EXHIBIT 10.1

INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT
This Increase Agreement, Joinder and Amendment No. 1 to Amended and Restated
Credit Agreement (this “Agreement”) dated as of October 11, 2017 (the “Effective
Date”), is among Extraction Oil & Gas, Inc., a Delaware corporation (the
“Borrower”), 7N, LLC, a Delaware limited liability company (“7N”), 8 North, LLC,
a Delaware limited liability company (“8 North”), Bison Exploration, LLC, a
Delaware limited liability company (“Bison”), Elevation Midstream, LLC, a
Delaware limited liability company (“Elevation”), Extraction Finance Corp., a
Delaware corporation (“Finance Corp.”), Mountaintop Minerals, LLC, a Delaware
limited liability company (“MTM”), Table Mountain Resources, LLC, a Delaware
limited liability company (“TMR”), XOG Services, Inc., a Colorado corporation
(“XOG Inc.”), XOG Services, LLC, a Delaware limited liability company (“XOG
LLC”), XTR Midstream, LLC, a Delaware limited liability company (together with
7N, 8 North, Bison, Elevation, Finance Corp., MTM, TMR, XOG Inc., and XOG LLC,
collectively, the “Guarantors”), the undersigned Existing Lenders (as defined
below), The Huntington National Bank (“Huntington”), PNC Bank, National
Association (“PNC”), and Capital One, National Association (together with
Huntington and PNC, each a “New Lender” and, collectively, the “New Lenders”),
and Wells Fargo Bank, National Association, as Administrative Agent for the
Lenders (in such capacity, the “Administrative Agent”) and as Issuing Lender
(the “Issuing Lender”).
INTRODUCTION
A.     The Borrower, the financial institutions party thereto as Lenders (the
“Existing Lenders”, and together with the New Lenders, collectively, the
“Lenders”), the Issuing Lender, and the Administrative Agent have entered into
the Amended and Restated Credit Agreement dated as of August 16, 2017 (the
“Credit Agreement”).
B.    The Guarantors have entered into the Amended and Restated Guaranty
Agreement dated as of August 16, 2017 (the “Guaranty”) in favor of the
Administrative Agent for the benefit of the Secured Parties (as defined in the
Credit Agreement).
C.    Subject to the terms and conditions of this Agreement, the Lenders agree
to increase the Borrowing Base to $525,000,000 as the August 1, 2017
redetermination of the Borrowing Base.
D.    In connection with the Borrowing Base redetermination provided for herein,
each New Lender desires to become party to the Credit Agreement as a Lender and
the Commitments of the Existing Lenders and the New Lenders shall be adjusted to
the amounts set forth on Schedule I attached hereto.
E.    The Borrower has requested that the Lenders and the Administrative Agent,
subject to the terms and conditions hereof amend the Credit Agreement as set
forth herein.
THEREFORE, in fulfillment of the foregoing, the Borrower, the Guarantors, the
Administrative Agent, the Issuing Lender, and the undersigned Lenders hereby
agree as follows:

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Section 1.    Definitions; References. Unless otherwise defined in this
Agreement, each term used in this Agreement which is defined in the Credit
Agreement has the meaning assigned to such term in the Credit Agreement.
Section 2.    Joinder of New Lender. In lieu of executing and delivering an
Assignment and Assumption, each Existing Lender whose Pro Rata Share is
decreasing in connection herewith (each an “Assignor” and, collectively, the
“Assignors”) and the New Lenders and each Existing Lender whose Pro Rata Share
is increasing in connection herewith (each an “Increasing Lender”; and together
with the New Lenders, each an “Assignee” and, collectively, the “Assignees”)
hereby agree to, and the Borrower hereby accepts, the following:
(a)    For an agreed consideration, each Assignor hereby irrevocably sells and
assigns to the respective Assignees, and each Assignee hereby irrevocably
purchases and assumes from the respective Assignors, subject to and in
accordance with the terms hereof and the Credit Agreement, as of the Effective
Date, (i) such percentage in and to all of the respective Assignors’ rights and
obligations in their respective capacities as Lenders under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent
related to the amount identified in Schedule I hereto that would result in the
Existing Lenders and the New Lenders having the respective Commitments set forth
in Schedule I attached hereto (including without limitation any letters of
credit and guaranties provided in connection with the Credit Agreement) and (ii)
to the extent permitted to be assigned under applicable law, all claims, suits,
causes of action and any other right of the respective Assignors (in their
respective capacities as Lenders) against any Person, whether known or unknown,
arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims
and all other claims at law or in equity related to the rights and obligations
sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned by any Assignor to any Assignee pursuant to clauses (i) and (ii)
above being referred to herein collectively as an “Assigned Interest”). Each
such sale and assignment is without recourse to any Assignor and, except as
expressly provided in this Agreement, without representation or warranty by any
Assignor.
(b)    Each Lender acknowledges that it has, independently and without reliance
upon the Administrative Agent or any other Lender and based on the financial
statements referred to in Section 5.2 of the Credit Agreement and such other
documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement and to agree to the various
matters set forth herein. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement.
(c)    From and after the Effective Date, Administrative Agent shall make all
payments in respect of each Assigned Interest (including payments of principal,
interest, fees and other amounts) to the Assignees whether such amounts have
accrued prior to, on or after the Effective Date. The Assignors and Assignees
shall make all appropriate adjustments in payments by

