Credit Agreement


 Exhibit 10.1 

Execution Version 
  

 
  

CREDIT AGREEMENT 

dated as of April 23, 2010 

among 

ATP OIL & GAS CORPORATION, 

as Borrower, 

JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, 

CREDIT SUISSE SECURITIES (USA) LLC, 

as Syndication Agent, 

NATIXIS, 

As Documentation Agent 

and 

THE LENDERS PARTY HERETO 
  

 
  

			
	J.P. MORGAN SECURITIES INC.	  	CREDIT SUISSE SECURITIES (USA) LLC


Lead Arrangers and Co-Bookrunners 
  

 
  






 TABLE OF CONTENTS 

 

					
	  	 	 	  	Page
			
		 	ARTICLE I	  	
		 	DEFINITIONS AND ACCOUNTING MATTERS	  	
			
	 Section 1.01
	 	Terms Defined Above	  	1
	 Section 1.02
	 	Certain Defined Terms	  	1
	 Section 1.03
	 	Types of Loans and Borrowings	  	34
	 Section 1.04
	 	Terms Generally; Rules of Construction	  	34
	 Section 1.05
	 	Accounting Terms and Determinations; GAAP	  	35
			
		 	ARTICLE II	  	
		 	THE CREDITS	  	
			
	 Section 2.01
	 	Commitments	  	35
	 Section 2.02
	 	Loans and Borrowings	  	35
	 Section 2.03
	 	Requests for Borrowings	  	36
	 Section 2.04
	 	Interest Elections	  	37
	 Section 2.05
	 	Funding of Borrowings	  	38
	 Section 2.06
	 	Termination, Reduction and Increase of Aggregate Maximum Credit Amounts	  	39
	 Section 2.07
	 	Borrowing Base	  	41
	 Section 2.08
	 	Letters of Credit	  	44
			
		 	ARTICLE III	  	
		 	PAYMENTS OF PRINCIPAL AND INTEREST; PREPAYMENTS; FEES	  	
			
	 Section 3.01
	 	Repayment of Loans	  	48
	 Section 3.02
	 	Interest	  	48
	 Section 3.03
	 	Alternate Rate of Interest	  	49
	 Section 3.04
	 	Prepayments	  	50
	 Section 3.05
	 	Fees	  	52
			
		 	ARTICLE IV	  	
		 	PAYMENTS; PRO RATA TREATMENT; SHARING OF SET-OFFS	  	
			
	 Section 4.01
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	53
	 Section 4.02
	 	Presumption of Payment by the Borrower	  	54
	 Section 4.03
	 	Payments and Deductions to a Defaulting Lender	  	54
	 Section 4.04
	 	Disposition of Proceeds	  	56
			
		 	ARTICLE V	  	
		 	INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY	  	
			
	 Section 5.01
	 	Increased Costs	  	57
	 Section 5.02
	 	Break Funding Payments	  	58
	 Section 5.03
	 	Taxes	  	58
	 Section 5.04
	 	Mitigation Obligations; Replacement of Lenders	  	60
	 Section 5.05
	 	Illegality	  	61

  

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	 	 	ARTICLE VI	  	 
		 	CONDITIONS PRECEDENT	  	
			
	 Section 6.01
	 	Effective Date	  	61
	 Section 6.02
	 	Each Credit Event	  	64
			
		 	ARTICLE VII	  	
		 	REPRESENTATIONS AND WARRANTIES	  	
			
	 Section 7.01
	 	Organization; Powers	  	65
	 Section 7.02
	 	Authority; Enforceability	  	65
	 Section 7.03
	 	Approvals; No Conflicts	  	65
	 Section 7.04
	 	Financial Condition; No Material Adverse Change	  	66
	 Section 7.05
	 	Litigation	  	66
	 Section 7.06
	 	Environmental Matters	  	67
	 Section 7.07
	 	Compliance with the Laws and Agreements; No Defaults	  	68
	 Section 7.08
	 	Investment Company Act	  	68
	 Section 7.09
	 	Taxes	  	68
	 Section 7.10
	 	Employee Benefit Plans	  	68
	 Section 7.11
	 	Disclosure; No Material Misstatements	  	69
	 Section 7.12
	 	Insurance	  	70
	 Section 7.13
	 	Restriction on Liens	  	70
	 Section 7.14
	 	Subsidiaries; Foreign Operations	  	70
	 Section 7.15
	 	Location of Business and Offices	  	71
	 Section 7.16
	 	Properties; Titles, Etc.	  	71
	 Section 7.17
	 	Maintenance of Properties	  	72
	 Section 7.18
	 	Prepayments	  	72
	 Section 7.19
	 	Marketing of Production	  	73
	 Section 7.20
	 	Swap Agreements	  	73
	 Section 7.21
	 	Use of Loans and Letters of Credit	  	73
	 Section 7.22
	 	Solvency	  	73
	 Section 7.23
	 	Foreign Corrupt Practices	  	74
	 Section 7.24
	 	Money Laundering	  	74
	 Section 7.25
	 	OFAC	  	74
			
		 	ARTICLE VIII	  	
		 	AFFIRMATIVE COVENANTS	  	
			
	 Section 8.01
	 	Financial Statements; Other Information	  	74
	 Section 8.02
	 	Notices of Material Events	  	77
	 Section 8.03
	 	Existence; Conduct of Business	  	77
	 Section 8.04
	 	Payment of Obligations	  	77
	 Section 8.05
	 	Performance of Obligations under Loan Documents	  	78
	 Section 8.06
	 	Operation and Maintenance of Properties	  	78
	 Section 8.07
	 	Insurance	  	78
	 Section 8.08
	 	Books and Records; Inspection Rights	  	79
	 Section 8.09
	 	Compliance with Laws	  	79
	 Section 8.10
	 	Environmental Matters	  	79
	 Section 8.11
	 	Further Assurances	  	80

  

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	 Section 8.12
	 	Reserve Reports	  	81
	 Section 8.13
	 	Title Information	  	81
	 Section 8.14
	 	Additional Collateral; Additional Guarantors	  	82
	 Section 8.15
	 	ERISA Compliance	  	84
	 Section 8.16
	 	Marketing Activities	  	84
	 Section 8.17
	 	Capital Stock in MLPs	  	84
			
		 	ARTICLE IX	  	
		 	NEGATIVE COVENANTS	  	
			
	 Section 9.01
	 	Financial Covenants	  	85
	 Section 9.02
	 	Debt	  	86
	 Section 9.03
	 	Liens	  	87
	 Section 9.04
	 	Dividends, Distributions and Redemptions; Repayment of Second Lien Notes	  	87
	 Section 9.05
	 	Investments, Loans and Advances	  	88
	 Section 9.06
	 	Nature of Business; International Operations	  	90
	 Section 9.07
	 	Limitation on Leases	  	90
	 Section 9.08
	 	Proceeds of Notes	  	90
	 Section 9.09
	 	ERISA Compliance	  	90
	 Section 9.10
	 	Sale or Discount of Receivables	  	91
	 Section 9.11
	 	Mergers, Etc.	  	91
	 Section 9.12
	 	Sale of Properties	  	91
	 Section 9.13
	 	Environmental Matters	  	93
	 Section 9.14
	 	Transactions with Affiliates	  	94
	 Section 9.15
	 	Subsidiaries	  	96
	 Section 9.16
	 	Negative Pledge Agreements; Dividend Restrictions	  	96
	 Section 9.17
	 	Swap Agreement	  	96
	 Section 9.18
	 	Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries	  	97
			
		 	ARTICLE X	  	
		 	EVENTS OF DEFAULT; REMEDIES	  	
			
	 Section 10.01
	 	Events of Default	  	99
	 Section 10.02
	 	Remedies	  	101
			
		 	ARTICLE XI	  	
		 	THE AGENTS	  	
			
	 Section 11.01
	 	Appointment; Powers	  	102
	 Section 11.02
	 	Duties and Obligations of Administrative Agent	  	102
	 Section 11.03
	 	Action by Administrative Agent	  	103
	 Section 11.04
	 	Reliance by Administrative Agent	  	104
	 Section 11.05
	 	Subagents	  	104
	 Section 11.06
	 	Resignation or Removal of Administrative Agent	  	104
	 Section 11.07
	 	Agents as Lenders	  	105
	 Section 11.08
	 	No Reliance	  	105
	 Section 11.09
	 	Administrative Agent May File Proofs of Claim	  	106
	 Section 11.10
	 	Authority of Administrative Agent to Release Collateral and Release or Subordinate Liens	  	106

  

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	 Section 11.11
	  	The Arrangers, the Syndication Agent and the Documentation Agent	  	107
			
		  	ARTICLE XII	  	
		  	MISCELLANEOUS	  	
			
	 Section 12.01
	  	Notices	  	107
	 Section 12.02
	  	Waivers; Amendments	  	107
	 Section 12.03
	  	Expenses, Indemnity; Damage Waiver	  	109
	 Section 12.04
	  	Successors and Assigns	  	111
	 Section 12.05
	  	Survival; Revival; Reinstatement	  	114
	 Section 12.06
	  	Counterparts; Integration; Effectiveness	  	114
	 Section 12.07
	  	Severability	  	115
	 Section 12.08
	  	Right of Setoff	  	115
	 Section 12.09
	  	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	  	115
	 Section 12.10
	  	Headings	  	116
	 Section 12.11
	  	Confidentiality	  	116
	 Section 12.12
	  	Interest Rate Limitation	  	117
	 Section 12.13
	  	EXCULPATION PROVISIONS	  	118
	 Section 12.14
	  	Collateral Matters; Swap Agreements	  	118
	 Section 12.15
	  	No Third Party Beneficiaries	  	118
	 Section 12.16
	  	USA Patriot Act Notice	  	119

  

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 ANNEXES, EXHIBITS AND SCHEDULES 

 

			
	 Annex I
	  	List of Maximum Credit Amounts
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Borrowing Request
	Exhibit C	  	Form of Interest Election Request
	Exhibit D	  	Form of Compliance Certificate
	Exhibit E	  	Security Instruments
	Exhibit F	  	Form of Assignment and Assumption
	Exhibit G-1	  	Form of Maximum Credit Amount Increase Agreement
	Exhibit G-2	  	Form of Additional Lender Agreement
	Exhibit H	  	Form of Reserve Report Certificate
		
	Schedule 7.05	  	Litigation
	Schedule 7.06	  	Environmental
	Schedule 7.10	  	ERISA
	Schedule 7.14	  	Subsidiaries and Partnerships
	Schedule 7.15	  	Subsidiary Organizational Information
	Schedule 7.18	  	Prepayments
	Schedule 7.19	  	Marketing Contracts
	Schedule 7.20	  	Swap Agreements
	Schedule 9.05	  	Investments

  

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 THIS CREDIT AGREEMENT dated as of April 23, 2010
is among: ATP Oil & Gas Corporation, a corporation duly formed and existing under the laws of the State of Texas (the “Borrower”); each of the Lenders from time to time party hereto; JPMorgan Chase Bank, N.A. (in its
individual capacity, “JPMorgan”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”); CS Securities (USA) LLC, as syndication agent
for the Lenders (in such capacity, together with its successors in such capacity, the “Syndication Agent”); and NATIXIS, as documentation agent for the Lenders (in such capacity, together with its successors in such capacity, the
“Documentation Agent”). 
 R E C I T A L S 

A. The Borrower has requested that the Lenders provide certain loans to and extensions of credit on behalf of the Borrower. 

B. The Lenders have agreed to make such loans and extensions of credit subject to the terms and conditions of this Agreement. 

C. In consideration of the mutual covenants and agreements herein contained and of the loans, extensions of credit and commitments
hereinafter referred to, the parties hereto agree as follows: 
 ARTICLE I 

Definitions and Accounting Matters 

Section 1.01 Terms Defined Above. As used in this Agreement, each term defined above has the meaning indicated above.

 Section 1.02 Certain Defined Terms. As used in this Agreement, the following terms have the meanings specified
below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 

“Act” has the meaning assigned such term in Section 12.16. 

“Additional Lender” has the meaning assigned to such term in Section 2.06(c)(i). 

“Additional Lender Certificate” has the meaning assigned to such term in Section 2.06(c)(ii)(F). 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 1/100 of 1%) equal to the LIBO Rate for such Interest Period multiplied by the Statutory Reserve Rate. 
  

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 “Administrative Questionnaire” means an Administrative Questionnaire in a
form supplied by the Administrative Agent. 
 “Affected Loans” has the meaning assigned such term in
Section 5.05. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Affiliate Transaction” has the meaning assigned such term in Section 9.14(a). 

“Agents” means, collectively, the Administrative Agent, the Syndication Agent and the Documentation Agent; and
“Agent” means either the Administrative Agent, the Syndication Agent or the Documentation Agent, as the context requires. 

“Aggregate Maximum Credit Amounts” at any time shall equal the sum of the Maximum Credit Amounts, as the same may be
increased, reduced or terminated pursuant to Section 2.06. 
 “Agreement” means this Credit Agreement, as
the same may from time to time be amended, modified, supplemented or restated. 
 “Alternate Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day
plus  1/2 of 1.0% and (c) the Adjusted
LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate
or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Applicable Margin” means, for any day, with respect to any ABR Loan or Eurodollar Loan, as the case may be, the rate
per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 
  

																
	 	  	Borrowing Base Utilization Grid	 
	 Borrowing Base Utilization Percentage
	  	<25%	 	 	3 25% but
<50%	 	 	3 50% but
<75%	 	 	3 75% but
<90%	 	 	3 90%	 
	 Eurodollar Loans
	  	3.500	% 	 	3.875	% 	 	4.250	% 	 	4.625	% 	 	5.000	% 
	 ABR Loans
	  	2.500	% 	 	2.875	% 	 	3.250	% 	 	3.625	% 	 	4.000	% 

 Each change in
the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change, provided, however, that if at any time the Borrower is more
than 30 days delinquent in the delivery of a Reserve Report pursuant to Section 8.12(a) and until such Reserve Report is delivered, then the “Applicable Margin” means the rate per annum set forth on the grid when the Borrowing
Base Utilization Percentage is at its highest level. 
  

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 “Applicable Percentage” means, with respect to any Lender, the percentage
of the Aggregate Maximum Credit Amounts represented by such Lender’s Maximum Credit Amount as such percentage is set forth on Annex I; provided that if the Commitments have terminated or expired, the Applicable Percentages shall be determined
based upon Commitments most recently in effect. 
 “Approved Counterparty” means (a) any Lender or any
Affiliate of a Lender, (b) any other Person whose long term senior unsecured debt rating is A-/A3 by S&P or Moody’s (or their equivalent) or higher and (c) any counterparty under any Swap Agreement or other marketing agreement in
place on the Effective Date. 
 “Approved Fund” means any Person (other than a natural person) that is engaged
in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Approved Petroleum Engineers” means
(a) Ryder Scott Company Petroleum Consultants, L.P., (b) Collarini Associates and (c) any other independent petroleum engineers reasonably acceptable to the Administrative Agent. 

“Arrangers” means J.P. Morgan Securities Inc. and Credit Suisse Securities (USA) LLC, in their capacities as the
exclusive lead arrangers and co-bookrunners hereunder. 
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit F or any other form approved by the
Administrative Agent. 
 “ATP Octabuoy” means the Borrower’s semi-submersible production platform
currently under construction in China for initial deployment at the Borrower’s Cheviot Hub in the North Sea during 2012. 

“Availability Period” means the period from and including the Effective Date to but excluding the Termination Date.

 “Banking Services Provider” means any Lender or Affiliate of a Lender party to a Treasury Management
Agreement. 
 “Board” means the Board of Governors of the Federal Reserve System of the United States of
America or any successor Governmental Authority. 
 “Board of Directors” means, as to any Person that is a
corporation, the board of directors of such Person or any duly authorized committee thereof or as to any Person that is not a corporation, the board of managers or such other individual or group serving a similar function. 

 

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 “BOE” means one barrel of oil equivalent, calculated by converting natural
gas to oil equivalent barrels at a ratio of six thousand cubic feet of natural gas to one stock tank barrel, or 42 U.S. gallons liquid volume, of oil. 

“Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar
Loans, as to which a single Interest Period is in effect. 
 “Borrowing Base” means at any time an amount equal
to the amount determined in accordance with Section 2.07, as the same may be adjusted from time to time pursuant to Sections 2.07(e), 8.13(c), or 9.12. 

“Borrowing Base Deficiency” occurs if at any time the total Revolving Credit Exposures exceeds the Borrowing Base then
in effect. 
 “Borrowing Base Utilization Percentage” means, as of any day, the fraction expressed as a
percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or
Houston, Texas are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation of, a payment or prepayment of principal of or interest on, or a conversion of or into, or the Interest Period for, a
Eurodollar Loan or a notice by the Borrower with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest Period, any day which is also a day on which banks are open for dealings in dollar deposits in the London
interbank market. 
 “Capital Expenditures” means, in respect of any Person, for any period, the aggregate
(determined without duplication) of all exploration and development expenditures and costs that are capital in nature and any other expenditures that are capitalized on the balance sheet of such Person in accordance with GAAP. 

“Capital Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance
with GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder. Notwithstanding the foregoing, leases, facility use agreements and other agreements between the
Borrower and one or more Restricted Subsidiaries and an Infrastructure Subsidiary permitted in accordance with Section 9.14 shall not constitute “Capital Leases” for purposes of this Agreement whether or not required to be recorded as
capital leases in accordance with GAAP. 
 “Capital Stock” of any Person means any and all shares, units,
interests, rights to purchase, warrants, options, participation or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

  

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 “Capitalized Lease Obligations” means an obligation that is required to be
classified and accounted for as a Capital Lease for financial reporting purposes in accordance with GAAP, and the amount of Debt represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof
is to be made as determined in accordance with GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty.

 “Cash Equivalents” means: 

(a) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or
instrumentality of the United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 

(b) marketable general obligations issued by any state of the United States of America or any political subdivision of any
such state or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” (or the equivalent thereof) or better from either S&P or
Moody’s; 
 (c) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or
bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the short-term deposit of which is rated at the time of acquisition thereof at least “A2” or the
equivalent thereof by S&P, or “P-2” or the equivalent thereof by Moody’s, and having combined capital and surplus in excess of $250,000,000; 

(d) repurchase obligations with a term of not more than thirty days for underlying securities of the types described in
clauses (a), (b) and (c) entered into with any commercial bank meeting the qualifications specified in clause (c) above; 

(e) commercial paper rated at the time of acquisition thereof at least “A2” or the equivalent thereof by S&P
or “P-2” or the equivalent thereof by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and in any case maturing
within one year after the date of acquisition thereof; 
 (f) interests in any investment company or money market
fund which invests 95% or more of its assets in instruments of the type specified in clauses (a) through (e) above; and 

(g) other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash
management in investments of a type analogous to the foregoing. 
 “Cash-Pay Preferred” shall mean any
Preferred Stock of the Borrower the terms of which (a) require the payment of cash dividends but otherwise do not contain any other provisions that would cause such Preferred Stock to constitute “Disqualified Capital Stock,”
(b) do not contain any significant restrictive or negative covenants, as determined in good faith by the Borrower, 

 

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and (c) otherwise are materially consistent with those customarily found in cash pay preferred stock offerings, as determined in good faith by the Borrower. 

“Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of
eminent domain or by condemnation or similar proceeding of, any Property of the Borrower or any of its Restricted Subsidiaries having a Fair Market Value in excess of $25,000,000 at such date of determination (as determined in good faith by the
Board of Directors). 
 “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), of Capital Stock representing more than 50.0% of the
aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Borrower or (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 by directors so nominated. 

“Change in Law” means (a) the adoption of any law, rule or regulation by any Governmental Authority after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or the Issuing Bank (or, for
purposes of Section 5.01(b)), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any
Governmental Authority made or issued after the date of this Agreement. 
 “Code” means the U.S. Internal
Revenue Code of 1986, as amended from time to time, and any successor statute. 
 “Commitment” means, with
respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure
hereunder, as such commitment may be (a) modified from time to time pursuant to Section 2.06 and (b) modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b). The amount representing
each Lender’s Commitment shall at any time be the lesser of such Lender’s Maximum Credit Amount and such Lender’s Applicable Percentage of the then effective Borrowing Base. 

“Commodity Agreement” means, in respect of any Person, any forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement in respect of Hydrocarbons used, produced, processed or sold by such Person entered into in the ordinary course of business and that are designed to protect such Person against fluctuation in
Hydrocarbon prices. 
 “Consolidated Income Taxes” means, with respect to any Person for any period, taxes
imposed upon such Person or other payments required to be made by such Person by any Governmental Authority which taxes or other payments are calculated by reference to the 

 

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income, profits or capital of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period),
regardless of whether such taxes or payments are required to be remitted to any Governmental Authority. 
 “Consolidated
Net Income” means with respect to the Borrower and the Consolidated Restricted Subsidiaries, for any period, the aggregate of the net income (or loss) of the Borrower and the Consolidated Restricted Subsidiaries after allowances for taxes
for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in which the
Borrower or any Consolidated Restricted Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of the Borrower and the Consolidated Restricted Subsidiaries in accordance
with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Borrower or to a Consolidated Restricted Subsidiary, as the case may be; (b) the net income (but
not loss) during such period of any Consolidated Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated Restricted Subsidiary is not at the time permitted
by operation of the terms of its charter or any agreement, instrument or Governmental Requirement applicable to such Consolidated Restricted Subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP;
(c) any extraordinary non-cash gains or losses during such period and (d) any gains or losses attributable to writeups or writedowns of assets, including ceiling test writedowns; and provided further that if the Borrower or any
Consolidated Restricted Subsidiary shall acquire or dispose of any Property during such period or a Subsidiary shall be redesignated as either an Unrestricted Subsidiary or a Restricted Subsidiary, then Consolidated Net Income shall be calculated
after giving pro forma effect to such acquisition or disposition or redesignation, in accordance with GAAP, as if such acquisition, disposition or redesignation had occurred on the first day of such period. 

“Consolidated Restricted Subsidiaries” means any Restricted Subsidiaries that are Consolidated Subsidiaries. 

“Consolidated Subsidiaries” means each Subsidiary of the Borrower (whether now existing or hereafter created or
acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of the Borrower in accordance with GAAP. 

“Consolidated Unrestricted Subsidiaries” means any Unrestricted Subsidiaries that are Consolidated Subsidiaries.

 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

 

 7 







 “Convertible Equity” means, with respect to MLP Asset Transfers, Capital
Stock in the applicable MLP or GP which will be, by their terms or by virtue of other agreements or arrangements, converted into or exchanged for, within 545 days of the applicable MLP Asset Transfer, an amount in cash equal to at least the Fair
Market Value of such Capital Stock on the date of the applicable MLP Asset Transfer. 
 “Credit Party” means
the Borrower and each Guarantor. 
 “Currency Agreement” means in respect of a Person any foreign exchange
contract, currency swap agreement, futures contract, option contract or other similar agreement as to which such Person is a party or a beneficiary. 

