Document:

<PAGE>

                                                                     Exhibit 4.6

                                    GUARANTY
                                    --------

     THIS GUARANTY (this "Guaranty") is dated as of the ____ day of
__________________, _____, by WHITING PETROLEUM CORPORATION, formerly known as
Whiting Petroleum Holdings, Inc., a Delaware corporation ("Guarantor"), in favor
of BANK ONE, NA, with its main office in Chicago, Illinois, and each of the
other financial institutions listed on Schedule 1.1 to the Credit Agreement (as
hereinafter defined) as Banks, and each of their successors and assigns as
permitted pursuant to the Credit Agreement (Bank One, NA, acting as a Bank but
not as Administrative Agent, and each of the other Banks listed on Schedule 1.1
of the Credit Agreement, and each of their successors and assigns are
collectively referred to herein as "Noteholders").

                              W I T N E S S E T H:

     WHEREAS, Whiting Oil and Gas Corporation, formerly known as Whiting
Petroleum Corporation, a Delaware corporation ("Borrower"), Noteholders, Bank
One, NA, with its main office in Chicago, Illinois, as Administrative Agent
("Administrative Agent") and the other agents a party to the Credit Agreement
are parties to that certain Credit Agreement (as amended by that certain First
Amendment to Credit Agreement dated as of January 7, 2003, that certain Second
Amendment to Credit Agreement dated as of June ____, 2003, that certain Third
Amendment to Credit Agreement dated as of October ___, 2003 [the "Third
Amendment"], and as otherwise amended, restated, supplemented or otherwise
modified from time to time, the "Credit Agreement") dated as of December 20,
2002, pursuant to which Noteholders have made a revolving credit loan to
Borrower and agreed to issue and participate in letters of credit issued on
behalf of Borrower (unless otherwise defined herein, all terms used herein with
their initial letter capitalized shall have the meaning given such terms in the
Credit Agreement); and

     WHEREAS, pursuant to the terms of the Third Amendment, Guarantor is
obligated to execute and deliver this Guaranty; and

     WHEREAS, Guarantor has determined that valuable benefits will be derived by
it as a result of the Credit Agreement and the extension of credit made (and to
be made) by Noteholders thereunder; and

     WHEREAS, Guarantor has further determined that the benefits accruing to it
from the Credit Agreement exceed Guarantor's anticipated liability under this
Guaranty.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged and confessed, Guarantor hereby covenants and
agrees as follows:

     1. Guarantor hereby absolutely and unconditionally guarantees the prompt,
complete and full payment when due, no matter how such shall become due, of the
Obligations, and further guarantees that Borrower will properly and timely
perform the Obligations. Notwithstanding any contrary provision in this
Guaranty, however, Guarantor's maximum liability under this Guaranty is limited,
to the extent, if any, required so that its liability is not

                                       A-1

<PAGE>

subject to avoidance under applicable Debtor Relief Laws (as such term is
defined in Paragraph 8 hereof).

     2. If Guarantor is or becomes liable for any indebtedness owing by Borrower
to any Noteholder by endorsement or otherwise than under this Guaranty, such
liability shall not be in any manner impaired or affected hereby, and the rights
of Noteholders hereunder shall be cumulative of any and all other rights that
Noteholders may ever have against Guarantor, it being understood that the
foregoing does not extend the liability of Guarantor under this Guaranty beyond
the liability of Guarantor as set forth in Paragraph 1 hereof. The exercise by
any Noteholder of any right or remedy hereunder or under any other instrument,
at law or in equity, shall not preclude the concurrent or subsequent exercise of
any other right or remedy.

     3. In the event of default by Borrower in payment of the Obligations, or
any part thereof, when such Obligations become due, either by their terms or as
the result of the exercise of any power to accelerate, Guarantor shall, on
demand, and without further notice of dishonor and without any notice having
been given to Guarantor previous to such demand of the acceptance by Noteholders
of this Guaranty, and without any notice having been given to such Guarantor
previous to such demand of the creating or incurring of such Obligations, pay
the amount due thereon to Noteholders at Administrative Agent's office as set
forth in the Credit Agreement, and it shall not be necessary for any Noteholder,
in order to enforce such payment by Guarantor, first, to institute suit or
exhaust its remedies against Borrower or others liable on such Obligations, to
have Borrower joined with Guarantor in any suit brought under this Guaranty or
to enforce their rights against any security which shall ever have been given to
secure such indebtedness; provided, however, that in the event any Noteholder
elects to enforce and/or exercise any remedies they may possess with respect to
any security for the Obligations prior to demanding payment from Guarantor,
Guarantor shall nevertheless be obligated hereunder for any and all sums still
owing to Noteholders on the Obligations and not repaid or recovered incident to
the exercise of such remedies.

     4. Notice to Guarantor of the acceptance of this Guaranty and of the
making, renewing or assignment of the Obligations and each item thereof, are
hereby expressly waived by Guarantor.

     5. Each payment on the Obligations shall be deemed to have been made by
Borrower unless express written notice is given to Noteholders at the time of
such payment that such payment is made by Guarantor as specified in such notice.

     6. If all or any part of the Obligations at any time are secured, Guarantor
agrees that Administrative Agent and/or Noteholders may at any time and from
time to time, at their discretion and with or without valuable consideration,
allow substitution or withdrawal of collateral or other security and release
collateral or other security or compromise or settle any amount due or owing
under the Credit Agreement or amend or modify in whole or in part the Credit
Agreement or any Loan Paper executed in connection with same without impairing
or diminishing the obligations of Guarantor hereunder. Guarantor further agrees
that if Borrower executes in favor of any Noteholder any collateral agreement,
mortgage or other security instrument, the exercise by any Noteholder of any
right or remedy thereby conferred on such Noteholder shall be wholly
discretionary with such Noteholder, and that the exercise or failure to

                                       A-2

<PAGE>

exercise any such right or remedy shall in no way impair or diminish the
obligation of Guarantor hereunder. Guarantor further agrees that Noteholders and
Administrative Agent shall not be liable for their failure to use diligence in
the collection of the Obligations or in preserving the liability of any Person
liable for the Obligations, and Guarantor hereby waives presentment for payment,
notice of nonpayment, protest and notice thereof (including, notice of
acceleration), and diligence in bringing suits against any Person liable on the
Obligations, or any part thereof.

     7. Guarantor agrees that Noteholders, in their discretion, may (a) bring
suit against all guarantors (including, without limitation, Guarantor hereunder)
of the Obligations jointly and severally or against any one or more of them, (b)
compound or settle with any one or more of such guarantors for such
consideration as Noteholders may deem proper, and (c) release one or more of
such guarantors from liability hereunder, and that no such action shall impair
the rights of Noteholders to collect the Obligations (or the unpaid balance
thereof) from other such guarantors of the Obligations, or any of them, not so
sued, settled with or released. Guarantor agrees, however, that nothing
contained in this paragraph, and no action by Noteholders permitted under this
paragraph, shall in any way affect or impair the rights or obligations of such
guarantors among themselves.

     8. Guarantor represents and warrants to each Noteholder that (a) Guarantor
is a corporation duly incorporated and validly existing under the laws of the
State of Delaware; (b) Guarantor possesses all requisite authority and power to
authorize, execute, deliver and comply with the terms of this Guaranty; (c) this
Guaranty has been duly authorized and approved by all necessary action on the
part of Guarantor and constitutes a valid and binding obligation of Guarantor
enforceable in accordance with its terms, except as (1) the enforcement thereof
may be limited by applicable Debtor Relief Laws, and (2) the availability of
equitable remedies may be limited by equitable principles of general
applicability; and (d) no approval or consent of any court or governmental
entity is required for the authorization, execution, delivery or compliance with
this Guaranty which has not been obtained (and copies thereof delivered to
Noteholders). As used in this Guaranty, the term "Debtor Relief Laws" means the
Bankruptcy Code of the United States of America and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments or similar
debtor relief laws from time to time in effect affecting the rights of creditors
generally.