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Administrative Agent for periods prior to the Effective Date or with respect to
the making of this assignment directly between themselves.
(d)    Administrative Agent, Issuing Lender and Borrower hereby consent to the
Assignors’ assignment of the Assigned Interests to the Assignees, waive any
other conditions to the effectiveness of such assignment that are not expressly
set forth in this Agreement, and agree that the terms of this Agreement shall
constitute an Assignment and Assumption. Administrative Agent hereby consents to
an one-time waiver of the $3,500 processing and recordation fee that would
otherwise be payable by each New Lender pursuant to Section 9.7(b)(iv) of the
Credit Agreement as a result of the assignment provided for herein.
Section 3.    Agreement – Increase in Borrowing Base. Subject to the terms of
this Agreement and after giving effect to the assignment made pursuant to
Section 2, as of the Effective Date, the Borrowing Base shall be increased by
$150,000,000, resulting in a new Borrowing Base equal to $525,000,000. Such new
Borrowing Base shall, unless otherwise adjusted in accordance with the terms of
the Credit Agreement, remain in effect at that level until the effective date of
the next Borrowing Base redetermination made in accordance with the Credit
Agreement, as amended hereby. The parties hereto acknowledge and agree that the
Borrowing Base redetermination set forth in this Section 3 shall be deemed to be
the redetermination provided for in Section 2.02(b)(i) of the Credit Agreement
and scheduled for August 1, 2017. Each Lender's Pro Rata Share of the resulting
Borrowing Base, after giving effect to the assignment made pursuant to Section 2
above and the increase in the Borrowing Base set forth in this Section 3, is set
forth next to its name in Schedule II attached hereto.
Section 4.    Amendments to Credit Agreement. Upon the satisfaction of the
conditions specified in Section 8 of this Agreement, and effective as of the
date set forth above, the Credit Agreement is amended as follows:
(a)    Section 1.1 of the Credit Agreement (Certain Defined Terms) is amended by
deleting the defined term “Fee Letter” in its entirety and replacing it with the
following:
"Fee Letter" means, collectively, (a) that certain Engagement Letter dated as of
June 30, 2017, among the Borrower, Wells Fargo and Arranger and (b) that certain
borrowing base increase fee letter dated as of October 11, 2017, among the
Borrower, Wells Fargo and Arranger.
(b)    The definition of “Adjusted EBITDAX” in Section 1.1 of the Credit
Agreement is amended by replacing clause (d) thereof in its entirety with the
following:
(d) for each fiscal quarter ending on or after March 31, 2018, the consolidated
EBITDAX of the Borrower and its Restricted Subsidiaries for the four fiscal
quarter period then ended.
(c)    Schedule I to the Credit Agreement (Commitments, Contact Information) is
amended to read in its entirety as set forth in Schedule I attached hereto.
Section 5.    Reaffirmation of Liens.

