Exhibit 10.3

FIFTEENTH AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of May 1, 2020
among

GULFPORT ENERGY CORPORATION,
as Borrower,

THE BANK OF NOVA SCOTIA,
as Administrative Agent

and

The Lenders Party Hereto

THE BANK OF NOVA SCOTIA, KEYBANK NATIONAL ASSOCIATION,
and PNC BANK, NATIONAL ASSOCIATION,
as Joint Lead Arrangers and Joint Bookrunners

KEYBANK NATIONAL ASSOCIATION and
PNC BANK, NATIONAL ASSOCIATION,
as Co-Syndication Agents

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
WELLS FARGO BANK, N.A. and
BARCLAYS BANK PLC,
as Co-Documentation Agents

|US-DOCS\114671460.11||

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FIFTEENTH AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT
THIS FIFTEENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is entered into as of May 1, 2020, among GULFPORT ENERGY
CORPORATION, a Delaware corporation (“Borrower”), the Guarantors party hereto,
THE BANK OF NOVA SCOTIA, as Administrative Agent (“Administrative Agent”) and
L/C Issuer, and the Lenders party hereto.
R E C I T A L S
A. Borrower, the financial institutions signing as Lenders thereto,
Administrative Agent and the other agents party thereto are parties to an
Amended and Restated Credit Agreement dated as of December 27, 2013, as amended
by a First Amendment to Amended and Restated Credit Agreement dated as of
April 23, 2014, a Second Amendment to Amended and Restated Credit Agreement
dated as of November 26, 2014, a Third Amendment to Amended and Restated Credit
Agreement dated as of April 10, 2015, a Fourth Amendment to Amended and Restated
Credit Agreement and Limited Consent and Waiver dated as of May 29, 2015, a
Fifth Amendment to Amended and Restated Credit Agreement dated as of
September 18, 2015, a Sixth Amendment to Amended and Restated Credit Agreement
dated as of February 19, 2016, a Seventh Amendment to Amended and Restated
Credit Agreement dated as of December 13, 2016, an Eighth Amendment to Amended
and Restated Credit Agreement dated as of March 29, 2017, a Ninth Amendment to
Amended and Restated Credit Agreement dated as of May 4, 2017, a Tenth Amendment
to Amended and Restated Credit Agreement dated as of October 4, 2017, an
Eleventh Amendment to Amended and Restated Credit Agreement dated as of
November 21, 2017, a Twelfth Amendment to Amended and Restated Credit Agreement
dated as of May 21, 2018, a Thirteenth Amendment to Amended and Restated Credit
Agreement dated as of November 28, 2018, and a Fourteenth Amendment to Amended
and Restated Credit Agreement dated as of June 3, 2019 (collectively, the
“Original Credit Agreement”; the Original Credit Agreement as amended by this
Amendment is referred to herein as the “Credit Agreement”).
B. The parties desire to amend the Original Credit Agreement as hereinafter
provided.
NOW, THEREFORE, in consideration of these premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1.Same Terms. All terms used herein that are defined in the Original Credit
Agreement shall have the same meanings when used herein, unless the context
hereof otherwise requires or provides. In addition, from and after the Fifteenth
Amendment Effective Date, (a) all references in the Original Credit Agreement
and, where appropriate in the context, in the other Loan Documents to the
“Agreement” shall mean the Original Credit Agreement, as amended by this
Amendment, as the same may hereafter be amended and waived from time to time,
and (b) all references in the Loan Documents to the “Loan Documents” shall mean
the Loan Documents, as amended by the Modification Papers, as the same may
hereafter be amended and waived from time to time. In addition, the following
terms have the meanings set forth below:
“Modification Papers” means this Amendment and all of the other documents and
agreements executed in connection with the transactions contemplated by this
Amendment.
“Fifteenth Amendment Effective Date” has the meaning set forth in Section 2.
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2.Conditions Precedent. The obligations and agreements of the Lenders as set
forth in this Amendment are subject to the satisfaction, unless waived in
writing by Administrative Agent and each Lender party hereto, of each of the
following conditions (the first day of satisfaction of all such conditions
herein, the “Fifteenth Amendment Effective Date”):
(i)Fifteenth Amendment to Credit Agreement. This Amendment shall have been duly
executed and delivered by the Borrower, the Guarantors and the Required Lenders.
(ii)Fees and Expenses. Administrative Agent shall have received payment of all
invoiced out-of-pocket fees and expenses (including reasonable attorneys’ fees
and expenses) incurred by Administrative Agent in connection with the
preparation, negotiation and execution of the Modification Papers.
3.Amendment to Original Credit Agreement. On the Fifteenth Amendment Effective
Date, the Original Credit Agreement shall be deemed to be amended as follows:
(i)The following definitions in Section 1.01 of the Original Credit Agreement
are hereby amended and restated in their entirety as follows:
“Applicable Rate” means, from time to time, the following percentages per annum,
based upon the Applicable Usage Level:
Applicable Rate

Applicable
Usage LevelCommitment feeEurodollar Rate Loans and Letters of CreditBase Rate
LoansLevel 10.375%1.75%0.75%Level 20.375%2.00%1.00%Level 30.50%2.25%1.25%Level
40.50%2.50%1.50%Level 50.50%2.75%1.75%