“Debt” means, with respect to any Person on any date of determination (without duplication): 

(a) the principal of and premium (if any) in respect of Debt of such Person for borrowed money; 

(b) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments; 
 (c) the principal component of all obligations of such Person in respect of
letters of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade payable, to the extent such letters of credit
are not drawn upon or, if and to the extent drawn upon, such obligation is satisfied within 30 days of payment on the letter of credit); 

(d) the principal component of all obligations of such Person (other than obligations payable solely in Capital Stock that
is not Disqualified Capital Stock) to pay the deferred and unpaid purchase price of property (except as described in clause (h) of the penultimate paragraph of this definition of Debt), which purchase price is due more than six months after the
date of placing such property in service or taking delivery and title thereto to the extent such obligations would appear as liabilities upon the consolidated balance sheet of such Person in accordance with GAAP; 

(e) Capitalized Lease Obligations and Synthetic Lease Obligations of such Person to the extent such Capitalized Lease
Obligations and Synthetic Lease Obligations would appear as liabilities on the consolidated balance sheet of such Person in accordance with GAAP; 

(f) the principal component or liquidation preference of all obligations of such Person with respect to the redemption,
repayment or other repurchase of any Disqualified Capital Stock (including, for clarification purposes only, Cash-Pay Preferred) or, with respect to any Subsidiary that is not a Guarantor, any Preferred Stock (but excluding, in each case, any
accrued dividends); 
 (g) the principal component of all Debt of other Persons secured by a Lien on any asset of
such Person, whether or not such Debt is assumed by such Person; provided, however, that the amount of such Debt will be the lesser of (a) the Fair Market Value of such 

 

 8 







 
asset at such date of determination (as determined in the good faith by the Board of Directors) and (b) the amount of such Debt of such other Persons so secured; 

(h) the principal component of Debt of other Persons to the extent guaranteed by such Person; and 

(i) to the extent not otherwise included in this definition, net obligations of such Person under Commodity Agreements,
Currency Agreements and Interest Rate Agreements; 
 provided, however that any Debt which has been defeased in accordance with GAAP or defeased
pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all such Debt obligations at maturity or redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged
for the sole benefit of the holders of such Debt, and subject to no other Liens, shall not constitute “Debt.” 
 The amount of Debt of
any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at
such date. 
 Notwithstanding the preceding, “Debt” shall not include: 

(j) Production Payments and Reserve Sales; 

(k) any obligation of a Person in respect of a farm-in agreement or similar arrangement whereby such Person agrees to pay
all or a share of the drilling, completion or other expenses of an exploratory or development well (which agreement may be subject to a maximum payment obligation, after which expenses are shared in accordance with the working or participation
interest therein or in accordance with the agreement of the parties) or perform the drilling, completion or other operation on such well in exchange for an ownership interest in an oil or gas property; 

(l) any obligations under Currency Agreements, Commodity Agreements and Interest Rate Agreements; provided that such
Agreements are entered into for bona fide hedging purposes of the Borrower or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of the Borrower, whether or not accounted for as a hedge in
accordance with GAAP) and, in the case of Currency Agreements or Commodity Agreements, such Currency Agreements or Commodity Agreements are related to business transactions of the Borrower or its Restricted Subsidiaries entered into in the ordinary
course of business and, in the case of Interest Rate Agreements, such Interest Rate Agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Debt of the Borrower or its Restricted Subsidiaries
Incurred without violation of this Agreement; 
 (m) any obligation arising from agreements of the Borrower or a
Restricted Subsidiary providing for indemnification, guarantees, adjustment of purchase price, holdbacks, contingency payment obligations or similar obligations (other than guarantees of Debt), in each case, Incurred or assumed in connection with
the acquisition or disposition of any business, 
  

 9 







 
assets or Capital Stock of a Restricted Subsidiary, provided that such Debt is not reflected on the face of the balance sheet of the Borrower or any Restricted Subsidiary; 

(n) any obligation arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business, provided that such Debt is extinguished within ten business days of Incurrence; 

(o) in-kind obligations relating to net oil or natural gas balancing positions arising in the ordinary course of business;

 (p) all contracts and other obligations, agreements, instruments or arrangements described in clauses (c),
(d), or (f) of the definition of “Excepted Liens”; 
 (q) accrued expenses and trade payables and
other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days past the invoice or billing date or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently
conducted; and 
 (r) Specified Convertible Preferred. 

In addition, “Debt” of any Person shall include Debt described in the first paragraph of this definition of “Debt” that would not
appear as a liability on the balance sheet of such Person if: 
 (s) such Debt is the obligation of a partnership
or joint venture that is not a Restricted Subsidiary (a “Joint Venture”); 
 (t) such Person or
a Restricted Subsidiary of such Person is a general partner of the Joint Venture or otherwise liable for all or a portion of the Joint Venture’s liabilities (a “General Partner”) and 

(u) there is recourse, by contract or operation of law, with respect to the payment of such Debt to property or assets of
such Person or a Restricted Subsidiary of such Person; and then such Debt shall be included in an amount not to exceed: 

(i) the lesser of (A) the net assets of the General Partner and (B) the amount of such obligations to the extent
that there is recourse, by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person; or 

(ii) if less than the amount determined pursuant to clause (i) immediately above, the actual amount of such Debt that
is recourse to such Person or a Restricted Subsidiary of such Person, if the Debt is evidenced by a writing and is for a determinable amount. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
  

 10 







 “Defaulting Lender” means any Lender, as reasonably determined by the
Administrative Agent, that has (a) failed to fund any portion of its Loans or participations in Letters of Credit within three Business Days of the date required to be funded by it hereunder, (b) notified the Borrower, the Administrative
Agent, the Issuing Bank or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations
under this Agreement, (c) failed, within three Business Days after request by the Administrative Agent, to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in
then outstanding Letters of Credit, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a
good faith dispute or (e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval
of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action
in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. 

“Disqualified Capital Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it
is convertible or for which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than other Capital Stock (which would not constitute Disqualified Capital Stock), pursuant to a
sinking fund obligation or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Capital Stock (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole
or in part, on or prior to the date that is one year after the earlier of (a) the Maturity Date and (b) the date on which there are no Loans, LC Exposure or other obligations hereunder outstanding and all of the Commitments are terminated.

 “Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in
accordance with GAAP, together with all undertakings and obligations in connection therewith. 
 “dollars” or
“$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” means any
Restricted Subsidiary that is organized under the laws of the United States of America or any state thereof or the District of Columbia. 

“EBITDAX” means, for any period, the sum of Consolidated Net Income for such period plus the following: 

(a) increased by, without duplication and to the extent deducted (and not added back) in calculating such Consolidated Net
Income: 
 (1) Interest Expense; 
  


 11 







 (2) Consolidated Income Taxes of the Borrower and its Restricted
Subsidiaries paid or accrued in accordance with GAAP for such period; 
 (3) consolidated depletion and
depreciation expense of the Borrower and its Restricted Subsidiaries; 
 (4) consolidated amortization expense or
impairment charges of the Borrower and its Restricted Subsidiaries recorded in connection with the application of Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangibles” and Statement of Financial
Accounting Standard No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets”; 

(5) other non-cash charges of the Borrower and its Restricted Subsidiaries (excluding any such non-cash charge to the
extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation); and 

(6) consolidated exploration expense of the Borrower and its Restricted Subsidiaries; 

(7) expenses associated with the prepayment by the Borrower of the Existing Credit Agreement in an aggregate amount not to
exceed $25,000,000; 
 (b) increased or decreased by, without duplication any gain or loss realized upon the sale
or other disposition of any property, plant or equipment of the Borrower or its Consolidated Restricted Subsidiaries (including pursuant to any Synthetic Leases) which is not sold or otherwise disposed of in the ordinary course of business and any
gain (loss) realized upon the sale or other disposition of any Capital Stock of any Person, if applicable for such period; and less, to the extent included in calculating such Consolidated Net Income and in excess of any costs or expenses
attributable thereto that were deducted (and not added back) in calculating such Consolidated Net Income, other non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item
that reduced EBITDAX in any prior period); and 
 (c) decreased by all payments made under leases, facility use
agreements and other agreements between the Borrower and one or more Restricted Subsidiaries and an Infrastructure Subsidiary permitted in accordance with Section 9.14 that would be Capital Leases but for the application of the final sentence
of the definition of “Capital Lease.” 
 Notwithstanding the preceding clause (b), clauses (2) through
(6) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute EBITDAX of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary
was included in calculating the Consolidated Net Income of such Person and, to the extent the amounts set forth in clauses (2) through (6) are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such
Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be dividended to the Borrower by such Restricted Subsidiary without prior
approval 
  

 12 







 
(that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that
Restricted Subsidiary or its stockholders. 
 “Effective Date” means the date on which the conditions specified
in Section 6.01 are satisfied (or waived in accordance with Section 12.02). 
 “Engineering Reports”
has the meaning assigned such term in Section 2.07(c)(i). 
 “Environmental Laws” means any and all
Governmental Requirements pertaining in any way to health, safety, the environment, the preservation or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in any and all
jurisdictions in which the Borrower or any Restricted Subsidiary is conducting, or at any time has conducted, business, or where any Property of the Borrower or any Restricted Subsidiary is located, including, the Oil Pollution Act of 1990
(“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal Water Pollution Control Act, as amended, the
Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Superfund
Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Law, as amended, and other environmental conservation or protection Governmental Requirements. 

“Environmental Permit” means any permit, registration, license, notice, approval, consent, exemption, variance, or other
authorization required under or issued pursuant to applicable Environmental Laws. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and any successor statute. 
 “ERISA Affiliate” means each
trade or business (whether or not incorporated) which together with the Borrower or a Subsidiary would be deemed to be a “single employer” within the meaning of section 4001(b)(1) of ERISA or subsections (b), (c), (m) or (o) of
section 414 of the Code. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned such term in Section 10.01. 

“Excepted Liens” means: (a) Liens for Taxes, assessments or other governmental charges or levies which are not
delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (b) Liens in connection with workers’ compensation, unemployment insurance or other
social security, old age pension or public liability obligations which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP;
(c) landlord’s liens, operators’, vendors’, carriers’, 
  

 13 







 
warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’, materialmen’s, construction, customs authorities or other like Liens arising by operation of law in
the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect of obligations that are not delinquent or which are being contested in good faith by
appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) Liens which arise in the ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements,
oil and gas leases, farmout agreements, division orders, contracts for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding royalty
agreements, marketing agreements, processing agreements, net profits agreements, development agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements,
seismic or other geophysical permits or agreements, and other agreements which are usual and customary in the oil and gas business and are for claims which are not delinquent or which are being contested in good faith by appropriate action and for
which adequate reserves have been maintained in accordance with GAAP, provided that any such Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which such Property is held by
the Borrower or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (e) Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights and remedies and burdening only deposit accounts or other funds maintained with a creditor depository institution, provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by
the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by the Borrower or any of its Restricted Subsidiaries to provide collateral to the depository institution; (f) easements,
restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the Borrower or any Restricted Subsidiary for the purpose of roads, pipelines, transmission lines, transportation lines, distribution lines for
the removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not
materially impair the use of such Property for the purposes of which such Property is held by the Borrower or any Restricted Subsidiary or materially impair the value of such Property subject thereto; (g) Liens on cash or securities pledged to
secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds, bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in the
ordinary course of business or to secure letters of credit issued to ensure payment or performance of any of the foregoing; (h) judgment and attachment Liens not giving rise to an Event of Default, provided that any appropriate legal
proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce such Lien has been
commenced; and (i) Protective Liens. Notwithstanding the foregoing, no intention to subordinate the first priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by the permitted existence
of Excepted Liens. 
  

 14 







 “Exchange Rate” means, on any day, with respect to any foreign currency,
the noon buying rate in New York City for such foreign currency on such date for cable transfers as certified for customs purposes by the Federal Reserve Bank of New York. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of
any payment to be made by or on account of any obligation of the Borrower or any Guarantor hereunder or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net income (however denominated) by the United
States of America (or any political subdivision thereof) or such other jurisdiction under the laws of which such recipient is organized or is resident or in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, (b) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Borrower or any Guarantor is located or by any jurisdiction described in
(a) above, (c) in the case of a Foreign Lender or Foreign Issuing Bank (other than an assignee pursuant to a request by the Borrower under Section 5.04(a)), any withholding tax that is imposed on amounts payable to such Foreign Lender
or Foreign Issuing Bank at the time such Foreign Lender or Foreign Issuing Bank becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s or Foreign Issuing Bank’s failure to comply
with Section 5.03(e), except to the extent that such Foreign Lender or Foreign Issuing Bank (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect
to such withholding tax pursuant to Section 5.03(a) or Section 5.03(c), and (d) in the case of a Foreign Lender or Foreign Issuing Bank, any withholding taxes imposed on amounts payable to such Foreign Lender or Foreign Issuing Bank
as a result of such Foreign Lender’s or Foreign Issuing Bank’s failure to comply with the requirements of Sections 1471 through 1474 of the Code and any regulations promulgated thereunder (“FATCA”) to establish a
complete exemption from withholding thereunder and (e) interest and penalties with respect to taxes referred to in subsection (a)-(d) hereof. 

“Existing Credit Agreement” means that certain Credit Agreement dated as of June 27, 2008, among the Borrower, the
lenders party thereto, and Credit Suisse, as administrative agent, as amended by the First Amendment thereto dated November 2, 2009 and the Second Amendment thereto dated January 29, 2010 and as may be further amended, supplemented or
modified. 
 “Fair Market Value” means, with respect to any asset or property, the price which could be
negotiated in an arm’s length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 “Fee Letter” means that certain letter agreement dated as of April 12, 2010 between the Borrower, the
Administrative Agent and J.P. Morgan Securities Inc. related to the payment of certain fees by the Borrower. 
  

 15 







 “Federal Funds Effective Rate” means, for any day, the weighted average
(rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial
Officer” means, for any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the
Borrower. 
 “Financial Statements” means the financial statement or statements of the Borrower and its
Consolidated Subsidiaries referred to in Section 7.04(a). 
 “Force Majeure” means any of the following
events: acts of God, lightning, fires, tornadoes, named tropical storms and hurricanes and explosions. 
 “Foreign
Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver
from a Governmental Authority, (b) the failure to make the required contributions or payments under any applicable law on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority
relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (d) the incurrence of any
liability in excess of $2,500,000 by the Borrower or any of the Subsidiaries under applicable law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer
therein or (e) the occurrence of any transaction that is prohibited under any applicable law and could reasonably be expected to result in the incurrence of any liability by the Borrower or any of the Subsidiaries, or the imposition on the
Borrower or any of the Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any applicable law, in each case in excess of $2,500,000. 

“Foreign Issuing Bank” means any Issuing Bank that is not a “United States person” within the meaning of
Section 7701(a)(30) of the Code. 
 “Foreign Lender” means any Lender that is not a “United States
person” within the meaning of section 7701(a)(30) of the Code. 
 “Foreign Pension Plan” means any benefit
plan that under applicable law of any jurisdiction other than the United States is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. 

 

 16 







 “Foreign Pledge Agreement” means the Charge of Shares in ATP Oil &
Gas (UK) Limited, in a form acceptable to the Administrative Agent, between the Borrower and the Administrative Agent or any subsequent Security Instrument creating a Lien on Foreign Pledged Collateral. 

“Foreign Pledged Collateral” means the Capital Stock pledged by the Borrower or any Subsidiary under the Foreign Pledge
Agreement, for the ratable benefit of the Lenders, to secure the Indebtedness. 
 “Foreign Subsidiary” means
any Restricted Subsidiary that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting
principles in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Governmental Requirement” means any law, statute, code, ordinance, order,
determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter in effect, of any Governmental Authority.

 “GP” means any Affiliate of the Borrower which is a general partner in an MLP. 

“GP Equity Interest” means Capital Stock as a general partner in an MLP. 

“GP Equity Issuance” means the sale, transfer or other disposition of any Capital Stock in a GP by such GP in connection
with, or following, the initial public offering of such GP. 
 “GP Equity Transfer” means the sale, transfer or
other disposition of any Capital Stock in a GP by the Borrower or any Subsidiary. 
 “Guarantors” means each
Material Domestic Subsidiary or other Domestic Subsidiary that guarantees the Indebtedness pursuant to Section 8.14(b). 

“Guarantee and Collateral Agreement” means an agreement executed by the Guarantors in a form acceptable to the
Administrative Agent, unconditionally guarantying on a joint and several basis, payment of the Indebtedness, as the same may be amended, modified or supplemented from time to time. 

“Hazardous Material” means any substance regulated or as to which liability might arise under any applicable
Environmental Law including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of “hazardous substance,” “hazardous material,” “hazardous
waste,” “solid waste,” “toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” or words of similar meaning or import found in any applicable
Environmental Law; (b) Hydrocarbons, 
  

 17 







 
petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives,
asbestos or asbestos containing materials, polychlorinated biphenyls, radon, infectious or medical wastes. 
 “Highest
Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Notes or on other Indebtedness under
laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of
the date hereof. 
 “Hydrocarbon Interests” means all rights, titles, interests and estates now or hereafter
acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any
reserved or residual interests of whatever nature. 
 “Hydrocarbons” means oil, gas, casinghead gas, drip
gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom. 

“Incur” means issue, create, assume, guarantee, incur or otherwise become directly or indirectly liable for,
contingently or otherwise; provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by
such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 

“Indebtedness” means any and all amounts owing or to be owing by the Borrower, any Subsidiary or any Guarantor (whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising): (a) to the Administrative Agent, the Issuing Bank or any Lender under any Loan Document, (b) to
any Lender or any Affiliate of a Lender under any Swap Agreement between the Borrower or any Subsidiary and such Lender or Affiliate of a Lender while such Person (or in the case of its Affiliate, the Person affiliated therewith) is a Lender
hereunder (after giving effect to all netting agreements relating to such Swap Agreements), (c) obligations under all Treasury Management Agreements with Lenders or Affiliates of Lenders while such Person (or in the case of its Affiliate, the
Person affiliated therewith) is a Lender hereunder and (d) all renewals, extensions and/or rearrangements of any of the above. 

“Indemnified Taxes” means Taxes other than Excluded Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 12.03(b). 

“Indenture” means the Indenture under or pursuant to which the Second Lien Notes are issued, together with any
supplemental indentures related thereto. 
  

 18 







 “Infrastructure Subsidiaries” means ATP Infrastructure Partners, L.P., ATP
IP-GP, LLC, ATP IP-LP, LLC, ATP Holdco, LLC and any other Person (a) (i) in which the Borrower or any of its Subsidiaries owns Capital Stock and (ii) to which the Borrower or any Restricted Subsidiary has transferred or transfers any
of the following infrastructure assets: ATP Innovator drilling and production platform and related assets, ATP Titan drilling and production platform and related assets and ATP Octabuoy drilling and production platform and related assets; or
(b) that owns or holds, directly or indirectly through one or more subsidiaries, Capital Stock of a Person described in the preceding clause (a). 

“Initial Reserve Report” means, collectively, (i) those certain reserve reports which were prepared by Ryder Scott
Company, L.P., each dated February 3, 2010, and (ii) that certain reserve report which was prepared by Collarini Associates, dated February 15, 2010, evaluating the Oil and Gas Properties of the Borrower and its Subsidiaries prepared
as of December 31, 2009, or January 1, 2010, as applicable. 
 “Interest Election Request” means a
request by the Borrower to convert or continue a Borrowing in accordance with Section 2.04. 
 “Intercreditor
Agreement” means that certain Intercreditor Agreement dated as of the Effective Date, among the Borrower and the Guarantors, the Administrative Agent, as first lien collateral agent and The Bank of New York Mellon Trust Company, N.A.,
as second lien collateral agent. 
 “Interest Expense” means, for any period, the sum (determined without
duplication) of the aggregate gross interest expense of the Borrower and the Consolidated Restricted Subsidiaries for such period, including to the extent included in interest expense under GAAP: (a) amortization of debt discount,
(b) capitalized interest, (c) the portion of any payments or accruals under Capital Leases allocable to interest expense, (d) the portion of any payments or accruals under Synthetic Leases allocable to interest expense whether or not
the same constitutes interest expense under GAAP and (e) the portion of any payments or accruals under Production Payments and Reserve Sales allocable to interest expense whether or not the same constitutes interest expense under GAAP.

 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June,
September and December and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, with the consent of each Lender, nine or twelve months) thereafter, as the Borrower may elect; provided, that (a) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall
end on the next preceding Business 
  

 19 







 
Day and (b) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made
and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
 “Interest
Rate Agreement” means with respect to any Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar
agreement, interest rate hedge agreement or other similar agreement or arrangement as to which such Person is party or a beneficiary. 

“Interim Redetermination” has the meaning assigned such term in Section 2.07(b). 

“Interim Redetermination Date” means the date on which a Borrowing Base that has been redetermined pursuant to an
Interim Redetermination becomes effective as provided in Section 2.07(d). 
 “Investment” means, with
respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan or other extensions of credit (including by way of guarantee or similar arrangement, but excluding any
debt or extension of credit represented by a bank deposit other than a time deposit and advances or extensions of credit to customers in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Debt or other similar instruments (excluding any interest in a crude oil or natural gas leasehold to the extent
constituting a security under applicable law) issued by, such other Person and all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to
be an Investment: 
 (v) Swap Agreements entered into in the ordinary course of business and in compliance with
this Agreement; 
 (w) endorsements of negotiable instruments and documents in the ordinary course of business;
and 
 (x) an acquisition of assets, Capital Stock or other securities by the Borrower or a Subsidiary for
consideration to the extent such consideration consists of Common Stock of the Borrower. 
 The amount of any Investment shall not be adjusted
for increases or decreases in value, writeups, write-downs or write-offs with respect to such Investment. 

“IRS” means the U.S. Internal Revenue Service. 

“Issuing Bank” means JPMorgan, in its capacity as the issuer of Letters of Credit hereunder. The Issuing Bank may, in
its discretion, arrange for one or more Letters of Credit to 
  

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be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 “Joint Venture” has the meaning set forth in the definition of “Debt.” 

“LC Commitment” at any time means Seventy-Five Million Dollars ($75,000,000). 

“LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. 
 “Lenders” means the Persons listed on Annex I and any Person that shall have become a
party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement. 

“Letter of Credit Agreements” means all letter of credit applications and other agreements (including any amendments,
modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit. 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate (rounded upwards, if
necessary, to the next 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently
provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the
“LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which dollar deposits of an amount comparable to such Eurodollar Borrowing
and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period. 
 “Lien” means, with respect to any Property, any mortgage,
lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such Property, whether or not filed, recorded or otherwise perfected under applicable law, including any
conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing 

 

 21 







 
of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction. 

“Loan Documents” means this Agreement, the Notes, if any, the Fee Letter, the Letter of Credit Agreements, the Letters
of Credit and the Security Instruments. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant
to this Agreement. 
 “Majority Lenders” means, at any time while no Loans or LC Exposure are outstanding,
Lenders having more than fifty percent (50.0%) of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure are outstanding, Lenders holding more than fifty percent (50.0%) of the outstanding aggregate principal
amount of the Loans and participation interests in Letters of Credit (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)). 

“Material Adverse Effect” means a material adverse change in, or material adverse effect on (a) the business,
operations, Property condition (financial or otherwise) of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Borrower or any Guarantor to perform any of its obligations under any Loan Document to which it is
a party, (c) the validity or enforceability of any Loan Document or (d) the rights and remedies of or benefits available to the Administrative Agent, any other Agent, the Issuing Bank or any Lender under any Loan Document. 

“Material Domestic Subsidiary” means, as of any date, any Domestic Subsidiary whose total assets (based on Fair Market
Value), as of such date (as determined in good faith by the Board of Directors), are at least $5,000,000 or whose total revenues for the most recent 12-month period exceed $5,000,000. 

“Material Foreign Subsidiary” means any Foreign Subsidiary whose total assets (based on Fair Market Value), as of such
date (as determined in good faith by the Board of Directors), are at least $5,000,000 or whose total revenues for the most recent 12-month period exceed $5,000,000. 

“Material Indebtedness” means Debt (other than the Loans and Letters of Credit), or obligations in respect of one or
more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiary in an aggregate principal amount equal to or greater than $25,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the
obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value. 

“Maturity Date” means April 23, 2013. 

“Maximum Credit Amount” means, as to each Lender, the amount set forth opposite such Lender’s name on Annex I under
the caption “Maximum Credit Amounts”, as the same may be (a) reduced or terminated from time to time in connection with a reduction or termination of the Aggregate Maximum Credit Amounts pursuant to Section 2.06(b), or
(b) modified from time to time pursuant to any assignment permitted by Section 12.04(b). 
  

 22 







 “Maximum Credit Amount Increase Certificate” has the meaning assigned to
such term in Section 2.06(c)(ii)(E). 
 “Minerals Management Service” means the Minerals Management
Service of the United States Department of the Interior. 
 “MLP” means a master limited partnership with
limited partner units, regardless whether such units are traded publicly or not. 
 “MLP Asset Transfer” means
the sale, transfer or other disposition of floating infrastructure assets and other assets not comprised of Oil and Gas Properties or interests in Hydrocarbons by the Borrower or any Subsidiary to (a) an MLP, (b) a subsidiary of an MLP or
(c) a subsidiary of the Borrower which is a partner in an MLP and which, substantially contemporaneously, contributes such assets to the capital of such MLP. 

“MLP Equity Transfer” means the sale, transfer or other disposition of any Capital Stock in an MLP by the Borrower or
any Subsidiary. 
 “MLP Holdco” means any Subsidiary which owns the Capital Stock of an LP or GP. 

“MLP Transfer” means any MLP Asset Transfer, MLP Equity Transfer or GP Equity Transfer. 

“Money Laundering Laws” means the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized
rating agency. 
 “Mortgages” means the mortgages and deeds of trust described or referred to in Exhibit E.

