EXHIBIT 10.3 BANK ONE, TEXAS N.A. TERMS AND CONDITIONS NOVEMBER 20, 1997 LENDER: Bank One, Texas, National Association ("BOT" or "Bank"). BORROWER: Sheridan Energy, Inc. ("Sheridan" or "Borrower"). FACILITY: Secured reducing revolving credit facility,...Secured Reducing Revolving Credit Facility Agreement • December 2nd, 1997 • Sheridan Energy Inc • Oil & gas field exploration services
PURPOSE: To finance acquisition and development of oil and gas properties, specifically the acquisition of the "Mid- Continent" and "Gulf Coast" properties from Pioneer Natural Resources, which properties have been reviewed by the Bank's engineering staff for purposes of this financing proposal.
