Exhibit 10.21

FOURTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT

This FOURTH AMENDMENT AND WAIVER TO CREDIT AGREEMENT (“Amendment”), dated as of
March 7,  2018, is by and among Contango Oil & Gas Company, a Delaware
corporation (the “Borrower”), the lenders party to the Credit Agreement
described below (the “Lenders”), Royal Bank of Canada, as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), and the other
parties in the capacities therein identified.

RECITALS

WHEREAS, the Borrower, the Lenders, the Administrative Agent and certain other
Persons are parties to the Credit Agreement, dated as of October 1, 2013, as
amended by the First Amendment to Credit Agreement dated as of April 11, 2014,
 the Second Amendment to Credit Agreement dated as of October 28, 2014 and the
Third Amendment to Credit Agreement dated as of May 6, 2016 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the
“Credit Agreement”); and

WHEREAS, the Borrower,  the Administrative Agent and the Lenders intend to amend
and waive certain provisions of the Credit Agreement in certain respects as set
forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

AGREEMENT

Section 1. Definitions.  Capitalized terms used herein but not defined herein
shall have the meanings as given them in the Credit Agreement, unless the
context otherwise requires.

Section 2. Amendments Sections 8.06, 8.07 and 8.08 of the Credit Agreement. 
Sections 8.06 and 8.08 of the Credit Agreement are hereby amended by deleting
the percentage “90%” or “80%” (as applicable) appearing therein and replacing it
with the percentage “95%” everywhere such 90% or 80% appears in such Sections.

Section 3. Waiver.  The Majority Lenders hereby waive the requirement in Section
9.12 of the Credit Agreement that the Borrower not permit its ratio of Current
Assets to Current Liabilities to be less than 1.00 to 1.00 for the fiscal
quarter ending December 31, 2017.  The foregoing waiver is not a waiver of any
other provision of the Credit Agreement and is not a waiver of Section 9.12 of
the Credit Agreement in respect of any fiscal quarter other than for the fiscal
quarter ending December 31, 2017.

Section 4. Conditions to Effectiveness.  The Effective Date of this Amendment
shall be deemed to occur on the date (the “Effective Date”) when the
Administrative

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Agent has received counterparts of this Amendment duly executed by the Borrower,
the Administrative Agent, the Issuing Bank, the Swing Line Lender and the
Majority Lenders and upon the prior or concurrent satisfaction of each of the
following conditions:

(a) the Administrative Agent shall have received, for the account of each Lender
that is a signatory hereto, from the Borrower all agreed upon fees in connection
with this Amendment;

(b) the Administrative Agent shall have received a certificate dated as of the
date hereof, duly executed by an officer of the Borrower, certifying the
representations and warranties set forth in Section 6 hereof are true and
correct.

Notwithstanding the foregoing, this Amendment shall not become effective unless
each of the foregoing conditions is satisfied (or waived in writing) on or prior
to February 28, 2018. 

Section 5. Post-Closing Condition.  Within forty-five (45) days following the
Effective Date (or such later date as the Administrative Agent shall agree to in
its sole discretion), the Borrower shall have delivered, or cause to be
delivered, to the Administrative Agent executed new Mortgages or supplements to
existing Mortgages (x) sufficient to cause the Borrower to be in compliance with
Section 8.08 of the Credit Agreement, as amended hereby (as determined by the
Administrative Agent in its sole discretion) and (y) in form and substance
substantially similar to the existing applicable Loan Documents.  

Section 6. Representations and Warranties.  The Borrower hereby represents and
warrants that after giving effect hereto:

(a) the representations and warranties of the Borrower and its Subsidiaries
contained in the Loan Documents are true and correct in all material respects
(except to the extent such representations and warranties are qualified by a
materiality qualifier, which shall be true and correct in all respects), other
than those representations and warranties that expressly relate solely to a
specific earlier date, which shall remain correct in all material respects
(except to the extent such representations and warranties are qualified by a
materiality qualifier, which shall be true and correct in all respects) as of
such earlier date; and

(b) after giving effect to the waiver contained in this Amendment no Default,
Event of Default or Deficiency has occurred and is continuing.

