Document:

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                                                                     EXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made as of
December 4, 2003, by and among EDGE PETROLEUM CORPORATION, a Delaware
corporation (the "Company"), and those persons set forth on Exhibit A.

                                   SECTION 1

                                  Definitions

         1.1 Certain Definitions. As used in this Agreement, the following terms
shall have the following meanings:

             (a) "Affiliate" shall mean, with respect to any person, any other
person controlling, controlled by or under direct or indirect common control
with such person (for the purposes of this definition "control," when used with
respect to any specified person, shall mean the power to direct the management
and policies of such person, directly or indirectly, whether through ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" shall have meanings correlative to the foregoing).

             (b) "Business Day" shall mean a day Monday through Friday on which
banks are generally open for business in Texas.

             (c) "Common Stock" shall mean the common stock of the Company, par
value $.01 per share.

             (d) "Effective Time" means the effective time of the Merger
contemplated by the Merger Agreement.

             (e) "Holders" shall mean the Persons set forth on Exhibit A and any
person holding Registrable Securities to whom the rights under Section 2.1 have
been transferred in accordance with Section 2.1(h) hereof.

             (f) "Merger" means the merger contemplated by the Merger Agreement.

             (g) "Merger Agreement" means the Agreement and Plan of Merger among
the Company, Edge Delaware Sub Inc. and Miller dated May 28, 2003.

             (h) "Miller" means Miller Exploration Company, a Delaware
corporation.

             (i) "Warrants" means the warrant to purchase 900,000 shares of
common stock of Miller which was issued to Guardian Energy Management Corp, a
Michigan corporation on July 11, 2000 which shall become warrants to purchase
Common Stock at the Effective Time.

             (j) "Warrant Shares" shares of Common Stock issuable upon exercise
of the Warrants.

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             (k) "Person" shall mean any person, individual, corporation,
partnership, trust or other nongovernmental entity or any governmental agency,
court, authority or other body (whether foreign, federal, state, local or
otherwise).

             (l) The terms "register," "registered" and "registration" refer to
the registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

             (m) "Registrable Securities" shall mean (A) the Shares, (B) the
Warrant Shares and (C) any shares of Common Stock issued as (or issuable upon
the conversion of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to or in replacement of the Shares;
provided, however, that securities shall only be treated as Registrable
Securities if and only for so long as they are held by a Holder or a permitted
transferee pursuant to subsection 2.1(h) and (I) have not been disposed of
pursuant to a registration statement declared effective by the SEC, (II) have
not been sold in a transaction exempt from the registration and prospectus
delivery requirements of the Securities Act so that all transfer restrictions
and restrictive legends with respect thereto are removed upon the consummation
of such sale, or (III) such Holder may not sell immediately under Rule 145 under
the Securities Act all Registrable Securities then held by such Holder.

             (n) "Registration Expenses" shall mean all expenses incurred by the
Company in complying with Section 2.1(a) hereof, including, without limitation,
all registration, qualification and filing fees, printing expenses, escrow fees,
fees and expenses of counsel for the Company, blue sky fees and expenses (for a
reasonable number of states) and the expense of any special audits incident to
or required by any such registration (but excluding the fees of legal counsel
for any Holder).

             (o) "SEC" shall mean the United States Securities and Exchange
Commission.

             (p) "Securities Act" shall mean the Securities Act of 1933, as
amended.

             (q) "Selling Expenses" shall mean all underwriting discounts and
selling commissions and similar fees applicable to the sale of Registrable
Securities and all fees and expenses of legal counsel for any Holder and all
transfer taxes.

             (r) "Shares" shall mean the shares of Common Stock which are issued
to the Holder's set forth in Exhibit A in connection with the Merger.

                                    SECTION 2

                                    Covenants

         2.1 Registration Rights.

             (a) Registration. No later than 60 days following the Effective
Time, the Company will file a registration statement (the "Registration
Statement") on Form S-3 with the SEC and will thereafter use its commercially
reasonable best efforts for such Registration Statement to be declared effective
by the SEC. The Company will use its reasonable best efforts

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to effect the registration, qualifications or compliances (including, without
limitation, the execution of any required undertaking to file post-effective
amendments, appropriate qualifications under applicable blue sky or other state
securities laws and appropriate compliance with applicable securities laws,
requirements or regulations) as may be so reasonably requested and as would
permit or facilitate the sale and distribution of all Registrable Securities;
provided that the Company shall not be obligated to take any action to effect
any such state registration, qualification or compliance pursuant to this
subsection 2.1(a) in any particular jurisdiction in which the Company would be
required to execute a general consent to service of process in effecting such
registration, qualification or compliance unless the Company is already subject
to service or is required to qualify in such jurisdiction, as the case may be,
and except as may be required by the Securities Act.

             (b) Expenses of Registration. All Registration Expenses incurred in
connection with any registration, qualification or compliance pursuant to
subsection 2.1(a) shall be borne by the Company. All Selling Expenses relating
to the sale of securities registered by or on behalf of Holders shall be borne
by such Holders pro rata on the basis of the number of securities so registered
except to the extent such Selling Expenses are specifically attributable to one
Holder, in which case it shall be borne by such Holder.

             (c) Registration Procedures. In the case of the registration,
qualification or compliance effected by the Company pursuant to this Agreement,
the Company will, upon reasonable request, inform each Holder as to the status
of such registration, qualification and compliance. At its expense the Company
will during such time as the Holder holds Registrable Securities:

                 (i) use its reasonable best efforts to keep such registration,
and any qualification or compliance under state securities laws which the
Company determines to obtain, effective until the first anniversary of the
Effective Time or until the Holders have completed the distribution described in
the registration statement relating thereto, whichever first occurs;

                 (ii) furnish such number of prospectuses and other documents
incident thereto as the Holders from time to time may reasonably request;

                 (iii) use its reasonable best efforts to register or qualify
such Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any Holder reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such Holder
to consummate the disposition of the Registrable Securities owned by such Holder
in such jurisdictions; provided, that the Company will not be required to (A)
qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 2.1(c), or (B) subject
itself to income taxation in any such jurisdiction;

                 (iv) notify each Holder of such Registrable Securities, at any
time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein
not misleading, and, at the request of any such Holder, the Company will
promptly prepare a

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supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to
make the statements therein not misleading;

                 (v) cause all such Registrable Securities to be listed or
quoted on each securities exchange or automated quotation system on which
similar securities issued by the Company are then listed or quoted; and

                 (vi) appoint a transfer agent and registrar for all such
Registrable Securities not later than the effective date of such Registration
Statement.

The period of time during which the Company is required hereunder to keep the
Registration Statement effective is referred to herein as "the Registration
Period."

         (d) Delay of Registration. The Holders shall have no right to take any
action to restrain, enjoin or otherwise delay any registration pursuant to
subsection 2.1(a) hereof as a result of any controversy that may arise with
respect to the interpretation or implementation of this Agreement.

         (e) Indemnification.

                 (i) To the extent permitted by law, the Company will indemnify
each Holder and each person controlling such Holder within the meaning of
Section 15 of the Securities Act, with respect to which any registration,
qualification or compliance has been effected pursuant to this Agreement, and
each person who controls any underwriter within the meaning of Section 15 of the
Securities Act (each an "Indemnitee"), against all expenses, claims, losses,
damages and liabilities (or actions in respect thereof), including any of the
foregoing incurred in settlement of any litigation, commenced or threatened,
arising out of or based on any untrue statement of a material fact contained in
any registration statement, prospectus, offering circular or other document, or
any amendment or supplement thereof, incident to any such registration,
qualification or compliance, or based on any omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each Indemnitee for reasonable legal
and any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action;
provided that the Company will not be liable to any Indemnitee in any such case
to the extent that any untrue statement or omission is made in reliance upon and
in conformity with written information furnished to the Company by an instrument
duly executed by or on behalf of such Indemnitee and stated to be specifically
for use in preparation of such registration statement, prospectus, offering
circular or other document; and provided that the Company will not be liable in
any such case where the expense, claim, loss, damage or liability arises out of
or is related to the failure of the Holder to comply with the covenants and
agreements contained in this Agreement respecting sales of Registrable
Securities; and, provided, further, that the indemnity with respect to any
preliminary prospectus shall not apply to the extent that any such claim, loss,
damage or liability results from the fact that a current copy of the prospectus
was not sent or given to the person asserting any such claims, losses, damages
or liabilities at or prior to the written confirmation of the sale of the
Registrable Securities confirmed to such person if such

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current copy of the prospectus would have cured the defect giving rise to such
claim, loss, damage or liability.