Any increase or decrease in the Applicable Rate resulting from a change in the
Applicable Usage Level shall become effective as of the date of the change in
the Applicable Usage Level. The Applicable Rate shall be Level 5 during any
period that a Borrowing Base Deficiency is being paid back in installments as
permitted by Section 4.06.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.
“Bail-In Legislation” means, (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law, regulation rule or
requirement for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom,
Part I of the United Kingdom Banking Act 2009 (as amended
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from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks,
investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).
“Excluded Accounts” means accounts exclusively used for payroll, payroll taxes
or other employee wage and benefit payments, accounts exclusively holding assets
subject to an escrow or purchase price adjustment mechanism, and accounts that
exclusively hold funds belonging to, or for the benefit of, a Person other than
a Loan Party, and accounts having average daily collected balances not greater
than $2,500,000 in the aggregate for all such accounts during the most recently
completed calendar quarter.
“Net Funded Debt” means, as of any date of determination, for the Borrower and
its Restricted Subsidiaries on a consolidated basis, (i) the sum of (a) the
outstanding principal amount of all obligations, whether current or longterm,
for borrowed money (including Obligations hereunder) and all obligations
evidenced by bonds, debentures, notes, loan agreements or other similar
instruments, (b) all purchase money Indebtedness, (c) all direct obligations
arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments, (d) all
obligations in respect of the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business),
(e) Indebtedness in respect of capital leases, (f) without duplication, all
Guarantees with respect to outstanding Indebtedness of the types specified in
clauses (a) through (e) above of Persons other than the Borrower or any
Restricted Subsidiary, and (g) all Indebtedness of the types referred to in
clauses (a) through (f) above of any partnership or other entity where owners of
Equity Interests thereof have liability for the obligations of such entity in
which the Borrower or a Restricted Subsidiary is a general partner or owner of
such Equity Interests, unless (1) such Indebtedness is expressly made
non-recourse to the Borrower or such Restricted Subsidiary, or (2) such
Indebtedness is owed by such entity to the owners of the Equity Interests
thereof, minus (ii) the amount of cash and short-term investments of Borrower
and its Restricted Subsidiaries at the end of the relevant fiscal quarter with
respect to which the ratio of Net Funded Debt to EBITDAX is being calculated,
not to exceed $35,000,000 in the aggregate. For avoidance of doubt, Net Funded
Debt does not include Wexford ULC Obligations.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority
from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write- down and conversion powers are described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel,
reduce, modify or change the form of a liability of any UK Financial Institution
or any contract or instrument under which that liability arises, to convert all
or part of that liability into shares, securities or obligations of that person
or any other person, to provide that any such contract or instrument is to have
effect as if a right had been exercised under it or to
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suspend any obligation in respect of that liability or any of the powers under
that Bail-In Legislation that are related to or ancillary to any of those
powers.
(ii)The definition of “EBITDAX” in Section 1.01 of the Original Credit Agreement
is hereby amended by replacing the word “and” after clause (i) with “,” and
adding the phrase “(iii) all non-recurring or unusual gains, revenues, losses,
expenses or charges (other than cash income from the early extinguishment or
conversion of Swap Contracts) and (iv) any other non-cash gains or revenues,”
after clause (ii).
(iii)The definition of “L/C Sublimit” in Section 1.01 of the Original Credit
Agreement is hereby amended by replacing the reference to “the greater of
$150,000,000 or 40% of the Aggregate Commitments existing at such time” with a
reference to “$450,000,000”.
(iv)Section 1.01 of the Original Credit Agreement is hereby amended by adding
the following new defined terms in the proper alphabetical order as follows:
“Affected Financial Institution” means (a) any EEA Financial Institution or (b)
any UK Financial Institution.
“Excess Cash” means, as of any date of determination, cash and cash equivalents
of the Loan Parties other than (a) any cash allocated for, reserved or otherwise
set aside to pay royalty obligations, working interest obligations, vendor
payments, suspense payments, similar payments as are customary in the oil and
gas industry, severance and ad valorem taxes, payroll, payroll taxes, other
taxes, and employee wage and benefit payment obligations of the Borrower or any
Restricted Subsidiary then due and owing (or to be due and owing within five (5)
Business Days of such date) and for which the Borrower or such Restricted
Subsidiary either (x) has issued checks or has initiated wires or ACH transfers
or (y) reasonably anticipates in good faith that it will issue checks or
initiate wires or ACH transfers within five (5) Business Days of such date, (b)
any cash allocated for, reserved or otherwise set aside to pay other amounts
permitted to be paid by the Borrower or its Restricted Subsidiaries in
accordance with this Agreement and other Loan Documents due and owing as of such
date (or to be due and owing within five (5) Business Days of such date) to
Persons who are not Affiliates of the Loan Parties and for which obligations the
Borrower or any of its Restricted Subsidiaries have (x) issued checks or have
initiated wires or ACH transfers or (y) reasonably anticipates in good faith
that it will issue checks or initiate wires or ACH transfers within five (5)
Business Days of such date, as certified by the Borrower in any Loan Notice or
in connection with Section 2.04(d) with sufficient detail as is reasonably
acceptable to the Agent, (c) any cash of the Borrower and its Restricted
Subsidiaries constituting pledges and/or deposits securing any binding and
enforceable purchase and sale agreement with any Persons who are not Affiliates
of the Loan Parties, in each case to the extent permitted by this Agreement, and
(d) cash deposited with the L/C Issuer to cash collateralize Letters of Credit.
“Fifteenth Amendment Effective Date” means May 1, 2020.
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“Net Senior Secured Debt” means, as of any date of determination, for the
Borrower and its Restricted Subsidiaries on a consolidated basis, the amount
equal to the sum, without duplication, of (i) (x) the Obligations to the extent
described in clause (i) of the definition thereof, (y) the face amount of all
Letters of Credit, and (z) any other Net Funded Debt described in clause (i) of
the definition thereof that constitutes senior Indebtedness secured by a Lien on
assets or property of the Borrower or its Restricted Subsidiaries as of such
date, minus, without duplication, (ii) the amount of cash and short-term
investments of Borrower and its Restricted Subsidiaries at the end of the
relevant fiscal quarter with respect to which the ratio of Net Senior Secured
Debt to EBITDAX is being calculated, not to exceed $35,000,000 in the aggregate.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any
UK Financial Institution, a UK Resolution Authority.
“Subordinated Obligation” means any Indebtedness for borrowed money of the
Borrower or any Restricted Subsidiary (whether outstanding on the Closing Date
or thereafter incurred) (a) which is subordinate or junior in right of payment
to, in the case of the Borrower, the Obligations or, in the case of a Guarantor,
its Guarantee of the Obligations pursuant to a written agreement to that effect
or (b) as to which any Lien on property securing such Indebtedness is
contractually subordinated or junior to any Lien on any property securing the
Obligations.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined
under the PRA Rulebook (as amended form time to time) promulgated by the United
Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6
of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or
investment firms.
“UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK
Financial Institution.
(v)Section 2.04 of the Original Credit Agreement is hereby amended by adding the
following new clause (d) to the end thereof as follows:
        (d) If the Loan Parties and their Subsidiaries have Excess Cash in
excess of $35,000,000 in the aggregate on Thursday of each week, then the
Borrower shall immediately prepay on the next Business Day succeeding such
Thursday a principal amount of the Loans in the amount of such excess.
(vi)Section 2.13 of the Original Credit Agreement is hereby amended by replacing
each reference therein to “85%” with a reference to “90%”.
(vii)Section 2.13(a) of the Original Credit Agreement is hereby amended by
adding a proviso at the end thereof as follows:
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“; provided that thirty (30) days following the Fifteenth Amendment Effective
Date (or such longer time as determined by Agent in its sole discretion), the
coverage required by this subsection (a) shall increase to 95%.”
(viii)Section 2.13(b) of the Original Credit Agreement is hereby amended by
adding a proviso at the end thereof as follows:
“; provided that sixty (60) days following the Fifteenth Amendment Effective
Date (or such longer time as determined by Agent in its sole discretion), the
coverage required by this subsection (b) shall increase to 85%.”
(ix)Section 2.13(e) of the Original Credit Agreement is hereby amended by adding
the following parenthetical to the end of subsection (ii) thereof as follows:
“(provided that thirty (30) days following the Fifteenth Amendment Effective
Date (or such longer time as determined by Agent in its sole discretion), the
coverage required by this clause (ii) shall increase to 95%)”
(x)Section 4.01(b) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
“(b) Until next determined or otherwise modified or adjusted as provided herein,
the amount of the Borrowing Base as of the Fifteenth Amendment Effective Date
shall be $700,000,000.”
(xi)Section 4.03(a) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
        “(a) Special determinations of the Borrowing Base may be requested by
Agent at the direction of the Required Lenders or by the Borrower not more than
one time per calendar year each. If any special determination is requested by
Borrower, it shall be accompanied by internally prepared engineering data for
the oil and gas reserves included in the Mortgaged Properties, and such
additional properties as Borrower may select, brought forward from the most
recent Reserve Report furnished by Borrower to Agent. If any special
determination is requested by Agent, Borrower will provide Agent with internally
prepared engineering data for the oil and gas reserves included in the Mortgaged
Properties, and such additional properties as Borrower may select, updated from
the most recent Reserve Report furnished to Agent, as soon as is reasonably
practicable following the request. The determination whether to increase or
decrease the Borrowing Base and the Monthly Reduction Amount shall then be made
in accordance with the standards set forth in Section 4.01 hereof and the
procedures set forth in Section 4.04 hereof. In the event of any special
determination of the Borrowing Base pursuant to this Section, Agent in the
exercise of its discretion may suspend the next regularly scheduled
determination of the Borrowing Base.”
(xii)Section 4.03(b) of the Original Credit Agreement is hereby amended by
adding the following parenthetical after the phrase “prior written notice”:
“(or such shorter period as may be acceptable to Agent in its sole discretion)”
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(xiii)Section 4.04 of the Original Credit Agreement is hereby amended by
amending and restating the third and fourth sentences thereof in their entirety
as follows:
“At the end of such fifteen (15) day period, if Required Lenders (or all
Lenders, in the event of a proposed increase of the Borrowing Base or decrease
of the Monthly Reduction Amount) shall not have communicated their approval or
disapproval, such silence shall be deemed a disapproval of a proposed increase
of the Borrowing Base or decrease of the Monthly Reduction Amount and an
approval of a proposed decrease or reaffirmation of the Borrowing Base or
reaffirmation or increase of the Monthly Reduction Amount.  If Required Lenders
(or each Lender, as applicable) have not approved or have not been deemed to
have approved the Borrowing Base or Monthly Reduction Amount, Agent and Required
Lenders (or all Lenders, in the event of a proposed increase of the Borrowing
Base or decrease of the Monthly Reduction Amount) shall agree on a new Borrowing
Base and Monthly Reduction Amount.”
(xiv)Section 5.02 of the Original Credit Agreement is hereby amended by
renumbering clause (d) to be clause (e), adding the following new clause (d) and
by amending and restating the last sentence of Section 5.02 in its entirety to
read as follows:
        (d)  At the time of and immediately after giving effect to such proposed
Credit Extension, the Borrower and its Restricted Subsidiaries do not have any
Excess Cash in excess of $35,000,000.
