The engine of the turbine powered agricultural airplane lost power about 30 minutes into the aerial application flight. The 14,000-hour commercial pilot reported that while maneuvering, at approximately 10 feet above ground level (AGL), the engine lost power and he was unable to maintain flight. The pilot elected to execute a forced landing on nearby terraced cotton field. After touchdown, the single-engine airplane slid for approximately 150 to 200 feet before it came to rest in the upright position. There was no post impact fire. The wings, fuselage, and tail sustained structural damage. The propeller was also damaged. The FAA inspector, who responded to the site, found evidence of an engine oil leak along the left side and lower fuselage; however, he was unable to determine where the source of the engine oil leak. The examination of the engine oil reservoir revealed that the reservoir and the dipstick were dry. The airplane was reported to have about 100-gallons of fuel on board at the time of the mishap. A review of the airplane's logbooks indicate that the last annual inspection and 100-hour inspection was performed on March 10, 2007. The total time on the airframe at that time was determined to be 5,175.8 hours.