     9. Guarantor covenants and agrees that until the Obligations are paid and
performed in full, except as otherwise provided in the Credit Agreement or
unless Noteholders give their prior written consent to any deviation therefrom,
it will (a) at all times maintain its existence and authority to transact
business in any state or jurisdiction where Guarantor has assets and operations,
except where the failure to maintain such existence or authority would not have
a Material Adverse Effect, (b) promptly deliver to Noteholders and to
Administrative Agent such information respecting its business affairs, assets
and liabilities as Noteholders may reasonably request, and (c) duly and
punctually observe and perform all covenants applicable to Guarantor under the
Credit Agreement and the other Loan Papers. The failure of Guarantor to comply
with the terms of this paragraph shall be an Event of Default under the Credit
Agreement.

     10. This Guaranty is for the benefit of Noteholders, their successors and
assigns, and in the event of an assignment by Noteholders (or their successors
or assigns) of the Obligations, or any part thereof, the rights and benefits
hereunder, to the extent applicable to the Obligations

                                       A-3

<PAGE>

so assigned, may be transferred with such Obligations. This Guaranty is binding
upon Guarantor and its successors and assigns.

     11. No modification, consent, amendment or waiver of any provision of this
Guaranty, nor consent to any departure by Guarantor therefrom, shall be
effective unless the same shall be in writing and signed by each Noteholder, and
then shall be effective only in the specific instance and for the purpose for
which given. No notice to or demand on Guarantor in any case shall, of itself,
entitle Guarantor to any other or further notice or demand in similar or other
circumstances. No delay or omission by Noteholders in exercising any power or
right hereunder shall impair any such right or power or be construed as a waiver
thereof or any acquiescence therein, nor shall any single or partial exercise of
any such power preclude other or further exercise thereof, or the exercise of
any other right or power hereunder. All rights and remedies of Noteholders
hereunder are cumulative of each other and of every other right or remedy which
Noteholders may otherwise have at law or in equity or under any other contract
or document, and the exercise of one or more rights or remedies shall not
prejudice or impair the concurrent or subsequent exercise of other rights or
remedies.

     12. No provision herein or in any promissory note, instrument or any other
Loan Paper executed by Borrower or Guarantor evidencing the Obligations shall
require the payment or permit the collection of interest in excess of the
Maximum Lawful Rate. If any excess of interest in such respect is provided for
herein or in any such promissory note, instrument, or any other Loan Paper, the
provisions of this paragraph shall govern, and neither Borrower nor Guarantor
shall be obligated to pay the amount of such interest to the extent that it is
in excess of the amount permitted by law. The intention of the parties being to
conform strictly to any applicable federal or state usury laws now in force, all
promissory notes, instruments and other Loan Papers executed by Borrower or
Guarantor evidencing the Obligations shall be held subject to reduction to the
amount allowed under said usury laws as now or hereafter construed by the courts
having jurisdiction.

     13. If Guarantor should breach or fail to perform any provision of this
Guaranty, Guarantor agrees to pay Noteholders all costs and expenses (including
court costs and reasonable attorneys fees) incurred by Noteholders in the
enforcement hereof.

     14. (a) The liability of Guarantor under this Guaranty shall in no manner
be impaired, affected or released by the insolvency, bankruptcy, making of an
assignment for the benefit of creditors, arrangement, compensation, composition
or readjustment of Borrower, or any proceedings affecting the status, existence
or assets of Borrower or other similar proceedings instituted by or against
Borrower and affecting the assets of Borrower.

          (b) Guarantor acknowledges and agrees that any interest on any portion
of the Obligations which accrues after the commencement of any proceeding
referred to in clause (a) of this Paragraph 14 above (or, if interest on any
portion of the Obligations ceases to accrue by operation of law by reason of the
commencement of said proceeding, such interest as would have accrued on such
portion of the Obligations if said proceedings had not been commenced) shall be
included in the Obligations because it is the intention of Guarantor,
Administrative Agent and Noteholders that the Obligations which are guaranteed
by Guarantor pursuant to this Guaranty should be determined without regard to
any rule of law or order which may relieve Borrower of

                                       A-4

<PAGE>

any portion of such Obligations. Guarantor will permit any trustee in
bankruptcy, receiver, debtor in possession, assignee for the benefit of
creditors or similar Person to pay Noteholders or Administrative Agent, or allow
the claim of Noteholders or Administrative Agent in respect of, any such
interest accruing after the date on which such proceeding is commenced.

          (c) In the event that all or any portion of the Obligations are paid
by Borrower, the obligations of Guarantor hereunder shall continue and remain in
full force and effect or be reinstated, as the case may be, in the event that
all or any part of such payment(s) are rescinded or recovered directly or
indirectly from Administrative Agent or any Noteholder as a preference,
fraudulent transfer or otherwise, and any such payments which are so rescinded
or recovered shall constitute Obligations for all purposes under this Guaranty.

     15. Guarantor understands and agrees that any amounts of Guarantor on
account with any Noteholder may, after the occurrence and during the continuance
of an Event of Default, be offset to satisfy the obligations of Guarantor
hereunder.

     16. Guarantor hereby subordinates and makes inferior any and all
indebtedness now or at any time hereafter owed by Borrower to Guarantor to the
Obligations evidenced by the Credit Agreement and agrees after the occurrence
and during the continuance of a Default or an Event of Default under the Credit
Agreement, or any event which with notice, lapse of time, or both, would
constitute a Default under the Credit Agreement, not to permit Borrower to
repay, or to accept payment from Borrower of, such indebtedness or any part
thereof without the prior written consent of Noteholders.

     17. During the period that Banks have any commitment to lend or participate
in Letter of Credit Exposure under the Loan Papers, or any amount payable under
any Note remains unpaid or any Letter of Credit remains outstanding, and
throughout any additional preferential period subsequent thereto, Guarantor
hereby waives any and all rights of subrogation to which Guarantor may otherwise
be entitled against Borrower, or any other guarantor of the Obligations, as a
result of any payment made by Guarantor pursuant to this Guaranty.

     18. As of the date hereof, the fair saleable value of the property of
Guarantor is greater than the total amount of liabilities (including contingent
and unliquidated liabilities) of Guarantor, and Guarantor is able to pay all of
its liabilities as such liabilities mature and Guarantor does not have
unreasonably small capital within the meaning of Section 548, Title 11, United
States Code, as amended. In computing the amount of contingent or liquidated
liabilities, such liabilities have been computed at the amount which, in light
of all the facts and circumstances existing as of the date hereof, represents
the amount that can reasonably be expected to become an actual or matured
liability.

     19. If any provision of this Guaranty is held to be illegal, invalid, or
unenforceable, such provision shall be fully severable, this Guaranty shall be
construed and enforced as if such illegal, invalid, or unenforceable provision
had never comprised a part hereof, and the remaining provisions hereof shall
remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision or by its severance herefrom. Furthermore,
in lieu of such illegal, invalid, or unenforceable provision there shall be
added automatically as a part of this

                                       A-5

<PAGE>

Guaranty a provision as similar in terms to such illegal, invalid, or
unenforceable provision as may be possible and be legal, valid and enforceable.

     20. (a) Except to the extent required for the exercise of the remedies
provided in the other security instruments, Guarantor hereby irrevocably submits
to the nonexclusive jurisdiction of any Texas state or federal court over any
action or proceeding arising out of or relating to this Guaranty or any other
Loan Paper, and Guarantor hereby irrevocably agrees that all claims in respect
of such action or proceeding may be heard and determined in such Texas state or
federal court. Guarantor hereby irrevocably waives, to the fullest extent
permitted by Law, any objection which it may now or hereafter have to the laying
of venue of any Litigation arising out of or in connection with this Guaranty or
any of the Loan Papers brought in district courts of Dallas County, Texas, or in
the United States District Court for the Northern District of Texas, Dallas
Division. Guarantor hereby irrevocably waives any claim that any Litigation
brought in any such court has been brought in an inconvenient forum. Guarantor
hereby irrevocably consents to the service of process out of any of the
aforementioned courts in any such Litigation by the delivery of copies thereof
by Federal Express or other nationally recognized overnight delivery service, to
Guarantor's office at 1700 Broadway, Suite 2300, Denver, Colorado 80290-2301,
Attn: James J. Volker, with a copy to Foley & Lardner, 777 East Wisconsin
Avenue, Milwaukee, Wisconsin 53202, Attn: Emory Ireland. Guarantor irrevocably
agrees that any legal proceeding against Noteholders shall be brought in the
district courts of Dallas County, Texas, or in the United States District Court
for the Northern District of Texas, Dallas Division. Nothing herein shall affect
the right of Noteholder to commence legal proceedings or otherwise proceed
against Guarantor in any jurisdiction or to serve process in any manner
permitted by applicable law. As used herein, the term "Litigation" means any
proceeding, claim, lawsuit or investigation (1) conducted or threatened by or
before any court or governmental department, commission, board, bureau, agency
or instrumentality of the United States or of any state, commonwealth, nation,
territory, possession, county, parish, or municipality, whether now or hereafter
constituted or existing, or (2) pending before any public or private arbitration
board or panel.