 “Mortgaged Property” means any Property owned by the Borrower or any Guarantor which is subject to the Liens
existing and to exist under the terms of the Mortgages and Security Instruments. 
 “Net Cash Proceeds” means:

 (a) with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale
net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or
sale and satisfactorily documented in connection therewith and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements); 

 

 23 







 (b) with respect to any sale or other disposition (other than an Investment
under Section 9.05), the cash proceeds received from such sale or disposition net of all reserves for taxes reasonably expected to be paid in connection with such sale or disposition (after taking into account any available tax credit or
deductions and any tax sharing arrangements), swap termination fees in connection with the termination of Swap Agreements, investment banking fees, legal fees, accountants’ fees, underwriting discounts and commissions and other customary fees
and expenses, actually Incurred and satisfactorily documented in connection therewith; and 
 (c) with respect to
an Investment in an Infrastructure Subsidiary under Section 9.05(e) made with floating infrastructure assets and other assets not comprised of Oil and Gas Properties or interests in Hydrocarbons, if 

(i) such Infrastructure Subsidiary (or any Infrastructure Subsidiary that is a direct or indirect subsidiary of such
Infrastructure Subsidiary) shall concurrently or thereafter Incur any Debt in respect of borrowed money, 100% of the aggregate principal amount of such Debt net of original issue discount, attorneys’ fees, accountants’ fees,
underwriters’ or placement agents’ fees and other fees and charges actually Incurred in connection with such issuance or sale and satisfactorily documented in connection therewith and net of any reserve determined in good faith by the
Borrower to be required by such Infrastructure Subsidiary to maintain adequate working capital for the starting up and continued conduct of such Infrastructure Subsidiary’s operations; and 

(ii) such Infrastructure Subsidiary shall concurrently or thereafter issue or sell any Capital Stock, 100% of the Net Cash
Proceeds of such sale or offering (as determined by reference to clause (a) of this definition). 
 “New Borrowing
Base Notice” has the meaning assigned such term in Section 2.07(d). 
 “Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Non-Recourse Debt” means any
Debt of any Unrestricted Subsidiary, in respect of which: (a) the holder or holders thereof (i) shall have recourse only to, and shall have the right to require the obligations of such Unrestricted Subsidiary to be performed, satisfied,
and paid only out of, the Property of such Unrestricted Subsidiary and/or one or more of its Subsidiaries (but only to the extent that such Subsidiaries are Unrestricted Subsidiaries) and/or any other Person (other than the Borrower and/or any
Restricted Subsidiary) and (ii) shall have no direct or indirect recourse (including by way of guaranty, support or indemnity) to the Borrower or any Restricted Subsidiary or to any of the Property of the Borrower or any Restricted Subsidiary,
whether for principal, interest, fees, expenses or otherwise; (b) such Debt contains customary provisions providing that the holder(s) of such Debt shall have no recourse to the Borrower or Credit Parties or any of their respective Property and
(c) the assets financed by such Debt are floating infrastructure assets and other assets not comprised of Oil and Gas Properties or interests in Hydrocarbons of such Subsidiary. 

 

 24 







 “Notes” means the promissory notes of the Borrower described in
Section 2.02(d) and being substantially in the form of Exhibit A, together with all amendments, modifications, replacements, extensions and rearrangements thereof. 

“North Sea” means the UK Sector and surrounding areas of the North Sea. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Oil and Gas Business” means: 

(1) the business of acquiring, exploring, exploiting, developing, producing, operating and disposing of interests in oil,
natural gas, liquid natural gas and other Hydrocarbon and mineral properties or products produced in association with any of the foregoing; 

(2) the business of gathering, marketing, distributing, treating, processing, storing, refining, selling and transporting
of any production from such interests or properties and products produced in association therewith and the marketing of oil, natural gas, other Hydrocarbons and minerals obtained from unrelated Persons; 

(3) any other related energy business, including, without limitation, power generation and electrical transmission
business, directly or indirectly, from oil, natural gas and other Hydrocarbons and minerals produced substantially from properties in which the Borrower or its Subsidiaries, directly or indirectly, participates; 

(4) any business relating to oil field sales and service; and 

(5) any business or activity relating to, arising from, or necessary, appropriate or incidental to the activities
described in the foregoing clauses (1) through (4) of this definition. 
 “Oil and Gas Properties”
means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units
created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and
other agreements, including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests;
(e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable
to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests and (g) all Properties, rights, titles, interests and
estates described or referred to above, including any and all Property, real or personal, now owned or hereinafter acquired and situated upon, used, held for use or useful in connection with the operating, working or development of any of such
Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other

  

 25 







 
similar temporary uses) and including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps,
pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface
leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing. 

“Organizational Documents” means, with respect to any Person, (a) in the case of any corporation, the certificate
of incorporation and by-laws (or similar documents) of such Person, (b) in the case of any limited liability company, the certificate of formation and limited liability company agreement (or similar documents) of such Person, (c) in the
case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such Person, (d) in the case of any general partnership, the partnership agreement (or similar document) of such Person
and (e) in any other case, the functional equivalent of the foregoing. 
 “Other Taxes” means any and all
present or future stamp or documentary taxes or any other excise or Property taxes, charges or similar levies imposed by any Governmental Authority arising from any payment made hereunder or from the execution, delivery or enforcement of, or
otherwise with respect to, this Agreement and any other Loan Document. 
 “Outer Continental Shelf” shall have
the meaning ascribed to such term in the Outer Continental Shelf Lands Act, 43 U.S.C. 1331, et seq. 

“Participant” has the meaning set forth in Section 12.04(c)(i). 

“Permitted GP” means any GP of a Permitted MLP; provided that (a) the GP’s sole business is to act as the GP
of the applicable Permitted MLP and engage in activities ancillary thereto; (b) such GP owns no assets (other than (i) ownership interests in such Permitted MLP, (ii) temporarily holding assets to be transferred or distributed in
connection with a Permitted MLP Transfer or distributions from a Permitted MLP, (iii) current assets sufficient to satisfy its ordinary course operating expenses (including, if applicable, such expenses after it has become a publicly traded
company, and other assets necessary for its existence and operation as a public company) or amounts funded to such GP to cover non-budgeted items by the Borrower or any Subsidiary in accordance with Section 9.05(h) and (iv) the reserves
referred to in clause (d) below); (c) any GP Equity Issuance shall be at least at Fair Market Value of the Capital Stock subject to such GP Equity Issuance; and (d) such GP is required by its partnership agreement to distribute all
cash and cash equivalents that it receives from time to time (including pursuant to any GP Equity Issuance, if applicable) to its partners on the basis of the sharing ratios of the partners of such GP in effect at the time of such distribution,
subject to the establishment of such reserves as management of such GP determines are appropriate for general, administrative and operating expenses in the ordinary course of its business and as are prudent to maintain for the proper conduct of its
business or to provide for future distributions, in each case in accordance with the terms of the Organizational Documents of the GP; provided that such Organizational Documents are, in the reasonable judgment of the Borrower and the Administrative
Agent, in a 
  

 26 







 
form that is customary for similar entities whose primary function is to serve as a GP of entities operating as an MLP. 

“Permitted GP Equity Transfer” shall have the meaning assigned to such term in Section 9.12(f). 

“Permitted LP” means any LP of a Permitted MLP; provided that (a) the LP’s sole business is to act as an LP of
the applicable Permitted MLP and engage in activities ancillary thereto, (b) such LP owns no assets (other than (i) ownership interests in such Permitted MLP, (ii) temporarily holding assets to be transferred or distributed in
connection with a Permitted MLP Transfer or distributions from a Permitted MLP and (iii) current assets sufficient to satisfy its ordinary course operating expenses) and (c) the Organizational Documents of such LP are, in the reasonable
judgment of the Borrower and the Administrative Agent, in a form that is customary for similar entities whose primary function is to serve as an LP of entities operating as an MLP. 

“Permitted LP Equity Transfer” shall have the meaning assigned to such term in Section 9.12(f). 

“Permitted MLP” means any MLP to which the Borrower or a Subsidiary shall have made a Permitted MLP Asset Transfer,
including any successor Person to such MLP. 
 “Permitted MLP Asset Transfer” shall have the meaning assigned
to such term in Section 9.12(f). 
 “Permitted MLP Equity Transfer” shall have the meaning assigned to
such term in Section 9.12(f). 
 “Permitted MLP Holdco” means any MLP Holdco directly owning Capital Stock
of a Permitted LP and/or Permitted GP; provided that (a) such MLP Holdco’s sole business is to act as a holding company for the Capital Stock of such Permitted LP and/or Permitted GP and engage in activities ancillary thereto,
(b) such MLP Holdco owns no assets (other than (i) ownership interests in such Permitted LP and/or Permitted GP, (ii) temporarily holding assets to be transferred or distributed in connection with a Permitted MLP Transfer or
distributions from a Permitted GP or Permitted LP and (iii) current assets sufficient to satisfy its ordinary course operating expenses), (c) regardless of whether or not permissible under Article IX, such MLP Holdco has no Indebtedness
for borrowed money, and (d) the Organizational Documents of such MLP Holdco are, in the reasonable judgment of the Borrower and the Administrative Agent, in a form that is customary for similar entities whose primary function is to serve solely
as a holding company for the Capital Stock of an LP or GP. 
 “Permitted MLP Operating Agreement” means any
platform use agreement, general operating or administrative services agreement or similar agreement entered into between the Borrower or any Subsidiary and a Permitted MLP in connection with a Permitted MLP Asset Transfer. 

“Permitted MLP Transfer” shall have the meaning assigned to such term in Section 9.12(f). 

 

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 “Permitted Refinancing Debt” shall mean any Debt issued in exchange for, or
the Net Cash Proceeds of which are used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Debt being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Debt);
provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount (or accreted value, if applicable) of the Debt so Refinanced (plus unpaid accrued interest
and premium thereon and underwriting discounts or commissions and other fees and expenses in connection therewith), (b) the maturity date of such Permitted Refinancing Debt is no earlier than the first anniversary of the Maturity Date,
(c) the average life to maturity of such Permitted Refinancing Debt is greater than or equal to that of the Debt being Refinanced, (d) if the Debt being Refinanced is subordinated in right of payment to the Indebtedness, such Permitted
Refinancing Debt shall be subordinated in right of payment to the Indebtedness on terms at least as favorable to the Lenders as those contained in the documentation governing the Debt being Refinanced, (e) no Permitted Refinancing Debt shall
have obligors that are not Credit Parties hereunder, or greater guarantees or security, than the Debt being Refinanced, (f) in the case of any Permitted Refinancing Debt in respect of the Debt under the Second Lien Notes, such Permitted
Refinancing Debt is secured only by all or any portion of the Property (but not by any other assets) pursuant to one or more security agreements subject to the Intercreditor Agreement (or another intercreditor agreement that is no less favorable to
the Lenders than the Intercreditor Agreement) and (g) has no scheduled amortization, payments of principal, sinking fund payments or similar scheduled payments (other than regularly scheduled payments of interest), and shall have provisions
relating to mandatory prepayment, repurchase, redemption and offers to purchase that are consistent with the Debt so Refinanced. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan, as
defined in section 3(2) of ERISA, which (a) is currently or hereafter sponsored, maintained or contributed to by the Borrower, a Subsidiary or an ERISA Affiliate or (b) was at any time during the six calendar years preceding the date
hereof, sponsored, maintained or contributed to by the Borrower or a Subsidiary or an ERISA Affiliate. 
 “Pledge
Agreements” means the Foreign Pledge Agreement. 
 “Preferred Stock” as applied to the Capital Stock
of any corporation, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such corporation. 
 “Prime Rate” means the
rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such
change is publicly announced as being effective. Such rate is set by the Administrative Agent as a general reference rate of interest, taking into account such factors as the Administrative Agent may deem appropriate; it being understood that many
of the Administrative Agent’s commercial or other loans are priced in relation to such rate, that it is not necessarily the lowest or best rate actually 

 

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charged to any customer and that the Administrative Agent may make various commercial or other loans at rates of interest having no relationship to such rate. 

“Production Payments and Reserve Sales” means the grant or transfer by the Borrower or a Subsidiary to any Person of a
royalty, overriding royalty, net profits interest, Volumetric Production Payments, Dollar-Denominated Production Payments, partnership or other interest in Oil and Gas Properties, reserves or the right to receive all or a portion of the production
or the proceeds from the sale of production attributable to such properties where the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor or transferor to operate and
maintain, or cause the subject interests to be operated and maintained, in a reasonably prudent manner or other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters
customary in the Oil and Gas Business, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists or other providers of
technical services to the Borrower or a Subsidiary and including overriding royalty interests in the form of net profits interests in Oil and Gas Properties granted to vendors in exchange for Oil and Gas Property development services. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible, including, without limitation, cash, securities, accounts and contract rights. 
 “Proposed Borrowing
Base” has the meaning assigned to such term in Section 2.07(c)(i). 
 “Proposed Borrowing Base
Notice” has the meaning assigned to such term in Section 2.07(c)(ii). 
 “Proved Reserves” means
the estimated quantities of crude oil, condensate, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and
operating conditions (i.e., prices and costs as of the date the estimate is made). 
 “Protective Liens” means
Liens granted in connection with the disposition of an asset in order to protect the economic rights of the purchaser of such asset therein in the event such disposition were recharacterized as a financing transaction in which ownership was retained
by the seller of such asset. 
 “PV-10 Value” means, as of any date of determination, the present value of
future cash flows from Proved Reserves on the Borrower’s and the Subsidiaries’ Oil and Gas Properties as set forth in the Initial Reserve Report or the most recent Reserve Report delivered pursuant to Section 8.12, utilizing
(a) in the case of any Oil and Gas Properties located in, or in U.S. Federal waters adjacent to, the United States or any of its territories or possessions, the average of the Three-Year Strip Price for crude oil (WTI Cushing) and natural gas
(Henry Hub), quoted on the New York Mercantile Exchange (or its successor), (b) in the case of any Oil and Gas Properties located in the North Sea, the average of the Three-Year Strip Price for crude oil (North Sea Brent) and natural gas (UK
National Balancing Point), in each case quoted on the International 
  

 29 







 
Petroleum Exchange (or its successor) and (c) in the case of any Oil and Gas Properties located in any other jurisdiction, the average of the Three-Year Strip Price for crude oil and natural
gas, in each case quoted on any commodities exchange or other price quotation source generally recognized in the oil and gas industry in such jurisdiction and reasonably acceptable to the Administrative Agent, in the case of each of
clauses (a), (b) and (c), as of the date as of which the information set forth in such Reserve Report is provided (as adjusted for basis differentials) and utilizing a 10% discount rate. PV-10 Value shall be adjusted to give effect to the
Swap Agreements of the Borrower and the Subsidiaries then in effect. For purposes of calculating PV-10 Value, any future cash flow calculations set forth in any Reserve Report and made in any currency other than dollars shall be converted into
dollars based on the Exchange Rate on the date as of which the information set forth in such Reserve Report is provided. 

“Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment, defeasance or any other
acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the correlative meaning thereto. 

“Redetermination Date” means, with respect to any Scheduled Redetermination or any Interim Redetermination, the date
that the redetermined Borrowing Base related thereto becomes effective pursuant to Section 2.07(d). 

“Register” has the meaning assigned such term in Section 12.04(b)(iv). 

“Regulation D” means Regulation D of the Board, as the same may be amended, supplemented or replaced from time to time.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates. 

“Release” means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning,
emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing. 
 “Remedial Work” has
the meaning assigned such term in Section 8.10(a). 
 “Required Lenders” means, at any time while no Loans
or LC Exposure are outstanding, Lenders having at least sixty-six and two-thirds percent (66-2/3%) of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure are outstanding, Lenders holding at least sixty-six and
two-thirds percent (66-2/3%) of the outstanding aggregate principal amount of the Loans or participation interests in such Letters of Credit (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)).

 “Reserve Report” means a report, in form and substance reasonably satisfactory to the
Administrative Agent, setting forth, as of each
December 31st or
June 30th (or such other date in the event of an
Interim Redetermination), the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries, together with a projection of the rate of production and future net income, taxes, operating expenses and
Capital Expenditures with 
  

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respect thereto as of such date, based upon the economic assumptions consistent with the Administrative Agent’s lending requirements at the time. 

“Reserve Report Certificate” means a certificate of a Responsible Officer in substantially the form of Exhibit H
attached hereto certifying as the matters set forth in Section 8.12(c). 
 “Responsible Officer” means, as
to any Person, the Chief Executive Officer, the President, any Financial Officer or any Vice President of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Borrower.

 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other
Property) with respect to any Capital Stock in the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such Capital Stock in the Borrower or any of its Subsidiaries. 

“Restricted Subsidiary” means any Subsidiary of the Borrower that is not an Unrestricted Subsidiary. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Loans and its LC Exposure at such time. 
 “Scheduled Redetermination” has the meaning
assigned such term in Section 2.07(b). 
 “Scheduled Redetermination Date” means the date on which a
Borrowing Base that has been redetermined pursuant to a Scheduled Redetermination becomes effective as provided in Section 2.07(d). 

“SEC” means the Securities and Exchange Commission or any successor Governmental Authority. 

“Second Lien Notes” means the Borrower’s 11.875% Senior Second Lien Notes due 2015, in an aggregate principal
amount up to $1,600,000,000. 
 “Second Lien Notes Closing” means the closing of the Borrower’s issuance
of the Second Lien Notes concurrent with the Effective Date. 
 “Security Instruments” means the Guarantee and
Collateral Agreement, the Pledge Agreements, the Mortgages and other agreements, instruments or certificates described or referred to in Exhibit E, and any and all other agreements, instruments, consents or certificates now or hereafter executed and
delivered by the Borrower or any other Person (other than Swap Agreements with the Lenders or any Affiliate of a Lender or participation or similar agreements between any Lender and any other Lender or Treasury Management Agreements) in connection
with, or as security for the payment or performance of the Indebtedness, the Notes, this Agreement, reimbursement obligations under the Letters of Credit, as such agreements may be amended, modified, supplemented or restated from time to time.

  

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 “Specified Convertible Preferred” means 1,400,000 shares of the
Borrower’s 8% convertible perpetual preferred stock issued September 29, 2009. 
 “S&P” means
Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which
the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by
the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any other Person whose
Capital Stock representing more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Capital Stock of any other class or classes of such Person shall have or might have voting power by
reason of the happening of any contingency) or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more
subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the Borrower. 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or
similar agreement, whether exchange traded, “over-the-counter” or otherwise, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing
indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions, including any Commodity Agreement, Currency Agreement, or Interest Rate Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s)
and (b)
  

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for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the counterparties to such Swap
Agreements. 
 “Synthetic Leases” means, in respect of any Person, all leases which shall have been, or should
have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness for borrowed
money for purposes of U.S. federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of the Property subject to
such operating lease upon expiration or early termination of such lease. 
 “Synthetic Lease Obligations” shall
mean, as to any Person, an amount equal to the capitalized amount of the remaining lease payments under any Synthetic Lease that would appear on a balance sheet of such Person in accordance with GAAP if such obligations were accounted for as
Capitalized Lease Obligations. 
 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority. 
 “Termination Date” means the
earlier of the Maturity Date and the date of termination of the Commitments. 
 “Total Debt” means, at any
date, all Debt and all Production Payments and Reserve Sales of the Borrower and the Consolidated Restricted Subsidiaries, excluding non-cash gains and losses under Swap Agreements under FASB consolidation rules. 

“Transactions” means, with respect to (a) the Borrower, the execution, delivery and performance by the Borrower of
this Agreement and each other Loan Document to which it is a party, the borrowing of Loans, the issuance of the Senior Notes the use of the proceeds thereof and the issuance of Letters of Credit hereunder, and the grant of Liens by the Borrower on
Mortgaged Properties and other Properties pursuant to the Security Instruments and (b) each Guarantor, the execution, delivery and performance by such Guarantor of each Loan Document to which it is a party, the guaranteeing of the Indebtedness
and the other obligations under the Guarantee and Collateral Agreement by such Guarantor and such Guarantor’s grant of the security interests and provision of collateral under the Security Instruments, and the grant of Liens by such Guarantor
on Mortgaged Properties and other Properties pursuant to the Security Instruments. 
 “Treasury Management
Agreements” means any agreements regarding bank services provided to any Credit Party for commercial credit cards, stored value cards and treasury management services, including, without limitation, controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository network services. 
 “Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Alternate Base Rate or the Adjusted LIBO Rate. 

 

 33 







 “UK Sector” means the jurisdiction of the United Kingdom commonly referred
to as the UK Sector—North Sea. 
 “UCC” shall mean the Uniform Commercial Code as in effect in the State
of New York, and any successor statute, as in effect from time to time (except that terms used herein which are defined in the Uniform Commercial Code as in effect in the State of New York on the date hereof shall continue to have the same meaning
notwithstanding any replacement or amendment of such statute except as the Administrative Agent may otherwise determine). 

“Unrestricted Subsidiary” means: 

(y) ATP Infrastructure Partners, L.P., ATP IP-GP, LLC, ATP IP-LP, LLC and ATP Holdco, LLC and any other Infrastructure
Subsidiary, whether in existence on the Effective Date or created thereafter, designated an Unrestricted Subsidiary by the Borrower in accordance with the requirements of Section 9.18; 

(z) any Subsidiary of the Borrower that at the time of determination shall be designated an Unrestricted Subsidiary by the
Borrower in accordance with the requirements of Section 9.18; and 
 (aa) any subsidiary of an Unrestricted
Subsidiary. 
 “Volumetric Production Payments” means production payment obligations recorded as deferred
revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith. 

“Wholly-Owned Subsidiary” means (a) any Restricted Subsidiary of which all of the outstanding Capital Stock (other
than any directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Borrower or one or more of the Wholly-Owned Subsidiaries or are owned by the Borrower and one or more of the Wholly-Owned Subsidiaries
or (b) any Subsidiary that is organized in a foreign jurisdiction and is required by the applicable laws and regulations of such foreign jurisdiction to be partially owned by the government of such foreign jurisdiction or individual or
corporate citizens of such foreign jurisdiction, provided that the Borrower, directly or indirectly, owns the remaining Capital Stock in such Subsidiary and, by contract or otherwise, controls the management and business of such Subsidiary and
derives economic benefits of ownership of such Subsidiary to substantially the same extent as if such Subsidiary were a Wholly-Owned Subsidiary. 

Section 1.03 Types of Loans and Borrowings. For purposes of this Agreement, Loans and Borrowings, respectively, may be
classified and referred to by Type (e.g., a “Eurodollar Loan” or a “Eurodollar Borrowing”). 

Section 1.04 Terms Generally; Rules of Construction. The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” as used in this
Credit Agreement shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise
(a)
  

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any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended,
modified, codified or reenacted, in whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in the
Loan Documents), (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(e) with respect to the determination of any time period, the word “from” means “from and including” and the word “to” means “to and including” and (f) any reference herein to Articles, Sections,
Annexes, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or any other Loan Document shall be interpreted or construed against any
Person solely because such Person or its legal representative drafted such provision. 
 Section 1.05 Accounting Terms
and Determinations; GAAP. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and
reports as to financial matters required to be furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent with the Financial Statements except for changes in which
Borrower’s independent certified public accountants concur and which are disclosed to Administrative Agent on the next date on which financial statements are required to be delivered to the Lenders pursuant to Section 8.01(a); provided
that, unless the Borrower and the Majority Lenders shall otherwise agree in writing, no such change shall modify or affect the manner in which compliance with the covenants contained herein is computed such that all such computations shall be
conducted utilizing financial information presented consistently with prior periods. 
 ARTICLE II 

The Credits 

Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Loans to the
Borrower during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the total Revolving Credit Exposures exceeding
the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow the Loans. 

Section 2.02 Loans and Borrowings. 

(a) Borrowings; Several Obligations. Each Loan shall be made as part of a Borrowing consisting of Loans made by the
Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments are several and no
Lender shall be responsible for any other Lender’s failure to make Loans as required. 
  

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 (b) Types of Loans. Subject to Section 3.03, each Borrowing
shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

(c) Minimum Amounts; Limitation on Number of Borrowings. At the commencement of each Interest Period for any
Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $3,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an
integral multiple of $500,000 and not less than $1,000,000; provided that an ABR Borrowing may be in a lesser aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.08(e). Borrowings of more than one Type may be outstanding at the same time, provided that there shall not at any time be more than a total of eight Eurodollar Borrowings outstanding. Notwithstanding
any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

(d) Notes. If requested by a Lender, the Loans made by each Lender shall be evidenced by a single promissory note
of the Borrower in substantially the form of Exhibit A, dated, in the case of (i) any Lender party hereto as of the date of this Agreement, as of the date of this Agreement, (ii) any Lender that becomes a party hereto pursuant to an
Assignment and Assumption, as of the effective date of the Assignment and Assumption, or (iii) any Lender that becomes a party hereto in connection with an increase in the Aggregate Maximum Credit Amounts pursuant to Section 2.06(c), as of
the effective date of such increase, payable to the order of such Lender in a face principal amount of up to its Maximum Credit Amount as in effect on such date, and otherwise duly completed. In the event that any Lender’s Maximum Credit Amount
increases or decreases for any reason (whether pursuant to Section 2.06, Section 12.04(b) or otherwise), the Borrower shall deliver or cause to be delivered on the effective date of such increase or decrease, a new Note payable to such
Lender in a principal amount equal to its Maximum Credit Amount after giving effect to such increase or decrease, and otherwise duly completed. The date, amount, Type, interest rate and, if applicable, Interest Period of each Loan made by each
Lender, and all payments made on account of the principal thereof, shall be recorded by such Lender on its books for its Note, and, prior to any transfer, may be endorsed by such Lender on a schedule attached to such Note or any continuation thereof
or on any separate record maintained by such Lender. Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such
transfer by any Lender of its Note. 
 Section 2.03 Requests for Borrowings. To request a Borrowing, the Borrower
shall notify the Administrative Agent of such request by telephone or e-mail, with respect to the initial Borrowing on the date of closing, and by telephone or e-mail, with respect to each subsequent Borrowing, (a) in the case of a Eurodollar
Borrowing, not later than 12:00 Noon, New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed

  

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Borrowing; provided that no such notice shall be required for any deemed request of an ABR Borrowing to finance the reimbursement of an LC Disbursement as provided in Section 2.08(e). Each
such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in substantially the form of Exhibit B and signed by the Borrower.
Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(a) the aggregate amount of the requested Borrowing; 

(b) the date of such Borrowing, which shall be a Business Day; 

(c) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(d) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; 
 (e) the amount of the then effective
Borrowing Base, the current total Revolving Credit Exposures (without regard to the requested Borrowing) and the pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing); and 

(f) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.05. 
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Each Borrowing Request shall constitute a
representation that the amount of the requested Borrowing shall not cause the total Revolving Credit Exposures to exceed the total Commitments (i.e., the lesser of the Aggregate Maximum Credit Amounts and the then effective Borrowing Base).

 Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.04 Interest Elections. 

(a) Conversion and Continuance. Each Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in
the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.04. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably 
  

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among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) Interest Election Requests. To make an election pursuant to this Section 2.04, the Borrower shall notify
the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective
date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in substantially the form of
Exhibit C and signed by the Borrower. 
 (c) Information in Interest Election Requests. Each telephonic
and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect
to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to Section 2.04(c)(ii) and (iii) shall be specified for each resulting Borrowing);

 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a
Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after
giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Notice to Lenders by the Administrative Agent. Promptly following receipt of an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) Effect of Failure to Deliver Timely Interest Election Request and Events of Default and Borrowing Base Deficiencies
on Interest Election. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided
herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default or a Borrowing Base Deficiency has occurred and is continuing: (i) no
outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing (and any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing

  

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shall be ineffective) and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

Section 2.05 Funding of Borrowings. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds by 2:00 p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York, New York or such other account designated by Borrower in the applicable
Borrowing Request; provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.08(e) shall be remitted by the Administrative Agent to the Issuing Bank. Nothing herein shall be deemed to obligate any
Lender to obtain the funds for its Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular place or manner. 

(b) Presumption of Funding by the Lenders. Unless the Administrative Agent shall have received notice from a Lender
prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such
date in accordance with Section 2.05(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount together with the accrued interest thereon without duplication, for each day from and
including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Loan included in such Borrowing. 
 Section 2.06 Termination, Reduction and
Increase of Aggregate Maximum Credit Amounts. 
 (a) Scheduled Termination of Commitments. Unless
previously terminated, the Commitments shall terminate on the Maturity Date. If at any time the Aggregate Maximum Credit Amounts are, or the Borrowing Base is, terminated or reduced to zero, then the Commitments shall terminate on the effective date
of such termination or reduction. 
 (b) Optional Termination and Reduction of Aggregate Credit Amounts.

 (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts;
provided that (A) each reduction of the 
  

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Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $10,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if,
after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(b), the total Revolving Credit Exposures would exceed the total Commitments. 

(ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum
Credit Amounts under Section 2.06(b)(i) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the
Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable. Any termination or reduction of the Aggregate Maximum Credit Amounts shall
be permanent and may not be reinstated. Each reduction of the Aggregate Maximum Credit Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage. 

(c) Optional Increase in Aggregate Maximum Credit Amounts. 

(i) Subject to the conditions set forth in Section 2.06(c)(ii), the Borrower may increase the Aggregate Maximum
Credit Amounts then in effect without the prior consent of the Lenders by increasing the Maximum Credit Amount of a Lender or by causing a Person that at such time is not a Lender to become a Lender (an “Additional Lender”).

 (ii) Any increase in the Aggregate Maximum Credit Amounts shall be subject to the following additional
conditions: 
 (A) such increase shall not be less than $25,000,000 unless the Administrative Agent otherwise
consents, and no such increase shall be permitted if after giving effect thereto the Aggregate Maximum Credit Amounts would exceed $150,000,000.00; 

(B) no Event of Default shall have occurred and be continuing at the effective date of such increase; 

(C) on the effective date of such increase, no Eurodollar Borrowings shall be outstanding or if any Eurodollar Borrowings
are outstanding, then the effective date of such increase shall be the last day of the Interest Period in respect of such Eurodollar Borrowings unless the Borrower pays compensation required by Section 5.02; 

(D) no Lender’s Maximum Credit Amount may be increased without the consent of such Lender; 

(E) if the Borrower elects to increase the Aggregate Maximum Credit Amounts by increasing the Maximum Credit Amount of a
Lender, the Borrower and such Lender shall execute and deliver to the Administrative Agent a certificate substantially in the form of Exhibit G-1 (a “Maximum Credit Amount Increase Certificate”), together with a processing and
recordation fee of $3,500, and, if requested, the Borrower shall deliver a new Note payable to the order of such Lender in a principal amount equal to its Maximum Credit Amount after giving effect to such increase, and otherwise duly completed;

  

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 (F) if the Borrower elects to increase the Aggregate Maximum Credit Amounts
by causing an Additional Lender to become a party to this Agreement, then the Borrower and such Additional Lender shall execute and deliver to the Administrative Agent a certificate substantially in the form of Exhibit G-2 (an “Additional
Lender Certificate”), together with an Administrative Questionnaire and a processing and recordation fee of $3,500, and, if requested, the Borrower shall deliver a Note payable to the order of such Additional Lender in a principal amount
equal to its Maximum Credit Amount, and otherwise duly completed; and 
 (G) Each Additional Lender must be
approved in writing by the Administrative Agent. 
 (iii) Subject to acceptance and recording thereof pursuant to
Section 2.06(c)(iv), from and after the effective date specified in the Maximum Credit Amount Increase Certificate or the Additional Lender Certificate (or if any Eurodollar Borrowings are outstanding, then the last day of the Interest Period
in respect of such Eurodollar Borrowings, unless the Borrower has paid compensation required by Section 5.02): (A) the amount of the Aggregate Maximum Credit Amounts shall be increased as set forth therein, and (B) in the case of an
Additional Lender Certificate, any Additional Lender party thereto shall be a party to this Agreement and the other Loan Documents and have the rights and obligations of a Lender under this Agreement and the other Loan Documents. In addition, the
Lender or the Additional Lender, as applicable, shall purchase a pro rata portion of the outstanding Loans (and participation interests in Letters of Credit) of each of the other Lenders (and such Lenders hereby agree to sell and to take all such
further action to effectuate such sale) such that each Lender (including any Additional Lender, if applicable) shall hold its Applicable Percentage of the outstanding Loans (and participation interests) after giving effect to the increase in the
Aggregate Maximum Credit Amounts. 
 (iv) Upon its receipt of a duly completed Maximum Credit Amount Increase
Certificate or an Additional Lender Certificate, executed by the Borrower and the Lender or the Borrower and the Additional Lender party thereto, as applicable, the processing and recording fee referred to in Section 2.06(c)(ii), the
Administrative Questionnaire referred to in Section 2.06(c)(ii), if applicable, and the written approval by the Administrative Agent of any Additional Lender required by Section 2.06(c)(ii), the Administrative Agent shall accept such
Maximum Credit Amount Increase Certificate or Additional Lender Certificate and record the information contained therein in the Register required to be maintained by the Administrative Agent pursuant to Section 12.04(b)(iv). No increase in the
Aggregate Maximum Credit Amounts shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 2.06(c)(iv). 

Section 2.07 Borrowing Base. 

(a) Initial Borrowing Base. For the period from and including the Effective Date to but excluding the first
Redetermination Date, the amount of the Borrowing Base shall be $100,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 8.13(c),
Section 9.05 and Section 9.12. 
  

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 (b) Scheduled and Interim Redeterminations. The Borrowing Base shall
be redetermined semi-annually in accordance with this Section 2.07 (a “Scheduled Redetermination”), and, subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower,
the Administrative Agent, the Issuing Bank and the Lenders on April 1st and October 1st of each year, commencing October 1, 2010. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative
Agent may, at the direction of the Required Lenders, by notifying the Borrower thereof, one time during any 12-month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim
Redetermination”) in accordance with this Section 2.07. 
 (c) Scheduled and Interim
Redetermination Procedure. 
 (i) Each Scheduled Redetermination and each Interim Redetermination shall be
effectuated as follows: Upon receipt by the Administrative Agent of (A) the Reserve Report and the Reserve Report Certificate, and (B) such other reports, data and supplemental information, including, without limitation, the information
provided pursuant to Section 8.12(c), as may, from time to time, be reasonably requested by the Majority Lenders (the Reserve Report, such certificate and such other reports, data and supplemental information being the “Engineering
Reports”), the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in its sole discretion, propose a new Borrowing Base (the “Proposed Borrowing Base”) based upon such
information and such other information as the Administrative Agent deems appropriate in its sole discretion and consistent with its normal oil and gas lending criteria as it exists at the particular time. In no event shall the Borrowing Base exceed
the Aggregate Maximum Credit Amounts. 
 Without limitation of the generality of the foregoing, the Administrative Agent and the
Lenders will calculate the Borrowing Base considering the following factors: 
 (a) the Proved Reserves
attributable to the Borrower’s and its Subsidiaries’ Oil and Gas Properties; and 
 (b) the
Borrower’s direct or indirect interests in reusable floating infrastructure assets to the extent a Lien in form and substance reasonably satisfactory to the Administrative Agent can be granted on either the asset or the Borrower’s Capital
Stock in the Person owning the asset. 
 (ii) The Administrative Agent shall notify the Borrower and the Lenders
of the Proposed Borrowing Base (the “Proposed Borrowing Base Notice”): 
 (A) in the case of a
Scheduled Redetermination (1) if the Administrative Agent shall have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on or before the
March 15th and September 15th of such year following the date of delivery or (2) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and
(c) in a timely and complete manner, then promptly after the Administrative Agent has received complete Engineering Reports from 

 

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the Borrower and has had a reasonable opportunity to determine the Proposed Borrowing Base in accordance with Section 2.07(c)(i); and 

(B) in the case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the
Administrative Agent has received the required Engineering Reports. 
 (iii) Any Proposed Borrowing Base that
would increase the Borrowing Base then in effect must be approved or deemed to have been approved by all of the Lenders in their sole discretion as provided in this Section 2.07(c)(iii); and any Proposed Borrowing Base that would decrease or
maintain the Borrowing Base then in effect must be approved or be deemed to have been approved by the Required Lenders in their sole discretion as provided in this Section 2.07(c)(iii). Upon receipt of the Proposed Borrowing Base Notice, each
Lender shall have fifteen (15) days to agree with the Proposed Borrowing Base or disagree with the Proposed Borrowing Base by proposing an alternate Borrowing Base. If at the end of such fifteen (15) days, any Lender has not communicated
its approval or disapproval in writing to the Administrative Agent, such silence shall be deemed to be an approval of the Proposed Borrowing Base. If, at the end of such 15-day period, all of the Lenders, in the case of a Proposed Borrowing Base
that would increase the Borrowing Base then in effect, or the Required Lenders, in the case of a Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect, have approved or deemed to have approved, as aforesaid, then
the Proposed Borrowing Base shall become the new Borrowing Base, effective on the date specified in Section 2.07(d). If, however, at the end of such 15-day period, all of the Lenders or the Required Lenders, as applicable, have not approved or
deemed to have approved, as aforesaid, then the Administrative Agent shall poll the Lenders to ascertain the highest Borrowing Base then acceptable to all of the Lenders or a number of Lenders sufficient to constitute the Required Lenders, as
applicable, and, so long as such amount does not increase the Borrowing Base then in effect, such amount shall become the new Borrowing Base, effective on the date specified in Section 2.07(d). 

(d) Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base is approved or is deemed to
have been approved by all of the Lenders or the Required Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders of the amount of the redetermined Borrowing Base (the
“New Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Lenders: 

(i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering
Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the April 1st or October 1st, as applicable, following such notice, or (B) if the Administrative
Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the Business Day next succeeding delivery of such New Borrowing
Base Notice; and 
  

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 (ii) in the case of an Interim Redetermination, on the Business Day next
succeeding delivery of such notice. 
 Such amount shall then become the Borrowing Base until the next Scheduled Redetermination Date, the next
Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.07(e), Section 8.13(c), Section 9.05 or Section 9.12, whichever occurs first. Notwithstanding the foregoing, no Scheduled Redetermination
or Interim Redetermination shall become effective until the New Borrowing Base Notice related thereto is received by the Borrower. 

(e) Reduction of Borrowing Base Upon Termination of Hedge Positions. If the Borrower or any Subsidiary shall
terminate or create any off-setting positions in respect of any hedge positions (whether evidenced by a floor, put or Swap Agreement) upon which the Lenders relied in determining the Borrowing Base, then the Borrowing Base shall be contemporaneously
reduced in an amount determined by the Required Lenders equal to the economic value of such hedge positions. 

Section 2.08 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Borrower may request the issuance of dollar
denominated Letters of Credit for its own account or for the account of any of its Restricted Subsidiaries, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability
Period; provided that the Borrower may not request the issuance, amendment, renewal or extension of Letters of Credit hereunder if a Borrowing Base Deficiency exists at such time or would exist as a result thereof. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any
Letter of Credit, the terms and conditions of this Agreement shall control. 
 (b) Notice of Issuance,
Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (not less than five (5) Business Days in advance of the requested date of issuance, amendment, renewal or
extension) a notice: 
 (i) requesting the issuance of a Letter of Credit or identifying the Letter of Credit to
be amended, renewed or extended; 
 (ii) specifying the date of issuance, amendment, renewal or extension (which
shall be a Business Day); 
 (iii) specifying the date on which such Letter of Credit is to expire (which shall
comply with Section 2.08(c)); 
 (iv) specifying the amount of such Letter of Credit; 

 

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 (v) specifying the name and address of the beneficiary thereof and such
other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit; and 
 (vi)
specifying the amount of the then effective Borrowing Base and whether a Borrowing Base Deficiency exists at such time, the current total Revolving Credit Exposures (without regard to the requested Letter of Credit or the requested amendment,
renewal or extension of an outstanding Letter of Credit) and the pro forma total Revolving Credit Exposures (giving effect to the requested Letter of Credit or the requested amendment, renewal or extension of an outstanding Letter of Credit).

 Each notice shall constitute a representation that after giving effect to the requested issuance, amendment, renewal or extension, as
applicable, (i) the LC Exposure shall not exceed the LC Commitment and (ii) the total Revolving Credit Exposures shall not exceed the total Commitments (i.e. the lesser of the Aggregate Maximum Credit Amounts and the then effective
Borrowing Base). 
 If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s
standard form in connection with any request for a Letter of Credit. 
 (c) Expiration Date. Each Letter
of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or
extension) and (ii) the date that is five Business Days prior to the Maturity Date. 
 (d)
Participations. On the date of the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby
grants to each Lender, and each Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In
consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement
made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in Section 2.08(e), or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its
obligation to acquire participations pursuant to this Section 2.08(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any
Letter of Credit or the occurrence and continuance of a Default, the existence of a Borrowing Base Deficiency or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 
 (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect
of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if
the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, 

 

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or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower
receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior
to such time on the day of receipt; provided that if such LC Disbursement is not less than $1,000,000, the Borrower shall, subject to the conditions to Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request
under such circumstances, that such payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR
Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable
Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to
Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders.
Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this Section 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made
payments pursuant to this Section 2.08(e) to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this Section 2.08(e) to reimburse the Issuing Bank
for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 

(f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
Section 2.08(e) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or
enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or of any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in
any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of
Credit or any Letter of Credit Agreement, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.08(f), constitute a legal or equitable
discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their Related Parties shall have any liability or responsibility by reason
of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission,
interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical
terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct

  

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damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by
the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised all requisite care in each such determination. In furtherance of the foregoing and
without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in
strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing
Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed
by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse
the Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the
Issuing Bank shall make any LC Disbursement, then, until the Borrower shall have reimbursed the Issuing Bank for such LC Disbursement (either with its own funds or a Borrowing under Section 2.08(e)), the unpaid amount thereof shall bear
interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans. Interest accrued pursuant to this
Section 2.08(h) shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to Section 2.08(e) to reimburse the Issuing Bank shall be for the account of such Lender to
the extent of such payment. 
 (i) Cash Collateralization. If (i) any Event of Default shall occur
and be continuing and the Borrower receives notice from the Administrative Agent or the Majority Lenders demanding the deposit of cash collateral pursuant to this Section 2.08(i), or (ii) the Borrower is required to pay to the
Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then the Borrower shall deposit, in an account with the Administrative Agent, in the name of the Administrative Agent
and for the benefit of the Lenders, an amount in cash equal to, in the case of an Event of Default, the LC Exposure, and in the case of a payment required by Section 3.04(c), the amount of such excess as provided in Section 3.04(c), as of
such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any
kind, upon the occurrence of any Event of Default with respect to the Borrower or any Restricted Subsidiary described in Section 10.01(h), Section 10.01(i) or Section 10.01(j). The Borrower hereby grants to the Administrative Agent,
for the benefit of the Issuing Bank and the Lenders, an exclusive first priority and continuing perfected security 
  


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interest in and Lien on such account and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in such account, all deposits or wire transfers made
thereto, any and all investments purchased with funds deposited in such account, all interest, dividends, cash, instruments, financial assets and other Property from time to time received, receivable or otherwise payable in respect of, or in
exchange for, any or all of the foregoing, and all proceeds, products, accessions, rents, profits, income and benefits therefrom, and any substitutions and replacements therefor. The Borrower’s obligation to deposit amounts pursuant to this
Section 2.08(i) shall be absolute and unconditional, without regard to whether any beneficiary of any such Letter of Credit has attempted to draw down all or a portion of such amount under the terms of a Letter of Credit, and, to the fullest
extent permitted by applicable law, shall not be subject to any defense or be affected by a right of set-off, counterclaim or recoupment which the Borrower or any of its Subsidiaries may now or hereafter have against any such beneficiary, the
Issuing Bank, the Administrative Agent, the Lenders or any other Person for any reason whatsoever. Such deposit shall be held as collateral securing the payment and performance of the Borrower’s and the Guarantor’s obligations under this
Agreement and the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which
investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower and the Guarantors under this Agreement or the other Loan
Documents. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, and the Borrower is not otherwise required to pay to the Administrative Agent the excess attributable to
an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or
waived. 
 ARTICLE III 

Payments of Principal and Interest; Prepayments; Fees 

Section 3.01 Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Loan on the Termination Date. 
 Section 3.02
Interest. 
 (a) ABR Loans. The Loans comprising each ABR Borrowing shall bear interest at the
Alternate Base Rate plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. 
  

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 (b) Eurodollar Loans. The Loans comprising each Eurodollar Borrowing
shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. 

(c) Post-Default Rate. Notwithstanding the foregoing, during the continuance of an Event of Default the Majority
Lenders may, at their option, by notice to the Borrower, declare that (A) each Eurodollar Borrowing shall bear interest for the remainder of the applicable Interest Period at the Adjusted LIBO Rate plus the Applicable Margin plus 2% per
annum, (B) each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate in effect from time to time plus the Applicable Margin plus 2% per annum and (C) the fees described in Section 3.05(b) shall
be increased by 2% per annum, provided that, during the continuance of an Event of Default under Section 10.01(h) or Section 10.01(i), the interest rates set forth in clauses (A) and (B) above and the increase in the Letter
of Credit fee set forth in clause (C) above shall be applicable to all Borrowings without any election or action on the part of the Administrative Agent or any Lender. 

(d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an optional prepayment of
an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the
end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) Interest Rate Computations. All interest hereunder shall be computed on the basis of a year of 360 days, unless
such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the
Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto. 

Section 3.03 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by the Majority Lenders that the Adjusted LIBO Rate or LIBO Rate, as applicable,
for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 

 

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 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made either as an ABR
Borrowing or at an alternate rate of interest determined by the Majority Lenders as their cost of funds. 
 Section 3.04
Prepayments. 
 (a) Optional Prepayments. Subject to any break funding costs payable pursuant to
Section 5.02 and prior notice in accordance with Section 3.04(b), the Borrower shall have the right at any time and from time to time to (i) prepay any ABR Borrowing in whole in or in part, in a minimum aggregate amount of $1,000,000
or any integral multiple of $500,000 in excess thereof or if less than $1,000,000, the remaining balance of the ABR Loans, and (ii) prepay any Eurodollar Borrowing in whole or in part, in a minimum aggregate amount of $3,000,000 or any integral
multiple of $500,000 in excess thereof or if less than $3,000,000, the remaining balance of such Eurodollar Borrowing. 

(b) Notice and Terms of Optional Prepayment. The Borrower shall notify the Administrative Agent by telephone
(confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of prepayment, or (ii) in the case of
prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that
would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied
by accrued interest to the extent required by Section 3.02. 
 (c) Mandatory Prepayments. 

(i) If, after giving effect to any termination or reduction of the Aggregate Maximum Credit Amounts pursuant to
Section 2.06(b), the total Revolving Credit Exposures exceed the total Commitments, then the Borrower shall (A) prepay the Borrowings on the date of such termination or reduction in an aggregate principal amount equal to such excess, and
(B) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in
Section 2.08(i). 
 (ii) Upon any redetermination of or adjustment to the amount of the Borrowing Base in
accordance with Section 2.07 (other than Section 2.07(e)) or Section 8.13(c), if the total Revolving Credit Exposures exceed the redetermined or adjusted Borrowing Base, 

 

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then the Borrower shall within 30 days after its receipt of a New Borrowing Base Notice give written notice to the Administrative Agent of the Borrower’s election to: (A) within 60 days
following its receipt of such New Borrowing Base Notice prepay the Loans in an aggregate principal amount equal to such excess (provided that all payments required to be made pursuant to this Section 3.04(c)(ii) must be made on or prior to the
Termination Date), (B) prepay the Loans in six (6) equal monthly installments, commencing on the day such election is made with each payment being equal to 1/6th of the aggregate principal amount of such excess (provided that all payments
required to be made pursuant to this Section 3.04(c)(ii) must be made on or prior to the Termination Date), (C) within 30 days following its receipt of such New Borrowing Base Notice, provide additional collateral in the form of additional
Oil and Gas Properties having proved reserves not evaluated in the most recently delivered Reserve Report or other collateral reasonably acceptable to the Administrative Agent having a Borrowing Base value (as proposed by the Administrative Agent
and approved by the Required Lenders) sufficient, after giving effect to any other actions taken pursuant to this Section 3.04(c)(ii) to eliminate any such excess or (D) undertake a combination of clauses (A), (B) and (C). If, because
of Letter of Credit Exposure, a Borrowing Base Deficiency remains after prepaying all of the Loans, the Borrower shall cash collateralize such remaining Borrowing Base Deficiency as provided in Section 2.08(i). 

(iii) Upon any adjustments to the Borrowing Base pursuant to Section 2.07(e), if the total Revolving Credit Exposures
exceed the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings in an aggregate principal amount equal to such excess, and (B) if any excess remains after prepaying all of the Borrowings as a result of an LC
Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j). The Borrower shall be obligated to make such prepayment and/or deposit of cash
collateral on the date it or any Subsidiary receives cash proceeds as a result of such termination, creation of offsetting positions or disposition, as applicable; provided that all payments required to be made pursuant to this
Section 3.04(c)(iii) must be made on or prior to the Termination Date. 
 (iv) Upon any adjustment to the
Borrowing Base pursuant to Section 9.05 or Section 9.12, if the total Revolving Credit Exposures exceeds the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings in an aggregate principal amount equal to such
excess, and (B) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in
Section 2.08(i). The Borrower shall be obligated to make such prepayment and/or deposit of cash collateral either on the date it or any Subsidiary receives cash proceeds as a result of such disposition; provided that all payments required to be
made pursuant to this Section 3.04(c)(iv) must be made on or prior to the Termination Date. 
 (v) Each
prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied, first, ratably to any ABR Borrowings then outstanding, and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then
outstanding, to each such Eurodollar Borrowing in order of priority beginning with the Eurodollar Borrowing with the least number of days remaining in the Interest Period applicable 

 

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thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the Interest Period applicable thereto. 

(vi) Each prepayment of Borrowings pursuant to this Section 3.04(b) shall be applied ratably to the Loans included in
the prepaid Borrowings. Prepayments pursuant to this Section 3.04(b) shall be accompanied by accrued interest to the extent required by Section 3.02. 

(d) No Premium or Penalty. Prepayments permitted or required under this Section 3.04 shall be without premium
or penalty, except as required under Section 5.02. 
 Section 3.05 Fees. 

(a) Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a
commitment fee, which shall accrue at the rate per annum of 1.00% on the average daily amount of the unused amount of each Lender’s Applicable Percentage of the aggregate Commitments during the period from and including the date of this
Agreement to but excluding the Termination Date. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur after
the date hereof. All commitment fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a
leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each
Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s
LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date on which such Lender’s Commitment terminates and
the date on which such Lender ceases to have any LC Exposure, (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per annum on the average daily amount of the LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure,
provided that in no event shall such fee be less than $125 during any quarter, and (iii) to the Issuing Bank, for its own account, its standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or
processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third Business Day following such last day, commencing on
the first such date to occur after the date of this Agreement; provided that all such fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on written demand. Any other fees payable to
the Issuing Bank pursuant to this Section 3.05(a) shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days, unless

  

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such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). 
 (c) Administrative
Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times agreed upon between the Borrower and the Administrative Agent in the Fee Letter. 

