Document:

EX-10.2

PROMISSORY TERM NOTE

Denver, Colorado February 26, 2009

FOR VALUE RECEIVED, the undersigned, Double Eagle Petroleum Co., a Maryland corporation
(“Borrower”), hereby promises to pay to the order of BANK OF OKLAHOMA, N.A.
(“Lender”), the principal sum equal to its Term Commitment as set forth in the Credit
Agreement (as hereinafter defined), or, if greater or less, the aggregate unpaid principal amount
of the Term Loans made by Lender to Borrower pursuant to the terms of the Credit Agreement (as
hereinafter defined), together with interest on the unpaid principal balance thereof as set forth
in the Credit Agreement, both principal and interest payable as herein provided in lawful money of
the United States of America at the offices of Administrative Agent under the Credit Agreement,
1675 Broadway, Suite 1650, Denver, Colorado 80202 or at such other place within Denver County,
Colorado, as from time to time may be designated by the holder of this Note.

This Note (a) is issued and delivered under that certain Credit Agreement of even date
herewith among Borrower, Bank of Oklahoma, N.A., as Administrative Agent, and the lenders
(including Lender) referred to therein (as from time to time supplemented, amended or restated, the
“Credit Agreement”), and is a “Term Note” as defined therein, (b) is subject to the terms
and provisions of the Credit Agreement, which contains provisions for payments and prepayments
hereunder and acceleration of the maturity hereof upon the happening of certain stated events, and
(c) is secured by and entitled to the benefits of certain Security Documents (as identified and
defined in the Credit Agreement). Payments on this Note shall be made and applied as provided in
the Credit Agreement. Reference is hereby made to the Credit Agreement for a description of
certain rights, limitations of rights, obligations and duties of the parties hereto and for the
meanings assigned to terms used and not defined herein and to the Security Documents for a
description of the nature and extent of the security thereby provided and the rights of the parties
thereto.

The principal amount of this Note, together with all interest accrued hereon, shall be due and
payable in full on the Term Loan Maturity Date.

Notwithstanding the foregoing paragraph and all other provisions of this Note, in no event
shall the interest payable hereon, whether before or after maturity, exceed the maximum interest
which, under applicable Law, may be contracted for, charged, or received on this Note, and this
Note is expressly made subject to the provisions of the Credit Agreement which more fully set out
the limitations on how interest accrues hereon.

If this Note is placed in the hands of an attorney for collection after default, or if all or
any part of the indebtedness represented hereby is proved, established or collected in any court or
in any bankruptcy, receivership, debtor relief, probate or other court proceedings, Borrower and
all endorsers, sureties and guarantors of this Note jointly and severally agree to pay reasonable
attorneys’ fees and collection costs to the holder hereof in addition to the principal and interest
payable hereunder.

Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive
demand, presentment, notice of demand and of dishonor and nonpayment of this Note, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, declaration or notice of
acceleration of the maturity of this Note, diligence in collecting, the bringing of any suit
against any party and any notice of or defense on account of any extensions, renewals, partial
payments or changes in any manner of or in this Note or in any of its terms, provisions and
covenants, or any releases or substitutions of any security, or any delay, indulgence or other act
of any trustee or any holder hereof, whether before or after maturity.

This Note and the rights and duties of the parties hereto shall be governed by the Laws of the
State of Colorado (without regard to principles of conflicts of law), except to the extent the same
are governed by applicable federal Law.

DOUBLE EAGLE PETROLEUM CO.

	 	 	 
	By:
	 	/s/ Kurtis Hooley

	 	 	 

	 	 	Name:

	 	 	Title: Chief Financial OfficerEX-10.3

PROMISSORY REVOLVING NOTE

Denver, Colorado February 26, 2009

FOR VALUE RECEIVED, the undersigned, Double Eagle Petroleum Co., a Maryland corporation
(“Borrower”), hereby promises to pay to the order of Bank AMERICAN NATIONAL BANK,
(“Lender”), the principal sum equal to its Revolving Commitment as set forth in the Credit
Agreement (as hereinafter defined), or, if greater or less, the aggregate unpaid principal amount
of the Revolving Loans made by Lender to Borrower pursuant to the terms of the Credit Agreement (as
hereinafter defined), together with interest on the unpaid principal balance thereof as set forth
in the Credit Agreement, both principal and interest payable as herein provided in lawful money of
the United States of America at the offices of Administrative Agent under the Credit Agreement,
1675 Broadway, Suite 1650, Denver, Colorado 80202 or at such other place within Denver County,
Colorado, as from time to time may be designated by the holder of this Note.

This Note (a) is issued and delivered under that certain Credit Agreement of even date
herewith among Borrower, Bank of Oklahoma, N.A., as Administrative Agent, and the lenders
(including Lender) referred to therein (as from time to time supplemented, amended or restated, the
“Credit Agreement”), and is a “Revolving Note” as defined therein, (b) is subject to the
terms and provisions of the Credit Agreement, which contains provisions for payments and
prepayments hereunder and acceleration of the maturity hereof upon the happening of certain stated
events, and (c) is secured by and entitled to the benefits of certain Security Documents (as
identified and defined in the Credit Agreement). Payments on this Note shall be made and applied
as provided in the Credit Agreement. Reference is hereby made to the Credit Agreement for a
description of certain rights, limitations of rights, obligations and duties of the parties hereto
and for the meanings assigned to terms used and not defined herein and to the Security Documents
for a description of the nature and extent of the security thereby provided and the rights of the
parties thereto.