          (b) Nothing in this Paragraph 20 shall affect any right of any
Noteholder to serve legal process in any other manner permitted by law or affect
the right of any Noteholder to bring any action or proceeding against Guarantor
in the courts of any other jurisdictions.

          (c) To the extent that Guarantor has or hereafter may acquire any
immunity from jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its property,
Guarantor hereby irrevocably waives such immunity in respect of its obligations
under this Guaranty and the other Loan Papers.

     21. THIS GUARANTY AND THE OTHER LOAN PAPERS COLLECTIVELY REPRESENT THE
FINAL AGREEMENT BY AND AMONG NOTEHOLDERS, ADMINISTRATIVE AGENT AND GUARANTOR AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF NOTEHOLDERS, AGENT AND GUARANTOR. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG NOTEHOLDERS, ADMINISTRATIVE AGENT AND GUARANTOR.

                                       A-6

<PAGE>

     22. GUARANTOR, FOR ITSELF, ITS SUCCESSORS AND ASSIGNS, HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ITS RIGHT TO A JURY TRIAL, IN
ANY LITIGATION ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OF THE
OTHER LOAN PAPERS.

     23. THIS GUARANTY AND THE OTHER LOAN PAPERS SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS.

     EXECUTED and effective as of the date first above written.

                                                GUARANTOR:

                                                WHITING PETROLEUM CORPORATION, a
                                                Delaware corporation

                                                By: ____________________________
                                                Name: __________________________
                                                Title: _________________________

                                       A-7<PAGE>

                                                                    Exhibit 10.1

                           MASTER SEPARATION AGREEMENT

     This Master Separation Agreement (this "Agreement"), dated ______________,
2003, is by and among Whiting Petroleum Corporation, a Delaware corporation
("WPC"), Whiting Oil and Gas Corporation, a Delaware corporation ("Whiting"),
Alliant Energy Corporation, a Wisconsin corporation ("Alliant Energy"), and
Alliant Energy Resources, Inc., a Wisconsin corporation ("Resources").

                                    RECITALS

     WHEREAS, Resources owns 1,000 shares of common stock, par value $1.00 per
share, of Whiting (the "Whiting Common Stock"), such stock being all of the
issued and outstanding capital stock of Whiting;

     WHEREAS, Resources desires to transfer all of the Whiting Common Stock to
WPC in exchange for (i) the issuance by WPC to Resources of _______________
shares of Common Stock, par value $0.001 per share, of WPC (the "WPC Common
Stock"), which will constitute all of the issued and outstanding capital stock
of WPC upon issuance, (ii) the issuance by WPC to Resources of a promissory note
in the principal amount of $3,000,000, (iii) the execution of a Tax Separation
and Indemnification Agreement in the form attached hereto as Exhibit A (the "Tax
Separation and Indemnification Agreement") and (iv) the other consideration
described in this Agreement (such transactions are referred to herein as the
"Exchange"), and WPC desires to effect the Exchange;

     WHEREAS, Resources and WPC desire the exchange to be treated, for tax
purposes only, as the sale by Whiting of all its assets followed by Whiting's
liquidation, pursuant to an election by Resources and WPC under Section
338(h)(10) of the Internal Revenue Code of 1986, as amended, and the
corresponding provisions under state, local and foreign law;

     WHEREAS, prior to the execution of this Agreement, Alliant Energy,
Resources, WPC and Whiting have entered into a purchase agreement, dated as of
___________, 2003, with the underwriters named therein (the "Purchase
Agreement") providing for the binding obligation by Resources to sell __________
shares of WPC Common Stock in an underwritten public offering (the "IPO"), and
providing to the underwriters an option to purchase up to an additional
__________ shares of WPC Common Stock from Resources; and

     WHEREAS, WPC, Whiting, Alliant Energy and Resources desire to enter into
this Agreement to set forth their agreement regarding certain corporate
governance matters and certain other matters with respect to the ongoing
relationship between WPC, Whiting, Alliant Energy and Resources after the IPO.

     NOW THEREFORE, in consideration of the representations, warranties and
covenants of the parties contained herein, and for good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

<PAGE>

                                   ARTICLE I
                         REPRESENTATIONS AND WARRANTIES

     Section 1.1 Representations of Alliant Energy and Resources. Alliant Energy
and Resources hereby represent and warrant to WPC and Whiting that:

          (a) The Whiting Common Stock is lawfully owned of record by Resources
     and beneficially owned by Alliant Energy.

          (b) Alliant Energy and Resources have full legal right, power and
     authority to enter into this Agreement and to sell, assign, transfer and
     convey the Whiting Common Stock hereunder.

          (c) The delivery of the Whiting Common Stock to WPC pursuant to this
     Agreement will transfer to WPC valid title to the Whiting Common Stock,
     free and clear of all liens, encumbrances, restrictions and claims of every
     kind.

          (d) The execution, delivery and performance by Alliant Energy and
     Resources of this Agreement have been duly authorized by all necessary
     corporate action.

          (e) This Agreement has been duly executed and delivered by Alliant
     Energy and Resources and, assuming the due authorization, execution and
     delivery of this Agreement by WPC and Whiting, represents a valid and
     binding obligation of Alliant Energy and Resources, enforceable against
     Alliant Energy and Resources in accordance with its terms, subject to
     bankruptcy, insolvency and other laws affecting creditors' rights generally
     and subject to general equitable principles.

     Section 1.2 Representations of WPC. WPC hereby represents and warrants to
Alliant Energy and Resources that:

          (a) Upon the issuance of the WPC Common Stock to Resources pursuant to
     this Agreement, the WPC Common Stock shall constitute all of the issued and
     outstanding capital stock of WPC.

          (b) WPC has full legal right, power and authority to enter into this
     Agreement and to issue the WPC Common Stock hereunder.

          (c) The delivery of the WPC Common Stock to Resources pursuant to this
     Agreement will transfer to Resources valid title to the WPC Common Stock,
     free and clear of all liens, encumbrances, restrictions and claims of every
     kind.

          (d) The execution, delivery and performance by WPC of this Agreement
     have been duly authorized by all necessary corporate action.

          (e) This Agreement has been duly executed and delivered by WPC and,
     assuming the due authorization, execution and delivery of this Agreement by
     Alliant Energy, Resources and Whiting, represents a valid and binding
     obligation of WPC, enforceable against WPC in accordance with its terms,
     subject to bankruptcy, insolvency and other laws affecting creditors'
     rights generally and subject to general equitable principles.

                                     - 2 -

<PAGE>

          (f) WPC is acquiring the Whiting Common Stock for investment and not
     with a view toward distribution in violation of any applicable securities
     laws.

          (g) WPC hereby represents that it has no present plan or intention to
     (i) enter into any transaction a significant purpose of which is to reduce
     the amount of tax benefits otherwise payable to Resources under the Tax
     Separation and Indemnification Agreement, (ii) enter into any transaction
     which may result in the disqualification or invalidation of the Section
     338(h)(10) Election (as that term is defined in the Tax Separation and
     Indemnification Agreement), which transactions include but are not limited
     to the merger, liquidation, conversion or other corporate transactions
     involving Whiting which may result in the Internal Revenue Service (or
     other applicable tax authority, as the case may be) disqualifying or
     invalidating any Section 338(h)(10) Election, or (iii) sell, distribute or
     otherwise dispose of any assets of WPC (including the stock of Whiting
     acquired pursuant to this Agreement) or Whiting other than assets disposed
     of by Whiting in the ordinary course of business.

          (h) WPC has not engaged in any business or activities other than such
     actions as are necessary to prepare and execute the documents and take
     actions necessary or desirable for the IPO.

