Exhibit 10.2

 

SECOND AMENDMENT

 

TO

 

CREDIT AGREEMENT

 

DATED AS OF MAY 1, 2014

 

AMONG

 

CIMAREX ENERGY CO.,

AS BORROWER,

 

THE GUARANTORS,

 

JPMORGAN CHASE BANK, N.A.,

AS ADMINISTRATIVE AGENT,

 

AND

 

THE LENDERS PARTY HERETO

 

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

 

J.P. MORGAN SECURITIES LLC,

as Sole Bookrunner

 

J.P. MORGAN SECURITIES LLC and WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers

 

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

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”) dated as of
May 1, 2014, is among CIMAREX ENERGY CO., a Delaware corporation (the
“Borrower”), the Guarantors signatory hereto, each of the lenders party to the
Credit Agreement referred to below (collectively, the “Lenders”), and JPMORGAN
CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”).

 

R E C I T A L S

 

A.                                    The Borrower, the Administrative Agent,
the Lenders and the other Agents party thereto are parties to that certain
Credit Agreement dated as of July 14, 2011, as amended by that certain First
Amendment to Credit Agreement dated as of July 19, 2012 (as further amended,
restated, modified or supplemented, the “Credit Agreement”), pursuant to which
the Lenders have made certain credit and other financial accommodations
available to and on behalf of the Borrower and its Subsidiaries.

 

B.                                    The Borrower has requested and the
Administrative Agent and the Lenders have agreed to amend certain provisions of
the Credit Agreement.

 

C.                                    Now, therefore, to induce the
Administrative Agent and the Lenders to enter into this Second Amendment and in
consideration of the premises and the mutual covenants herein contained, for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

Section 1.                                           Defined Terms.  Each
capitalized term used herein but not otherwise defined herein has the meaning
given such term in the Credit Agreement, as amended by this Second Amendment. 
Unless otherwise indicated, all section references in this Second Amendment
refer to sections of the Credit Agreement.

 

Section 2.                                           Amendments to Credit
Agreement.

 

2.1                               Amendments to Section 1.02.

 

(a)                                 The definition of “Agreement” is hereby
amended to read as follows:

 

“Agreement” means this Credit Agreement, as amended by that certain First
Amendment and that certain Second Amendment, and as the same may from time to
time be further amended, modified, supplemented or restated.

 

(b)                                 The definition of “Applicable Margin” is
hereby amended by replacing the “Applicable Margin Grid” in respect of such
definition with the following “Applicable Margin Grid”:

 

1

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

 

Applicable Margin Grid

 

Leverage Ratio

 

< 1.0

 

> 1.0, but
< 2.0

 

> 2.0, but
< 3.0

 

> 3.0

 

ABR Loans

 

0.50

%

0.75

%

1.00

%

1.25

%

Eurodollar Loans

 

1.50

%

1.75

%

2.00

%

2.25

%

 

(c)                                  The definition of “Krug Litigation” is
hereby amended to read as follows:

 

“Krug Litigation” means the lawsuit filed in the Tulsa County District Court in
the matter H.B. Krug et. al. vs. Helmerich & Payne, Inc., and the judgment
rendered against the Borrower (having assumed the liabilities of Helmerich &
Payne, Inc.), which is further described on Schedule 7.05.

 

(d)                                 The definition of “Maturity Date” is hereby
amended to read as follows:

 

“Maturity Date” means July 14, 2018.

 

(e)                                  Section 1.02 is hereby amended by adding
the term “Second Amendment” in the appropriate alphabetical order:

 

“Second Amendment” means that certain Second Amendment to Credit Agreement dated
as of May 1, 2014.

 

2.2                               Amendment to Section 3.05(a). 
Section 3.05(a) is hereby amended by replacing the “Commitment Fee Grid” therein
with the following “Commitment Fee Grid”:

 

Commitment Fee Grid

 

Leverage Ratio

 

< 1.0

 

< 2.0

 

<3.0

 

Commitment Fee

 

0.300

%

0.375

%

.50

%

 

2.3                               Amendments to Schedules.

 

(a)                                 Schedule 1.01 is hereby amended by replacing
it with Schedule 1.01 to this Second Amendment.

