Exhibit 10.24
 
WHEN RECORDED
AND/OR FILED RETURN TO:

Debe Thomas
Bryan Cave HRO
1700 Lincoln Street, Suite 4100
Denver, Colorado  80203

FIRST AMENDMENT

TO

DEED OF TRUST,
MORTGAGE, SECURITY AGREEMENT,
ASSIGNMENT OF PRODUCTION AND PROCEEDS,
FINANCING STATEMENT AND FIXTURE FILING

This First Amendment to Deed of Trust, Mortgage, Security Agreement, Assignment
of Production and Proceeds, Financing Statement and Fixture Filing (this
“Amendment”), dated to be effective as of March 1, 2013, is among RECOVERY
ENERGY, INC., a Nevada corporation (“Debtor”), with an address of 1900 Grant,
Suite 720, Denver, Colorado 80203, and HEXAGON, LLC, a Colorado limited
liability company, formerly known as Hexagon Investments, LLC (“Secured Party”),
with an address of 730 17th Street, Suite 800, Denver, Colorado 80202.
 
Recitals

A.                By Deed of Trust, Mortgage, Security Agreement, Assignment of
Production and Proceeds, Financing Statement and Fixture Filing, dated as of
January 29, 2010 (the “Original Deed of Trust”), Debtor granted to Secured Party
liens on and security interests in certain property, interests and rights as
more specifically described therein.  Capitalized terms used herein without
definition shall have the meaning ascribed thereto in the Original Deed of
Trust.

B.                The Original Deed of Trust was recorded in the real property
records of Banner County, Nebraska on February 26, 2010 in Book Mtg. 70, page
396 and Kimball County, Nebraska on February 26, 2010 in Book 154 Mtg., page 43.

C.                This First Amendment to Deed of Trust is executed to amend and
supplement the Original Deed of Trust to add additional Collateral.

 
 

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Amendment

In consideration of the mutual promises contained herein, the benefits to be
derived by each party hereunder and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1.                Amendments.  The Original Deed of Trust is hereby amended as
follows:

“Exhibit A to the Original Deed of Trust is hereby amended and supplemented by
adding those Lands described on Exhibit A attached hereto, to the Lands
described on Exhibit A to the Original Deed of Trust, and all references to the
“Lands” in the Original Deed of Trust are amended accordingly, and all such
Lands described on Exhibit A shall be included in the Collateral covered by the
Original Deed of Trust.”
 
2.                Incorporation and References.  This Amendment shall be
considered as an amendment and supplement to the Original Deed of
Trust.  References in the Original Deed of Trust to “this Instrument” shall be
deemed to be references to the Original Deed of Trust as amended by this
Amendment.  When used in this Amendment or in the Original Deed of Trust, each
reference to a term defined in the Original Deed of Trust which is amended by
this Amendment, shall be deemed to be the term as amended by this Amendment.
 
3.                Confirmation.  Debtor hereby adopts, ratifies, approves and
confirms in every respect the Original Deed of Trust as amended by this
Amendment, and hereby specifically reaffirms its obligations under the
warranties, representations, covenants, agreements and indemnities and other
provisions contained in the Original Deed of Trust as amended by this
Amendment.  To the extent necessary to confirm the foregoing, Debtor hereby
irrevocably:
 
A.          Real Property.  Grants, bargains, sells, mortgages, assigns,
transfers and conveys to Trustee with POWER OF SALE, for the benefit of Secured
Party, that part of the Collateral that is real property (including any fixtures
that are real property under applicable state law), subject to the assignment of
severed and extracted Hydrocarbons and the proceeds thereof made under paragraph
C below; TO HAVE AND TO HOLD all of the Collateral that is real property
(including any fixtures that are real property under applicable state law),
together with all of the rights, privileges, benefits, hereditaments and
appurtenances in any way belonging, incidental or pertaining thereto, to Trustee
and its successors and assigns, forever, IN TRUST, NEVERTHELESS, for the
security and benefit of Secured Party and its successors and assigns, subject to
all of the terms, conditions, covenants, agreements and trusts herein set forth;
 
B.           Personal Property.  Grants to Secured Party a security interest in
that part of the Collateral that is not real property (including any fixtures
that are personal property under applicable state law); and
 
 
2

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C.           Assignment of Production.  Absolutely assigns to Secured Party all
of the severed and extracted Hydrocarbons produced from or allocated or
attributed to any of the Collateral or any other interest of Debtor (whether now
owned or hereafter acquired by operation of law or otherwise) in, to and under
or that covers, affects or otherwise relates to the Lands or to any of the
estates, property rights or other interests described or referred to above,
together with all of the proceeds thereof and all supporting obligations
ancillary to or arising in any way in connection therewith.
 
The Original Deed of Trust as amended by this Amendment also constitutes a
mortgage, and to the extent, if any, required to confirm the foregoing, Debtor
hereby grants, bargains, sells, mortgages, assigns, transfers and conveys the
Collateral to Secured Party.
 