ARTICLE IV 

Payments; Pro Rata Treatment; Sharing of Set-offs 

Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 5.01, Section 5.02, Section 5.03 or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available
funds, without defense, deduction, recoupment, set-off or counterclaim. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances. Any amounts received after such time on any date may, in the discretion of the
Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices specified in Section 12.01,
except payments to be made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Section 5.01, Section 5.02, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a
Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in
dollars. 
 (b) Application of Insufficient Payments. If at any time insufficient funds are received by
and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 

(c) Sharing of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations
in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) 

 

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participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the purchase price returned to the extent of such recovery, without interest, and (ii) the provisions of this Section 4.01(c) shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC
Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this Section 4.01(c) shall apply). The Borrower consents to the foregoing and agrees, to the extent
it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if
such Lender were a direct creditor of the Borrower in the amount of such participation. 
 Section 4.02 Presumption of
Payment by the Borrower. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank that the Borrower
will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be,
the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and
a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 4.03 Payments and Deductions to a Defaulting Lender. 

(a) If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(a),
Section 2.08(d), Section 2.08(e) or Section 4.02 then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account
of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid in cash. 

(b) If a Defaulting Lender (or a Lender who would be a Defaulting Lender but for the expiration of the relevant grace
period) as a result of the exercise of a set-off shall have received a payment in respect of its Revolving Credit Exposure which results in its Revolving Credit Exposure being less than its Applicable Percentage of the aggregate Revolving Credit
Exposures, then no payments will be made to such Defaulting Lender until such time as such Defaulting Lender shall have complied with Section 4.03(c) and all amounts due and owing to the Lenders has been equalized in accordance with each
Lender’s respective pro rata share of the 
  

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Indebtedness. Further, if at any time prior to the acceleration or maturity of the Loans, the Administrative Agent shall receive any payment in respect of principal of a Loan or a reimbursement
of an LC Disbursement while one or more Defaulting Lenders shall be party to this Agreement, the Administrative Agent shall apply such payment first to the Borrowing(s) for which such Defaulting Lender(s) shall have failed to fund its pro rata share
until such time as such Borrowing(s) are paid in full or each Lender (including each Defaulting Lender) is owed its Applicable Percentage of all Loans then outstanding. After acceleration or maturity of the Loans, subject to the first sentence of
this Section 4.03(b), all principal will be paid ratably as provided in Section 10.02(d). 
 (c)
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

(i) Fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to
Section 3.05. 
 (ii) The Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be
included in determining whether all Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 12.02(b)); provided that (i) any waiver, amendment or
modification requiring the consent of all Lenders pursuant to Section 12.02(b) (other than Section 12.02(b)(vii) or requiring the consent of each affected Lender pursuant to Section 12.02(b)(i), (iii), (iv) or (v) shall
require the consent of such Defaulting Lender (which for the avoidance of doubt would include any change to the Maturity Date applicable to such Defaulting Lender, decreasing or forgiving any principal or interest due to such Defaulting Lender, any
decrease of any interest rate applicable to Loans made by such Defaulting Lender (other than the waiving of post-default or Borrowing Base Deficiency interest rates) and any increase in such Defaulting Lender’s Commitment) and (ii) any
redetermination, whether an increase, decrease or affirmation, of the Borrowing Base shall occur without the participation of a Defaulting Lender, but the Commitment (i.e. the Applicable Percentage of the Borrowing Base) of a Defaulting
Lender may not be increased without the consent of such Defaulting Lender. 
 (iii) If any LC Exposure exists at
the time a Lender becomes a Defaulting Lender then: 
 (A) all or any part of such LC Exposure shall be
reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (for the purposes of such reallocation the Defaulting Lender’s Commitment shall be disregarded in determining the Non-Defaulting
Lender’s Applicable Percentage) but only to the extent (x) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure does not exceed the total of all Non-Defaulting Lenders’
Commitments, (y) the conditions set forth in Section 6.02 are satisfied at such time and (z) the sum of each Non-Defaulting Lender’s Revolving Credit Exposure plus its reallocated share of such Defaulting Lender’s LC
Exposure does not exceed such Non-Defaulting Lender’s Commitment; 
  

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 (B) if the reallocation described in clause (A) above cannot, or can
only partially, be effected, then the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to
clause (A) above) in accordance with the procedures set forth in Section 10.02 for so long as such LC Exposure is outstanding; 

(C) if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to this
Section 4.03 then the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.05(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC
Exposure is cash collateralized; 
 (D) if the LC Exposure of the Non-Defaulting Lenders is reallocated pursuant
to Section 4.03(c), then the fees payable to the Lenders pursuant to Section 3.05(a) and Section 3.05(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Applicable Percentages; or 

(E) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to
Section 4.03(c)(iii), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all commitment fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of
such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 3.05(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC
Exposure is cash collateralized and/or reallocated. 
 (d) So long as any Lender is a Defaulting Lender, the
Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by
the Borrower in accordance with Section 4.03(c), and participating interests in any such newly issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 2.08(d) (and Defaulting
Lenders shall not participate therein). 
 (e) In the event that the Administrative Agent, the Borrower and the
Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Commitment and on such date, if necessary as a result of a Loan funding pursuant to Section 2.08(e), such Lender shall purchase at par such of the Loans of the other Lenders as the Administrative shall determine may be necessary in order for
such Lender to hold such Loans in accordance with its Applicable Percentage. 
 Section 4.04 Disposition of
Proceeds. The Security Instruments contain an assignment by the Borrower and/or the Guarantors unto and in favor of the Administrative Agent for the benefit of the Lenders of all of the Borrower’s or each Guarantor’s interest in and to
production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Instruments further provide in general for the application of such

  

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proceeds to the satisfaction of the Indebtedness and other obligations described therein and secured thereby. Notwithstanding the assignment contained in such Security Instruments, until the
occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the
Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower and its Restricted Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be
necessary to cause such proceeds to be paid to the Borrower and/or such Restricted Subsidiaries. 
 ARTICLE V 

Increased Costs; Break Funding Payments; Taxes; Illegality 

Section 5.01 Increased Costs. 

(a) Eurodollar Changes in Law. If any Change in Law (other than a Change in Law with respect to Indemnified Taxes
or Other Taxes, which shall be governed exclusively by Section 5.03, or Excluded Taxes) shall: 
 (i)
impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO
Rate); or 
 (ii) impose on any Lender or the London interbank market any other condition affecting this
Agreement or Eurodollar Loans made by such Lender; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of
making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or otherwise), then the Borrower will pay to
such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this
Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing
Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with
respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the
Issuing Bank’s holding company for any such reduction suffered. 
 (c) Certificates. A certificate of
a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in Section 5.01(a) or (b) shall be delivered to the

  

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Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within
10 days after receipt thereof. 
 (d) Effect of Failure or Delay in Requesting Compensation. Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section 5.01 for any increased costs or reductions incurred more than 365 days prior to the date that such Lender or the Issuing Bank, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 365-day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 5.02 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than
on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan into an ABR Loan other than on the last day of the Interest Period applicable thereto, or
(c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have
accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor
(or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest
rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. 

A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 5.02 shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

Section 5.03 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower or any
Guarantor under any Loan Document shall be made free and clear of and without deduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Borrower or any Guarantor shall be required by applicable law to deduct or withhold
any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums
payable under this Section 5.03(a)), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an 
  


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amount equal to the sum it would have received had no such deductions or withholdings been made, (ii) the Borrower or such Guarantor shall make such deductions or withholdings and
(iii) the Borrower or such Guarantor shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law. 
 (c) Indemnification by the Borrower. The Borrower shall
indemnify the Administrative Agent, each Lender and the Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the
case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate of the
Administrative Agent, a Lender or the Issuing Bank as to the amount of such payment or liability under this Section 5.03(c) shall be delivered to the Borrower and shall be conclusive absent manifest error. 

(d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower or a Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e)
Status of Lenders and Issuing Bank. Any Foreign Lender or Foreign Issuing Bank that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is located or is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by
applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate. In addition, any Lender, if
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
 Without limiting
the generality of the foregoing, each Foreign Lender and Foreign Issuing Bank shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Foreign Lender or Foreign Issuing Bank becomes a Lender or Issuing Bank
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent, but only if such Foreign Lender or Foreign Issuing Bank is legally entitled to do so), whichever of the following is
applicable: 
  

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 (i) two (2) properly completed and executed IRS Forms W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States of America is a party, 
 (ii) two
(2) properly completed and executed IRS Forms W-8ECI, 
 (iii) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a
“10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) two (2) properly
completed and executed IRS Forms W-8BEN, 
 (iv) two (2) properly completed and executed Forms W-8IMY
(together with forms listed under clauses (i) through (iii) or (v) hereof, as may be required), or 

(v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding tax properly completed and executed together with any supplementary documentation as may be prescribed by applicable law to permit the Borrower and the Administrative Agent to determine the withholding or deduction required to be made.

 (f) Tax Refunds. If the Administrative Agent or a Lender or Issuing Bank determines, in its sole
discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or any Guarantor or with respect to which the Borrower or any Guarantor has paid additional amounts pursuant to
this Section 5.03, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or such Guarantor under this Section 5.03 with respect to the Indemnified
Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender or Issuing Bank and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender or Issuing Bank, agrees to repay the amount paid over to the Borrower or any Guarantor (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to the Administrative Agent or such Lender or Issuing Bank in the event the Administrative Agent or such Lender or Issuing Bank is required to repay such refund to such Governmental Authority. This
Section 5.03 shall not be construed to require the Administrative Agent or any Lender or Issuing Bank to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other
Person. 
 Section 5.04 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of Different Lending Office. If any Lender requests compensation under Section 5.01, or
if any Credit Party is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender or indemnify any 

 

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Lender pursuant to Section 5.03, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.01 or
Section 5.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement
of Lenders. If any Lender requests compensation under Section 5.01, or if any Credit Party is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender or indemnify any Lender pursuant
to Section 5.03, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 12.04(b)), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 5.01 or payments required to be made pursuant to Section 5.03,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to apply. 
 Section 5.05 Illegality.
Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Lender or its applicable lending office to honor its obligation to make or maintain Eurodollar Loans either generally or having a particular
Interest Period hereunder, then (a) such Lender shall promptly notify the Borrower and the Administrative Agent thereof and such Lender’s obligation to make such Eurodollar Loans shall be suspended (the “Affected Loans”)
until such time as such Lender may again make and maintain such Eurodollar Loans and (b) all Affected Loans which would otherwise be made by such Lender shall be made instead as ABR Loans (and, if such Lender so requests by notice to the
Borrower and the Administrative Agent, all Affected Loans of such Lender then outstanding shall be automatically converted into ABR Loans on the date specified by such Lender in such notice) and, to the extent that Affected Loans are so made as (or
converted into) ABR Loans, all payments of principal which would otherwise be applied to such Lender’s Affected Loans shall be applied instead to its ABR Loans. 

 

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 ARTICLE VI 

Conditions Precedent 

Section 6.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02): 

(a) The Administrative Agent, the Arrangers and the Lenders shall have received all commitment, facility and agency fees
and all other fees and amounts due and payable on or prior to the 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 hereunder (including,
without limitation, the fees and expenses of Vinson & Elkins L.L.P., counsel to the Administrative Agent). 

(b) 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 Loan Documents to which it is a party and to enter into the transactions
contemplated in those documents, (ii) the officers of the Borrower or such Guarantor (y) who are authorized to sign the Loan Documents to which the Borrower or such Guarantor is a party and (z) who will, until replaced by another
officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby,
(iii) specimen signatures of such authorized officers, and (iv) the Organizational Documents of the Borrower and such Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such
certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary. 
 (c)
The Administrative Agent shall have received certificates of the appropriate State agencies with respect to the existence, qualification and good standing of the Borrower and each Guarantor. 

(d) The Administrative Agent shall have received a compliance certificate which shall be substantially in the form of
Exhibit D, duly and properly executed by a Responsible Officer and dated as of the date of Effective Date. 
 (e)
The Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative Agent) of this Agreement signed on behalf of such party. 

(f) The Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may
be requested by the Administrative Agent) of the Security Instruments, including the Guarantee and Collateral Agreement and the other Security Instruments described on Exhibit E and shall provide each Lender with fully executed copies thereof. In
connection with the execution and delivery of the Security Instruments, the Administrative Agent shall: 
  

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 (i) be reasonably satisfied that the Security Instruments create first
priority, perfected Liens (subject only to Excepted Liens but subject to the proviso at the end of such definition) on at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated in the Initial Reserve Report and located in, or in U.S.
Federal waters adjacent to, the United States; and 
 (ii) have received certificates, together with undated,
blank stock powers for each such certificate, representing all of the issued and outstanding Capital Stock of ATP Holdco, LLC, a Delaware limited liability company, and not less than 65% of all of the issued and outstanding capital stock of ATP
Oil & Gas (UK) Limited, a UK Limited Company. 
 (g) The Administrative Agent shall have received an
opinion of (i) Jackson Walker L.L.P., special counsel to the Borrower, in a form acceptable to the Administrative Agent, (ii) local counsel in the state of Louisiana, in a form acceptable to the Administrative Agent and
(iii) Slaughter and May for matters relating to the Foreign Pledge Agreement, in a form acceptable to the Administrative Agent. 

(h) The Administrative Agent shall have received a certificate of insurance coverage of the Borrower evidencing that the
Borrower is carrying insurance in accordance with Section 7.12. 
 (i) The Administrative Agent shall have
received title information as the Administrative Agent may reasonably require satisfactory to the Administrative Agent setting forth the status of title to at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated in the Initial
Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. 
 (j) The
Administrative Agent shall be reasonably satisfied with the environmental condition of the Oil and Gas Properties evaluated in the Initial Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. 

(k) The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that
the Borrower has received all consents and approvals required by Section 7.03. 
 (l) The Administrative
Agent shall have received the financial statements referred to in Section 7.04(a) and the Initial Reserve Report accompanied by a Reserve Report Certificate. 

(m) The Administrative Agent shall have received appropriate UCC search certificates reflecting no prior Liens encumbering
the Properties of the Borrower and the Restricted Subsidiaries for each of the following jurisdictions: Texas, Delaware, Louisiana, and any other jurisdiction requested by the Administrative Agent; other than those being assigned or released on or
prior to the Effective Date or Liens permitted by Section 9.03. 
 (n) The Administrative Agent shall have
received evidence reasonably satisfactory to it that (i) all commitments to lend under the Existing Credit Agreement shall have been terminated, all amounts outstanding thereunder have been paid in full and all Liens related

  

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thereto shall be fully released, (ii) the Borrower and the Subsidiaries have no outstanding Debt in respect of borrowed money other than the Second Lien Notes, (iii) the Borrower and
its Subsidiaries have no obligations or liabilities in respect of Production Payments and Reserve Sales or other similar burdens on oil and gas production other than as set forth in the Preliminary Offering Memorandum for the Second Lien Notes dated
April 13, 2010 and (iv) there are no Borrowings, Letters of Credit or other Indebtedness outstanding under this Agreement. 

(o) The Administrative Agent shall have received evidence reasonably satisfactory to it that (i) the Borrower and the
Subsidiaries are qualified under all applicable laws, rules and regulations (including, without limitation, the regulations of the Minerals Management Service and any applicable state regulatory agency or other Governmental Authority) to own and
operate the Oil and Gas Properties, rights of way, and other rights of the Borrower and the Subsidiaries issued by the Minerals Management Service and any applicable Governmental Authority regulating activities on the Outer Continental Shelf or in
state waters; and (ii) the Borrower and the Subsidiaries are in compliance with all bonding requirements for ownership and operation of such properties. 

(p) The Administrative Agent shall have received evidence reasonably satisfactory to it that the Second Lien Notes Closing
has occurred (i) on terms reasonably acceptable to the Administrative Agent and (ii) with gross cash proceeds to the Borrower of at least $1,500,000,000. 

(q) The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to
the Administrative Agent may reasonably request. 
 The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the
foregoing conditions is satisfied (or waived pursuant to Section 12.02) at or prior to 2:00 p.m., New York City time, on April 30, 2010 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time). 
 Section 6.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any
Borrowing (including the initial funding), and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit (including any Loan made or Letter of Credit issued on the initial date of Borrowing), is subject to the satisfaction of the
following conditions: 
 (a) At the time of and immediately after giving effect to such Borrowing or the
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

(b) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, no event, development or circumstance has occurred or shall then exist that has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

 

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 (c) The representations and warranties of the Borrower and the Guarantors
set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable,
except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as
applicable, such representations and warranties shall continue to be true and correct as of such specified earlier date. 

(d) The making of such Loan or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable,
would not conflict with, or cause any Lender or the Issuing Bank to violate or exceed, any applicable Governmental Requirement, and no Change in Law shall have occurred, and no litigation shall be pending or threatened, which does or, with respect
to any threatened litigation, seeks to, enjoin, prohibit or restrain, the making or repayment of any Loan, the issuance, amendment, renewal, extension or repayment of any Letter of Credit or any participations therein or the consummation of the
transactions contemplated by this Agreement or any other Loan Document. 
 (e) The receipt by the Administrative
Agent of a Borrowing Request in accordance with Section 2.03 or a request for a Letter of Credit in accordance with Section 2.08(b), as applicable. 

Each request for a Borrowing and each request for the issuance, amendment, renewal or extension of any Letter of Credit shall be deemed
to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Section 6.02(a) through (d). 

ARTICLE VII 

Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 

Section 7.01 Organization; Powers. Each of the Borrower and the Restricted Subsidiaries is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its
business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such power, authority, licenses, authorizations, consents, approvals and
qualifications could not reasonably be expected to have a Material Adverse Effect. 
 Section 7.02 Authority;
Enforceability. The Transactions are within the Borrower’s and each Guarantor’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action (including, without limitation, any action
required to be taken by any class of directors of the Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Loan Document to which the Borrower and each Guarantor is a
party has been duly executed and delivered by the Borrower and such Guarantor and constitutes a legal, valid and binding obligation of the Borrower and 

 

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such Guarantor, as applicable, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

Section 7.03 Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or
filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested or disinterested, of the Borrower or any other Person), nor is any such consent,
approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force and effect
other than (i) the recording and filing of the Security Instruments as required by this Agreement and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not reasonably be
expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other Organizational Documents of the
Borrower or any Restricted Subsidiary or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any Restricted Subsidiary or its
Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Restricted Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Borrower or any Restricted
Subsidiary (other than the Liens created by the Loan Documents). 
 Section 7.04 Financial Condition; No Material
Adverse Change. 
 (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet
and statements of operations, stockholders’ equity and comprehensive income (loss), and cash flows as of and for the fiscal year ended December 31, 2009, reported on by the Borrower’s independent public accountants, certified by its
chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its Consolidated Subsidiaries as of such date and for such fiscal year
in accordance with GAAP. 
 (b) Since December 31, 2009, (i) there has been no event, development or
circumstance that has had or could reasonably be expected to have a Material Adverse Effect and (ii) the business of the Borrower and its Restricted Subsidiaries has been conducted only in the ordinary course consistent with past business
practices. 
 (c) Neither the Borrower nor any Restricted Subsidiary has on the date hereof any material Debt
(including Disqualified Capital Stock) or any contingent liabilities, off-balance sheet liabilities or partnerships, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable
commitments, except as referred to or reflected or provided for in the Financial Statements or otherwise disclosed to the Administrative Agent and the Lenders in writing. 
  


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 Section 7.05 Litigation. Except as set forth on Schedule 7.05, there are no
actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any Restricted Subsidiary (i) not fully
covered by insurance (except for normal deductibles) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or (ii) that involve any Loan Document or the Transactions. 
 Section 7.06 Environmental
Matters. Except for such matters as set forth on Schedule 7.06 or that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 

(a) the Borrower and the Subsidiaries and each of their respective Properties and operations thereon are, and within all
applicable statute of limitation periods have been, in compliance with all applicable Environmental Laws. 
 (b)
the Borrower and the Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their Properties, with all such Environmental Permits being currently in full force and effect, and none of Borrower or
the Subsidiaries has received any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be
protested or denied. 
 (c) there are no claims, demands, suits, orders, inquiries, or proceedings concerning any
violation of, or any liability (including as a potentially responsible party) under, any applicable Environmental Laws that is pending or, to Borrower’s knowledge, threatened against the Borrower or any Subsidiary or any of their respective
Properties or as a result of any operations at such Properties. 
 (d) none of the Properties of the Borrower or
any Subsidiary contain or have contained any: (i) underground storage tanks; (ii) asbestos-containing materials; (iii) landfills or dumps; (iv) hazardous waste management units as defined pursuant to RCRA or any comparable state
law; or (v) sites on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law. 

(e) there has been no Release or, to the Borrower’s knowledge, threatened Release, of Hazardous Materials at, on,
under or from the Borrower’s or any Subsidiary’s Properties, there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental Laws at such Properties and, to the
knowledge of the Borrower, none of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating from any other real property. 

(f) neither the Borrower nor any Subsidiary has received any written notice asserting an alleged liability or obligation
under any applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials 

 

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at, under, or Released or threatened to be Released from any real properties offsite the Borrower’s or any Subsidiary’s Properties and there are no conditions or circumstances that
could reasonably be expected to result in the receipt of such written notice. 
 (g) there has been no exposure
of any Person or Property to any Hazardous Materials as a result of or in connection with the operations and businesses of any of the Borrower’s or the Subsidiaries’ Properties that could reasonably be expected to form the basis for a
claim for damages or compensation. 
 (h) The Borrower and the Subsidiaries have provided to the Lenders complete
and correct copies of all environmental site assessment reports, investigations, studies, analyses, and correspondence on environmental matters (including matters relating to any alleged non-compliance with or liability under Environmental Laws)
that are in any of the Borrower’s or the Subsidiaries’ possession or control and relating to their respective Properties or operations thereon. 

Section 7.07 Compliance with the Laws and Agreements; No Defaults. 

(a) Each of the Borrower and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to
it or its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and
the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) Neither the Borrower nor any Restricted Subsidiary is in default nor has any event or circumstance occurred which, but
for the expiration of any applicable grace period or the giving of notice, or both, would constitute a default or would require the Borrower or a Restricted Subsidiary to Redeem or make any offer to Redeem under any indenture, note, credit agreement
or instrument (including, without limitation, the Indenture and the Second Lien Notes) pursuant to which any Material Indebtedness is outstanding or by which the Borrower or any Restricted Subsidiary or any of their Properties is bound. 

(c) No Default has occurred and is continuing. 

Section 7.08 Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a
company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 7.09 Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and
reports required to have been filed by or with respect to it and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the
Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The
charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of Taxes and other governmental charges are, in the reasonable opinion of the Borrower, adequate. No Tax Lien has been filed and, to the knowledge of the

  

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Borrower, no claim is being asserted with respect to any such Tax or other such governmental charge. 

Section 7.10 Employee Benefit Plans. 

(a) The Borrower, the Subsidiaries and each ERISA Affiliate have complied in all material respects with ERISA and, where
applicable, the Code regarding each Plan. 
 (b) Except as disclosed on Schedule 7.10, each Plan is, and has
been, established and maintained in substantial compliance with its terms, ERISA and, where applicable, the Code. 

(c) No act, omission or transaction has occurred which could result in imposition on the Borrower, any Subsidiary or any
ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax imposed pursuant to Chapter 43 of Subtitle D of the Code or
(ii) breach of fiduciary duty liability damages under section 409 of ERISA, except as where such penalty or damages would not have a Material Adverse Effect. 

(d) Full payment when due has been made of all amounts which the Borrower, the Subsidiaries or any ERISA Affiliate is
required under the terms of each Plan or applicable law to have paid as contributions to such Plan as of the date hereof, except where a failure would not have a Material Adverse Effect or any amount being contested in good faith and pursuant to
appropriate action being pursued diligently. 
 (e) Except as disclosed in Schedule 7.10, neither the Borrower,
the Subsidiaries nor any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of
such entities, that may not be terminated by the Borrower, a Subsidiary or any ERISA Affiliate in its sole discretion at any time without any material liability. 