 

(b)                                 Schedule 7.05 is hereby amended by replacing
it with Schedule 7.05 to this Second Amendment.

 

(c)                                  Schedule 7.13 is hereby amended by
replacing it with Schedule 7.13 to this Second Amendment.

 

(d)                                 Schedule 7.18 is hereby amended by replacing
it with Schedule 7.18 to this Second Amendment.

 

2

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

 

Section 3.                                           Borrowing Base.  From and
after the Second Amendment Effective Date, the Borrowing Base shall be, and
hereby is, equal to the amount of $2,500,000,000, which Borrowing Base shall
remain in effect until the next Scheduled Redetermination or the Borrowing Base
is otherwise redetermined or adjusted in accordance with the Credit Agreement.
Notwithstanding the foregoing, the Borrowing Base may be subject to further
adjustments from time to time pursuant to Section 2.07(e) or Section 9.10. Each
of the Borrower, on the one hand, and the Administrative Agent and the Lenders,
on the other hand, agree that the redetermination of the Borrowing Base pursuant
to this Section 3 shall constitute a Scheduled Redetermination. This Section 3
constitutes notice of the redetermined Borrowing Base in accordance with
Section 2.07(d) of the Credit Agreement.

 

Section 4.                                           Conditions Precedent.  This
Second Amendment shall become effective on the date, on or before May 1, 2014
(such date, the “Second Amendment Effective Date”), when each of the following
conditions is satisfied (or waived in accordance with Section 12.02):

 

4.1                               The Administrative Agent shall have received
(a) all fees and other amounts due and payable on or prior to the Second
Amendment Effective Date including upfront fees due to each Lender (i) in an
amount equal to 0.20%, with such fee being paid on the lesser of (A) each
approving Lender’s final allocated share of the Aggregate Maximum Credit Amount
immediately prior to the Second Amendment Effective Date and (B) each approving
Lender’s final allocated share of the Aggregate Maximum Credit Amount on the
Second Amendment Effective Date and (ii) in an amount equal to the product of
0.40% and the amount by which the Maximum Credit Amount of each Lender on the
Second Amendment Effective Date exceeds its Maximum Credit Amount immediately
prior to the Second Amendment Effective Date, and all other fees the Borrower
has agreed to pay in connection with this Second Amendment and (b) to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower under the Credit Agreement.

 

4.2                               The Administrative Agent shall have received
from each Lender and the Borrower, counterparts (in such number as may be
requested by the Administrative Agent) of this Second Amendment signed on behalf
of such Person.

 

4.3                               To the extent requested by a Lender with an
increase in its Maximum Credit Amount, the Administrative Agent shall have
received duly executed Notes payable to each such Lender in a principal amount
equal to its Maximum Credit Amount dated as of the Second Amendment Effective
Date.

 

4.4                               The Administrative Agent shall have received a
certificate of the Secretary or an Assistant Secretary of the Borrower and each
Guarantor setting forth (a) resolutions of its board of directors with respect
to the authorization of the Borrower or such Guarantor to execute and deliver
this Second Amendment and to enter into the transactions contemplated in those
documents, (b) the officers of the Borrower or such Guarantor (i) who are
authorized to sign this Second Amendment and (ii) who will, until replaced by
another officer or officers duly authorized for that purpose, act as its
representative for the purposes of signing documents and giving notices and
other communications in connection with the Credit Agreement and the
transactions contemplated hereby, (c) specimen signatures of such authorized
officers, and (d)

 

3

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

 

that there have been no changes to the Organizational Documents of the Borrower
and such Guarantor since July 19, 2012 (or if there have been any changes,
attaching copies, certified as being true and complete of the related
documents).  The Administrative Agent and the Lenders may conclusively rely on
such certificate until the Administrative Agent receives notice in writing from
the Borrower to the contrary.

 

4.5                               No Default shall have occurred and be
continuing as of the date hereof, after giving effect to the terms of this
Second Amendment.

 

The Administrative Agent is hereby authorized and directed to declare this
Second Amendment to be effective when it has received documents confirming or
certifying, to the satisfaction of the Administrative Agent, compliance with the
conditions set forth in this Section 4 or the waiver of such conditions as
permitted in Section 12.02.  Such declaration shall be final, conclusive and
binding upon all parties to the Credit Agreement for all purposes.

