Document:

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                                                                  EXHIBIT 10.24

                       FORM OF INDEMNIFICATION AGREEMENT

         This Agreement is made this _____ day of ____________, 2000, by and
between DevX Energy, Inc., a Delaware corporation (the "Company"), and
________________________________ ("Director").

                                  WITNESSETH:

         WHEREAS, Director is unwilling to serve, or continue to serve, the
Company as a director without assurances that adequate liability insurance,
indemnification or a combination thereof is, and will continue to be, provided;
and

         WHEREAS, the Company, in order to induce Director to serve or continue
to serve the Company, has agreed to provide Director with the benefits
contemplated by this Agreement which benefits are intended to supplement or
replace, if necessary, the Company's existing directors' and officers'
liability insurance; and

         WHEREAS, as a result of the provision of such benefits, Director has
agreed to serve or to continue to serve as a director of the Company;

         NOW, THEREFORE, in consideration of the promises, conditions,
representations and warranties set forth herein, including the Director's
service or continued service to the Company, the Company and Director hereby
agree as follows:

Section 1. Definitions. The following terms, as used herein, shall have the
following respective meanings:

         "Covered Act" means any breach of duty, neglect, error, misstatement,
misleading statement, omission or other act done or wrongfully attempted by
Director in connection with his services as an officer, director, employee,
trustee, agent or fiduciary of the Company, or any event or occurrence related
to the fact that Director is or was a director, officer, employee, agent or
fiduciary of the Company or is or was serving at the request of the Company as
a director, officer, employee, trustee, agent or fiduciary of another
corporation, partnership, joint venture, trust or other entity, or by reason of
anything done or not done by Director in such capacities or any of the
foregoing alleged by any claimant or any claim against Director solely by
reason of him being a director or officer of the company.

         "Covered Amount" means Losses and Expenses which, in type or amount,
are not insured under the directors' and officers' liability insurance
maintained by the Company from time to time.

         "D&O Insurance" means the directors' and officers' liability insurance
issued by the insurer(s), and having the policy number(s), amount(s) and
deductible(s) set forth on Exhibit A hereto and any replacement or substitute
policies issued by one or more reputable insurers providing

<PAGE>   2

in all respects coverage at least comparable to and in the same amount as that
provided under the policy or policies identified on Exhibit A.

         "Determination" means a determination, based on the facts known at the
time, made by:

                  (i)      A majority vote of the directors who are not parties
                           to the action, suit or proceeding as to which
                           indemnification has been requested, even though less
                           than a quorum; or

                  (ii)     Independent legal counsel in a written opinion
                           prepared at the request of a majority of a quorum of
                           disinterested directors; or

                  (iii)    A majority of the disinterested stockholders of the
                           Company; or

                  (iv)     A final adjudication by a court of competent
                           jurisdiction.

         "Determined" shall have a correlative meaning.

         "Excluded Claim" means any payment for Losses or Expenses in
connection with any claim:

                  (i)      Based upon or attributable to Director gaining in
                           fact any personal profit or advantage to which
                           Director is not entitled; or

                  (ii)     For the return by Director of any remuneration paid
                           to Director without the previous approval of the
                           stockholders of the Company which is illegal; or

                  (iii)    For an accounting of profits in fact made from the
                           purchase or sale by Director of securities of the
                           Company within the meaning of Section 16 of the
                           Securities Exchange Act of 1934, as amended, or
                           similar provisions of any state law; or

                  (iv)     Resulting from Director's fraudulent, dishonest or
                           willful misconduct; or

                  (v)      The payment of which by the Company under this
                           Agreement is not permitted by applicable law; or

                  (vi)     The payment of which would cause the total amount of
                           all Losses and Expenses paid by the Company to
                           exceed the Covered Amount; or

                  (vii)    Any claim for which Director would not be permitted
                           to be indemnified under applicable law,
                           notwithstanding the obligations of the Company under
                           this Agreement.

                                      -2-
<PAGE>   3

         "Expenses" means any reasonable expenses incurred by Director as a
result of a claim or claims made against him for Covered Acts including,
without limitation, counsel fees and costs of investigative, judicial or
administrative proceedings or appeals, but shall not include Fines.

         "Fines" means any fine, penalty or, with respect to an employee
benefit plan, any excise tax or penalty assessed with respect thereto.

         "Loss" means any amount which Director is legally obligated to pay as
a result of a claim or claims made against him for Covered Acts including,
without limitation, damages and judgments and sums paid in settlement of a
claim or claims, but shall not include Fines.

