Exhibit 10.1

SECOND AMENDMENT

TO

FIFTH AMENDED AND RESTATED

SENIOR REVOLVING CREDIT AGREEMENT

among

PETROHAWK ENERGY CORPORATION,

as the Borrower,

BNP PARIBAS,

as Administrative Agent,

and

THE LENDERS PARTY HERETO

Dated as of December 22, 2010

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SECOND AMENDMENT TO

FIFTH AMENDED AND RESTATED SENIOR REVOLVING CREDIT AGREEMENT

This SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED SENIOR REVOLVING CREDIT
AGREEMENT (this “Second Amendment”) executed as of December 22, 2010 is among
PETROHAWK ENERGY CORPORATION, a corporation duly formed and existing under the
laws of the State of Delaware (the “Borrower”); each of the Guarantors signatory
hereto (the “Guarantors”); each of the Lenders from time to time party hereto;
and BNP PARIBAS (in its individual capacity, “BNP Paribas”), as administrative
agent for the Lenders (in such capacity, together with its successors in such
capacity, the “Administrative Agent”).

Recitals

A.    The Borrower, the Administrative Agent, the other Agents and Lenders named
and defined therein as lenders and agents, are parties to that certain Fifth
Amended and Restated Senior Revolving Credit Agreement dated as of August 2,
2010, pursuant to which such lenders and agents provided certain loans and
extensions of credit to the Borrower (as amended, the “Credit Agreement”).

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

C.    NOW, THEREFORE, 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 which is defined in the
Credit Agreement, but which is not defined in this Second Amendment, shall have
the meaning ascribed such term in the Credit Agreement. Unless otherwise
indicated, all section references in this Second Amendment refer to sections in
the Credit Agreement.

Section 2.    Amendments to Credit Agreement.

2.1    Certain Defined Terms.    The following defined terms in Section 1.02 are
hereby amended and restated, or added, in their entirety as follows:

“‘Agreement’ means this Fifth Amended and Restated Senior Revolving Credit
Agreement, as amended by the First Amendment to Fifth Amended and Restated
Senior Revolving Credit Agreement dated as of November 8, 2010 and by the Second
Amendment to Fifth Amended and Restated Senior Revolving Credit Agreement dated
as of December 22, 2010, and as the same may from time to time be further
amended, modified, supplemented or restated.”

2.2    Amendment to Section 8.19(b).    Section 8.19(b) is hereby amended and
restated in its entirety as follows:

“(b)    Midstream Assets and Midstream Services Contracts.    The Borrower shall
cause Hawk Field Services and each of its Restricted Subsidiaries

 

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to perform and observe in all material respects all the terms and provisions of
each Midstream Services contract of Hawk Field Services and its Restricted
Subsidiaries to be performed or observed by them, maintain each such Midstream
Services contract in full force and effect, and enforce each such Midstream
Services contract in accordance with its terms. Notwithstanding the foregoing,
Hawk Field Services and each of its Restricted Subsidiaries may modify or
terminate any Midstream Services contract for the provision of gathering,
transporting, terminalling, storing, processing, dehydrating hydrocarbons and
other similar activities for Midstream Assets which have been sold as permitted
by Section 9.13.”

2.3    Amendment to Section 9.12.    Section 9.12 is hereby amended and restated
in its entirety as follows:

“Section 9.12    Merger, Etc.    The Borrower will not, and will not permit any
Restricted Subsidiary to, merge into or consolidate with any other Person, or
permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (whether in one transaction or in a series of
transactions) all or substantially all of its Property (except as permitted by
Section 9.13) to any other Person (whether now owned or hereafter acquired) (any
such transaction, a “consolidation”), or liquidate or dissolve; provided that
the Borrower or any Restricted Subsidiary may participate in a consolidation
with any other Person; provided that:

 

  (a) any Restricted Subsidiary (including a Foreign Subsidiary) may participate
in a consolidation with the Borrower (provided that the Borrower shall be the
continuing or surviving corporation) or any other Restricted Subsidiary that is
a Domestic Subsidiary (provided that if one of such parties to the consolidation
is a Foreign Subsidiary, such Domestic Subsidiary shall be the continuing or
surviving Person) and if one of such Restricted Subsidiaries is a Wholly-Owned
Subsidiary, then the surviving Person shall be a Wholly-Owned Subsidiary; and

 

  (b) any Foreign Subsidiary of the Borrower may participate in a consolidation
with any one or more Foreign Subsidiaries; provided that if one of such Foreign
Subsidiaries is a Wholly-Owned Subsidiary, the survivor shall be a Wholly-Owned
Subsidiary.”

