Exhibit 10.1

Execution Copy

FIFTH AMENDMENT TO THIRD AMENDED

AND RESTATED CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (herein
called this “Amendment”), dated effective as of July 24, 2008 (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 “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.

WITNESSETH

WHEREAS, the Borrower, the Lenders, the Agent and the Issuers have heretofore
executed that certain Third Amended and Restated Credit Agreement, dated as of
May 26, 2006, as amended by that certain First Amendment to Third Amended and
Restated Credit Agreement dated as of June 9, 2006, as further amended by that
certain Second Amendment to Third Amended and Restated Credit Agreement dated as
of July 27, 2006, as further amended by that certain Third Amendment to Third
Amended and Restated Credit Agreement dated as of June 7, 2007, and as further
amended by that certain Waiver and Fourth Amendment to Third Amended and
Restated Credit Agreement dated as of November 6, 2007 (as so amended, and as
from time to time amended, supplemented, restated or otherwise modified,
including pursuant to this Amendment, the “Credit Agreement”); and

WHEREAS, 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. The Credit Agreement is hereby amended as
follows:

(a) Section 1.1.

(i) The definition of “Available Distribution Amount” is hereby amended by
replacing the reference to “$30,000,000” with a reference to “$60,000,000”.

(ii) Clause (c) of the definition of “Base Rate Margin” in Section 1.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

“(c) with respect to Revolving Loans, the applicable rate per annum equal to:

(i) one-eighth of one percent (0.125%) per annum when the Facility Usage on such
day is less than fifty percent (50%) of the Borrowing Base on such day,

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(ii) three-eighths of one percent (0.375%) per annum when the Facility Usage on
such day is greater than or equal to fifty percent (50%) of the Borrowing Base
on such day, but less than seventy-five percent (75%) of the Borrowing Base on
such day,

(iii) five-eighths of one percent (0.625%) per annum when the Facility Usage on
such day is greater than or equal to seventy-five percent (75%) of the Borrowing
Base on such day, but less than ninety percent (90%) of the Borrowing Base on
such day, and

(iv) three-fourths of one percent (0.75%) per annum when the Facility Usage on
such day is greater than or equal to ninety percent (90%) of the Borrowing Base
on such day.”

(iii) Clause (c) of the definition of “Eurodollar Margin” in Section 1.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

“(c) with respect to Revolving Loans, the applicable rate per annum equal to:

(i) one and three-eighths percent (1.375%) per annum when the Facility Usage on
such day is less than fifty percent (50%) of the Borrowing Base on such day,

(ii) one and five-eighths percent (1.625%) per annum when the Facility Usage on
such day is greater than or equal to fifty percent (50%) of the Borrowing Base
on such day, but less than seventy-five percent (75%) of the Borrowing Base on
such day,

(iii) one and seven-eighths percent (1.875%) per annum when the Facility Usage
on such day is greater than or equal to seventy-five percent (75%) of the
Borrowing Base on such day, but less than ninety percent (90%) of the Borrowing
Base on such day, and

(iv) two percent (2.000%) per annum when the Facility Usage on such day is
greater than or equal to ninety percent (90%) of the Borrowing Base on such
day.”

(iv) The definition of “Issuance Request” in Section 1.1 of the Credit Agreement
is hereby amended by replacing the reference to “Exhibit H” therein with a
reference to “Exhibit G”.

(v) The definition of “Revolving Availability” in Section 1.1 of the Credit
Agreement is hereby amended and restated as follows:

(i) “Revolving Availability” means, at the time of determination, the lesser of
(a) $500,000,000 (except that, after the Tranche B Repayment Date, the amount
under clause (a) shall instead be the amount of the aggregate Revolving Loan
Commitments then in effect (as adjusted pursuant to Section 2.14)) or (b) the
difference between (i) the Borrowing Base then in effect and (ii) the sum of the
aggregate principal amount of all outstanding Tranche A Term Loans and Tranche B
Term Loans at the time of the determination or redetermination of such then
effective Borrowing Base without giving effect to any prepayment or repayment of
any Tranche A Term Loans or Tranche B Term Loans made after such determination
or redetermination of such then effective Borrowing Base (except that after the
Tranche B Repayment Date, the sum under clause (b)(ii) shall be zero).”

