Exhibit 10.3 Production Payment
Amount: $___,___.__ No. 2004-__
May ___, 2004
FOR VALUE RECEIVED, the undersigned, THE BEARD COMPANY, an Oklahoma corporation (the
"Company"), promises to pay to the order of ____________________________________ (the "Payee"), at
Suite 320, 5600 North May Avenue, Oklahoma City, Oklahoma 73112, or at such other place as may be
designated in writing by the Payee, a bonus or Production Payment in the sum of
____________________________________________ DOLLARS ($___,___.__). Such amount shall be
paid, without interest, at the Maturity on November 30, 2006, of that certain Promissory Note, in the amount of
$___,000.00, of concurrent date held by the Payee.
Such Production Payment shall represent a bonus for Payee's participation in the Offering as more fully described
in the Company's $1,200,000 Private Placement Memorandum dated May 13, 2004.
IN WITNESS WHEREOF, the Company has executed this instrument effective the date first above written.
THE BEARD COMPANY, an Oklahoma corporation
Herb Mee, Jr., President