Document:

<PAGE>

EXHIBIT 10.6
                             FIRST SEISMIC CORPORATION

                            EMPLOYEES' STOCK OPTION PLAN

I.       PURPOSE

         The Employees' Stock Option Plan ("Plan") provides for the grant of
Stock Options, Stock Appreciation Rights, Limited Rights and Supplemental
Bonuses to Employees of First Seismic Corporation (the "Company"), and such
of its subsidiaries (as defined in Section 425(f) of the Internal Revenue
Code of 1986 (the "Code")) as the Board of Directors of the Company (the
"Board") shall from time to time designate ("Participating Subsidiaries"), in
order to advance the interests of the Company and its Participating
Subsidiaries through the motivation, attraction and retention of their
respective Employees.

II.      INCENTIVE STOCK OPTIONS AND NON-INCENTIVE STOCK OPTIONS

         The Stock Options granted under the Plan may be either;

         (a) Incentive Stock Options ("ISOs") which are intended to be
         "Incentive Stock Options" as that term is defined in Section 422A of
         the Code; or

         (b) Nonstatutory Stock Options ("NSOs") which are intended to be
         options that do not qualify as "Incentive Stock Options" under
         Section 422A of the Code.

All Stock Options shall be ISOs unless the Option Agreement clearly
designates the Stock Options granted thereunder, or a specified portion
thereof, as NSOs. Subject to the other provisions of the Plan, a Participant
may receive ISOs and NSOs at the same time, provided that the ISOs and NSOs
are clearly designated as such.

         Except as otherwise expressly provided herein, all of the provisions
and requirements of the Plan relating to Stock Options shall apply to ISOs
and NSOs.

III.     ADMINISTRATION

         3.1  COMMITTEE.  With respect to grants of Stock Options to
Employees other than directors of the Company and grants of Stock
Appreciation Rights, Limited Rights and Supplemental Bonuses to Employees
other than officers and directors of the Company, the Plan shall be
administered by a committee ("Committee") composed of at least three members
of the Board of Directors. With respect to grants of Stock Options to
directors and grants of Stock Appreciation Rights, Limited Rights and
Supplemental Bonuses to officers and directors, the Plan shall be
administered by the Board of Directors, a majority of whom are Disinterested
Persons and a majority of the Directors acting on Plan matters are
Disinterested Persons, or by a committee of three more

<PAGE>

persons, all of whom are Disinterested Persons. Such committee may be the
Committee if all of the members thereof are Disinterested Persons, or a
special committee appointed by the Board of Directors composed of at least
three Disinterested Persons. The Committee or the Board, as the case may be,
shall have full authority to administer the Plan, including authority to
interpret and construe any provision of the Plan and any Stock Option, Stock
Appreciation Right, Limited Right or Supplemental Bonus granted thereunder,
and to adopt such rules and regulations for administering the Plan as it may
deem necessary in order to comply with the requirements of the Code or in
order that Stock Options that are intended to be ISOs will be classified as
incentive stock options under the Code, or in order to conform to any
regulation or to any change in any law or regulation applicable thereto. The
Committee or the Board may delegate any of its responsibilities under the
Plan, other than its responsibility to grant Stock Options or Limited Rights,
to determine whether the Stock Appreciation Rights or Supplemental Bonuses,
if any, payable to a Participant shall be paid in cash, in shares of Common
Stock or a combination thereof, or to interpret and construe the Plan. The
Board of Directors may reserve to itself any of the authority granted to the
Committee as set forth herein, and it may perform and discharge all of the
functions and responsibilities of the Committee at any time that a duly
constituted Committee is not appointed and serving. All references in this
Plan to the "Committee" shall be deemed to refer to the Board of Directors
whenever the Board is discharging the powers and responsibilities of the
Committee, and to any special committee appointed by the Board to administer
particular aspects of the Plan.

         3.2  ACTIONS OF COMMITTEE.  All actions taken and all
interpretations and determinations made by the Committee in good faith
(including determinations of Fair Market Value) shall be final and binding
upon all Participants, the Company and all other interested persons. No
member of the Committee shall be personally liable for any action,
determination or interpretation made in good faith with respect to the Plan,
and all members of the Committee shall, in addition to their rights as
directors, be fully protected by the Company with respect to any such action,
determination or interpretation.

IV.      DEFINITIONS

         4.1  "STOCK OPTION".  A Stock Option is the right granted under the
Plan to an Employee to purchase, at such time or times and at such price or
prices ("Option Price") as are determined by the Committee, the number of
shares of Common Stock determined by the Committee.

         4.2  "STOCK APPRECIATION RIGHT".  A Stock Appreciation Right is the
right to receive payment, in shares of Common Stock, cash or a combination of
shares of Common Stock and cash, of the Redemption Value of a specified
number of shares of Common Stock then purchasable under a Stock Option.

         4.3  "REDEMPTION VALUE".  The Redemption Value of shares of Common
Stock purchasable under a Stock Option shall be the amount, if any, by which
the Fair Market Value of one share of Common Stock on the date on which the
Stock Option is exercised exceeds the Option Price for such share.

                                      -2-
<PAGE>

         4.4  "COMMON STOCK".  A share of Common Stock means a share of
authorized but unissued or reacquired Common Stock (par value $.01 per share)
of the Company.

         4.5  "FAIR MARKET VALUE".  If the Common Stock is not traded
publicly, the Fair Market Value of a share of Common Stock on any date shall
be determined, in good faith, by the Board or the Committee after such
consultation with outside legal, accounting and other experts as the Board or
the Committee may deem advisable, and the Board or the Committee shall
maintain a written record of its method of determining such value. If the
Common Stock is traded publicly, the Fair Market Value of a share of Common
Stock on any date shall be the average of the representative closing bid and
asked prices, as quoted by the National Association of Securities Dealers
through NASDAQ (its automated system for reporting quotes), for the date in
question or, if the Common Stock is listed on the NASDAQ National Market
System or is listed on a national stock exchange, the officially quoted
closing price on NASDAQ or such exchange, as the case may be, on the date in
question.

         4.6  "EMPLOYEE".  An Employee is an employee of the Company or any
Participating Subsidiary.

         4.7  "LIMITED RIGHT".  A Limited Right is the right to receive
payment, in cash, following a Change in Control, of an amount equal to the
product computed by multiplying (i) the excess of (a) the higher of (x) the
Minimum Price Per Share, if the Change in Control occurs as a result of a
Transaction, tender offer or exchange offer, or (y) the highest Fair Market
Value per share during the period commencing thirty days prior to a Change in
Control and ending immediately prior to the date the Limited Right is
exercised, over (b) the Option Price per share of a specified number of
shares of Common Stock then purchasable under a Stock Option to which such
Limited Right relates, by (ii) the number of shares of Common Stock as to
which such Limited Right is being exercised.

         4.8  "MINIMUM PRICE PER SHARE".  Minimum Price Per Share means the
highest gross price (before brokerage commissions and soliciting dealer's
fees) paid or to be paid for a share of Common Stock (whether by way of
exchange, conversion, distribution or upon liquidation or otherwise) in any
Transaction, tender offer or exchange offer occurring prior to the date on
which such Limited Right is exercised. If the consideration paid or to be
paid in any such Transaction, tender offer or exchange offer shall consist,
in whole or in part, of consideration other than cash, the Committee shall
take such action, as in its judgment it deems appropriate, to establish the
cash value of such consideration, but such valuation shall not be less than
the value, if any, attributed to such consideration by any party to such
Transaction, tender offer or exchange offer other than the Company.

         4.9  "PARTICIPANT".  A Participant is an Employee to whom a Stock
Option, Stock Appreciation Right or Supplemental Bonus is granted.

         4.10  "DISINTERESTED PERSON".  A Disinterested Person is a person
who, at the time he exercises discretion in administering the Plan, is not
eligible, and has not at

                                      -3-
<PAGE>

any time within one year prior thereto been eligible for selection as a
person to whom Stock Options, Stock Appreciation Rights, Limited Rights or
Supplemental Bonuses may be granted under this Plan or any similar plan of
the Company.

         4.11  "SUPPLEMENTAL BONUS".  A Supplemental Bonus is the right to
receive payment, in shares of Common Stock, cash or a combination of shares
of Common Stock and cash, of an amount determined under Section 7.7.

         4.12  "CHANGE OF CONTROL".  The term "Change of Control" shall mean
any of the following events:

               (A)  The acquisition by any person as Beneficial Owner (as
         defined in Rule 13d-3 of the General Rules and Regulations under the
         Securities Exchange Act of 1934, as amended), directly or
         indirectly, in one or more transactions, without the consent of the
         Company's Board of Directors, of thirty-five percent (35%) or more
         of the combined voting power of the outstanding shares of capital
         stock of the Company entitled to vote generally in the election of
         directors.

              (B)  Individuals who at the beginning of any period of three
         (3) consecutive years constitute the entire Board of Directors of
         the Company shall for any reason, other than for reasons of death,
         disability or voluntary resignation, during such period cease to
         constitute a majority thereof.