 

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(vi) The definition of “Revolving Loan Maturity Date” in Section 1.1 of the
Credit Agreement is hereby amended and restated as follows:

“Revolving Loan Maturity Date” means July 23, 2012.”

(vii) A new definition “Tranche B Repayment Date” is hereby inserted into
Section 1.1 of the Credit Agreement in the appropriate alphabetical location as
follows:

“Tranche B Repayment Date” means the date when all principal and accrued
interest on all Tranche B Term Loans and all fees and expenses outstanding as of
such date that are payable to the Tranche B Term Loan Lenders in their
capacities as such have been repaid in full in cash.

(b) Section 2.14. A new Section 2.14 is hereby added to the Credit Agreement as
follows:

“Section 2.14 Increase in Revolving Loan Commitments.

(a) From and after the Tranche B Repayment Date, upon prior notice to, and the
written consent (which consent shall not be unreasonably withheld or delayed)
of, the Agent, the Borrower may from time to time in writing, (i) request the
Revolving Loan Lenders to increase their Revolving Loan Commitments and/or
(ii) invite additional lenders to become Revolving Loan Lenders party to this
Agreement, so as to increase the aggregate Revolving Loan Commitments to an
amount requested by the Borrower not exceeding $710,000,000. At the time of
sending such written notice to the Revolving Loan Lenders or any invitee, the
Borrower (in consultation with the Agent) shall specify the time period within
which each Revolving Loan Lender or invitee, as applicable, is requested to
respond (which shall in no event be less than ten (10) Business Days from the
date of delivery of such notice to the Revolving Loan Lenders or invitees) to
such request. To the extent that the Borrower has requested the Revolving Loan
Lenders to increase their respective Revolving Loan Commitments hereunder, each
Revolving Loan Lender shall notify the Agent within such time period whether or
not it agrees to increase its respective Revolving Loan Commitment and, if so,
by what amount. Any Revolving Loan Lender not responding within

 

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such time period shall be deemed to have declined to increase its respective
Revolving Loan Commitment. Notwithstanding anything herein to the contrary, no
Revolving Loan Lender shall have any obligation whatsoever to increase its
respective Revolving Loan Commitment hereunder. The consent of the Agent shall
be required (which consent shall not be unreasonably withheld or delayed) in
order for a lender that is not an existing Lender to become a party to this
Agreement pursuant to this Section 2.14, but the consent of the Lenders shall
not be required in order for such lender to become a party to this Agreement
pursuant to this Section 2.14.