Each Request for Credit Extension (other than a Loan Notice requesting only a
conversion of Loans to the other Type, or a continuation of Eurodollar Rate
Loans) submitted by Borrower shall be deemed to be a representation and warranty
that the conditions specified in Sections 5.02(a), (b) and (d) have been
satisfied on and as of the date of the applicable Credit Extension.
(xv)Section 7.12 of the Original Credit Agreement is hereby amended by amending
and restating Section 7.12(a) and Section 7.12(b) in their entirety, and
inserting a new Section 7.12(c) as follows:
        (a) Net Funded Debt to EBITDAX Ratio. With respect to each fiscal
quarter ending on or after September 30, 2021, maintain on a consolidated basis
a ratio of Net Funded Debt to EBITDAX not exceeding 4.00:1.00, calculated as of
the last day of each fiscal quarter using the results of the twelve-month period
ending with that fiscal quarter.
        (b) Interest Coverage Ratio. Maintain on a consolidated basis a ratio of
EBITDAX to Interest Expense of at least 3.0 to 1.0, calculated as of the last
day of each fiscal quarter using the results of the twelve-month period ending
with that fiscal quarter.
(c) Net Senior Secured Debt to EBITDAX Ratio. With respect to each fiscal
quarter ending on or after March 31, 2020, maintain on a consolidated basis a
ratio of Net Senior Secured Debt to EBITDAX not exceeding 2.00:1.00, calculated
as of the last day of each fiscal quarter using the results of the twelve-month
period ending with that fiscal quarter.
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(xvi)Section 8.02(h) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
        (h) Investments made with cash proceeds received from the sale of
Borrower’s common Equity Interests so long as such Investments are made within
180 days of the receipt of such cash proceeds or are contractually committed to
be used within such 180-day period and are actually used within 365 days of
initial receipt;
(xvii)Section 8.02(i) of the Original Credit Agreement is hereby amended by
adding the word “cash” before the first instance of “Investments”.
(xviii)Section 8.02(k) of the Original Credit Agreement is hereby amended by
adding the word “Cash” before the first instance of “Investments”.
(xix)Section 8.03(g) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
        (g) Indebtedness associated with bonds or other surety obligations
required in connection with the operation of the business of the Loan Parties;
(xx)Section 8.04(a) of the Original Credit Agreement is hereby amended by
amending and restating the proviso at the end thereof in its entirety as
follows:
“provided that when any wholly-owned Domestic Restricted Subsidiary is merging
with another Restricted Subsidiary, the wholly-owned Restricted Subsidiary shall
be the continuing or surviving Person, and that when any Loan Party is merging
with a non-Loan Party, the Loan Party shall be the continuing or surviving
Person;”
(xxi)Section 8.06(g) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
(g) [reserved];
(xxii)Section 8.16(b)(2) of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
        (2) in the case of any account other than an Excluded Account opened
after such Effective Date, concurrently with the opening of such account.
(xxiii)Article XIII of the Original Credit Agreement is hereby amended by adding
the following new Section 8.18 to the end thereof as follows:
        8.18. Limitation on Modification and Prepayment of Indebtedness.
        (a) Make, directly or indirectly, voluntary prepayments, purchases,
repurchases, or redemptions of or in respect of any Senior Notes or any
Subordinated Obligations, or any payment or other distribution (whether in cash,
securities or other property) prior to its stated maturity, including any
sinking
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fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any Senior Notes or any Subordinated
Obligations, except prepayments, redemptions, purchases, defeasances and other
payments in respect of Senior Notes and Subordinated Obligations prior to their
scheduled maturity in an aggregate amount not to exceed $20,000,000 on and after
the Fifteenth Amendment Effective Date.
        (b) Amend or modify, or permit the amendment or modification of, any
provision of any Senior Notes or any Subordinated Obligations or any agreement
relating thereto other than amendments or modifications that are not materially
adverse to the Lenders and that do not affect the subordination provisions
thereof in a manner materially adverse to the Lenders (it being understood that
the following, without limitation, are materially adverse to the Lenders: (i)
the principal amount (or accreted value, if applicable) of such Indebtedness,
after giving effect to such amendment or modification, exceeds the principal
amount (or accreted value, if applicable) of the Indebtedness prior to such
amendment or modification (plus unpaid accrued interest, breakage costs and
premium thereon), (ii) the average life to maturity of such Indebtedness, after
giving effect to such amendment or modification, is less than that of such
Indebtedness prior to such amendment or modification, (iii) the effect of such
amendment or modification is to shorten the final maturity date thereof to a
date that is earlier than 91 days after the Maturity Date, (iv) such action
adds, amends, changes or otherwise modifies covenants, events of default or
other agreements to the extent such covenants, events of default or other
agreements are more restrictive, taken as a whole, than those contained in this
Agreement or the other Loan Documents, or financial covenants that are more
restrictive than those contained in this Agreement, in each case, as reasonably
determined by the Borrower in good faith, unless such covenants, events of
default or agreements or more restrictive terms are incorporated into this
Agreement or are otherwise applicable only after the payment in full of the
Loans, (v) the effect of such amendment or modification is to increase the
amount of any payment of principal thereof, increase the rate or scheduled
recurring fee, add call or pre-payment premiums, shorten any period for payment
interest thereon or adds or changes any redemption, put or prepayment
provisions, or (vi) such Indebtedness, after giving effect to such amendment or
modification, shall have additional obligors, Guarantees or security than such
Indebtedness prior to such amendment or modification, unless such obligors,
Guarantees, or security also are added to the benefit of the Obligations).
(xxiv)Section 11.25 of the Original Credit Agreement is hereby amended and
restated in its entirety to read as follows:
“11.25 Acknowledgement and Consent to Bail-In of Affected Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any Affected Financial
Institution arising under any Loan Document, to the extent such liability is
unsecured, may be subject to the write-down and conversion powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:
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(a) the application of any Write-Down and Conversion Powers by the applicable
Resolution Authority to any such liabilities arising hereunder which may be
payable to it by any party hereto that is an Affected Financial Institution; and
(b) the effects of any Bail-In Action on any such liability, including, if
applicable:
(i) a reduction in full or in part or cancellation of any such liability;
(ii) a conversion of all, or a portion of, such liability into shares or other
instruments of ownership in such Affected Financial Institution, its parent
undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or
(iii) the variation of the terms of such liability in connection with the
exercise of the write-down and conversion powers of the applicable Resolution
Authority.
(xxv)Schedule 2.01 to the Original Credit Agreement is hereby replaced with
Schedule 2.01 attached to this Amendment.
(xxvi)The form of Loan Notice attached as Exhibit A to the Original Credit
Agreement shall be replaced with the form of Loan Notice attached as Exhibit A
to this Amendment.
(xxvii)The form of Compliance Certificate attached as Exhibit C to the Original
Credit Agreement shall be replaced with the form of Compliance Certificate
attached as Exhibit B to this Amendment.
4.Redetermination of Borrowing Base. The Borrowing Base as of the Fifteenth
Amendment Effective Date shall be $700,000,000. This redetermination shall
constitute the periodic determination scheduled to occur as of April 1, 2020
under Section 4.02 of the Credit Agreement, and the Borrowing Base as
redetermined shall remain in effect until next redetermined, adjusted or
otherwise modified pursuant to the terms of the Credit Agreement. In accordance
with Section 2.05(b)(viii) of the Credit Agreement, the Aggregate Elected
Commitment Amount shall be automatically reduced to $700,000,000 as of the
Fifteenth Amendment Effective Date (ratably among the Lenders in accordance with
each Lender’s Applicable Percentage).
5.Post-Closing Obligations. Notwithstanding anything to the contrary herein or
in any other Loan Document, Borrower shall deliver to Administrative Agent:
(i)within 30 days after the Fifteenth Amendment Effective Date (or such later
date to which Administrative Agent shall agree in writing in its sole
discretion), Oil and Gas Mortgages executed by one or more Loan Parties covering
(i) Proved Mineral Interests sufficient such that the Recognized Value of all
Proved Mineral Interests under mortgage constitute at least 95% of the
Recognized Value of all Proved Mineral Interests evaluated in the most recent
Reserve Report
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and (ii) all Proved Mineral Interests in the following counties: Belmont,
Harrison, Jefferson and Monroe Counties, Ohio; and Grady and Stephens Counties,
Oklahoma; and
(ii)within 60 days after the Fifteenth Amendment Effective Date (or such later
date to which Administrative Agent shall agree in writing in its sole
discretion), title information and data reasonably acceptable to Administrative
Agent sufficient such that the Recognized Value of all Proved Mineral Interests
for which reasonably acceptable title assurances have been received by
Administrative Agent constitute at least 85% of the Recognized Value of all
Proved Mineral Interests evaluated in the most recent Reserve Report.
6.Certain Representations. Each Loan Party represents and warrants that, as of
the Fifteenth Amendment Effective Date: (a) such Loan Party has full power and
authority to execute the Modification Papers to which it is a party and such
Modification Papers constitute the legal, valid and binding obligation of such
Loan Party enforceable in accordance with their terms, except as enforceability
may be limited by general principles of equity and applicable bankruptcy,
insolvency, reorganization, moratorium, and other similar laws affecting the
enforcement of creditors’ rights generally; (b) no authorization, approval,
consent or other action by, notice to, or filing with, any Governmental
Authority or other Person is required for the execution, delivery and
performance by such Loan Party thereof; and (c) no Default or Event of Default
has occurred and is continuing after giving effect to the Amendment, or will
result from the consummation of the transactions contemplated by this Amendment.
In addition, each Loan Party represents that after giving effect to the
Modification Papers, all representations and warranties of the Borrower and each
other Loan Party contained in the Credit Agreement and the other Loan Documents
are true and correct in all material respects (provided that any such
representations or warranties that are, by their terms, already qualified by
reference to materiality shall be true and correct without regard to such
additional materiality qualification) on and as of the Fifteenth Amendment
Effective Date as if made on and as of such date except to the extent that any
such representation or warranty expressly relates to an earlier date, in which
case such representation or warranty is true and correct in all material
respects (or true and correct without regard to such additional materiality
qualification, as applicable) as of such earlier date.
7.Reaffirmation. Each of the Loan Parties hereby (a) acknowledges this
Amendment, (b) reaffirms, confirms and ratifies all of its obligations under the
Guaranty, each Collateral Document to which it is a party and the other Loan
Documents to which it is party, including its respective guarantees, pledges,
grants of security interests and other obligations, as applicable, under and
subject to the terms of the Guaranty, each Collateral Document to which it is a
party and each of the other Loan Documents to which it is party, and (c) agrees
that such guarantees, pledges, grants of security interests and other
obligations, and the terms of the Guaranty, each Collateral Document to which it
is a party and each of the other Loan Documents to which it is a party, are not
impaired or affected in any manner whatsoever and shall continue to be in full
force and effect and, as applicable, shall guarantee and secure all Obligations
under the Credit Agreement, as modified by this Amendment. The parties hereto
acknowledge and agree that all references to the “Credit Agreement” (or words of
similar import) in the Guaranty, each Collateral Document and the other Loan
Documents refer to the Credit Agreement as amended by this Amendment without
impairing any such obligations or Liens in any respect.
8.No Further Amendments. Except as previously amended or waived in writing and
as amended hereby, the Original Credit Agreement shall remain unchanged and all
provisions shall remain fully effective between the parties thereto.
FIFTEENTH AMENDMENT – Page 11