4.           Miscellaneous.   This Amendment shall bind Debtor and inure to the
benefit of Secured Party and their respective successors and assignees.  Except
as specifically provided for in this Amendment (a) the Original Deed of Trust
and the liens and security interests created thereby shall remain in full force
and effect, (b) this Amendment does not modify or affect the terms, conditions
or provisions of the Original Deed of Trust, and (c) nothing contained in this
Amendment shall be deemed to be, or construed as, a waiver of any such terms,
conditions or provisions, or as a waiver of any other term, condition or
provision.

Executed on the dates set forth below, to be effective as of March 1, 2013.

[Signature Pages Follow]
 
 
3

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DEBTORS:
 
 
RECOVERY ENERGY, INC., a Nevada corporation
       
By:
   
Name:
A. Bradley Gabbard
 
Title:
President and Chief Financial Officer
 
Date:
May ____, 2013

 
ACKNOWLEDGMENT CERTIFICATES
 
STATE OF COLORADO
)
   
)
ss.
CITY AND COUNTY OF DENVER
)
 

The foregoing instrument was acknowledged before me by A. Bradley Gabbard, as
President and Chief Financial Officer of Recovery Energy, Inc., a Nevada
corporation, this ____ day of May, 2013, on behalf of such corporation.

 
My commission  expires:
       
Notary Public
 
Name:  _______________________________

 
(NOTARIAL SEAL)
 
[Acknowledgement Page to First Amendment to Deed of Trust]
 
 
 

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SECURED PARTY:
       
HEXAGON, LLC, a Colorado limited liability company
 
By:
Hexagon, Inc., its Manager
       
By:
   
Name:
Brian Fleischmann
 
Title:
Executive Vice President
 
Date:
May ____, 2013

 
ACKNOWLEDGMENT CERTIFICATE
 
STATE OF COLORADO
)
   
)
ss.
CITY AND COUNTY OF DENVER
)
 

This instrument was acknowledged before me on May __, 2013, by Brian Fleischmann
as Executive Vice President of Hexagon, Inc., as Manager of Hexagon, LLC, a
Colorado limited liability company, on behalf of the limited liability company.
 
My commission  expires:
       
Notary Public
 
Name:  _______________________________

 
[NOTARIAL SEAL]
 
[Signature and Acknowledgement Page to First Amendment to Deed of Trust]
 
 
 

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EXHIBIT “A”
 
LEASES and LANDS:

Lessor: 
Jacob Baluska and Leona Baluska

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
December 24, 2009

Recorded: 
Book OG 209, Page 435

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 6:  Lots 1, 2, 3, 4, 5, 6, 7, S/2NE, SENW, E/2SW, SE (All)
Section 7:  Lots 1, 2, 3, 4, E/2, E/2W/2
TOWNSHIP 15 NORTH, RANGE 59 WEST, 6th P.M.
Section 12:   All
 
Lessor: 
R. Jolene Satterthwaite

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 1, 2010

Recorded: 
Book OG 210, Page 95

(Corrected at Book OG 210, Page 293)
County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 58 WEST, 6th P.M.
Section 31:   Lots 1,2,3,4, E/2, E/2W/2

Lessor: 
Charlene A. Miller

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 2, 2010

Recorded: 
Book OG 210, Page 116

(Corrected at Book OG 210, Page 295)
County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 58 WEST, 6th P.M.
Section 31:   Lots 1,2,3,4, E/2, E/2W/2
TOWNSHIP 16 NORTH, RANGE 59 WEST, 6th P.M.
Section 24:   N/2, SW

Lessor: 
Marvin Sannes as Heir of the Estate of Cheryl K. Sannes, deceased

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 2, 2010

Recorded: 
Book OG 210, Page 98

(Corrected at Book OG 210, Page 299)
County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 58 WEST, 6th P.M.
Section 31:   Lots 1,2,3,4, E/2, E/2W/2
TOWNSHIP 16 NORTH, RANGE 59 WEST, 6th P.M.
Section 24:   N/2, SW
Kimball
County, NE
 
 
Page 2 of 12

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Lessor: 
Elaine M. Scheele

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 21, 2010

Recorded: 
Book OG 210, Page 92

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 18:   Lots 1,2,3,4, E/2, E/2W/2

Lessor: 
Roger E. Hickman, individually and as Trustee of the Ellis Hickman Family Trust

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 26, 2010

Recorded: 
Book OG 210, Page 307

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 19:   Lots 1,2,3,4, E/2W/2
TOWNSHIP 15 NORTH, RANGE 59 WEST, 6th P.M.
Section 24:   All

Lessor: 
Janice and J.W. Snyder Corporation, a Nebraska Corporation

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 26, 2010

Recorded: 
Book OG 210, Page 233

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 58 WEST, 6th P.M.
Section 3:   Lots 1,2,3,4, S/2N/2, S/2
Section 9:  SW

Lessor: 
Cougar Valley Farms, LLC, an Iowa Limited Liability Company

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 26, 2010

Recorded: 
Book OG 210, Page 220

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 58 WEST, 6th P.M.
Section 8:   W/2
 
Kimball
County, NE

 
Page 3 of 12

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Lessor: 
Charles Dunning and Shirley Dunning

