Exhibit 10.1

Execution Version

FOURTH AMENDMENT

TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

AMONG

BILL BARRETT CORPORATION,

AS BORROWER,

THE GUARANTORS PARTY HERETO,

JPMORGAN CHASE BANK, N.A.,

AS ADMINISTRATIVE AGENT,

AND

THE LENDERS PARTY HERETO

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FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
“Fourth Amendment”) executed effective as of September 23, 2015 is among BILL
BARRETT CORPORATION, a corporation duly formed and existing under the laws of
the State of Delaware (the “Borrower”), the Guarantors party hereto, the Lenders
party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the
Lenders (in such capacity, together with its successors in such capacity, the
“Administrative Agent”).

R E C I T A L S

A. The Borrower, the Administrative Agent and the Lenders are parties to that
certain Third Amended and Restated Credit Agreement dated as of March 16, 2010
(as amended to date and as the same may be further amended, modified or
otherwise supplemented from time to time, the “Credit Agreement”), pursuant to
which the Lenders have made certain credit available to and on behalf of the
Borrower.

B. The Borrower has requested and the Administrative Agent and the undersigned
Lenders have agreed to amend certain provisions of the Credit Agreement, such
amendments to be effective as of the Amendment Effective Date.

C. NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter
into this Fourth Amendment and 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 used herein but not otherwise
defined herein has the meaning given such term in the Credit Agreement, as
amended by this Fourth Amendment. Unless otherwise indicated, all section
references in this Fourth Amendment refer to sections of the Credit Agreement.

Section 2. Amendments to Credit Agreement.

2.1 Amendment to Section 1.02.

(a) Section 1.02 is hereby amended by adding the following defined terms in the
appropriate alphabetical order:

“Engineered Value” means, with respect to any Oil and Gas Property of the
Borrower and the Subsidiaries, the value the Administrative Agent attributed to
such Oil and Gas Property in connection with the most recent redetermination of
the Borrowing Base pursuant to Section 2.07.

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“Senior Secured Debt” means, at any date, (a) all Debt of the Borrower and the
Consolidated Subsidiaries on a consolidated basis other than Debt described in
clause (c) of the definition of “Debt” minus (b) the portion of such Debt that
is not secured by a Lien on any assets of the Borrower or the Consolidated
Subsidiaries.

(b) Section 1.02 is hereby amended by deleting and replacing the following
defined term in the appropriate alphabetical order:

“Change in Control” means (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the SEC
thereunder as in effect on the date hereof) other than the Permitted Holders, of
Equity Interests representing more than 49% of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests of the
Borrower, (b) occupation of a majority of the seats (other than vacant seats) on
the board of directors of the Borrower by Persons who were neither (i) nominated
by the board of directors of the Borrower nor (ii) appointed or approved by
directors so nominated or approved or (c) the acquisition of direct or indirect
Control of the Borrower by any Person or group other than the Permitted Holders.

2.2 Amendments to Section 2.08(f). Section 2.08(f) is hereby amended by
(a) renumbering the existing clause (iv) thereof as clause (v) and (b) adding
the following as a new clause (iv) thereof:

“(iv) any dispute between or among the Borrower and any beneficiary of any
Letter of Credit or any other party to which such Letter of Credit may be
transferred or any claims whatsoever of the Borrower against any beneficiary of
such Letter of Credit or any such transferee”

2.3 Amendments to Section 9.01.

(a) Section 9.01(a) is hereby amended by deleting such Section in its entirety
and replacing it with the following:

“(a) Ratio of Total Debt to EBITDAX. Except with respect to any date of
determination during the period beginning on September 30, 2015 through and
including March 31, 2018, the Borrower will not, as of any date of
determination, permit its ratio of Total Debt as of such day to EBITDAX for the
most recent four fiscal quarters for which financial statements are available to
be greater than 4.0 to 1.0.”

(b) Section 9.01 is hereby amended by adding the following as a new subsection
9.01(c):

 

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“(c) Ratio of Senior Secured Debt to EBITDAX. With respect to any date of
determination during the period beginning on September 30, 2015 through and
including March 31, 2018, the Borrower will not, as of any date of
determination, permit its ratio of Senior Secured Debt as of such day to EBITDAX
for the most recent four fiscal quarters for which financial statements are
available to be greater than 2.5 to 1.0.”