(b) If the aggregate Revolving Loan Commitments are increased in accordance with
this Section 2.14, the Agent and the Borrower shall determine the effective date
of such increase (the “Increase Effective Date”). The Agent and the Borrower
shall promptly notify the existing and additional Revolving Loan Lenders of the
aggregate Revolving Loan Commitments, the final allocation of such aggregate
Revolving Loan Commitments and the Increase Effective Date. Each existing
Revolving Loan Lender that increases its Revolving Loan Commitment and each
additional Revolving Loan Lender, if any, and the Borrower shall execute and
deliver to the Agent (which the Agent shall also execute to acknowledge its
acceptance thereof) a certificate substantially in the form of Exhibit H hereto
(a “Revolving Loan Lender Certificate”). Upon receipt by the Agent of Revolving
Loan Lender Certificates from existing Revolving Loan Lenders and additional
Revolving Loan Lenders, if any, in an amount sufficient to effectuate an
increase in the aggregate Revolving Loan Commitments: (i) the aggregate
Revolving Loan Commitments shall be increased, (ii) the Agent shall amend and
distribute to the Borrower (and post to Intralinks for the Lenders) a revised
Part I of Schedule 3 of the Revolving Loan Commitment of each existing and
additional Revolving Loan Lender and the revised Revolving Loan Percentage
Shares of the Revolving Loan Lenders (which shall be deemed incorporated into
this Agreement), (iii) each additional Revolving Loan Lender shall be deemed to
be a party in all respects to this Agreement and the other Loan Documents to
which the Revolving Loan Lenders are parties as of the Increase Effective Date
and (iv) upon the Increase Effective Date, the Revolving Loan Lenders parties to
such Revolving Loan Lender Certificates shall purchase from the (other)
Revolving Loan Lender parties to this Agreement immediately prior to the
Increase Effective Date the portion of the outstanding Revolving Loans (and
participation interests in Letters of Credit) of each such (other) Revolving
Loan Lender such that each Revolving Loan Lender (including any additional
Revolving Loan Lender, if any) shall hold its respective revised Revolving Loan
Percentage Share of the outstanding Revolving Loans (and participation interests
in Letters of Credit) as reflected in the revised Part I of Schedule 3 required
by this Section 2.14, provided that the Borrower shall pay any amounts due under
Section 3.5 to the extent that any such purchase gives rise to the costs
indemnified thereby.

(c) As a condition precedent to such increase, the Borrower shall deliver to the
Agent a counterpart of the Revolving Loan Lender Certificates dated as of the
Increase Effective Date (for posting on Intralinks) signed by an

 

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Authorized Officer of the Borrower certifying that, before and after giving
effect to such increase, the representations and warranties contained in
Article V are true and correct on and as of the Increase Effective Date and no
Default or Event of Default or Borrowing Base Deficiency exists. The Borrower
shall execute and deliver replacement Revolving Loan Notes, as required, in
accordance with Section 2.13 reflecting such Revolving Loan Lender’s Revolving
Loan Commitment, which Revolving Loan Notes shall be dated as of the date of
this Agreement and shall otherwise comply with the provisions of Section 2.14.

(d) This Section shall supersede any provision in Section 10.1 to the contrary.”

(c) Section 7.6(a). Clause (a) of Section 7.6 of the Credit Agreement is hereby
amended and restated in its entirety as follows:

“(a) by Borrower to any of its shareholders on any date, provided that all
Distributions made pursuant to this clause (a) in any Fiscal Year shall not
exceed the Available Distribution Amount, or”

(d) Section 7.12. Section 7.12 of the Credit Agreement is hereby amended by
replacing the phrase “greater than 2.0 to 1.0” with the phrase “greater than 2.5
to 1.0”.

(e) Section 7.13. Section 7.13 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

“Section 7.13 Reserved.”

(f) Section 7.14. Section 7.14 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

“Section 7.14 Minimum Asset Coverage Ratio. Borrower will not permit its Minimum
Asset Coverage Ratio as of the last day of any Fiscal Quarter that occurs prior
to the Tranche B Repayment Date to be less than 2.0 to 1.0; provided that the
calculation of the Borrower’s Minimum Asset Coverage Ratio for purposes of this
Section 7.14 shall exclude any non-cash assets or liabilities in respect of
Hedging Contracts described in, and calculated pursuant to, Statement of
Financial Accounting Standards 133 and 143, each as amended (provided that, for
the avoidance of doubt, the calculation of Minimum Asset Coverage Ratio shall
include any assets or liabilities in respect of the termination of any Hedging
Contracts).”

(g) Schedule 3. Part I of Schedule 3 to the Credit Agreement is hereby replaced
with Annex I attached hereto.

(h) Exhibit H. A new Exhibit H is hereby added to the Credit Agreement in the
form of Annex II hereto.