                 (ii) To the extent permitted by law, each Holder will
severally, if Registrable Securities held by such Holder are included in the
securities as to which such registration, qualification or compliance is being
effected, indemnify the Company and each person who controls the Company or such
underwriter within the meaning of Section 15 of the Securities Act, against all
claims, losses, damages and liabilities (or actions in respect thereof),
including any of the foregoing incurred in settlement of any litigation,
commenced or threatened, arising out of or based on any untrue statement of a
material fact contained in any registration statement, prospectus, offering
circular or other document, or any amendment or supplement thereof, incident to
any such registration, qualification or compliance, or based on any omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, or any failure by a Holder to comply with
the covenants or agreements contained in this Agreement respecting the
Registrable Securities and will reimburse the Company, such directors, officers,
employees, partners, legal counsel and accountants for reasonable legal and any
other expenses reasonably incurred in connection with investigating, preparing
or defending any such claim, loss, damage, liability or action, in each case to
the extent, but only to the extent, that such untrue statement or omission is
made in reliance upon and in conformity with written information furnished to
the Company by an instrument duly executed by or on behalf of the Holder and
stated to be specifically for use in preparation of such registration statement,
prospectus, offering circular or other document. Notwithstanding the foregoing,
in no event shall a Holder be liable for any such claims, losses, damages or
liabilities in excess of the proceeds received by such Holder in the offering,
except in the event of fraud by such Holder.

                 (iii) Each party entitled to indemnification under this
subsection 2.1(e) (the "Indemnified Party") shall give notice to the party
required to provide indemnification (the "Indemnifying Party") promptly after
such Indemnified Party has actual knowledge of any claim as to which indemnity
may be sought, and shall permit the Indemnifying Party to assume the defense of
any such claim or any litigation resulting therefrom, provided that counsel for
the Indemnifying Party, who shall conduct the defense of such claim or
litigation, shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party's expense, and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Agreement, unless such failure
is prejudicial to the Indemnifying Party in defending such claim or litigation.
An Indemnifying Party shall not be liable for any settlement of an action or
claim effected without its written consent (which consent will not be
unreasonably withheld).

                 (iv) If the indemnification provided for in this subsection
2.1(e) is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, liability, claim, damage or expense
referred to therein, then the Indemnifying Party, in lieu of indemnifying such
Indemnified Party thereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, liability, claim, damage or
expense in such proportion as is appropriate to reflect the relative fault of
the Indemnifying Party on the one hand and of the Indemnified Party on the other
in connection with the statements or omissions

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which resulted in such loss, liability, claim, damage or expense as well as any
other relevant equitable considerations. The relative fault of the Indemnifying
Party and of the Indemnified Party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission to state a material fact relates to information supplied by the
Indemnifying Party or by the Indemnified Party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.

         (f) Covenants of Holders.

                 (i) Each Holder agrees that, upon receipt of any notice from
the Company of the happening of any event requiring the preparation of a
supplement or amendment to a prospectus relating to Registrable Securities so
that, as thereafter delivered to the Holders, such prospectus will not contain
an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading, each Holder will forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement contemplated by subsection
2.1(a) until its receipt of copies of the supplemented or amended prospectus
from the Company and, if so directed by the Company, each Holder shall deliver
to the Company all copies, other than permanent file copies then in such
Holder's possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

                 (ii) Each Holder severally agrees for a period of time (not to
exceed 90 days) from the effective date of any registration (other than a
registration effected solely to implement an employee benefit plan) of
securities of the Company for any underwritten offering in which securities of
the Company are sold (upon request of the Company or of the underwriters
managing any underwritten offering to the Company's securities) not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of any Registrable Securities or any other stock of the Company held by
such Holder, other than shares of Registrable Securities included in such
registration, without the prior written consent of the Company or such
underwriters, as the case may be; provided that this obligation is subject to
the condition that all executive officers and directors of the Company shall
enter into similar agreements. Each Holder agrees to suspend, upon request of
the Company, any disposition of Registrable Securities pursuant to the
Registration Statement and prospectus contemplated by subsection 2.1(a) during
any period, not to exceed one 45-day period per circumstance or development and
not to exceed 90 days in any 12-month period, when the Company determines in
good faith that offers and sales pursuant thereto should not be made by reason
of the presence of material, undisclosed circumstances or developments with
respect to which the disclosure that would be required in such a prospectus is
premature, would have an adverse effect on the Company or is otherwise
inadvisable. Any such request by the Company shall be held confidential by the
Holder.

                 (iii) Each Holder agrees to notify the Company, at any time
when a prospectus relating to the registration statement contemplated by
subsection 2.1(a) is required to be delivered by it under the Securities Act, of
the occurrence of any event relating to the Holder which requires the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of Registrable Securities, such
prospectus will not contain

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an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading relating to the Holder, and each Holder shall promptly make available
to the Company the information to enable the Company to prepare any such
supplement or amendment. Each Holder also agrees that, upon delivery of any
notice by it to the Company of the happening of any event of the kind described
in the next preceding sentence of this subsection, the Holder will forthwith
discontinue disposition of Registrable Securities pursuant to such registration
statement until its receipt of the copies of the supplemental or amended
prospectus contemplated by this subsection, which the Company shall promptly
make available to each Holder and, if so directed by the Company, each Holder
shall deliver to the Company all copies, other than permanent file copies then
in such Holder's possession, of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

                 (iv) Each Holder shall promptly furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder
as the Company may request in writing or as shall be required in connection with
any registration, qualification or compliance referred to in this Section 2.1.
The Holder will promptly keep the Company informed as to all sales of
Registrable Securities made under the Registration Statement and assist the
Company in updating such information in the Registration Statement and any
prospectus supplement relating thereto.

                 (v) Each Holder hereby covenants with the Company (1) not to
make any sale of the Shares pursuant to the Registration Statement without
effectively causing the prospectus delivery requirements under the Securities
Act to be satisfied, and (2) if such Shares are to be sold by any method or in
any transaction other than on a national securities exchange, in the
over-the-counter market, on the Nasdaq, in privately negotiated transactions, or
in a combination of such methods, to notify the Company at least five Business
Days prior to the date on which the Holder first offers to sell any such Shares.

                 (vi) Each Holder acknowledges and agrees that the Registrable
Securities sold pursuant to the Registration Statement are not transferable on
the books of the Company unless the stock certificate submitted to the transfer
agent evidencing such Shares is accompanied by a certificate reasonably
satisfactory to the Company to the effect that (A) the Registrable Securities
have been sold in accordance with such registration statement and (B) the
requirement of delivering a current prospectus has been satisfied.

                 (vii) Each Holder agrees that, after the Registration Statement
has been declared effective by the SEC, it will not effect any disposition of
the Registrable Securities that would constitute a sale within the meaning of
the Securities Act except (A) as contemplated in the Registration Statement (B)
or as otherwise contemplated by this Agreement. Each Holder agrees not to take
any action with respect to any distribution deemed to be made pursuant to such
Registration Statement that constitutes a violation of Regulation M under the
Exchange Act or any other applicable rule, regulation or law.

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         (g) Rule 144 Reporting. With a view to making available to the Holders
the benefits of certain rules and regulations of the SEC which at any time
permit the sale of the Registrable Securities to the public without
registration, the Company agrees to use its reasonable best efforts to:

                 (i) make and keep public information available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times;

                 (ii) file with the SEC in a timely manner all reports and other
documents required of the Company under the Exchange Act; and

                 (iii) so long as a Holder owns any unregistered Registrable
Securities, furnish to such Holder upon any reasonable request a written
statement by the Company as to its compliance with Rule 144 under the Securities
Act, and of the Exchange Act, a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents of the Company as
such Holder may reasonably request in availing itself of any rule or regulation
of the SEC allowing a Holder to sell any such securities without registration.

         (h) Transfer of Registration Rights. The rights to cause the Company to
register Registrable Securities granted to the Holders by the Company under
subsection 2.1(a) may be assigned in full by a Holder to an Affiliate of such
Holder; provided that: (i) such transfer may otherwise be effected in accordance
with applicable securities laws; (ii) such Holder gives prior written notice to
the Company; and (iii) such transferee agrees to comply with the terms and
provisions of this Agreement and such transfer is otherwise in compliance with
this Agreement. Except as specifically permitted by this paragraph (h), the
rights of a Holder with respect to Registrable Securities as set out herein
shall not be transferable to any other Person, and any attempted transfer shall
cause all rights of such Holder therein to be forfeited.