(c) Section 9.01 is hereby amended by adding the following as a new subsection
9.01(d):

“(d) Interest Coverage Ratio. With respect to any fiscal quarter ending during
the period beginning on September 30, 2015 through and including March 31, 2018
the Borrower will not, as of any date of determination, permit its ratio of
(i) EBITDAX for the four fiscal quarters ending on the last day of such fiscal
quarter to (ii) Interest Expense for the four fiscal quarters ending on such
date to be less than 2.5 to 1.0.”

2.4 Amendments to Section 9.04.

(a) Section 9.04(a) is hereby amended by adding the following phrase in clause
(iv)(b) of such Section immediately following the word “exceeds” and immediately
preceding the phrase “20% of the Borrowing Base then in effect”:

“(A) except during any fiscal quarter ending during the period beginning on
September 30, 2015 through and including March 31, 2018, 20% of the Borrowing
Base then in effect and (B) during any fiscal quarter ending during the period
beginning on September 30, 2015 through and including March 31, 2018, the
greater of (x) $100,000,000 and (y)”

(b) Section 9.04(b) is hereby amended by deleting clause (i) of such Section and
replacing it with the following:

“(i) call, make or offer to make any voluntary or optional Redemption of or
otherwise voluntarily or optionally Redeem (whether in whole or in part) any
Permitted Debt, except (A) to the extent constituting a Redemption, the
conversion of Permitted Debt into common stock of the Borrower and, in
connection therewith, the settlement in cash of any Permitted Debt required to
avoid the issuance of fractional shares of common stock, (B) if after giving pro
forma effect to such Redemption the sum of (1) the unused portion of the
Commitments and (2) unencumbered cash and Investments under Section 9.05(c)
through Section 9.05(f) exceeds (x) except during any fiscal quarter ending
during the period beginning on September 30, 2015 through and including
March 31, 2018, 20% of the Borrowing Base then in effect and (y) during any
fiscal quarter ending during the period beginning on September 30, 2015 through
and including March 31, 2018, the greater of (I) $100,000,000 and (II) 20% of
the Borrowing Base then in effect, with the cash proceeds from and in an amount
no greater than

 

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the amount of such cash proceeds of (1) an Equity Offering, (2) Permitted Debt
or Permitted Refinancing Debt or (3) any asset sale to the extent not required
by this Agreement to be applied to repayment of Indebtedness and a concurrent
reduction in the Commitments or (C) any Redemption of the Convertible Notes in
an amount not to exceed an aggregate principal amount of $579,100;”

2.5 Amendment to Section 9.12(d)(iii). Section 9.12(d) is hereby amended by
deleting clause (iii) of such Section and replacing it with the following:

“(iii) if such sale or other disposition of Oil and Gas Property or Subsidiary
owning Oil and Gas Properties included in the most recently delivered Reserve
Report during any period between two successive Scheduled Redetermination Dates
has an Engineered Value that, when aggregated with the Swap Termination Value,
will exceed 5% of the amount of the then effective Borrowing Base (in each case,
as reasonably determined by the Administrative Agent), individually or in the
aggregate, then the Borrowing Base shall be reduced, effective immediately upon
such sale or disposition, by an amount equal to the Engineered Value of such Oil
and Gas Properties disposed of (as determined by the Administrative Agent and
confirmed by the Super-Majority Lenders)”

Section 3. Borrowing Base. For the period from and including the Amendment
Effective Date to but excluding the next Redetermination Date, the amount of the
Borrowing Base shall be equal to Three Hundred Seventy-Five Million Dollars
($375,000,000). Notwithstanding the foregoing, the Borrowing Base may be subject
to further adjustments from time to time pursuant to Sections 2.07(e), 8.12(b),
8.13(c), 9.12 and 9.19.

