Exhibit 10.1

Execution Version

SIXTH AMENDMENT TO CREDIT AGREEMENT

THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of
February 14, 2020, by and among ULTRA RESOURCES, INC., a Delaware corporation
(the “Borrower”), BANK OF MONTREAL, as administrative agent for the Lenders (in
such capacity, together with its successors and assigns in such capacity, the
“Administrative Agent”), and each of the Lenders party hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the Administrative Agent and the Lenders entered into
that certain Credit Agreement, dated as of April 12, 2017, among Ultra Petroleum
Corp., a Yukon corporation, UP Energy Corporation, a Delaware corporation, the
Borrower, the Administrative Agent, the Lenders and other parties from time to
time party thereto (as amended by that certain First Amendment to Credit
Agreement, dated as of June 6, 2017, that certain Second Amendment to Credit
Agreement, dated as of April 19, 2018, that certain Third Amendment to Credit
Agreement, dated as of December 21, 2018, that certain Fourth Amendment to
Credit Agreement dated as of February 14, 2019, that certain Fifth Amendment to
Credit Agreement dated as of September 16, 2019 and as further amended, amended
and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), for the purpose and consideration therein expressed, whereby the
Lenders became obligated to make loans to the Borrower as therein provided;

WHEREAS, the Borrower has requested, and the Administrative Agent and the
Lenders constituting the Majority Lenders have agreed, as set forth herein, to
amend certain provisions of the Credit Agreement;

WHEREAS, the Administrative Agent and the Lenders constituting the Decrease and
Maintenance Lenders have agreed, as set forth herein, to decrease the Borrowing
Base;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and in the Credit Agreement, in consideration of the loans
which may hereafter be made by Lenders to the Borrower, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows:

ARTICLE I.

DEFINITIONS AND REFERENCES

Section 1.1. Defined Terms. Unless the context otherwise requires or unless
otherwise expressly defined herein, the terms defined in the Credit Agreement
shall have the same meanings whenever used in this Amendment. Unless otherwise
specified, all section references in this Amendment refer to sections of the
Credit Agreement.

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ARTICLE II.

AMENDMENTS TO CREDIT AGREEMENT

Section 2.1. Amendments to Credit Agreement.

(a) Defined Terms. The following defined terms in Section 1.01 are hereby
amended and restated in their entirety to read as follows:

“Excess Cash Threshold” means $15,000,000.

“Excluded Cash” means (a) any cash or cash equivalents of the Credit Parties in
an Excluded Account (other than an account that is an Excluded Account pursuant
to clause (a) of the definition thereof), (b) Cash Collateral held by the
Administrative Agent pursuant to this Agreement or the other Loan Documents,
(c) cash of the Credit Parties constituting purchase price deposits held in
escrow by an unaffiliated third party pursuant to a binding and enforceable
purchase and sale agreement with an unaffiliated third party containing
customary provisions regarding the payment and refunding of such deposits,
(d) any cash or Cash Equivalents set aside and for which any Credit Party has
issued checks or has initiated wires or ACH transfers (or will issue checks or
initiate wires or ACH transfers within five (5) business days) to make a
Restricted Payment permitted pursuant to Section 9.04(a), and (e) any cash or
Cash Equivalents set aside and for which any Credit Party has issued checks or
has initiated wires or ACH transfers (or will issue checks or initiate wires or
ACH transfers within five (5) business days) to make payments in respect of
accounts payable incurred in the ordinary course of business for services
already rendered.

“Reserve Report” means the Initial Reserve Report and each subsequent report, in
form and substance reasonably satisfactory to the Administrative Agent, setting
forth, as of each of the following dates:

April 1, 2020 and each April 1 thereafter

July 1, 2020 and each July 1 thereafter

October 1, 2020 and each October 1 thereafter

January 1, 2021 and each January 1 thereafter

(or such other date in the event of an Interim Redetermination), the oil and gas
reserves attributable to the Oil and Gas Properties of the Borrower and the
other Credit Parties, together with a projection of the rate of production and
future net income, taxes, operating expenses and capital expenditures with
respect thereto as of such date, based upon the pricing assumptions consistent
with the Administrative Agent’s lending requirements at such time.

