Exhibit 10.30

 

EXECUTION VERSION

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This First Amendment (this “Amendment”) with respect to that certain Credit
Agreement, dated as of July 6, 2011 (the “Credit Agreement”), by and among BPZ
EXPLORACIÓN & PRODUCCIÓN S.R.L., as borrower (the “Borrower”), BPZ
RESOURCES, INC. and BPZ ENERGY LLC, as guarantors (the “Guarantors” and,
together with the Borrower, the “Loan Parties”), the Lenders party thereto from
time to time (the “Lenders”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
administrative agent (the “Administrative Agent”), is entered into as of
September 12, 2011. Capitalized terms used but not defined herein shall have the
meaning ascribed to such terms in the Credit Agreement.

 

PRELIMINARY STATEMENTS:

 

In accordance with Section 11.4 of the Credit Agreement, the parties hereto have
agreed to amend the Credit Agreement, on the terms and conditions set forth in
this Amendment.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein, and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, and subject to the terms and
conditions hereof, the parties hereto agree as follows:

 

SECTION 1.      Amendment. Subject to the satisfaction of the conditions to
effectiveness specified in Article V, but with effect on and after the date
hereof (such date, as referred to herein, the “Effective Date”), the Credit
Agreement is hereby amended as follows:

 

(i) the defined term “Consolidated Total Debt” is replaced in its entirety by
the following:

 

“Consolidated Total Debt” means, with respect to any Person and its Consolidated
Subsidiaries on any date, the aggregate principal amount of all Debt (other than
with respect to Corvina Offshore Field Project Payments) of such Person and its
Consolidated Subsidiaries on such date, determined on a Consolidated basis in
accordance with GAAP, excluding, for the avoidance of doubt, any Permitted
Intercompany Debt.

 

(ii) a new defined term is added, as follows:

 

“Corvina Offshore Field Project Payments” means payments made or owed to
Soluciones Energéticas by any Loan Party in respect of contractual arrangements
between any Loan Party and Soluciones Energéticas for amounts invoiced by any
third party contractor or supplier with respect to work, materials, equipment or
services related to the Corvina Offshore Field Project Completion which are
required to be reimbursed or paid under such contractual arrangements pursuant
to an agreement between any Loan Party and Soluciones Energéticas in form and
substance reasonably satisfactory to the Administrative Agent.”

 

(iii) a new defined term is added, as follows:

 

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

 

“Soluciones Energéticas” means Soluciones Energéticas S.R.L., a limited
liability company (sociedad comercial responsabilidad limitada) organized and
existing under the laws of the Republic of Perú.”

 

(iv) Section 7.9 is amended by adding the following subclause (h):

 

“(h) Corvina Offshore Field Project Payments.”

 

(v) Section 7.18 is amended by adding the following subclause (e):

 

“(e) to the extent otherwise limited by this Section 7.18, Corvina Offshore
Field Project Payments.”

 

(vi) Section 7.19 is amended by adding the following subclause (h):

 

“(h) to the extent otherwise limited by this Section 7.19, Corvina Offshore
Field Project Payments.”

 

(vii) subclause (a) of the defined term “Change in Control” is hereby replaced
in its entirety by the following:

 

“(a) The failure by BPZ Resources to (A) beneficially own, directly or
indirectly, (i) at least 51% of the outstanding shares of Capital Stock and
Voting Stock of the Borrower, (ii) 100% of the outstanding shares of Capital
Stock and Voting Stock of BPZ Energy, and (iii) 100% of the outstanding shares
of Capital Stock and Voting Stock of Soluciones Energéticas or (B) have the
power to direct or cause the direction of the management and policies of the
Borrower, BPZ Energy and Soluciones Energéticas,”

 

(viii) Section 7.22(g) is replaced in its entirety by the following:

 

“Maximum Indebtedness. None of the Loan Parties shall permit the Consolidated
Total Debt of the Borrower, to exceed in the aggregate (i) US$120,000,000 (or
its equivalent in other currencies) for the fiscal year ended December 31, 2011
and (ii) US$150,000,000 (or its equivalent in other currencies) thereafter, at
any time outstanding, of which no more than US$120,000,000 (or its equivalent in
other currencies) may be secured by any Property of any Loan Party or any of its
Subsidiaries.”

 

(ix) Article IX is amended by adding the following section:

 

“Section 9.13 Soluciones Energéticas shall be jointly and severally liable with
the Guarantors, for their obligations under this Article IX, as determined in
accordance with, and subject to the terms and upon the conditions of, this
Article IX.”