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

(a) the representations and warranties of the Borrower and such Restricted
Person 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;

 

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(b) the execution, delivery and performance by the Borrower and such Restricted
Person 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 or result in the creation or imposition of any Lien on any
asset of any of them except as contemplated by the Loan Documents;

(c) the execution, delivery and performance by the Borrower and such Restricted
Person of this Amendment has been duly authorized by all necessary action
required on their part and this Amendment constitutes the legal, valid and
binding obligation of each of them enforceable against them in accordance with
its terms; and

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

3. Effectiveness. This Amendment shall be deemed effective as of the Effective
Date when:

(a) the Agent shall have received counterparts hereof duly executed by the
Borrower, the Agent and the Required Lenders;

(b) as consideration for the extension of the Revolving Loan Maturity Date, the
Borrower shall have paid to the Agent for the account and of the Agent and the
Revolving Loan Lenders the fees set forth in the Fee Letter dated July 24, 2008;
and

(c) to the extent requested by it, (i) each New Revolving Loan Lender (as
defined in Section 8 below) shall have received a Revolving Loan Note and
(ii) each existing Revolving Loan Lender shall have received its replacement
Revolving Loan Note, in each case payable to it in the principal amount of its
“Revolving Loan Commitment” as specified in Annex I attached hereto (or the
Agent shall have received such note on its behalf );

provided that Section 1(b) shall not become effective until such time that
(i) the Agent shall have received counterparts hereof duly executed by all
Revolving Loan Lenders; and (ii) the Tranche B Repayment Date has occurred.

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 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.

 

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5. Costs And Expenses. As provided in Section 10.4 of the Credit Agreement, the
Borrower agrees to reimburse Agent for all reasonable costs and expenses
incurred by or on behalf of 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 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. Any provision of this Amendment that is prohibited or
unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Amendment
or affecting the validity or enforceability of such provision in any other
jurisdiction.

8. New Revolving Loan Lenders; Purchase and Sale of Revolving Loans, Etc.

(a) By its execution and delivery hereof, effective as of the Effective Date,
(i) each of Bank of America, N.A., ING Capital LLC, Morgan Stanley Bank and The
Bank of Nova Scotia (each, a “New Revolving Loan Lender”) shall be deemed
automatically to have become a party to the Credit Agreement, shall have all the
rights and obligations of a “Revolving Loan Lender” under the Credit Agreement
and the other Loan Documents as if each were an original signatory thereto, and
shall agree, and does hereby agree, to be bound by the terms and conditions set
forth in the Credit Agreement and the other Loan Documents to which the
Revolving Loan Lenders are a party, in each case, as if each were an original
signatory thereto; and (ii) Lehman Commercial Paper Inc. (the “Exiting Lender”),
shall cease to be a Revolving Loan Lender, shall have no Revolving Loan
Commitments under the Credit Agreement, and shall relinquish its rights
(provided that it shall still be entitled to any rights of indemnification in
respect of any circumstance or event or condition arising prior to the Effective
Date) and be released from its obligations under the Credit Agreement and the
other Loan Documents.

(b) Each New Revolving Loan Lender (i) confirms that it has received a copy of
the Credit Agreement and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Amendment and the Credit Agreement; (ii) agrees that it will, independently and
without reliance upon the Agent, any Issuer or any other Lender and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Credit Agreement; (iii) represents and warrants that its name set forth
herein is its legal name; (iv) appoints and authorizes the Agent to take such
action as agent on its behalf and to exercise such

 

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powers and discretion under the Loan Documents as are delegated to the Agent by
the terms thereof, together with such powers and discretion as are reasonably
incidental thereto; and (vi) agrees that it will perform in accordance with
their terms all of the obligations that by the terms of the Credit Agreement are
required to be performed by it as a Revolving Loan Lender.

(c) Each New Revolving Loan Lender hereby advises each other party hereto that
its respective address for notices shall be as set forth below its name on Annex
I hereto.