     Section 1.3 Representations of Whiting. Whiting hereby represents and
warrants to Alliant Energy and Resources that:

          (a) The Whiting Common Stock constitutes all of the issued and
     outstanding capital stock of Whiting.

          (b) The execution, delivery and performance by Whiting of this
     Agreement have been duly authorized by all necessary corporate action.

          (c) This Agreement has been duly executed and delivered by Whiting
     and, assuming the due authorization, execution and delivery of this
     Agreement by Alliant Energy, Resources and WPC, represents a valid and
     binding obligation of Whiting, enforceable against Whiting in accordance
     with its terms, subject to bankruptcy, insolvency and other laws affecting
     creditors' rights generally and subject to general equitable principles.

                                   ARTICLE II
                                  THE EXCHANGE

     Section 2.1 Exchange of Stock. Effective as of immediately prior to the
closing of the IPO, Resources will sell, assign, transfer and convey to WPC all
of the Whiting Common Stock. In consideration of, and effective concurrently
with such transfer, WPC will (a) issue to Resources all of the WPC Common Stock,
(b) issue to Resources a promissory note in the aggregate principal amount of
$3,000,000 in the form attached hereto as Exhibit B (the "Note"), and (c)
deliver the executed Tax Separation and Indemnification Agreement.

     Section 2.2 Deliveries. Effective immediately prior to the closing of the
IPO, (a) Resources will deliver to WPC stock certificates in proper form for
transfer representing the Whiting Common Stock, duly endorsed in blank or
accompanied by appropriate stock powers

                                     - 3 -

<PAGE>

executed by Resources, (b) WPC will deliver to Resources stock certificates in
proper form for transfer representing the WPC Common Stock and (c) WPC will
deliver to Resources the Note.

                                  ARTICLE III
                      IPO AND CORPORATE GOVERNANCE MATTERS

     Section 3.1 Actions Prior to IPO.

          (a) Until such time as WPC issues stock and any such stock is
     registered with the Securities and Exchange Commission under the Securities
     Act of 1933, as amended (the "Securities Act"), and trades on a public
     market, WPC will not engage in any business other than taking such actions
     as are necessary or desirable to effect the IPO.

          (b) Prior to the closing of the IPO or the earlier termination of the
     Purchase Agreement, Resources shall not be entitled to vote the WPC Common
     Stock or to receive dividends in respect thereof.

     Section 3.2 Board of Directors.

          (a) In connection with any election of directors of WPC or Whiting, as
     the case may be, so long as Alliant Energy beneficially own shares of WPC
     Common Stock representing at least 10% of the outstanding shares of WPC
     Common Stock, Alliant Energy shall have the right to designate and WPC and
     Whiting shall cause the nomination of such number of directors of WPC and
     Whiting, respectively, such that after such election (assuming all such
     Alliant Energy designees are elected to the Board of Directors), the number
     of directors to be designated by Alliant Energy will be equal to the
     product (rounded up to the nearest whole number) of (i) the percentage of
     the voting power of the outstanding shares of WPC Common Stock beneficially
     owned by Alliant Energy multiplied by (ii) the total number of members of
     WPC's Board of Directors or Whiting's Board of Directors, as the case may
     be; provided that in no event shall the number of directors designated by
     Alliant Energy pursuant to this provision constitute less than one member
     of WPC's Board of Directors or Whiting's Board of Directors. If a vacancy
     occurs or exists on the WPC or Whiting Board of Directors at any time,
     including but not limited to a vacancy because of the death, disability,
     retirement, resignation or removal of any director for cause or otherwise,
     and the vacant position was held by a director designated by Alliant
     Energy, then Alliant Energy shall have the sole right to designate an
     individual to fill such vacancy and, subject to the fiduciary duties of
     directors, the WPC Board of Directors or the Whiting Board of Directors, as
     the case may be, shall elect such nominee to fill such vacancy. To the
     extent permitted by law, WPC shall use its reasonable best efforts to
     solicit from the stockholders of WPC eligible to vote for the election of
     directors proxies in favor of the nominees designated by WPC's Board of
     Directors in accordance with this Section 3.2(a). WPC shall vote its shares
     of Whiting Common Stock in favor of the nominees designated by Whiting's
     Board of Directors in accordance with this Section 3.2(a).

          (b) If at any time the total number of directors of WPC or Whiting is
     increased or decreased, then the number of directors that Alliant Energy
     shall have the right to designate pursuant to Section 3.2(a) shall as
     promptly as practicable be increased or decreased so that the adjusted
     ratio of directors designated by Alliant Energy to the total number of
     directors is not less than the ratio of directors designated by Alliant
     Energy (determined immediately prior to such

                                     - 4 -

<PAGE>

     increase or decrease in accordance with the provisions of Section 3.2(a))
     to the total number of directors of WPC or Whiting, as the case may be,
     immediately prior to such increase or decrease, as the case may be (the
     "Ratio"). In such event, Alliant Energy and WPC and/or Whiting, as the case
     may be, shall take such steps consistent with the provisions of Section
     3.2(a) to effectuate such increase or decrease of directors designated by
     Alliant Energy in relation to the Ratio as rapidly as reasonably possible.

          (c) If the number of Alliant Energy designees serving on the WPC Board
     of Directors or Whiting Board of Directors shall at any time exceed the
     number of Alliant Energy designees determined pursuant to Sections 3.2(a)
     and 3.2(b) (such difference being called the "Excess Director Number"),
     then Alliant Energy shall cause a number of Alliant Energy designees equal
     to the Excess Director Number to promptly resign from the WPC Board of
     Directors or Whiting Board of Directors.

     Section 3.3 Definition of Covered Action. For purposes of this Agreement, a
"Covered Action" shall mean any of the following actions:

          (a) The issuance by WPC or Whiting of equity securities or securities
     convertible into, exchangeable for, or options or rights to acquire any
     equity securities of WPC (except for securities issued pursuant to any of
     WPC's or Whiting's employee stock option or employee benefits plans);

          (b) The declaration, setting aside, making or payment of any dividend
     or other distribution, payable in cash, stock, property or otherwise, with
     respect to any of WPC's capital stock;

          (c) The direct or indirect redemption, repurchase or other acquisition
     by WPC of any of its capital stock;

          (d) Any merger or consolidation of WPC or Whiting with or into any
     person or the consummation of a similar business combination, transaction
     or series of transactions;

          (e) Any amendment to WPC's certificate of incorporation or by-laws;

          (f) The taking of any action, or recommending to WPC's stockholders
     any action that would impose any limitation on the rights of a stockholder
     of WPC or that would deny any benefit to a stockholder of WPC
     proportionately as a holder of WPC Common Stock that is made available to
     other holders of WPC Common Stock;

          (g) The adoption by WPC of a stockholder rights plan, a "poison pill"
     plan or similar plan; or

          (h) The adoption of a plan of complete or partial liquidation,
     dissolution or winding-up of the business of WPC or Whiting.

     Section 3.4 Corporate Action Regarding Covered Actions.

          (a) So long as Alliant Energy beneficially owns 10% or more of the WPC
     Common Stock, WPC and Whiting agree not to take, or enter into any
     agreement in writing or

                                     - 5 -

<PAGE>

     otherwise to take, a Covered Action unless such Covered Action has been
     first submitted to Alliant Energy for its approval and Alliant Energy has
     approved such Covered Action in writing in accordance with the provisions
     of Section 3.4(b).

          (b) Any request for Alliant Energy's approval of a Covered Action
     shall be submitted in writing to Alliant Energy by notice which shall (i)
     describe the Covered Action in reasonable detail, and include reasonably
     sufficient information (including such information as is given or will be
     given to the WPC and/or Whiting Board of Directors) for Alliant Energy to
     make a determination pursuant to this Section 3.4(b) and (ii) indicate that
     such notice is a formal request for Alliant Energy's approval pursuant to
     this Agreement. WPC shall promptly provide Alliant Energy with all
     information requested by Alliant Energy which is in the possession of, or
     reasonably obtainable by, WPC and relates to the Covered Action. Alliant
     Energy shall in good faith use its commercially reasonable efforts to
     respond to such request as expeditiously as possible, but shall in no event
     respond later than ten business days after receipt of such notice (or such
     later date as WPC and Alliant Energy shall agree).

