK PURCHASE AGREEMENT (this "Agreement") is
dated as of August 2, 2001, by and between Hampton Investments LLC (the
"Seller") and Inland Holdings, LLC (the "Buyer").

     Subject to the terms and conditions hereof, the Seller wishes to sell to
the Buyer, and the Buyer wishes to purchase from the Seller, 121,973 shares of
the Series E preferred stock, $.001 par value per share, of Inland Resources,
Inc. (the "Company") (collectively, the "Shares") for an aggregate purchase
price of Two Million dollars ($2,000,000.00) (the "Purchase Price").

     NOW, THEREFORE, in consideration of the promises contained herein and other
good and valuable consideration, the sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     SECTION 1.  SALE AND PURCHASE.

     A.   The Seller hereby agrees to sell, assign, transfer and convey to the
Buyer all of the Seller's right, title and interest in and to the Shares.
Currently with the execution and delivery by the parties hereto of this
Agreement and payment of the Purchase Price by Buyer, the Seller shall deliver
to the Buyer the certificate(s) evidencing Shares together with a stock power
duly executed by the Seller transferring such Shares to the Buyer. The date on
which such delivery is made by the Seller to the Buyer is referred to herein as
the "Closing Date."

     B.   On the Closing Date, Buyer agrees to pay the Seller the Purchase Price
by cashier's check or other form of payment in cash or cash equivalents
acceptable to Buyer.

     SECTION 2.  REPRESENTATIONS AND WARRANTIES OF SELLER.
The Seller hereby represents and warrants to the Buyer, as of the date hereof
and as of the Closing Date:

     A.   The Seller has been duly formed, is validly existing and in good
standing under the laws of Delaware and has all requisite power and authority to
execute and deliver, and to perform all of its obligations under, this
Agreement.

     B.   The Seller is the legal and the beneficial owner of the Shares to be
sold by the Seller hereunder and is conveying to the Buyer such Shares, free and
clear of any liens, claims, interests, charges and encumbrances.

     C.   Except for filings related to ownership of securities required by the
Securities Exchange Act of 1934, as amended, no consent, approval, authorization
of, action by, notice to, or filing with any governmental or regulatory
authority ("Governmental Body") or any other person, and no lapse of a waiting
period, is necessary or required in connection with the execution, delivery or
performance by the Seller of this Agreement or the transactions contemplated
hereby

     D.   This Agreement has been duly executed and delivered by Seller and
constitutes a legal, valid and binding obligation of the Seller, enforceable
against it in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights of creditors generally or by general principles of equity
relating to enforceability (regardless of whether considered in a proceeding at
law or in equity).
<PAGE>

     E.   There are no brokerage commissions, finder's fees or similar fees or
commissions payable by Seller in connection with the transactions contemplated
hereby based on any agreement, arrangement or understanding with, or action
taken by, Seller.

     F.   Seller acknowledges that Buyer will be relying upon the
representations and warranties set forth in this Section 2 in purchasing the
Shares from Seller.

     G.   The execution, delivery and performance of this Agreement and any
other instruments and documents executed and delivered by the Seller in
connection herewith have been duly authorized by all necessary action and do not
and will not (i) require any consent or approval of Seller's shareholders, if
applicable, or any other person, firm, entity, court or governmental authority
or agency other than any consent or approval that has already been obtained or
(ii) violate any law, rule, regulation, order, writ or judgment presently in
effect applicable to the Seller or any provision of the charter documents or by-
laws.

     SECTION 3.  REPRESENTATIONS AND WARRANTIES OF THE BUYER.
The Buyer hereby represents and warrants to the Seller, as of the date hereof,
and as of the Closing Date:

     A.   The Buyer has been duly formed, is validly existing and in good
standing under the laws of California and has all requisite power and authority
to execute and deliver, and to perform all of its obligations under, this
Agreement.

     B.   The execution, delivery and performance of this Agreement and any
other instruments and documents executed and delivered by the Buyer in
connection herewith have been duly authorized by all necessary action and do not
and will not (i) require any consent or approval of Buyer's shareholders, if
applicable, or any other person, firm, entity, court or governmental authority
or agency other than any consent or approval that has already been obtained or
(ii) violate any law, rule, regulation, order, writ or judgment presently in
effect applicable to the Buyer or any provision of the charter documents or by-
laws.

     C.   Except for filings related to ownership of securities required by the
Securities Exchange Act of 1934, as amended, no consent, approval, authorization
of, action by, notice to, or filing with any Governmental Body or any other
person, and no lapse of a waiting period, is necessary or required in connection
with the execution, delivery or performance by the Buyer of this Agreement or
the transactions contemplated hereby.

     D.   This Agreement has been duly executed and delivered by Buyer and
constitutes a legal, valid and binding obligation of Buyer, enforceable against
it in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or
affecting the rights of creditors generally or by general principles of equity
relating to enforceability (regardless of whether considered in a proceeding at
law or in equity).

     E.   There are no brokerage commissions, finder's fees or similar fees or
commissions payable by Buyer in connection with the transactions contemplated
hereby based on any agreement, arrangement or understanding with, or action
taken by, Buyer.

     F.   Buyer is acquiring the Shares for investment for its own account and
not with a view to, or in connection with, any distribution thereof in violation
of the Securities Act of 1933, as amended.

                                       2
<PAGE>

     G.   Buyer is an "accredited investor" within the meaning of Rule 501 of
Regulation D promulgated under the Securities Act of 1933, as presently in
effect.