 

Section 5.                                           Miscellaneous.

 

5.1                               Confirmation. The provisions of the Credit
Agreement, as amended by this Second Amendment, shall remain in full force and
effect following the effectiveness of this Second Amendment.

 

5.2                               Ratification and Affirmation; Representations
and Warranties.  Each of the Borrower and the Guarantors hereby (a) acknowledges
the terms of this Second Amendment; (b) ratifies and affirms its obligations
under, and acknowledges its continued liability under, each Loan Document to
which it is a party and agrees that each Loan Document to which it is a party
remains in full force and effect as expressly amended hereby and (c) represents
and warrants to the Lenders that as of the date hereof, after giving effect to
the terms of this Second Amendment:

 

(i)                                     all of the representations and
warranties contained in each Loan Document to which it is a party are true and
correct in all material respects (except those which have a materiality
qualifier, which shall be true and correct as so qualified), except to the
extent any such representations and warranties are expressly limited to an
earlier date, in which case, such representations and warranties shall continue
to be true and correct as of such specified earlier date,

 

(ii)                                  no Default or Event of Default has
occurred and is continuing, and

 

(iii)                               no event or events have occurred which
individually or in the aggregate could reasonably be expected to have a Material
Adverse Effect.

 

5.3                               Loan Document.  This Second Amendment is a
Loan Document.

 

5.4                               Counterparts. This Second Amendment may be
executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of this Second Amendment by
facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof.

 

4

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

 

5.5                               NO ORAL AGREEMENT.  THIS SECOND AMENDMENT, THE
CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH
AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

 

5.6                               GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

5.7                               Payment of Expenses.  In accordance with
Section 12.03, the Borrower agrees to pay or reimburse the Administrative Agent
for all of its reasonable out-of- pocket costs and reasonable expenses incurred
in connection with this Second Amendment, any other documents prepared in
connection herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

 

5.8                               Severability.  Any provision of this Second
Amendment which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

 

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

 

[SIGNATURES BEGIN NEXT PAGE]

 

5

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

 

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be
duly executed as of the date first written above.

 

 

BORROWER:

CIMAREX ENERGY CO.

 

 

 

 

 

By:

/s/ Paul Korus

 

 

Paul Korus

 

 

Senior Vice President and

 

 

Chief Financial Officer

 

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

 

GUARANTORS:

KEY PRODUCTION COMPANY, INC.

 

 

 

MAGNUM HUNTER PRODUCTION, INC.

 

 

 

CIMAREX GAS GATHERING, INC.

 

 

 

CONMAG ENERGY CORPORATION

 

 

 

CIMAREX ENERGY CO. OF COLORADO

 

 

 

OKLAHOMA GAS PROCESSING, INC.

 

 

 

PRIZE ENERGY RESOURCES, INC.

 

 

 

 

 

By:

/s/ Paul Korus

 

 

Paul Korus

 

 

Senior Vice President and

 

 

Chief Financial Officer

 

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

 

 

JPMORGAN CHASE BANK, N.A.,

 

as Administrative Agent

 

 

 

 

 

By:

/s/ David Morris

 

Name:

David Morris

 

Title:

Authorized Officer

 

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

 

LENDER:

JPMORGAN CHASE BANK, N.A.

 

 

 

 

 

By:

/s/ David Morris

 

Name:

David Morris

 

Title:

Authorized Officer

 

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

 

LENDER:

COMPASS BANK

 

 

 

 

 

By:

/s/ James Neblett

 

Name:

James Neblett

 

Title:

Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Lender

 

 

 

 

 

By:

/s/ Michael Getz

 

Name:

Michael Getz

 

Title:

Vice President

 

 

 

 

 

By:

/s/ Michael Winters

 

Name:

Michael Winters

 

Title:

Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

UNION BANK, N.A.

 

 

 

 

 

By:

/s/ Brian Hawk

 

Name:

Brian Hawk

 

Title:

Assistant Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

WELLS FARGO BANK, N.A.

 

 

 

 

 

By:

/s/ Tim Green

 

Name:

Tim Green

 

Title:

Director

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

BRANCH BANKING AND TRUST COMPANY

 

 

 

 

 

By:

/s/ Traci Bankston

 

Name:

Traci Bankston

 

Title:

Assistant Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

CAPITAL ONE, N.A.

