Arabian Shield Development Company 10830 North Central Expressway Suite 175 Dallas, Texas 75231 U.S.A P.O. Box 1516, Jeddah 21441 Saudi Arabia C.R. 4030097805-C.C.J. 45522 Administration Tel.: 6426529 6435410 Technical Office Tel.: 6673534 6690641 Fax: 6435410 6690641 Date: 7 May, 2005 Sheikh Fahad Al-Athel P.O. Box 4900 Riyadh Saudi Arabia Dear Sheikh Fahad: This letter serves as the agreement to loan Arabian Shield Development Company, U.S. $100,000 (one hundred thousand). This loan is a demand loan and carries a 9% (nine) interest, and will be collateralized as the previous loans, together with the loans of the other lenders by the stock of Tocco II, and American Shield Refining Company. The full amount of this loan was received by the Company on 7 March, 2005. Very truly yours, Arabian Shield Development Company /s/ HATEM EL-KHALIDI -------------------------------------- by: Hatem El-Khalidi, President Agreed to: By: /s/ FAHAD AL-ATHEL ---------------------------------- Fahad Al-Athel Date: 14/5/05