         (i) Waivers and Amendments. With the written consent of the Company and
the Holders holding at least a majority of the Registrable Securities (including
Registrable Securities issuable pursuant to the Warrants), any provision of this
Section 2.1 may be waived (either generally or in a particular instance, either
retroactively or prospectively and either for a specified period of time or
indefinitely) or amended. Upon the effectuation of each such waiver or
amendment, the Company shall promptly give written notice thereof to the
Holders, if any, who have not previously received notice thereof or consented
thereto in writing.

         2.2 Disposition. The Holder has not and will not make any offer, sale
or other transfer of the Registrable Securities by any means which would not
comply with applicable law or this Agreement or which would otherwise impose
upon the Company any obligation to satisfy any public filing or registration
requirement. The Holder understands and agrees that any disposition of the
Registrable Securities in violation of this Agreement shall be null and void,
and that no transfer of the Registrable Securities shall be made by the Company
or the transfer agent for the Registrable Securities upon the Company's stock
transfer books or records unless and until there has been compliance with the
terms of this Agreement, the Securities Act, any applicable state and foreign
securities law and any other laws. The Holder will not sell or transfer the
Registrable Securities unless:

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             (a) there is then in effect a registration statement under the
Securities Act covering such proposed disposition and such disposition is made
in accordance with such Registration Statement; or

             (b) it shall have notified the Company of the proposed disposition
and shall have furnished the Company with a detailed statement of the
circumstances surrounding the proposed disposition, and it shall have furnished
the Company with an opinion of counsel, reasonably satisfactory to the Company
that such disposition is exempt from registration of such shares under the
Securities Act or any applicable state, foreign or other securities laws.

The Holder will not transfer the Registrable Securities, other than pursuant to
the Registration Statement or in a transaction that complies with Rule 145,
unless the transferee makes the representations and warranties to the Company
contained in this Agreement and agrees to be bound by the restrictions on
transfer (including the registration provisions) contained herein to the same
extent as if it were the original Holder.

                                   SECTION 3

                                 Miscellaneous

         3.1 Termination of Agreement. The Company may terminate its obligation
to perform or observe any of its covenants and agreements hereunder to any
Holder if such Holder violates in a material respect any of the material
covenants or agreements of the Holder under this Agreement, and a Holder may
terminate its obligations to perform or observe any of its covenants and
agreements hereunder if the Company violates or fails to perform in any material
respect any of the material covenants or agreements of the Company under this
Agreement to such Holder; provided, however, that neither the Company nor the
Holder, as the case may be, may terminate any of its obligations under this
Agreement pursuant to this sentence unless it shall have delivered written
notice of such default to the other party and such default shall not have been
cured within 30 days after the delivery of such notice.

         3.2 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY
THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO CONTRACTS ENTERED INTO SOLELY
BETWEEN RESIDENTS OF, AND TO BE PERFORMED ENTIRELY WITHIN, SUCH STATE.

         3.3 Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns. Except as otherwise provided in this Agreement, this Agreement may
not be assigned by a party without the prior written consent of the other party
except by operation of law, in which case the assignee shall be subject to all
of the provisions of this Agreement.

         3.4 Notices and Dates. Any notice or other communication given under
this Agreement shall be sufficient if in writing and will be effective as of (a)
the date of receipt if delivered by hand, by messenger or by courier, or by
Federal Express or similar delivery service, or transmitted by facsimile, to a
party at its address set forth below (or at such other address as shall be
designated for such purpose by such party in a written notice to the other party
hereto) or

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(b) three days after the date when the same shall have been posted by
registered mail, return receipt requested, in any post office in the United
States of America, postage prepaid and addressed to the party at such address:

                 (i)  if to the Company:

                      Edge Petroleum Corporation
                      1111 Bagby, Suite 2100
                      Houston, Texas 77002
                      Attn:  Chief Financial Officer
                      (Facsimile) (713) 654-7722

                 (ii) if to Holders, then to the addresses set forth at
                      Exhibit A.

Each such notice or other communication shall for all purposes of this Agreement
be treated as effective or having been given when delivered if delivered
personally, by messenger or by courier, or, if sent by facsimile, upon
confirmation of receipt.

         3.5 Specific Performance. The parties hereto acknowledge and agree that
irreparable damage would occur in the event any of the provisions of this
Agreement were not performed in accordance with its specific terms or were
otherwise breached and that such damage would not be compensable in money
damages and that it would be extremely difficult or impracticable to measure the
resultant damages. It is accordingly agreed that any party hereto shall be
entitled to an injunction or injunctions to prevent breaches of the provisions
of this Agreement and to enforce specifically the terms and provisions hereof,
in addition to any other remedy to which it may be entitled at law or in equity,
and such party that is sued for breach of this Agreement expressly waives any
defense that a remedy in damages would be adequate and expressly waives any
requirement in an action for specific performance for the posting of a bond by
the party bringing such action.

         3.6 Further Assurances. The parties hereto shall do and perform or
cause to be done and performed all such further acts and things and shall
execute and deliver all such other agreements, certificates, instruments or
documents as any other party may reasonably request from time to time in order
to carry out the intent and purposes of this Agreement and the consummation of
the transactions contemplated hereby.

         3.7 Counterparts. This Agreement may be executed in any number of
counterparts, each of which may be executed by fewer than all of the parties,
each of which shall be enforceable against the parties actually executing such
counterparts, and all of which together shall constitute one instrument.

         3.8 Severability. In the event that any provision of this Agreement
becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect
without said provision; provided that no such severability shall be effective if
it materially changes the economic impact of this Agreement on any party.

         3.9 Captions. Headings of the various sections of this Agreement have
been inserted for convenience of reference only and shall not be relied upon in
construing this Agreement.

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Use of any gender herein to refer to any person shall be deemed to comprehend
masculine, feminine and neuter unless the context clearly requires otherwise.

         3.10 Costs and Expenses. Each party hereto shall pay its own costs and
expenses incurred in connection herewith, including the fees of its counsel,
auditors and other representatives, whether or not the transactions contemplated
herein are consummated.

         3.11 No Third-Party Rights. Nothing in this Agreement shall create or
be deemed to create any rights in any person or entity not a party to this
Agreement except for such rights as may exist by virtue of any contract or other
agreement existing on the date hereof.

         3.12 Entire Agreement; Amendment. This Agreement constitutes the full
and entire understanding and agreement between the parties with regard to the
subject matter hereof and supersedes all prior agreements and understandings
among the parties relating to the subject matter hereof. Any obligation to the
Holder with respect to any registration or similar matter pursuant to any
agreement between any Holder and Miller is hereby terminated. Neither this
Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by the party against whom enforcement
of any such amendment, waiver, discharge or termination is sought; provided that
any provision of this Agreement, other than Section 2.1 (waivers and amendments
of which are governed by Section 2.1(i)), may be waived or modified on behalf of
all of the Holders with the consent of those Holders owning two-thirds of the
Registrable Securities and that are still held (at the time of such waiver or
modification) by any Holder.

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

                                      EDGE PETROLEUM CORPORATION

                                      By:      /s/ Michael G. Long
                                          ------------------------------------
                                      Name: Michael G. Long
                                            ----------------------------------
                                      Its: Chief Financial Officer
                                           -----------------------------------

                                      By:      /s/ Kelly E. Miller
                                          ------------------------------------
                                      Name: Kelly E. Miller
                                            ----------------------------------

                                      GUARDIAN ENERGY MANAGEMENT CORP.

                                      By:      /s/ Paul A. Halpern
                                          ------------------------------------
                                      Name:    Paul A. Halpern
                                            ----------------------------------
                                      Its: Vice President, Operations
                                           -----------------------------------

                                      DEBRA A. MILLER TRUST

                                      By:      /s/ Debra A. Miller
                                          ------------------------------------
                                      Name:    Debra A. Miller
                                            ----------------------------------

                                      -12-
<PAGE>
                                    EXHIBIT A
                                    "HOLDERS"

NAME:                                                  ADDRESS:
-----                                                  --------

Kelly E. Miller                                 3104 Preston Road
                                                Traverse City, MI  49685

Guardian Energy Management Corp.                2300 Harmon Road
                                                Auburn Hills, MI  48326

Debra A. Miller Trust                           10839 Bluff Road
                                                Traverse City, MI  49685

                                      -13-<PAGE>

                                                                    Exhibit 4(A)

                  FORM OF AGREEMENT AND PLAN OF REORGANIZATION

         THIS AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as
of this 11th day of November, 2003, by and between ING Equity Trust, a
Massachusetts business trust with its principal place of business at 7337 East
Doubletree Ranch Road, Scottsdale, Arizona 85258-2034, on behalf of one of its
series, ING MidCap Opportunities Fund (the "Acquiring Fund"), and on behalf of
another of its series, ING Growth Opportunities Fund (the "Acquired Fund").