 

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(b) Scheduled and Interim Redeterminations. Section 2.07(b) is hereby amended to
remove the text:

“July 1, 2017 and each July 1 thereafter

January 1, 2018 and each January 1 thereafter”

and to replace it with the text:

“April 1, 2020 and each April 1 thereafter

July 1, 2020 and each July 1 thereafter

October 1, 2020 and each October 1 thereafter

January 1, 2021 and each January 1 thereafter”.

(c) Scheduled and Interim Redetermination Procedure. Section 2.07(c)(ii)(A) is
hereby amended to delete the phrase “each March 15 and September 15” and insert
in lieu thereof “each March 15, June 15, September 15 and December 15”.

(d) Effectiveness of Redetermined Borrowing Base. Section 2.07(d)(i) is hereby
amended to delete the phrase each “April 1 or October 1” and insert in lieu
thereof “January 1, April 1, July 1 and October 1”.

(e) Section 8.12—Reserve Reports. Section 8.12(a) is hereby amended to delete
the table contained in such section and insert in lieu thereof:

 

As-of Date

  

Delivery Date

April 1, 2020 and each April 1 thereafter    the next following June 1 July 1,
2020 and each July 1 thereafter    the next following September 1 October 1,
2020 and each October 1 thereafter    the next following December 1 January 1,
2021 and each January 1 thereafter.    the next following March 1

(f) Section 8.12—Reserve Reports. Section 8.12(b) is hereby amended and restated
in its entirety to read as follows:

The Reserve Reports as of January 1 of each year shall be prepared by one or
more Approved Petroleum Engineers, and the Reserve Reports as of April 1, July 1
and October 1 of each year shall be prepared either by Approved Petroleum
Engineers or, at the Borrower’s option, by the internal reserve engineering
staff of the Borrower in accordance with the procedures used in the immediately
preceding Reserve Report.

Section 2.2. Reduction in Total Commitment. Pursuant to Section 2.06(b), the
Borrower has notified the Lenders of its desire to reduce the Total Commitment
as of April 1, 2020 with each Lender having a Commitment set forth opposite the
name of such Lender on Annex I attached hereto.

 

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ARTICLE III.

BORROWING BASE

Section 3.1. Reduction of Borrowing Base. Pursuant to Section 2.07, the
Administrative Agent and the Lenders constituting the Decrease and Maintenance
Lenders hereby agree that, for the period from and including April 1, 2020 until
the next Redetermination Date (which, for the avoidance of doubt, shall be
July 1, 2020), the Borrowing Base shall be, and hereby is, reduced to
$1,075,000,000. The parties hereto agree that this reduction of the Borrowing
Base constitutes the Scheduled Redetermination for April 1, 2020 and such
redetermination shall be deemed to have taken place in accordance with the
procedures set forth in the Credit Agreement. This Amendment (a) does not limit
redeterminations or further adjustments to the Borrowing Base pursuant to the
Credit Agreement and (b) shall constitute the New Borrowing Base Notice in
respect of such Scheduled Redetermination in accordance with Section 2.07(d)
thereof. As of April 1, 2020, the Total Commitment under the Credit Agreement
shall be $100,000,000.

ARTICLE IV.

CONDITIONS OF EFFECTIVENESS

Section 4.1. Effective Date. This Amendment shall become effective as of the
date written above (such date, the “Sixth Amendment Effective Date”) subject to
the satisfaction of each of the conditions set forth in this Section 4.1:

(a) the Administrative Agent shall have received counterparts of this Amendment
duly executed and delivered by the Borrower and (i) with respect to Section 2.1
of this Amendment, the Lenders constituting the Majority Lenders and (ii) with
respect to Section 3.1 of this Amendment, the Lenders constituting the Decrease
and Maintenance Lenders, in form, substance and date satisfactory to the
Administrative Agent;

(b) after giving effect to this Amendment, no Default or Event of Default shall
exist under the Credit Agreement or under any other Loan Document;