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9.Acknowledgments and Agreements. Borrower acknowledges that on the date hereof
all outstanding Obligations, in each case as amended hereby, are payable in
accordance with their terms, and Borrower waives any defense, offset,
counterclaim or recoupment with respect thereto. Borrower, Administrative Agent,
L/C Issuer and each Lender that is a party hereto do hereby adopt, ratify and
confirm the Original Credit Agreement, as amended and waived hereby, and
acknowledge and agree that the Original Credit Agreement, as amended and waived
hereby, is and remains in full force and effect. Borrower acknowledges and
agrees that the liabilities and obligations of the Borrower and each other Loan
Party under the Original Credit Agreement and under the other Loan Documents, in
each case as amended hereby, are not impaired in any respect by this Amendment.
10.Limitation on Agreements. The consents, waivers and modifications set forth
herein are limited precisely as written and shall not be deemed (a) to be a
consent under or a waiver of or an amendment to any other term or condition in
the Original Credit Agreement or any of the other Loan Documents, or (b) to
prejudice any other right or rights that Administrative Agent or the Lenders now
have or may have in the future under or in connection with the Original Credit
Agreement and the other Loan Documents, each as amended and waived hereby, or
any of the other documents referred to herein or therein. The Modification
Papers shall constitute Loan Documents for all purposes.
11.Confirmation of Security. Borrower hereby confirms and agrees that all of the
Collateral Documents that presently secure the Obligations shall continue to
secure, in the same manner and to the same extent provided therein, the payment
and performance of the Obligations as described in the Original Credit Agreement
as modified by this Amendment.
12.Counterparts. This Amendment may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed an original, but all
of which constitute one instrument. In making proof of this Amendment, it shall
not be necessary to produce or account for more than one counterpart thereof
signed by each of the parties hereto.
13.Incorporation of Certain Provisions by Reference. The provisions of
Section 11.15 of the Original Credit Agreement captioned “Governing Law,
Jurisdiction; Etc.” and Section 11.16 of the Original Credit Agreement captioned
“Waiver of Right to Trial by Jury” are incorporated herein by reference for all
purposes.
14.Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “execute”, “signed,” “signature,” and words of like import in or
related to any document to be signed in connection with this Amendment and the
transactions contemplated hereby (including without limitation Assignment and
Assumptions, amendments or other Request for Credit Extension, waivers and
consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms
approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the Uniform Electronic Transactions Act (as adopted in
the State of Texas), or any other similar state laws based on the Uniform
Electronic Transactions Act.
15.Entirety, Etc. This Amendment, the other Modification Papers and all of the
other Loan Documents embody the entire agreement between the parties. THIS
AMENDMENT, THE OTHER MODIFICATION PAPERS AND ALL OF THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY
FIFTEENTH AMENDMENT – Page 12

