Exhibit 10.1

Execution Version

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This Amendment No. 1 to Credit Agreement dated as of May 1, 2015 (this
“Agreement”) is among Stone Energy Corporation, a Delaware corporation (the
“Borrower”), Stone Energy Offshore, LLC, a Delaware limited liability company
(“Offshore”), SEO A L.L.C., a Delaware limited liability company (“SEO A”), SEO
B LLC, a Delaware limited liability company (“SEO B” and, together with Offshore
and SEO A, each a “Guarantor” and, collectively, the “Guarantors”), the
financial institutions party to the Credit Agreement described below as Banks
(the “Banks”), and Bank of America, N.A., as Agent for the Banks (the “Agent”)
and as Issuing Bank (the “Issuing Bank”).

INTRODUCTION

A. The Borrower, the Banks, the Issuing Bank, and the Agent have entered into
the Fourth Amended and Restated Credit Agreement dated as of June 24, 2014 (as
amended, restated, amended and restated or otherwise modified, the “Credit
Agreement”).

B. The Borrower wishes to amend, and the Majority Banks have agreed to amend,
the Credit Agreement on the terms and subject to the conditions set forth below.

C. The Guarantors are parties to that certain Second Amended and Restated
Guaranty dated as of June 24, 2014 (as amended, restated, amended and restated
or otherwise modified, the “Guaranty”).

D. Each Guarantor wishes to reaffirm its guarantee of the Obligations as amended
by this Agreement.

THEREFORE, in fulfillment of the foregoing, the Borrower, each Guarantor, the
Agent, the Issuing Bank, and the Banks hereby agree as follows:

Section 1. Definitions; References. Unless otherwise defined in this Agreement,
each term used in this Agreement which is defined in the Credit Agreement has
the meaning assigned to such term in the Credit Agreement.

Section 2. Amendments. Upon the satisfaction of the conditions specified in
Section 6 of this Agreement, and, unless otherwise specified, effective as of
the date set forth above, the Credit Agreement is amended as follows:

(a) Section 6.1(q) of the Credit Agreement is amended to replace the number
“$5,000,000” with the number “$25,000,000”.

Section 3. Reaffirmation of Liens.

(a) Each of the Borrower and each Guarantor (i) is party to certain Security
Documents securing and supporting the Borrower’s and Guarantors’ obligations
under the Credit Documents, (ii) represents and warrants that it has no defenses
to the enforcement of the Security Documents and that according to their terms
the Security Documents will continue in full force

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and effect to secure the Borrower’s and Guarantors’ obligations under the Credit
Documents, as the same may be amended, supplemented, or otherwise modified, and
(iii) acknowledges, represents, and warrants that the liens and security
interests created by the Security Documents are valid and subsisting and create
an Acceptable Security Interest in the Collateral to secure the Borrower’s and
Guarantors’ obligations under the Credit Documents, as the same may be amended,
supplemented, or otherwise modified.

(b) The delivery of this Agreement does not indicate or establish a requirement
that any Guaranty or Security Document requires the Borrower’s or any
Guarantors’ approval of amendments to the Credit Agreement.

Section 4. Representations and Warranties. Each of the Borrower and each
Guarantor represents and warrants to the Agent and the Banks that:

(a) the representations and warranties set forth in the Credit Agreement and in
the other Credit Documents are true and correct in all material respects as of
the date of this Agreement (except to the extent such representations and
warranties relate to an earlier date, in which case such representations and
warranties shall be true and correct in all material respects as of such earlier
date); provided that such materiality qualifier shall not apply if such
representation or warranty is already subject to a materiality qualifier in the
Credit Agreement or such other Credit Document;

(b) (i) the execution, delivery, and performance of this Agreement are within
the corporate or limited liability company power, as appropriate, and authority
of the Borrower and each Guarantor and have been duly authorized by appropriate
proceedings and (ii) this Agreement constitutes a legal, valid, and binding
obligation of the Borrower and each Guarantor, enforceable against the Borrower
and each Guarantor in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting
the rights of creditors generally and general principles of equity; and

(c) as of the effectiveness of this Agreement and after giving effect thereto,
no Default or Event of Default has occurred and is continuing.

Section 5. Reaffirmation of Guaranty. Each Guarantor hereby ratifies, confirms,
and acknowledges that its obligations under the Guaranty are in full force and
effect and that such Guarantor continues to unconditionally and irrevocably
guarantee the full and punctual payment, when due, whether at stated maturity or
earlier by acceleration or otherwise, of all of the Obligations (subject to the
terms of the Guaranty), as such Obligations may have been amended by this
Agreement. Each Guarantor hereby acknowledges that its execution and delivery of
this Agreement do not indicate or establish an approval or consent requirement
by any Guarantor under the Guaranty in connection with the execution and
delivery of amendments, modifications or waivers to the Credit Agreement, the
Notes or any of the other Credit Documents.

