FIRST AMENDMENT TO SECURITY AGREEMENT THIS FIRST AMENDMENT TO SECURITY AGREEMENT ("First Amendment") dated as of September 30, 1999, is made between The Exploration Company of Louisiana, Inc. ("Grantor") and Northern Securities Limited ("Lender"), who agree as follows: Recitals WHEREAS, the Grantor and the Lender entered into that certain Security Agreement dated as of May 17, 1999 (the "Security Agreement") in order to secure the full and punctual payment and performance of the indebtedness described therein (capitalized terms used but not defined herein shall have the meaning given to them in the Security Agreement); and WHEREAS, XCL Land, Ltd. ("XCL Land") (formerly the general partner of the Partnership) assigned a 1% general partnership interest in the Partnership to XCL-Texas, Inc. and withdrew as general partner of the Partnership; and WHEREAS, XCL Land's remaining partnership interest was converted to a limited partnership interest and, thereafter, XCL Land merged with and into Grantor; and WHEREAS, as a result of the merger, Grantor succeeded by operation of law to all of the assets and liabilities of XCL Land, including but not limited to the Note; and WHEREAS, as a further result of the merger, Grantor owns a 99% limited partnership interest in the Partnership and Grantor acknowledges and agrees that Lender's security interest pursuant to the Security Agreement covers Lender's applicable percentage of Grantor's entire 99% limited partnership interest. NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: Section 1. Amendments to Security Agreement. The Security Agreement is hereby amended as follows: (a) The phrase "XCL Land, Ltd. ("XCL Land")" is hereby replaced with the word "Grantor." (b) All other references to "XCL Land" are hereby replaced with "Grantor." (c) The address in Section 8 is hereby amended to read 3639 Ambassador Caffery Parkway, Suite 400, Lafayette, Louisiana 70503. Section 2. Effect of Amendment. Except as expressly amended hereby and except as to the collateral released pursuant hereto, the Security Agreement shall remain in full force and effect. Section 3. Titles of Sections. All titles or headings to sections of this First Amendment are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such sections, such other content being controlling as to the agreement between the parties hereto. Section 4. Governing Law. This First Amendment is a contract made under and shall be construed in accordance with and governed by the laws of the United States of America and the State of Louisiana. Section 5. Counterparts. This First Amendment may be executed in two or more counterparts, and it shall not be necessary that the signatures of all parties hereto be contained on any one counterpart hereof, each counterpart shall be deemed an original, but all of which when taken together shall constitute one and the same instrument. IN WITNESS WHEREOF, the Grantor and the Lender have caused this First Amendment to be duly executed as of the date first above written. WITNESSES: GRANTOR: THE EXPLORATION COMPANY OF LOUISIANA, INC. _________________________ By:________________________________ Name:____________________ Name:___________________________ (Please Print) Title:__________________________ _________________________ Name:____________________ (Please Print) LENDER: NORTHERN SECURITIES LIMITED _________________________ By:________________________________ Name:____________________ Name:___________________________ (Please Print) Title:__________________________ _________________________ Name:____________________ (Please Print)