         This Agreement is intended to be and is adopted as a plan of
reorganization and liquidation within the meaning of Section 368(a)(1) of the
United States Internal Revenue Code of 1986, as amended (the "Code"). The
reorganization (the "Reorganization") will consist of the transfer of all of the
assets of the Acquired Fund to the Acquiring Fund in exchange solely for Class
A, Class B, Class C, Class I and Class Q voting shares of beneficial interest of
the Acquiring Fund (the "Acquiring Fund Shares"), the assumption by the
Acquiring Fund of all liabilities of the Acquired Fund, and the distribution of
the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete
liquidation of the Acquired Fund as provided herein, all upon the terms and
conditions hereinafter set forth in this Agreement.

         WHEREAS, the Acquired Fund and the Acquiring Fund are series of
open-end, registered investment companies of the management type and the
Acquired Fund owns securities which generally are assets of the character in
which the Acquiring Fund is permitted to invest;

         WHEREAS, the Trustees of ING Equity Trust have determined that the
exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and
the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is
in the best interests of the Acquiring Fund and its shareholders and that the
interests of the existing shareholders of the Acquiring Fund would not be
diluted as a result of this transaction; and

         WHEREAS, the Trustees of ING Equity Trust have determined that the
exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and
the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is
in the best interests of the Acquired Fund and its shareholders and that the
interests of the existing shareholders of the Acquired Fund would not be diluted
as a result of this transaction.

         NOW, THEREFORE, in consideration of the premises and of the covenants
and agreements hereinafter set forth, the parties hereto covenant and agree as
follows:

1.    TRANSFER OF ASSETS OF THE ACQUIRED FUND TO THE ACQUIRING FUND IN EXCHANGE
      FOR THE ACQUIRING FUND SHARES, THE ASSUMPTION OF ALL ACQUIRED FUND
      LIABILITIES AND THE LIQUIDATION OF THE ACQUIRED FUND

      1.1. Subject to the requisite approval of the Acquired Fund shareholders
and the other terms and conditions herein set forth and on the basis of the
representations and warranties contained herein, the Acquired Fund agrees to
transfer all of the Acquired Fund's assets, as set forth in paragraph 1.2, to
the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to
deliver to the Acquired Fund the number of full and fractional Class A, Class B,
Class C, Class I and Class Q Acquiring Fund Shares determined by dividing the
value of the Acquired Fund's net assets with respect to each class, computed in
the manner and as of the time and date set forth in paragraph 2.1, by the net
asset value of one Acquiring Fund Share of the same class, computed in the
manner and as of the time and date set forth in paragraph 2.2; and (ii) to
assume all liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such
transactions shall take place at the closing provided for in paragraph 3.1 (the
"Closing").

      1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund
shall consist of all assets and property, including, without limitation, all
cash, securities, commodities and futures interests and dividends or

<PAGE>

interests receivable that are owned by the Acquired Fund and any deferred or
prepaid expenses shown as an asset on the books of the Acquired Fund on the
closing date provided for in paragraph 3.1 (the "Closing Date") (collectively,
"Assets").

      1.3. The Acquired Fund will endeavor to discharge all of its known
liabilities and obligations prior to the Closing Date. The Acquiring Fund shall
also assume all of the liabilities of the Acquired Fund, whether accrued or
contingent, known or unknown, existing at the Valuation Date, as defined in
paragraph 2.1 (collectively, "Liabilities"). On or as soon as practicable prior
to the Closing Date, the Acquired Fund will declare and pay to its shareholders
of record one or more dividends and/or other distributions so that it will have
distributed substantially all (and in no event less than 98%) of its investment
company taxable income (computed without regard to any deduction for dividends
paid) and realized net capital gain, if any, for the current taxable year
through the Closing Date.

      1.4. Immediately after the transfer of assets provided for in paragraph
1.1, the Acquired Fund will distribute to the Acquired Fund's shareholders of
record with respect to each class of its shares, determined as of immediately
after the close of business on the Closing Date (the "Acquired Fund
Shareholders"), on a pro rata basis within that class, the Acquiring Fund Shares
of the same class received by the Acquired Fund pursuant to paragraph 1.1, and
will completely liquidate. Such distribution and liquidation will be
accomplished, with respect to each class of the Acquired Fund's shares, by the
transfer of the Acquiring Fund Shares then credited to the account of the
Acquired Fund on the books of the Acquiring Fund to open accounts on the share
records of the Acquiring Fund in the names of the Acquired Fund Shareholders.
The aggregate net asset value of Class A, Class B, Class C, Class I and Class Q
Acquiring Fund Shares to be so credited to Class A, Class B, Class C, Class I
and Class Q Acquired Fund Shareholders shall, with respect to each class, be
equal to the aggregate net asset value of the Acquired Fund shares of that same
class owned by such shareholders on the Closing Date. All issued and outstanding
shares of the Acquired Fund will simultaneously be canceled on the books of the
Acquired Fund, although share certificates representing interests in Class A,
Class B, Class C, Class I and Class Q shares of the Acquired Fund will represent
a number of the same class of Acquiring Fund Shares after the Closing Date, as
determined in accordance with Section 2.3. The Acquiring Fund shall not issue
certificates representing the Class A, Class B, Class C, Class I and Class Q
Acquiring Fund Shares in connection with such exchange.

      1.5. Ownership of Acquiring Fund Shares will be shown on the books of the
Acquiring Fund's transfer agent, as defined in paragraph 3.3.

      1.6. Any reporting responsibility of the Acquired Fund including, but not
limited to, the responsibility for filing of regulatory reports, tax returns, or
other documents with the U.S. Securities and Exchange Commission (the
"Commission"), any state securities commission, and any federal, state or local
tax authorities or any other relevant regulatory authority, is and shall remain
the responsibility of the Acquired Fund.

2.    VALUATION

      2.1. The value of the Assets shall be the value computed as of immediately
after the close of business of the New York Stock Exchange and after the
declaration of any dividends on the Closing Date (such time and date being
hereinafter called the "Valuation Date"), using the valuation procedures in the
then-current prospectus and statement of additional information with respect to
the Acquiring Fund, and valuation procedures established by the Acquiring Fund's
Board of Trustees.

      2.2. The net asset value of a Class A, Class B, Class C, Class I and Class
Q Acquiring Fund Share shall be the net asset value per share computed with
respect to that class as of the Valuation Date, using the valuation procedures
set forth in the Acquiring Fund's then-current prospectus and statement of
additional and valuation procedures established by the Acquiring Fund's Board of
Trustees.

      2.3. The number of the Class A, Class B, Class C, Class I and Class Q
Acquiring Fund Shares to be issued (including fractional shares, if any) in
exchange for the Acquired Fund's assets shall be determined with respect to each
such class by dividing the value of the net assets with respect to the Class A,
Class B, Class C, Class

<PAGE>

I and Class Q shares of the Acquired Fund, as the case may be, determined using
the same valuation procedures referred to in paragraph 2.1, by the net asset
value of an Acquiring Fund Share, determined in accordance with paragraph 2.2.

      2.4. All computations of value shall be made by the Acquired Fund's
designated record keeping agent and shall be subject to review by Acquiring
Fund's record keeping agent and by each Fund's respective independent
accountants.

3.    CLOSING AND CLOSING DATE

      3.1. The Closing Date shall be April 17, 2004, or such other date as the
parties may agree. All acts taking place at the Closing shall be deemed to take
place simultaneously as of immediately after the close of business on the
Closing Date unless otherwise agreed to by the parties. The close of business on
the Closing Date shall be as of 4:00 p.m., Eastern Time. The Closing shall be
held at the offices of the Acquiring Fund or at such other time and/or place as
the parties may agree.