              (C)  A change of control of a nature that would be required to
         be reported in response to Item 6(e) of Schedule 14A of Regulation
         14A promulgated under the Securities Exchange Act of 1934, as
         amended.

              (D)  The stockholders of the Company approve a Transaction.

For purposes of this Plan, the Board of Directors may, by resolution, clarify
the date as of which a Change of Control shall be deemed to have occurred.

         4.13  "TRANSACTION".  A Transaction is (A) any consolidation or
merger of the Company in which the Company is not the surviving corporation
other than a merger solely to effect a reincorporation or a merger of the
Company as to which stockholder approval is not required pursuant to Sections
251(f) or 253 of the Delaware General Corporation Law, or (B) any sale,
lease, exchange or other transfer (in one transaction or a series of related
transactions) of 50% or more of the assets or earnings power of the Company,
or (C) the adoption of any plan or proposal for the liquidation or
dissolution of the Company.

                                      -4-
<PAGE>

V.       ELIGIBILITY AND PARTICIPATION

         5.1  ELIGIBLE EMPLOYEES.  Grants of Stock Options, Stock
Appreciation Rights, Limited Rights and Supplemental Bonuses may be made to
Employees of the Company or any Participating Subsidiary. Any director of the
Company or of a Participating Subsidiary who is also an Employee shall also
be eligible to receive Stock Options, Stock Appreciation Rights, Limited
Rights and Supplemental Bonuses, but directors who are not Employees shall
not be eligible to receive Stock Options, Stock Appreciation Rights, Limited
Rights or Supplemental Bonuses under the Plan. The Committee shall from time
to time determine the Employees to whom Stock Options shall be granted, the
number of shares of Common Stock subject to each Stock Option to be granted
to each such Employee, the Option Price of such Stock Options, all as
provided in this Plan.

         5.2  OPTION PRICE.  The Option Price of any ISO shall be not less
than the Fair Market Value of a share of Common Stock on the date on which
the Stock Option is granted, but the Option Price of an NSO may be less than
the Fair Market Value on the date the NSO is granted if the Committee so
determines. If an ISO is granted to an Employee who then owns stock
possessing more than 10% of the total combined voting power of all classes of
stock of the Company or any parent or subsidiary corporation of the Company,
the Option Price of such ISO shall be at least 110% of the Fair Market Value
of the Common Stock subject to the ISO at the time such ISO is granted, and
such ISO shall not be exercisable after five years after the date on which it
was granted.

         5.3  OPTION AGREEMENT.  Each Stock Option shall be evidenced by a
written agreement ("Option Agreement") containing such terms and provisions
as the Committee may determine, subject to the provisions of this Plan.

VI.      SHARES OF COMMON STOCK SUBJECT TO THE PLAN

         6.1  MAXIMUM NUMBER.  The maximum aggregate number of shares of
Common Stock that may be made subject to Stock Options shall be 500,000
authorized but unissued shares. The aggregate Fair Market Value (determined
as of the time the ISO is granted) of the stock as to all ISOs granted to an
individual may first become exercisable in a particular calendar year may not
exceed $100,000. If any shares of Common Stock subject to Stock Options are
not purchased or otherwise paid for before such Stock Options expire, such
shares may again be made subject to Stock Options.

         6.2  CAPITAL CHANGES.  In the event any changes are made to the
shares of Common Stock (whether by reason of merger, consolidation,
reorganization, recapitalization, stock dividend in excess of one percent
(1%) at any single time, stock split, combination of shares, exchange of
shares, change in corporate structure or otherwise), appropriate adjustments
shall be made in: (i) the number of shares of Common Stock theretofore made
subject to Stock Options, and in the purchase price of said shares; and (ii)
the aggregate number of shares which may be made subject to Stock Options. If
any of the foregoing adjustments shall result in a fractional share, the
fraction

                                      -5-
<PAGE>

shall be disregarded, and the Company shall have no obligation to make any
cash or other payment with respect to such a fractional share.

VII.     Exercise of Stock Options

         7.1  TIME OF EXERCISE.  Subject to the provisions of the Plan,
including without limitation Sections 7.3 and 7.8, the Committee, in its
discretion, shall determine the time when a Stock Option, or a portion of a
Stock Option, shall become exercisable, and the time when a Stock Option, or
a portion of a Stock Option, shall expire. Such time or times shall be set
forth in the Option Agreement evidencing such Stock Option. An ISO shall
expire, to the extent not exercised, no later than the tenth anniversary of
the date on which it was granted, and an NSO shall expire, to the extent not
exercised, no later than 10 years and one day after the date on which it was
granted. The Committee may accelerate the vesting of any Participant's Stock
Option by giving written notice to the Participant. Upon receipt of such
notice, the Participant and the Company shall amend the Option Agreement to
reflect the new vesting schedule. The acceleration of the exercise period of
a Stock Option shall not affect the expiration date of that Stock Option.

         7.2  EXCHANGE OF OUTSTANDING STOCK.  The Committee, in its sole
discretion, may permit a Participant to surrender to the Company shares of
the Common Stock previously acquired by the Participant as part of full
payment for the exercise of a Stock Option. Such surrendered shares shall be
valued at their Fair Market Value on the date of exercise. Unless otherwise
determined by the Committee, any such shares surrendered by the Participant
shall have been held by him for at least six months prior to surrender.

         7.3  USE OF PROMISSORY NOTE; EXERCISE LOANS.  The Committee may, in
its sole discretion, impose terms and conditions, including conditions
relating to the manner and timing of payments, on the exercise of Stock
Options. Such terms and conditions may include, but are not limited to,
permitting a Participant to deliver to the Company his promissory note as
full or partial payment for the exercise of a Stock Option; provided that,
with respect to any promissory note given as payment or partial payment for
the exercise of an ISO, all terms of such note shall be determined at the
time a Stock Option is granted and set forth in the Option Agreement. The
Committee, in its sole discretion, may authorize the Company to make a loan
to a Participant in connection with the exercise of Stock Options, or
authorize the Company to arrange or guaranty loans to a Participant by a
third party.

         7.4  STOCK RESTRICTION AGREEMENT.  The Committee may provide that
shares of Common Stock issuable upon the exercise of a Stock Option shall,
under certain conditions, be subject to restrictions whereby the Company has
a right of first refusal with respect to such shares or a right or obligation
to repurchase all or a portion of such shares, which restrictions may survive
a Participant's term of employment with the Company. The acceleration of time
or times at which the option becomes exercisable may be conditioned upon the
Participant's agreement to such restrictions.

                                      -6-
<PAGE>

         7.5  TERMINATION OF EMPLOYMENT BEFORE EXERCISE. (If a Participant's
employment with the Company or a Participating Subsidiary shall terminate for
any reason other than the Participant's disability, any Stock Option then
held by the Participant, to the extent then exercisable under the applicable
Option Agreement(s), shall remain exercisable after the termination of his
employment for a period of three months.) If the Participant's employment is
terminated because the Participant is disabled within the meaning of Section
22(e)(3) of the Code, any Stock Option then held by the Participant, to the
extent then exercisable under the applicable Option Agreement(s), shall
remain exercisable after the termination of his employment for a period of
twelve months (but in no event beyond ten years from the date of grant of the
Stock Option). If the Stock Option is not exercised during the applicable
period, it shall be deemed to have been forfeited and of no further force or
effect.

         7.6  DISPOSITION OF FORFEITED STOCK OPTIONS.  Any shares of Common
Stock subject to Stock Options forfeited by a Participant shall not
thereafter be eligible for purchase by the Participant but may be made
subject to Stock Options granted to other Participants.

         7.7  GRANT OF SUPPLEMENTAL BONUSES.  The Committee, either at the
time of grant or at any time prior to exercise of any Stock Option, Limited
Right or Stock Appreciation Right, may provide for a Supplemental Bonus from
the Company or Participating Subsidiary in connection with a specified number
of shares of Common Stock then purchasable, or which may become purchasable,
under a Stock Option, or a specified number of Stock Appreciation Rights or
Limited Rights which may be or become exercisable. The grant of a
Supplemental Bonus, sufficient to discharge the entire tax liability of the
recipient (as described below), shall be deemed to have been made in the case
of each Limited Right granted under Section 9.3 hereof, and no further
Committee action shall be necessary to authorize such a Supplemental Bonus
upon the authorization of a grant of any such Limited Right; PROVIDED,
HOWEVER, that the Committee may, in its discretion, determine to rescind any
or all such grants of Supplemental Bonuses at any time prior to the
occurrence of a Change in Control. A Supplemental Bonus shall be payable
upon the exercise of the NSO, Limited Right or Stock Appreciation Right with
regard to which such Supplemental Bonus was granted; provided, that if the
Participant is subject to Section 16(b) of the Securities Exchange Act of
1934, as amended, the Committee may provide that such Supplemental Bonus will
be calculated and paid six months after such exercise. A Supplemental Bonus
shall not exceed the amount necessary to reimburse the Participant for the
income tax liability incurred by him upon the exercise of the Stock Option or
upon the exercise of such Stock Appreciation Right or Limited Right,
calculated using the maximum combined federal and applicable state income tax
rates then in effect and taking into account the tax liability arising from
the Participant's receipt of the Supplemental Bonus. The Committee may, in
its discretion, elect to pay any part or all of the Supplemental Bonus in:
(i) cash; (ii) shares of Common Stock; or (iii) any combination of cash and
shares of Common Stock; provided that bonuses payable in respect of Limited
Rights shall be payable only in cash. The provisions of Section 8.3 shall
apply to the giving of notice, the determination of the number of shares to
be delivered, and the time for delivering shares. In applying Section 8.3,
the Supplemental Bonus shall be treated as if it were a Stock Appreciation
Right that the Participant exercised on the day the Supplemental Bonus

                                      -7-
<PAGE>

became payable. Shares of Common Stock issued pursuant to this Section 7.7
shall not be deemed to have been issued upon the exercise of a Stock Option
for purposes of the imitations imposed by Section 6.1 of the Plan.

