Exhibit 10.1
FIRST AMENDMENT
     This First Amendment (this “Amendment”) dated effective as of June 29, 2007
(the “Effective Date”) is among Complete Production Services, Inc., a Delaware
corporation (the “US Borrower”), Integrated Production Services, Ltd., a
corporation governed by the laws of Alberta, Canada (the “Canadian Borrower”;
together with the US Borrower, the “Borrowers”), the Lenders (as defined below)
party hereto, Wells Fargo Bank, National Association, as administrative agent
(in such capacity, the “US Administrative Agent”), swing line lender (in such
capacity, the “US Swingline Lender”), and issuing lender (in such capacity, the
“US Issuing Lender”) and HSBC Bank Canada, as administrative agent (in such
capacity, the “Canadian Administrative Agent”), swing line lender (in such
capacity, the “Canadian Swingline Lender”), and issuing lender (in such
capacity, the “Canadian Issuing Lender”).
INTRODUCTION
     A. The Borrowers, the US Administrative Agent, the Canadian Administrative
Agent, the US Swingline Lender, the US Issuing Lender, the Canadian Swingline
Lender, the Canadian Issuing Lender and lenders party thereto from time to time
(the “Lenders”) are parties to that certain Second Amended and Restated Credit
Agreement dated as of December 6, 2006 (the “Credit Agreement”).
     B. The Lenders and the Borrowers wish to make certain amendments to the
Credit Agreement as set forth below.
     THEREFORE, the Borrowers, the US Administrative Agent, the Canadian
Administrative Agent and the Lenders hereby agree as follows:
     Section 1. Definitions. Unless otherwise defined in this Amendment, terms
used in this Amendment that are defined in the Credit Agreement shall have the
meanings assigned to such terms in the Credit Agreement.
     Section 2. Amendment to Credit Agreement. Section 6.8 of the Credit
Agreement is hereby deleted and replaced in its entirety with the following:
     Section 6.8 Sale of Assets. The Company shall not, nor shall it permit any
Subsidiary to sell, convey, or otherwise transfer any of its assets outside the
ordinary course of business, except that (i) the Credit Parties may, during any
fiscal year of the Company sell, convey or otherwise transfer assets (including
Equity Interests in any Subsidiary) outside the ordinary course of business up
to an aggregate net book value equal to 10% of aggregate net book value of the
fixed assets of the Company and it Subsidiaries as set forth in the Financial
Statements most recently delivered under Section 5.2; provided that such assets
may not be sold for an amount which is less than fair market value; (ii) any
Credit Party (other than a Foreign Credit Party) may sell, convey, or otherwise
transfer any of its assets to any other Credit Party (other than a Foreign
Credit Party) so long as no Default or Event of Default has occurred and is
continuing or would be caused thereby; provided that the receiving Credit Party
shall ratify, grant and confirm the Liens on such assets (and any other related
Collateral) pursuant to

 

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documentation satisfactory to the US Administrative Agent; and (iii) any Foreign
Credit Party may sell, convey, or otherwise transfer any of its assets to any
other Foreign Credit Party so long as no Default or Event of Default has
occurred and is continuing or would be caused thereby; provided that the
receiving Foreign Credit Party shall ratify, grant and confirm the Liens on such
assets (and any other related Collateral) pursuant to documentation satisfactory
to the Canadian Administrative Agent.
     Section 3. Representations and Warranties. Each Borrower represents and
warrants to the US Administrative Agent, the Canadian Administrative Agent and
the Lenders that:
     (a) After giving effect to this Amendment, the representations and
warranties set forth in the Credit Agreement and in the other Credit Documents
are true and correct in all material respects as of Effective Date except for
those representations and warranties which were expressly made as of an earlier
date which shall be true and correct as of such earlier date;
     (b) after giving effect to this Amendment, no Default has occurred and is
continuing;
     (c) the execution, delivery, and performance of this Amendment by such
Borrower are within the corporate power and authority of such Borrower and have
been duly authorized by appropriate proceedings,
     (d) this Amendment constitutes a legal, valid, and binding obligation of
such Borrower, enforceable 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
     (e) the Liens under the Security Documents are valid and subsisting to
secure the obligations covered thereby.
     Section 4. Effectiveness. This Amendment shall become effective, and the
Credit Agreement shall be amended as provided in this Amendment, upon the
occurrence of the following conditions precedent:
     (a) the Borrowers, Guarantors, the US Administrative Agent, the Canadian
Administrative Agent and the Majority Lenders shall have delivered executed
counterparts of this Amendment to the US Administrative Agent;
     (b) the US Borrower and the Domestic Subsidiaries created after the
effective date of the Credit Agreement shall have executed and delivered to the
US Administrative Agent supplements to the US Guaranty, the US Security
Agreement and the US Pledge Agreement in form and substance satisfactory to the
US Administrative Agent;
     (c) as of the Effective Date and after giving effect to this Amendment, the
representations and warranties in this Amendment shall be true and correct in
all material respects and no Default or Event of Default shall exist; and