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
May 1, 2010

Recorded: 
Book OG 210, Page 245

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 19:  E/2
Section 20:  All, less a tract of land lying in the N/2 containing 191.36 acres

Lessor: 
Barbara Eileen Gries

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
March 26, 2010

Recorded: 
Book OG 210, Page 226

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 15 NORTH, RANGE 59 WEST, 6th P.M.
Section 26:   Lots 1,2,3,4
Section 35:   Lots 1,2,3,4

Lessor: 
James M. Larson and Jacquelyn D. Larson, individually and as Co-Trustees of the
James M. Larson and Jacquelyn D. Larson Living Trust

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
March 5, 2010

Recorded: 
Book OG 210, Page 84

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 19:   Lots 1,2,3,4, E/2, E/2W/2
Section 20:   All
TOWNSHIP 15 NORTH, RANGE 59 WEST, 6th P.M.
Section 24:  All
Section 26:   Lots 1,2,3,4
Section 35:   Lots 1,2,3,4
 
Kimball
County, NE
 
 
Page 4 of 12

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Lessor: 
John W. Larson and Susan S. Larson

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
March 5, 2010

Recorded: 
Book OG 210, Page 88

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 15 NORTH, RANGE 58 WEST, 6th P.M.
Section 19:   Lots 1,2,3,4, E/2, E/2W/2
Section 20:   All
TOWNSHIP 15 NORTH, RANGE 59 WEST, 6th P.M.
Section 24:  All
Section 26:   Lots 1,2,3,4
Section 35:   Lots 1,2,3,4

Lessor: 
Thomas W. Irwin, individually and as Trustee of The Thomas W. Irwin Family
Trust, dated 6-20-1990

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 9, 2010

Recorded: 
Book OG 210, Page 229

County: 
Kimball, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 14 NORTH, RANGE 59 WEST, 6th P.M.
Section 1:    Lots 3,4, S/2NW
Section 12:  N/2N/2
 
Kimball
County, NE
 
 
Page 5 of 12

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EXHIBIT “A”

Lessor: 
Janice and J.W. Snyder Corporation, a Nebraska Corporation

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
April 26, 2010

Recorded: 
Book OG 133, Page 82

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 26:  SE

Lessor: 
Carl E. Sundin and Nancy C. Sundin

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
March 5, 2010

Recorded: 
Book 2165, Page 1345, Rec. #545362

County: 
Laramie, WY

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation and below 150’ into Skull
Creekformation to the Bottom
TOWNSHIP 15 NORTH, RANGE 60 WEST, 6th P.M.
Section 7:  E/2
Section 8:  NE, SW

Lessor: 
State of Nebraska, Board of Educational Lands and Funds

Lessee: 
Bear Oil and Gas, Inc.

Dated: 
June 11, 2010

Lease #::
7558

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

All depths
TOWNSHIP 16 NORTH, RANGE 59 WEST, 6th P.M.
Section 36:  All

Lessor: 
Delight M. Adcock, as Attorney in Fact for Robert G. Adcock, Trustee of the
Robert G. Adcock Revocable Trust dated 8/17/2000 and Delight M. Adcock, Trustee
of the Delight M. Adcock Revocable Trust dated 8/17/2000

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 21, 2009

Recorded: 
Book OG 132, Page 247

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 26:  N/2, SW
Section 35:  All
 
 
 

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Lessor: 
Sam Houston

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 10, 2009

Recorded: 
Book OG 132, Page 305

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 33:  All

Lessor: 
Robert Charles Jeep and Martha Jeep

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 10, 2009

Recorded: 
Book OG 132, Page 308

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 33:  All

Lessor: 
Ronald Scott Jessen and Brenda Jessen

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 23, 2009

Recorded: 
Book OG 132, Page 219

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 33:  All

Lessor: 
F. Bert Linn and Donna L. Linn, as Trustees of the F. Bert Linn Trust,dated July
1, 1991

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 17, 2009

Recorded: 
Book OG 132, Page 214

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 34:  NW, S/2
 
Banner County,
NE
 
 
Page 2 of 12

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Lessor: 
Jane R. Temple, a/k/a Jane R. Linn

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
October 10, 2009

Recorded: 
Book OG 132, Page 311

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 17 NORTH, RANGE 58 WEST, 6th P.M.
Section 34:  S/2

Lessor: 
LeRoy A. Person, Individually and as Trustee of the Leroy A. Person Living Trust

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
September 15, 2009

Recorded: 
Book OG 132, Page 200

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 18 NORTH, RANGE 58 WEST, 6th P.M.
Section 17:  S/2

Lessor: 
Edith J. Rundell

Lessee: 
Edward Mike Davis, L.L.C.

Dated: 
February 20, 2010

Recorded: 
Book OG 132, Page 388

County: 
Banner, NE

Covering: 
INSOFAR AND ONLY INSOFAR AS THE LEASE COVERS:

Surface to the base of the Greenhorn formation
TOWNSHIP 18 NORTH, RANGE 58 WEST, 6th P.M.
Section 17:  NW
Section 18:  NE
 
Banner County,
NE
 
Page 3 of 12

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