Exhibit 10.1

SECOND AMENDMENT TO FIFTH AMENDED

AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (herein
called this “Amendment”), dated effective as of May 8, 2015 (the “Effective
Date”), is entered into by and among W&T OFFSHORE, INC., a Texas corporation, as
the borrower (the “Borrower”), the various financial institutions parties
hereto, as lenders (collectively, the “Lenders”), TORONTO DOMINION (TEXAS) LLC,
individually and as agent (in such capacity together with any successors
thereto, the “Administrative Agent”) for the Lenders, and the issuers of letters
of credit parties hereto, as issuers (collectively, the “Issuers”). Terms
defined in the Credit Agreement (as hereinafter defined) are used herein with
the same meanings as given them therein, unless the context otherwise requires.

W I T N E S S E T H

WHEREAS, the Borrower, the Lenders, the Administrative Agent, the Issuers and
the other parties thereto have heretofore executed that certain Fifth Amended
and Restated Credit Agreement, dated as of November 8, 2013 (as amended by that
certain First Amendment to Fifth Amended and Restated Credit Agreement dated
effective as of April 23, 2015 and as the same may be further amended,
supplemented, amended and restated or otherwise modified from time to time, the
“Credit Agreement”); and

WHEREAS, the parties hereto hereby further intend to amend certain provisions of
the Credit Agreement, in each case on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the undersigned hereby agree as follows:

1. Amendments to Credit Agreement.

(a) Amendment of Section 1.1. Section 1.1 of the Credit Agreement is hereby
amended by inserting the following defined term in alphabetical order:

“Intercreditor Agreement” means that certain Intercreditor Agreement by and
between the Administrative Agent, as Priority Lien Agent (as defined therein),
and Morgan Stanley Senior Funding, Inc., as Second Lien Collateral Trustee (as
defined therein), dated as of May 11, 2015.

(b) Amendment of Section 4.2. Section 4.2 of the Credit Agreement is hereby
amended by adding the following Section 4.2(f) to the end of such Section 4.2:

“(f) The Administrative Agent shall have received a certificate signed by an
officer of the Borrower certifying that (i) the Loan(s) to be made, Letter(s) of
Credit to be issued, or both, constitute Priority Lien Obligations (as such term
is defined in the Intercreditor Agreement) and (ii) after giving effect to such
Loan(s) to be made, Letter(s) of Credit to be issued, or both, the Priority Lien
Debt does not exceed the Priority Lien Cap (as such terms are defined in the
Intercreditor Agreement).”

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(c) Amendment of Article 9. Article 9 of the Credit Agreement is hereby amended
by adding the following Section 9.12 to the end of such Article 9:

“Section 9.12 Intercreditor Agreement. Each Lender, each Issuer and each other
Lender Party hereunder hereby (i) instructs and authorizes the Administrative
Agent to execute and deliver the Intercreditor Agreement on its behalf,
(ii) authorizes and directs the Administrative Agent to exercise all of the
Administrative Agent’s rights and to comply with all of its obligations under
the Intercreditor Agreement, (iii) agrees that the Administrative Agent may take
actions on its behalf as is contemplated by the terms of the Intercreditor
Agreement, and (iv) understands, acknowledges and agrees that at all times
following the execution and delivery of the Intercreditor Agreement such Lender,
Issuer and other Lender Party (and each of their respective successors and
assigns) shall be bound by the terms thereof.”

2. Representations and Warranties. The Borrower and each Restricted Person (if
any) hereby represents and warrants that after giving effect hereto:

(a) the representations and warranties of the Borrower and such Restricted
Person (if any) contained in the Loan Documents are true and correct in all
material respects on and as of the Effective Date, other than those
representations and warranties that expressly relate solely to a specific
earlier date, which shall remain correct in all material respects as of such
earlier date;

(b) the execution, delivery and performance by the Borrower and such Restricted
Person (if any) of this Amendment are within their corporate or limited
liability powers, have been duly authorized by all necessary action, require, in
respect of any of them, no action by or in respect of, or filing with, any
governmental authority which has not been performed or obtained and do not
contravene, or constitute a default under, any provision of Law or regulation or
the articles of incorporation or the bylaws of any of them or any agreement,
judgment, injunction, order, decree or other instrument binding upon the
Borrower or such Restricted Person (if any) or result in the creation or
imposition of any Lien on any asset of any of them except as contemplated by the
Loan Documents other than, in each case, as would not reasonably be expected to
cause a Material Adverse Change;

(c) the execution, delivery and performance by the Borrower and such Restricted
Person of this Amendment constitutes the legal, valid and binding obligation of
each of them enforceable against them in accordance with its terms except as
such enforcement may be limited by bankruptcy, insolvency or similar Laws of
general application relating to enforcement of creditors’ rights; and

(d) no Default or Event of Default has occurred and is continuing.

3. Conditions to Effectiveness. Each of the amendments set forth in this
Amendment shall be deemed effective as of the Effective Date upon receipt by the
Administrative Agent of (i) counterparts hereof duly executed by the Borrower,
the Administrative Agent, the Issuers and the Majority Lenders and (ii) for its
own account, or for the account of each Lender, as the case may be, all fees,
costs and expenses then due and owing under and pursuant to the Credit
Agreement.