                                   ARTICLE IV
                                OTHER AGREEMENTS

     Section 4.1 Registration Rights Agreement. Immediately following the
execution and delivery of this Agreement, Alliant Energy, Resources and WPC
shall execute and deliver the Registration Rights Agreement attached hereto as
Exhibit C (the "Registration Rights Agreement").

     Section 4.2 Tax Separation and Indemnification Agreement. Immediately
following the execution and delivery of this Agreement, Alliant Energy,
Resources, WPC and Whiting shall execute and deliver the Tax Separation and
Indemnification Agreement.

     Section 4.3 Service Agreement. Alliant Energy and Resources agree that,
following the consummation of the Exchange, neither WPC nor Whiting shall be
required to use any services provided by Alliant Energy or its Affiliates (as
defined in Section 8.1). If WPC and/or Whiting request any services to be
provided by Alliant Energy or its Affiliates, such services shall be provided
pursuant to that certain Services Agreement (Non-Utility Companies), dated May
22, 1998, among Alliant Industries, Inc. (n/k/a Alliant Energy Resources, Inc.),
IPC Development Company, Inc. and Alliant Services Company, Inc. (n/k/a Alliant
Energy Corporate Services, Inc.) until such time as Alliant Energy beneficially
owns less than ten percent (10%) of the outstanding shares of WPC Common Stock.

                                    ARTICLE V
                                  PUHCA MATTERS

     Section 5.1 Compliance with PUHCA. For so long as WPC or Whiting remains a
"subsidiary company", as defined under the Public Utility Holding Company Act of
1935, as amended ("PUHCA"), of Alliant Energy, WPC agrees that it will, and will
cause Whiting and WPC's other direct or indirect subsidiaries to comply with all
applicable provisions of PUHCA and all applicable rules, regulations and orders
promulgated or issued by the Securities and Exchange Commission (the "SEC")
under PUHCA.

                                     - 6 -

<PAGE>

     Section 5.2 Energy Asset Investments. Alliant Energy agrees that WPC and
Whiting shall collectively be entitled to the use of up to $300 million of the
total authority to make investments in "energy assets" (as defined in the SEC
Omnibus Order, dated October 3, 2001, relating to Alliant Energy (the "SEC
Order")) granted to Alliant Energy pursuant to the SEC Order. Each of Alliant
Energy, WPC and Whiting agrees to cooperate with each other and to use its
reasonable best efforts to obtain an order from the SEC to the effect set forth
in Post-Effective Amendment No. 3 to the Application or Declaration on Form U-1
under PUHCA (File No. 70-9891) filed with the SEC on September 18, 2003, which
would provide WPC and Whiting authority to invest up to $800 million at any one
time outstanding in "energy assets" (including existing investments in "energy
assets" of the date of the IPO), provided that such order will not materially
decrease Alliant Energy's ability to continue to make limited investments in
"energy assets." WPC and Whiting shall be responsible for any and all costs
associated with seeking or obtaining such an order.

     Section 5.3 Exemption from PUHCA. Whiting and/or WPC may seek a no-action
letter, order or other determination by the SEC or its staff, to the extent
available, that Whiting and/or WPC will not be considered a "subsidiary company"
of Alliant Energy under PUHCA. At WPC's and/or Whiting's request, Alliant Energy
shall cooperate with WPC and Whiting and use its reasonable best efforts to
assist WPC and Whiting in obtaining such a determination. WPC and Whiting shall
be responsible for any and all costs associated with seeking or obtaining such a
determination.

                                   ARTICLE VI
                             EMPLOYEE BENEFIT PLANS

     Section 6.1 Phantom Equity Plan.

          (a) WPC and Whiting hereby represent and warrant to Alliant Energy and
     Resources that the Whiting Petroleum Corporation Phantom Equity Plan (the
     "Phantom Plan") has been amended effective prior to the date hereof to
     provide that any and all issuances of stock pursuant to the Phantom Plan
     shall be made with shares of WPC Common Stock.

          (b) WPC and Whiting agree to withhold from payments to participants
     under the Phantom Plan through withholding of shares of WPC Common Stock
     all amounts required by law and to pay all such amounts to the Internal
     Revenue Service or other appropriate federal, state or local governmental
     agency. Alliant Energy shall make a capital contribution to Whiting equal
     to the aggregate amount of the withholding tax amounts to be paid to the
     Internal Revenue Service and other appropriate federal, state or local
     governmental agencies in the manner set forth in the Tax Separation and
     Indemnification Agreement.

          (c) WPC and Whiting agree to terminate the Phantom Plan as soon as all
     payments to participants arising out of the Triggering Event (as defined in
     the Phantom Plan) caused by the IPO have been made.

                                      - 7 -

<PAGE>

                                   ARTICLE VII
                              ACCESS TO INFORMATION

     Section 7.1 Financial Information. For so long as Alliant Energy
beneficially owns at least 10% of the outstanding shares of WPC Common Stock,
and with respect to any financial reporting period during which Alliant Energy
beneficially owned at least 10% of the outstanding shares of WPC Common Stock:

          (a) WPC shall provide to Alliant Energy within a mutually agreed upon
     period after the end of each fiscal quarter and of each fiscal year, the
     unaudited balance sheet, income statement and statement of cash flows of
     WPC and its subsidiaries as of the end of such period;

          (b) WPC shall provide to Alliant Energy such financial information or
     documents in the possession of WPC or any of its subsidiaries as Alliant
     Energy may reasonably request;

          (c) WPC shall provide to Alliant Energy on a monthly basis such
     management and other periodic reports related to financial information in
     form and substance consistent with the practice of Whiting as of the date
     of this Agreement; and

          (d) WPC shall provide Alliant Energy with access to the employees and
     other advisors of WPC and its subsidiaries who participated in the
     preparation and review of the financial statements and management and
     periodic reports provided to Alliant Energy pursuant to this Section 8.1.

     Section 7.2 Audit Rights. WPC shall allow, and shall cause Whiting to
allow, on reasonable notice, Alliant Energy or its representatives to audit or
review the affairs of WPC or Whiting, including (a) having access to (and taking
copies of) the records of WPC and Whiting (and the working papers of their
accountants) and (b) having access to the premises of WPC, Whiting or any
subsidiary of WPC or Whiting and the ability to consult and discuss matters with
the auditors, advisors and management of WPC and Whiting (during normal office
hours). WPC and Whiting shall cooperate fully with Alliant Energy and its
representatives in connection with any such audit or review. In addition, WPC
and Whiting shall use all reasonable efforts to allow the independent
accountants of Alliant Energy to audit the working papers of and to assist in
any review undertaken by WPC's or Whiting's independent accountants. Alliant
Energy shall coordinate its efforts in good faith with, and work with and
through, the Audit Committee of WPC's Board of Directors and WPC's or Whiting's
internal audit department to accomplish such objectives.

                                  ARTICLE VIII
                                Guarantee by WPC

     Section 8.1 Guarantee. WPC irrevocably and unconditionally guarantees to
Alliant Energy and Resources the due performance by Whiting and its Affiliates
(as defined below) of their respective covenants, obligations and duties,
whether now or hereafter existing, to Alliant Energy and Resources and their
respective Affiliates under the Tax Separation and Indemnification Agreement so
that in the event Whiting or its Affiliates fail to observe or perform any
covenant, obligation or duty on their part to be observed or performed
thereunder, WPC will

                                     - 8 -

<PAGE>

observe and perform that covenant, obligation or duty, as the case may be.
"Affiliate", for purposes of this Agreement, means any person or entity that
immediately following the IPO or at any time thereafter directly or indirectly
controls or is controlled by or is under the common control of the party
referred to and includes, without limitation, any subsidiary whose parent owns
50% or more of its voting securities. Notwithstanding the foregoing, for
purposes of this Agreement, (a) Affiliates of Alliant Energy or Resources shall
not include any entities that would not be Affiliates of Alliant Energy or
Resources but for Resources owning shares of WPC or an officer or director of
Resources or Alliant Energy serving as an officer or director of WPC, and (b)
Affiliates of WPC shall not include Alliant Energy, Resources or any Affiliates
of Alliant Energy or Resources.