         "Subsidiary" means, with respect to any person, any corporation or
other entity of which a majority of the voting power of the voting equity
securities or equity interest is owned, directly or indirectly, by that person.

Section 2.  Maintenance of D&O Insurance.

         a. The Company hereby represents and warrants that Exhibit A contains
a complete and accurate description of the policies of directors' and officers'
liability insurance purchased by the Company and that such policies are in full
force and effect.

         b. The Company hereby covenants and agrees that, so long as Director
shall continue to serve as a director of the Company and thereafter so long as
Director shall be subject to any possible claim or threatened, pending or
completed action, suit or proceeding, whether civil, criminal or investigative,
by reason of the fact that Director was a director of the Company, the Company,
subject to Section 2(d), shall maintain in full force and effect D&O Insurance.

         c. In all policies of D&O Insurance, Director shall be named as an
insured in such a manner as to provide Director the same rights and benefits,
subject to the same limitations, as are accorded to the Company's directors or
officers most favorably insured by such policy.

         d. The Company shall have no obligation to maintain D&O Insurance if
the Company determines in good faith that such insurance is not reasonably
available, the premium costs for such insurance is disproportionate to the
amount of coverage provided, or the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit.

Section 3. Indemnification. The Company shall indemnify Director and hold him
harmless from the Covered Amount of any and all Losses and Expenses subject, in
each case, to the further provisions of this Agreement.

Section 4. Excluded Coverage.

         a. The Company shall have no obligation to indemnify Director for and
hold him harmless from any Loss or Expense which has been determined, by final
adjudication by a court of competent jurisdiction, to constitute an Excluded
Claim.

                                      -3-
<PAGE>   4

         b. The Company shall have no obligation to indemnify Director and hold
him harmless for any Loss or Expense to the extent that Director is indemnified
by the Company pursuant to the Company's Bylaws or otherwise indemnified.

Section 5. Indemnification Procedures.

         a. Promptly after receipt by Director of notice of the commencement of
or the threat of commencement of any action, suit or proceeding, Director
shall, if indemnification with respect thereto may be sought from the Company
under this Agreement, notify the Company of the commencement thereof.

         b. If, at the time of the receipt of such notice, the Company has D&O
Insurance in effect, the Company shall give prompt notice of the commencement
of such action, suit or proceeding to the insurers in accordance with the
procedures set forth in the respective policies in favor of Director. The
Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of Director, all Losses and Expenses payable as a
result of such action, suit or proceeding in accordance with the terms of such
policies.

         c. To the extent the Company does not, at the time of the commencement
of or the threat of commencement of such action, suit or proceeding, have
applicable D&O Insurance, or if a Determination is made that any Expenses
arising out of such action, suit or proceeding will not be payable under the
D&O Insurance then in effect, the Company shall be obligated to pay the
Expenses of any such action, suit or proceeding in advance of the final
disposition thereof and the Company, if appropriate, shall be entitled to
assume the defense of such action, suit or proceeding, with counsel
satisfactory to Director, upon the delivery to Director of written notice of
its election to do so. After delivery of such notice, the Company will not be
liable to Director under this Agreement for any legal or other Expenses
subsequently incurred by the Director in connection with such defense other
than reasonable Expenses of investigation; provided that Director shall have
the right to employ its counsel in any such action, suit or proceeding but the
fees and expenses of such counsel incurred after delivery of notice from the
Company of its assumption of such defense shall be at the Director's expense;
provided further that if (i) the employment of counsel by Director has been
previously authorized by the Company, (ii) Director shall have reasonably
concluded that there may be a conflict of interest between the Company and
Director in the conduct of any such defense, or (iii) the Company shall not, in
fact, have employed counsel to assume the defense of such action, the fees and
expenses of counsel shall be at the expense of the Company.

         d. All payments on account of the Company's indemnification
obligations under this Agreement shall be made within sixty (60) days of
Director's written request therefor unless a Determination is made that the
claims giving rise to Director's request are Excluded Claims or otherwise not
payable under this Agreement; provided that all payments on account of the
Company's obligations under Section 5(c) of this Agreement prior to the final
disposition of any action, suit or proceeding shall be made within 20 days of
Director's written request therefor and such obligation shall not be subject to
any such determination but shall be subject to Section 5(e) of this Agreement.