2.4    Amendment to Section 9.20.    Section 9.20 is hereby amended and restated
in its entirety as follows:

“Section 9.20    Midstream Services Contracts.    The Borrower will not permit
Hawk Field Services or any of its Subsidiaries to (a) enter into any material
contracts for Midstream Services except on an arm’s length basis or (b) cancel
or terminate any material contract for Midstream Services or consent to or
accept any cancellation or termination thereof, materially amend or otherwise
materially

 

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modify any material Midstream Services contract, waive any material default
under or material breach of any material Midstream Services contract, agree in
any manner to any other material amendment, modification or change of any
material term or condition of any Midstream Services contract or take any other
material action in connection with any Midstream Services contract that would
materially impair the value of the interest or rights of Hawk Field Services or
any of its Restricted Subsidiaries, as applicable, thereunder or that would
materially impair the interest, rights remedies or benefits available to the
Administrative Agent or any Lender. Notwithstanding the foregoing, Hawk Field
Services and each of its Restricted Subsidiaries may modify or terminate any
Midstream Services contract for the provision of gathering, transporting,
terminalling, storing, processing, dehydrating hydrocarbons and other similar
activities for Midstream Assets which have been sold as permitted by
Section 9.13.”

Section 3.    Conditions Precedent.    The effectiveness of this Second
Amendment is subject to the receipt by the Administrative Agent of the following
documents and satisfaction of the other conditions provided in this Section 3,
each of which shall be reasonably satisfactory to the Administrative Agent in
form and substance (the date on which such documents are received and conditions
satisfied or waived pursuant to the Credit Agreement, the “Second Amendment
Effective Date”):

3.1    The Administrative Agent and the Lenders shall have received all fees and
other amounts due and payable on or prior to the Second Amendment Effective
Date, including, to the extent invoiced, reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder.

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

3.3    The Administrative Agent shall have received from the Borrower
counterparts (in such number as may be requested by the Administrative Agent) of
the First Amendment to the Collateral Assignment of Midstream Services
Contracts.

3.4    No Default or Event of Default shall have occurred and be continuing as
of the Second Amendment Effective Date.

3.5    The Administrative Agent shall have received such other documents as the
Administrative Agent or its special counsel may reasonably require.

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 3 or the waiver of such conditions as
permitted hereby. Such declaration shall be final, conclusive and binding upon
all parties to the Credit Agreement for all purposes.

Section 4.    Representations and Warranties; Etc.    The Borrower and each
Guarantor hereby affirms: (a) that as of the date of execution and delivery of
this Second Amendment, and

 

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after giving effect to the transactions contemplated hereby, 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 (unless made as of a
specific earlier date, in which case, was true as of such date); and (b) that
after giving effect to this Second Amendment, no Defaults exist under the Loan
Documents or will exist under the Loan Documents.

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 in accordance with
its terms following the effectiveness of this Second Amendment.

5.2    Ratification and Affirmation of Borrower and Guarantors.    The Borrower
and Guarantors hereby expressly (a) acknowledge the terms of this Second
Amendment, (b) ratify and affirm their obligations under the Loan Documents to
which they are a party, (c) acknowledge, renew and extend their continued
liabilities under the Guarantee Agreement and the other Security Instruments to
which they are a party and agree that their guarantee under the Guarantee
Agreement and the other Security Instruments to which they are a party remains
in full force and effect with respect to the Indebtedness as amended hereby.

5.3    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.

5.4    No Oral Agreement.    THIS WRITTEN 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.

5.5    Governing Law.    THIS SECOND AMENDMENT (INCLUDING, BUT NOT LIMITED TO,
THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

[SIGNATURES BEGIN ON NEXT PAGE]

 

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

 

BORROWER:   PETROHAWK ENERGY CORPORATION   By:  

  /s/ Mark J. Mize

 

Name: Mark J. Mize

Title: Executive Vice President — Chief Financial

Officer and Treasurer

 

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GUARANTORS:   PETROHAWK OPERATING COMPANY   P-H ENERGY, LLC   HAWK FIELD
SERVICES, LLC   PETROHAWK PROPERTIES, LP     By:   P-H Energy, L.L.C.       Its
General Partner   WINWELL RESOURCES, L.L.C.   WSF, INC.   KSC RESOURCES, LLC  
KCS ENERGY SERVICES, INC.   MEDALLION CALIFORNIA PROPERTIES COMPANY   PROLIQ,
INC.   ONE TEC, LLC   ONE TEC OPERATING, LLC   BISON RANCH, LLC   HK
TRANSPORTATION, LLC   PETROHAWK HOLDINGS, LLC   By:  

  /s/ Mark J. Mize

  Name: Mark J. Mize   Title: Executive Vice President — Chief Financial Officer
and Treasurer   BIG HAWK SERVICES, LLC   By:  

  /s/ Mark J. Mize

  Name: Mark J. Mize   Title: Treasurer

 

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HK ENERGY MARKETING, LLC By:  