Section 6. Effectiveness. This Agreement shall become effective as of the date
hereof, and the Credit Agreement shall be amended as provided herein, upon the
occurrence of all of the following: (a) the Majority Banks’, the Borrower’s, and
the Guarantors’ duly and validly executing originals of this Agreement and
delivery thereof to the Agent; (b) the

 

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representations and warranties in this Agreement being true and correct in all
material respects before and after giving effect to this Agreement; and (c) the
Borrower’s having paid all costs, expenses, and fees which have been invoiced
and are payable pursuant to Section 9.4 of the Credit Agreement or any other
written agreement.

Section 7. Effect on Credit Documents. Except as amended herein, the Credit
Agreement and the Credit Documents remain in full force and effect as originally
executed, and nothing herein shall act as a waiver of any of the Agent’s or
Banks’ rights under the Credit Documents, as amended. This Agreement is a Credit
Document for the purposes of the provisions of the other Credit Documents.
Without limiting the foregoing, any breach of representations, warranties, and
covenants under this Agreement may be a Default or Event of Default under other
Credit Documents.

Section 8. Choice of Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York.

Section 9. Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original.

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

 

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THIS WRITTEN AGREEMENT AND THE CREDIT DOCUMENTS, AS DEFINED IN THE CREDIT
AGREEMENT, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES 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.

EXECUTED as of the date first set forth above.

 

BORROWER: STONE ENERGY CORPORATION By:  

/s/ David H. Welch

Name:   David H. Welch Title:   Chairman, President and Chief Executive Officer
By:  

/s/ Kenneth H. Beer

Name:   Kenneth H. Beer Title:   Executive Vice President and Chief Financial
Officer GUARANTORS: STONE ENERGY OFFSHORE, L.L.C. By:  

/s/ David H. Welch

Name:   David H. Welch Title:   Chairman, President and Chief Executive Officer
By:  

/s/ Kenneth H. Beer

Name:   Kenneth H. Beer Title:   Executive Vice President and Chief Financial
Officer

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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SEO A LLC

Through its sole member,

STONE ENERGY CORPORATION

By:

 

/s/ David H. Welch

Name:

  David H. Welch

Title:

  Chairman, President and Chief Executive Officer

By:

 

/s/ Kenneth H. Beer

Name:

  Kenneth H. Beer

Title:

  Executive Vice President and Chief Financial Officer

SEO B LLC

Through its sole member,

STONE ENERGY CORPORATION

By:

 

/s/ David H. Welch

Name:

  David H. Welch

Title:

  Chairman, President and Chief Executive Officer

By:

 

/s/ Kenneth H. Beer

Name:

  Kenneth H. Beer Title:   Executive Vice President and Chief Financial Officer

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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AGENT AND ISSUING BANK:

BANK OF AMERICA, N.A., as Agent and Issuing Bank

By:

 

/s/ DeWayne D. Reese

Name:

  DeWayne D. Reese

Title:

  Assistant Vice President

BANKS:

BANK OF AMERICA, N.A.

By:

 

/s/ Ronald E. McKaig

Name:

  Ronald E. McKaig

Title:

  Managing Director

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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WELLS FARGO BANK, NATIONAL ASSOCIATION

By:

 

/s/ Betsy Jocher

Name:

  Betsy Jocher

Title:

  Director

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

 

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NATIXIS, NEW YORK BRANCH By:  

/s/ Louis P. Laville, III

Name:   Louis P. Laville, III Title:   Managing Director By:  

/s/ Stuart Murray

Name:   Stuart Murray Title:   Managing Director

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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THE BANK OF NOVA SCOTIA By:  

/s/ Alan Dawson

Name:   Alan Dawson Title:   Director

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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CAPITAL ONE, N.A.

By:

 

/s/ Christopher Kuna

Name:

  Christopher Kuna

Title:

  Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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TORONTO DOMINION (NEW YORK) LLC By:  

Marie Fernandes

Name:   Marie Fernandes Title:   Authorized Signatory

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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BARCLAYS BANK PLC By:  

/s/ May Huang

Name:   May Huang Title:   Assistant Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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REGIONS BANK By:  

/s/ William A. Philipp

Name:   William A. Philipp Title:   Senior Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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U.S. BANK NATIONAL ASSOCIATION By:  

/s/ Brad Johann

Name:   Brad Johann Title:   Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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WHITNEY BANK By:  

/s/ William Jochetz

Name:   William Jochetz Title:   Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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IBERIABANK By:  

/s/ Moni Collins

Name:   Moni Collins Title:   Senior Vice President

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]

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SUMITOMO MITSUI BANKING CORPORATION By:  

/s/ James D. Weinstein

Name:   James D. Weinstein Title:   Managing Director

[SIGNATURE PAGE TO AMD NO. 1 TO 4th A&R CREDIT AGREEMENT]