Section 4. Conditions Precedent. This Fourth Amendment shall not become
effective until the date (the “Amendment Effective Date”) on which each of the
following conditions is satisfied (or waived in accordance with Section 12.02):

4.1 The Administrative Agent shall have received from each of the Borrower, the
Guarantors and Lenders constituting the Super-Majority Lenders, counterparts (in
such number as may be requested by the Administrative Agent) of this Fourth
Amendment signed on behalf of such Person.

4.2 The Administrative Agent shall have (a) received from the Borrower evidence
that the Mortgaged Properties represent at least 80% of the total value of the
proved Oil and Gas Properties evaluated in the most recently completed Reserve
Report or (b) received supplemental mortgages or mortgage amendments or
supplements sufficient for the Mortgaged Properties to represent at least 80% of
the total value of the proved Oil and Gas Properties evaluated in the most
recently completed Reserve Report.

4.3 The Administrative Agent and the Lenders shall have received all amounts due
and payable on or prior to the 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 under the Credit Agreement or
hereunder.

 

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4.4 The Administrative Agent shall have received a certificate of the Secretary
or an Assistant Secretary of the Borrower and each Guarantor setting forth
(i) resolutions of its board of directors with respect to the authorization of
the Borrower or such Guarantor to execute and deliver the Fourth Amendment and
to enter into the transactions contemplated herein and in the other Loan
Documents as amended hereby, (ii) the officers of the Borrower or such Guarantor
(y) who are authorized to sign the Fourth Amendment, (iii) specimen signatures
of such authorized officers, and (iv) the articles or certificate of
incorporation and bylaws of the Borrower and such Guarantor, certified as being
true and complete.

4.5 No Default or Event of Default shall have occurred and be continuing as of
the date hereof, after giving effect to the terms of this Fourth Amendment.

4.6 The representations and warranties of the Borrower and the Guarantors set
forth in the respective Loan Documents to which such Persons are party shall be
true and correct in all material respects (or, to the extent any such
representations and warranties are qualified by reference to materiality or
Material Adverse Effect, such representations and warranties shall be true and
correct in all respects) on and as of the date hereof, except to the extent any
such representations and warranties are expressly limited to an earlier date, in
which case, such representations and warranties shall be true and correct in all
material respects (or, to the extent any such representations and warranties are
qualified by reference to materiality or Material Adverse Effect, such
representations and warranties shall be true and correct in all respects) as of
such specified earlier date.

The Administrative Agent is hereby authorized and directed to declare this
Fourth Amendment to be effective, and shall deliver written notice of the
Amendment Effective Date to Borrower, when the Administrative Agent has received
documents confirming or certifying, to the reasonable satisfaction of the
Administrative Agent, compliance with the conditions set forth in this Section 4
or the waiver of such conditions as permitted by the Credit Agreement. Such
declaration shall be final, conclusive and binding upon all parties to the
Credit Agreement for all purposes.

Section 5. Miscellaneous.

5.1 Confirmation. The provisions of the Credit Agreement, as amended by this
Fourth Amendment, shall remain in full force and effect following the
effectiveness of this Fourth Amendment. For the avoidance of doubt, this Fourth
Amendment is a Loan Document.

5.2 Ratification and Affirmation; Representations and Warranties. The Borrower
and each Guarantor hereby (a) acknowledges the terms of this Fourth Amendment;
(b) ratifies and affirms its obligations under, and acknowledges, renews and
extends its continued liability under, each Loan Document to which it is a party
and agrees that each Loan Document to which it is a party remains in full force
and effect, except as expressly amended hereby, notwithstanding the amendments
contained herein; and (c) represents and warrants to the Lenders that as of the
date hereof, after giving effect to the terms of this Fourth Amendment: (i)

 

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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 (or, to the
extent any such representations and warranties are qualified by reference to
materiality or Material Adverse Effect, such representations and warranties
shall be true and correct in all respects), except to the extent any such
representations and warranties are expressly limited to an earlier date, in
which case, such representations and warranties shall be true and correct in all
material respects (or, to the extent any such representations and warranties are
qualified by reference to materiality or Material Adverse Effect, such
representations and warranties shall be true and correct in all respects) as of
such specified earlier date, and (ii) no Default or Event of Default has
occurred and is continuing.