(f) Neither the Borrower, the Subsidiaries nor any ERISA Affiliate sponsors, maintains or contributes to, or has at any
time in the six-year period preceding the date hereof sponsored, maintained or contributed to, any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of ERISA or section 412 of the
Code. 
 (g) Each Foreign Pension Plan is in compliance in all material respects with all requirements of law
applicable thereto and the respective requirements of the governing documents for such plan. With respect to each Foreign Pension Plan, none of the Borrower, its Affiliates or any of their respective directors, officers, employees or agents has
engaged in a transaction that could subject the Borrower or any Subsidiary, directly or indirectly, to a tax or civil penalty that could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. With respect
to each Foreign Pension Plan, reserves have been established in the financial statements furnished to the Lenders in respect of any unfunded liabilities in accordance with applicable law and prudent business practice or, where required, in
accordance with ordinary accounting practices in the jurisdiction in which such Foreign Pension 
  

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Plan is maintained. The aggregate unfunded liabilities with respect to such Foreign Pension Plans could not reasonably be expected to result in a Material Adverse Effect; the present value of the
aggregate accumulated benefit liabilities of all such Foreign Pension Plans (based on those assumptions used to fund each such Foreign Pension Plan) did not, as of the last annual valuation date applicable thereto, exceed by more than $25,000,000
the Fair Market Value of the assets of all such Foreign Pension Plans. 
 Section 7.11 Disclosure; No Material
Misstatements. The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Restricted Subsidiaries is subject, and all other matters known to
it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Borrower or any Restricted
Subsidiary to the Administrative Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (as modified or supplemented by
other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that,
with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. There is no fact peculiar to the Borrower or any Restricted
Subsidiary which could reasonably be expected to have a Material Adverse Effect or in the future is reasonably likely to have a Material Adverse Effect and which has not been set forth in this Agreement or the Loan Documents or the other documents,
certificates and statements furnished to the Administrative Agent or the Lenders by or on behalf of the Borrower or any Restricted Subsidiary prior to, or on, the date hereof in connection with the transactions contemplated hereby. There are no
statements or conclusions in any Reserve Report which are based upon or include misleading information or fail to take into account material information regarding the matters reported therein, it being understood that projections concerning volumes
attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and that the
Borrower and the Restricted Subsidiaries do not warrant that such opinions, estimates and projections will ultimately prove to have been accurate. 

Section 7.12 Insurance. The Borrower has, and has caused all of its Restricted Subsidiaries to have, (a) all insurance
policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and (b) insurance coverage in at least amounts and against such risk (including, without limitation, public
liability) that are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Borrower and its Restricted Subsidiaries. The Administrative Agent and the Lenders have
been named as additional insureds in respect of such liability insurance policies and the Administrative Agent has been named as loss payee with respect to Property loss insurance. 

Section 7.13 Restriction on Liens. Neither the Borrower nor any of the Restricted Subsidiaries is a party to any material
agreement or arrangement, or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to 

 

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the Administrative Agent and the Lenders on or in respect of their Properties to secure the Indebtedness and the Loan Documents, other than the Indenture and the Intercreditor Agreement.

 Section 7.14 Subsidiaries; Foreign Operations. Except as set forth on Schedule 7.14 or as disclosed in writing to
the Administrative Agent (which shall promptly furnish a copy to the Lenders), which shall be a supplement to Schedule 7.14, the Borrower has no Subsidiaries and the Borrower has no Restricted Subsidiaries. Schedule 7.14 identifies each
Subsidiary as either Restricted or Unrestricted, and each Restricted Subsidiary on such schedule is a Wholly-Owned Subsidiary. 

Section 7.15 Location of Business and Offices. The Borrower’s jurisdiction of organization is Texas; the name of the
Borrower as listed in the public records of its jurisdiction of organization is ATP Oil & Gas Corporation; and the organizational identification number of the Borrower in its jurisdiction of organization is 0120230900 (or, in each case, as
set forth in a notice delivered to the Administrative Agent pursuant to Section 8.01(l) in accordance with Section 12.01). The Borrower’s principal place of business and chief executive offices are located at the address specified in
Section 12.01 (or as set forth in a notice delivered pursuant to Section 8.01(l) and in accordance with Section 12.01). Each Restricted Subsidiary’s jurisdiction of organization, name as listed in the public records of its
jurisdiction of organization, organizational identification number in its jurisdiction of organization, and the location of its principal place of business and chief executive office is stated on Schedule 7.15 (or as set forth in a notice
delivered pursuant to Section 8.01(l) accordance with Section 12.01). 
 Section 7.16 Properties; Titles,
Etc. 
 (a) Each of the Borrower and the Restricted Subsidiaries has good and defensible title to the Oil and
Gas Properties evaluated in the most recently delivered Reserve Report and good title to all its personal Properties, in each case, free and clear of all Liens except Liens permitted by Section 9.03. After giving full effect to the Excepted
Liens, the Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties
shall not in any material respect obligate the Borrower or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each
Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Borrower’s or such Restricted Subsidiary’s net revenue interest in such Property. The quantum and nature
of the interest of the Borrower and the Subsidiaries in and to the Oil and Gas Properties as set forth in each Reserve Report includes or will include the entire interest of the Borrower and the Subsidiaries in such Oil and Gas Properties as of the
date of such Reserve Report and are or will be complete and accurate in all material respects as of the date of such Reserve Report; and there are no “back-in” or “reversionary” interests held by third parties which could reduce
the interest of the Borrower and the Subsidiaries in such Oil and Gas Properties in any material respect, except as expressly set forth or given effect to in such Reserve Report. 

(b) All material licenses, leases and agreements necessary for the conduct of the business of the Borrower and the
Restricted Subsidiaries are valid and subsisting, in full force 
  

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and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which
could reasonably be expected to have a Material Adverse Effect. 
 (c) The rights and Properties presently owned,
leased or licensed by the Borrower and the Restricted Subsidiaries including, without limitation, all easements and rights of way, include all rights and Properties necessary to permit the Borrower and the Restricted Subsidiaries to conduct their
business in all material respects in the same manner as its business has been conducted prior to the date hereof. 

(d) All of the Properties of the Borrower and the Restricted Subsidiaries which are reasonably necessary for the operation
of their businesses are in good working condition and are maintained in accordance with prudent business standards. 

(e) The Borrower and each Restricted Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights,
patents and other intellectual Property material to its business, and the use thereof by the Borrower and such Restricted Subsidiary does not infringe upon the rights of any other Person, except for any such infringements that, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower and its Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, geological data, geophysical data,
engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are
customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected to have a Material Adverse Effect. 

Section 7.17 Maintenance of Properties. Except for such acts or failures to act as could not be reasonably expected to have a
Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Borrower and its Restricted Subsidiaries have been maintained, operated and developed in a good and workmanlike manner and in conformity with all
Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and Gas Properties of the
Borrower and its Restricted Subsidiaries. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material Adverse Effect, (i) no Oil and Gas Property of the Borrower or any Restricted
Subsidiary is subject to having allowable production reduced below the full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (ii) none of
the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Borrower or any Restricted Subsidiary is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such wells are,
in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties) of the Borrower or such Restricted
Subsidiary. All pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by the Borrower or any of its Restricted Subsidiaries that are necessary to conduct normal
operations are being 
  

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maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by the Borrower or any of its Restricted Subsidiaries, in a manner
consistent with the Borrower’s or its Restricted Subsidiaries’ past practices (other than those the failure of which to maintain in accordance with this Section 7.17 could not reasonably be expected to have a Material Adverse Effect).

 Section 7.18 Prepayments. Except as set forth on Schedule 7.18 or on the most recent Reserve Report Certificate,
on a net basis there are no take or pay or other prepayments which would require the Borrower or any of its Restricted Subsidiaries to deliver Hydrocarbons produced from their Oil and Gas Properties at some future time without then or thereafter
receiving full payment therefor. 
 Section 7.19 Marketing of Production. Except for contracts listed on Schedule
7.19 and in effect on the date hereof, and thereafter either disclosed in writing to the Administrative Agent or included in the most recently delivered Reserve Report (with respect to all of which contracts the Borrower represents that it or its
Restricted Subsidiaries are receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract and are not having deliveries curtailed substantially below the subject
Property’s delivery capacity), no material agreements exist which are not cancelable on 60 days notice or less without penalty or detriment for the sale of production from the Borrower’s or its Restricted Subsidiaries’ Hydrocarbons
(including, without limitation, calls on or other rights to purchase, production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a maturity or expiry date of
longer than six (6) months from the date hereof. 
 Section 7.20 Swap Agreements. Schedule 7.20, as of the date
hereof, and after the date hereof, each report required to be delivered by the Borrower pursuant to Section 8.01(d), sets forth, a true and complete list of all Swap Agreements of the Borrower and each Restricted Subsidiary, the material terms
thereof (including, without limitation, the type, term, effective date, termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including, without limitation, any
margin required or supplied) and the counterparty to each such agreement. 
 Section 7.21 Use of Loans and Letters of
Credit. The proceeds of the Loans and the Letters of Credit shall be used to repay outstanding amounts under the Existing Credit Agreement and to provide working capital for exploration and production operations and for general corporate
purposes. The Borrower and its Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin
stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any purpose which violates the provisions of Regulations T, U or X of the Board. 

Section 7.22 Solvency. After giving effect to the transactions contemplated hereby, (a) the aggregate assets (after
giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement), at a fair valuation, of the Borrower and the Guarantors, taken as a whole, will exceed the aggregate Debt of the
Borrower and the 
  

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Guarantors on a consolidated basis, as the Debt becomes absolute and matures, (b) each of the Borrower and the Guarantors will not have incurred or intended to incur, and will not believe
that it will incur, Debt beyond its ability to pay such Debt (after taking into account the timing and amounts of cash to be received by each of the Borrower and the Guarantors and the amounts to be payable on or in respect of its liabilities, and
giving effect to amounts that could reasonably be received by reason of indemnity, offset, insurance or any similar arrangement) as such Debt becomes absolute and matures and (c) each of the Borrower and the Guarantors will not have (and will
have no reason to believe that it will have thereafter) unreasonably small capital for the conduct of its business. 

Section 7.23 Foreign Corrupt Practices. Neither the Borrower nor any of its Subsidiaries, nor any director, officer, agent,
employee or Affiliate of the Borrower or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a material violation by such Persons of the FCPA, including, without limitation, making use of the
mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of
anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and, the Borrower, its
Subsidiaries and its and their Affiliates have conducted their business in material compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure,
continued compliance therewith. 
 Section 7.24 Money Laundering. The operations of the Borrower and its
Subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Borrower or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Borrower, threatened. 

Section 7.25 OFAC. Neither the Borrower nor any of its Subsidiaries, nor any director, officer, agent, employee or Affiliate
of the Borrower or any of its Subsidiaries is currently subject to any material U.S. sanctions administered by OFAC, and the Borrower will not directly or indirectly use the proceeds from the Loans or lend, contribute or otherwise make available
such proceeds to any Subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 

ARTICLE VIII 

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder and
all other amounts payable under the Loan Documents (other than contingent indemnification obligations) shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the
Borrower covenants and agrees with the Lenders that: 
  

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 Section 8.01 Financial Statements; Other Information. The Borrower will furnish
to the Administrative Agent and each Lender: 
 (a) Annual Financial Statements. As soon as available, but
in any event in accordance with then applicable law and not later than 95 days after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows
as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a “going concern” or
like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of
operations of the Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied. 

(b) Quarterly Financial Statements. As soon as available, but in any event in accordance with then applicable law
and not later than 50 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of
and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with
GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 
 (c)
Certificate of Financial Officer – Compliance. Concurrently with any delivery of financial statements under Section 8.01(a) or Section 8.01(b), a certificate of a Financial Officer in substantially the form of Exhibit D hereto
(i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance with Section 9.01 and (iii) stating whether any change in GAAP or in the application thereof has occurred since December 31, 2009 and, if any such change has occurred, specifying the effect of such change on
the financial statements accompanying such certificate. 
 (d) Certificate of Financial Officer – Swap
Agreements. Concurrently with any delivery of financial statements under Section 8.01(a) and Section 8.01(b), a certificate of a Financial Officer, in form and substance satisfactory to the Administrative Agent, setting forth as of the
last Business Day of such fiscal quarter or fiscal year, a true and complete list of all Swap Agreements of the Borrower and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date, termination date and
notional amounts or volumes), the net mark-to-market value therefor, any new credit support agreements relating thereto not listed on Schedule 7.20, any margin required or supplied under any credit support document, and the counterparty to each
such agreement. 
  

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 (e) Certificate of Financial Officer – Gas Imbalances. A
certificate of a Financial Officer of the Borrower, if at any time the Borrower has gas imbalances in excess of five (5) Bcfe of Hydrocarbon volumes (stated on a gas equivalent basis) more than the gas imbalances in the most recent Reserve
Report. 
 (f) Certificate of Insurer – Insurance Coverage. Concurrently with any delivery of
financial statements under Section 8.01(a), a certificate of insurance coverage from each insurer or its authorized agent or broker with respect to the insurance required by Section 8.07, in form and substance satisfactory to the
Administrative Agent, and, if requested by the Administrative Agent or any Lender, all copies of the applicable policies. 

(g) Other Accounting Reports. Promptly upon receipt thereof, a copy of each other material or non-routine report or
letter submitted to the Borrower or any of its Subsidiaries by independent accountants in connection with any annual, interim or special audit made by them of the books of the Borrower or any such Subsidiary, and a copy of any response by the
Borrower or any such Subsidiary, or the Board of Directors of the Borrower or any such Subsidiary, to such letter or report. 

(h) SEC and Other Filings; Reports to Shareholders. Promptly after the same become publicly available, copies of
all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be.

 (i) Notices Under Material Instruments. Promptly after the furnishing thereof, copies of any financial
statement, report or notice furnished to or by any Person pursuant to the terms of any preferred stock designation, indenture, loan or credit or other similar agreement, other than this Agreement and not otherwise required to be furnished to the
Lenders pursuant to any other provision of this Section 8.01 including, without limitation, copies of any financial or other report or notice delivered to, or received from, any holder of Second Lien Notes or the trustee under the Indenture.

 (j) Lists of Purchasers. If requested in connection with the delivery of any Reserve Report to the
Administrative Agent pursuant to Section 8.12, a list of Persons purchasing Hydrocarbons from the Borrower or any Restricted Subsidiary in the one-year period prior to the “as of” date of such Reserve Report. 

(k) Notice of Casualty Events. Prompt written notice, and in any event within three Business Days, of the
occurrence of any Casualty Event or the commencement of any action or proceeding that could reasonably be expected to result in a Casualty Event. 

(l) Information Regarding Borrower and Guarantors. Prompt written notice (and in any event within thirty
(30) days prior thereto) of any change (i) in the Borrower or any Guarantor’s corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties, (ii) in the
location of the Borrower or any Guarantor’s chief executive office or principal place of business, (iii) in the Borrower or any Guarantor’s identity or corporate structure or in the jurisdiction in which such Person is incorporated or
formed, (iv) in the Borrower or any Guarantor’s jurisdiction of organization or 
  

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such Person’s organizational identification number in such jurisdiction of organization, and (v) in the Borrower or any Guarantor’s federal taxpayer identification number.

 (m) Production Report, Lease Operating Statements and Budget. In connection with the delivery of any
Reserve Report, (i) a report setting forth, for each calendar month during the then current fiscal year to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues
derived from such sales) for each such calendar month from the Oil and Gas Properties, and setting forth the related ad valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar
month and (ii) an updated operating budget and cash flow budget for the Borrower and its Subsidiaries covering the current and next two fiscal quarters. 

(n) Notices of Certain Changes. Promptly, but in any event within five (5) Business Days after the execution
thereof, copies of any amendment, modification or supplement to the Organizational Documents, any preferred stock designation or any other organic document of the Borrower or any Subsidiary. 

(o) Other Requested Information. Promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower or any Subsidiary (including, without limitation, any Plan and any reports or other information required to be filed with respect thereto under the Code or under ERISA), or
compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. 

Section 8.02 Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written
notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration
by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof not previously disclosed in writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or
arbitration (whether or not previously disclosed to the Lenders) that, in either case, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and 

(c) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer setting forth the details of
the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 8.03 Existence; Conduct of Business. The Borrower will, and will cause each Restricted Subsidiary to, do or cause to
be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain, if necessary, its qualification
to do business in each other jurisdiction in which its Oil and Gas Properties is located or the 
  

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ownership of its Properties requires such qualification, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing
shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 9.11. 
 Section 8.04
Payment of Obligations. The Borrower will, and will cause each Restricted Subsidiary to, pay its obligations, including Tax liabilities of the Borrower and all of its Subsidiaries before the same shall become delinquent or in default, except
where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP
and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect or result in the seizure or levy of any Property of the Borrower or any Subsidiary. 

Section 8.05 Performance of Obligations under Loan Documents. The Borrower will pay the Notes according to the reading, tenor
and effect thereof, and the Borrower will, and will cause each Restricted Subsidiary to, do and perform every act and discharge all of the obligations to be performed and discharged by them under the Loan Documents, including, without limitation,
this Agreement, at the time or times and in the manner specified. 
 Section 8.06 Operation and Maintenance of
Properties. The Borrower, at its own expense, will, and will cause each Restricted Subsidiary to: 
 (a)
operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other material Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance
with all applicable contracts and agreements and in compliance with all Governmental Requirements, including, without limitation, applicable pro ration requirements and Environmental Laws, and all applicable laws, rules and regulations of every
other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and Gas Properties and the production and sale of Hydrocarbons and other minerals therefrom, except, in each case, where the failure to
comply could not reasonably be expected to have a Material Adverse Effect. 
 (b) keep and maintain all Property
material to the conduct of its business in good working order and condition, ordinary wear and tear excepted preserve, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of its material Oil and Gas
Properties and other material Properties, including, without limitation, all equipment, machinery and facilities. 

(c) promptly pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay
rentals, royalties, expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties and will do all other things necessary to keep unimpaired their rights with respect thereto and prevent
any forfeiture thereof or default thereunder. 
 (d) promptly perform or make reasonable and customary efforts to
cause to be performed, in accordance with industry standards, the obligations required by each and all of the 
  

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assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other material Properties. 

(e) to the extent the Borrower is not the operator of any Property, the Borrower shall use reasonable efforts to cause the
operator to comply with this Section 8.06. 
 Section 8.07 Insurance. The Borrower will, and will cause each
Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same
or similar locations. The loss payable clauses or provisions in said insurance policy or policies insuring any of the collateral for the Loans shall be endorsed in favor of and made payable to the Administrative Agent as its interests may appear and
such policies shall name the Administrative Agent and the Lenders as “additional insureds” and provide that the insurer will endeavor to give at least 30 days (or 10 days as to any failure to pay premium) prior notice of any cancellation
to the Administrative Agent. Any such insurance policies may also cover risks attributable to the assets and operations of Unrestricted Subsidiaries, and in such event, the loss payable clauses or provisions may name parties other than the
Administrative Agent as “additional insureds” as such other parties’ interests may appear in respect of such loss. 

Section 8.08 Books and Records; Inspection Rights. The Borrower will, and will cause each Restricted Subsidiary to, keep
proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each Restricted Subsidiary to, permit any
representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice and during normal business hours, to visit and inspect its Properties, to examine and make extracts from its books and records, and to discuss its
affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

Section 8.09 Compliance with Laws. The Borrower will, and will cause each Restricted Subsidiary to, comply with all laws,
rules, regulations and orders of any Governmental Authority applicable to it or its Property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

Section 8.10 Environmental Matters. 

(a) The Borrower shall at its sole expense: (i) comply, and shall cause its Properties and operations and each
Restricted Subsidiary and each Restricted Subsidiary’s Properties and operations to comply, with all applicable Environmental Laws, the breach of which could be reasonably expected to have a Material Adverse Effect; (ii) not Release or
threaten to Release, and shall cause each Restricted Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of the Borrower’s or its Subsidiaries’ Properties or any other property offsite the
Property to the extent caused by the Borrower’s or any of its Subsidiaries’ operations except in compliance with applicable Environmental Laws, the Release or threatened Release of which could reasonably be expected to have a Material
Adverse Effect; (iii) timely obtain or file, and shall cause each Subsidiary to 
  

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timely obtain or file, all Environmental Permits, if any, required under applicable Environmental Laws to be obtained or filed in connection with the operation or use of the Borrower’s or
its Subsidiaries’ Properties, which failure to obtain or file could reasonably be expected to have a Material Adverse Effect; (iv) promptly commence and diligently prosecute to completion, and shall cause each Subsidiary to promptly
commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial
Work”) in the event any Remedial Work is required or reasonably necessary under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future Release or threatened Release of any Hazardous
Material on, under, about or from any of the Borrower’s or its Subsidiaries’ Properties, which failure to commence and diligently prosecute to completion could reasonably be expected to have a Material Adverse Effect; (v) conduct, and
cause its Subsidiaries to conduct, their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that could reasonably be expected to form the basis for a claim for damages or compensation;
and (vi) establish and implement, and shall cause each Subsidiary to establish and implement, such procedures as may be necessary to continuously determine and assure that the Borrower’s and its Subsidiaries’ obligations under this
Section 8.10(a) are timely and fully satisfied, which failure to establish and implement could reasonably be expected to have a Material Adverse Effect. 

(b) The Borrower will promptly, but in no event later than five Business Days of the occurrence of a triggering event,
notify the Administrative Agent and the Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any Person against the Borrower or its Subsidiaries or their
Properties of which the Borrower has knowledge in connection with any Environmental Laws if the Borrower could reasonably anticipate that such action will result in liability (whether individually or in the aggregate) that would have a Material
Adverse Effect. 
 (c) The Borrower will, and will cause each Subsidiary to, provide environmental assessments,
audits and tests in accordance with the most current version of the American Society of Testing Materials standards upon request by the Administrative Agent and the Lenders and no more than once per year in the absence of any Event of Default (or as
otherwise required to be obtained by the Administrative Agent or the Lenders by any Governmental Authority), in connection with any future acquisitions of Oil and Gas Properties or other Properties. 

Section 8.11 Further Assurances. 

(a) The Borrower at its sole expense will, and will cause each Restricted Subsidiary to, promptly execute and deliver to
the Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the Borrower or any
Restricted Subsidiary, as the case may be, in the Loan Documents, including the Notes, or to further evidence and more fully describe the collateral intended as security for the Indebtedness, or to correct any omissions in this Agreement or the
Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the

  

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priority thereof, or to make any recordings, file any notices or obtain any consents, all as may be reasonably necessary or appropriate, in the sole discretion of the Administrative Agent, in
connection therewith. 
 (b) The Borrower hereby authorizes the Administrative Agent to file one or more
financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property without the signature of the Borrower or any other Guarantor where permitted by law. A carbon, photographic or other reproduction of
the Security Instruments or any financing statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by law. 

Section 8.12 Reserve Reports. 

(a) On or before April 1st and October 1st of each year, commencing October 1, 2010, the Borrower shall
furnish to the Administrative Agent and the Lenders a Reserve Report evaluating the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and its Restricted Subsidiaries as of the immediately preceding December 31 and
June 30, respectively. The Reserve Report as of December 31 of each year shall be prepared by one or more Approved Petroleum Engineers, and the June 30 Reserve Report of each year shall be prepared by or under the supervision of the
chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding December 31 Reserve Report. 

(b) In the event of an Interim Redetermination, the Borrower shall furnish to the Administrative Agent and the Lenders a
Reserve Report prepared by or under the supervision of the chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding
December 31 Reserve Report. For any Interim Redetermination requested by the Administrative Agent or the Borrower pursuant to Section 2.07(b), the Borrower shall provide such Reserve Report with an “as of” date as required by the
Administrative Agent as soon as possible, but in any event no later than thirty (30) days following the receipt of such request. 

(c) With the delivery of each Reserve Report, the Borrower shall provide to the Administrative Agent and the Lenders a
Reserve Report Certificate certifying that in all material respects: (i) the information contained in the Reserve Report and any other information delivered in connection therewith is true and correct, (ii) the Borrower or its Restricted
Subsidiaries owns good and defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03, (iii) except as set forth on an exhibit to the
certificate, on a net basis there are no take or pay or other prepayments, with respect to its Oil and Gas Properties evaluated in such Reserve Report which would require the Borrower or any Restricted Subsidiary to deliver Hydrocarbons either
generally or produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (iv) none of their Oil and Gas Properties have been sold since the date of the last Borrowing Base
determination except as set forth on an exhibit to the certificate, which certificate shall list all of its Oil and Gas Properties sold and in such detail as reasonably required by the Administrative Agent, (v) attached to the certificate is a
list of all marketing agreements entered into subsequent to the later of the date hereof or the most recently 
  

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delivered Reserve Report which the Borrower could reasonably be expected to have been obligated to list on Schedule 7.19 had such agreement been in effect on the date hereof and
(vi) attached thereto is a schedule of the Oil and Gas Properties evaluated by such Reserve Report that are Mortgaged Properties and demonstrating the percentage of the PV-10 Value of the Oil and Gas Properties that the value of such Mortgaged
Properties represent in compliance with Section 8.14(a). 
 Section 8.13 Title Information. 

(a) On or before the delivery to the Administrative Agent and the Lenders of each Reserve Report required by
Section 8.12(a), the Borrower will deliver title information in form and substance acceptable to the Administrative Agent covering enough of the Oil and Gas Properties evaluated by such Reserve Report that were not included in the immediately
preceding Reserve Report, so that the Administrative Agent shall have received together with title information previously delivered to the Administrative Agent, satisfactory title information on at least 80% of the PV-10 Value of the Oil and Gas
Properties evaluated by such Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. 