      3.2. The Acquired Fund shall direct Bank of New York, as custodian for the
Acquired Fund (the "Custodian"), to deliver, at the Closing, a certificate of an
authorized officer stating that (i) the Assets shall have been delivered in
proper form to the Acquiring Fund within two business days prior to or on the
Closing Date, and (ii) all necessary taxes in connection with the delivery of
the Assets, including all applicable federal and state stock transfer stamps, if
any, have been paid or provision for payment has been made. The Acquired Fund's
portfolio securities represented by a certificate or other written instrument
shall be presented for examination by the Acquired Fund Custodian to the
custodian for the Acquiring Fund no later than five business days preceding the
Closing Date, and shall be transferred and delivered by the Acquired Fund as of
the Closing Date for the account of the Acquiring Fund duly endorsed in proper
form for transfer in such condition as to constitute good delivery thereof. The
Custodian shall deliver as of the Closing Date by book entry, in accordance with
the customary practices of the Custodian and any securities depository (as
defined in Rule 17f-4 under the Investment Company Act of 1940, as amended (the
"1940 Act")) in which the Acquired Fund's Assets are deposited, the Acquired
Fund's portfolio securities and instruments deposited with such depositories.
The cash to be transferred by the Acquired Fund shall be delivered by wire
transfer of federal funds on the Closing Date.

      3.3. The Acquired Fund shall direct DST Systems, Inc. (the "Transfer
Agent"), on behalf of the Acquired Fund, to deliver at the Closing a certificate
of an authorized officer stating that its records contain the names and
addresses of the Acquired Fund Shareholders and the number and percentage
ownership of outstanding Class A, Class B, Class C, Class I and Class Q shares
owned by each such shareholder immediately prior to the Closing. The Acquiring
Fund shall issue and deliver a confirmation evidencing the Acquiring Fund Shares
to be credited on the Closing Date to the Secretary of the Acquiring Fund, or
provide evidence satisfactory to the Acquired Fund that such Acquiring Fund
Shares have been credited to the Acquired Fund's account on the books of the
Acquiring Fund. At the Closing each party shall deliver to the other such bills
of sale, checks, assignments, share certificates, if any, receipts or other
documents as such other party or its counsel may reasonably request.

      3.4. In the event that on the Valuation Date (a) the New York Stock
Exchange or another primary trading market for portfolio securities of the
Acquiring Fund or the Acquired Fund shall be closed to trading or trading
thereupon shall be restricted, or (b) trading or the reporting of trading on
such Exchange or elsewhere shall be disrupted so that, in the judgment of the
Board of Trustees of the Acquired Fund or the Acquiring Fund, accurate appraisal
of the value of the net assets of the Acquiring Fund or the Acquired Fund is
impracticable, the Closing Date shall be postponed until the first business day
after the day when trading shall have been fully resumed and reporting shall
have been restored.

4.    REPRESENTATIONS AND WARRANTIES

      4.1. Except as has been disclosed to the Acquiring Fund in a written
instrument executed by an officer of ING Equity Trust on behalf of the Acquired
Fund, represents and warrants to the Acquiring Fund as follows:

<PAGE>

      (a) The Acquired Fund is duly organized as a series of ING Equity Trust,
which is a business trust duly organized, validly existing and in good standing
under the laws of the Commonwealth of Massachusetts, with power under ING Equity
Trust's Declaration of Trust to own all of its properties and assets and to
carry on its business as it is now being conducted;

      (b) ING Equity Trust is a registered investment company classified as a
management company of the open-end type, and its registration with the
Commission as an investment company under the 1940 Act, and the registration of
shares of the Acquired Fund under the Securities Act of 1933, as amended ("1933
Act"), is in full force and effect;

      (c) No consent, approval, authorization, or order of any court or
governmental authority is required for the consummation by the Acquired Fund of
the transactions contemplated herein, except such as have been obtained under
the 1933 Act, the Securities Exchange Act of 1934, as amended (the "1934 Act")
and the 1940 Act and such as may be required by state securities laws;

      (d) The current prospectus and statement of additional information of the
Acquired Fund and each prospectus and statement of additional information of the
Acquired Fund used during the three years previous to the date of this Agreement
conforms or conformed at the time of its use in all material respects to the
applicable requirements of the 1933 Act and the 1940 Act and the rules and
regulations of the Commission thereunder and does not or did not at the time of
its use include any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
materially misleading;

      (e) On the Closing Date, the Acquired Fund will have good and marketable
title to the Assets and full right, power, and authority to sell, assign,
transfer and deliver such Assets hereunder free of any liens or other
encumbrances, and upon delivery and payment for such Assets, the Acquiring Fund
will acquire good and marketable title thereto, subject to no restrictions on
the full transfer thereof, including such restrictions as might arise under the
1933 Act, other than as disclosed to the Acquiring Fund;

      (f) The Acquired Fund is not engaged currently, and the execution,
delivery and performance of this Agreement will not result, in (i) a material
violation of ING Equity Trust's Declaration of Trust or By-Laws or of any
agreement, indenture, instrument, contract, lease or other undertaking to which
ING Equity Trust, on behalf of the Acquired Fund, is a party or by which it is
bound, or (ii) the acceleration of any obligation, or the imposition of any
penalty, under any agreement, indenture, instrument, contract, lease, judgment
or decree to which ING Equity Trust, on behalf of the Acquired Fund, is a party
or by which it is bound;

      (g) All material contracts or other commitments of the Acquired Fund
(other than this Agreement and certain investment contracts including options,
futures, and forward contracts) will terminate without liability to the Acquired
Fund prior to the Closing Date;

      (h) Except as otherwise disclosed in writing to and accepted by ING Equity
Trust, on behalf of the Acquiring Fund, no litigation or administrative
proceeding or investigation of or before any court or governmental body is
presently pending or, to its knowledge, threatened against the Acquired Fund or
any of its properties or assets that, if adversely determined, would materially
and adversely affect its financial condition or the conduct of its business. ING
Equity Trust, on behalf of the Acquired Fund, knows of no facts which might form
the basis for the institution of such proceedings and is not a party to or
subject to the provisions of any order, decree or judgment of any court or
governmental body which materially and adversely affects its business or its
ability to consummate the transactions herein contemplated;

      (i) The Statement of Assets and Liabilities, Statements of Operations and
Changes in Net Assets, and Schedule of Investments of the Acquired Fund at May
31, 2003 have been audited by KPMG LLP, independent auditors, and are in
accordance with generally accepted accounting principles in the United States
("GAAP")

<PAGE>

consistently applied, and such statements (copies of which have been furnished
to the Acquiring Fund) present fairly, in all material respects, the financial
condition of the Acquired Fund as of such date in accordance with GAAP, and
there are no known contingent liabilities of the Acquired Fund required to be
reflected on a balance sheet (including the notes thereto) in accordance with
GAAP as of such date not disclosed therein;

      (j) Since May 31, 2003, there has not been any material adverse change in
the Acquired Fund's financial condition, assets, liabilities or business, other
than changes occurring in the ordinary course of business, or any incurrence by
the Acquired Fund of indebtedness maturing more than one year from the date such
indebtedness was incurred, except as otherwise disclosed to and accepted by the
Acquiring Fund. For the purposes of this subparagraph (j), a decline in net
asset value per share of the Acquired Fund due to declines in market values of
securities in the Acquired Fund's portfolio, the discharge of Acquired Fund
liabilities, or the redemption of Acquired Fund Shares by shareholders of the
Acquired Fund shall not constitute a material adverse change;

      (k) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Acquired Fund required by
law to have been filed by such date (including any extensions) shall have been
filed and are or will be correct in all material respects, and all Federal and
other taxes shown as due or required to be shown as due on said returns and
reports shall have been paid or provision shall have been made for the payment
thereof, and to the best of the Acquired Fund's knowledge, no such return is
currently under audit and no assessment has been asserted with respect to such
returns;

      (l) For each taxable year of its operation (including the taxable year
ending on the Closing Date), the Acquired Fund has met (or will meet) the
requirements of Subchapter M of the Code for qualification as a regulated
investment company, has been (or will be) eligible to and has computed (or will
compute) its federal income tax under Section 852 of the Code, and will have
distributed all of its investment company taxable income and net capital gain
(as defined in the Code) that has accrued through the Closing Date, and before
the Closing Date will have declared dividends sufficient to distribute all of
its investment company taxable income and net capital gain for the period ending
on the Closing Date;