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     (d) the Borrowers shall have paid all costs and expenses which have been
invoiced and are payable pursuant to Section 9.1 of the Credit Agreement.
     Section 5. Reaffirmation of Guaranty and Liens.
     (a) Each Subsidiary of the US Borrower that is listed on the signature
pages to this Amendment (each, a “Guarantor”) (i) is party to a Guaranty,
guaranteeing payment of the US Borrower’s or the Canadian Borrower’s
obligations, as applicable, under the Credit Agreement and the Credit Documents
and certain other amounts in accordance with such Guaranty, (ii) has reviewed
this Amendment, and (iii) represents and warrants that such Guarantor has no
defenses to the enforcement of its Guaranty, and that according to its terms
such Guaranty will continue in full force and effect to guaranty the US
Borrower’s or the Canadian Borrower’s obligations under the Credit Documents, as
applicable, as the same may be amended, supplemented, or otherwise modified, and
such other amounts in accordance with the terms of such Guaranty.
     (b) Each Borrower and each Guarantor (i) is party to certain Security
Documents, (ii) represents and warrants that it has no defenses to the
enforcement of the Security Documents to which it is a party, and that according
to their respective terms, the Security Documents to which it is a party will
continue in full force and effect, as the same may be amended, supplemented, or
otherwise modified, and (iii) acknowledge, represent, and warrant that the liens
and security interests created by such Security Documents are valid and
subsisting and create an Acceptable Security Interest in the Collateral subject
thereto, as the same may be amended, supplemented, or otherwise modified.
     (c) The delivery of this Amendment does not indicate or establish a
requirement that any Guaranty or Security Document requires any Guarantor’s
approval of amendments to the Credit Agreement, but has been furnished to the US
Administrative Agent, the Canadian Administrative Agent and the Lenders as a
courtesy at the US Administrative Agent’s request.
     Section 6. Effect on Credit Documents.
     (a) Except as amended herein, the Credit Agreement and the Credit Documents
remain in full force and effect as originally executed, and nothing herein shall
act as a waiver of any of the US Administrative Agent’s, the Canadian
Administrative Agent’s, or Lenders’ rights under the Credit Documents, as
amended, including the waiver of any Default or Event of Default, however
denominated.
     (b) This Amendment is a Credit Document for the purposes of the provisions
of the other Credit Documents. Without limiting the foregoing, any breach of
representations, warranties, and covenants under this Amendment may be a Default
or Event of Default under other Credit Documents.
     Section 7. Choice of Law. This Amendment shall be governed by and construed
and enforced in accordance with the laws of the State of Texas.
     Section 8. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original. Delivery of an executed
counterpart of this Amendment by facsimile shall be effective as delivery of an
original counterpart hereof.

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     THIS AMENDMENT, THE CREDIT AGREEMENT, AS AMENDED HEREBY, AND THE OTHER
CREDIT DOCUMENTS, AS DEFINED IN THE CREDIT AGREEMENT REFERRED TO IN THIS
AMENDMENT, 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 AMONG THE PARTIES HERETO.
[The remainder of this page has been left blank intentionally.]

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     EXECUTED to be effective as of the date first above written.

            BORROWERS:

COMPLETE PRODUCTION SERVICES, INC.
      By:   /s/ Mike Mayer         Mike Mayer, Chief Financial Officer         
   

            INTEGRATED PRODUCTION SERVICES LTD.
      By:   /s/ Mike Mayer         Mike Mayer, Chief Financial Officer         
   

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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            GUARANTORS:

The Guarantors shall be parties to this Amendment only for purposes of Section 5
hereof.

COMPLETE ENERGY SERVICES, LLC
I.E. MILLER SERVICES, LLC
A&W WATER SERVICE, INC.
CES ROCKIES, INC.
CES MID-CONTINENT HAMM, INC.
GUARD DRILLING MUD DISPOSAL, INC.
HAMM & PHILLIPS SERVICE COMPANY, INC.
HAMM MANAGEMENT CO.
HYLAND ENTERPRISES, INC.
INTEGRATED PRODUCTION SERVICES, LLC
LEED TOOL CORPORATION
MONUMENT WELL SERVICE CO.
OIL TOOL RENTALS, CO.
R&W RENTAL, INC.
RIGMOVERS, CO.
STRIDE WELL SERVICE COMPANY, INC.
THE ROSEL COMPANY
MGM WELL SERVICES, INC.
PARCHMAN ENERGY MANAGEMENT GP LLC
PARCHMAN ENERGY PARTNERSHIP LP LLC
ROUSTABOUT SPECIALTIES, INC.
VALLEY CT MANAGEMENT, LC
ADVANCED COILED TUBING, INC.
SERVICIOS HOLDINGS I, INC.
SERVICIOS HOLDINGS II, INC.
TURNER ENERGY SERVICES, LLC
TURNER ENERGY SWD, LLC
T. & J. ENERGY, LLC
LOYD JONES WELL SERVICE, LLC
FEMCO SWD, INC.
PUMPCO ENERGY SERVICES, INC.
SCIENTIFIC MICROSYSTEMS, INC.
      Each by:   /s/ Mike Mayer         Mike Mayer, Vice President             

[continued]
Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                          TEXAS CES, INC.
CES SWD TEXAS, INC.
WSTX HOLDING LLC
ALLIANCE ENERGY SERVICE CO. LLC
I.E. MILLER SERVICES GP, L.L.C.
I.E. MILLER SERVICES LP, L.L.C.
BIG MAC TRUCKING COMPANY, INC.    
 
