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MORTGAGE,
SECURITY AGREEMENT
and
ASSIGNMENT
RECF_IVED
LINuOLN CO JNTY CLERK
BOOK
WHEREAS, on the 30th day of March, 1999, DOUBLE EAGLE PETROLEUM CO., formerly
known as Double Eagle Petroleum and Mining Company, a Maryland Corporation (hereinafter
referred to as "Borrower"), entered into a Mortgage, Security Agreement and Assignment
(hereinafter referred to as "Mortgage"), with AMEmCAN ENERGY FINANCE, the predecessor in
interest to AMEmCAN NATIONAL BANK (hereinafter collectively referred to as "Bank"), which was
recorded with the County Clerks where the original lands were located; and
WHEREAS, the Mortgage secured a Five Hundred Thousand Dollar ($500,000.00) Line
of Credit; and
WHEREAS, the Borrower and Bank in a First Addendum to Mortgage, Security Agreement
and Assignment date January 4, 2000 expanded the Line of Credit with a new Promissory Note from
American National Bank having a maximum amount of Three Million Dollars ($3,000,000.00) or
Borrowing Base as established in the Loan Commitment Agreement dated December 2, 1999,
whichever is the lessor amount; and
WHEREAS, the Borrower and Bank in a Second Addendum to Mortgage, Security
Agreement and Assignment dated August 15,2001 established the amount of the Line of Credit at
Three Million Dollars ($3,000,000.00) and included additional lands in Fremont, Sublette and
Carbon Counties, Wyoming as security for the Line of Credit and assign the secured interest from
American Energy Finance to American National Bank; and
WHEREAS, the Borrower and Bank in a Third Addendum to Mortgage, Security
Agreement and Assignment dated October 10, 2002 increased the amount of the Line of Credit to
a maximum amount of Four Million Two Hundred Fifty Thousand Dollars ($4,250,000.00); and
WHEREAS, the Borrower and Bank desire to increase the amount of the Line of Credit to
a maximum amount of Five Million Two Hundred and Fifty .Thousand Dollars ($5,250,000.00).
NOW, THEREFORE, in consideration of the increase of Borrower's Line of Credit, the
Borrower and Bank agree as follows:
1. The amount of the Line of Credit in the Mortgage available to Borrower from Bank
through a Promissory Note of even date herewith at a Wall Street Journal Prime interest rate shall
be amended and increased to a maximum amount of Five Million Two Hundred Fifty Thousand
Dollars ($5,250,000.00) and said increased amount of the Line of Credit shall be secured by the
interests granted in the Mortgage and Addendums covering the lands described on Exhibit "A".
2. The remainder of the terms and conditions in the original Mortgage shall remain in
full force and effect.
AGREED t° and accepted the ~"~ ~day of 2o~ ~ ~'- o~ ~x/ , 2003.
DOUBLE EAGLE PETROLEUM Co.,
formerly known as Double Eagle Petroleum
and Mining Company
By: STI'P}IEN H. HOLLIS, Chief Executive
/~ERICAN~NAL BANK
D.XLLEN J~FS, ~e President
STATE OF WYOMING' )
)ss
COUNTY OF NATRONA )
The foregoing instrument was acknowledged before me this o~7 ~d-~day
of .~?~.~, ,2003, 'by DOUBLE EAGLE PETROLEUM CO., formerly known as Double
Eagle P~et~01~um and Mining Company, by and through its Chief Executive Officer, STEPItEN
H. HOLLI$, referred to as the "Borrower" herein, as its free act and deed.
Notary- l:;u-blic ' -' '
My Commission expires:
My Commission expires:
STATE OF WYOMING )
)ss
COUNTY OF NATRONA )
The foregoing instrument was acknowledged before me this -~'ff day of
a,Z~_ ~, ,2003, by AMEmCA~ NATIONAL BANK, a Wyoming banking corporation, by
nd'through Dallen Juelfs, its Vice President, referred to as the "Bank" herein.
Notary Public
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LONG BUTTE UNIT
EXHIBIT A
MORTGAGE~ SECURITY AGREEMEN%
AND ASSIGNMENT
Township 38 North,
Section 2:
Section 3:
Section 4:
Section 5:
Section 6:
Section 7:
Section 8:
Section 9:
Section 10:
Section 11:
· Township 38 North,
Section 1:
Township 39 North,
Section 28:
Section 29:
Section 30:
Section 31
Section 32:
Section 33:
Township 39 North,
Section 25:
Section 35:
Section 36:
Range 91 West, 6~ P.M.
All
All
All
All
All
Lots 1, 2, 5, 6, NE4, E2NW4, NE4SE4
N2, N2S2
N2NW4, SW4NW4, Nw4sW4
NE4NW4, N2NE4, SE4NE4
N2, NE4SW4, N2SE4, SE4SE4
Range 92 West, 6th P.M.
Lots 1-11, SW4NE4, SE4NW4, NW4SE4
Range 91 West, 6th P.M.
All
All
Lots 3-8,' E2, E2SW4, SE4NW4
All
All
All
Range 92 West, 6
S2SE4, NE4SE4, SE4SW4
E2SE4, SE4NE4
All
Fremont County, Wyoming
WALTMAN 21-19
FRENCHIE DRAW
Township 36 North, Range 87 West, 6t~ P.M.
Section 24: SE4SE4
Section 25: NE4NE4
And any rights accruing from the drill-site spaced unit for
the Waltman 21-19 Well.
Natrona County, Wyoming
Graham Unit #2
Township 37 North, Range 89 West, 6th P.M.