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EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[This space is left intentionally blank. Signature pages follow.]

FIFTEENTH AMENDMENT – Page 13

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be
effective as of the date and year first above written.
BORROWER
GULFPORT ENERGY CORPORATION

By: /s/ Quentin Hicks 
Quentin Hicks
Chief Financial Officer

FIFTEENTH AMENDMENT – Signature Page S-1

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GUARANTORS
GATOR MARINE, INC.
GULFPORT MIDSTREAM HOLDINGS, LLC
GATOR MARINE IVANHOE, INC.
GRIZZLY HOLDINGS, INC.
JAGUAR RESOURCES LLC
PUMA RESOURCES, INC.
WESTHAWK MINERALS LLC
GULFPORT MIDCON, LLC
GULFPORT APPALACHIA, LLC

By: /s/ Quentin Hicks 
Quentin Hicks
Chief Financial Officer

--------------------------------------------------------------------------------

ADMINISTRATIVE AGENT:

THE BANK OF NOVA SCOTIA, HOUSTON BRANCH,
as Administrative Agent and L/C Issuer

By: /s/ Ryan Knape 
Name: Ryan Knape
Title: Director

LENDERS:
THE BANK OF NOVA SCOTIA, HOUSTON BRANCH,
as a Lender

By: /s/ Ryan Knape 
Name: Ryan Knape
Title: Director

FIFTEENTH AMENDMENT – Signature Page S-2

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KEYBANK NATIONAL ASSOCIATION,
as a Lender

By: /s/ George E. McKean 
Name: George E. McKean
Title: Senior Vice President

FIFTEENTH AMENDMENT – Signature Page S-3

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PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By: /s/ John Engel 
Name: John Engel
Title: Vice President

FIFTEENTH AMENDMENT – Signature Page S-4

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CREDIT SUISSE AG,
CAYMAN ISLANDS BRANCH,
as a Lender

By: /s/ Nupur Kumar 
Name: Nupur Kumar
Title: Authorized Signatory

By: /s/ Andrew Griffin 
Name: Andrew Griffin
Title: Authorized Signatory
 

FIFTEENTH AMENDMENT – Signature Page S-5

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BARCLAYS BANK PLC,
as a Lender

By: /s/ Sydney G. Dennis 
Name: Sydney G. Dennis
Title: Director

FIFTEENTH AMENDMENT – Signature Page S-6

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WELLS FARGO BANK, N.A.,
as a Lender