                                      -4-
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         e. Director agrees that he will reimburse the Company for all Losses
and Expenses paid by the Company in connection with any action, suit or
proceeding against Director in the event and only to the extent that a
Determination shall have been made by a court in a final adjudication from
which there is no further right of appeal that the Director is not entitled to
be indemnified by the Company for such Expenses because the claim is an
Excluded Claim or because Director is otherwise not entitled to payment under
this Agreement.

Section 6. Settlement. The Company shall have no obligation to indemnify
Director under this Agreement for any amounts paid in settlement of any action,
suit or proceeding effected without the Company's prior written consent. The
Company shall not settle any claim in any manner which would impose any Fine or
any obligation on Director without Director's written consent. Neither the
Company nor Director shall unreasonably withhold their consent to any proposed
settlement.

Section 7. Rights Not Exclusive. The rights provided hereunder shall not be
deemed exclusive of any other rights to which the Director may be entitled
under any bylaw, agreement, vote of stockholders or of disinterested directors
or otherwise, both as to action in his official capacity and as to action in
any other capacity by holding such office, and shall continue after the
Director ceases to serve the Corporation as a Director.

Section 8. Enforcement.

         a. Director's right to indemnification shall be enforceable by
Director only in the Chancery Court of the State of Delaware and shall be
enforceable notwithstanding any adverse Determination, other than a
Determination which has been made by a final adjudication of a court of
competent jurisdiction. In any such action, if a prior adverse Determination
has been made, the burden of proving that indemnification is required under
this Agreement shall be on Director. The Company shall have the burden of
proving that indemnification is not required under this Agreement if no prior
adverse Determination shall have been made.

         b. In the event that any action is instituted by Director under this
Agreement or to enforce or interpret any of the terms of this Agreement,
Director shall be entitled to be paid all court costs and expenses, including
reasonable counsel fees, incurred by Director with respect to such action,
unless the court determines that each of the material assertions made by
Director as a basis for such action were not made in good faith or were
frivolous.

Section 9. Severability. In the event that any provision of this Agreement is
determined by a court to require the Company to do or to fail to do an act
which is in violation of applicable law, such provision shall be limited or
modified in its application to the minimum extent necessary to avoid a
violation of law, and, as so limited or modified, such provision and the
balance of this Agreement shall be enforceable in accordance with their terms.

Section 10. Choice of Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware.

                                      -5-
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Section 11. Consent to Jurisdiction. The Company and the Director each hereby
irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any action or proceeding which arises out
of or relates to this Agreement and agree that any action instituted under this
Agreement shall be brought only in the Chancery Court of the State of Delaware.

Section 12. Successor and Assigns. This Agreement shall be (i) binding upon all
successors and assigns of the Corporation (including any transferee of all or
substantially all of its assets and any successor by merger or otherwise by
operation of law) and (ii) shall be binding on and inure to the benefit of the
heirs, personal representatives and estate of Director.

Section 13. Amendment. No amendment, modification, termination or cancellation
of this Agreement shall be effective unless made in a writing signed by each of
the parties hereto.

Section 14. Notice. For purposes of this Agreement, all notices and other
communications provided for in this Agreement shall be addressed as follows,
shall be in writing and shall be deemed to have been duly given upon actual
receipt:

         If to the Director:                    If to the Company:

                                                DevX Energy, Inc.
         ----------------------------------
                                                13760 Noel Road
         ----------------------------------
                                                Suite 1030
         ----------------------------------
                                                Dallas, TX 75240-7336
         ----------------------------------
                                                Attn: President & Chief
                                                      Executive Officer

Section 15. No Duplication of Payments. The Company shall have no obligation to
indemnify Director and hold him harmless for any Loss, Expense or Fine to the
extent that Director has otherwise actually received payment for such Loss,
Expense or Fine (whether pursuant to any insurance policy, provision of the
Company's Certificate of Incorporation or bylaws or otherwise).

Section 16. Entire Agreement. This Agreement sets forth the entire
understandings of the parties hereto with respect to the subject matter hereof.
It incorporates and merges with any and all previous communications and
understandings, oral or written, with respect to the subject matter hereof.

                                   * * * * *

                                      -6-
<PAGE>   7

         IN WITNESS WHEREOF, the Company and Director have executed this
Agreement as of the day and year first above written.

                                           COMPANY:

                                           DEVX ENERGY, INC.

