EXHIBIT 10(L) ARABIAN SHIELD DEVELOPMENT COMPANY 10830 NORTH CENTRAL EXPRESSWAY, SUITE 175 DALLAS, TEXAS 75231 (214) 692-7872 15 August, 1995 Mr. Hatem El-Khalidi P. O. Box 1516 Jeddah 21441 Saudi Arabia Dear Mr. El-Khalidi: This letter serves as the agreement for you to loan Arabian Shield Development Company, US $53,000 (fifty three thousand). This loan will carry a libor + 2% interest. In addition, you have the option to transform this loan, plus all accumulated interest, at any time, within five years from the date of payment of the above sum to the Company, to shares of this Company's unissued common stock at the price of one US dollar (US $1.00) per share, that is a total of 53,000 shares. The period of the loan, otherwise, is for two years from the date of its payment to the Company, and will be repaid to you on demand, with all accumulated interest after that period. The Company's account number is as follows: Arabian Shield Development Company US dollar account no: 5401623 Saudi American Bank, Jeddah Branch Jeddah, Saudi Arabia Very truly yours, Hatem El-Khalidi, President Agreed to: By: /s/ HATEM EL-KHALIDI _______________________________ Date: August 15, 1995 _____________________________