     H.   Buyer has such knowledge and experience in financial and business
matters, including investing in securities of new and speculative companies, as
to be able to evaluate the merits and risks of acquiring the Shares.

     I.   Buyer acknowledges that the acquisition of the Shares involves a high
degree of risk and represents that it understands the economic risks of such an
investment. Buyer is prepared to bear the economic risk of retaining the Shares
for an indefinite period, all without prejudice, however, to the rights of Buyer
lawfully to sell or otherwise dispose of all or any part of the Shares held by
it.

     J.   Buyer has performed its own independent investigation and evaluation
of the Company and the transactions contemplated hereby and has not, in
connection with the transactions contemplated hereby, relied upon any
representations or warranties of any kind whatsoever, whether express or implied
by Seller, any of its affiliates or any of their respective officers, employees,
representatives or agents except for such representations and warranties
expressly set forth herein.

     K.   Buyer acknowledges that Seller will be relying upon the
representations and warranties set forth in this Section 3 in selling the Shares
to Buyer.

     SECTION 4.     SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The
representations, warranties, covenants and agreements of the parties contained
herein shall survive the consummation of the purchase and sale of the Shares
contemplated in this Agreement, and each party recognizes that the other is
relying on such other party's representations, warranties, covenants and
agreements.

     SECTION 5.     FURTHER ASSURANCES. Each party shall execute and deliver all
further documents or instruments, and take all such further actions, reasonably
requested by the other party in order to effectuate the intent and purposes of,
and carry out terms of, this Agreement and to obtain the full benefit of this
Agreement.

     SECTION 6.     GOVERNING LAW. This Agreement shall be governed by and
interpreted in accordance with the internal laws of the State of Washington
without reference to the conflicts of the law provisions thereof.

     SECTION 7.     ENTIRE AGREEMENT. This Agreement sets forth the entire
agreement and understanding of the parties hereto, and supersedes all prior
agreements and understandings between the parties hereto with respect to the
purchase and sale of the Shares contemplated hereby. Except as expressly
provided herein, there are no restrictions, promises, representations,
warranties, covenants or undertakings of either party hereto. This Agreement
shall be binding on, and inure to the benefit of, the parties hereto and their
successors and assigns.

     SECTION 8.     COUNTERPARTS. This Agreement may be executed in counterparts
each of which when so executed shall be an original, but all such counterparts
shall together constitute but one and the same instrument. Transmission by
telecopier of an executed counterpart of this Agreement shall be deemed to
constitute due and sufficient delivery of such counterpart, PROVIDED that any
party that delivers a counterpart by telecopier shall, promptly after such
delivery, deliver the original of such counterpart of this Agreement to the
other party hereto.

                                       3
<PAGE>

     SECTION 9.     CONFIDENTIALITY. Except to the extent required by law, the
parties acknowledge that the terms and conditions of this Agreement are
confidential and neither party shall (and each party shall cause its employees,
affiliates and representatives not to) disclose to any person or entity the
terms and conditions of this Agreement including without limitation, the
Purchase Price; PROVIDED, that nothing herein shall prevent the disclosure of
any such information (i) to the parties' respective employees, directors,
agents, attorneys, fund participants, accountants and other professional
advisors, (ii) upon the request or demand of any examiner or other Governmental
Body having jurisdiction over such party; or (iii) in connection with the
exercise of any remedy hereunder.

                                       4
<PAGE>

     IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of
the date first above written.

BUYER:                        INLAND HOLDINGS LLC, a California limited
                              liability company,

                              By:  TRUST COMPANY OF THE WEST, a
                                   California trust company, as Sub-Custodian
                                   for Mellon Bank for the benefit of Account
                                   No. CPFF 873-3032, Member

                              By:  /s/ Arthur R. Carlson
                                   --------------------------------------------
                                   Arthur R. Carlson
                                   Managing Director

                              By:  /s/ Thomas F. Mehlberg
                                   --------------------------------------------
                                   Thomas F. Mehlberg
                                   Managing Director

                              By:  TCW PORTFOLIO NO. 1555 DR V SUB-CUSTODY
                                   PARTNERSHIP, L.P., a California limited
                                   partnership, Member

                              By:       TCW ROYALTY COMPANY, a California
                                        corporation, Managing General Partner

                                   By:  /s/ Thomas F. Mehlberg
                                        ---------------------------------------
                                        Thomas F. Mehlberg
                                        Vice President

                              Address for Notices:

                              Trust Company of the West
                              865 South Figueroa Street
                              Los Angeles, California 90017
                              Attention:  Arthur R. Carlson
                              Telephone:  (213) 244-0000
                              Facsimile:  (213) 244-0604

                              With a Copy To:

                              Milbank, Tweed, Hadley & McCloy LLP
                              601 South Figueroa Street, 30th Floor
                              Los Angeles, CA  90017
                              Attention:  David A. Lamb, Esq.
                              Telephone:  (213) 892-4000
                              Facsimile:  (213) 629-5063
<PAGE>

SELLER:                       HAMPTON INVESTMENTS LLC,
                              a Delaware limited liability company

                              By:  /s/  Steven R. Kamen
                                   --------------------------------------------
                                   Name:  Steven R. Kamen
                                   Title: Senior Vice President

                              Address for Notices:

                              Hampton Investments LLC
                              c/o Smith Management LLC
                              885 3rd Avenue, 34th Floor
                              New York, New York  10022
                              Attention:  General Counsel
                              Telephone:  (212) 888-5500
                              Facsimile:  (212) 702-0145

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