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

                                           DIRECTOR:

                                           ---------------------------------
                                           Name:
                                                ----------------------------

                                      -7-<PAGE>   1
                                                                  EXHIBIT 10.25

                             AMENDMENT NUMBER THREE
                                       TO
                     AMENDED AND RESTATED CREDIT AGREEMENT

                  This AMENDMENT NUMBER THREE TO AMENDED AND RESTATED CREDIT
AGREEMENT (this "Amendment") is entered into as of September 19, 2000, among
QUEEN SAND RESOURCES, INC., a corporation formed under the laws of the State of
Delaware ("QSRD"); QUEEN SAND RESOURCES, INC., a corporation formed under the
laws of the State of Nevada (the "Borrower"); each of the lenders that is a
signatory hereto (individually, a "Lender" and, collectively, the "Lenders");
FOOTHILL CAPITAL CORPORATION, as administrative agent for the Lenders (in such
capacity, the "Administrative Agent"); and ABLECO FINANCE LLC, as collateral
agent for the Lenders (in such capacity, the "Collateral Agent"), with
reference to the following facts:

                  A. QSRD, Borrower, the Lenders signatory thereto,
                  Administrative Agent and Collateral Agent, heretofore have
                  entered into that certain Amended and Restated Credit
                  Agreement, dated as of October 22, 1999, as amended by that
                  certain Amendment Number One to Loan and Security Agreement,
                  dated as of May 23, 2000, and as amended by that certain
                  Amendment Number Two and Waiver and Consent to Loan and
                  Security Agreement, dated as of June 30, 2000 (as heretofore
                  amended, supplemented, or otherwise modified, the
                  "Agreement");

                  B. QSRD and Borrower have requested that the Lenders amend
                  the Agreement to increase the L/C Commitment from $7,500,000
                  to $12,000,000;

                  C. The Lenders are willing to increase the L/C Commitment
                  from $7,500,000 to $12,000,000 in accordance with the terms
                  and conditions hereof; and

                  D. All capitalized terms used herein and not defined herein
                  shall have the meanings ascribed to them in the Agreement, as
                  amended hereby.

                  NOW, THEREFORE, in consideration of the above recitals and
the mutual premises contained herein, the Lenders signatory hereto, the
Administrative Agent, the Collateral Agent, QSRD and Borrower hereby agree as
follows:

                  1. AMENDMENT TO THE AGREEMENT.

                  The definition of "L/C Commitment" contained in Section 1.02
of the Agreement is amended and restated in its entirety to read as follows:

                  "L/C Commitment" at any time shall mean $12,000,000.

<PAGE>   2

                  2. CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS
AMENDMENT.

                  The effectiveness of this Amendment is subject to the
fulfillment, to the satisfaction of Agents and their counsel, of each of the
following conditions:

                           a.       Collateral Agent shall have received each
                                    of the following documents, in form and
                                    substance satisfactory to Collateral Agent
                                    and its counsel, duly executed, and each
                                    such document shall be in full force and
                                    effect:

                                    (i)      this Amendment; and

                                    (ii)     the Reaffirmation and Consent (as
                                             hereinafter defined).

                           b.       The representations and warranties in
                                    Section 3 of this Amendment, the Agreement
                                    as amended by Section 1 of this Amendment,
                                    and the other Loan Documents shall be true
                                    and correct in all material respects on and
                                    as of the date hereof, as though made on
                                    such date (except to the extent that such
                                    representations and warranties relate
                                    solely to an earlier date);

                           c.       After giving effect hereto, no Event of
                                    Default or event which with the giving of
                                    notice or passage of time would constitute
                                    an Event of Default shall have occurred and
                                    be continuing on the date hereof, nor shall
                                    result from the consummation of the
                                    transactions contemplated herein;

                           d.       No injunction, writ, restraining order, or
                                    other order of any nature prohibiting,
                                    directly or indirectly, the consummation of
                                    the transactions contemplated herein shall
                                    have been issued and remain in force by any
                                    governmental authority against Borrower,
                                    QSRD, any Subsidiary Guarantor, any Lender,
                                    Collateral Agent, Administrative Agent, or
                                    any of their Affiliates;

                           e.       No material adverse change shall have
                                    occurred in the financial condition of
                                    Borrower, QSRD, any Subsidiary Guarantor,
                                    or in the value of the Collateral; and

                           f.       All other documents and legal matters in
                                    connection with the transactions
                                    contemplated by this Amendment shall have
                                    been delivered or executed or recorded and
                                    shall be in form and substance reasonably
                                    satisfactory to Collateral Agent and its
                                    counsel.

