Exhibit 10.1

EXECUTION VERSION

SECOND AMENDMENT TO FOURTH AMENDED

AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (herein
called this “Amendment”), dated effective as of October 12, 2012 (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.

W I T N E S S E T H

WHEREAS, the Borrower, the Lenders, the Agent, the Issuers and the other parties
thereto have heretofore executed that certain Fourth Amended and Restated Credit
Agreement, dated as of May 5, 2011 (as may be amended, supplemented, restated or
otherwise modified from time to time, including pursuant to that certain Waiver
to Fourth Amended and Restated Credit Agreement, dated as of July 28, 2011, and
the First Amendment to Fourth Amended and Restated Credit Agreement, dated as of
May 7, 2012, 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 to Section 1.1 of the Credit Agreement. Section 1.1 of the Credit
Agreement is hereby amended by inserting the phrase “, subject, however, to
Section 10.14(b)” immediately prior to the period ending the defined terms
“Collateral” and “Mortgaged Properties.”

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

“Building” has the meaning assigned to such term in the applicable Flood
Insurance Regulation; provided that, in no event shall the term “Building”
include platforms and other structures located in state or federal waters
offshore of the United States or other areas that are not subject to Flood
Insurance Regulation.

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“Mobile Home” has the meaning assigned to the term “Manufactured Home” and
“Mobile Home” in the applicable Flood Insurance Regulation; provided that, in no
event shall the term “Mobile Home” include platforms and other structures
located in state or federal waters offshore of the United States or other areas
that are not subject to Flood Insurance Regulation.

(c) Amendment to Section 7.1 of the Credit Agreement. Clause (h) of Section 7.1
of the Credit Agreement is hereby amended and restated in its entirety with the
following new clause (h):

“provided that (i) no Default is existing or shall occur as a result of the
incurrence thereof and (ii) Borrower is in pro forma compliance with the
covenants under this Agreement after the incurrence thereof, Indebtedness
(including the Existing Senior Notes) incurred under senior unsecured notes and
related guarantees thereof (collectively, the “Bonds”) issued pursuant to one or
more indentures or note purchase agreements (each an “Indenture”); provided,
that such Indebtedness (A) is unsecured, (B) does not have a maturity date that
is earlier than the Maturity Date, and (C) has covenants not materially more
onerous to the Restricted Persons than those contained in this Agreement; and
provided further that, (x) the Borrowing Base shall automatically and
simultaneously with the incurrence (other than any renewal, extension,
refinancing, restatement, replacement or other modification of Indenture to the
extent that such renewal, extension, refinancing, restatement, replacement or
other modification does not increase the principal amount of Bonds) of such
Indebtedness reduce, without any further action, by an amount equal to 25% of
the amount of such incurred Indebtedness (including, with respect to unsecured
guarantees, 25% of the amount of the underlying potential Liability) in each
case until such time as the Borrowing Base is redetermined or otherwise adjusted
pursuant to the terms of this Agreement and (y) the Borrower shall deliver
notice to the Administrative Agent of the incurrence of such Indebtedness or
entry into such guarantee, as the case may be, within five (5) Business Days of
incurring such Indebtedness or entering into such guarantee; and”

(d) Amendment to Section 10.14 of the Credit Agreement. Section 10.14 of the
Credit Agreement is hereby amended by making the existing Section 10.14 into
clause (a) of Section 10.14 and inserting immediately thereafter the following
new subsection (b):

“(b) Notwithstanding any provision in this Agreement or any other Loan Document
to the contrary, in no event is any Building or Mobile Home included in the
definition of “Mortgaged Properties” or the definition of “Collateral” and no
Building or Mobile Home is hereby encumbered by any security interest or lien
granted pursuant to this Agreement or any other Loan Document. As used herein,
“Flood

 

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Insurance Regulations” means (a) the National Flood Insurance Act of 1968 as now
or hereafter in effect or any successor statute thereto, (b) the Flood Disaster
Protection Act of 1973 as now or hereafter in effect or any successor statue
thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC
4001, et seq.), as the same may be amended or recodified from time to time and
(d) the Flood Insurance Reform Act of 2004 and any regulations promulgated
thereunder.”

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. This Amendment shall be deemed effective
(subject to the conditions herein contained) as of the Effective Date upon
receipt by the Agent of counterparts hereof duly executed by the Borrower, the
Agent, the Issuers and Majority Lenders.

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

 

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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 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. 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.

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 Agent and Lender

By:  

/s/ Bebi Yasin

Name:   Bebi Yasin Title:   Authorized Signatory

 

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THE TORONTO-DOMINION BANK, as Issuer By:  

/s/ Robyn Zeller

Name:   Robyn Zeller Title:   Vice President

 

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IBERIABANK. By:   /s/ Moni Collins  

 

Name:   Moni Collins Title:   Vice President

 

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BANK OF SCOTLAND PLC,

as Lender

By:   /s/ Stephen Giacolone  

 

Name:   Stephen Giacolone Title:   Assistant Vice President

 

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NATIXIS, as an Issuer and Lender By:   /s/ Timothy L. Polvado  

 

Name:   Timothy L. Polvado Title:   Senior Managing Director By:   /s/ Louis P.
Laville, III  

 

Name:   Louis P. Laville, III 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/ Carl Peterson  

 

Name:   Carl Peterson Title:   Authorized Signatory

 

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AMEGY BANK NATIONAL ASSOCIATION,

as Lender

By:   /s/ Charles Patterson  

 

Name:   Charles Patterson Title:   Senior Vice President

 

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WELLS FARGO BANK, N.A.,

as an Issuer and Lender

By:   /s/ Rick Hawthorne  

 

Name:   Rick Hawthorne Title:   Director

 

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ING CAPITAL LLC,

as Lender

By:   /s/ Charles Hall  

 

Name:   Charles Hall Title:   Managing Director

 

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MORGAN STANLEY BANK, N.A.,

as Lender

By:   /s/ William Jones  

 

Name:   William Jones Title:   Authorized Signatory

 

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THE BANK OF NOVA SCOTIA,

as Lender

By:   /s/ Terry Donovan Name: Terry Donovan Title: Managing Director

 

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CITIBANK, N.A.,

as Lender

By:   /s/ John Miller Name: John Miller Title: Vice President

 

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REGIONS BANK,

as Lender

By:   /s/ Daniel G. Steele Name: Daniel G. Steele Title: Senior Vice President

 

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ABN AMRO CAPITAL USA, LLC,

as Lender

By:   /s/ Elizabeth Johnson Name: Elizabeth Johnson Title: Vice President By:  
/s/ Darrell Holley Name: Darrell Holley Title: Managing Director

 

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CAPITAL ONE, N.A.,

as Lender

By:   /s/ Nancy M. Mak Name: Nancy M. Mak Title: Senior Vice President

 

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GOLDMAN SACHS BANK, USA,

as Lender

By:   /s/ Michelle Latzoni Name: Michelle Latzoni Title: Authorized Signatory

 

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CADENCE BANK, N.A.,

as Lender

By:   /s/ Eric Broussard Name: Eric Broussard Title: Senior Vice President

 

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