(d) Effective as of the Effective Date, each of the Exiting Lender and the
Revolving Loan Lenders (other than the New Revolving Loan Lenders) hereby sells,
assigns, transfers and conveys to the New Revolving Loan Lenders and other
relevant Revolving Loan Lenders, and each of the New Revolving Loan Lenders and
such other Revolving Loan Lenders hereby purchases and accepts, in each case so
much of the aggregate Revolving Loan Commitments under, Revolving Loans
outstanding under, and/or participations in Letters of Credit issued pursuant
to, the Credit Agreement such that, after giving effect to this Amendment, the
Revolving Loan Percentage Share of each Revolving Loan Lender, and the Revolving
Loan Commitment of each Revolving Loan Lender, shall be as set forth on Annex I
hereto. The foregoing sales, assignments, transfers and conveyances are without
any warranties whatsoever by the Agent, any Issuer, the Exiting Lender or any
Revolving Loan Lender making such sale, assignment, transfer and conveyance
(each such Revolving Loan Lender, herein an “Assignor Revolving Loan Lender”) as
to title, enforceability, collectibility, documentation or freedom from liens or
encumbrances, in whole or in part, other than the warranty of the Exiting Lender
and such Assignor Revolving Loan Lender that it has not previously sold,
transferred, conveyed or encumbered such interests.

(e) The Assignor Revolving Loan Lenders, on the one hand, and the New Revolving
Loan Lenders and other relevant Revolving Loan Lenders purchasing and accepting
such sales, assignments, transfers and conveyances under this Section 8 (each
such New Revolving Loan Lender or such other relevant Revolving Loan Lender,
herein the “Assignee Revolving Loan Lenders”), on the other hand, shall make all
appropriate adjustments in payments under the Credit Agreement, the Revolving
Loan Notes and the other Loan Documents so that the relevant Assignor Revolving
Loan Lender or Assignee Revolving Loan Lender, as the case may be, will receive
the appropriate portion of such payment in a manner consistent with the
effectiveness (as of the Effective Date) of the sales, assignments, transfers
and conveyances made pursuant to this Section 8. The Exiting Lender acknowledges
and agrees that it is not entitled to any fee under Section 3(b) of this
Amendment.

9. Counterparts. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument, and
any party hereto may execute this Amendment by signing one or more counterparts.
Any signature hereto delivered by a party by facsimile or electronic
transmission shall be deemed to be an original signature hereto.

10. 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:   Chief Financial Officer

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TORONTO DOMINION (TEXAS) LLC,

as Agent and Lender

By:  

/s/ Ian Murray

Name:   Ian Murray Title:   Authorized Signatory

THE TORONTO-DOMINION BANK,

as Issuer

By:  

/s/ Robyn Zeller

Name:   Robyn Zeller Title:   Managing Director

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FORTIS CAPITAL CORP.

as Issuer and Lender

By:  

/s/ Casey Lowary

Name:   Casey Lowary Title:   Director By:  

/s/ Darrell Holley

Name:   Darrell Holley Title:   Managing Director

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BMO CAPITAL MARKETS FINANCING, INC.,

as Lender

By:  

/s/ James V. Ducote

Name:   James V. Ducote Title:   Director

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BANK OF SCOTLAND PLC,

as Lender

By:  

/s/ Julia R Franklin

Name:   Julia R Franklin Title:   Assistant Vice President

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NATIXIS,

as Lender

By:  

/s/ Daniel Payer

Name:   Daniel Payer Title:   Director By:  

/s/ Donovan C. Broussard

Name:   Donovan C. Broussard Title:   Managing Director

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GE BUSINESS FINANCIAL SERVICES, INC.

f/k/a MERRILL LYNCH BUSINESS FINANCIAL SERVICES, INC.,

as Lender

By:  

/s/ Randall Hornick

Name:   Randall Hornick Title:   Authorized Signatory

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ROYAL BANK OF CANADA,

as Lender

By:  

/s/ Don J. McKinnerney

Name:   Don J. McKinnerney Title:   Authorized Signatory

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SOCIÉTÉ GÉNÉRALE,

as Lender

By:  

/s/ Stephen W. Warfel

Name:   Stephen W. Warfel Title:   Managing Director

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AMEGY BANK NATIONAL ASSOCIATION,

as Lender

By:  