     Section 8.2 No Discharge of Liability. The liability of WPC pursuant to
this Article VIII shall not be discharged or affected in any way by (a) the
granting of an extension of time or other indulgence or concession to any of
Whiting or its Affiliates under the Tax Separation and Indemnification
Agreement, (b) any amendment to the Tax Separation and Indemnification
Agreement, (c) any compromise, release, abandonment, waiver, variation or
relinquishment of the rights of any of Alliant Energy or Resources or their
respective Affiliates against any of Whiting or its Affiliates under the Tax
Separation and Indemnification Agreement or by any omission to enforce such
rights, (d) any present or future law, regulation or order of any jurisdiction
or of any agency thereof purporting to reduce, amend, restructure or otherwise
affect any term of any obligation of Whiting or its Affiliates under the Tax
Separation and Indemnification Agreement, or (e) any other act, omission,
dealing or matter whatsoever (including, without limitation, any change in the
certificate of incorporation or bylaws of any of Whiting or its Affiliates or
the liquidation, dissolution, reorganization or merger of any of Whiting or its
Affiliates) that would or might release WPC from any or all of its obligations
under this Article VIII.

     Section 8.3 Term. The guarantee provided under this Article VIII shall be
continuing and shall remain in full force and effect until 120 days after the
due performance, observance and fulfillment by Whiting and its Affiliates of all
of their respective covenants, terms, provisions and conditions contained in the
Tax Separation and Indemnification Agreement. Notwithstanding the foregoing, if
at any time after the termination of the guarantee provided under this Article
VIII pursuant to the preceding sentence, any payment made under the Tax
Separation and Indemnification Agreement is rescinded or must be returned or
repaid due to the insolvency, bankruptcy or reorganization of any of Whiting or
its Affiliates or pursuant to any provision of the Tax Separation and
Indemnification Agreement, the guarantee provided under this Article VIII shall
be reinstated.

     Section 8.4 No Waiver or Prejudice. The guarantee provided under this
Article VIII is in addition to and shall not waive or prejudice or be waived or
prejudiced by any other guarantee, indemnity, security, claim, right or remedy
against any third party that any of Alliant Energy or Resources or their
respective Affiliates may have for the due performance of the obligations
guaranteed hereby, including, without limitation, any rights that any of Alliant
Energy or Resources or their respective Affiliates may have against any of WPC
or Whiting or any of their respective Affiliates under the Tax Separation and
Indemnification Agreement or otherwise at law or equity.

     Section 8.5 Amounts Recoverable. Any amount not paid by Whiting or its
Affiliates properly due under the Tax Separation and Indemnification Agreement
and not recoverable from

                                     - 9 -

<PAGE>

WPC on the basis of a guarantee (whether because of any legal limitation,
disability or incapacity on the part of Whiting or its Affiliates or any other
matter or thing, whether or not known to Alliant Energy or Resources or their
respective Affiliates) shall be nevertheless recoverable from WPC on the basis
of a full indemnity.

     Section 8.6 Remedies. WPC shall be deemed to be primarily and jointly and
severally liable with Whiting and its Affiliates to observe and perform the
covenants, obligations and duties on the respective parts of Whiting and its
Affiliates under the Tax Separation and Indemnification Agreement and to
indemnify Alliant Energy and Resources and their respective Affiliates in
respect of all those matters for which Whiting and its Affiliates are
responsible to Alliant Energy and Resources and their respective Affiliates
under the Tax Separation and Indemnification Agreement. Alliant Energy and
Resources and their respective Affiliates may require WPC to observe and perform
all such covenants, obligations and duties as aforesaid and to indemnify Alliant
Energy and Resources and their respective Affiliates as aforesaid without first
(or ever) taking proceedings against Whiting or its Affiliates or any other
persons. WPC waives any right that it may have to require any of Alliant Energy
or Resources or their respective Affiliates to proceed against Whiting, its
Affiliates or any other person or to exhaust any security held by any of Alliant
Energy, Resources, their respective Affiliates or any other person, or to pursue
any other remedy in its power.

     Section 8.7 No Subrogation. WPC hereby waives and shall have no right of
subrogation with respect to any payment made pursuant to its guarantee under
this Article VIII.

     Section 8.8 Waiver of Formalities. WPC hereby waives all presentment,
demands for performance, protests, notices of nonperformance, protest, dishonor,
amendment or acceptance of the guarantee, and any other formality with respect
to any of the obligations of the guarantee under this Article VIII.

                                   ARTICLE IX
                                INDEMNIFICATION

     Section 9.1 Indemnification of WPC and its Affiliates.

          (a) Alliant Energy and Resources, jointly and severally, shall
     indemnify and hold WPC, Whiting, their respective officers and directors
     and each person, if any, who controls WPC or Whiting within the meaning of
     either Section 11 of the Securities Act or Section 20 of the Securities
     Exchange Act of 1934, as amended (the "WPC Indemnified Parties"), harmless
     from:

               (i) Any and all losses, liabilities, claims and damages the
          substance of which are based solely on the information provided by
          Alliant Energy about Alliant Energy or Resources set forth under the
          headings "Stock Ownership of Management and Selling Stockholder" and
          "Relationship with Alliant Energy Corporation" in the Registration
          Statement on Form S-1 (Registration No. 333-107341) filed with the SEC
          with respect to the IPO (such Registration Statement, as amended, is
          hereinafter called the "IPO Registration Statement");

               (ii) Any losses, liabilities, claims and damages resulting from
          the breach of any representation, warranty or covenant by Alliant
          Energy or Resources set forth in this

                                     - 10 -

<PAGE>

          Agreement, the Registration Rights Agreement or the Tax Separation and
          Indemnification Agreement; and

               (iii) Any reasonable costs or expenses, including reasonable
          attorneys' fees and expenses (subject to certain limitations when
          Alliant Energy is defending the claim in accordance with Section
          9.1(c)), of the WPC Indemnified Parties incident to a loss, liability,
          claim or damage for which the WPC Indemnified Parties are entitled to
          be indemnified pursuant to Section 9.1(a)(i) or 9.1(a)(ii) above.

          (b) The indemnity obligation under this Section 9.1 shall apply
     without regard to whether the loss, liability, claim, damage, cost or
     expense for which indemnity is claimed hereunder was caused by the
     negligence of any of the WPC Indemnified Parties (whether such negligence
     be sole, joint or concurrent, active or passive), or whether such loss,
     liability, claim, damage, cost or expense is based on strict liability,
     absolute liability or arising as an obligation or contribution.

          (c) After receipt by a WPC Indemnified Party of notice, or a WPC
     Indemnified Party's actual discovery, of any action, proceeding, claim,
     demand, or potential claim that could give rise to a right to
     indemnification pursuant to any provision of this Agreement (any of which
     is individually referred to as a "WPC Circumstance"), such WPC Indemnified
     Party shall give Alliant Energy written notice describing the WPC
     Circumstance in reasonable detail; provided, however, that no delay by such
     WPC Indemnified Party in notifying Alliant Energy shall relieve Alliant
     Energy and Resources from any liability or obligation hereunder unless (and
     then solely to the extent) Alliant Energy's or Resources' position is
     actually adversely prejudiced. In the event Alliant Energy notifies WPC
     within fifteen days after such notice that Alliant Energy is assuming the
     defense thereof, (i) Alliant Energy will defend the WPC Indemnified Parties
     against the WPC Circumstances with counsel of its choice, provided such
     counsel is reasonably satisfactory to WPC, (ii) the WPC Indemnified Parties
     may retain separate co-counsel at its or their sole cost and expense
     (except that Alliant Energy will be responsible for the fees and expenses
     for the separate co-counsel to the extent WPC reasonably concludes that the
     counsel Alliant Energy has selected has a conflict of interest), (iii) the
     WPC Indemnified Parties will not consent to the entry of any judgment or
     enter into any settlement with respect to the WPC Circumstances without the
     written consent of Alliant Energy and (iv) Alliant Energy will not consent
     to the entry of any judgment with respect to the WPC Circumstances, or
     enter into any settlement which does not include a provision whereby the
     plaintiff or claimant in the matter releases the WPC Indemnified Parties
     from all liability with respect thereto, without the written consent of
     WPC. In the event Alliant Energy does not notify WPC within fifteen (15)
     days after a WPC Indemnified Party has given notice of the WPC Circumstance
     that Alliant Energy is assuming the defense thereof, the WPC Indemnified
     Parties may defend against, or enter into any settlement with respect to,
     the WPC Circumstance in any manner the WPC Indemnified Parties reasonably
     may deem appropriate, at Alliant Energy's cost.

