BUSINESS LOAN AGREEMENT
References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular
loan or item.
Any item above containing “***” has been omitted due to text length limitations.
THIS BUSINESS LOAN AGREEMENT dated December 31, 2003, Is made and executed between Arena Resources, Inc.
(“Borrower”) and Bank of Oklahoma, N.A. (“Lender”) on the following terms and conditions. Borrower has received prior
commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations,
including those which may be described on any exhibit or schedule attached to this Agreement (“Loan”). Borrower
understands and agrees that: (A) in granting, renewing or extending any Loan, Lender is relying upon Borrower’s
representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any
Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and
remain subject to the terms and conditions of this Agreement.
Call / Coll
$20,000,000.00 12-31-2003 12-31-2005 56545560001
Borrower: Arena Resources, Inc. (TIN: 73-1596109)
Lender: Bank of Oklahoma, N.A.
4920 S. Lewis Street, Suite 107
Energy Department - 8th Floor
Tulsa, OK 74106-‘5170
P.O. Box 2300
Tulsa, OK 74192
TERM . This Agreement shall be effective as of December 31, 2003, and shall continue in full force and effect until such time as
all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees,
and other fees and charges, or until December 31, 2005.
CONDITIONS PRECEDENT TO EACH ADVANCE . Lender’s obligation to make the initial Advance a