 

 

 

 

 

By:

/s/ Nancy M. Mak

 

Name:

Nancy M. Mak

 

Title:

Senior Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

CIBC INC.

 

 

 

 

 

By:

/s/ Daria Mahoney

 

Name:

Daria Mahoney

 

Title:

Authorized Signatory

 

 

 

 

 

By:

/s/ Trudy Nelson

 

Name:

Trudy Nelson

 

Title:

Authorized Signatory

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

COMERICA BANK

 

 

 

 

 

By:

/s/ Devin S. Eaton

 

Name:

Devin S. Eaton

 

Title:

Corporate Banking Officer

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

KEYBANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ John Dravenstott

 

Name:

John Dravenstott

 

Title:

Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Nicholas T. Hanford

 

Name:

Nicholas T. Hanford

 

Title:

Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

BOKF, N.A., D/B/A BANK OF OKLAHAOMA

 

 

 

 

 

By:

/s/ Michael M. Logan

 

Name:

Michael M. Logan

 

Title:

Senior Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

SANTANDER BANK, N.A.

 

 

 

 

 

By:

/s/ Vaughn Buck

 

Name:

Vaughn Buck

 

Title:

Executive Vice President

 

 

 

 

 

By:

/s/ Puiki Lock

 

Name:

Puiki Lock

 

Title:

Vice President

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

LENDER:

ING CAPITAL LLC

 

 

 

 

 

By:

/s/ Charles Hall

 

Name:

Charles Hall

 

Title:

Managing Director

 

 

 

By:

/s/ Josh Strong

 

Name:

Josh Strong

 

Title:

Director

 

[Signature Page to Second Amendment to Credit Agreement]

 

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

 

SCHEDULE 1.01
EXISTING LETTERS OF CREDIT

 

Beneficiary

 

LC Amount

 

Current Expiry Date

 

Notes

Chevron U.S.A. Inc.

 

$

2,500,000

 

Ongoing till wells are P&A

 

Covers P&A liability

Florida Gas Transmission Company

 

$

50,000

 

5/9/2014 (Note: will be renewed)

 

Tariff requirement

 

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

 

SCHEDULE 7.05

LITIGATION

 

In January 2009, the Tulsa County District Court issued a judgment totaling
$119.6 million in the H.B. Krug, et al. v. Helmerich & Payne, Inc. (“H&P”)
case.  This lawsuit originally was filed in 1998 and addressed H&P’s conduct
pertaining to a 1989 take-or-pay settlement, along with potential drainage and
other related issues.  Pursuant to the 2002 spin-off of H&P, Borrower assumed
the assets and liabilities of H&P’s exploration and production business,
including this lawsuit.  In 2009, we recorded a litigation expense of
$119.6 million plus additional post-judgment interest and costs after the trial
court entered a final judgment for these amounts

 

On December 10, 2013 the Oklahoma Supreme Court reversed the trial court’s
original judgment of $119.6 million and affirmed an alternative jury verdict for
$3.65 million.  In light of the Oklahoma Supreme Court’s ruling, on December 31,
2013, Borrower reduced previously recognized litigation expense and the
associated long-term liability by $142.8 million.

 

On March 14, 2014, after denying the Plaintiffs’ Petition for Rehearing, the
Oklahoma Supreme Court remanded the matter back to the trial court.  On
March 31, 2014, the trial court entered a final Judgment on Remand for damages
of $3.65 million and post-judgment interest, and Borrower wired $15.8 million to
Plaintiffs’ trust account in satisfaction of the judgment plus post-judgment
interest and in satisfaction of the payment in lieu of bond.  The only issues
that now remain are what amounts, if any, Plaintiffs are entitled to receive
regarding prejudgment interest, attorney’s fees and costs.  On April 4, 2014,
Borrower filed a motion asking the trial court to rule Plaintiffs are not
entitled to any attorney’s fees or prejudgment interest.  The outcome of these
remaining issues cannot be determined at this time.  Our current assessments and
estimates likely will change in the future as a result of subsequent legal
proceedings both in the trial court and on appeal.