By: /s/ Max Gilbert 
Name: Max Gilbert
Title: Vice President

FIFTEENTH AMENDMENT – Signature Page S-7

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BBVA USA,
as a Lender

By: /s/ Gabriela Azcarate 
Name: Gabriela Azcarate
Title: Senior Vice President
 

FIFTEENTH AMENDMENT – Signature Page S-8

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JPMORGAN CHASE BANK, N.A.,
as a Lender

By: /s/ Jo Linda Papadakis 
Name: Jo Linda Papadakis
Title: Authorized Officer

FIFTEENTH AMENDMENT – Signature Page S-9

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COMMONWEALTH BANK OF AUSTRALIA,
as a Lender

By: /s/ Scott Easey 
Name: Scott Easey
Title: Associate Director
 

FIFTEENTH AMENDMENT – Signature Page S-10

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ZIONS BANCORPORATION, N.A. dba AMEGY BANK,
as a Lender

By: /s/ Jill McSorley 
Name: Jill McSorley
Title: Senior Vice President – Amegy Bank Division

FIFTEENTH AMENDMENT – Signature Page S-11

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IBERIABANK,
as a Lender

By: /s/ W. Bryan Chapman 
Name: W. Bryan Chapman
Title: Market President-Energy Group

FIFTEENTH AMENDMENT – Signature Page S-12

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FIFTH THIRD BANK,
as a Lender

By: /s/ Thomas Kleiderer 
Name: Thomas Kleiderer
Title: Director

FIFTEENTH AMENDMENT – Signature Page S-13

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ABN AMRO CAPITAL USA LLC,
as a Lender

By: /s/ Darrell Holley 
Name: Darrell Holley
Title: Managing Director

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

FIFTEENTH AMENDMENT – Signature Page S-14

--------------------------------------------------------------------------------

CANADIAN IMPERIAL BANK OF COMMERCE,
NEW YORK BRANCH,
as a Lender

By: /s/ Trudy Nelson 
Name: Trudy Nelson
Title: Authorized Signatory

By: /s/ Scott W. Danvers 
Name: Scott W. Danvers
Title: Authorized Signatory

FIFTEENTH AMENDMENT – Signature Page S-15

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ASSOCIATED BANK, N.A.,
as a Lender

By: /s/ Brett Stone 
Name: Brett Stone
Title: Senior Vice President

FIFTEENTH AMENDMENT – Signature Page S-16

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SCHEDULE 2.01
Commitments and Applicable Percentages

LenderApplicable PercentageBorrowing Base as of Fifteenth Amendment Effective
DateElected Commitment Amount as of Fifteenth Amendment Effective DateMaximum
Facility AmountThe Bank of Nova
Scotia10.000000000%$70,000,000$70,000,000$150,000,000KeyBank National
Association8.500000000%$59,500,000$59,500,000$127,500,000PNC Bank, National
Association8.500000000%$59,500,000$59,500,000$127,500,000Credit Suisse AG,
Cayman Islands Branch6.500000000%$45,500,000$45,500,000$97,500,000Barclays Bank
PLC6.500000000%$45,500,000$45,500,000$97,500,000Wells Fargo Bank,
N.A.6.500000000%$45,500,000$45,500,000$97,500,000BBVA
USA6.500000000%$45,500,000$45,500,000$97,500,000U.S. Bank National
Association6.500000000%$45,500,000$45,500,000$97,500,000JPMorgan Chase Bank,
N.A.6.500000000%$45,500,000$45,500,000$97,500,000Commonwealth Bank of
Australia5.000000000%$35,000,000$35,000,000$75,000,000ZB, N.A. dba Amegy
Bank5.000000000%$35,000,000$35,000,000$75,000,000Canadian Imperial Bank of
Commerce, New York Branch5.000000000%$35,000,000$35,000,000$75,000,000ABN AMRO
Capital USA
LLC3.500000000%$24,500,000$24,500,000$52,500,000IberiaBank3.500000000%$24,500,000$24,500,000$52,500,000BOKF,
NA dba Bank of Oklahoma3.500000000%$24,500,000$24,500,000$52,500,000Fifth Third
Bank3.500000000%$24,500,000$24,500,000$52,500,000Associated Bank,
N.A.3.000000000%$21,000,000$21,000,000$45,000,000Morgan Stanley Senior Funding,
Inc.2.000000000%$14,000,000$14,000,000$30,000,000TOTAL:100.000000000%$700,000,000$700,000,000$1,500,000,000

FIFTEENTH AMENDMENT – Schedule 2.01

--------------------------------------------------------------------------------

Exhibit A

Form of Loan Notice

[see attached]

FIFTEENTH AMENDMENT – Exhibit A

--------------------------------------------------------------------------------

EXHIBIT A
FORM OF LOAN NOTICE
Date: ____________, ____
To: The Bank of Nova Scotia, as Agent
Ladies and Gentlemen:
Reference is made to that certain Amended and Restated Credit Agreement, dated
as of December 27, 2013 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms
defined therein being used herein as therein defined), among Gulfport Energy
Corporation, a Delaware corporation (the “Borrower”), the Lenders from time to
time party thereto, and The Bank of Nova Scotia, as Administrative Agent and L/C
Issuer.
The undersigned hereby requests (select one):
 A Borrowing of Loans   A conversion or continuation of Loans
1. On ________________________________________________ (a Business Day).
2. In the amount of $__________________.
3. Comprised of _____________________________.
          [Type of Loans requested]
4. For Eurodollar Rate Loans: with an Interest Period of ________ months.
The undersigned certifies that he/she is the [_] of the Borrower, and that as
such he/she is authorized to execute this certificate on behalf of the Borrower,
and further certifies, solely in his/her official capacity and not in any
personal capacity, the following:
        A. The Borrowing, if any, requested herein complies with the provisos to
the first sentence of Section 2.01 of the Agreement. 
        B. At the time of and immediately after giving effect to such Borrowing,
the Borrower and its Restricted Subsidiaries do not have any Excess Cash in
excess of $35,000,000. [Schedule 1 attached hereto lists the amounts and the use
of proceeds of any cash allocated for, reserved or otherwise set aside to pay
amounts permitted to be paid by the Borrower or its Restricted Subsidiaries in
accordance with the Agreement and the other Loan Documents due and owing as of
the date hereof (or to be due and owing within five Business Days of the date
hereof) to Persons who are not Affiliates of the Loan Parties and for which
obligations the
FIFTEENTH AMENDMENT – Exhibit A

--------------------------------------------------------------------------------

Borrower or any of its Restricted Subsidiaries reasonably anticipates in good
faith that it will issue checks or initial wires or ACH transfers within five
days of the date hereof.]1
        C. [The conditions specified in Sections 5.02(a), (b), and (d) of the
Agreement have been satisfied on and as of the date of such Borrowing.]2
        
GULFPORT ENERGY CORPORATION

By: ________________________________
Name: _________________________
Title: __________________________

