THIS FIRST AMENDMENT TO LOAN AGREEMENT (this “ Amendment ”) is entered into as of
the 18 th day of January 2006, by and among DAWSON GEOPHYSICAL COMPANY , whose address for
purposes of this Amendment is 508 West Wall Street, Suite 800, Midland, Texas 79701 (the “ Borrower ”),
and WESTERN NATIONAL BANK , a national banking association, whose address is 508 West Wall,
Suite 1100, Midland, Texas 79701 (the “ Bank ”).
NOTICE IS TAKEN OF THE FOLLOWING:
NOW, THEREFORE , for and in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the terms of the
Existing Loan Agreement as follows:
A. Borrower and Bank have previously entered into that certain Loan Agreement, dated January 18, 2006 (the
“ Existing Loan Agreement ”). Capitalized terms not otherwise defined herein are defined in the Existing
B. The Existing Loan Agreement provides for a revolving line of credit in the original principal amount of Ten
Million and No/100 Dollars ($10,000,000.00)(the “ Loan ”).
C. The Borrower and the Bank have now agreed to amend the Existing Loan Agreement in order to substitute
new terms regarding the non-recourse nature of the revolving line of credit.
Unless otherwise specifically defined herein, all defined terms used in this Amendment shall have their
respective meanings set forth in the Existing Loan Agreement.
That paragraph of the Existing Loan Agreement under the subheading of “Non-Recourse” is hereby amended
by deleting it in its entirety and substituting the following:
Although the Borrower is responsible on a corporate basis for the full repayment of principal and interest due
on the Obligations and for any other Event of Default for which the Borrower is responsible, the Bank
specifically acknowledges and agre