         7.8  OPTION VESTING UPON CHANGE OF CONTROL OF THE COMPANY. In the
event of a Change of Control of the Company, as that term is defined in
Section 4.10 of this Plan, the vesting of Stock Options granted pursuant to
the Plan shall automatically be accelerated, so that all Stock Options
outstanding at the time of such Change of Control will be exercisable
immediately.

VIII.    STOCK APPRECIATION RIGHTS

         8.1  GRANT OF STOCK APPRECIATION RIGHTS.  The Committee may, from
time to time, grant Stock Appreciation Rights to a Participant with respect
to not more than the number of shares of Common Stock which are, or may
become, purchasable under any Stock Option held by the Participant. The
Committee may, in its sole discretion, specify the terms and conditions of
such rights, including without limitation the time period or time periods
during which such rights may be exercised and the date or dates upon which
such rights shall expire and become void and unexercisable; provided,
however, that in no event shall such rights expire and become void and
unexercisable later than the time when the related Stock Option is exercised,
expires or terminates. Each Participant to whom Stock Appreciation Rights are
granted shall be given written notice advising him of the grant of such
rights and specifying the terms and conditions of the rights, which shall be
subject to all the provisions of this Plan.

         8.2  EXERCISE OF STOCK APPRECIATION RIGHTS.  Subject to Section 8.3,
and in lieu of purchasing shares of Common Stock upon the exercise of a Stock
Option held by him, a Participant may elect to exercise the Stock
Appreciation Rights, if any, he has been granted and receive payment of the
Redemption Value of all, or any portion, of the number of shares of Common
Stock subject to such Stock Option with respect to which he has been granted
Stock Appreciation Rights; provided, however, that the Stock Appreciation
Rights may be exercised only when the Fair Market Value of the Common Stock
subject to such Stock Option exceeds the exercise price of the Stock Option.
A Participant shall exercise his Stock Appreciation Rights by delivering a
written notice to the Committee specifying the number of shares with respect
to which he exercises Stock Appreciation Rights and agreeing to surrender the
right to purchase an equivalent number of shares of Common Stock subject to
his Stock Option. If a Participant exercises Stock Appreciation Rights,
payment of his Stock Appreciation Rights shall be made in accordance with
Section 8.3 on or before the 90th day after the date of exercise of the Stock
Appreciation Rights.

         8.3  FORM OF PAYMENT.  If a Participant elects to exercise Stock
Appreciation Rights as provided in Section 8.2, the Committee may, in its
absolute discretion, elect to pay any part or all of the Redemption Value of
the shares with respect to which the Participant has exercised Stock
Appreciation Rights in: (i) cash; (ii) shares of Common Stock; or (iii) any
combination of cash and shares of Common Stock. The Committee's election
pursuant to this Section 8.3 shall be made by giving written notice to the
Participant within said 90-day period, which notice shall specify the

                                      -8-
<PAGE>

portion which the Committee elects to pay in cash, shares of Common Stock or
a combination thereof. In the event any portion is to be paid in shares of
Common Stock, the number of shares to be delivered shall be determined by
dividing the amount which the Committee elects to pay in shares of Common
Stock by the Fair Market Value of one share of Common Stock on the date of
exercise of the Stock Appreciation Rights. Any fractional share resulting
from any such calculation shall be disregarded. Said shares, together with
any cash payable to the Participant, shall be delivered within said 90-day
period.

IX.      LIMITED RIGHTS

         9.1  GRANT OF LIMITED RIGHTS.  The Committee shall grant Limited
Rights to a Participant concurrently with the grant of each Stock Option to
such Participant. Such Limited Rights shall be exercisable with respect to
the number of shares of Common Stock which are, or may become, purchasable
under any such Stock Option. The Committee may, in its sole discretion,
specify the terms and conditions of such rights, including without limitation
the date or dates upon which such rights shall expire and become void and
unexercisable. In any event, Limited Rights shall not be exercisable within
six (6) months from the date of grant of the Limited Right. Each Participant
to whom Limited Rights are granted shall be given written notice advising him
of the grant of such rights and specifying the terms and conditions of the
rights, which shall be subject to all the provisions of this Plan.

         9.2  EXERCISE OF LIMITED RIGHTS.  Except as provided in Section 9.3,
and subject to the limitations set forth in Section 9.1, a Limited Right
may be exercised only during the period beginning on the first day following
the occurrence of a Change in Control and ending on the thirtieth day
following such date; provided, however, that if the Change in Control occurs
prior to the expiration of six months from the date of grant of a Limited
Right, then such Limited Right shall be exercisable for a period of 30 days
following expiration of such six-month period. Upon the occurrence of a
tender offer or exchange constituting a Change in Control, a Limited Right
may be exercised in such manner regardless of whether the Board supports or
opposes such tender offer or exchange offer. A Limited Right may be exercised
regardless of whether the Stock Option to which such Limited Right relates is
then exercisable. A Participant shall exercise his Limited Rights by
delivering a written notice to the Committee specifying the number of shares
with respect to which he exercises Limited Rights and agreeing to surrender
the right to purchase an equivalent number of shares of Common Stock subject
to his Stock Option. If a Participant exercises Limited Rights, payment of
his Limited Rights shall be made in accordance with Section 9.4 on or before
the thirtieth day after the date of exercise of the Limited Rights. A Limited
Right shall remain exercisable during the exercise periods described above in
this Section 9.2 in the event of a termination of employment of the
Participant holding the Limited Right after a Change in Control.
Notwithstanding the above, upon a termination of the employment of the holder
of the Limited Right before the occurrence of any Change in Control, the
Limited Right shall expire immediately. Upon the death or disability of the
holder of the Limited Right, the Limited Right shall be exercisable only by
the Participant or by such Participant's estate, personal representative or
beneficiary who has acquired the Stock Option by will or the laws of descent
and distribution.

                                      -9-
<PAGE>

         9.3  LIMITED RIGHTS TRIGGERED BY A CHANGE IN CONTROL.  If a Change
in Control occurs, then Limited Rights shall be deemed to have been granted
immediately, covering all shares of Common Stock available for grant under
Section 6.1 (the "Available Shares") to all those Participants then holding
unexercised and unexpired Stock Options, such that each such Participant
shall receive Limited Rights with respect to a number of shares of Common
Stock equal to the product computed by multiplying (i) the number of
Available Shares by (ii) a fraction, the numerator of which is the number of
shares of Common Stock then subject to Stock Options held by such
Participant, and the denominator of which is the total number of shares of
Common Stock then subject to Stock Options held by all Participants. The
amount payable to each such Participant in respect of such Limited Right
shall equal the amount computed in accordance with Section 4.7; provided,
that the option price per share shall be deemed to be the weighted average of
the exercise prices of each of such Participant's then outstanding Stock
Options. No notice of exercise need be delivered by the Participant as to the
Limited Rights described in this Section 9.3, but rather such Limited Rights
shall be deemed to have been exercised on the date which is six months after
the occurrence of the Change in Control and payment therefor shall be made in
accordance with Section 9.4 on or before the thirtieth day after the date of
such exercise. Notwithstanding the foregoing, no Limited Rights shall be
deemed to be granted under this Section 9.3 if the Board approves the event
constituting a Change in Control prior to the occurrence of such event, but
only if a majority of the directors acting favorably on such matter are
Continuing Directors.

         9.4  FORM OF PAYMENT.  If a Participant elects to exercise Limited
Rights as provided in Section 9.2, or in the case of the deemed exercise of
Limited Rights pursuant to Section 9.3, the Company shall pay to the
Participant in cash the amount set forth in Section 4.7 hereof, calculated
with respect to the shares as to which the Participant has exercised Limited
Rights, within thirty days of the date of exercise of the Limited Rights. If
such amount is not paid in full within the prescribed period, the Company
shall be liable to such Participant for the costs of collection of such
amount, including attorney's fees.

         9.5  TERMINATION.  When a Limited Right is exercised, the Stock
Option to which it relates, if any, shall cease to be exercisable to the
extent of the number of shares of Common Stock with respect to which such
Limited Right was exercised. Upon the exercise or termination of a Stock
Option, Limited Rights granted with respect thereto shall terminate to the
extent of the number of shares as to which such Stock Option was exercised or
terminated.