                                       2
<PAGE>   3

                  3. REPRESENTATIONS AND WARRANTIES. Each of QSRD and the
Borrower hereby represents and warrants to the Agents and the Lenders that: (a)
the execution, delivery, and performance of this Amendment and of the
Agreement, as amended by this Amendment, are within its corporate powers, have
been duly authorized by all necessary corporate action, and are not in
contravention of any law, rule, or regulation, or any order, judgment, decree,
writ, injunction, or award of any arbitrator, court, or governmental authority,
or of the terms of its charter or bylaws, or of any contract or undertaking to
which it is a party or by which any of its properties may be bound or affected;
and (b) this Amendment and the Agreement, as amended by this Amendment,
constitute the legal, valid, and binding obligation of each of QSRD and the
Borrower, enforceable against each of QSRD and the Borrower in accordance with
their respective terms.

                  4. REAFFIRMATION AND CONSENT. Concurrently herewith, QSRD and
the Borrower shall cause each current Subsidiary Guarantor to execute and
deliver to the Agents the Reaffirmation and Consent attached hereto as Exhibit
A (the "Reaffirmation and Consent").

                  5. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. Section 12.13
of the Agreement is incorporated herein by this reference as though fully set
forth herein.

                  6. MISCELLANEOUS.

                           a.       Upon the effectiveness of this Amendment,
                                    each reference in the Agreement to "this
                                    Agreement", "hereunder", "herein", "hereof"
                                    or words of like import referring to the
                                    Agreement shall mean and refer to the
                                    Agreement as amended by this Amendment.

                           b.       Upon the effectiveness of this Amendment,
                                    each reference in the Loan Documents to the
                                    "Agreement", "thereunder", "therein",
                                    "thereof" or words of like import referring
                                    to the Agreement shall mean and refer to
                                    the Agreement as amended by this Amendment.

                           c.       This Amendment may be executed in any
                                    number of counterparts, all of which taken
                                    together shall constitute one and the same
                                    instrument and any of the parties hereto
                                    may execute this Amendment by signing any
                                    such counterpart. Delivery of an executed
                                    counterpart of this Amendment by
                                    telefacsimile shall be equally as effective
                                    as delivery of a manually executed
                                    counterpart of this Amendment. Any party
                                    delivering an executed counterpart of this
                                    Amendment by telefacsimile also shall
                                    deliver a manually executed counterpart
                                    of this Amendment but the failure to
                                    deliver a manually executed

                                       3
<PAGE>   4

                                    counterpart shall not affect the validity,
                                    enforceability, and binding effect of this
                                    Amendment.

                 [Remainder of page intentionally left blank.]

                                       4
<PAGE>   5

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

                                     QUEEN SAND RESOURCES, INC.,
                                     a Delaware corporation

                                     By: /s/ ROBERT P. LINDSAY
                                        ---------------------------------
                                        Robert P. Lindsay
                                        Chief Operating Officer

                                     By: /s/ WILLIAM W. LESIKAR
                                        ---------------------------------
                                        William W. Lesikar
                                        Chief Financial Officer

                                     QUEEN SAND RESOURCES, INC.,
                                     a Nevada corporation

                                     By: /s/ ROBERT P. LINDSAY
                                        ---------------------------------
                                        Robert P. Lindsay
                                        Vice President

                                     By: /s/ EDWARD J. MUNDEN
                                        ---------------------------------
                                        Edward J. Munden
                                        President

                                     Address for Notices for QSRD and the
                                     Borrower:

                                     Queen Sand Resources, Inc.
                                     13760 Noel Road, Suite 1030
                                     Dallas, Texas 75240
                                     Attention: Robert P. Lindsay
                                     Telephone: (972) 233-9906
                                     Facsimile: (972) 233-9575

                                     with a copy to:

                                     Queen Sand Resources, Inc.
                                     30 Metcalfe Street
                                     Ottawa, Canada KIP 5L4
                                     Attention: Mr. Ronald Benn

                                       5
<PAGE>   6

                                     Telephone: (613) 230-7211
                                     Facsimile: (613) 230-6055

                                     and

                                     Haynes & Boone LLP
                                     901 Main Street, Suite 3100
                                     Dallas, Texas 75202-3789
                                     Attention: Mr. William L. Boeing
                                     Telephone: (214) 651-5553
                                     Facsimile: (214) 651-5940

COLLATERAL AGENT:                    ABLECO FINANCE LLC, as Collateral Agent

                                     By: /s/ KEVIN P. GENDA
                                        ---------------------------------
                                        Kevin P. Genda
                                        Senior Vice President and
                                        Chief Credit Officer

                                     Address for Notices:

                                     450 Park Avenue.
                                     New York, New York 10022
                                     Attention: Kevin P. Genda
                                     Telephone: (212) 891-2117
                                     Facsimile: (212) 755-3009

                                     with a copy to:

                                     BROBECK PHLEGER & HARRISON LLP
                                     550 South Hope Street, Suite 2100
                                     Los Angeles, California 90071
                                     Telephone: (213) 489-4060
                                     Facsimile: (213) 745-3345
                                     Attention: John Francis Hilson, Esq.