(b) If the Borrower has provided title information for additional Properties under Section 8.13(a), the Borrower
shall, within 60 days of notice from the Administrative Agent that title defects or exceptions exist with respect to such additional Properties, either (i) cure any such title defects or exceptions (including defects or exceptions as to
priority) which are not permitted by Section 9.03 raised by such information, (ii) substitute acceptable Mortgaged Properties with no title defects or exceptions except for Excepted Liens (other than Excepted Liens described in clauses
(e), (g) and (h) of such definition) having an equivalent value or (iii) deliver title information in form and substance acceptable to the Administrative Agent so that the Administrative Agent shall have received, together with title
information previously delivered to the Administrative Agent, satisfactory title information on at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated by such Reserve Report and located in, or in U.S. Federal waters adjacent to, the
United States. 
 (c) If the Borrower is unable to cure any title defect requested by the Administrative Agent or
the Lenders to be cured within the 60-day period or the Borrower does not comply with the requirements to provide acceptable title information covering 80% of the PV-10 Value of the Oil and Gas Properties evaluated in the most recent Reserve Report
and located in, or in U.S. Federal waters adjacent to, the United States, such default shall not be a Default, but instead the Administrative Agent and/or the Required Lenders shall have the right to exercise the following remedy in their sole
discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Required
Lenders are not satisfied with title to any Mortgaged Property after the 60-day period has elapsed, such unacceptable Mortgaged Property shall not count towards the 80% requirement, and the Administrative Agent may send a notice to the Borrower and
the Lenders that the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information on 80% of the PV-10 Value
of the Oil and Gas Properties evaluated 
  

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by such Reserve Report and located in, or in U.S. Federal waters adjacent to, the United States. This new Borrowing Base shall become effective immediately after receipt of such notice.

 Section 8.14 Additional Collateral; Additional Guarantors. 

(a) In connection with each redetermination of the Borrowing Base, the Borrower shall review the Reserve Report and the
list of current Mortgaged Properties (as described in Section 8.12(c)(vi)) to ascertain whether the Mortgaged Properties represent at least 80% of the PV-10 Value of the Oil and Gas Properties evaluated in the most recently completed Reserve
Report and located in, or in U.S. Federal waters adjacent to, the United States, after giving effect to exploration and production activities, acquisitions, dispositions and production. In the event that the Mortgaged Properties do not represent at
least 80% of such total value, then the Borrower shall, and shall cause its Restricted Subsidiaries to, grant, within thirty (30) days of delivery of the Reserve Report Certificate, to the Administrative Agent as security for the Indebtedness a
first-priority Lien interest (provided that Excepted Liens may exist, but subject to the provisos at the end of such definition) on additional Oil and Gas Properties not already subject to a Lien of the Security Instruments such that after giving
effect thereto, the Mortgaged Properties will represent at least 80% of such PV-10 Value of the Oil and Gas Properties located in, or in U.S. Federal waters adjacent to, the United States. All such Liens will be created and perfected by and in
accordance with the provisions of deeds of trust, security agreements and financing statements or other Security Instruments, all in form and substance reasonably satisfactory to the Administrative Agent and in sufficient executed (and acknowledged
where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its Oil and Gas Properties and such Restricted Subsidiary is not a Guarantor, then it shall
become a Guarantor and comply with Section 8.14(b). 
 (b) In the event that (i) the Borrower
determines that any Restricted Subsidiary is a Material Domestic Subsidiary or (ii) any Domestic Subsidiary (other than an Unrestricted Subsidiary) incurs or guarantees any Debt, the Borrower shall promptly cause such Restricted Subsidiary to
guarantee the Indebtedness pursuant to the Guarantee and Collateral Agreement. In connection with any such guaranty, the Borrower shall, or shall cause such Restricted Subsidiary to, (A) execute and deliver a supplement to the Guarantee and
Collateral Agreement executed by such Subsidiary, (B) pledge all of the Capital Stock of such new Subsidiary (including, without limitation, delivery of original stock certificates evidencing the Capital Stock of such Subsidiary, together with
an appropriate undated stock powers for each certificate duly executed in blank by the registered owner thereof) owned by the Borrower or such Material Domestic Subsidiary and (C) execute and deliver such other additional closing documents,
certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 
 (c) In the event
that the Borrower or any Domestic Subsidiary becomes the owner of a Material Foreign Subsidiary, then the Borrower shall promptly, or shall cause such Domestic Subsidiary to promptly, pledge Capital Stock representing 65% of the total combined
voting power of all classes of stock entitled to vote and 100% of any other class of stock of such Material Foreign Subsidiary (including, without limitation, delivery of original stock certificates evidencing such Capital Stock of such Material
Foreign Subsidiary, together with appropriate 
  

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stock powers for each certificate duly executed in blank by the registered owner thereof) owned by the Borrower or such Domestic Subsidiary and execute and deliver such other additional closing
documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 
 (d)
The Borrower agrees that it will not, and will not permit any Subsidiary to, grant a Lien on any Property to secure the Second Lien Notes, except for such Liens granted on or before the date hereof, without first (1) giving fifteen (15)
days’ prior written notice to the Administrative Agent thereof and (2) granting to the Administrative Agent to secure the Indebtedness a first-priority, perfected Lien on this same Property pursuant to Security Instruments in form and
substance satisfactory to the Administrative Agent. In connection therewith, the Borrower shall, or shall cause its Subsidiaries to, execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be
requested by the Administrative Agent. 
 (e) In the event that the Borrower shall, or shall cause a Restricted
Subsidiary to, register and/or document any of its floating infrastructure assets, including, without limitation, the ATP Titan or the ATP Octabuoy, but excluding any infrastructure assets held by Unrestricted Subsidiaries, as a vessel in the
ownership of the Borrower or such Restricted Subsidiary under the laws and flag of the United States or any other jurisdiction, then the Borrower shall, and shall cause such Restricted Subsidiaries to, promptly execute as security for the
Indebtedness a first preferred ship mortgage for each such vessel, in a form satisfactory to the Administrative Agent. 

Section 8.15 ERISA Compliance. The Borrower will promptly furnish and will cause the Subsidiaries and any ERISA Affiliate to
promptly furnish to the Administrative Agent (i) promptly after the filing thereof with the United States Secretary of Labor or the Internal Revenue Service, copies of each annual and other report with respect to each Plan or any trust created
thereunder, and (ii) immediately upon becoming aware of the occurrence of any non-exempt “prohibited transaction,” as described in section 406 of ERISA or in section 4975 of the Code, in connection with any Plan or any trust created
thereunder, a written notice signed by a Responsible Officer of the Borrower, the Subsidiary or the ERISA Affiliate, as the case may be, specifying the nature thereof, what action the Borrower, the Subsidiary or the ERISA Affiliate is taking or
proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service or the Department of Labor with respect thereto. 

Section 8.16 Marketing Activities. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage
in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (i) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from their proved Oil and Gas Properties during the
period of such contract, (ii) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from proved Oil and Gas Properties of third parties during the period of such contract associated with the Oil and Gas
Properties of the Borrower and its Restricted Subsidiaries that the Borrower or one of its Restricted Subsidiaries has the right to market pursuant to joint operating agreements, unitization agreements or other similar contracts that are usual and
customary in the oil and gas business and (iii) other contracts for the purchase and/or sale of Hydrocarbons of third parties (A) which have generally offsetting provisions (i.e. 

 

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corresponding pricing mechanics, delivery dates and points and volumes) such that no “position” is taken and (B) for which appropriate credit support has been taken to alleviate
the material credit risks of the counterparty thereto. 
 Section 8.17 Capital Stock in MLPs. The Borrower will, and
will cause each Restricted Subsidiary to (a) cause all Capital Stock in Permitted MLP Holdcos received by the Borrower or any Restricted Subsidiary in connection with an MLP Transfer to be held by the Borrower and the Guarantors and pledged as
collateral until such time as any such Capital Stock is disposed of pursuant to a Permitted MLP Transfer, and (b) cause all Permitted GPs, Permitted LPs, Permitted MLPs and Permitted MLP Holdcos formed or acquired after the Effective Date to
comply with the requirements for such entities set forth in the definitions of Permitted GP, Permitted LP, Permitted MLP and Permitted MLP Holdco respectively, including, without limitation, in respect of the distribution of dividends to the owners
thereof. 
 ARTICLE IX 

Negative Covenants 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all
other amounts payable under the Loan Documents (other than contingent indemnification obligations) have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that: 
 Section 9.01 Financial Covenants. 

(a) Ratio of Total Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter commencing
June 30, 2010, permit its ratio of Total Debt as of such date to EBITDAX for the four fiscal quarters ending on the last day of such fiscal quarter to be greater than the applicable ratio set forth in the following table for the applicable date
set forth opposite thereto: 
  

			
	 Applicable Ratio
	  	 Applicable Date

	 5.0 to 1.0
	  	 June 30, 2010

	 5.0 to 1.0
	  	 September 30, 2010

	 3.5 to 1.0
	  	 December 31, 2010

	 3.5 to 1.0
	  	 March 31, 2011

	 3.0 to 1.0
	  	 Thereafter



provided that for purposes of this Section 9.01(a), (i) EBITDAX for the fiscal quarter ending June 30, 2010 shall be EBITDAX for the three
month period ending on such date multiplied by 4, (ii) EBITDAX for the fiscal quarter ending September 30, 2010 shall be EBITDAX for the six month period ending on such date multiplied by 2 and (ii) EBITDAX for the fiscal quarter
ending December 31, 2010 shall be EBITDAX for the nine month period ending on such date multiplied by 4/3. 
  

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 (b) Current Ratio. The Borrower will not, as of the last day of any
fiscal quarter commencing June 30, 2010, permit its ratio of (i) consolidated current assets (including the unused amount of the total Commitments, but excluding non-cash gains on derivative instruments) of the Borrower and the
Consolidated Restricted Subsidiaries to (ii) consolidated current liabilities (excluding non-cash losses on derivative instruments and current maturities of long-term Debt and maturities under this Agreement) of the Borrower and the
Consolidated Restricted Subsidiaries to be less than (i) 0.80 to 1.00, if the last day of such fiscal quarter ends during the period from the Effective Date through and including December 31, 2010, and (ii) thereafter, 1.00 to 1.00.

 (c) Interest Coverage Ratio. The Borrower will not, as of the last day of any fiscal quarter commencing
June 30, 2010, permit its ratio of EBITDAX as of such date to Interest Expense for the four fiscal quarters ending on the last day of such fiscal quarter to be less than 2.0 to 1.0. 

Section 9.02 Debt. The Borrower will not, and will not permit any Restricted Subsidiary to, incur, create, assume or suffer
to exist any Debt, except: 
 (a) the Notes or other Indebtedness arising under the Loan Documents or any
guaranty of or suretyship arrangement for the Notes or other Indebtedness arising under the Loan Documents. 

(b) Debt of the Borrower and its Restricted Subsidiaries existing on the date hereof that is reflected in the Financial
Statements. 
 (c) Debt under the Second Lien Notes and any guarantees thereof and any Permitted Refinancing Debt
in respect thereof; provided that, such Debt and the holders thereof shall be at all times subject to and in compliance with the Intercreditor Agreement. 

(d) accounts payable and accrued expenses, liabilities or other obligations to pay the deferred purchase price of Property
or services, from time to time incurred in the ordinary course of business which are not greater than ninety (90) days past the date of invoice or delinquent or which are being contested in good faith by appropriate action and for which
adequate reserves have been maintained in accordance with GAAP. 
 (e) Debt associated with bonds or surety
obligations required by Governmental Requirements in connection with the operation of the Oil and Gas Properties. 

(f) intercompany Debt between the Borrower and any Restricted Subsidiary or between Restricted Subsidiaries to the extent
permitted by Section 9.05(d); provided that such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Borrower or one of its Wholly-Owned Subsidiaries, and, provided further, that any such Debt owed by
either the Borrower or a Guarantor shall be subordinated to the Indebtedness on terms set forth in the Guarantee and Collateral Agreement. 

(g) endorsements of negotiable instruments for collection in the ordinary course of business. 

 

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 (h) Non-Recourse Debt. 

(i) Debt incurred pursuant to Capital Leases, Synthetic Leases, mortgage financings and purchase money Debt, in an
aggregate amount not to exceed $60,000,000 in the aggregate at any one time outstanding. 
 (j) Debt pursuant to
vendor financings for the construction of ATP Octabuoy not to exceed $350,000,000 in the aggregate at any time outstanding. 

(k) other unsecured Debt not to exceed $100,000,000 in the aggregate at any one time outstanding. 

Section 9.03 Liens. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit
to exist any Lien on any of its Properties (now owned or hereafter acquired), except: 
 (a) Liens securing the
payment of any Indebtedness. 
 (b) Excepted Liens. 

(c) Liens on Property securing the Second Lien Notes and any guaranties thereof and any Permitted Refinancing Debt in
respect thereof as permitted by Section 9.02(c); provided, however, that (1) such Liens securing such Debt are subordinate to the Liens securing the Indebtedness, this Agreement and the other Loan Documents pursuant to the Intercreditor
Agreement and (2) both before and after giving effect to the incurrence of any such Lien, the Borrower is in compliance with Section 8.14(d). 

(d) Liens on Property not included in the Borrowing Base and pledged to secure Non-Recourse Debt under
Section 9.02(h). 
 (e) Liens securing Debt permitted by Section 9.02(i) but only on the Property under
lease or other financing. 
 (f) Liens on cash and Cash Equivalents, up to a maximum aggregate amount at any time
of $25,000,000, pledged to secure obligations under any Swap Agreement permitted by Section 9.17. 
 Section 9.04
Dividends, Distributions and Redemptions; Repayment of Second Lien Notes. 
 (a) Restricted
Payments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to its stockholders or make any distribution
of its Property to the holders of its Capital Stock, except: 
 (i) the Borrower may declare and pay dividends
with respect to its Capital Stock payable solely in additional shares of its Capital Stock (other than Disqualified Capital Stock), 
  

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 (ii) Restricted Subsidiaries may declare and pay dividends ratably with
respect to their Capital Stock, 
 (iii) any Restricted Subsidiary may declare or make any Restricted Payments to
the Borrower or to a Wholly-Owned Subsidiary, 
 (iv) if, at the time of declaration, no Borrowing Base
Deficiency or Event of Default then exists, declare and pay cash dividends with respect to the Specified Convertible Preferred, 

(v) if, at the time of repurchase, no Event of Default then exists and the Borrower has the greater of (A) unused
availability of 50% of the then effective Borrowing Base and (B) $50,000,000 in cash and Cash Equivalents, the Borrower may repurchase shares of its common stock in the open market, and 

(vi) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the
Borrower may repurchase its Capital Stock owned by employees of the Borrower or the Subsidiaries or make payments to employees of the Borrower or the Subsidiaries upon termination of employment in connection with the exercise of stock options, stock
appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans or in connection with the death or disability of such employees in an aggregate amount not to exceed $5,000,000 in any fiscal year.

 (b) Redemption of Second Lien Notes; Amendment of Indenture. The Borrower will not, and will not permit
any Restricted Subsidiary to, prior to the date that is ninety-one (91) days after the Maturity Date: (i) call, make or offer to make any optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole
or in part) the Second Lien Notes, provided that so long as no Event of Default or Borrowing Base Deficiency then exists, the Borrower may Redeem all or any portion of the Second Lien Notes with the proceeds of a substantially concurrent sale of
Capital Stock (other than Disqualified Capital Stock) of the Borrower, or (ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Second Lien Notes or
the Indenture if (A) the effect thereof would be to shorten its maturity or average life or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon, (B) such action
requires the payment of a consent fee (howsoever described), provided that the foregoing shall not prohibit the execution of supplemental indentures to add guarantors if required by the terms of any Indenture provided such Person complies with
Section 8.14(b) or (C) such amendment, modification, waiver or change is not permitted under the Intercreditor Agreement. 

Section 9.05 Investments, Loans and Advances. The Borrower will not, and will not permit any Restricted Subsidiary to, make
or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to: 

(a) Investments reflected in the Financial Statements or which are disclosed to the Lenders in Schedule 9.05. 

(b) accounts receivable arising in the ordinary course of business. 

 

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 (c) Investments in Cash Equivalents. 

(d) Investments (i) made by the Borrower in or to the Guarantors, (ii) made by any Subsidiary in or to the
Borrower or any Guarantor and (iii) made by the Borrower or any Guarantor in or to any Foreign Subsidiary to fund Capital Expenditures and other development costs in respect of Oil and Gas Properties located in the North Sea (A) prior to
the Effective Date and (B) following the Effective Date (determined, in any case, without regard to any write-downs or write-offs of such investments, loans and advances) not to exceed $900,000,000 outstanding at any point in time. 

(e) subject to the limits in Section 9.06, Investments (including, without limitation, capital contributions) in one
or more Infrastructure Subsidiaries, provided that (i) any such Infrastructure Subsidiary is engaged exclusively in the business of oil and gas gathering, processing, transportation and related activities or owning or holding, directly or
indirectly through one or more subsidiaries, Capital Stock of one or more Infrastructure Subsidiaries, (ii) all of the Net Cash Proceeds resulting from such Investment are distributed by each Infrastructure Subsidiary receiving such proceeds
(including proceeds received from one or more other Infrastructure Subsidiaries) to the Borrower or another Credit Party, (iii) the Borrowing Base shall be adjusted to reflect such Investment and the Borrower’s or such Restricted
Subsidiary’s retained Capital Stock in the Infrastructure Subsidiary, (iv) the Borrower or such Restricted Subsidiary shall pledge all of the Capital Stock in any Infrastructure Subsidiary owned directly by such Person to the
Administrative Agent to secure the Indebtedness and (v) at the time of and immediately after giving effect to such Investment and any concurrent repayment of Debt from the Net Cash Proceeds of such Investment, (A) no Borrowing Base
Deficiency or Event of Default then exists and (B) any Debt Incurred by such Infrastructure Subsidiary is Non-Recourse Debt. 

(f) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted
under this Section 9.05 owing to the Borrower or any Restricted Subsidiary as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of any Lien in favor of the Borrower or any of
its Restricted Subsidiaries. 
 (g) subject to the limits in Section 9.06, Investments in direct ownership
interests in additional Oil and Gas Properties and gas gathering systems related thereto or related to farmout, farm-in, joint operating or area of mutual interest agreements, gathering systems, production facilities, pipelines or other similar
arrangements which are usual and customary in the oil and gas exploration and production business located within the geographic boundaries of the United States of America. 

(h) Investments consisting of Capital Stock (including any Convertible Equity, but only to the extent that 545 days have
not yet elapsed since such Convertible Equity was received) in (i) Permitted MLPs, (ii) subsidiaries of Permitted MLPs, (iii) Permitted GPs and (iv) Permitted LPs, in each case received in connection with a Permitted MLP Transfer
permitted by Section 9.12(f). 
  

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 (i) loans or advances to employees, officers or directors in the ordinary
course of business of the Borrower or any of its Restricted Subsidiaries, in each case only as permitted by applicable law, including Section 402 of the Sarbanes Oxley Act of 2002, but in any event not to exceed $1,000,000 in the aggregate at
any time. 
 (j) stock, obligations or securities received in settlement of debts arising from Investments
permitted under this Section 9.05 owing to the Borrower or any Restricted Subsidiary as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of any Lien in favor of the Borrower
or any of its Subsidiaries. 
 (k) other Investments not to exceed $40,000,000 in the aggregate during any fiscal
year. 
 Section 9.06 Nature of Business; International Operations. The Borrower will not, and will not permit any
Restricted Subsidiary to, allow any material change to be made in the character of its business as an independent oil and gas exploration and production company. From and after the date hereof, the Borrower and its Domestic Subsidiaries will not
acquire or make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties not located within the geographical boundaries of the United States or the U.S. Federal waters adjacent
thereto or the North Sea. 
 Section 9.07 Limitation on Leases. The Borrower will not, and will not permit any
Restricted Subsidiary to, create, incur, assume or suffer to exist any obligation for the payment of rent or hire of Property of any kind whatsoever (real or personal but excluding in all instances, (i) Capital Leases, (ii) leases of
Hydrocarbon Interests and (iii) leases, facility use agreements and other agreements between the Borrower and one or more Restricted Subsidiaries and an Infrastructure Subsidiary permitted in accordance with Section 9.14), under leases or
lease agreements which would cause the aggregate amount of all payments made by the Borrower and the Restricted Subsidiaries pursuant to all such leases or lease agreements, including, without limitation, any residual payments at the end of any
lease, to exceed $25,000,000 in any period of twelve consecutive calendar months during the life of such leases. 

Section 9.08 Proceeds of Notes. The Borrower will not permit the proceeds of the Notes to be used for any purpose other than
those permitted by Section 7.21. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the
Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect. If requested by the Administrative Agent, the Borrower will
furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be.

 Section 9.09 ERISA Compliance. The Borrower will not, and will not permit any Restricted Subsidiary to, at any
time: 
  

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 (a) engage in, or permit any ERISA Affiliate to engage in, any transaction
(i) in connection with which the Borrower, a Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of section 502 of ERISA or a tax imposed by
Chapter 43 of Subtitle D of the Code except where such penalty or tax would not have a Material Adverse Effect or (ii) that could be reasonably expected to result in a Foreign Benefit Event. 

(b) fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the
provisions of any Plan, agreement relating thereto or applicable law, the Borrower, a Subsidiary or any ERISA Affiliate is required to pay as contributions thereto except where failure would not have a Material Adverse Effect. 

(c) contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an
obligation to contribute to (i) any employee welfare benefit plan, as defined in section 3(1) of ERISA, including, without limitation, any such plan maintained to provide benefits to former employees of such entities, that may not be terminated
by such entities in their sole discretion at any time without material liability in excess of $25,000,000, or (ii) any employee pension benefit plan, as defined in section 3(2) of ERISA, that is subject to Title IV of ERISA, section 302 of
ERISA or section 412 of the Code. 
 Section 9.10 Sale or Discount of Receivables. Except for receivables obtained
by the Borrower or any Restricted Subsidiary out of the ordinary course of business or the settlement of joint interest billing accounts in the ordinary course of business or discounts granted to settle collection of accounts receivable or the sale
of defaulted accounts arising in the ordinary course of business in connection with the compromise or collection thereof and not in connection with any financing transaction, the Borrower will not, and will not permit any Restricted Subsidiary to,
discount or sell (with or without recourse) any of its notes receivable or accounts receivable. 
 Section 9.11 Mergers,
Etc. The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or with or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose
of (whether in one transaction or in a series of transactions) all or substantially all of its Property to any other Person (whether now owned or hereafter acquired) (any such transaction, a “consolidation”), or liquidate or dissolve;
provided that (a) any Restricted Subsidiary may participate in a consolidation with the Borrower so long as the Borrower shall be the continuing or surviving entity and (b) any Restricted Subsidiary may participate in a consolidation with
any other Restricted Subsidiary (provided that if one of such Restricted Subsidiaries is a Wholly-Owned Subsidiary, then the surviving Person shall be a Wholly-Owned Subsidiary). 

Section 9.12 Sale of Properties. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, assign,
farmout, convey or otherwise transfer any Property (other than to the Borrower or any Guarantor) except for: 

(a) the sale of Hydrocarbons in the ordinary course of business. 

(b) farmouts and Production Payment and Reserve Sales; provided, that the Borrowing Base shall be adjusted to reflect any
such transaction. 
  

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 (c) the sale or transfer of equipment that is no longer necessary for the
business of the Borrower or such Restricted Subsidiary or is replaced by equipment of at least comparable value and use. 

(d) the sale or other disposition of any Oil and Gas Property or any interest therein or any Restricted Subsidiary owning
Oil and Gas Properties; provided that (i) either (A) at least 75% of the consideration received in respect of such sale or other disposition shall be cash and any portion of the non-cash consideration received (to the extent constituting
an Investment) is permitted under Section 9.05 or (B) such consideration consists of Oil and Gas Properties which qualify for nonrecognition of gain or loss under the provisions of Section 1031 of the Code (provided that
notwithstanding the foregoing, if a Borrowing Base Deficiency results from such disposition, the cash portion of the consideration shall be an amount at least sufficient to pay such Borrowing Base Deficiency under Section 3.04(c)(iv)),
(ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the Fair Market Value of the Oil and Gas Property, interest therein or Restricted Subsidiary subject of such sale or other
disposition (and if such sale is for Oil and Gas Properties having a Fair Market Value in excess of $15,000,000, as reasonably determined by the board of directors of the Borrower and, if requested by the Administrative Agent, the Borrower shall
deliver a certificate of a Responsible Officer of the Borrower certifying to that effect), (iii) if such sale or other disposition of Oil and Gas Property or Restricted Subsidiary owning Oil and Gas Properties included in the most recently
delivered Reserve Report during any period between two successive Scheduled Redetermination Dates has a Fair Market Value in excess of five percent (5%) of the then effective Borrowing Base, the Borrowing Base shall be reduced, effective
immediately upon such sale or disposition, by an amount equal to the value, if any, assigned such Property in the most recently delivered Reserve Report and (iv) if any such sale or other disposition is of a Restricted Subsidiary owning Oil and
Gas Properties, such sale or other disposition shall include all the Capital Stock of such Restricted Subsidiary. 