X.       NO CONTRACT OF EMPLOYMENT

         Nothing in this Plan shall confer upon the Participant the right to
continue in the employ of the Company, or any Participating Subsidiary, nor
shall it interfere in any way with the right of the Company, or any such
Participating Subsidiary, to discharge the Participant at any time for any
reason whatsoever, with or without cause. Nothing in the Article X shall
affect any rights or obligations of the Company or any Participant under any
written contract of employment.

                                      -10-
<PAGE>

XI.      No Rights as a Stockholder

         A Participant shall have no rights as a stockholder with respect to
any shares of Common Stock subject to a Stock Option. Except as provided in
Section 6.2, no adjustment shall be made in the number of shares of Common
Stock issued to a Participant, or in any other rights of the Participant upon
exercise of a Stock Option by reason of any dividend, distribution or other
right granted to stockholders for which the record date is prior to the date
of exercise of the Participant's Stock Option.

XII.     Assignability

         No Stock Option, Stock Appreciation Right, Limited Right or
Supplemental Bonus right granted under this Plan, nor any other rights
acquired by a Participant under this Plan, shall be assignable or
transferable by a Participant, other than by will or the laws of descent and
distribution, and are exercisable, during his lifetime, only by him.
Notwithstanding the preceding sentence, the Committee may, in its sole
discretion, permit the assignment or transfer of an NSO and the exercise
thereof by a person other than a Participant, on such terms and conditions as
the Committee in its sole discretion may determine. Any such terms shall be
determined at the time the NSO is granted, and shall be set forth in the
Option Agreement. In the event of his death, the Stock Option or any Stock
Appreciation Right, Limited Right or Supplemental Bonus right may be
exercised by the Personal Representative of the Participant's estate or, if
no Personal Representative has been appointed, by the successor or successors
in interest determined under the Participant's will or under the applicable
laws of descent and distribution.

XIII.    Merger or Liquidation of the Company

         If the Company or its stockholders enter into an agreement to
dispose of all, or substantially all, of the assets or outstanding capital
stock of the Company by means of a sale or liquidation, or a merger or
reorganization in which the Company is not the surviving corporation, all
Stock Options outstanding under the Plan as of the day before the
consummation of such sale, liquidation, merger or reorganization, to the
extent not exercised, shall for all purposes under this Plan become
exercisable in full as of such date even though the dates of exercise
established pursuant to Section 7.1 have not yet occurred, unless the Board
shall have prescribed other terms and conditions to the exercise of the Stock
Options, or otherwise modified the Stock Options.

XIV.     Amendment

         The Board may from time to time alter, amend, suspend or discontinue
the Plan, including, where applicable, any modifications or amendments as it
shall deem advisable in order that ISOs will be classified as incentive stock
options under the Code, or in order to conform to any regulation or to any
change in any law or regulation applicable thereto; provided, however, that
no such action shall adversely affect the rights and obligations with respect
to Stock Options, Stock Appreciation Rights and Limited Rights at any time
outstanding under the Plan; and provided further that no such action shall,
without the approval of the stockholders of the Company, (i) increase the
maximum

                                      -11-
<PAGE>

number of shares of Common Stock that may be made subject to Stock Options
(unless necessary to effect the adjustments required by Section 6.2), (ii)
materially increase the benefits accruing to Participants under the Plan, or
(iii) materially modify the requirements [ILLEGIBLE] eligibility for
participation in the Plan.

XV.      Registration of Optioned Shares

         The Stock Options shall not be exercisable unless the purchase of
such optioned shares is pursuant to an applicable effective registration
statement under the Securities Act of 1933, as amended, or unless, in the
opinion of counsel to the Company, the proposed purchase of such optioned
shares would be exempt from the registration requirements of the Securities
Act of 1933, as amended, and from the registration or qualification
requirements of applicable state securities laws.

XVI.     Withholding Taxes

         The Company or Participating Subsidiary may take such steps as it
may deem necessary or appropriate for the withholding of any taxes which the
Company or the Participating Subsidiary is required by any law or regulation
or any governmental authority, whether federal, state or local, domestic or
foreign, to withhold in connection with any Stock Option, Stock Appreciation
Right, Limited Right or Supplemental Bonus, including, but not limited to,
the withholding of all or any portion of any payment or the withholding of
issuance of shares of Common Stock to be issued upon the exercise of any
Stock Option or Stock Appreciation Right or upon payment of any Limited Right
or Supplemental Bonus, until the Participant reimburses the Company or
Participating Subsidiary for the amount the Company or Participating
Subsidiary is required to withhold with respect to such taxes, or canceling
any portion of such payment or issuance in an amount sufficient to reimburse
itself for the amount it is required to so withhold.

XVII.    Brokerage Arrangements

         The Committee, in its discretion, may enter into arrangements with
one or more banks, brokers or other financial institutions to facilitate the
disposition of shares acquired upon exercise of Stock Options, Stock
Appreciation Rights or Supplemental Bonuses, including, without limitation,
arrangements for the simultaneous exercise of Stock Options, Stock
Appreciation Rights or Supplemental Bonuses, and sale of the shares acquired
upon such exercise.

XVIII.   Nonexclusivity of the Plan

         Neither the adoption of the Plan by the Board nor the submission of
the Plan to stockholders of the Company for approval shall be construed as
creating any limitations on the power or authority of the Board to adopt such
other or additional incentive or other compensation arrangements of whatever
nature as the Board may deem necessary or desirable or preclude or limit the
continuation of any other plan, practice or arrangement for the payment of
compensation or fringe benefits to employees generally, or to any class or
group of employees, which the Company or any Subsidiary now has [ILLEGIBLE] put
into effect, including, without limitation, any retirement, pension, savings
and

                                      -12-
<PAGE>

stock purchase plan, insurance, death and disability benefits and executive
short-term incentive plans.

XIX.     Effective Date

         This Plan was adopted by the Board of Directors and became effective
on July 16, 1990 and was approved by the Company's stockholders on June __,
1990. No Stock Options or Limited Rights shall be granted subsequent to ten
years after the effective date of the Plan. Stock Options or Limited Rights
outstanding subsequent to ten years after the effective date of the Plan
shall continue to be governed by the provisions of the Plan.

                                      -13-<PAGE>

                                   AGREEMENT

                                BY AND BETWEEN

                           FIRST SEISMIC CORPORATION
                                      and
                              FORTESA CORPORATION

                                      AND

                           BENTON OIL AND GAS COMPANY
                                      and
                   BENTON OIL AND GAS COMPANY (SENEGAL), LTD.

                                  THIES BLOCK

                            DATED: OCTOBER 23, 1999

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>           <C>                                                       <C>
ARTICLE 1:    DEFINITIONS                                               1

              1.1    CERTAIN DEFINED TERMS                              1

ARTICLE  2:   PETROSEN RELEASE                                          3

              2.1    RELEASE                                            3
              2.2    FAILURE TO OBTAIN RELEASE                          3

ARTICLE  3:   STOCK ACQUISITION                                         4

              3.1    PREFERRED SHARES                                   4
              3.2    PURCHASE PRICE                                     4
              3.3    ESCROW                                             4
              3.4    PIPELINE PURCHASE ORDER                            4
              3.5    CONVERSION OF PREFERRED SHARES                     5

ARTICLE  4:   ADDITIONAL EQUITY                                         5

              4.1    ADDITIONAL EQUITY                                  5
              4.2    TERMS OF ADDITIONAL EQUITY                         6

ARTICLE  5:   CONSTRUCTION LOAN                                         6

              5.1    CONSTRUCTION LOAN                                  6

ARTICLE  6:   PIPELINE REIMBURSEMENT                                    6

ARTICLE  7:   ASSIGNMENT AND RELEASE AND INDEMNIFICATION                7

ARTICLE  8:   REPRESENTATIONS OF FIRST AND FORTESA                      8

              8.1    OWNERSHIP OF THE STOCK                             8
              8.2    ORGANIZATION AND GOOD STANDING;
                     QUALIFICATION                                      9
              8.3    CAPITALIZATION                                     9
              8.4    AUTHORIZATION AND VALIDITY                         9
              8.5    FINANCIAL STATEMENTS                              10
              8.6    NO VIOLATION                                      10
              8.7    FINDER'S FEE                                      11
              8.8    PENDING CLAIMS                                    11
              8.9    COMMITMENTS                                       11
              8.10   COMPLIANCE WITH LAWS                              11
              8.11   TAXES                                             12
                     (a) FILING OF TAX RETURNS                         12

<PAGE>

                     (b) PAYMENT OF TAXES                              12

ARTICLE 9:    REPRESENTATIONS OF BENTON AND BENTON SENEGAL             13

              9.1    ORGANIZATION AND GOOD STANDING                    13
              9.2    AUTHORIZATION AND VALIDITY                        13
              9.3    NO VIOLATION                                      14
              9.4    FINDER'S FEE                                      14
              9.5    ABSENCE OF BANKRUPTCY PROCEEDINGS                 14

ARTICLE 10:   ACCESS TO INFORMATION AND INSPECTION; DUE DILIGENCE      14

              10.1   RECORDS AND FILES                                 14

ARTICLE 11:   CLOSING CONDITIONS                                       15

              11.1   FIRST AND FORTESA'S CLOSING CONDITIONS            15
              11.2   BENTON'S AND BENTON SENEGAL'S CLOSING CONDITIONS  15