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(a)    Each of the Borrower and each Guarantor (i) is party to certain Security
Documents securing and supporting the Borrower's and Guarantors’ obligations
under the Loan Documents, (ii) represents and warrants that it has no defenses
to the enforcement of the Security Documents and that according to their terms
the Security Documents will continue in full force and effect to secure the
Borrower’s and Guarantors’ obligations under the Loan Documents, as the same may
be amended, supplemented, or otherwise modified, and (iii) acknowledges,
represents, and warrants that the liens and security interests created by the
Security Documents are valid and subsisting and create a first and prior Lien
(subject only to Permitted Liens) in the Collateral to secure the Secured
Obligations.
(b)    The delivery of this Agreement does not indicate or establish a
requirement that any Loan Document requires any Guarantor's approval of
amendments to the Credit Agreement.
Section 6.    Reaffirmation of Guaranty. Each Guarantor hereby ratifies,
confirms, and acknowledges that its obligations under the Guaranty and the other
Loan Documents are in full force and effect and that such Guarantor continues to
unconditionally and irrevocably guarantee the full and punctual payment, when
due, whether at stated maturity or earlier by acceleration or otherwise, of all
of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed
Obligations may have been amended by this Agreement. Each Guarantor hereby
acknowledges that its execution and delivery of this Agreement do not indicate
or establish an approval or consent requirement by such Guarantor under the
Credit Agreement in connection with the execution and delivery of amendments,
modifications or waivers to the Credit Agreement, the Notes or any of the other
Loan Documents.
Section 7.    Representations and Warranties. Each of the Borrower and each
Guarantor represents and warrants to the Administrative Agent and the Lenders
that:
(a)    the representations and warranties set forth in the Credit Agreement and
in the other Loan Documents are true and correct in all material respects
(except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by
materiality in the text thereof) as of the date of this Agreement, except that
any representation and warranty which by its terms is made as of a specified
date shall be required to be true and correct in all material respects (except
that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text
thereof) only as of such specified date.
(b)    (i) the execution, delivery, and performance of this Agreement are within
the corporate, limited partnership or limited liability company power, as
appropriate, and authority of the Borrower and Guarantors and have been duly
authorized by appropriate proceedings and (ii) this Agreement constitutes a
legal, valid, and binding obligation of the Borrower and Guarantors, enforceable
against the Borrower and Guarantors in accordance with its terms, except as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, or
similar laws affecting the rights of creditors generally and general principles
of equity; and
(c)    as of the effectiveness of this Agreement and after giving effect
thereto, no Default or Event of Default has occurred and is continuing.

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Section 8.    Effectiveness. This Agreement shall become effective as of the
date hereof upon the occurrence of all of the following:
(a)    Documentation. The Administrative Agent shall have received:
(1)    this Agreement, duly and validly executed by the Borrower, the
Guarantors, the Administrative Agent, the Issuing Bank each Existing Lender and
each New Lender, in form and substance reasonably satisfactory to the
Administrative Agent and the Lenders;
(2)    a Note payable to each New Lender in the amount of such New Lender’s
Commitment (after giving effect to this Agreement), duly and validly executed by
the Borrower; and
(3)    a Note payable to each Increasing Lender in the amount of such Increasing
Lender’s Commitment (after giving effect to this Agreement), duly and validly
executed by the Borrower.
(b)    Representations and Warranties. The representations and warranties in
this Agreement being true and correct in all material respects before and after
giving effect to this Agreement (except to the extent such representations and
warranties relate to an earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier
date); provided that such materiality qualifier shall not apply if such
representation or warranty is already subject to a materiality qualifier in the
Credit Agreement or such other Loan Document.
(c)    No Default or Event of Default. There being no Default or Event of
Default which has occurred and is continuing.
(d)    Expenses. The Borrower’s having paid (1) all costs, expenses, and fees
which have been invoiced and are payable pursuant to Section 9.1 of the Credit
Agreement or any other agreement and (2) all fees required under the Fee Letter
(as such term is amended hereby).
Section 9.    Title. On or before November 13, 2017 (or such later date as may
be acceptable to the Administrative Agent in its sole discretion), the Borrower
shall from time to time upon the reasonable request of the Administrative Agent,
take such actions and execute and deliver such documents and instruments as the
Administrative Agent shall require to ensure that the Administrative Agent
shall, at all times, have received satisfactory title evidence, which title
evidence shall be in form and substance acceptable to the Administrative Agent
in its sole reasonable discretion and shall include information regarding the
before payout and after payout ownership interests held by the Borrower and the
Borrower's Restricted Subsidiaries, for all wells located on the Oil and Gas
Properties, covering at least (x) 80% of the present value of the Proven
Reserves of the Borrower and its Restricted Subsidiaries or (y) 95% of the
present value of PDP Reserves of the Borrower and its Restricted Subsidiaries,
in each case, as reasonably determined by the Administrative Agent.

