Exhibit 10.2

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT dated as of October 10, 2012 (this
“Second Amendment”) is entered into by and among Endeavour International
Corporation, a Nevada corporation (“Holdings”), Endeavour Energy UK Limited, a
United Kingdom private limited company (the “Borrower”), the Lenders party
hereto and Cyan Partners, LP, as administrative agent (in such capacity, the
“Administrative Agent”). Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Credit Agreement referred
to below.

W I T N E S S E T H:

WHEREAS, Holdings, the Borrower, the Lenders from time to time party thereto and
the Administrative Agent are parties to the Credit Agreement dated as of
April 12, 2012 (as amended by the First Amendment to Credit Agreement; U.S.
Security Agreement and Subsidiaries Guaranty dated as of May 31, 2012, as the
same may be further amended, restated, supplemented and/or otherwise modified
from time to time, the “Credit Agreement”);

WHEREAS, Holdings and the Borrower have informed the Lenders that Holdings
desires to issue up to an additional $60,000,000 aggregate principal amount of
First Priority Notes (the “Additional First Priority Notes”);

WHEREAS, the net cash proceeds of the Additional First Priority Notes will be
used to (i) redeem, repay and discharge in full the 12% Senior Subordinated
Notes and (ii) to finance a portion of the construction, improvement, and other
capital costs related to Holdings’ U.S. and U.K. oil and natural gas properties;

WHEREAS, subject to the terms and conditions of this Second Amendment, the
parties hereto wish to amend the Credit Agreement as herein provided;

NOW, THEREFORE, in consideration of the premises, covenants and agreements set
forth herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

I. Credit Agreement Amendments.

1. Amendment to Section 8.01. The second paragraph of Section 8.01 of the Credit
Agreement is hereby amended to (i) delete the word “and” appearing at the end of
clause (12) thereof, (ii) delete the period appearing at the end of clause
(13) thereof and insert the text “; and” in lieu thereof and (iii) insert the
following new clause (14) immediately following clause (13) thereof:

“(14) the repayment, redemption or repurchase in full of the 12% Senior
Subordinated Notes within 30 days following receipt of net cash proceeds from
First Priority Notes issued on or prior to October 31, 2012; provided that
(a) no Default or Event of Default exists at the time of such repayment,
redemption or repurchase or would result therefrom and (b) such repayment,
redemption or repurchase shall be made solely with net cash proceeds received
from First Priority Notes issued on or prior to October 31, 2012;”

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II. Miscellaneous Provisions.

1. In order to induce the Lenders to enter into this Second Amendment, each of
Holdings and the Borrower hereby represents and warrants that:

(i) all of the representations and warranties contained in the Credit Documents
are true and correct in all material respects both before and immediately after
giving effect to the Second Amendment Effective Date (as defined below), with
the same effect as though such representations and warranties had been made on
and as of Second Amendment Effective Date (it being understood that any
representation or warranty made as of a specific date shall be true and correct
in all material respects as of such specific date); and

(ii) no Default or Event of Default exists before or immediately after giving
effect to the amendments set forth in this Second Amendment on the Second
Amendment Effective Date.

2. This Second Amendment is limited as specified herein and shall not constitute
a modification, acceptance or waiver of any other provision of the Credit
Documents, all of which other provisions are hereby ratified and confirmed and
are in full force and effect.

3. This Second Amendment may be executed in any number of counterparts and by
the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered (including by way of facsimile or other
electronic transmission) shall be an original, but all of which shall together
constitute one and the same instrument. A complete set of counterparts shall be
lodged with the Borrower and the Administrative Agent.

4. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAWS RULES AND PRINCIPLES THEREUNDER
OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

5. In consideration of the Administrative Agent’s execution of this Second
Amendment, each party hereto unconditionally and irrevocably acquits and fully
forever releases and discharges the Administrative Agent and all its affiliates,
partners, subsidiaries, officers, employees, agents, attorneys, principals,
directors and shareholders and its respective heirs, legal representatives,
successors and assigns (collectively, the “Releasees”) from any and all claims,
demands, causes of action, obligations, remedies, suits, damages and liabilities
of any nature whatsoever, whether now known, suspected or claimed, whether
arising under common law, in equity or under statute, which such party hereto
ever had or now has against any of the Releasees and which has arisen at any
time prior to the date hereof out of this Second Amendment, the Credit
Agreement, any other Credit Document or related documents, instruments or
agreements or the enforcement or attempted or threatened enforcement by any of
the Releasees of any of their respective rights, remedies or recourse related
thereto (collectively, the “Released Claims”)

 

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(but in each case referred to in this Part II, Section 5, excluding any claims,
demands, causes of actions, obligations, remedies, suits, damages or liabilities
to the extent same occurred by reason of the gross negligence or willful
misconduct of the Person to be indemnified (as determined by a court of
competent jurisdiction in a final and non-appealable decision)). Each party
hereto covenants and agrees never to commence, voluntarily aid in any way,
prosecute or cause to be commenced or prosecuted against any of the Releasees
any action or other proceeding based upon any of the Released Claims.

6. This Second Amendment shall become effective on the date (the “Second
Amendment Effective Date”) when each of the following conditions shall have been
satisfied:

(i) Holdings, the Borrower, the Administrative Agent and the Required Lenders
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile or other
electronic transmission) the same to White & Case LLP, 1155 Avenue of the
Americas, New York, NY 10036 Attention: Joseph Petruccelli (facsimile number:
212-354-8113 / e-mail address: jpetruccelli@whitecase.com);

(ii) the Borrower shall have delivered to the Administrative Agent:

(a) certified copies of the indenture and/or other material documentation
governing the Additional First Prioriy Notes, which shall each be in form and
substance reasonably satisfactory to the Adminstrative Agent; and

(b) a certified copy of the opinion delivered by Vinson & Elkins LLP, special
counsel for the Borrower and Holdings, to the respective underwriter of the
Additional First Priority Notes in connection with the issuance thereof, which
opinion shall cover matters reasonably satisfactory to the Adminstrative Agent;
and

(iii) the Borrower shall have paid (a) to the Administrative Agent all fees and
reasonable and documented out-of-pocket expenses owing to it in connection with
this Second Amendment and shall have reimbursed the Administrative Agent for all
reasonable and documented out-of pocket legal expenses of White & Case LLP
incurred in connection with the Credit Agreement (including, without limitation,
in connection with this Second Amendment) and invoiced on or before the date
hereof and (b) any other fees then due and payable in connection with this
Second Amendment.

7. The Borrower hereby agrees to pay to the Administrative Agent on behalf of
each Lender which delivers to the Administrative Agent (or its counsel) an
executed counterpart hereof on or prior to the Second Amendment Effective Date,
a non-refundable cash fee (the “Amendment Fee”) in Dollars in an amount equal to
50 basis points (0.50%) of the aggregate amount of such Lender’s Commitments in
effect as of the Second Amendment Effective Date. The Amendment Fee shall be due
and payable by the Borrower to the Administrative Agent for distribution to the
relevant Lenders on the date the Additional First Priority Notes are issued.

8. From and after the Second Amendment Effective Date, all references in each
Credit Document to the “Credit Agreement” shall be deemed to be references to
the Credit Agreement as modified hereby.

9. After the execution and delivery to the Administrative Agent of a fully
executed copy of this Second Amendment by the parties hereto, this Second
Amendment may only be changed, modified or varied by written instrument in
accordance with the requirements for the modification of Credit Documents
pursuant to Section 11.12 of the Credit Agreement.

10. The Borrower agrees that any failure to pay any fee payable by it to the
Administrative Agent in connection with this Amendment within one Business Day
after the Second Amendment Effective Date shall constitute an immediate Event of
Default under the Credit Agreement.

*     *     *

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Consent and Second Amendment to Credit Agreement to be duly executed and
delivered as of the date first above written.