      (m) All issued and outstanding shares of the Acquired Fund are, and on the
Closing Date will be, duly and validly issued and outstanding, fully paid and
non-assessable (recognizing that, under Massachusetts law, it is theoretically
possible that shareholders of the Acquiring Fund could, under certain
circumstances, be held personally liable for obligations of the Acquiring Fund)
and have been offered and sold in every state and the District of Columbia in
compliance in all material respects with applicable registration requirements of
the 1933 Act and state securities laws. All of the issued and outstanding shares
of the Acquired Fund will, at the time of Closing, be held by the persons and in
the amounts set forth in the records of the Transfer Agent, on behalf of the
Acquired Fund, as provided in paragraph 3.3. The Acquired Fund does not have
outstanding any options, warrants or other rights to subscribe for or purchase
any of the shares of the Acquired Fund, nor is there outstanding any security
convertible into any of the Acquired Fund shares;

      (n) The execution, delivery and performance of this Agreement will have
been duly authorized prior to the Closing Date by all necessary action, if any,
on the part of the Trustees of ING Equity Trust, on behalf of the Acquired Fund,
and, subject to the approval of the shareholders of the Acquired Fund, this
Agreement will constitute a valid and binding obligation of the Acquired Fund,
enforceable in accordance with its terms, subject, as to enforcement, to
bankruptcy, insolvency, reorganization, moratorium and other laws relating to or
affecting creditors' rights and to general equity principles;

      (o) The information to be furnished by the Acquired Fund for use in
registration statements, proxy materials and other documents filed or to be
filed with any federal, state or local regulatory authority (including the
National Association of Securities Dealers, Inc.), which may be necessary in
connection with the transactions contemplated hereby, shall be accurate and
complete in all material respects and shall comply in all material respects with
Federal securities and other laws and regulations thereunder applicable thereto;
and

<PAGE>

      (p) The proxy statement of the Acquired Fund (the "Proxy Statement") to be
included in the Registration Statement referred to in paragraph 5.6, insofar as
it relates to the Acquired Fund, will, on the effective date of the Registration
Statement and on the Closing Date (i) not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which such statements were made, not materially misleading provided, however,
that the representations and warranties in this subparagraph (p) shall not apply
to statements in or omissions from the Proxy Statement and the Registration
Statement made in reliance upon and in conformity with information that was
furnished by the Acquiring Fund for use therein, and (ii) comply in all material
respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and
the rules and regulations thereunder.

      4.2. Except as has been disclosed to the Acquired Fund in a written
instrument executed by an officer of ING Equity Trust, ING Equity Trust, on
behalf of the Acquiring Fund, represents and warrants to the Acquired Fund as
follows:

      (a) The Acquiring Fund is duly organized as a series of ING Equity Trust,
which is a business trust duly organized, validly existing and in good standing
under the laws of the Commonwealth of Massachusetts, with power under ING Equity
Trust's Declaration of Trust to own all of its properties and assets and to
carry on its business as it is now being conducted;

      (b) ING Equity Trust is a registered investment company classified as a
management company of the open-end type, and its registration with the
Commission as an investment company under the 1940 Act and the registration of
the shares of the Acquired Fund under the 1933 Act, is in full force and effect;

      (c) No consent, approval, authorization, or order of any court or
governmental authority is required for the consummation by the Acquiring Fund of
the transactions contemplated herein, except such as have been obtained under
the 1933 Act, the 1934 Act and the 1940 Act and such as may be required by state
securities laws;

      (d) The current prospectus and statement of additional information of the
Acquiring Fund and each prospectus and statement of additional information of
the Acquiring Fund used during the three years previous to the date of this
Agreement conforms or conformed at the time of its use in all material respects
to the applicable requirements of the 1933 Act and the 1940 Act and the rules
and regulations of the Commission thereunder and does not or did not at the time
of its use include any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
materially misleading;

      (e) On the Closing Date, the Acquiring Fund will have good and marketable
title to the Acquiring Fund's assets, free of any liens of other encumbrances,
except those liens or encumbrances as to which the Acquired Fund has received
notice and necessary documentation at or prior to the Closing;

      (f) The Acquiring Fund is not engaged currently, and the execution,
delivery and performance of this Agreement will not result, in (i) a material
violation of ING Equity Trust's Declaration of Trust or By-Laws or of any
agreement, indenture, instrument, contract, lease or other undertaking to which
ING Equity Trust, on behalf of the Acquiring Fund, is a party or by which it is
bound, or (ii) the acceleration of any obligation, or the imposition of any
penalty, under any agreement, indenture, instrument, contract, lease, judgment
or decree to which ING Equity Trust, on behalf of the Acquiring Fund, is a party
or by which it is bound;

      (g) Except as otherwise disclosed in writing to and accepted by ING Equity
Trust, on behalf of the Acquired Fund, no litigation or administrative
proceeding or investigation of or before any court or governmental body is
presently pending or, to its knowledge, threatened against ING Equity Trust, on
behalf of the Acquiring Fund, or any of the Acquiring Fund's properties or
assets that, if adversely determined, would materially and adversely affect the
Acquiring Fund's financial condition or the conduct of the Acquiring Fund's
business. ING Equity Trust, on behalf of the Acquiring Fund, knows of no facts
which might form the basis for the institution of such proceedings and is not a
party to or subject to the provisions of any order, decree or judgment of any
court or

<PAGE>

governmental body which materially and adversely affects its business or its
ability to consummate the transactions herein contemplated;

      (h) The Statement of Assets and Liabilities, Statements of Operations and
Changes in Net Assets and Schedule of Investments of the Acquiring Fund at May
31, 2003 have been audited by KPMG LLP, independent auditors, and are in
accordance with GAAP consistently applied, and such statements (copies of which
have been furnished to the Acquired Fund) present fairly, in all material
respects, the financial condition of the Acquiring Fund as of such date in
accordance with GAAP, and there are no known contingent liabilities of the
Acquiring Fund required to be reflected on a balance sheet (including the notes
thereto) in accordance with GAAP as of such date not disclosed therein;

      (i) Since May 31, 2003, there has not been any material adverse change in
the Acquiring Fund's financial condition, assets, liabilities or business, other
than changes occurring in the ordinary course of business, or any incurrence by
the Acquiring Fund of indebtedness maturing more than one year from the date
such indebtedness was incurred, except as otherwise disclosed to and accepted by
the Acquired Fund. For purposes of this subparagraph (i), a decline in net asset
value per share of the Acquiring Fund due to declines in market values of
securities in the Acquiring Fund's portfolio, the discharge of Acquiring Fund
liabilities, or the redemption of Acquiring Fund Shares by shareholders of the
Acquiring Fund, shall not constitute a material adverse change;

      (j) On the Closing Date, all Federal and other tax returns, dividend
reporting forms, and other tax-related reports of the Acquiring Fund required by
law to have been filed by such date (including any extensions) shall have been
filed and are or will be correct in all material respects, and all Federal and
other taxes shown as due or required to be shown as due on said returns and
reports shall have been paid or provision shall have been made for the payment
thereof, and to the best of the Acquiring Fund's knowledge no such return is
currently under audit and no assessment has been asserted with respect to such
returns;

      (k) For each taxable year of its operation (including the taxable year
that includes the Closing Date), the Acquiring Fund has met (or will meet) the
requirements of Subchapter M of the Code for qualification as a regulated
investment company, has been eligible to (or will be eligible to) and has
computed (or will compute) its federal income tax under Section 852 of the Code,
and has distributed all of its investment company taxable income and net capital
gain (as defined in the Code) for periods ending prior to the Closing Date;

      (l) All issued and outstanding Acquiring Fund Shares are, and on the
Closing Date will be, duly and validly issued and outstanding, fully paid and
non-assessable by ING Equity Trust and have been offered and sold in every state
and the District of Columbia in compliance in all material respects with
applicable registration requirements of the 1933 Act and state securities laws.
The Acquiring Fund does not have outstanding any options, warrants or other
rights to subscribe for or purchase any Acquiring Fund Shares, nor is there
outstanding any security convertible into any Acquiring Fund Shares;

      (m) The execution, delivery and performance of this Agreement will have
been fully authorized prior to the Closing Date by all necessary action, if any,
on the part of the Trustees of ING Equity Trust, on behalf of the Acquiring
Fund, and this Agreement will constitute a valid and binding obligation of the
Acquiring Fund, enforceable in accordance with its terms, subject, as to
enforcement, to bankruptcy, insolvency, reorganization, moratorium and other
laws relating to or affecting creditors' rights and to general equity
principles;

      (n) The Class A, Class B, Class C, Class I and Class Q Acquiring Fund
Shares to be issued and delivered to the Acquired Fund, for the account of the
Acquired Fund Shareholders, pursuant to the terms of this Agreement, will on the
Closing Date have been duly authorized and, when so issued and delivered, will
be duly and validly issued Acquiring Fund Shares, and will be fully paid and
non-assessable;

      (o) The information to be furnished by ING Equity Trust for use in the
registration statements, proxy materials and other documents that may be
necessary in connection with the transactions contemplated hereby shall

<PAGE>

be accurate and complete in all material respects and shall comply in all
material respects with Federal securities and other laws and regulations
applicable thereto; and

      (p) That insofar as it relates to the Acquiring Fund, the Registration
Statement relating to the Acquiring Fund Shares issuable hereunder, and the
proxy materials of the Acquired Fund to be included in the Registration
Statement, and any amendment or supplement to the foregoing, will, from the
effective date of the Registration Statement through the date of the meeting of
shareholders of the Acquired Fund contemplated therein (i) not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances under which such statements were made, not misleading, provided,
however, that the representations and warranties in this subparagraph (p) shall
not apply to statements in or omissions from the Registration Statement made in
reliance upon and in conformity with information that was furnished by the
Acquired Fund for use therein, and (ii) comply in all material respects with the
provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and
regulations thereunder.