Section 7. Loan Document; Ratification. 

(a) This Amendment is a Loan Document.  Each reference to the Credit Agreement
in any Loan Document will deemed to be a reference to the Credit Agreement as
amended by this Amendment.

(b) Except as amended hereby, the Credit Agreement remains in full force and
effect and the Borrower hereby ratifies, approves and confirms in every respect
all the terms, provisions, conditions and obligations of the Credit Agreement as
amended hereby.

 

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Section 8. GOVERNING LAW.    THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON,
ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

Section 9. Severability.    In the event that any one or more of the provisions
contained in this Amendment shall, for any reason, be held invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not effect any other provision of this Amendment.

 

Section 10. Counterparts.  This Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Amendment by signing one or
more counterparts.  Any signature hereto delivered by a party by facsimile or
electronic transmission shall be deemed to be an original signature hereto.

 

Section 11. Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

 

Section 12. Entire Agreement.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT OF THE PARTIES WITH RESPECT
TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(Signature Pages Follow)

 

 

 

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In Witness Whereof, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers as of the
date first written above.

 

 

 

 

 

 

BORROWER:

 

 

 

 

 

 

 

 

CONTANGO OIL & GAS COMPANY

 

 

 

 

 

 

 

 

By:  /s/ SERGIO CASTRO

 

 

       Name: Sergio Castro

 

 

       Title: Vice President and Treasurer

 

 

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ADMINISTRATIVE AGENT:

 

 

 

 

 

 

 

 

ROYAL BANK OF CANADA

 

 

 

 

 

 

 

 

By:  /s/ RODICA DUTKA

 

 

       Name: Rodica Dutka

 

 

       Title: Authorized Signatory

 

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ISSUING BANK:

 

 

 

 

 

 

 

 

ROYAL BANK OF CANADA,

 

 

 

 

 

 

 

 

By:  /s/ EMILEE SCOTT

 

 

       Name: Emilee Scott

 

 

       Title: Authorized Signatory

 

 

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LENDER:

 

 

 

 

 

 

 

 

ROYAL BANK OF CANADA,

 

 

 

 

 

 

 

 

By:  /s/ JAY SARTAIN

 

 

       Name:  Jay Sartain

 

 

       Title: Authorized Signatory

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

REGIONS BANK

 

 

 

 

 

 

 

 

By:  /s/ DANIEL G. STEELE

 

 

       Name:  Daniel G. Steele

 

 

       Title: Managing Director

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

CAPITAL ONE, NATIONAL ASSOCIATION

 

 

 

 

 

 

 

 

By:  /s/ SCOTT MACKEY

 

 

       Name:  Scott Mackey

 

 

       Title: Director

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

COMPASS BANK

 

 

 

 

 

 

 

 

By:  /s/ GABRIELA AZCARATE

 

 

       Name:  Gabriela Azcarate

 

 

       Title: Vice President

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

BARCLAYS BANK PLC

 

 

 

 

 

 

 

 

By:  / s/ SYDNEY G. DENNIS

 

 

       Name:  Sydney G. Dennis

 

 

       Title: Director

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

BOKF, NA DBA BANK OF TEXAS

 

 

 

 

 

 

 

 

By:  / s/ BRANDON STARR

 

 

       Name:  Brandon Starr

 

 

       Title: Vice President

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

CADENCE BANK

 

 

 

 

 

 

 

 

By:  / s/ ANTHONY BLACO

 

 

       Name:  Anthony Blanco

 

 

       Title: Senior Vice President

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

CITIBANK, N.A.

 

 

 

 

 

 

 

 

By:  / s/ JEFF ARD

 

 

       Name:  Jeff Ard

 

 

       Title: Vice President

 

 

 

 

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LENDER:

 

 

 

 

 

 

 

 

IBERIABANK

 

 

 

 

 

 

 

 

By:  / s/ BLAKELY NORRIS

 

 

       Name:  Blakely Norris

 

 

       Title: Vice President

 

 

 

 

 

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