 

SECTION 2.   Representations and Warranties. Each Loan Party hereby represents
and warrants to the Secured Parties that:

 

(a)      this Amendment has been duly and validly executed and delivered by such
Loan Party and constitutes such Loan Party’s legal, valid and binding
obligation, enforceable against

 

2

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

 

such Loan Party in accordance with its terms, except as may be limited by any
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or in law);
and

 

(b)      each of the representations and warranties made by each Loan Party in
or pursuant to the Credit Agreement is: (1) if such representation and warranty
is qualified as to materiality or by reference to the existence of a Material
Adverse Effect, true and correct to the extent of such qualification on and as
of the Effective Date (or, if any such representation or warranty is expressly
stated to have been made as of a specific date, as of such specific date), or
(2) if such representation and warranty is not so qualified, true and correct in
all material respects on and as of the Effective Date (or, if any such
representation or warranty is expressly stated to have been made as of a
specific date, as of such specific date).

 

SECTION 3.      Effectiveness. The amendments to the Credit Agreement set forth
in Section 1 shall become effective as of the Effective Date, upon receipt by
the Administrative Agent of counterparts of this Amendment, duly executed by
each of the Loan Parties and the Lenders.

 

SECTION 4.   Reference to and Effect on the Loan Documents.

 

(a)      On and after the Effective Date, each reference in the Credit Agreement
to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
Credit Agreement, and each reference in the Notes and each of the other Loan
Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement, as modified by this Amendment, and as the same may be further
amended, supplemented and otherwise modified and in effect from time to time.

 

(b)      The Credit Agreement, as specifically modified by this Amendment, and
the other Loan Documents are and shall continue to be in full force and effect
and are hereby in all respects ratified and confirmed.

 

SECTION 5.   Counterparts. This Amendment may be executed and delivered in any
number of counterparts, each of which shall be identical and all of which, when
taken together, shall constitute one and the same instrument, and any of the
parties hereto may execute this Amendment by signing any such counterpart.
Delivery of an electronic counterpart to this Amendment shall be effective as
manual delivery thereof.

 

SECTION 6.   Binding Effect. This Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

 

SECTION 7.   Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (NOT INCLUDING SUCH STATE’S
CONFLICT OF LAWS PROVISIONS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW).

 

[Signature Page Follows]

 

3

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

 

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

 

BPZ EXPLORACIÓN Y PRODUCCIÓN S.R.L.,

 

as Borrower

 

 

 

 

 

By:

/s/ Rafael Zoeger

 

 

 

 

 

Name: Rafael Zoeger

 

 

 

 

 

Title: General Manager

 

 

[Signature Page to Amendment to Credit Agreement]

 

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

 

BPZ RESOURCES, INC.,

 

as Guarantor

 

 

 

 

 

By:

/s/ Richard S Menniti

 

 

 

 

 

Name:

Richard S Menniti

 

 

 

 

 

 

Title:

Chief Financial Officer

 

 

[Signature Page to Amendment to Credit Agreement]

 

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

 

BPZ ENERGY LLC,

 

as Guarantor

 

 

 

 

 

By:

/s/ Richard S Menniti

 

 

 

 

 

Name:

Richard S Menniti

 

 

 

 

 

 

Title:

Chief Financial Officer

 

 

[Signature Page to Amendment to Credit Agreement]

 

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

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 

as Administrative Agent

 

 

 

 

 

By:

/s/ Martin Cameo

 

 

 

 

 

Name:

Martin Cameo

 

 

 

 

 

 

Title:

Director

 

 

 

 

By:

/s/ Manuel Rodriguez Moreno

 

 

 

 

 

Name:

Manuel Rodriguez Moreno

 

 

 

 

 

 

Title:

Director

 

 

[Signature Page to Amendment to Credit Agreement]

 

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

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 

as Lender

 

 

 

 

 

By:

/s/ Martin Cameo

 

 

 

 

 

Name:

Martin Cameo

 

 

 

 

 

 

Title:

Director

 

 

 

 

By:

/s/ Manuel Rodriguez

 

 

 

 

 

Name:

Manuel Rodriguez

 

 

 

 

 

 

Title:

Director

 

 

[Signature Page to Amendment to Credit Agreement]

 

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

 

STANDARD BANK PLC,

 

as Lender

 

 

 

 

 

By:

/s/ Robert Anastasio

 

 

 

 

 

Name:

Robert Anastasio

 

 

 

 

 

 

Title:

Senior Vice-President

 

 

 

 

By:

/s/ Javier Rocio

 

 

 

 

 

Name:

Javier Rocio

 

 

 

 

 

 

Title:

Attorney in Fact

 

 

[Signature Page to Amendment to Credit Agreement]

 

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