ARTICLE 12:   CLOSING                                                  15
              12.1   CLOSING                                           15
              12.2   CLOSING OBLIGATIONS OF FIRST AND FORTESA          16
              12.3   CLOSING OBLIGATIONS OF BENTON AND BENTON SENEGAL  16
              12.4   CLOSING OBLIGATIONS OF BENTON AND FIRST           17

ARTICLE 13:   DEFAULT AND TERMINATION                                  17

              13.1   REMEDIES                                          17
              13.2   RIGHT OF TERMINATION                              18

ARTICLE 14:   MISCELLANEOUS                                            18
              14.1   ARBITRATION                                       18
              14.2   CONFIDENTIALITY                                   18
              14.3   PUBLIC ANNOUNCEMENTS                              18
              14.4   NOTICES                                           19
              14.5   POST-CLOSING                                      20
              14.6   ENTIRE AGREEMENT                                  20
              14.7   GOVERNING LAW                                     21
              14.8   COUNTERPARTS                                      21
              14.9   WAIVER                                            21

                                     - II -
<PAGE>

              14.10  BINDING EFFECT; ASSIGNMENT                        21
              14.11  TIME PERIODS                                      21
              14.12  CONSTRUCTION                                      22
              14.13  BOARD APPROVAL                                    22
</TABLE>

                                    - iii -

<PAGE>

                                   AGREEMENT

         THIS AGREEMENT, dated effective as of the 23rd day of October, 1999,
is by and between First Seismic Corporation, a Delaware corporation ("First")
and its wholly owned subsidiary Fortesa Corporation, a Texas corporation
("Fortesa"), and Benton Oil and Gas Company, a Delaware corporation
("Benton"), and Benton Oil and Gas Company (Senegal), Ltd., a corporation
registered under the laws of the Cayman Islands ("Benton Senegal").

                              W I T N E S S E T H:

         WHEREAS, by instrument dated December 17, 1997, the Societe Des
Petroles Du Senegal ("Petrosen") entered into a farmout agreement (the
"Farmout") with Fortesa and Benton to explore and exploit hydrocarbons and
undertake certain work programs in connection with Petrosen's Thies Block in
the onshore area of the Republic of Senegal (the "Thies Block"); and

         WHEREAS, Fortesa desires to assume Benton's rights and obligations
under the Farmout, and Benton is willing to accommodate Fortesa's desires, all
subject to certain terms and conditions more fully set forth hereinafter;

         NOW, THEREFORE, for and in consideration of the mutual covenants,
agreements, representations and warranties set forth in this Agreement, the
parties to this Agreement hereby agree as follows:

                                   ARTICLE 1
                                  DEFINITIONS

         1.1  CERTAIN DEFINED TERMS. The following terms, as used in this
Agreement, have the following meanings:

         "Additional Equity" shall have the meaning given to it in Section 4.1.

         "Agreement" means this Agreement between Benton, Benton Senegal,
First and Fortesa.

<PAGE>

       "Assignment and Release" means the document attached hereto as Exhibit B.

       "Closing" is defined in Section 12.1.

       "Closing Date" is defined in Section 12.1.

       "Escrowed Funds" shall have the meaning given to it in Section 3.3.

       "Farmout" means that certain farmout agreement dated December 17, 1997,
entered into by Petrosen with Fortesa and Benton to explore and exploit
hydrocarbons and undertake certain work programs in connection with Petrosen's
Thies Block in the onshore area of the Republic of Senegal.

       "Farmout Rights" means all of Benton's and Benton Senegal's rights under
the Farmout, the Memorandum of Understanding of November 25, 1997, between
Benton, Fortesa and Petrosen, the Memorandum of Understanding dated December 17,
1997, between Fortesa and Benton, the Joint Operating Agreement dated January
16, 1998 between Benton Senegal, Fortesa and Petrosen and all other documents,
agreements or rights related to the Farmout.

       "Governmental Authorizations" shall have the meaning given to it in
Section 8.10.

       "Letter of Intent" shall have the meaning given to it in Section 3.4.

       "Petrosen" means Societe Des Petroles Du Senegal.

       "Petrosen Release" shall have the meaning given to it in Section 2.1.

       "Pipeline" shall have the same meaning as given it in the Farmout.

       "Preferred Shares" shall have the meaning given to it in Section 3.1.

       "Purchase Order" shall have the meaning given to it in Section 3.4.

                                       - 2 -
<PAGE>

       "Purchase Price" means the sum of one million three hundred fifty
thousand and no/100 ($1,350,000.00) dollars U.S.

       "Tax Returns" means any reports, including all schedules or attachments
thereto, required to be filed by First in connection with any tax by the
United States or any state or any political subdivision thereof or any foreign
jurisdiction to be filed on or before the Closing Date.

                                   ARTICLE 2
                                PETROSEN RELEASE

         2.1 RELEASE. Fortesa shall continue to exercise its most vigorous
efforts in good faith to secure from Petrosen in writing a complete and
absolute release of Benton and Benton Senegal of any and all rights and
obligations that they jointly or severally may have under the Farmout
Agreement ("Petrosen Release"), which release shall be substantially in the
form attached hereto as Exhibit A.

         2.2 FAILURE TO OBTAIN RELEASE. In the event Fortesa is unable to
obtain and furnish the Petrosen Release to Benton by the seventh (7th) day
following the issuance of the Purchase Order referred to in Section 3.4
hereinafter, Benton shall have the option, but not the obligation to require
that (i) the Escrowed Funds referred to in Section 3.3 hereinafter be
promptly returned to Benton, (ii) this Agreement be IPSO FACTO terminated and
that the parties hereto shall further obligations hereunder.

                                   ARTICLE 3
                               STOCK ACQUISITION

         3.1 PREFERRED SHARES. Subject to the completion of its due diligence
and satisfaction of the conditions of Closing, Benton hereby agrees to
acquire on behalf of itself or Benton Senegal from First 135,000 shares of
First's $0.01 par preferred stock ("Preferred Shares") for the sum of one
million three hundred fifty thousand and no/100 ($1,350,000.00) dollars U.S.
payable as set forth in Section 3.2 below ("Purchase Price").

                                       - 3 -
<PAGE>

         3.2 PURCHASE PRICE. The Purchase Price shall be payable by the
payment of seven hundred fifty thousand and no/100 ($750,000.00) dollars U.S.
in cash with the balance due of six hundred thousand and no/100 ($600,000.00)
dollars U.S. being satisfied by a credit for that amount against expenditures
relative to the Farmout previously made by Benton and/or Benton Senegal, and
First and Fortesa hereby acknowledge the prior incurring and relevance of
such expenditures.

         3.3 ESCROW. The cash portion of the purchase price for the Preferred
Shares shall be placed in escrow ("Escrowed Funds") contemporaneously with the
execution of this Agreement, subject to the terms and conditions of the Escrow
Agreement attached hereto as Exhibit B.

         3.4 PIPELINE PURCHASE ORDER. Upon Fortesa obtaining a letter of
intent to fund the Additional Equity referred to in Section 4.1 hereinafter
in a form and with proposed investors whose financial condition are
reasonably satisfactory to Benton ("Letter of Intent"), Fortesa shall issue a
purchase order relative to the manufacture of pipe to be used in construction
of the pipeline ("Pipeline") referred to in the Farmout ("Purchase Order").

         3.5 CONVERSION OF PREFERRED SHARES.

         (a) Commencing three (3) years from the date hereof, First shall have
the right to redeem Benton's preferred shares free and clear of prior liens or
encumbrances upon terms to be mutually agreed upon, with the intention that
funds for such redemption shall come from a portion of the net cash flow from
the Thies Block operations after the satisfaction by Fortesa of the commitments
already made pursuant to the Farmout.

         (b) Alternatively, Benton shall have the right at its option to convert
its preferred shares into common shares of First on a schedule to be mutually
agreed and at a conversion rate based on one dollar liquidation value to one
common share, or upon terms to be mutually agreed.

         (c) If Benton exercises its common stock conversion option above, then
Benton shall have the right to sell any or all of its common shares into a
successful First

                                       - 4 -
<PAGE>

secondary public offering and receive the net market proceeds per share received
by First from such an offering. If the quantity of shares to be sold by selling
shareholders in such offering is limited by underwriters or other reason, First
agrees to dedicate to Benton up to fifty (50%) percent of the selling
shareholders' stock permitted to be sold in such offering.

                                   ARTICLE 4
                               ADDITIONAL EQUITY

         4.1 ADDITIONAL EQUITY. Commencing as of the date of this Agreement,
First shall undertake a bona fide effort in good faith to raise within a period
of sixty (60) days from the date hereof, a minimum of five hundred thousand and
no/100 ($500,000.00) dollars U.S. in additional private capitalization
("Additional Equity").