The principal amount of this Note, together with all interest accrued hereon, shall be due and
payable in full on the Revolving Loan Maturity Date.

Notwithstanding the foregoing paragraph and all other provisions of this Note, in no event
shall the interest payable hereon, whether before or after maturity, exceed the maximum interest
which, under applicable Law, may be contracted for, charged, or received on this Note, and this
Note is expressly made subject to the provisions of the Credit Agreement which more fully set out
the limitations on how interest accrues hereon.

If this Note is placed in the hands of an attorney for collection after default, or if all or
any part of the indebtedness represented hereby is proved, established or collected in any court or
in any bankruptcy, receivership, debtor relief, probate or other court proceedings, Borrower and
all endorsers, sureties and guarantors of this Note jointly and severally agree to pay reasonable
attorneys’ fees and collection costs to the holder hereof in addition to the principal and interest
payable hereunder.

Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive
demand, presentment, notice of demand and of dishonor and nonpayment of this Note, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, declaration or notice of
acceleration of the maturity of this Note, diligence in collecting, the bringing of any suit
against any party and any notice of or defense on account of any extensions, renewals, partial
payments or changes in any manner of or in this Note or in any of its terms, provisions and
covenants, or any releases or substitutions of any security, or any delay, indulgence or other act
of any trustee or any holder hereof, whether before or after maturity.

This Note and the rights and duties of the parties hereto shall be governed by the Laws of the
State of Colorado (without regard to principles of conflicts of law), except to the extent the same
are governed by applicable federal Law.

DOUBLE EAGLE PETROLEUM CO.

	 	 	 
	By:
	 	/s/ Kurtis Hooley

	 	 	 

	 	 	Name:

	 	 	Title: Chief Financial Officer

PROMISSORY REVOLVING NOTE

Denver, Colorado February 26, 2009

FOR VALUE RECEIVED, the undersigned, Double Eagle Petroleum Co., a Maryland corporation
(“Borrower”), hereby promises to pay to the order of BANK OF OKLAHOMA, N.A.,
(“Lender”), the principal sum equal to its Revolving Commitment as set forth in the Credit
Agreement (as hereinafter defined), or, if greater or less, the aggregate unpaid principal amount
of the Revolving Loans made by Lender to Borrower pursuant to the terms of the Credit Agreement (as
hereinafter defined), together with interest on the unpaid principal balance thereof as set forth
in the Credit Agreement, both principal and interest payable as herein provided in lawful money of
the United States of America at the offices of Administrative Agent under the Credit Agreement,
1675 Broadway, Suite 1650, Denver, Colorado 80202 or at such other place within Denver County,
Colorado, as from time to time may be designated by the holder of this Note.

This Note (a) is issued and delivered under that certain Credit Agreement of even date
herewith among Borrower, Bank of Oklahoma, N.A., as Administrative Agent, and the lenders
(including Lender) referred to therein (as from time to time supplemented, amended or restated, the
“Credit Agreement”), and is a “Revolving Note” as defined therein, (b) is subject to the
terms and provisions of the Credit Agreement, which contains provisions for payments and
prepayments hereunder and acceleration of the maturity hereof upon the happening of certain stated
events, and (c) is secured by and entitled to the benefits of certain Security Documents (as
identified and defined in the Credit Agreement). Payments on this Note shall be made and applied
as provided in the Credit Agreement. Reference is hereby made to the Credit Agreement for a
description of certain rights, limitations of rights, obligations and duties of the parties hereto
and for the meanings assigned to terms used and not defined herein and to the Security Documents
for a description of the nature and extent of the security thereby provided and the rights of the
parties thereto.

The principal amount of this Note, together with all interest accrued hereon, shall be due and
payable in full on the Revolving Loan Maturity Date.

Notwithstanding the foregoing paragraph and all other provisions of this Note, in no event
shall the interest payable hereon, whether before or after maturity, exceed the maximum interest
which, under applicable Law, may be contracted for, charged, or received on this Note, and this
Note is expressly made subject to the provisions of the Credit Agreement which more fully set out
the limitations on how interest accrues hereon.

If this Note is placed in the hands of an attorney for collection after default, or if all or
any part of the indebtedness represented hereby is proved, established or collected in any court or
in any bankruptcy, receivership, debtor relief, probate or other court proceedings, Borrower and
all endorsers, sureties and guarantors of this Note jointly and severally agree to pay reasonable
attorneys’ fees and collection costs to the holder hereof in addition to the principal and interest
payable hereunder.

Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive
demand, presentment, notice of demand and of dishonor and nonpayment of this Note, protest, notice
of protest, notice of intention to accelerate the maturity of this Note, declaration or notice of
acceleration of the maturity of this Note, diligence in collecting, the bringing of any suit
against any party and any notice of or defense on account of any extensions, renewals, partial
payments or changes in any manner of or in this Note or in any of its terms, provisions and
covenants, or any releases or substitutions of any security, or any delay, indulgence or other act
of any trustee or any holder hereof, whether before or after maturity.

This Note and the rights and duties of the parties hereto shall be governed by the Laws of the
State of Colorado (without regard to principles of conflicts of law), except to the extent the same
are governed by applicable federal Law.

DOUBLE EAGLE PETROLEUM CO.

	 	 	 
	By:
	 	/s/ Kurtis Hooley

	 	 	 

	 	 	Name:

	 	 	Title: Chief Financial Officer

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