Section3: Lots 1-4, S½N½
Natrona County, Wyoming
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GOVERNMENT BRIDGE
WOLF DRAW UNIT
JAMES CREEK
Township 31 North, Range 82 West, 6th P.M.
Section 19, 20, 21, 26
TownshiP 31 North, Range 83 West, 6th P.M.
Section 24
Natrona County, Wyoming
Township 52 North, Range 68 West, 6th P.M.
Section 18: Lots 3, 4, E½SW¼, SE¼
Section 19: Lot 1
T_ownship 52 North, Range 69 West, 6th P.M.
Section 13: Lot 16
Section 24: Lot 1
Crook County, Wyoming
227
ROCK ISLAND UNIT
Credo Federal #1-6
Township 14 North, Range 103 West, 6th P.M.
Section 6: NE¼
Britz
Township 15 North,
Section 31'
Federal # 1
Range 103 West, 6*h P.M.
SE¼
Sweetwater County, Wyoming
BARREL SPRINGS
#4-H
Township 19 North, Range 97 West, 6th P.M.
Section 4
Sweetwater County, Wyoming
MARIANNE FIELD
#1-36
Township 16 North, Range 94West, 6th P.M.
Section 36
Sweetwater County, Wyoming
Anderson 12-1
Township 20 North, Range 103 West, 6th P.M.
Section 12: SE¼
Madex 13-1
Township 20 North, Range 103 West, 6th P.M.
Section 13: SW¼
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WHISKEY BUTTES UNIT
WINDMILL (MUDDY)
Madex 18-1
Township 20 North, Range 102 West, 6th P.M.
Section 18:SW¼
Madex 24-2
Township 20 North, Range 103 West, 6th P.M.
' Section. 24:NW¼
Steve Federal 14-1
Township 20 North, Range 103 West, 6th P.M.
Section 14:SE¼
Sweetwater County, Wyoming
Township 21 North, Range 111 West, 6th P.M.
Section 6:SI/2SW¼
Township 21 North, Range 112 West, 6th P.M.
Section 18: E½SW¼, SE¼NE¼
Lincoln County, Wyoming
MADDEN UNIT
MESA UNIT
Raybourn #11-5
Township 50 North, Range 69 West, 6th P.M.
Section 5: NW¼NW¼
Campbell County, Wyoming
Township 39 North, Range 90 West, 6th P.M.
Section 23: SE¼NE¼, E½SW¼, SE¼
Section 24: SW¼NW¼, NW¼SW¼
Section 26: NW¼NE¼, E½NW¼
Fremont County, Wyoming
Township 32 North, Range 109 West, 6~h P.M~
Section 5: SW¼SW¼
Section
Section
Section
Section
Section
Section
6: S½SE¼, SE¼SW¼
7: NE¼, E½NW¼, N½SE¼
8: W½NW¼, NW¼SW¼
9: S½SW¼, SW¼SE¼
16: W½, NE¼, N½SE¼, SW¼SE¼
17 SE¼NE¼, NE¼SE¼
Sublette County, Wyoming
COW CREEK UNIT
Township 16 North, Range 91 West, 6t~ P.M.
Section 6: Lot 27, SE¼SW¼
Section 7: Lot 5, 6, 7, 8, E½NW¼, NE¼SW¼
Section 18: Lot 5
-5-
Township 16 North, Range 92 West, 6th P.M.
Section 1:
Section 11:
Section 12:
Section 13:
Section 14:
SE¼SE¼
E½SE~A
sV2, NEt& E½NW~A, SW¼NW¼
N½, N½SW¼, SE¼SW¼, NW~ASE¼
NE¼NE¼
Carbon County, Wyoming
The interest in the Long Butte Unit described on Page 4 of this Exhibit A shall include any
and all rights accruing pursuant to ownership in the Long Butte Unit.
The interest in the Rock Island Unit described on Page 5 of this Exhibit A shall include any
and all rights accruing pursuant to ownership in the Rock Island Unit.
The interest in the Wolf Draw Unit described on Page 5 of this Exhibit A shall include any
and all rights accruing pursuant to ownership in the Wolf Draw Unit.
The interest in the Whiskey Butte Unit described on Page 6 of this Exhibit A shall include
any and all rights accruing pursuant to ownershiP in the Whiskey Butte Unit.
o
The interest in the Madden Unit described on Page 6 of this Exhibit A shall include any and
all rights accruing pursuant to ownership in the Madden Unit.
o
The interest in the Mesa Unit described on Page 6 of this Exhibit A shall include any and
all rights accruing pursuant to ownership in the Mesa Unit.
The interest in the Cow Creek Unit described on Page 6 and 7 of this Exhibit A shall
include any and all rights accruing pursuant to ownership in the Cow Creek Unit.
o
The interests included in the wells and fields described on this Exhibit A in the Waltman 21-
19, James Creek and Marianne leases shall include any and all rights accruing pursuant to
ownership in these leases.
This Exhibit A has been provided by Double Eagle Petroleum Co., formerly known as
Double Eagle Petroleum and Mining Company with the intent of providing collateral for the
attached mortgage. American National Bank has relied on the accuracy and completeness
of the legal descriptions provided above.
If the entire interest owned by Double Eagle Petroleum Co., formerly known as Double
Eagle Petroleum and Mining Company in any of the wells, fields and units included in this
Exhibit A is found to be in error, it is the intent of the parties hereto to include all interests
owned by Double Eagle Petroleum Co., formerly known as Double Eagle Petroleum and
Mining Company as a part of the collateral.
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