5.    COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND

      5.1. The Acquiring Fund and the Acquired Fund each will operate its
business in the ordinary course between the date hereof and the Closing Date, it
being understood that such ordinary course of business will include the
declaration and payment of customary dividends and distributions, and any other
distribution that may be advisable.

      5.2. The Acquired Fund will call a meeting of the shareholders of the
Acquired Fund to consider and act upon this Agreement and to take all other
action necessary to obtain approval of the transactions contemplated herein.

      5.3. The Acquired Fund covenants that the Class A, Class B, Class C, Class
I and Class Q Acquiring Fund Shares to be issued hereunder are not being
acquired for the purpose of making any distribution thereof, other than in
accordance with the terms of this Agreement.

      5.4. The Acquired Fund will assist the Acquiring Fund in obtaining such
information as the Acquiring Fund reasonably requests concerning the beneficial
ownership of the Acquired Fund shares.

      5.5. Subject to the provisions of this Agreement, the Acquiring Fund and
the Acquired Fund will each take, or cause to be taken, all action, and do or
cause to be done, all things reasonably necessary, proper or advisable to
consummate and make effective the transactions contemplated by this Agreement.

      5.6. The Acquired Fund will provide the Acquiring Fund with information
reasonably necessary for the preparation of a prospectus (the "Prospectus")
which will include the Proxy Statement referred to in paragraph 4.1(p), all to
be included in a Registration Statement on Form N-14 of the Acquiring Fund (the
"Registration Statement"), in compliance with the 1933 Act, the 1934 Act and the
1940 Act, in connection with the meeting of the shareholders of the Acquired
Fund to consider approval of this Agreement and the transactions contemplated
herein.

      5.7. As soon as is reasonably practicable after the Closing, the Acquired
Fund will make a liquidating distribution to its shareholders consisting of the
Class A, Class B, Class C, Class I and Class Q Acquiring Fund Shares received at
the Closing.

      5.8. The Acquiring Fund and the Acquired Fund shall each use its
reasonable best efforts to fulfill or obtain the fulfillment of the conditions
precedent to effect the transactions contemplated by this Agreement as promptly
as practicable.

      5.9. ING Equity Trust, on behalf of the Acquired Fund, covenants that ING
Equity Trust will, from time to time, as and when reasonably requested by the
Acquiring Fund, execute and deliver or cause to be executed and delivered all
such assignments and other instruments, and will take or cause to be taken such
further action as

<PAGE>

ING Equity Trust, on behalf of the Acquiring Fund, may reasonably deem necessary
or desirable in order to vest in and confirm (a) the ING Equity Trust's, on
behalf of the Acquired Fund's, title to and possession of the Acquiring Fund's
Shares to be delivered hereunder, and (b) ING Equity Trust's, on behalf of the
Acquiring Fund's, title to and possession of all the assets and otherwise to
carry out the intent and purpose of this Agreement.

      5.10. The Acquiring Fund will use all reasonable efforts to obtain the
approvals and authorizations required by the 1933 Act, the 1940 Act and such of
the state blue sky or securities laws as may be necessary in order to continue
its operations after the Closing Date.

6.    CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND

      The obligations of ING Equity Trust, on behalf of the Acquired Fund, to
consummate the transactions provided for herein shall be subject, at ING Equity
Trust's election, to the performance by ING Equity Trust, on behalf of the
Acquiring Fund, of all the obligations to be performed by it hereunder on or
before the Closing Date, and, in addition thereto, the following further
conditions:

      6.1. All representations and warranties of ING Equity Trust, on behalf of
the Acquiring Fund, contained in this Agreement shall be true and correct in all
material respects as of the date hereof and, except as they may be affected by
the transactions contemplated by this Agreement, as of the Closing Date, with
the same force and effect as if made on and as of the Closing Date;

      6.2. ING Equity Trust, on behalf of the Acquiring Fund, shall have
delivered to ING Equity Trust, on behalf of the Acquired Fund, a certificate
executed in its name by its President or Vice President and its Treasurer or
Assistant Treasurer, in a form reasonably satisfactory to ING Equity Trust, on
behalf of the Acquired Fund, and dated as of the Closing Date, to the effect
that the representations and warranties of ING Equity Trust, on behalf of the
Acquiring Fund, made in this Agreement are true and correct at and as of the
Closing Date, except as they may be affected by the transactions contemplated by
this Agreement and as to such other matters as ING Equity Trust, on behalf of
the Acquired Fund, shall reasonably request;

      6.3. ING Equity Trust, on behalf of the Acquiring Fund, shall have
performed all of the covenants and complied with all of the provisions required
by this Agreement to be performed or complied with by ING Equity Trust, on
behalf of the Acquiring Fund, on or before the Closing Date; and

      6.4. The Acquired Fund and the Acquiring Fund shall have agreed on the
number of full and fractional Acquiring Fund Shares of each Class to be issued
in connection with the Reorganization after such number has been calculated in
accordance with paragraph 1.1.

7.    CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND

      The obligations of ING Equity Trust, on behalf of the Acquiring Fund, to
complete the transactions provided for herein shall be subject, at ING Equity
Trust's election, on behalf of the Acquiring Fund, to the performance by ING
Equity Trust, on behalf of the Acquired Fund, of all of the obligations to be
performed by it hereunder on or before the Closing Date and, in addition
thereto, the following conditions:

      7.1. All representations and warranties of ING Equity Trust, on behalf of
the Acquired Fund, contained in this Agreement shall be true and correct in all
material respects as of the date hereof and, except as they may be affected by
the transactions contemplated by this Agreement, as of the Closing Date, with
the same force and effect as if made on and as of the Closing Date;

      7.2. The ING Equity Trust, on behalf of the Acquired Fund, shall have
delivered to the Acquiring Fund a statement of the Acquired Fund's assets and
liabilities, as of the Closing Date, certified by the Treasurer of ING Equity
Trust;

<PAGE>

      7.3. The ING Equity Trust, on behalf of the Acquired Fund, shall have
delivered to the Acquiring Fund on the Closing Date a certificate executed in
its name by its President or Vice President and its Treasurer or Assistant
Treasurer, in form and substance satisfactory to ING Equity Trust, on behalf of
the Acquiring Fund, and dated as of the Closing Date, to the effect that the
representations and warranties of ING Equity Trust, on behalf of the Acquired
Fund, made in this Agreement are true and correct at and as of the Closing Date,
except as they may be affected by the transactions contemplated by this
Agreement, and as to such other matters as ING Equity Trust, on behalf of the
Acquiring Fund, shall reasonably request;

      7.4. ING Equity Trust, on behalf of the Acquired Fund, shall have
performed all of the covenants and complied with all of the provisions required
by this Agreement to be performed or complied with by ING Equity Trust, on
behalf of the Acquired Fund, on or before the Closing Date;

      7.5. The Acquired Fund and the Acquiring Fund shall have agreed on the
number of full and fractional Acquiring Fund Shares of each class to be issued
in connection with the Reorganization after such number has been calculated in
accordance with paragraph 1.1; and

      7.6. The Acquired Fund shall have declared and paid a distribution or
distributions prior to the Closing that, together with all previous
distributions, shall have the effect of distributing to its shareholders (i) all
of its investment company taxable income and all of its net realized capital
gains, if any, for the period from the close of its last fiscal year to 4:00
p.m. Eastern time on the Closing; and (ii) any undistributed investment company
taxable income and net realized capital gains from any period to the extent not
otherwise already distributed.