/s/ W. Bryan Chapman

Name:   W. Bryan Chapman Title:   Senior Vice President

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BNP PARIBAS,

as Lender

By:  

/s/ Douglas R. Liftman

Name:   Douglas R. Liftman Title:   Managing Director By:  

/s/ Russell Otts

Name:   Russell Otts Title:   Director

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GUARANTY BANK, FSB,

as Lender

By:  

/s/ Christopher S. Parada

Name:   Christopher S. Parada Title:   Senior Vice President

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SUNTRUST BANK,

as Lender

By:  

/s/ David Simpson

Name:   David Simpson Title:   Vice President

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BANK OF AMERICA, N.A.,

as Lender

By:  

/s/ Stephen J. Hoffman

Name:  

Stephen J. Hoffman

Title:   Managing Director

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ING CAPITAL LLC,

as Lender

By:  

/s/ Charles E. Hall

Name:   Charles E. Hall Title:   Managing Director

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MORGAN STANLEY BANK,

as Lender

By:  

/s/ Daniel Twenge

Name:   Daniel Twenge Title:   Authorized Signatory

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THE BANK OF NOVA SCOTIA,

as Lender

By:  

/s/ David Mills

Name:   David Mills Title:   Director

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Solely for purposes of Sections 8(a)(ii), 8(d) and 8(e):

LEHMAN COMMERCIAL PAPER INC.,

as Exiting Lender

By:  

/s/ Authorized Signatory

Name:  

Authorized Signatory

Title:  

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ACKNOWLEDGED AND AGREED:

 

OFFSHORE ENERGY I LLC

By:  

/s/ Thomas F. Getten

Name:   Thomas F. Getten Title:   Authorized Representative OFFSHORE ENERGY II
LLC By:  

/s/ Thomas F. Getten

Name:   Thomas F. Getten Title:   Authorized Representative OFFSHORE ENERGY III
LLC By:  

/s/ Thomas F. Getten

Name:   Thomas F. Getten Title:   Authorized Representative GULF OF MEXICO OIL
AND GAS PROPERTIES LLC By:  

/s/ Thomas F. Getten

Name:   Thomas F. Getten Title:   Authorized Representative OFFSHORE SHELF LLC
By:  

/s/ Thomas F. Getten

Name:   Thomas F. Getten Title:   Authorized Representative

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ANNEX I

 

I. REVOLVING LOAN LENDERS

 

     Revolving Loan
Percentage Share     Revolving Loan
Commitment Lending Office for ABR Loans:      Toronto Dominion (Texas) LLC   
10.00000000 %   $ 50,000,000

31 West 52nd Street, 20th Floor

    

New York, New York 10019

    

Tel:

 

(212) 827-7600

    

Fax:

 

(212) 827-7227

    

Attn:

 

Rose Warren

    

 

(with a copy to:

    

909 Fannin, Suite 1700

    

Houston, Texas 77010

    

Tel:

 

(713) 653-8211

    

Fax:

 

(713) 652-2647

    

Attn:

 

Martin Snyder)

     BMO Capital Markets Financing, Inc.    9.00000000 %   $ 45,000,000 f/k/a
Harris Nesbitt Financing, Inc.     

115 S. LaSalle

    

Chicago, IL 60603

    

Tel:

 

(713) 223-4400

    

Fax:

 

(713) 223-4007

    

Attn:

 

Jim Ducote

     Fortis Capital Corp.    9.00000000 %   $ 45,000,000

15455 North Dallas Parkway, Suite 1400

    

Addison, Texas 75001

    

Tel:

 

(214) 953-9311

    

Fax:

 

(214) 754-5982

    

Attn:

 

David Montgomery

     Natixis    9.00000000 %   $ 45,000,000

333 Clay Street, Suite 4340

    

Houston, Texas 77002

    

Tel:

 

(713) 759-9401

    

Fax:

 

(713) 571-6167

    

Attn:

 

Tanya McAllister

     BNP Paribas    7.10000000 %   $ 35,500,000

1200 Smith Street, Suite 3100

    

Houston, Texas 77002

    

Tel:

 

(713) 982-1172

    

Fax:

 

(713) 659-5915

    

Attn:

 

Russell Otts

    

 

Annex I - 1

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     Revolving Loan
Percentage Share     Revolving Loan
Commitment GE Business Financial Services, Inc.    7.00000000 %   $ 35,000,000
f/k/a Merrill Lynch Business Financial Services, Inc.     

