Loan Agreement between Arabian Shield Development Company and Sheikh Fahad Al-Athel dated May 7, 2005

Summary

Arabian Shield Development Company and Sheikh Fahad Al-Athel have entered into an agreement for a $100,000 loan. The loan is a demand loan, meaning it can be called for repayment at any time, and carries a 9% interest rate. The loan is secured by stock in Tocco II and American Shield Refining Company, similar to previous loans. The company received the full loan amount on March 7, 2005.

EX-10.(P) 2 d25597exv10wxpy.txt LETTER AGREEMENT 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 ###-###-#### Technical Office Tel.: 6673534 ###-###-#### Fax: 6435410 ###-###-#### 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