         4.2 TERMS OF ADDITIONAL EQUITY. In no event shall the terms under which
the Additional Equity is raised be more favorable than those pursuant to which
Benton or Benton Senegal acquires the Preferred Shares; notwithstanding if
such terms should be more favorable then the parties hereto agree that the terms
pursuant to which Benton or Benton Senegal acquires or is to acquire the
Preferred Shares shall be adjusted accordingly.

                                   ARTICLE 5
                               CONSTRUCTION LOAN

         5.1 CONSTRUCTION LOAN. At such time as First has obtained the Letter of
Intent it shall promptly commence a bona fide effort in good faith to obtain a
binding and bona fide commitment for an interim construction loan in an amount
of up to one million and no/100 ($1,000,000.00) dollars U.S. for construction of
the Pipeline.

                                   ARTICLE 6
                             PIPELINE REIMBURSEMENT

         6.1 Within ninety (90) days after the completion of the Pipeline
installation, Fortesa shall submit to Benton

                                      - 5 -
<PAGE>

a full accounting of its costs associated with the Pipeline. If the
cumulative costs are less than one million nine hundred forty and no/100
($1,940,000.00) dollars U.S., Fortesa shall pay to Benton the difference
between that sum and the actual cumulative costs up to a total of fifty-five
thousand and no/100 ($55,000.00) dollars U.S. as reimbursement for the actual
surveying costs paid by Benton.

                                       - 6 -
<PAGE>
                                   ARTICLE 7
                   ASSIGNMENT AND RELEASE AND INDEMNIFICATION

       7.1 At such time as the Escrowed Funds are to be released to Fortesa
pursuant to the terms of the Escrow Agreement, the parties hereto shall enter
into the Assignment and Release attached hereto as Exhibit C ("Assignment and
Release") pursuant to which Benton and Benton Senegal shall assign to Fortesa
all of their rights under the Farmout, the Memorandum of Understanding of
November 25, 1997, between Benton, Fortesa and Petrosen, the Memorandum of
Understanding dated December 17, 1997, between Fortesa and Benton, the Joint
Operating Agreement dated January 16, 1998 between Benton Senegal, Fortesa and
Petrosen and all other documents, agreements or rights related to the Farmout
(in the aggregate "Farmout Rights"), and First and Fortesa shall release Benton
and Benton Senegal from and indemnify them against any and all obligations to
Fortesa and First under the Farmout Rights. The Assignment and Release shall be
deemed to include all contracts, agreements and understandings between Benton
and/or Benton Senegal and any other party related or pertaining to the Thies
Block (including, without limitation, all confidentiality and non-competition
agreements entered into by Benton or Benton Senegal). The Assignment and Release
shall also be deemed to include all data related to the Thies Block (both
written and electronic or digitized). As soon as possible following the delivery
to Fortesa of the duly executed Assignment and Release, Benton shall cause to be
delivered to Fortesa all such contracts and data (Benton shall be entitled to
retaining copies of any of the items to be delivered, or Benton shall be
permitted access to any of such documents or data during normal business hours
upon its request for a period of four (4) years following the delivery of the
Assignment and Release.) In addition to the foregoing, within 60 days following
the delivery to Fortesa of the Assignment and Release, Benton shall have
prepared and shall deliver to Fortesa a full and complete accounting of all
expenses incurred and all credits received by Benton and/or Benton Senegal in
connection with the Thies Block. The Assignment and Release shall be deemed to
include the conveyance to Fortesa of all credits to which Benton or Benton
Senegal may be entitled under the terms of the Farmout or the Farmout

                                       - 7 -
<PAGE>

Rights. Notwithstanding anything contained herein to the contrary, the
Parties hereto acknowledge that certain of the aforementioned data and other
materials may be subject to licensing and other agreements which shall
preclude Benton and/or Benton Senegal from delivering them to Fortesa.

         7.2 The release and indemnification of Benton and Benton Senegal by
First and Fortesa in the Assignment and Release is limited to the duties and
obligations of Benton and Benton Senegal under the terms and provisions of
the Farmout and the related agreements described in Section 7.1, above. By
their execution and delivery to Benton and Benton Senegal of the Assignment
and Release, neither First nor Fortesa is assuming any liability or
obligation of Benton or Benton Senegal under the laws of the Republic of
Senegal for the acts or omissions of Benton or Benton Senegal outside of
their duties and obligations provided for in the various agreements which are
described in Section 7.1.

         7.3 By their execution and delivery to Fortesa of the Assignment and
Release, Benton and Benton Senegal shall be deemed to have released Fortesa and
First from any and all claims that either of the former may have against the
latter arising out of any of the agreements referred to in the preceding Section
7.1, and Fortesa shall be deemed to have performed fully all of its duties and
obligations to Benton and Benton Senegal under all of the terms and provisions
of such agreements.

                                   ARTICLE 8
                      REPRESENTATIONS OF FIRST AND FORTESA

         First and Fortesa hereby represent and warrant to Benton and Benton
Senegal that:

         8.1 OWNERSHIP OF THE STOCK. First, to the extent the Preferred
Shares have not yet been issued, has the right to issue them, and to the
extent they have been issued, First owns, beneficially and of record, good
and marketable title to the Preferred Shares, all free and clear of all
security interests, liens, adverse claims, proxies, options, stockholders'
agreements and other encumbrances, but subject to restrictions on transfers
thereof imposed by the applicable securities laws and the regulations issued
thereunder. At the Closing, subject to the terms and

                                       - 8 -
<PAGE>

conditions of this Agreement, First will convey to Benton good and marketable
title to the Preferred Shares, free and clear of all security interests,
liens, adverse claims, proxies, options, stockholders' agreements and other
encumbrances. There exist no options, warrants, subscriptions, conversion
rights, rights of first refusal, or other rights to purchase, or securities
convertible into or exchangeable for, the Preferred Shares.

         8.2 ORGANIZATION AND GOOD STANDING; QUALIFICATION. First and Fortesa
are corporations duly organized, validly existing and in good standing under the
laws of their states of incorporation, with all requisite corporate power and
authority to carry on the business in which they are engaged, to own the
properties they own, to execute and deliver this Agreement and to consummate
the transactions contemplated hereby.

         8.3 CAPITALIZATION. As of the date of this Agreement, the authorized
capital stock of First consists of eleven million shares of capital stock,
comprised of (i) ten million shares of common stock, $0.01 par value, of which
9,046,867 shares are issued and outstanding, and (ii) one million shares of
preferred stock, $1.00 par value per share, 50,000 of which are issued or
outstanding. All of the issued and outstanding shares have been validly issued,
are fully paid and nonassessable, and were issued free of preemptive rights, in
compliance with any rights of first refusal, and in compliance with all legal
requirements.

         8.4 AUTHORIZATION AND VALIDITY. The execution, delivery and performance
by First and Fortesa of this Agreement and the other agreements contemplated
hereby to which either or both of them are or will be a party, and the
consummation by either or both of them of the transactions contemplated hereby
and thereby, have been duly authorized. This Agreement has been, and each other
agreement contemplated hereby to which First and/or Fortesa is or will be a
party will as of the Closing Date be, duly executed and delivered and
constitutes or will constitute the legal, valid and binding obligation of First
and Fortesa, enforceable in accordance with its terms, except as may be limited
by applicable bankruptcy, insolvency or similar laws affecting creditors'
rights generally and subject to principles of equity and public policy that
affect enforceability of agreements generally. First and Fortesa have the full
right, power, and authority to make the

                                       - 9 -

<PAGE>

representations, warranties, covenants, indemnities, and agreements herein.

         8.5 FINANCIAL STATEMENTS. First has furnished to Benton the Financial
Statements, attached as Schedule 8.5. The Financial Statements fairly present,
in accordance with GAAP applied on a basis consistent with prior periods, the
consolidated financial position and results of operations and cash flow of First
as of the dates and for the periods indicated. There are no bankruptcy,
reorganization or arrangement proceedings pending against, being contemplated
by, or to First's knowledge threatened against, First or Fortesa.

         8.6 NO VIOLATION. Neither the execution, delivery or performance of
this Agreement or the other agreements contemplated hereby nor the consummation
of the transactions contemplated hereby or thereby will (i) conflict with, or
result in a violation or breach of the terms, conditions and provisions of, or
constitute a default under, the Articles of Incorporation or Bylaws of First or
Fortesa or any material agreement, indenture or other instrument under which
First and/or Fortesa is bound or (ii) violate or conflict with any judgment,
decree, order, statute, rule or regulation of any Governmental Authority having
jurisdiction over First or the properties or assets of First or Fortesa.

         8.7 FINDER'S FEE. Neither First nor Fortesa has incurred any obligation
for any finder's, broker's or agent's fee in connection with the transactions
contemplated herein; provided, however, that in the event any such obligation is
alleged, First and Fortesa shall indemnify and hold Benton harmless from any
loss, cost, or expense with respect thereto.