General Electric Capital Corporation

    

Corporate Financial Services

    

201 Merritt 7, P.O. Box 5201

    

Norwalk, Connecticut 06856-5201

    

Tel:

 

(203) 229-5770

    

Fax:

 

(203) 2295788

    

Attn:

 

Jackie Moales

     Royal Bank of Canada    7.00000000 %   $ 35,000,000

One Liberty Plaza, 3rd Floor

    

New York, New York 10006

    

Tel:

 

(212) 428-6332

    

Fax:

 

(212) 428-2372

    

Attn:

 

Compton Singh

    

 

(with a copy to:

    

5700 Williams Tower

    

2800 Post Oak Boulevard

    

Houston, Texas 77056

    

Tel:

 

(713) 403-5662

    

Fax:

 

(713) 403-5624

    

Attn:

 

Lorne Gartner)

     Guaranty Bank, FSB    6.40000000 %   $ 32,000,000

8333 Douglas Avenue

    

Dallas, Texas 75225

    

Tel:

 

(214) 360-3414

    

Fax:

 

(214) 360-3460

    

Attn:

 

Chris Parada

     ING Capital LLC    5.00000000 %   $ 25,000,000

1325 Avenue of Americas

    

New York, New York 10019

    

Tel:

 

(646) 424-8238

    

Fax:

 

(646) 424-8256

    

Attn:

 

Sue Mack

    

 

Annex I - 2

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

     Revolving Loan
Percentage Share     Revolving Loan
Commitment Amegy Bank National Association    4.50000000 %   $ 22,500,000

4400 Post Oak Parkway #404

    

Houston, Texas 77027

    

Tel:

 

(713) 232-2026

    

Fax:

 

(713) 561-0345

    

Attn:

 

Bryan Chapman

     Bank of Scotland    4.50000000 %   $ 22,500,000

565 Fifth Avenue

    

New York, New York 10017

    

Tel:

 

(212) 450-0877

    

Fax:

 

(212) 479-2806

    

Attn:

 

Karen Weich

     SunTrust Bank    4.50000000 %   $ 22,500,000

303 Peachtree Street

    

Atlanta, Georgia 30308

    

Tel:

 

(404) 588-8660

    

Fax:

 

(404) 827-6270

    

Attn:

 

Jim Warren

     Bank of America, N.A.    4.50000000 %   $ 22,500,000

901 Main Street

    

Dallas, Texas 75202

    

Tel:

 

(415) 436-4777 ext. 8543

    

Fax:

 

(972) 728-9178

    

Attn:

 

Suman Bhatti

     Morgan Stanley Bank    4.50000000 %   $ 22,500,000

One Pierrepont Plaza, 7th Floor

    

300 Cadman Plaza West

    

Brooklyn, New York 11201

    

Tel:

 

(718) 754-7285

    

Fax:

 

(718) 754-7250

    

Attn:

 

Edward Henley

    

 

(for purposes of loan administration, send notices

    

to:

      

Fax:

 

(718) 233-2140

    

Attn:

 

MSLOANSERVICING)

     The Bank of Nova Scotia    4.00000000 %   $ 20,000,000

720 King Street W, 2nd Floor

    

Toronto, ON M5V 2T3

    

Tel:

 

(212) 225-5705

    

Fax:

 

(212) 225-5709

    

Attn:

 

Ivica Anastasov

    

 

Annex I - 3

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

     Revolving Loan
Percentage Share     Revolving Loan
Commitment Société Générale    4.00000000 %   $ 20,000,000