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Section 10.    Effect on Loan Documents. Except as amended herein, the Credit
Agreement and the Loan Documents remain in full force and effect as originally
executed and are hereby ratified and confirmed, and nothing herein shall act as
a waiver of any of the Administrative Agent's or Lenders' rights under the Loan
Documents. This Agreement is a Loan Document for the purposes of the provisions
of the other Loan Documents. Without limiting the foregoing, any breach of
representations, warranties, and covenants under this Agreement is a Default or
Event of Default under other Loan Documents.
Section 11.    Choice of Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York without regard
to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the
General Obligations Law of the State of New York).
Section 12.    Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original.
THIS WRITTEN AGREEMENT AND THE LOAN DOCUMENTS, AS DEFINED IN THE CREDIT
AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
[Remainder of page intentionally left blank; Signature pages follow.]

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EXECUTED as of the date first set forth above.

 
BORROWER:
 
 
 
 
EXTRACTION OIL & GAS, INC.
 
 
 
 
By:
/s/ Russell T. Kelley, Jr.
 
Name:
Russell T. Kelley, Jr.
 
Title:
Chief Financial Officer
 
 
 
 
GUARANTORS:
 
 
 
 
 
7N, LLC
 
 
8 NORTH, LLC
 
 
BISON EXPLORATION, LLC
 
 
ELEVATION MIDSTREAM, LLC
 
 
MOUNTAINTOP MINERALS, LLC
 
 
XOG SERVICES, INC.
 
 
XOG SERVICES, LLC
 
 
XTR MIDSTREAM, LLC
 
 
TABLE MOUNTAIN RESOURCES, LLC
 
 
 
 
Each By:
/s/ Russell T. Kelley, Jr.
 
Name:
Russell T. Kelley, Jr.
 
Title:
Chief Financial Officer
 
 
 

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ADMINSISTRATIVE AGENT/ISSUING LENDER/LENDERS:
 
 
 
 
WELLS FARGO BANK, NATIONAL ASSOCIATION,
 
as Administrative Agent, Issuing Lender, and an Existing Lender
 
 
 
 
By:
/s/ Joseph T. Rottinghaus
 
Name:
Joseph T. Rottinghaus
 
Title:
Director

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LENDERS:
 
BARCLAYS BANK PLC,
 
as an Existing Lender
 
By:
/s/ Sydney G. Dennis
 
Name:
Sydney G. Dennis
 
Title:
Director

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CREDIT SUISSE AG,
 
CAYMAN ISLANDS BRANCH,
 
as an Existing Lender
 
By:
/s/ Nupur Kumar
 
Name:
Nupur Kumar
 
Title:
Authorized Signatory

 
 
 
 
By:
/s/ Christopher Zybrick
 
Name:
Christopher Zybrick
 
Title:
Authorized Signatory

 
 
 

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SUNTRUST BANK,
 
as an Existing Lender
 
By:
/s/ Arize Agumadu
 
Name:
Arize Agumadu

 
Title:
Vice President

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ABN AMRO CAPITAL USA LLC,
 
as an Existing Lender
 
By:
/s/ Darrell Holley
 
Name:
Darrell Holley
 
Title:
Managing Director

 
 
 
 
By:
/s/ Michaela Braun
 
Name:
Michaela Braun
 
Title:
Director
 
 
 

