PROMISSORY TERM
NOTE
Denver, Colorado February 26,
2009
FOR VALUE RECEIVED, the undersigned,
Double Eagle Petroleum Co., a Maryland corporation (“
Borrower ”), hereby promises to pay to the order of
BANK OF OKLAHOMA, N.A. (“ Lender ”), the
principal sum equal to its Term Commitment as set forth in the
Credit Agreement (as hereinafter defined), or, if greater or less,
the aggregate unpaid principal amount of the Term Loans made by
Lender to Borrower pursuant to the terms of the Credit Agreement
(as hereinafter defined), together with interest on the unpaid
principal balance thereof as set forth in the Credit Agreement,
both principal and interest payable as herein provided in lawful
money of the United States of America at the offices of
Administrative Agent under the Credit Agreement, 1675 Broadway,
Suite 1650, Denver, Colorado 80202 or at such other place
within Denver County, Colorado, as from time to time may be
designated by the holder of this Note.
This Note (a) is issued and
delivered under that certain Credit Agreement of even date herewith
among Borrower, Bank of Oklahoma, N.A., as Administrative Agent,
and the lenders (including Lender) referred to therein (as from
time to time supplemented, amended or restated, the “
Credit Agreement ”), and is a “Term Note”
as defined therein, (b) is subject to the terms and provisions
of the Credit Agreement, which contains provisions for payments and
prepayments hereunder and acceleration of the maturity hereof upon
the happening of certain stated events, and (c) is secured by
and entitled to the benefits of certain Security Documents (as
identified and defined in the Credit Agre