          (d) Indemnification under this Section 9.1 shall be in addition to any
     remedies the WPC Indemnified Parties may have at law or equity; provided,
     however, that in no event shall Alliant Energy and Resources (considered
     for this purpose as one entity) be obligated to the WPC Indemnified Parties
     under this Agreement or otherwise to pay in connection with this Agreement
     or otherwise any amount in excess of the aggregate net proceeds received by
     Resources in the IPO.

                                     - 11 -

<PAGE>

     Section 9.2 Indemnification of Alliant Energy and Its Affiliates.

          (a) WPC and Whiting, jointly and severally, shall indemnify and hold
     Alliant Energy and Resources, their respective officers and directors, and
     each person, if any, who controls Alliant Energy or Resources within the
     meaning of either Section 11 of the Securities Act or Section 20 of the
     Securities Exchange Act of 1934, as amended (the "Alliant Energy
     Indemnified Parties"), harmless from:

               (i) Any and all losses, liabilities, claims and damages related
          to the conduct of the business of WPC and Whiting prior to and after
          the IPO, except (1) any losses, liabilities, claims or damages arising
          out of Resources' guarantees to (A) Point Arguello Pipeline Company
          and its partners of the obligations of Whiting Programs, Inc. under
          that certain Guaranty Agreement, dated November 30, 1994, (B) Point
          Arguello Natural Gas Line Company and its partners of the obligations
          of Whiting Programs, Inc. under that certain Guaranty Agreement, dated
          November 30, 1994 and (C) Gaviota Gas Plant Company and its partners
          of the obligations of Whiting Programs, Inc. under that certain
          Guaranty Agreement, dated November 30, 1994 or (2) any losses,
          liabilities, claims and damages related to the issuance by Alliant
          Energy of shares of its common stock in connection with the
          acquisition by Whiting of Okie Crude Company, Elba Gas Company, Kimble
          Gas Gathering Company, Okie Energy Company, Keener Energy Company and
          Golden Gas Production Company;

               (ii) Any and all losses, liabilities, claims and damages related
          to the IPO or the IPO Registration Statement, including any and all
          amounts payable by Alliant Energy or Resources pursuant to the
          indemnification or contribution provisions of the Purchase Agreement,
          except any losses, liabilities, claims or damages the substance of
          which are based solely on the information provided by Alliant Energy
          about Alliant Energy or Resources set forth under the headings "Stock
          Ownership of Management and Selling Stockholder" and "Relationship
          with Alliant Energy Corporation" in the IPO Registration Statement;

               (iii) Any losses, liabilities, claims and damages resulting from
          the breach of any representation, warranty or covenant by WPC or
          Whiting set forth in this Agreement, the Registration Rights Agreement
          or the Tax Separation and Indemnification Agreement; and

               (iv) Any reasonable costs or expenses, including reasonable
          attorneys' fees and expenses (subject to certain limitations when WPC
          is defending the claim in accordance with Section 9.2(c)), of the
          Alliant Energy Indemnified Parties incident to a loss, liability,
          claim or damage for which the Alliant Energy Indemnified Parties are
          entitled to be indemnified pursuant to Section 9.2(a)(i), 9.2(a)(ii)
          or 9.2(a)(iii) above.

          (b) The indemnity obligation under this Section 9.2 shall apply
     without regard to whether the loss, liability, claim, damage, cost or
     expense for which indemnity is claimed hereunder was caused by the
     negligence of any of the Alliant Energy Indemnified Parties (whether such
     negligence be sole, joint or concurrent, active or passive), or whether
     such loss, liability, claim, damage, cost or expense is based on strict
     liability, absolute liability or arising as an obligation or contribution.

                                     - 12 -

<PAGE>

          (c) After receipt by an Alliant Energy Indemnified Party of notice, or
     an Alliant Energy Indemnified Party's actual discovery, of any action,
     proceeding, claim, demand, or potential claim that could give rise to a
     right to indemnification pursuant to any provision of this Agreement (any
     of which is individually referred to as an "Alliant Energy Circumstance"),
     such Alliant Energy Indemnified Party shall give WPC written notice
     describing the Alliant Energy Circumstance in reasonable detail; provided,
     however, that no delay by such Alliant Energy Indemnified Party in
     notifying WPC shall relieve WPC or Whiting from any liability or obligation
     hereunder unless (and then solely to the extent) WPC's or Whiting's
     position is actually adversely prejudiced. In the event WPC notifies such
     Alliant Energy Indemnified Party within fifteen (15) days after such notice
     that WPC is assuming the defense thereof, (i) WPC will defend the Alliant
     Energy Indemnified Parties against the Alliant Energy Circumstances with
     counsel of its choice, provided such counsel is reasonably satisfactory to
     Alliant Energy, (ii) the Alliant Energy Indemnified Parties may retain
     separate co-counsel at its or their sole cost and expense (except that WPC
     will be responsible for the fees and expenses for the separate co-counsel
     to the extent Alliant Energy reasonably concludes that the counsel WPC has
     selected has a conflict of interest), (iii) the Alliant Energy Indemnified
     Parties will not consent to the entry of any judgment or enter into any
     settlement with respect to the Alliant Energy Circumstances without the
     written consent of WPC and (iv) WPC will not consent to the entry of any
     judgment with respect to the Alliant Energy Circumstances, or enter into
     any settlement which does not include a provision whereby the plaintiff or
     claimant in the matter releases the Alliant Energy Indemnified Parties from
     all liability with respect thereto, without the written consent of Alliant
     Energy. In the event WPC does not notify Alliant Energy within fifteen (15)
     days after an Alliant Energy Indemnified Party has given notice of the
     Alliant Energy Circumstance that WPC is assuming the defense thereof, the
     Alliant Energy Indemnified Parties may defend against, or enter into any
     settlement with respect to, the Alliant Energy Circumstance in any manner
     the Alliant Energy Indemnified Parties reasonably may deem appropriate, at
     WPC's cost.

          (d) Indemnification under this Section 9.2 shall be in addition to any
     remedies the Alliant Energy Indemnified Parties may have at law or equity.

     Section 9.3 Contribution. If the indemnification provided for in this
Article IX from the indemnifying party is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses
referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages, liabilities or
expenses in such proportion as is appropriate to reflect the relative fault of
the indemnifying party and indemnified party in connection with the actions
which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made by, or relates to information supplied by,
such indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action. The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and expenses referred to above shall be deemed to include,
subject to the limitations set forth in this Article IX, any legal or other fees
or expenses reasonably incurred by such party in connection with any
investigation or proceeding. No party shall be liable for contribution with
respect to any

                                     - 13 -

<PAGE>

action or claim settled without its written consent, which consent shall not be
unreasonably withheld.

     The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 9.3 were determined by pro rata allocation
or by any other method of allocation which does not take into account the
equitable considerations referred to in the immediately preceding paragraph. No
person guilty of fraudulent misrepresentation (with the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

                                    ARTICLE X
                                  MISCELLANEOUS

     Section 10.1 Expenses of IPO. Alliant Energy shall pay all of the fees and
expenses incurred by Alliant Energy or WPC in connection with the registration
and sale of shares of WPC Common Stock in the IPO, including all underwriting
discounts and commissions applicable to the sale of the shares of WPC Common
Stock to be sold by Resources in the IPO and including all fees and expenses
that are identified in Part II of the IPO Registration Statement; provided,
however, that WPC shall pay all legal, accounting and advisory fees that relate
to the ongoing business of WPC or Whiting and that were requested by WPC and/or
Whiting.