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KEYBANK NATIONAL ASSOCIATION,
 
as an Existing Lender
 
By:
/s/ George E. McKean
 
Name:
George E. McKean
 
Title:
Senior Vice President

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CITIBANK, N.A.,
 
as an Existing Lender
 
By:
/s/ Cliff Vaz
 
Name:
Cliff Vaz
 
Title:
Vice President

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GOLDMAN SACHS BANK USA,
 
as an Existing Lender
 
By:
/s/ Josh Rosenthal
 
Name:
Josh Rosenthal
 
Title:
Authorized Signatory

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ROYAL BANK OF CANADA,
 
as an Existing Lender
 
By:
/s/ Kristan Spivey
 
Name:
Kristan Spivey
 
Title:
Authorized Signatory

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BANK OF AMERICA, N.A.,
 
as an Existing Lender
 
By:
/s/ Ronald E. McKaig
 
Name:
Ronald E. McKaig
 
Title:
Managing Director

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MERCURIA EASTERN US HOLDINGS LLC,
 
as an Existing Lender
 
By:
/s/ Marty Bredehoft
 
Name:
Marty Bredehoft

 
Title:
Treasurer

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THE HUNTINGTON NATIONAL BANK,
 
as a New Lender
 
By:
/s/ Jason A. Zilewicz
 
Name:
Jason A. Zilewicz

 
Title:
Vice President

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PNC BANK, NATIONAL ASSOCIATION,
 
as a New Lender
 
By:
/s/ Denise S. Davis
 
Name:
Denise S. Davis

 
Title:
Vice President

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CAPITAL ONE, NATIONAL ASSOCIATION,
 
as a New Lender
 
By:
/s/ Nancy Mak
 
Name:
Nancy Mak

 
Title:
Senior Vice President

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SCHEDULE I
Commitments, Contact Information
ADMINISTRATIVE AGENT/ ISSUING LENDER
Wells Fargo Bank, National Association
Address: 1700 Lincoln St., 6th Floor
      Denver, CO 80203
Attn: Joe Rottinghaus
Telephone: 303-863-5367
Facsimile: 303-863-5196

LOAN PARTIES
Borrower/Guarantors
Address: 370 17th Street, Suite 5300 
      Denver, CO 80202
Attn:       Mr. Rusty Kelley
Telephone: 720-557-8302
Facsimile: 720-557-8301
Email: rtkelley@extractionog.com
Website: www.extractionog.com

[Schedule I continues on the following page]

[SCHEDULE I TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

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Lender
Commitment
Wells Fargo Bank, National Association

$192,857,142.86

Barclays Bank PLC

$128,571,428.57

Credit Suisse AG, Cayman Islands Branch

$128,571,428.57

SunTrust Bank

$128,571,428.57

ABN AMRO Capital USA LLC

$128,571,428.57

KeyBank National Association

$128,571,428.57

Citibank, N.A.

$105,714,285.72

Goldman Sachs Bank USA

$105,714,285.72

Royal Bank of Canada

$105,714,285.72

Bank of America, N.A.

$62,857,142.85

Mercuria Eastern US Holdings LLC

$10,000,000.01

The Huntington National Bank

$105,714,285.72

PNC Bank, National Association

$105,714,285.72

Capital One, National Association

$62,857,142.85

Total:

$1,500,000,000.00

[SCHEDULE I TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]

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SCHEDULE II
BORROWING BASE
Lender
Pro Rata Share of Borrowing Base*
Wells Fargo Bank, National Association

$67,500,000.00

Barclays Bank PLC

$45,000,000.00

Credit Suisse AG, Cayman Islands Branch

$45,000,000.00

SunTrust Bank

$45,000,000.00

ABN AMRO Capital USA LLC

$45,000,000.00

KeyBank National Association

$45,000,000.00

Citibank, N.A.

$37,000,000.00

Goldman Sachs Bank USA

$37,000,000.00

Royal Bank of Canada

$37,000,000.00

Bank of America, N.A.

$22,000,000.00

Mercuria Eastern US Holdings LLC

$3,500,000.00

The Huntington National Bank

$37,000,000.00

PNC Bank, National Association

$37,000,000.00

Capital One, National Association

$22,000,000.00

Total:

$525,000,000.00

* Borrowing Base in effect as of October 11, 2017. Borrowing Base is subject to
redetermination pursuant to the terms of this Agreement.

[SCHEDULE II TO INCREASE AGREEMENT, JOINDER AND AMENDMENT NO. 1 TO
AMENDED AND RESTATED CREDIT AGREEMENT – EXTRACTION]