 

ENDEAVOUR INTERNATIONAL CORPORATION By:   /s/ J. Michael Kirksey   Name:      
J. Michael Kirksey   Title:   Authorized Signatory

Signature Page to Second Amendment

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ENDEAVOUR ENERGY UK LIMITED By:   /s/ J. Michael Kirksey   Name:       J.
Michael Kirksey   Title:   Authorized Signatory

Signature Page to Second Amendment

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CYAN PARTNERS, LP, as Administrative Agent By:   /s/ Jonathan Tunis   Name:
Jonathan Tunis   Title:   Authorized Signatory

Signature Page to Second Amendment

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Farallon Capital Partners, L.P., as a Lender By:   Farallon Partners, L.L.C.,
its General Partner By:   /s/ Michael G. Linn   Name: Michael G. Linn  
Title:   Managing Member

 

Farallon Capital Institutional Partners, L.P., as a Lender By:   Farallon
Partners, L.L.C., its General Partner By:   /s/ Michael G. Linn  

Name: Michael G. Linn

 

Title:   Managing Member

 

Farallon Capital Institutional Partners II, L.P., as a Lender By:   Farallon
Partners, L.L.C., its General Partner By:   /s/ Michael G. Linn  

Name: Michael G. Linn

 

Title:   Managing Member

 

Farallon Capital Institutional Partners III, L.P., as a Lender By:   Farallon
Partners, L.L.C., its General Partner By:   /s/ Michael G. Linn  

Name: Michael G. Linn

 

Title:   Managing Member

Signature Page to Second Amendment

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Whitebox Credit Arbitrage Partners, LP, as a Lender By:  

Whitebox Credit Arbitrage Advisors, LLC its

General Partner

By:  

Whitebox Advisors LLC, its Managing

Member

By:   /s/ Andrew Redleaf Name:   Andrew Redleaf Title:   Chief Executive Officer

 

Pandora Select Partners, LP, as a Lender By:  

Pandora Select Advisors, LLC, its General

Partner

By:  

Whitebox Advisors LLC, its investment

advisor

By:   /s/ Andrew Redleaf Name:   Andrew Redleaf Title:   Chief Executive Officer

 

Whitebox Multi-Strategy Partners, LP, as a Lender By:  

Whitebox Multi-Strategy Advisors, LLC, its

General Partner

By:  

Whitebox Advisors LLC, its Managing

Member

By:   /s/ Andrew Redleaf Name:   Andrew Redleaf Title:   Chief Executive Officer

Signature Page to Second Amendment

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BLT 34 LLC, as a Lender By:   /s/ Michael Wotanowski   Name: Michael Wotanowski
  Title: Authorized Signatory

Signature Page to Second Amendment

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CREDIT SUISSE LOAN FUNDING LLC, as a Lender By:   /s/ Michael Wotanowski   Name:
Michael Wotanowski   Title: Authorized Signatory By:   /s/ Barry Zamore   Name:
Barry Zamore   Title: Managing Director

Signature Page to Second Amendment

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CYAN PI INVESTMENTS, LP, as a Lender By:   /s/ Ashok Nayyar   Name: Ashok Nayyar
 

Title:   Senior Managing Director/

            Chief Investment Officer

Signature Page to Second Amendment

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JGB CAPITAL LP, as a Lender By:   /s/ Brett Cohen   Name: Brett Cohen   Title:
President

Signature Page to Second Amendment

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JGB CAPITAL OFFSHORE LTD, as a Lender By:   /s/ Brett Cohen   Name: Brett Cohen
  Title: President

Signature Page to Second Amendment

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JGB PARTNERS LP, as a Lender By:   /s/ Brett Cohen   Name: Brett Cohen   Title:
President

Signature Page to Second Amendment

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Yad Hanadiv (A Rothschild Foundation) as trustee for Jader Trust No. 4, as a
Lender By:   /s/ Randall Krebs   Name: Randall Krebs   Title: Secretary

Signature Page to Second Amendment

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ROTHSCHILD FOUNDATION (HANADIV) EUROPE, as a Lender By:   /s/ Adam Bennett  
Name: Adam Bennett   Title:   Authorized Signatory

Signature Page to Second Amendment