1 Include Schedule 1 if any such amounts are excluded from the calculation of
Excess Cash in accordance with the Agreement.
2 Certification not required for a Loan Notice requesting only a conversion of
Loans to the other Type, or a continuation of Eurodollar Rate Loans).
FIFTEENTH AMENDMENT – Exhibit A

--------------------------------------------------------------------------------

SCHEDULE 1

Excess Cash

FIFTEENTH AMENDMENT – Exhibit A

--------------------------------------------------------------------------------

Exhibit B

Form of Compliance Certificate

[see attached]

FIFTEENTH AMENDMENT – Exhibit B

--------------------------------------------------------------------------------

EXHIBIT C
FORM OF COMPLIANCE CERTIFICATE
Financial Statement Date: __________,
To: The Bank of Nova Scotia, as Administrative Agent
Ladies and Gentlemen:
        Reference is made to that certain Amended and Restated Credit Agreement,
dated as of December 27, 2013 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms
defined therein being used herein as therein defined), among Gulfport Energy
Corporation, a _____________ corporation (“Borrower”), the Lenders from time to
time party thereto, and The Bank of Nova Scotia, as Administrative Agent and L/C
Issuer.
        The undersigned, solely in his/her official capacity as Responsible
Officer on behalf of the Borrower, and not in any personal capacity, hereby
certifies as of the date hereof that he/she is the ____________________ of the
Borrower, and that, as such, he/she is authorized to execute and deliver this
Certificate to Agent on behalf of Borrower, and that:
         [Use following paragraph 1 for fiscal year-end financial statements]
        1. Attached hereto as Schedule 1 are the year-end audited financial
statements required by Section 7.01(a) of the Agreement for the fiscal year of
Borrower ended as of the above date, together with the report and opinion of an
independent certified public accountant required by such section.
         [Use following paragraph 1 for fiscal quarter-end financial statements]
        1. Attached hereto as Schedule 1 are the unaudited financial statements
required by Section 7.01(b) of the Agreement for the fiscal quarter of Borrower
ended as of the above date. Such financial statements fairly present in all
material respects the financial condition, results of operations and cash flows
of Borrower and its Subsidiaries in accordance with GAAP as at such date and for
such period, subject only to normal year-end audit adjustments and the absence
of footnotes.
        2. The undersigned has reviewed and is familiar with the terms of the
Agreement and has made, or has caused to be made under his/her supervision, a
detailed review of the transactions and condition (financial or otherwise) of
Borrower during the accounting period covered by the attached financial
statements.
        3. A review of the activities of Borrower during such fiscal period has
been made under the supervision of the undersigned with a view to determining
whether during such fiscal period Borrower performed and observed all its
Obligations under the Loan Documents, and
[select one:]
        [to the best knowledge of the undersigned during such fiscal period,
Borrower performed and observed each covenant and condition of the Loan
Documents applicable to it, and no Default has occurred and is continuing.]
--or—
FIFTEENTH AMENDMENT – Exhibit B

--------------------------------------------------------------------------------

        [the following covenants or conditions have not been performed or
observed and the following is a list of each such Default and its nature and
status:]
        4. The representations and warranties of Borrower contained in Article
VI of the Agreement, and/or any representations and warranties of Borrower or
any other Loan Party that are contained in any document furnished at any time
under or in connection with the Loan Documents, are true and correct on and as
of the date hereof, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and except that for purposes of this
Compliance Certificate, the representations and warranties contained in
subsections (a) and (b) of Section 6.05 of the Agreement shall be deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 7.01 of the Agreement, including the statements in
connection with which this Compliance Certificate is delivered.
        5. The financial covenant analyses and information set forth on Schedule
2 attached hereto fairly present in all material respects the financial
condition of Borrower and its Subsidiaries on and as of the date of this
Certificate.
        [Use the following paragraph for all fiscal quarter ends including the
fourth fiscal quarter]
        6. The hedged production analysis and information on Schedule 3 attached
hereto is true and correct in all material respects for fiscal quarter ended as
of the above date.
        IN WITNESS WHEREOF, the undersigned has executed this Certificate as of
_______________________, ________________.
GULFPORT ENERGY CORPORATION

By: ________________________________
Name: _________________________
Title: __________________________

FIFTEENTH AMENDMENT – Exhibit B

--------------------------------------------------------------------------------

For the Quarter/Year ended __________________ (“Statement Date”)
SCHEDULE 2
to the Compliance Certificate
($ in 000’s)

LEVERAGE RATIO EXHIBIT

Leverage Ratio (on a consolidated basis)3

        A. Net Funded Debt:

1.
all outstanding liabilities for borrowed money and other interest bearing
liabilities, plus
$____________2.
purchase money Indebtedness, plus
$____________3.
direct obligations arising under letters of credit, bankers’ acceptances, etc.,
plus
$____________4.
obligations in respect of the deferred purchase price of property or services
other than trade accounts, plus
$____________5.
Indebtedness in respect of capital leases, plus
$____________6.
Guarantees with respect to outstanding Indebtedness of the types described above
of Persons other than Borrower or any Restricted Subsidiary, plus
$____________7.
Indebtedness of the types referred to above of any partnership or other entity
in which Borrower or a Restricted Subsidiary is a general partner or owner of
such Equity Interests (unless such Indebtedness (a) is nonrecourse or (b) is
owed by such entity to the owners of the Equity Interests thereof), less
$____________8.cash and short-term investments of Borrower and its Restricted
Subsidiaries($___________)9.Net Funded Debt ((Line A1 + A2 + A3 + A4 + A5 +A6 +
A7) – Line A8)$____________

        B. EBITDAX:

1.
net income, [plus or less]
$____________2.
non-cash revenue or expense associated with Swap Contracts resulting from ASC
815, [plus or less]
($___________)3.
cash or non-cash revenue or expense attributable to minority investments, [plus
or less]
($___________)4.
non-recurring or unusual gains, revenues, losses, expenses or charges (other
than income from the early extinguishment or conversion of Swap Contracts), plus
($___________)5.
Interest Expense, plus4
$____________6.
income, franchise, capital or similar tax expense (other than ad valorem taxes),
plus
$____________7.
depletion, plus
$____________8.
depreciation, plus
$____________9.
amortization, plus
$____________10.
asset or goodwill impairment or writedown, plus
$____________11.
non-cash charges, plus
$____________12.
exploration costs deducted in determining net income under successful efforts
accounting, plus
$____________13.
actual cash distributions received from minority investments (not including
proceeds from Dispositions), plus
$____________14.
reimbursed insurance expenses for casualty events or business interruptions,
plus
$____________15.
reasonable transaction expenses related to Dispositions and acquisitions of
assets, investments and debt and equity offerings by any Loan Party5
$____________16.Total EBITDAX (Line B1 [+/–] B2 [+/–] B3 [+/–] B4 + B5 + B6 + B7
+ B8 + B9 + B10 + B11 + B12 + B13 + B14 + B15)$____________