5.3 Release. The Borrower and each Guarantor, in consideration of the
Administrative Agent’s and the undersigned Lenders’ execution and delivery of
this Fourth Amendment and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, unconditionally, freely,
voluntarily and, after consultation with counsel and becoming fully and
adequately informed as to the relevant facts, circumstances and consequences,
releases, waives and forever discharges (and further agrees not to allege, claim
or pursue) any and all claims, rights, causes of action, counterclaims or
defenses of any kind whatsoever, in contract, in tort, in law or in equity,
whether known or unknown, direct or derivative, which the Borrower, each
Guarantor or any predecessor, successor or assign might otherwise have or may
have against the Administrative Agent, the Lenders, their present or former
subsidiaries and affiliates or any of the foregoing’s officers, directors,
employees, attorneys or other representatives or agents on account of any
conduct, condition, act, omission, event, contract, liability, obligation,
demand, covenant, promise, indebtedness, claim, right, cause of action, suit,
damage, defense, circumstance or matter of any kind whatsoever which existed,
arose or occurred at any time prior to the Amendment Effective Date relating to
the Loan Documents, this Fourth Amendment and/or the transactions contemplated
thereby or hereby. The foregoing release shall survive the termination of this
Fourth Amendment.

5.4 Counterparts. This Fourth 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. Delivery of this Fourth Amendment by facsimile or electronic
transmission in portable document format (.pdf) shall be effective as delivery
of a manually executed counterpart hereof.

5.5 NO ORAL AGREEMENT. THIS FOURTH 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.

5.6 GOVERNING LAW. THIS FOURTH 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 NEW YORK.

 

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5.7 Severability. Any provision of this Fourth Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be
duly executed as of the Amendment Effective Date.

 

BORROWER:     BILL BARRETT CORPORATION     By:  

/s/ Robert W. Howard

    Name:   Robert W. Howard     Title:   Chief Financial Officer GUARANTORS:  
  CIRCLE B LAND COMPANY LLC     AURORA GATHERING, LLC     By:  

/s/ Robert W. Howard

    Name:   Robert W. Howard     Title:   Chief Financial Officer

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ADMINISTRATIVE AGENT           JPMORGAN CHASE BANK, N.A.     By:  

/s/ David Morris

    Name:   David Morris     Title:   Authorized Officer

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LENDERS:     JPMORGAN CHASE BANK, N.A.     By:  

/s/ David Morris

    Name:   David Morris     Title:   Authorized Officer

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BANK OF MONTREAL By:  

/s/ Gumaro Tijerina

Name:   Gumaro Tijerina Title:   Managing Director

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WELLS FARGO BANK, N.A. By:  

/s/ Suzanne Ridenhour

Name:   Suzanne Ridenhour Title:   Director

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BANK OF AMERICA, N.A. By:  

/s/ Alia Qaddumi

Name:   Alia Qaddumi Title:   Vice President

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DEUTSCHE BANK AG NEW YORK BRANCH By:  

/s/ Dusan Lazarov

Name:   Dusan Lazarov Title:   Director By:  

/s/ Michael Winters

Name:   Michael Winters Title:   Vice President

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COMPASS BANK By:  

/s/ Gabriela Albino

Name:   Gabriela Albino Title:   Vice President

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SANTANDER BANK, N.A. By:  

/s/ Aidan Lanigan

Name:   Aidan Lanigan Title:   Senior Vice President By:  

/s/ Puiki Lok

Name:   Puiki Lok Title:   Vice President

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THE BANK OF NOVA SCOTIA By:  

/s/ Alan Dawson

Name:   Alan Dawson Title:   Director

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COMERICA BANK By:  

/s/ Brandon M. White

Name:   Brandon M. White Title:   Vice President

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BOKF, NA dba Bank of Oklahoma By:  

/s/ Parker Heikes

Name:   Parker Heikes Title:   Vice President

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CITIBANK, N.A. By:  

/s/ Cliff Vaz

Name:   Cliff Vaz Title:   Vice President

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GOLDMAN SACHS BANK USA By:  

/s/ Michelle Latzoni

Name:   Michelle Latzoni Title:   Authorized Signatory