         8.8 PENDING CLAIMS. There are no suits, legal actions, claims, demands,
tax liens, or controversies, no governmental proceeding or investigation, or no
administrative, conservation, regulatory or arbitration proceedings pending, or,
to the best of First's and Fortesa's knowledge, threatened against First or
Fortesa before any court, or by or before any governmental commission, bureau or
any regulatory authority, that if decided adversely to the interest of First or
Fortesa could adversely affect them or the rights of Benton under this Agreement
or the documents to be delivered at the Closing. Neither First nor Fortesa has
knowledge of any set of facts

                                       - 10 -

<PAGE>

or situation that is reasonably likely to give rise to any such suit, action,
proceeding or investigation that is reasonably likely to result in an
uninsured liability in excess of one hundred thousand and no/100 ($100,00.00)
dollars U.S. Neither First nor Fortesa is (i) subject to any material
continuing court or administrative order, writ, injunction or decree
applicable specifically to First or Fortesa or to their respective business,
assets, operations or employees or (ii) in default with respect to any such
order, writ, injunction or decree.

         8.9 COMMITMENTS. To the best of First's and Fortesa's knowledge,
neither is in default under, nor has any event occurred that with the giving of
notice or lapse of time or both would constitute a default by First or Fortesa
under any material contract or arrangement that involves the payment of money.

         8.10 COMPLIANCE WITH LAWS. To the best of their knowledge, except for
First's filing of its SEC reports, First and Fortesa have complied with all laws
and has filed with the proper authorities all necessary statements and reports
the failure to comply with or to file would have a material adverse effect on
either of them, there are no existing material violations by First or Fortesa of
any law that would adversely affect the property or business of First and
Fortesa and they possess all necessary material licenses, franchises, permits
and governmental authorizations, in full force and effect, to conduct their
business as now conducted (collectively, "Governmental Authorizations"), First
and Fortesa are not in material violation of any Governmental Authorization, and
no proceeding is pending, or to the knowledge of First or Fortesa, threatened,
which purports to challenge, revoke or limit any Governmental Authorization.

                                       - 11 -
<PAGE>
         8.11 TAXES.

         (a) FILING OF TAX RETURNS. First and Fortesa have duly and timely filed
or will duly and timely file (in accordance with any extensions duly granted by
the appropriate governmental agency, if applicable) with the appropriate
governmental agencies all returns (including information returns) and reports,
including all schedules or attachments thereto, required by the United States or
any state or any political subdivision thereof or any foreign jurisdiction to be
filed on or before the Closing Date by First and/or Fortesa in connection with
any tax ("Tax Returns"). All such Tax Returns are, or will be, complete and
accurate and properly reflect the taxes of First and Fortesa for the periods
covered hereby. First and Fortesa have duly and timely filed or will duly and
timely file (in accordance with any extensions duly granted by the appropriate
governmental agency, if applicable) all consolidated and combined unitary Tax
Returns required to be filed for each taxable period through and including the
Closing Date which Tax Returns were required to include Fortesa. All such Tax
Returns are, or will be, complete and accurate and properly reflect the taxes of
First and Fortesa for the periods covered thereby.

         (b) PAYMENT OF TAXES. First and Fortesa have paid or accrued all
taxes that have become due with respect to any Tax Returns that they have filed.

                                   ARTICLE 9
                  REPRESENTATIONS OF BENTON AND BENTON SENEGAL

         Benton and Benton Senegal represent to First and Fortesa that:

         9.1 ORGANIZATION AND GOOD STANDING.

         (a) Benton is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware, with all requisite
corporate power and authority to carry on the business in which it is engaged,
to own the properties it owns, to execute and deliver this Agreement and to
consummate the transactions contemplated hereby.

         (b) Benton Senegal is a corporation duly organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation, with
all

                                       - 12 -
<PAGE>

requisite corporate power and authority to carry on the business in which it is
engaged, to own the properties it owns, to execute and deliver this Agreement
and to consummate the transactions contemplated hereby.

         9.2 AUTHORIZATION AND VALIDITY. The execution, delivery and performance
by Benton and Benton Senegal of this Agreement and the other agreements
contemplated hereby to which Benton and/or Benton Senegal is or will be a party,
and the consummation of the transactions contemplated hereby and thereby, have
been duly authorized. This Agreement has been, and each other agreement
contemplated hereby to which Benton and/or Benton Senegal is or will be a party
will as of the Closing Date be, duly executed and delivered and constitutes or
will constitute legal, valid and binding obligations of Benton and Benton
Senegal, enforceable against them in accordance with their respective terms,
except as may be limited by applicable bankruptcy, insolvency or similar laws
affecting creditors' rights generally and subject to principles of equity and
public policy that affect enforceability of agreements generally.

         9.3 NO VIOLATION. Neither the execution, delivery or performance of
this Agreement or the other agreements contemplated hereby nor the consummation
of the transactions contemplated hereby or thereby will (i) conflict with, or
result in a violation or breach of the terms, conditions and provisions of, or
constitute a default under, the Articles of Incorporation or Bylaws of Benton or
Benton Senegal or any material agreement, indenture or other instrument under
which either of them is bound or (ii) violate or conflict with any judgment,
decree, order, statute, rule or regulation of any Governmental Authority having
jurisdiction over Benton and Benton Senegal or the properties or assets of
Benton and Benton Senegal.

         9.4 FINDER'S FEE. Neither Benton nor Benton Senegal has not incurred
any obligation for any finder's, broker's or agent's fee in connection with the
transactions contemplated hereby.

         9.5 ABSENCE OF BANKRUPTCY PROCEEDINGS. There are no bankruptcy,
reorganization or arrangement proceedings pending against, being contemplated
by, or to Benton's and/or Benton Senegal's knowledge threatened against either
of them.

                                     ARTICLE 10

                                       - 13 -

<PAGE>

                ACCESS TO INFORMATION AND INSPECTION; DUE DILIGENCE

         10.1 RECORDS AND FILES. From the date hereof until the Closing,
First and Fortesa will give or cause to be given to Benton and its
representatives at reasonable times during normal business hours reasonable
access to examine, at their actual location, all accounting records,
payments, receipts, books, records, board minutes books, proxy statements,
annual reports, United States Securities and Exchange Commission ("SEC")
compliance filings, federal, state and foreign tax returns and records,
significant contracts, equity and other agreements pertaining to First and
Fortesa insofar as the same may now be in existence and in the possession or
control of First or Fortesa.

                                   ARTICLE 11
                               CLOSING CONDITIONS

         11.1 FIRST AND FORTESA'S CLOSING CONDITIONS. The obligations of First
and Fortesa under this Agreement are subject, at the option of First, to the
satisfaction at or prior to the Closing of the following conditions:

         All representations of Benton and Benton Senegal contained in Article 9
will be true in all material respects at and as of the Closing as if such
representations were made at and as of the Closing, and Benton and Benton
Senegal will have performed and satisfied all agreements required by this
Agreement to be performed and satisfied by them at or prior to the Closing.

         11.2 BENTON'S AND BENTON SENEGAL'S CLOSING CONDITIONS. The obligations
of First and Fortesa under this Agreement are subject, at the option of Benton,
to the satisfaction at or prior to the Closing of the following conditions:

         All representations of First and Fortesa contained in Article 8 will be
true in all material respects at and as of the Closing as if such
representations were made at and as of the Closing, and First and Fortesa will
have performed and satisfied all agreements required by this Agreement to be
performed and satisfied by them at or prior to the Closing.

                                   ARTICLE 12
                                    CLOSING

                                       - 14 -
<PAGE>

         12.1 CLOSING. The closing of the transactions contemplated by this
Agreement (the "Closing") will be held at 10:00 a.m., at the offices of Benton,
6267 Carpinteria Avenue, Suite 200, Carpinteria, California, within no later
than seventy-two (72) hours after receipt by Benton of notification from First
and/or Fortesa that they are prepared to deliver the Petrosen Release to Benton
and to satisfy Benton's conditions of Closing and execute and deliver to
Benton the Assignment and Release, or at such other date or place as the parties
may agree in writing (the "Closing Date"). At the Closing, in addition to
compliance with Sections 12.2 and 12.3 hereinafter, the parties hereto shall
execute and deliver the Assignment and Release and all other documents
contemplated herein not previously executed and delivered.

         12.2 CLOSING OBLIGATIONS OF FIRST AND FORTESA. At Closing, First and
Fortesa will deliver to Benton the following:

         (a) Certificates representing all of the Preferred Shares, duly
endorsed and in proper form for transfer to Benton by delivery under
applicable law, or accompanied by duly executed instruments of transfer in
blank;

         (b) A copy of resolutions of the Board of Directors of First
authorizing the execution, delivery and performance of this Agreement and all
related documents and agreements, certified by the Secretary of First as being
true and correct copies of the originals thereof subject to no modifications or
amendments;

         (c) A certificate of an executive officer of First, dated the Closing
Date (i) as to the truth and correctness of the representations of First and
Fortesa under Article 8 as of the Closing Date, (ii) as to the performance of
and compliance by First and Fortesa with the obligations of First and Fortesa
contained herein on and as of the Closing Date and (iii) certifying that all
conditions precedent of First and Fortesa to the Closing have been satisfied or
are waived.