 

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

 

SCHEDULE 7.13

SUBSIDIARIES AND PARTNERSHIPS

 

 

 

 

 

% Owned

 

 

 

 

 

 

 

 

Directly or

 

Jurisdiction of

 

 

Subsidiaries/Partnerships*

 

Type of Entity

 

Indirectly**

 

Organization

 

Guarantor

 

 

 

 

 

 

 

 

 

Key Production Company, Inc.

 

Corp

 

100

%

Delaware

 

Yes

 

 

 

 

 

 

 

 

 

Cimarex Energy Co. of Colorado

 

Corp

 

100

%

Texas

 

Yes

(fka Gruy Petroleum Management, Co.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Magnum Hunter Production, Inc.

 

Corp

 

100

%

Texas

 

Yes

 

 

 

 

 

 

 

 

 

Conmag Energy Corporation

 

Corp

 

100

%

Texas

 

Yes

 

 

 

 

 

 

 

 

 

Cimarex Gas Gathering, Inc.

 

Corp

 

100

%

Texas

 

Yes

(fka Hunter Gas Gathering, Inc.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prize Energy Resources, Inc.

 

Corp

 

100

%

Delaware

 

Yes

(fka Prize Energy Resources, L.P.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hunter Resources, Inc.

 

Corp

 

100

%

Pennsylvania

 

No

 

 

 

 

 

 

 

 

 

Oklahoma Gas Processing, Inc.

 

Corp

 

100

%

Delaware

 

No

 

 

 

 

 

 

 

 

 

Inesco Corporation

 

Corp

 

100

%

Texas

 

No

 

 

 

 

 

 

 

 

 

Bruin Exploration, LLC

 

LLC

 

100

%

Kentucky

 

No

 

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

*Principal place of business and chief executive office for all subsidiaries is:
1700 Lincoln Street, Ste. 1800

Denver, CO   80203-4518

 

**Subsidiaries owned directly by Cimarex Energy Co. are in bold type

 

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

 

SCHEDULE 7.18
SWAP AGREEMENTS

 

Complete List as of December 31, 2013

 

Counter Party

 

Period

 

Type

 

Index

 

Volume

 

Volume/Dav

 

Floor

 

Ceiling

 

MTM

 

Oil Hedges - 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CIBC

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

105.55

 

$

258,352.00

 

CIBC

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

101.00

 

$

(110,683.00

)

CIBC

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

101.00

 

$

(110,683.00

)

Deutsche Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

106.50

 

$

311,999.44

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

105.00

 

$

239,079.10

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

104.75

 

$

224,092.42

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

101.00

 

$

(99,843.44

)

Union Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

106.50

 

$

309,604.00

 

Union Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

102.30

 

$

21,432.00

 

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

105.75

 

$

283,781.79

 

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

101.00

 

$

(95,742.97

)

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

WTI

 

365,000 Bbls

 

1,000 Bbls

 

$

85.00

 

$

101.25

 

$

(67,300.93

)

 

 

 

 

 

 

 

 

4,380,000 Bbls

 

 

 

 

 

 

 

$

1,164,087.41

 

Gas Hedges - 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deutsche Bank

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.50

 

$

4.60

 

$

295,089.65

 

Deutsche Bank

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.50

 

$

4.60

 

$

295,089,65

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.50

 

$

4.50

 

$

259,705,17

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3 50

 

$

4.50

 

$

259,705.17

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3 50

 

$

4.50

 

$

259,705.17

 

JP Morgan

 

Jan 14 - Dec 14

 

Collar

 

El Paso

 

7,300,000 MMBtu

 

20,000 MMBtu

 

$

3 65

 

$

4.50

 

$

120,814.69

 

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.50

 

$

4.60

 

$

264,525.96

 

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.50

 

$

4.60

 

$

264,525.96

 

Wells Fargo Bank

 

Jan 14 - Dec 14

 

Collar

 

PEPL

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.57

 

$

4.65

 

$

371,969.30

 

Wells Fargo Bank

 

Feb 14 - Dec 14

 

Collar

 

El Paso

 

3,650,000 MMBtu

 

10,000 MMBtu

 

$

3.65

 

$

4.50

 

$

50,724 06

 

 

 

 

 

 

 

 

 

40,150,000 MMBtu

 

 

 

 

 

 

 

$

2,441,854.78

 

 

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