 

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4. Ratification; Loan Document. This Amendment shall be deemed to be an
amendment to the Credit Agreement, and the Credit Agreement, as hereby amended,
is hereby ratified, approved and confirmed in each and every respect. The
Borrower and each other Restricted Person (if any) hereby ratifies, approves and
confirms in every respect all the terms, provisions, conditions and obligations
of the Loan Documents (including, without limitation, all Security Documents) to
which it is a party. All references to the Credit Agreement in any Loan Document
or in any other document, instrument, agreement or writing shall hereafter be
deemed to refer to the Credit Agreement as hereby amended. This Amendment is a
Loan Document.

5. Costs And Expenses. As provided in Section 10.4 of the Credit Agreement, the
Borrower agrees to reimburse the Administrative Agent for all reasonable costs
and expenses incurred by or on behalf of the Administrative Agent (including
attorneys’ fees, consultants’ fees and engineering fees, travel costs and
miscellaneous expenses) in connection with this Amendment and any other
agreements, documents, instruments, releases, terminations or other collateral
instruments delivered by the Administrative Agent in connection with this
Amendment.

6. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS
OF THE UNITED STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW.

7. Severability. If any term or provision of this Amendment shall be determined
to be illegal or unenforceable all other terms and provisions of this Amendment
shall nevertheless remain effective and shall be enforced to the fullest extent
permitted by applicable Law.

8. Counterparts. This Amendment may be separately executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to constitute one and the same agreement.
Any signature hereto delivered by a party by facsimile or electronic
transmission shall be deemed to be an original signature hereto.

9. Successors and Assigns. This Amendment shall be binding upon the Borrower and
its successors and permitted assigns and shall inure, together with all rights
and remedies of each Lender Party hereunder, to the benefit of each Lender Party
and its successors, transferees and assigns.

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

 

BORROWER: W&T OFFSHORE, INC. By:

/s/ John D. Gibbons

Name: John D. Gibbons Title: Senior Vice President and Chief Financial Officer

 

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TORONTO DOMINION (TEXAS) LLC, as Administrative Agent By:

/s/ Wallace Wong

Name: Wallace Wong Title: Authorized Signatory

 

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TORONTO DOMINION (TEXAS) LLC, as Lender By:

/s/ Wallace Wong

Name: Wallace Wong Title: Authorized Signatory

 

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THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as Issuer By:

/s/ Robyn Zeller

Name: Robyn Zeller Title: Senior Vice President

 

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WELLS FARGO BANK, N.A., as Lender By:

/s/ Betsy Jocher

Name: Betsy Jocher Title: Director

 

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WELLS FARGO BANK, N.A., as Issuer By:

/s/ Betsy Jocher

Name: Betsy Jocher Title: Director

 

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ONEWEST BANK, N.A., as Lender By:

/s/ Sean Murphy

Name: Sean Murphy Title: Executive Vice President

 

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NATIXIS, as Lender By:

/s/ Stuart Murray

Name: Stuart Murray Title: Managing Director By:

/s/ Vikram Nath

Name: Vikram Nath Title: Vice President

 

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NATIXIS, as Issuer By:

/s/ Stuart Murray

Name: Stuart Murray Title: Managing Director By:

/s/ Vikram Nath

Name: Vikram Nath Title: Vice President

 

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AMEGY BANK NATIONAL ASSOCIATION, as Lender By:

/s/ G. Scott Collins

Name: G. Scott Collins Title: Senior Vice President

 

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ING CAPITAL LLC, as Lender By:

/s/ Josh Strong

Name: Josh Strong Title: Director By:

/s/ Charles Hall

Name: Charles Hall Title: Managing Director

 

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MORGAN STANLEY BANK, N.A., as Lender By:

/s/ Dmitriy Barskiy

Name: Dmitriy Barskiy Title: Authorized Signatory

 

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THE BANK OF NOVA SCOTIA, as Lender By:

/s/ Alan Dawson

Name: Alan Dawson Title: Director

 

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FIFTH THIRD BANK, as Lender By:

/s/ Justin Bellamy

Name: Justin Bellamy Title: Director

 

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ABN AMRO CAPITAL USA, LLC, as Lender By:

/s/ Darrell Holley

Name: Darrell Holley Title: Managing Director By:

/s/ Kaylan Hopson

Name: Kaylan Hopson Title: Vice President

 

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CAPITAL ONE, NATIONAL ASSOCIATION, as Lender By:

/s/ Kristin N. Oswald

Name: Kristin N. Oswald Title: Vice President

 

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GOLDMAN SACHS BANK, USA, as Lender By:

/s/ Jamie Minieri

Name: Jamie Minieri Title: Authorized Signatory

 

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CADENCE BANK, N.A., as Lender By:

/s/ Eric Broussard

Name: Eric Broussard Title: Executive Vice President

 

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WHITNEY BANK, as Lender By:

/s/ Liana Tchernysheva

Name: Liana Tchernysheva Title: Senior Vice President

 

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IBERIABANK, as Lender By:

/s/ Cameron D. Jones

Name: Cameron D. Jones Title: Senior Vice President

 

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REGIONS BANK, as Lender By:

/s/ Kelly L. Elmore III

Name: Kelly L. Elmore III Title: Senior Vice President

 

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COMERICA BANK, as Lender By:

/s/ William Robinson

Name: William Robinson Title: Senior Vice President

 

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