        C. Ratio (Line A9 ÷ Line B16)      __ to 1.0

3 Note: To be included on each Compliance Certificate for each fiscal quarter
ending on or after September 30, 2021.
4 Includes both expensed and capitalized, including interest component of
capitalized lease obligations.
5 Note: Expenses related to unsuccessful Dispositions shall be limited to
$3,000,000 in the aggregate for the period from the Closing Date to the Maturity
Date.
FIFTEENTH AMENDMENT – Exhibit B

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        Maximum Permitted:        4.0 to 1.0

INTEREST COVERAGE RATIO EXHIBIT

Interest Coverage Ratio (on a consolidated basis)

        A. EBITDAX

1.
net income, [plus or less]
$____________2.
non-cash revenue or expense associated with Swap Contracts resulting from ASC
815, [plus or less]
($___________)3.
cash or non-cash revenue or expense attributable to minority investments, [plus
or less]
($___________)4.
non-recurring or unusual gains, revenues, losses, expenses or charges (other
than income from the early extinguishment or conversion of Swap Contracts), plus
($___________)5.
Interest Expense, plus6
$____________6.
income, franchise, capital or similar tax expense (other than ad valorem taxes),
plus
$____________7.
depletion, plus
$____________8.
depreciation, plus
$____________9.
amortization, plus
$____________10.
asset or goodwill impairment or writedown, plus
$____________11.
non-cash charges, plus
$____________12.
exploration costs deducted in determining net income under successful efforts
accounting, plus
$____________13.
actual cash distributions received from minority investments (not including
proceeds from Dispositions), plus
$____________14.
reimbursed insurance expenses for casualty events or business interruptions,
plus
$____________15.
reasonable transaction expenses related to Dispositions and acquisitions of
assets, investments and debt and equity offerings by any Loan Party7
$____________16.Total EBITDAX (Line B1 [+/–] B2 [+/–] B3 [+/–] B4 + B5 + B6 + B7
+ B8 + B9 + B10 + B11 + B12 + B13 + B14 + B15)$____________

        B. Interest Expense8       $____________

        C. Ratio (Line A16 ÷ Line B)      _____ to 1.0

         Minimum Required:       3.0 to 1.0

SENIOR SECURED LEVERAGE RATIO EXHIBIT

Senior Secured Leverage Ratio (on a consolidated basis)9

        A. Net Senior Secured Debt:

6 Includes both expensed and capitalized, including interest component of
capitalized lease obligations.
7 Note: Expenses related to unsuccessful Dispositions shall be limited to
$3,000,000 in the aggregate for the period from the Closing Date to the Maturity
Date.
8 Includes both expensed and capitalized, including interest component of
capitalized lease obligations.
9 Note: To be included on each Compliance Certificate for each fiscal quarter
ending on or after March 31, 2020.
FIFTEENTH AMENDMENT – Exhibit B

--------------------------------------------------------------------------------

1.
the Obligations to the extent described in clause (i) of the definition thereof,
plus
$____________2.
face amount of all Letters of Credit, plus
$____________3.
any other Net Funded Debt described in clause (i) of the definition thereof that
constitutes senior Indebtedness secured by a Lien on assets or property of the
Borrower or its Restricted Subsidiaries, minus
$____________4.cash and short-term investments of Borrower and its Restricted
Subsidiaries($___________)5.Net Senior Secured Debt ((Line A1 + A2 + A3) – Line
A4)$____________

        B. EBITDAX:

1.
net income, [plus or less]
$____________2.
non-cash revenue or expense associated with Swap Contracts resulting from ASC
815, [plus or less]
($___________)3.
cash or non-cash revenue or expense attributable to minority investments, [plus
or less]
($___________)4.
non-recurring or unusual gains, revenues, losses, expenses or charges (other
than income from the early extinguishment or conversion of Swap Contracts), plus
($___________)5.
Interest Expense, plus10
$____________6.
income, franchise, capital or similar tax expense (other than ad valorem taxes),
plus
$____________7.
depletion, plus
$____________8.
depreciation, plus
$____________9.
amortization, plus
$____________10.
asset or goodwill impairment or writedown, plus
$____________11.
non-cash charges, plus
$____________12.
exploration costs deducted in determining net income under successful efforts
accounting, plus
$____________13.
actual cash distributions received from minority investments (not including
proceeds from Dispositions), plus
$____________14.
reimbursed insurance expenses for casualty events or business interruptions,
plus
$____________15.
reasonable transaction expenses related to Dispositions and acquisitions of
assets, investments and debt and equity offerings by any Loan Party11
$____________16.Total EBITDAX (Line B1 [+/–] B2 [+/–] B3 [+/–] B4 + B5 + B6 + B7
+ B8 + B9 + B10 + B11 + B12 + B13 + B14 + B15)$____________

        C. Ratio (Line A5 ÷ Line B16)      __ to 1.0

        Maximum Permitted:        2.0 to 1.0

10 Includes both expensed and capitalized, including interest component of
capitalized lease obligations.
11 Note: Expenses related to unsuccessful Dispositions shall be limited to
$3,000,000 in the aggregate for the period from the Closing Date to the Maturity
Date.
FIFTEENTH AMENDMENT – Exhibit B

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SCHEDULE 3

COMPLIANCE WITH SECTION 8.09 EXHIBIT

For quarter ending _____________

A. Hedged Production at Quarter End

ABCDECommodityActual Production for QuarterAvg Daily Production for Two Weeks
Ending ___, 201__x Number of Days in QuarterThreshold (greater of Column B and
Column C)Aggregate Notional Amount of all Tested Swap Contracts for
QuarterOilGasNGL

If Column E exceeds Column D for any Commodity, complete part B of this exhibit
for each such Commodity on a separate basis.

B. Excess Hedging for the Quarter

1.Swap Termination Value of all Tested Swap Contracts in excess of the Threshold
at quarter end$____________2.Borrowing Base at quarter end$____________3.Total
Outstandings at quarter end($___________)4.Availability under Borrowing Base at
quarter end (Line B2 – Line B3)$____________5.Amount on Line B4 x
10%$____________

If amount on Line B1 exceeds amount on Line B5, complete part C of this exhibit.

C. Liquidity at Quarter End

1.Cash on hand at quarter end$____________2.Borrowing Base Availability at
quarter end (amount on Line B4)($___________)3.Liquidity (Line C1 + Line
C2)($___________)

FIFTEENTH AMENDMENT – Exhibit B