(c) each representation and warranty of the Borrower and the Guarantors set
forth in the Credit Agreement and in the other Loan Documents shall be true and
correct in all material respects on and as of the Sixth Amendment Effective
Date, except (i) to the extent any such representation and warranty is expressly
limited to an earlier date, in which case, on and as of the Sixth Amendment
Effective Date, such representation and warranty shall continue to be true and
correct in all material respects as of such specified earlier date, and (ii) to
the extent that any such representation and warranty is expressly qualified by
materiality or by reference to Material Adverse Effect, such representation and
warranty (as so qualified) shall be true and correct in all respects on and as
of the Sixth Amendment Effective Date (or, to the extent any such representation
and warranty is expressly limited to an earlier date, such representation and
warranty (as so qualified) shall continue to be true and correct in all respects
as of such specified earlier date); and

(d) the Borrower shall have paid, to the extent invoiced one (1) Business Day
prior to the Sixth Amendment Effective Date, all fees and other amounts due and
payable on or prior to the Sixth Amendment Effective Date, including reasonable
and documented fees and expenses of Simpson Thacher & Bartlett LLP and all
reasonable out-of-pocket expenses required to be reimbursed or paid by the
Borrower under the Credit Agreement.

 

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ARTICLE V.

MISCELLANEOUS

Section 5.1. Ratification of Agreements. The Loan Documents, as they may be
affected by this Amendment, are hereby ratified and confirmed in all respects.
The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
the Lenders under the Credit Agreement, the Notes, or any other Loan Document
nor constitute a waiver, amendment or other modification of any provision of the
Credit Agreement, the Notes or any other Loan Document. The terms of this
Amendment do not and shall not constitute a novation and, except as expressly
amended hereby, each of the provisions of the Credit Agreement and the other
Loan Documents shall remain in full force and effect.

Section 5.2. Loan Documents. This Amendment is a Loan Document, and all
provisions in the Credit Agreement (as they may be affected by this Amendment)
pertaining to Loan Documents apply thereto.

Section 5.3. Governing Law. This Amendment shall be governed by, and construed
in accordance with, the laws of the State of New York.

Section 5.4. Counterparts; Fax. This Amendment may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be
effective as delivery of a manually executed counterpart of this Amendment.

THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR
AMONG THE PARTIES HERETO.

[The remainder of this page has been intentionally left blank.]

 

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IN WITNESS WHEREOF, this Amendment is executed as of the date first above
written.

 

BANK OF MONTREAL, as Administrative Agent By:   /s/ James V. Ducote   Name:
James V. Ducote   Title: Managing Director

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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BMO HARRIS BANK N.A., as a Lender and as Issuing Bank By:   /s/ James V. Ducote
  Name: James V. Ducote   Title: Managing Director

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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GOLDMAN SACHS BANK USA, as a Lender By:   /s/ Jamie Minieri   Name: Jamie
Minieri   Title: Authorized Signatory

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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HANCOCK WHITNEY BANK, as a Lender By:   /s/ Eric. K. Sander   Name: Eric K.
Sander   Title: Vice President

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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FIFTH THIRD BANK, as a Lender By:   /s/ David R. Garcia   Name: David R. Garcia
  Title: Vice President

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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CIT BANK, N.A., as a Lender By:   /s/ John Feeley   Name: John Feeley   Title:
Director

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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Agreed and acknowledged:

 

ULTRA RESOURCES, INC., as Borrower

By:   /s/ David W. Honeyfield   Name: David W. Honeyfield   Title: Senior Vice
President and Chief Financial Officer

 

[Ultra Resources - Signature Page to Sixth Amendment to Credit Agreement]

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Commitments

 

Lender

   Commitment  

BMO Harris Bank N.A.

   $ 26,117,647.06  

Barclays Bank PLC

   $ 25,647,058.82  

Goldman Sachs Bank USA

   $ 15,294,117.65  

Capital One National Association

   $ 14,117,647.06  

Whitney Bank

   $ 7,058,823.53  

Fifth Third Bank

   $ 5,882,352.94  

CIT Bank, N.A.

   $ 5,882,352.94     

 

 

 

Total

   $ 100,000,000