                                       6
<PAGE>   7

ADMINISTRATIVE AGENT:                FOOTHILL CAPITAL CORPORATION

                                     By: /s/ AUTHORIZED SIGNATORY
                                         --------------------------------

                                         --------------------------------

                                         --------------------------------

                                     Address for Notices

                                     2450 Colorado Avenue
                                     Suite 3000 West
                                     Santa Monica, California 90404
                                     Attention: Business Finance Division
                                     Manager
                                     Telephone: (310) 453-7300
                                     Facsimile: (310) 478-9788

LENDER:                              ABLECO FINANCE LLC

                                     By: /s/ KEVIN P. GENDA
                                         --------------------------------
                                         Kevin P. Genda
                                         Senior Vice President and
                                         Chief Credit Officer

LENDER:                              FOOTHILL CAPITAL CORPORATION

                                     By: /s/ AUTHORIZED SIGNATORY
                                         --------------------------------

                                         --------------------------------

                                         --------------------------------

                                       7
<PAGE>   8

                                                                       EXHIBIT A

                           REAFFIRMATION AND CONSENT

         All capitalized terms used herein but not otherwise defined herein
shall have the meanings ascribed to them in that certain Amendment Number Three
to Amended and Restated Credit Agreement, dated as of September __, 2000 (the
"Amendment"). Each of the undersigned hereby (a) represents and warrants to the
Agents and the Lenders that the execution, delivery, and performance of this
Reaffirmation and Consent are within its corporate powers, have been duly
authorized by all necessary corporate action, and are not in contravention of
any law, rule, or regulation, or any order, judgment, decree, writ, injunction,
or award of any arbitrator, court, or governmental authority, or of the terms
of its charter or bylaws, or of any contract or undertaking to which it is a
party or by which any of its properties may be bound or affected; (b) consents
to the amendment of the Agreement by the Amendment; (c) acknowledges and
reaffirms its obligations owing to the Agents and the Lenders under its
respective Second Amended and Restated Guaranty Agreement dated as of October
22, 1999 (each a "Guaranty", and collectively, the "Guaranties") and any other
Loan Documents to which it is party; and (d) agrees that the Guaranty and any
other Loan Documents to which it is a party is and shall remain in full force
and effect. Although each of the undersigned has been informed of the matters
set forth herein and has acknowledged and agreed to same, it understands that
the Agents and the Lenders have no obligation to inform it of such matters in
the future or to seek its acknowledgement or agreement to future amendments,
and nothing herein shall create such a duty. This Reaffirmation and Consent may
be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be
an original, and all of which, when taken together, shall constitute but one
and the same Reaffirmation and Consent. Delivery of an executed counterpart of
this Reaffirmation and Consent by telefacsimile shall be equally as effective
as delivery of an original executed counterpart of this Reaffirmation and
Consent. Any party delivering an executed counterpart of this Reaffirmation and
Consent by telefacsimile also shall deliver an original executed counterpart of
this Reaffirmation and Consent but the failure to deliver an original executed
counterpart shall not affect the validity, enforceability, and binding effect
of this Reaffirmation and Consent. This Reaffirmation and Consent shall be
governed by internal laws of the State of New York as more fully set forth in
Section 5.04 of the Guaranties.

                                        QUEEN SAND RESOURCES, INC.,
                                        a Delaware corporation

                                        By:
                                           ------------------------------
                                           Robert P. Lindsay
                                           Vice President

                                        By:
                                           ------------------------------
                                           William W. Lesikar
                                           Vice President

                                       8
<PAGE>   9

                                        QUEEN SAND OPERATING CO.,
                                        a Nevada corporation

                                        By:
                                           ------------------------------
                                           Robert P. Lindsay
                                           Vice President

                                        By:
                                           ------------------------------
                                           Edward J. Munden
                                           President

                                        CORRIDA RESOURCES, INC.,
                                        a Nevada corporation

                                        By:
                                           ------------------------------
                                           Robert P. Lindsay
                                           Vice President

                                        By:
                                           ------------------------------
                                           Edward J. Munden
                                           President

                                       9

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