8.    FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE
      ACQUIRED FUND

      If any of the conditions set forth below have not been satisfied on or
before the Closing Date with respect to ING Equity Trust, on behalf of the
Acquired Fund, or ING Equity Trust, on behalf of the Acquiring Fund, the other
party to this Agreement shall, at its option, not be required to consummate the
transactions contemplated by this Agreement:

      8.1. The Agreement and the transactions contemplated herein shall have
been approved by the requisite vote of the holders of the outstanding shares of
the Acquired Fund in accordance with the provisions of ING Equity Trust's
Declaration of Trust, By-Laws, applicable Massachusetts law and the 1940 Act,
and certified copies of the resolutions evidencing such approval shall have been
delivered to the Acquiring Fund. Notwithstanding anything herein to the
contrary, neither the ING Equity Trust, on behalf of the Acquiring Fund, nor the
ING Equity Trust, on behalf of the Acquired Fund, may waive the conditions set
forth in this paragraph 8.1;

      8.2. On the Closing Date no action, suit or other proceeding shall be
pending or, to its knowledge, threatened before any court or governmental agency
in which it is sought to restrain or prohibit, or obtain damages or other relief
in connection with, this Agreement or the transactions contemplated herein;

      8.3. All consents of other parties and all other consents, orders and
permits of Federal, state and local regulatory authorities deemed necessary by
ING Equity Trust, on behalf of the Acquiring Fund, or ING Equity Trust, on
behalf of the Acquired Fund, to permit consummation, in all material respects,
of the transactions contemplated hereby shall have been obtained, except where
failure to obtain any such consent, order or permit would not involve a risk of
a material adverse effect on the assets or properties of the Acquiring Fund or
the Acquired Fund, provided that either party hereto may for itself waive any of
such conditions;

      8.4. The Registration Statement shall have become effective under the 1933
Act and no stop orders suspending the effectiveness thereof shall have been
issued and, to the best knowledge of the parties hereto, no investigation or
proceeding for that purpose shall have been instituted or be pending, threatened
or contemplated under the 1933 Act; and

<PAGE>

      8.5. The parties shall have received the opinion of Dechert addressed to
ING Equity Trust, on behalf of the Acquired Fund, and ING Equity Trust, on
behalf of the Acquiring Fund, substantially to the effect that, based upon
certain facts, assumptions, and representations, the transaction contemplated by
this Agreement shall constitute a tax-free reorganization for Federal income tax
purposes. The delivery of such opinion is conditioned upon receipt by Dechert of
representations it shall request of ING Equity Trust, on behalf of the Acquiring
Fund, and ING Equity Trust, on behalf of the Acquired Fund. Notwithstanding
anything herein to the contrary, neither ING Equity Trust, on behalf of the
Acquiring Fund, nor ING Equity Trust, on behalf of the Acquired Fund, may waive
the condition set forth in this paragraph 8.5.

9.    BROKERAGE FEES AND EXPENSES

      9.1. ING Equity Trust, on behalf of the Acquiring Fund, and ING Equity
Trust, on behalf of the Acquired Fund, represent and warrant to each other that
there are no brokers or finders entitled to receive any payments in connection
with the transactions provided for herein.

      9.2. The expenses relating to the proposed Reorganization will be shared
so that (1) half of such costs are borne by the investment adviser to the
Acquiring Fund, and (2) half are borne by the Acquired and Acquiring Funds and
will be paid by the Acquired Fund and Acquiring Fund pro rata based upon the
relative net assets of the Acquired Fund and the Acquiring Fund as of the close
of business on the Closing Date. The costs of the Reorganization shall include,
but not be limited to, costs associated with obtaining any necessary order of
exemption from the 1940 Act, preparation of the Registration Statement, printing
and distributing the Acquiring Fund's prospectus and the Acquired Fund's proxy
materials, legal fees, accounting fees, securities registration fees, and
expenses of holding shareholders' meetings. Notwithstanding any of the
foregoing, expenses will in any event be paid by the party directly incurring
such expenses if and to the extent that the payment by another person of such
expenses would result in the disqualification of such party as a "regulated
investment company" within the meaning of Section 851 of the Code.

10.   ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

      10.1. ING Equity Trust, on behalf of the Acquired Fund, and ING Equity
Trust, on behalf of the Acquiring Fund, agree that neither party has made any
representation, warranty or covenant not set forth herein and that this
Agreement constitutes the entire agreement between the parties.

      10.2. The representations, warranties and covenants contained in this
Agreement or in any document delivered pursuant hereto or in connection herewith
shall survive the consummation of the transactions contemplated hereunder. The
covenants to be performed after the Closing shall survive the Closing.

11.   TERMINATION

      This Agreement may be terminated and the transactions contemplated hereby
may be abandoned by either party by (i) mutual agreement of the parties, or (ii)
by either party if the Closing shall not have occurred on or before July 31,
2004, unless such date is extended by mutual agreement of the parties, or (iii)
by either party if the other party shall have materially breached its
obligations under this Agreement or made a material and intentional
misrepresentation herein or in connection herewith. In the event of any such
termination, this Agreement shall become void and there shall be no liability
hereunder on the part of any party or their respective Trustees or officers,
except for any such material breach or intentional misrepresentation, as to each
of which all remedies at law or in equity of the party adversely affected shall
survive.

12.   AMENDMENTS

      This Agreement may be amended, modified or supplemented in such manner as
may be deemed necessary or advisable by the authorized officers of ING Equity
Trust,

<PAGE>

on behalf of the Acquiring Fund, and ING Equity Trust, on behalf of the
Acquired Fund; provided, however, that following the meeting of the shareholders
of the Acquired Fund called by the ING Equity Trust pursuant to paragraph 5.2 of
this Agreement, no such amendment may have the effect of changing the provisions
for determining the number of the Class A, Class B, and Class C, Class I and
Class Q Acquiring Fund Shares to be issued to the Acquired Fund Shareholders
under this Agreement to the detriment of such shareholders without their further
approval.

13.   NOTICES

      Any notice, report, statement or demand required or permitted by any
provisions of this Agreement shall be in writing and shall be given by
facsimile, personal service or prepaid or certified mail addressed to ING Equity
Trust, on behalf of the Acquiring Fund. or ING Equity Trust, on behalf of the
Acquired Fund, 7337 East Doubletree Ranch Road, Scottsdale, Arizona 85258-2034,
attn: Huey P. Falgout, Jr., in each case with a copy to Dechert LLP, 1775 I
Street, N.W., Washington, D.C. 20006, attn: Jeffrey S. Puretz.

14.   HEADINGS; COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY

      14.1. The Article and paragraph headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

      14.2. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original.

      14.3. This Agreement shall be governed by and construed in accordance with
the laws of the State of Massachusetts without regard to its principles of
conflicts of laws.

      14.4. This Agreement shall bind and inure to the benefit of the parties
hereto and their respective successors and assigns, but no assignment or
transfer hereof or of any rights or obligations hereunder shall be made by any
party without the written consent of the other party. Nothing herein expressed
or implied is intended or shall be construed to confer upon or give any person,
firm or corporation, other than the parties hereto and their respective
successors and assigns, any rights or remedies under or by reason of this
Agreement.

      14.5. It is expressly agreed that the obligations of the parties hereunder
shall not be binding upon any of the Trustees, shareholders, nominees, officers,
agents, or employees of ING Equity Trust personally, but shall bind only the
trust property of the Acquired Fund, as provided in the Declaration of Trust of
ING Equity Trust. The execution and delivery by such officers shall not be
deemed to have been made by any of them individually or to impose any liability
on any of them personally, but shall bind only the trust property of such party.

<PAGE>

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed by its President or Vice President and its seal to be affixed thereto
and attested by its Secretary or Assistant Secretary.

                                            ING EQUITY TRUST on behalf of its
                                            ING MIDCAP OPPORTUNITIES FUND series
Attest:
                                            By:
---------------------------------------
                                                   -----------------------------
Secretary                                   Title:
                                                   -----------------------------

                                            ING EQUITY TRUST on behalf of its
                                            ING GROWTH OPPORTUNITIES FUND series
Attest:
                                            By:
---------------------------------------
                                                   -----------------------------
Secretary                                   Title:
                                                   -----------------------------

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