1221 Avenue of the Americas

    

New York, New York 10020

    

Tel:

 

(212) 278-6164

    

Fax:

 

(212) 278-7343

    

Attn:

 

Tina Chen

    

 

(for credit purposes only, notice address is:

    

1111 Bagby, Suite 2020

    

Houston, Texas 77002

    

Tel:

 

(713) 759-6312

    

Fax:

 

(713) 650-0824

    

Attn:

 

Stephen Warfel)

    

TOTAL

   100 %   $ 500,000,000 Lending Office for Eurodollar Loans:     

Same.

    

 

Annex I - 4

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

ANNEX II

EXHIBIT H

FORM OF

REVOLVING LOAN LENDER CERTIFICATE

Reference is made to that certain Third Amended and Restated Credit Agreement,
dated as of May 26, 2006, as amended by that certain First Amendment to Third
Amended and Restated Credit Agreement dated as of June 9, 2006, as further
amended by that certain Second Amendment to Third Amended and Restated Credit
Agreement dated as of July 27, 2006, as further amended by that certain Third
Amendment to Third Amended and Restated Credit Agreement dated as of June 7,
2007, as further amended by that certain Waiver and Fourth Amendment to Third
Amended and Restated Credit Agreement dated as of November 6, 2007, and as
further amended by that certain Fifth Amendment to Third Amended and Restated
Credit Agreement dated as of July 24, 2008 (as so amended, and as from time to
time amended, supplemented, restated or otherwise modified, including pursuant
to this Amendment, the “Credit Agreement”). Terms used, but not otherwise
defined herein, shall have the same meanings herein as in the Credit Agreement.

This Revolving Loan Lender Certificate is being delivered pursuant to
Section 2.14(b) of the Credit Agreement.

[Language for existing Revolving Loan Lender]

[Please be advised that the undersigned has agreed (a) to increase its Revolving
Loan Commitment under the Credit Agreement effective as of                     
from $                     to $                     and (b) that it shall
continue to be a Revolving Loan Lender party in all respects to the Credit
Agreement and the other Loan Documents to which the Revolving Loan Lenders are
party.]

[Language for additional Revolving Loan Lender]

[Please be advised that the undersigned has agreed (a) to become a Revolving
Loan Lender under the Credit Agreement effective as of                      with
a Revolving Loan Commitment of $                     and (b) that it shall be
deemed to be a Revolving Loan Lender party in all respects to the Credit
Agreement and the other Loan Documents to which the Revolving Loan Lenders are
party.

The undersigned hereby (i) confirms that it has received a copy of the Credit
Agreement and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Amendment and
the Credit Agreement; (ii) agrees that it will, independently and without
reliance upon the Agent, any Issuer or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit
Agreement; (iii) represents and warrants that its name set forth herein is its
legal name; (iv) appoints and

 

Annex II - 1

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

authorizes the Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Loan Documents as are delegated to the
Agent by the terms thereof, together with such powers and discretion as are
reasonably incidental thereto; and (vi) agrees that it will perform in
accordance with their terms all of the obligations that by the terms of the
Credit Agreement are required to be performed by it as a Revolving Loan Lender.

The undersigned hereby advises each of the Lender Parties that its address for
notices shall be as set forth below its name on Annex I hereto. [attach Annex
I]]

 

Annex II - 2

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

Very truly yours, [REVOLVING LOAN LENDER] By:  

 

Name:   Title:  

[Language for Borrower]

[The undersigned,                    , does hereby certify that he is the duly
elected, qualified, and acting                      of the Borrower, and that
before and after giving effect to such increase of the Revolving Loan
Commitments, (i) the representations and warranties contained in Article V of
the Credit Agreement are true and correct on and as of the date hereof, (ii) no
Default or Event of Default exists, and (iii) no Borrowing Base Deficiency
exists.]

 

W&T OFFSHORE, INC. By:  

 

Name:   Title:  

 

Annex II - 3