                        Each by:  /s/ Mike Mayer                              
Mike Mayer, Vice President    
 
                        SWEETWATER PRODUCED WATER
DISPOSAL, LLC             By:   Hyland Enterprises, Inc.
its sole member    
 
                   
 
          By:   /s/ Mike Mayer    
 
                   
 
              Mike Mayer, Vice President    
 
                        GREASEWOOD, LLC             By:   Hyland Enterprises,
Inc.,
its managing member    
 
                   
 
          By:   /s/ Mike Mayer    
 
                   
 
              Mike Mayer, Vice President    
 
                        PARCHMAN ENERGY GROUP, LLC         By:  Complete
Production Services, Inc.,
its sole member    
 
                   
 
          By:   /s/ Mike Mayer    
 
                   
 
              Mike Mayer, Chief Financial Officer    
 
                        PARCHMAN OPERATING CO., LP
        By:  Parchman Energy Management GP LLC,
its general partner    
 
                   
 
          By:   /s/ Mike Mayer    
 
                   
 
              Mike Mayer, Vice President    

[continued]
Signature page to First Amendment
(Complete Production Services, Inc.)

 

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            I.E. MILLER SERVICES, L.P.      By:   I.E. Miller Services GP,
L.L.C., its general partner    

            By:   /s/ Mike Mayer         Mike Mayer, Vice President   

            BIC MAC TANK TRUCKS, LLC       By:   Big Mac Trucking Company, Inc.,
its sole member    

            By:   /s/ Mike Mayer         Mike Mayer, Vice President   

            FUGO SERVICES, LLC      By:   Big Mac Trucking Company, Inc., its
sole member    

            By:   /s/ Mike Mayer         Mike Mayer, Vice President             

[continued]
Signature page to First Amendment
(Complete Production Services, Inc.)

 

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            ADMINISTRATIVE AGENT AND LENDERS:

WELLS FARGO BANK, NATIONAL ASSOCIATION
as US Administrative Agent, Swing Line Lender,
Issuing Lender and a US Lender
      By:   /s/ Corbin M Womac         Corbin M Womac        Assistant Vice
President     

            HSBC BANK CANADA
as Canadian Administrative Agent, Canadian
Swingline Lender, Canadian Issuing Lender and a Canadian Lender
      By:   /s/ Bruce Robinson         Bruce Robinson        Assistant
Vice-President
Energy Financing     

                  By:   /s/ Sandy Hayer         Sandy Hayer        Account
Manager
Energy Financing     

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  AMEGY BANK N.A.
as a US Lender    
 
           
 
  By:   /s/ Kenyatta Gibbs    
 
                Name: Kenyatta Gibbs         Title: Vice President    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  COMERICA BANK
as a US Lender    
 
           
 
  By:   /s/ Cyd Dillahunty    
 
                Name: Cyd Dillahunty         Title: Vice President – Texas
Division    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  UBS LOAN FINANCE LLC
as a US Lender    
 
           
 
  By:   /s/ Mary E. Evans    
 
                Name: Mary E. Evans         Title: Associate Director    

             
 
  By:   /s/ David B. Julie    
 
                Name: David B. Julie         Title: Associate Director    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  CREDIT SUISSE, CAYMAN ISLANDS BRANCH,
as a US Lender    
 
           
 
  By:   /s/ Vanessa Gomez    
 
                Name: Vanessa Gomez         Title: Vice President    
 
           
 
  By:   /s/ James Neira    
 
                Name: James Neira         Title: Associate    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  CITIBANK, N.A.
as a US Lender    
 
           
 
  By:   /s/ Dale T. Wilson    
 
                Name: Dale T. Wilson
        Title: Vice President    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  NATIXIS (formerly known as Natexis Banques Populaires)
as a US Lender    
 
           
 
  By:   /s/ Timothy L. Polvado    
 
                Name: Timothy L. Polvado         Title: Managing Director    
 
           
 
  By:   /s/ Louis P. Laville, III    
 
                Name: Louis P. Laville, III         Title: Managing Director    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  BANK OF TEXAS, N.A.
as a US Lender    
 
           
 
  By:        
 
           
 
  Name:        
 
           
 
  Title:        
 
           

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  JPMORGAN CHASE BANK, N.A.
as a US Lender    
 
           
 
  By:   /s/ Thomas Okamoto    
 
                Name: Thomas Okamoto         Title: Vice President    

Signature page to First Amendment
(Complete Production Services, Inc.)

 

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                  BANK OF AMERICA, N.A.
as a US Lender    
 
           
 
  By:        
 
           
 
  Name:        
 
           
 
  Title:        
 
           

Signature page to First Amendment
(Complete Production Services, Inc.)