         (d) The Petrosen Release

                                       - 15 -
<PAGE>

         12.3 CLOSING OBLIGATIONS OF BENTON AND BENTON SENEGAL. At Closing,
Benton will deliver to First and Fortesa the following:

         (a) A copy of the Unanimous Action or other resolution of the Board of
Directors of Benton authorizing the execution, delivery and performance of this
Agreement and all related documents and agreements, each certified by Benton's
Secretary as being true and correct copies of the originals thereof subject to
no modifications or amendments;

         (b) A certificate of an officer of Benton, dated the Closing Date (i)
as to the truth and correctness of the representations of Benton and Benton
Senegal under Article 9 on and as of the Closing Date, (ii) as to the
performance of and compliance by Benton or Benton Senegal with all covenants
contained herein on and as of the Closing Date and (iii) certifying that all
conditions precedent of Benton and Benton Senegal to the Closing have been
satisfied or are waived.

         (c) Subsequent to the Closing, the terms provided for in Section 7.1
within the time period set forth in such section.

         12.4 CLOSING OBLIGATIONS OF BENTON AND FIRST. Upon satisfaction of the
obligations contained in sections 12.2 and 12.3 above, Benton and First shall
jointly give the written notice referred to in Section 2 (b) of the Escrow
Agreement to the Escrow Agent and execute the Assignment and Release.

                                 ARTICLE 13
                           DEFAULT AND TERMINATION

         13.1 REMEDIES. Subject to the provisions of Section 14.1 hereinafter,
upon failure of either party to comply with this Agreement by the Closing Date,
as it may be extended in accordance with this Agreement, the other party will be
entitled to pursue, exercise and enforce any and all remedies, rights, powers
and privileges available at law or in equity

         13.2 RIGHT OF TERMINATION. This Agreement and the transactions
contemplated hereby may be terminated at any time at or prior to the Closing:

                                       - 16 -
<PAGE>

         (a) By mutual consent of the parties; or

         (b) Pursuant to the express provisions hereof.

                                   ARTICLE 14
                                 MISCELLANEOUS

       14.1 ARBITRATION. Any dispute or disagreement arising from this Agreement
which cannot be solved amicably within a term of thirty (30) days from the date
of notification of the disagreement sent by one party to the other, shall be
definitively solved by arbitration, pursuant to the Rules of the American
Arbitration Association then in force. The arbitration shall take place in
Houston, Texas, with each party to pay its own expenses. The arbitration
decision shall be final and binding upon the parties.

         14.2 CONFIDENTIALITY. Each party shall maintain the confidentiality of
the existing of this Agreement and its terms, and neither party shall divulge
any aspect hereof to any third party until such disclosure is permitted by
separate formal agreement, or the other party's express prior written consent is
obtained; provided, however, that each party shall be permitted to disclose the
existence of this Agreement to its parent companies, and respective bankers,
accountants, attorneys and consultants, except for Petrosen or Ministries or
other governmental agencies of the Republic of Senegal,

         14.3 PUBLIC ANNOUNCEMENTS. No party shall make formal statements or
releases to the press or any governmental organization (excluding any loan
application made to OPIC) or other third party concerning the existence or
content of this Agreement without the express prior written approval of such
statement or release by the other party, except where such formal statement or
release is required to be made in order to comply with applicable laws
(including without limitation any requirements of the United States Securities
Exchange Commission) upon advice of counsel, the other party shall act in a
cooperative and expeditious manner in reviewing such. The parties shall endeavor
at all times to act jointly and consistently in respect of any such statements
or releases, subject at all time to the foregoing requirement.

         14.4 NOTICES. Except as otherwise expressly provided in this Agreement,
all communications required or

                                       - 17 -
<PAGE>

permitted under this Agreement will be in writing and any such communication
or delivery will be deemed to have been duly given and received when actually
delivered to the address set forth below of the party to be notified
personally (by a recognized commercial courier or delivery service that
provides a receipt) or by telecopier (confirmation of such receipt by
confirmed facsimile transmission being deemed receipt of communications sent
by telecopy), addressed as follows:

                   If to Benton and/or Benton Senegal:

                       BENTON OIL AND GAS COMPANY
                       6267 Carpinteria Avenue, Suite 200
                       Carpinteria, California USA 93013
                       Attention:        Mr. Michael B. Wray
                                         Co Chief Executive Officer
                       Telephone:        (805) 566-5600
                       Facsimile:        (805) 566-5610

                       BENTON OIL AND GAS COMPANY (SENEGAL), LTD.
                       6267 Carpinteria Avenue, Suite 200
                       Carpinteria, California USA 93013
                       Attention:        Mr. Michael B. Wray
                                         Co Chief Executive Officer
                       Telephone:        (805) 566-5600
                       Facsimile:        (805) 566-5610

                   If to First and/or Fortesa:

                       FIRST SEISMIC CORPORATION
                       2470 Gray Falls, Suite 190
                       Houston, Texas USA 77977
                       Attention:        Mr. Rogers E. Beall
                                         Chairman
                       Telephone:        (281) 597-8888
                       Facsimile:        (281) 597-8887

                                       - 18 -

<PAGE>

                       FORTESA CORPORATION
                       2470 Gray Falls, Suite 190
                       Houston, Texas USA 77977
                       Attention:        Mr. Hayne S. Blakely, President
                       Telephone:        (281) 597-8888
                       Facsimile:        (281) 597-8887

Any party may, by written notice so delivered to the other, change the address
to which delivery will thereafter be made.

         14.5 POST-CLOSING. After the Closing has occurred, First shall
promptly furnish to Benton a copy of its annual reports, proxy statement, SEC
filing and other financial information and investor communications at such time
as they are filed or released for so long as Benton is a shareholder of First.

         14.6 ENTIRE AGREEMENT. This Agreement and the Escrow Agreement embody
the entire agreement between the parties with respect to the subject matter of
this Agreement (superseding all prior agreements, including the Letter of Intent
and Confidentiality Agreement), arrangements, understandings and solicitations
of interest or offers related to the subject matter of this Agreement), and may
be supplemented, altered, amended, modified or revoked by writing only, signed
by both of the parties to this Agreement. The headings in this Agreement are for
convenience only and will have no significance in the interpretation of any term
or provision of this Agreement.

         14.7 GOVERNING LAW. This Agreement will be governed and construed and
enforced in accordance with the laws of the State of Texas, without regard to
rules concerning conflicts of laws.

         14.8 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, and each and every counterpart will be deemed for all purposes one
agreement.

         14.9 WAIVER. Any of the terms, provisions, covenants, representations
or conditions contained in this Agreement may be waived only by a written
instrument executed by the party waiving compliance. The failure of any party at
any time or times to require performance of any provision of this Agreement will
in no manner affect such party's right to enforce the same. No waiver by any
party

                                       - 19 -

<PAGE>

of any condition, or of the breach of any term, provision, covenant or
representation contained in this Agreement, whether by conduct or otherwise, in
any one or more instances, will be deemed to be or construed as a further or
continuing waiver of any such condition or breach or a waiver of any other
condition or of the breach of any other term, provision, covenant or
representation.

         14.10 BINDING EFFECT; ASSIGNMENT. All the terms, provisions, covenants,
representations and conditions of this Agreement will be binding upon and inure
to the benefit of and be enforceable by the parties to this Agreement and their
respective successors and assigns; but this Agreement and the rights and
obligations hereunder will not be assignable or delegable by any party without
the prior written consent of the non-assigning or non-delegating parties,
which may be withheld at the sole discretion of such parties.

         14.11 TIME PERIODS. Time is of the essence in the performance of
this Agreement.

         14.12 CONSTRUCTION. Each party hereby acknowledges and agrees that such
party has consulted legal counsel in connection with the negotiation of this
Agreement and that such party has bargaining power equal to that of the other
party in connection with the negotiation and execution of this Agreement.
Accordingly, the parties agree the rule of contract construction to the effect
that an agreement will be construed against the draftsman will have no
application in the construction or interpretation of this Agreement.

         14.13 BOARD APPROVAL. Notwithstanding anything contained herein to the
contrary, the parties hereto recognize that this Agreement is subject to the
approval by the Board of Directors of First, Fortesa, Benton and Benton Senegal.

                                       - 20 -
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized officers as of the date first above written.

                                      FIRST SEISMIC CORPORATION

/s/ [illegible]                       By: /s/ Rogers E. Beall
----------------------------------
/s/ [illegible]                       Name: Rogers E. Beall
----------------------------------
                                      Title: Chairman
----------------------------------

                                      FORTESA CORPORATION

/s/ [illegible]                       By: /s/ Hayne S. Blakely
----------------------------------
/s/ [illegible]                       Name: Hayne S. Blakely
----------------------------------
                                      Title: President
----------------------------------

                                      BENTON OIL AND GAS COMPANY

/s/ [illegible]                       By: /s/ Andrei Popov
----------------------------------
/s/ [illegible]                       Name: Andrei Popov
----------------------------------
                                      Title: Vice President
----------------------------------

                                      BENTON OIL AND GAS COMPANY (SENEGAL), LTD.

/s/ [illegible]                       By: /s/ Andrei Popov
----------------------------------
/s/ [illegible]                       Name: /s/ Andrei Popov
----------------------------------
                                      Title: Vice President
----------------------------------

                                       - 21 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00000-of-00352.parquet"}]]