    /s/ Mark J. Mize

Name: Mark J. Mize Title: Chief Financial Officer and Treasurer

 

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ADMINISTRATIVE AGENT:   BNP PARIBAS,   as Administrative Agent and Lender   By:
 

    /s/ Juan Carlos Sandoval

  Name: Juan Carlos Sandoval   Title: Vice President   By:  

    /s/ Courtney Kubesch

  Name: Courtney Kubesch   Title: Vice President

 

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CO-SYNDICATION AGENT:  

BANK OF MONTREAL, as Co-Syndication

Agent and Lender

  By:  

    /s/ James V. Ducote

  Name: James V. Ducote   Title: Director

 

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CO-SYNDICATION AGENT:  

BANK OF AMERICA, N.A., as Co-Syndication

Agent and Lender

  By:  

    /s/ Jeffrey H. Rathkamp

  Name: Jeffrey H. Rathkamp   Title: Managing Director

 

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CO-DOCUMENTATION AGENT:   JPMORGAN CHASE BANK, N.A., as   Co-Documentation Agent
and Lender   By:  

    /s/ Michael A. Kamauf

  Name: Michael A. Kamauf   Title: Authorized Officer

 

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CO-DOCUMENTATION AGENT:   WELLS FARGO BANK, N.A., as   Co-Documentation Agent
and Lender   By:  

    /s/ Doug McDowell

  Name: Doug McDowell   Title: Director

 

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LENDERS:   BARCLAYS BANK PLC   By:  

    /s/ Allen Huang

  Name: Allen Huang   Title: Assistant Vice President

 

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ROYAL BANK OF CANADA By:  

    /s/ Jason S. York

Name: Jason S. York Title: Authorized Signatory

 

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MORGAN STANLEY BANK, N.A. By:  

    /s/ Scott Taylor

Name: Scott Taylor Title: Authorized Signatory

 

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MORGAN STANLEY SENIOR FUNDING, INC. By:  

    /s/ Scott Taylor

Name: Scott Taylor Title: Vice President

 

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DEUTSCHE BANK TRUST COMPANY

AMERICAS

By:  

    /s/ Scottye Lindsey

Name: Scottye Lindsey Title: Director By:  

    /s/ Dusan Lazarov

Name: Dusan Lazarov Title: Director

 

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CREDIT AGRICOLE CORPORATE AND

INVESTMENT BANK

By:  

    /s/ Mark Roche

Name: Mark Roche Title: Managing Director By:  

    /s/ Sharada Manne

Name: Sharada Manne Title: Director

 

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CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH

By:  

    /s/ An Bruger

Name: An Bruger Title: Vice President By:  

    /s/ Vipul Dhadda

Name: Vipul Dhadda Title: Associate

 

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UBS AG, STAMFORD BRANCH By:  

    /s/ Mary E. Evans

Name: Mary E. Evans Title: Associate Director By:  

    /s/ Irja R. Otsa

Name: Irja R. Otsa Title: Associate Director

 

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CAPITAL ONE, N.A. By:  

    /s/ Wesley Fontana

Name: Wesley Fontana Title: Vice President

 

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ING CAPITAL LLC By:  

    /s/ Charles E. Hall

Name: Charles E. Hall Title: Managing Director

 

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MIZUHO CORPORATE BANK, LTD. By:  

    /s/ Leon Mo

Name: Leon Mo Title: Authorized Signatory

 

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AMEGY BANK NATIONAL ASSOCIATION By:  

    /s/ Charles W. Patterson

Name: Charles W. Patterson Title: Senior Vice President

 

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CITIBANK, N.A. By:  

    /s/ John Miller

Name: John Miller Title: Attorney-in-Fact

 

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SUNTRUST BANK By:  

    /s/ Gregory C. Magnuson

Name: Gregory C. Magnuson Title: Vice President

 

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SUMITOMO MITSUI BANKING

CORPORATION

By:  

    /s/ William M. Ginn

Name: William M. Ginn Title: General Manager

 

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THE BANK OF NOVA SCOTIA By:  

    /s/ Gregory E. George

Name: Gregory E. George Title: Managing Director

 

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GOLDMAN SACHS BANK USA By:  

    /s/ Lauren Day

Name: Lauren Day Title: Authorized Signatory

 

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NATIXIS By:  

    /s/ Donovan C. Broussard

Name: Donovan C. Broussard Title: Managing Director By:  

    /s/ Liana Tchernysheva

Name: Liana Tchernysheva Title: Director

 

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BANK OF TEXAS, N.A. By:  

    /s/ Mary Salazar

Name: Mary Salazar Title: SUP

 

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ALLIED IRISH BANK p.l.c. By:  

    /s/ Edward Fenk

Name: Edward Fenk Title: Vice President By:  

    /s/ James Giordano

Name: James Giordano Title: Assistant Vice President

 

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