     Section 10.2 Notices. All notices and other communications under this
Agreement shall be in writing and shall be deemed given (a) when delivered by
hand or mail, (b) when transmitted by facsimile, with confirmation of receipt,
or (c) one business day after being sent by Express Mail, Federal Express or
other express delivery service with next day delivery, to the addressee at the
following address or facsimile number (or to such other address or facsimile
number as a party may specify from time to time by notice hereunder):

          If to Alliant Energy or Resources:

                  Alliant Energy Corporation
                  4902 North Biltmore Lane
                  Madison, Wisconsin 53718
                  Attn: Thomas L. Hanson
                  Facsimile No.: (608) 458-4824

          with copies to:

                  Alliant Energy Corporation
                  4902 North Biltmore Lane
                  Madison, Wisconsin 53718
                  Attn: Barbara J. Swan, Esq.
                  Facsimile No.: (608) 458-0143

                                     - 14 -

<PAGE>

                  Alliant Energy Resources, Inc.
                  1086 Cedar Woods Road
                  Cedar Rapids, Iowa 52403
                  Attn: Thomas L. Aller
                  Facsimile No.: (319) 786-7720

                  Foley & Lardner
                  777 East Wisconsin Avenue, Suite 3800
                  Milwaukee, Wisconsin  53202
                  Attn: Benjamin F. Garmer, III, Esq.
                  Facsimile No.: (414) 297-4900

         If to WPC or Whiting:

                  Whiting Petroleum Corporation
                  1700 Broadway, Suite 2300
                  Denver, Colorado 80290
                  Attn: James J. Volker
                  Facsimile No.: (303) 861-4023

         With a copy to:

                  Welborn Sullivan Meck & Tooley, P.C.
                  821 17th Street, Suite 500
                  Denver, Colorado 80202
                  Attn: Kendor P. Jones, Esq.
                  Facsimile No.: (303) 832-2366

     Section 10.3 Note. Without limiting the means by which WPC may obtain funds
to pay the principal and interest due to Resources on the Note, Alliant Energy
and Resources agree that WPC may use the proceeds of any issuance of equity by
WPC permitted under this Agreement to repay the principal and interest due to
Resources on the Note.

     Section 10.4 Entire Agreement. This Agreement, together with the
Registration Rights Agreement and the Tax Separation and Indemnification
Agreement, constitutes the entire agreement of the parties with respect to the
subject matter hereof, supersedes all prior agreements and understandings
between them, and may not be modified, amended or terminated except by a written
agreement signed by all of the parties hereto.

     Section 10.5 Waivers. No waiver of any breach or default hereunder shall be
considered valid unless in writing and signed by the party giving such waiver,
and no such waiver shall be deemed a waiver of any subsequent breach or default
of the same or similar nature.

     Section 10.6 Successors and Assigns. This Agreement shall inure to the
benefit of, and be binding upon Alliant Energy, Resources, WPC and Whiting and
their respective permitted successors and assigns and may not be assigned in
whole or in part by either of them without the prior written consent of the
other parties, and any such attempted assignment without such consent shall be
null and void, except that Alliant Energy or Resources may assign its rights
hereunder to

                                     - 15 -

<PAGE>

an Affiliate of Alliant Energy without the prior written consent of WPC or its
permitted successors or assigns.

     Section 10.7 Severability. Any term or provision of this Agreement which is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdictions, it being intended that
all rights and obligations of the parties hereunder shall be enforceable to the
fullest extent permitted by law.

     Section 10.8 Counterparts. This Agreement may be executed simultaneously in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

     Section 10.9 Choice of Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Wisconsin without
reference to the choice of law principles thereof.

     Section 10.10 Third Parties. Except as provided in Article IX hereof with
respect to the WPC Indemnified Parties and the Alliant Energy Indemnified
Parties, nothing in this Agreement is intended to confer any rights or remedies
under or by reason of this Agreement on any persons other than the parties
hereto and their Affiliates and respective permitted successors and assigns.

     Section 10.11 Headings. The Article and Section headings contained herein
are for the purpose of convenience only and are not intended to define or limit
the contents of such Articles and Sections and shall be given no effect in the
construction or interpretation of this Agreement. The term "including" or
"include" shall mean "including, without limitation," and the subsequent listing
of any matters shall in no event be construed to limit or narrow the breadth of
the preceding clause or matter. Any reference to an Article or Section herein
shall be deemed to be a reference to that Article or Section hereof.

     Section 10.12 Rules of Construction. Each of Alliant Energy, Resources, WPC
and Whiting agree that (a) the normal rule of construction to the effect that
any ambiguities are to be resolved against the drafting party shall not be
employed in the interpretation or construction of this Agreement, and (b) no
usage of trade, course of dealing, course of performance or enforcement or
surrounding circumstances shall be used in interpreting or construing this
Agreement.

     Section 10.13 Injunctions. The parties hereto agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not
performed in accordance with their specific terms or were otherwise breached.
Therefore, the parties hereto shall be entitled to an injunction or injunctions
to prevent breach of the provisions of this Agreement and to enforce
specifically the terms and provisions hereof in any court having jurisdiction,
such remedy being in addition to any other remedy to which they may be entitled
at law or in equity.

                                     - 16 -

<PAGE>

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

                              ALLIANT ENERGY CORPORATION

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

                              ALLIANT ENERGY RESOURCES, INC.

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

                              WHITING PETROLEUM CORPORATION

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

                              WHITING OIL AND GAS CORPORATION

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

                                     - 17 -

<PAGE>

                                    EXHIBIT B
                                  FORM OF NOTE

$3,000,000                                                     ___________, 2003

     FOR VALUE RECEIVED, Whiting Petroleum Corporation, a Delaware corporation
(the "Borrower"), hereby promises to pay to the order of Alliant Energy
Resources, Inc., a Wisconsin corporation ("Resources"), or its assignees,
without setoff or counterclaim, the principal sum of Three Million Dollars
($3,000,000), payable on [Insert date two years after closing of IPO].

     The unpaid principal balance hereof shall bear interest, payable on [Insert
date two years after closing of IPO], computed a rate of 5% per annum. Interest
shall be calculated by the actual number of days elapsed, using a daily rate
determined by dividing the annual rate by 360. All principal, interest and other
amounts unpaid after Default (as defined below) shall bear interest, payable on
demand, computed at a rate equal to 2% per annum plus the rate otherwise payable
hereunder.

     All amounts payable on this note shall be payable in lawful money of the
United States of America in immediately available funds to such account of
Resources as Resources may designate, free and clear of, and without deduction
for or on account of, any and all present and future taxes, levies, imposts,
deductions, charges, withholdings and all liabilities with respect thereto.

     This Note may be prepaid in full or in part at any time without premium or
penalty. All such prepayments shall be applied against the final principal
payment hereof due at maturity.

     Borrower grants to Resources a security interest and lien in any credit
balance or other money now or hereafter owed Borrower by Resources, and agrees
that Resources may, at any time and without notice or demand, set off against
any such credit balance or other money any amount unpaid under this note,
whether or not due.

     Without affecting the liability of any maker, endorser, surety or
guarantor, the holder may, from time to time and without notice, renew or extend
the time for payment, accept partial payments, release or impair any collateral
security for payment of this note, or agree not to sue any party liable on it.

     If any payment is not made when due or if the holder shall in good faith
deem itself insecure (in each case, a "Default"), the unpaid balance of this
Note shall, at the option of the holder and without notice or demand, mature and
become immediately payable.

     This Note is the "Note" referred to in, and is issued by the Borrower
under, that certain Master Separation Agreement, dated as of ________, 2003,
among the Borrower, Resources, Whiting Oil and Gas Corporation and Alliant
Energy Corporation (the "Master Separation Agreement").

     All parties hereto, whether as makers, endorsers, or otherwise, severally
waive presentment for payment, demand, protest and notice of dishonor.

     The Borrower hereby agrees to indemnify the holder hereof against any loss,
cost or expense incurred by such holder in connection with the enforcement of
any and all rights

<PAGE>

pertaining to this Note, including, without limitation, all court costs,
reasonable attorneys' fees and other costs of collection. No delay on the part
of the holder hereof in exercising any of its options, powers or rights, or any
partial or single exercise thereof, shall constitute a waiver thereof.

     This Note shall be governed by and construed in accordance with the laws of
the State of Wisconsin, without giving effect to choice of law or conflicts of
laws principles.

                                    WHITING PETROLEUM CORPORATION

                                    By:_________________________________________

                                    Name: ______________________________________

                                    Title: _____________________________________

                                     - 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]