(e) the sale or other disposition of floating infrastructure assets and other assets not comprised of Oil and Gas
Properties or interests in Hydrocarbons by the Borrower or any Restricted Subsidiary to an Infrastructure Subsidiary provided, that, (i) at the time of such sale or other disposition, the conditions of Section 9.05(e) have been met and
(ii) substantially simultaneously with giving effect to such sale or other disposition (including, without limitation, the application of any Net Cash Proceeds received therefor) (A) the Borrowing Base shall be adjusted to reflect the
disposition of such assets and the Borrower’s or such Restricted Subsidiary’s retained Capital Stock in the Infrastructure Subsidiary, and (B) the Borrower or such Restricted Subsidiary shall pledge all of the Capital Stock owned
directly by such Person in any first-tier Infrastructure Subsidiary to the Administrative Agent to secure the Indebtedness. 

(f) transfers pursuant to the following MLP Asset Transfers: 

(i) an MLP Asset Transfer in which (A) the assets so transferred are limited to floating infrastructure assets and
other assets not comprised of Oil and Gas Properties or interests in Hydrocarbons, (B) the Borrower shall have notified the Administrative Agent reasonably prior to such MLP Asset Transfer of the principal terms and conditions thereof,
(C) such MLP Asset Transfer is for Fair Market Value, (D) such MLP Asset Transfer is for consideration consisting of (x) not less than 30% in cash, (y) not more than 51% in Capital Stock

  

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(other than Convertible Equity) in the applicable Permitted MLP (provided that, solely in respect of the Capital Stock so received by the Borrower or the Subsidiaries in connection with such MLP
Asset Transfer, (1) not more than 49% of the Capital Stock in the applicable Permitted MLP shall consist of LP Capital Stock and (2) not more than 2% of the Capital Stock in the applicable Permitted MLP shall consist of GP Equity Interest;
provided further that the percentages set forth in clauses (1) and (2) above may be changed upon the Borrower’s request to the extent reasonably satisfactory to the Administrative Agent) and (z) Convertible Equity for the
remaining portion; and (E) the other terms and conditions and any related agreements or arrangements are (X) consistent with the market practice, if any, for MLP Transfers of such type, as determined in good faith by the Borrower, and
(Y) reasonably acceptable to the Administrative Agent (such an MLP Asset Transfer, a “Permitted MLP Asset Transfer”); 

(ii) a sale, transfer or other disposition of any Capital Stock in a Permitted MLP by the Borrower or any Restricted
Subsidiary in which (A) the consideration is 100% in cash, and (B) such consideration is at least equal to the Fair Market Value of the Capital Stock being sold, transferred or otherwise disposed of (a “Permitted MLP Equity
Transfer”); 
 (iii) a sale, transfer or other disposition of any Capital Stock in a Permitted LP by the
Borrower or any Restricted Subsidiary in which (A) the consideration is 100% in cash, and (B) such consideration is at least equal to the Fair Market Value of the Capital Stock being sold, transferred or otherwise disposed of (a
“Permitted LP Equity Transfer”); and 
 (iv) a sale, transfer or other disposition of any
Capital Stock in a Permitted GP by the Borrower or any Restricted Subsidiary in which (A) the consideration is 100% in cash, and (B) such consideration is at least equal to the Fair Market Value of the Capital Stock being sold, transferred
or otherwise disposed of (a “Permitted GP Equity Transfer”, and as well as Permitted MLP Asset Transfers, Permitted MLP Equity Transfers and Permitted LP Transfers, also referred to as a “Permitted MLP Transfer”);

 in each case provided that (1) at the time of such Permitted MLP Transfer and immediately after giving effect thereto no Borrowing Base
Deficiency or Event of Default then exists; (2) immediately following such Permitted MLP Transfer, (X) the Borrowing Base is adjusted to reflect the Permitted MLP Transfer and the Borrower’s or the applicable Restricted
Subsidiary’s retained Capital Stock in the Permitted MLP, Permitted LP or Permitted GP, as applicable, and (Y) the Borrower or relevant Restricted Subsidiary pledges all of the Capital Stock owned by it in any related Permitted MLP Holdco
to the Administrative Agent to secure the Indebtedness; provided that Capital Stock that constitute margin stock within the meaning of Regulation U shall only be pledged upon the request of the Administrative Agent and in compliance with the
requirements of Regulation U. 
 (g) sales and other dispositions of Properties not regulated by
Section 9.12(a) to (f) having a Fair Market Value not to exceed $10,000,000 during any period between two Scheduled Redetermination Dates, provided that, if a Borrowing Base Deficiency results from any such sale or disposition, the cash
portion of the consideration shall be an amount at least sufficient to pay such Borrowing Base Deficiency under Section 3.04(c)(iv). 
  

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 Section 9.13 Environmental Matters. The Borrower will not, and will not permit
any Restricted Subsidiary to, cause or permit any of its Property to be in violation of, or do anything or permit anything to be done which will subject any such Property to a Release or threatened Release of Hazardous Materials, exposure to any
Hazardous Materials, or to any Remedial Work under any Environmental Laws, assuming disclosure to the applicable Governmental Authority of all relevant facts, conditions and circumstances, if any, pertaining to such Property where such violations,
Release or threatened Release, exposure, or Remedial work could reasonably be expected to have a Material Adverse Effect. 

Section 9.14 Transactions with Affiliates. 

(a) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into,
make, amend or conduct any transaction (including making a payment to, the purchase, sale, lease or exchange of any property or the rendering of any service), contract, agreement or understanding with or for the benefit of any Affiliate of the
Borrower (an “Affiliate Transaction”) unless: 
 (i) the terms of such Affiliate Transaction are
no less favorable to the Borrower or such Restricted Subsidiary, as the case may be, than those that might reasonably have been obtained in a comparable transaction at the time of such transaction in arm’s-length dealings with a Person who is
not an Affiliate of the Borrower or such Restricted Subsidiary; 
 (ii) if such Affiliate Transaction involves an
aggregate consideration in excess of $15,000,000, the terms of such transaction have been approved by a majority of the disinterested members of the Board of Directors of the Borrower (and such majority determines that such Affiliate Transaction
satisfies the criteria in clause (i) above); and 
 (iii) if such Affiliate Transaction involves an
aggregate consideration in excess of $50,000,000, the Borrower has received a written opinion from an independent investment banking, accounting or appraisal firm of nationally recognized standing that such Affiliate Transaction is fair, from a
financial standpoint, to the Borrower or such Restricted Subsidiary or is not materially less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person
that is not an Affiliate; provided, that with respect to any operating, management or other agreement entered into between the Borrower or any Restricted Subsidiary and an Infrastructure Subsidiary at the time such Infrastructure Subsidiary is an
Unrestricted Subsidiary, the terms of such agreement need only comply with clauses (i) and (ii) of this Section 9.14(a). 

(b) Section 9.14(a) will not apply to: 

(i) any Investment or Restricted Payment permitted by this Agreement; 

(ii) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment or severance agreements and other compensation arrangements, options to purchase securities of the Borrower, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or

  

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similar employee benefits plans and/or indemnity provided on behalf of directors, officers and employees approved by the Borrower; 

(iii) loans or advances to employees, officers or directors in the ordinary course of business of the Borrower or any of
its Restricted Subsidiaries; 
 (iv) advances to or reimbursements of employees for moving, entertainment and
travel expenses, drawing accounts and similar expenditures in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries; 

(v) any transaction between the Borrower and a Restricted Subsidiary or between Restricted Subsidiaries and guarantees
issued by the Borrower or a Restricted Subsidiary for the benefit of the Borrower or a Restricted Subsidiary, as the case may be, not otherwise prohibited; 

(vi) any transaction with a Joint Venture or similar entity which would constitute an Affiliate Transaction solely because
the Borrower or a Restricted Subsidiary owns, directly or indirectly, any Capital Stock in or otherwise controls such Joint Venture or similar entity; 

(vii) the issuance or sale of any Capital Stock (other than Disqualified Capital Stock) of the Borrower or the receipt by
the Borrower of any capital contribution from its shareholders; 
 (viii) indemnities of officers, directors and
employees of the Borrower or any of its Restricted Subsidiaries required or permitted by bylaw or statutory provisions and any employment agreement or other employee compensation plan or arrangement entered into in the ordinary course of business by
the Borrower or any of its Restricted Subsidiaries; 
 (ix) the payment of reasonable compensation and fees paid
to, and indemnity provided on behalf of, officers, directors or employees of the Borrower or any Restricted Subsidiary; 

(x) the performance of obligations of the Borrower or any of its Restricted Subsidiaries under the terms of any agreement
to which the Borrower or any of its Restricted Subsidiaries is a party as of or on the date hereof, as these agreements may be amended, modified, supplemented, extended or renewed from time to time; provided, however, that any future amendment,
modification, supplement, extension or renewal entered into after the date hereof will be permitted to the extent that its terms are not materially more disadvantageous, taken as a whole, to the holders of the Notes than the terms of the agreements
in effect on the date hereof; 
 (xi) transactions with customers, clients, suppliers, or purchasers or sellers
of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement which are materially no less favorable to the Borrower and its Restricted Subsidiaries than those that would have been
obtained in a comparable transaction with an unrelated Person, in the reasonable determination of the 
  

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Borrower or the senior management thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(xii) transactions with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Borrower solely
because the Borrower owns, directly or through a Restricted Subsidiary, Capital Stock in such Person; and 

(xiii) pledges of Capital Stock of Unrestricted Subsidiaries of the Borrower for the benefit of lenders to Unrestricted
Subsidiaries of the Borrower. 
 Section 9.15 Subsidiaries. The Borrower will not, and will not permit any
Restricted Subsidiary to, create or acquire any additional Restricted Subsidiary unless the Borrower gives written notice to the Administrative Agent of such creation or acquisition and complies with Section 8.14(b), and Section 8.14(c).

 Section 9.16 Negative Pledge Agreements; Dividend Restrictions. The Borrower will not, and will not permit any
Restricted Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than this Agreement, the Security Instruments or the Indenture and agreements evidencing Non-Recourse Debt, but then only on the
Property subject to the Liens securing such Debt) which in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Administrative Agent and the Lenders to secure the
Indebtedness or restricts any Restricted Subsidiary from paying dividends or making distributions to the Borrower or any Guarantor, or which requires the consent of or notice to other Persons in connection therewith. 

Section 9.17 Swap Agreement. 

(a) The Borrower will not, and will not permit any Subsidiary to, enter into any Swap Agreements with any Person other
than (i) Swap Agreements in respect of commodities (A) with an Approved Counterparty, (B) the notional volumes for which (when aggregated with other commodity Swap Agreements then in effect other than puts, floors and basis
differential swaps on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed, 85% of the reasonably anticipated projected production from Oil and Gas Properties which are proved,
developed and producing as of the date such Swap Agreement is entered, for each month (other than August, September and October solely with respect to Oil and Gas Properties located in the Gulf of Mexico) during the period for which such Swap
Agreement is in effect for each of crude oil and natural gas, calculated separately; provided that during the months of August, September and October solely with respect to Oil and Gas Properties located in the Gulf of Mexico, the notional volumes
for such Swap Agreements (when aggregated with other commodity Swap Agreements then in effect other than puts, floors and basis differential swaps on volumes already hedged pursuant to other Swap Agreements) shall not exceed, as of the date such
Swap Agreement is executed, 50% of the reasonably anticipated projected production from Oil and Gas Properties which are proved, developed and producing as of the date such Swap Agreement is entered for each such month for each of crude oil and
natural gas, calculated separately, and (C) the tenor of which is not more than 60 months from the date such Swap Agreement is executed, and (ii) Swap Agreements in respect of interest rates with an Approved Counterparty, as follows:
(A) Swap Agreements 
  

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effectively converting interest rates from fixed to floating, the notional amounts of which (when aggregated with all other Swap Agreements of the Borrower and its Subsidiaries then in effect
effectively converting interest rates from fixed to floating) do not exceed 75% of the then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a fixed rate and (B) Swap Agreements effectively
converting interest rates from floating to fixed, the notional amounts of which (when aggregated with all other Swap Agreements of the Borrower and its Subsidiaries then in effect effectively converting interest rates from floating to fixed) do not
exceed 75% of the then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a floating rate. For the avoidance of doubt, Swap Agreements entered into as of the Effective Date and disclosed on Schedule
7.20 hereto shall not be included in the calculation of the 85% and 50% limits set forth in this Section 9.17(a). 

(b) The Borrower shall maintain the hedge positions established by any Swap Agreements used in determining any Borrowing
Base during the periods of such Swap Agreements; provided that, if the Borrower sells, assigns, terminates or unwinds any such Swap Agreements and the effect of such action (when taken together with any other Swap Agreement executed
contemporaneously with the taking of such action) has the effect of cancelling the positions under such Swap Agreements, then the Borrower shall provide the Administrative Agent written notice of such termination and the Borrowing Base shall be
adjusted in accordance with Section 2.07(e) . 
 (c) The Borrower shall not enter into any Swap Agreement
for speculative purposes. It is understood that for purposes of this Section 9.17, the following Swap Agreements shall not be deemed speculative or entered into for speculative purposes: (i) any commodity Swap Agreement intended, at
inception of execution, to hedge or manage any of the risks related to existing and or forecasted Hydrocarbon production of the Borrower or its Restricted Subsidiaries (whether or not contracted) and (ii) any Swap Agreement intended, at
inception of execution, (A) to hedge or manage the interest rate exposure associated with any debt securities, debt facilities or leases (existing or forecasted) of the Borrower or its Restricted Subsidiaries, (B) for foreign exchange or
currency exchange management, (C) to manage commodity portfolio exposure associated with changes in interest rates or (D) to hedge any exposure that the Borrower or its Restricted Subsidiaries may have to counterparties under other Swap
Agreements such that the combination of such Swap Agreements is not speculative taken as a whole. 
 Section 9.18
Designation and Conversion of Restricted and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries. 

(a) Schedule 7.14 sets forth all the Restricted Subsidiaries. Unless designated as an Unrestricted Subsidiary on Schedule
7.14 as of the date hereof or thereafter, assuming compliance with Section 9.18(b), any Person that becomes a Subsidiary of the Borrower or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary. 

(b) The Borrower may designate any Subsidiary (including any newly acquired or newly formed Subsidiary or a Person
becoming a Subsidiary through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if (1) such Subsidiary is an Infrastructure Subsidiary and substantially concurrently with such designation such Infrastructure
Subsidiary (or any Infrastructure Subsidiary owned by it, directly or indirectly 
  

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through one or more subsidiaries) receives debt and/or equity financing from a third party that is not the Borrower, a Restricted Subsidiary of the Borrower or an Affiliate of the Borrower or any
Restricted Subsidiary, or (2) such Subsidiary satisfies the following requirements: 
 (i) such Subsidiary
or any of its subsidiaries does not own any Capital Stock or Debt of or have any Investment in, or own or hold any Lien on any property of, any other subsidiary of the Borrower which is not a subsidiary of the subsidiary to be so designated or
otherwise an Unrestricted Subsidiary; 
 (ii) all the Debt of such Subsidiary and its subsidiaries shall, at the
date of designation, and will at all times thereafter, consist of Non-Recourse Debt; 
 (iii) on the date of such
designation, such designation and the Investment of the Borrower or the Restricted Subsidiary in such Subsidiary complies with Section 9.04(a); 

(iv) such Subsidiary is a Person with respect to which neither the Borrower nor any of its Restricted Subsidiaries has any
direct or indirect obligation: 
 (A) to subscribe for additional Capital Stock of such Person; or 

(B) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified
levels of operating results; 
 (v) on the date such Subsidiary is designated an Unrestricted Subsidiary, such
Subsidiary is not a party to any agreement, contract, arrangement or understanding with the Borrower or any Restricted Subsidiary with terms substantially less favorable to the Borrower than those that might have been obtained from Persons who are
not Affiliates of the Borrower; and 
 (vi) prior, and after giving effect, to such designation, neither a
Default nor a Borrowing Base deficiency would exist. 
 (c) Any such designation by the Borrower shall be
evidenced by written notice to the Administrative Agent giving effect to such designation and a certificate of Financial Officer certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary
would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Debt of such Subsidiary shall be deemed to be Incurred as of such date.

 (d) The Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that
immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 

 

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 ARTICLE X 

Events of Default; Remedies 

Section 10.01 Events of Default. One or more of the following events shall constitute an “Event of Default”:

 (a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any
LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise. 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred
to in Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days. 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Restricted Subsidiary in or
in connection with any Loan Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or other document (other than projections) furnished pursuant to or in
connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made. 

(d) the Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement
contained in Section 8.01(i), Section 8.01(l), Section 8.02, Section 8.03, Section 8.14 or in Article IX. 

(e) the Borrower or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in Section 10.01(a), Section 10.01(b) or Section 10.01(d)) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after the earlier to
occur of (A) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender) or (B) a Responsible Officer of the Borrower or such Restricted Subsidiary otherwise becoming aware of such
default. 
 (f) the Borrower or any Restricted Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable. 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to
require the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or require the Borrower or any Restricted Subsidiary to make an offer in respect thereof. 

 

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 (h) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Restricted Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered. 

(i) the Borrower or any Restricted Subsidiary shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in Section 10.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Restricted
Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take
any action for the purpose of effecting any of the foregoing; or any stockholder of the Borrower shall make any request or take any action for the purpose of calling a meeting of the stockholders of the Borrower to consider a resolution to dissolve
and wind-up the Borrower’s affairs. 
 (j) the Borrower or any Restricted Subsidiary shall become unable,
admit in writing its inability or fail generally to pay its debts as they become due. 
 (k) one or more
judgments for the payment of money in an aggregate amount in excess of $25,000,000 (to the extent not covered by independent third party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer
does not dispute coverage and is not subject to an insolvency proceeding) and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be effectively stayed. 

(l) the Loan Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof,
cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against the Borrower or a Guarantor party thereto or shall be repudiated by any of them, or cease to create a valid and perfected Lien of the
priority required thereby on any of the collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement, or the Borrower or any Restricted Subsidiary or any of their Affiliates shall so state in writing.

 (m) the Intercreditor Agreement, after delivery thereof shall for any reason, except to the extent permitted
by the terms thereof, ceases to be in full force and effect and valid, binding and enforceable in accordance with its terms against the Borrower, any party thereto or any holder of the Liens subordinated thereby, or shall be repudiated by any of
them, or be amended, modified or supplemented to cause the Liens securing the obligations of the Second Lien Notes to be senior or pari passu in priority to the Liens securing the obligations of this Agreement. 

 

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 (n) a Change in Control shall occur. 

Section 10.02 Remedies. 

(a) In the case of an Event of Default other than one described in Section 10.01(h), Section 10.01(i) or
Section 10.01(j), at any time thereafter during the continuance of such Event of Default, the Administrative Agent may, and at the request of the Majority Lenders, shall, by notice to the Borrower, take either or both of the following actions,
at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Notes and the Loans then outstanding to be due and payable in whole (or in part, in which case
any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other
obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in Section 2.08(i)), shall
become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the Borrower and each Guarantor; and in case of an Event
of Default described in Section 10.01(h), Section 10.01(i) or Section 10.01(j), the Commitments shall automatically terminate and the Notes and the principal of the Loans then outstanding, together with accrued interest thereon and
all fees and the other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in
Section 2.08(i)), shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower and each Guarantor. 

(b) In the case of the occurrence of an Event of Default, the Administrative Agent and the Lenders will have all other
rights and remedies available at law and equity. 
 (c) Notwithstanding the foregoing, other than for purposes of
Section 6.02, no Event of Default shall result from the failure to maintain the financial covenants set forth in Section 9.01(a), Section 9.01(b) or Section 9.01(c) if, at the time of such failure, no Loans or Letters of Credit
constituting Indebtedness are outstanding; provided, that: 
 (i) all fees under Section 3.05(a) shall
continue to accrue following any such failure to maintain the financial covenants set forth in Section 9.01(a), Section 9.01(b) or Section 9.01(c); 

(ii) any such failure to maintain the financial covenants set forth in Section 9.01(a), Section 9.01(b) or
Section 9.01(c) will result in an Event of Default solely for purposes of Section 6.02 and the waiver of such Event of Default under Section 6.02 will require the written consent of each Lender; and 

(iii) the exception to the requirement to maintain the financial covenants under Section 9.01(a),
Section 9.01(b) or Section 9.01(c) provided by this Section 10.02(c) will terminate on March 31, 2011. 
  

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 (d) Except as otherwise provided in Section 4.03, all proceeds realized
from the liquidation or other disposition of collateral or otherwise received after maturity of the Notes, whether by acceleration or otherwise, shall be applied: 

(i) first, to payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and
indemnities payable to the Administrative Agent in its capacity as such; 
 (ii) second, pro rata to
payment or reimbursement of that portion of the Indebtedness constituting fees, expenses and indemnities payable to the Lenders; 

(iii) third, pro rata to payment of accrued interest on the Loans; 

(iv) fourth, pro rata to payment of principal outstanding on the Loans and Indebtedness referred to in Clause
(b) of the definition of Indebtedness owing to a Lender or an Affiliate of a Lender and in Clause (c) under Treasury Management Agreements; 

(v) fifth, pro rata to any other Indebtedness; 

(vi) sixth, to serve as cash collateral to be held by the Administrative Agent to secure the LC Exposure; and

 (vii) seventh, any excess, after all of the Indebtedness shall have been indefeasibly paid in full in
cash, shall be paid to the Borrower or as otherwise required by the Intercreditor Agreement or any Governmental Requirement. 

ARTICLE XI 

The Agents 

Section 11.01 Appointment; Powers. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative
Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together with such actions and
powers as are reasonably incidental thereto. 
 Section 11.02 Duties and Obligations of Administrative Agent. The
Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other
implied duties, regardless of whether a Default has occurred and is continuing (the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties), (b) the Administrative Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, the
Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is 

 

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communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other
agreement, instrument or document, (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent or as to those
conditions precedent expressly required to be to the Administrative Agent’s satisfaction, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Borrower and its Subsidiaries
or any other obligor or guarantor, or (vii) any failure by the Borrower or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants,
agreements or other terms or conditions set forth herein or therein. For purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with,
each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed closing date
specifying its objection thereto. 
 Section 11.03 Action by Administrative Agent. The Administrative Agent shall
have no duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing
as directed by the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Administrative Agent shall be fully justified in failing or
refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Majority Lenders or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under
the circumstances as provided in Section 12.02) specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses which may be incurred by it by reason of taking or
continuing to take any such action. The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a Default has occurred and is continuing, then the
Administrative Agent shall take such action with respect to such Default as shall be directed by the requisite Lenders in the written instructions (with indemnities) described in this Section 11.03, provided that, unless and until the
Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best
interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this Agreement, the Loan Documents or applicable law.
If a Default has occurred and is continuing, neither the 
  

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Syndication Agent nor the Documentation Agent shall have any obligation to perform any act in respect thereof. The Administrative Agent shall not be liable for any action taken or not taken by it
with the consent or at the request of the Majority Lenders or the Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise the Administrative Agent
shall not be liable for any action taken or not taken by it hereunder or under any other Loan Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN
ORDINARY NEGLIGENCE, except for its own gross negligence or willful misconduct. 
 Section 11.04 Reliance by
Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be
genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon and each of the Borrower, the Lenders and the Issuing Bank hereby waives the right to dispute the Administrative Agent’s record of such statement, except in the case of gross negligence or willful misconduct by the
Administrative Agent. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts. The Administrative Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer
thereof permitted hereunder shall have been filed with the Administrative Agent. 
 Section 11.05 Subagents. The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its
duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and
any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Section 11.06 Resignation or Removal of Administrative Agent. Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower, and the Administrative Agent may be removed at any time with or without cause
by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Majority Lenders and shall have
accepted such appointment within 30 days after the retiring Agent gives notice of its resignation or removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Agent which shall be
a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,

  

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privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Agent’s resignation hereunder, the provisions of this Article XI and Section 12.03 shall continue in effect for the
benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Agent. 

Section 11.07 Agents as Lenders. Each bank serving as an Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any
Subsidiary or other Affiliate thereof as if it were not an Agent hereunder. 
 Section 11.08 No Reliance.

 (a) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent,
any other Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and each other Loan Document to which it is a party. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder. The Agents shall not be required to keep themselves informed as to the
performance or observance by the Borrower or any of its Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or to inspect the Properties or books of the Borrower or its Subsidiaries. Except for
notices, reports and other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent or the Arrangers shall have any duty or responsibility to provide any Lender with any credit or
other information concerning the affairs, financial condition or business of the Borrower (or any of its Affiliates) which may come into the possession of such Agent or any of its Affiliates. In this regard, each Lender acknowledges that
Vinson & Elkins L.L.P. is acting in this transaction as special counsel to the Administrative Agent only, except to the extent otherwise expressly stated in any legal opinion or any Loan Document. Each other party hereto will consult with
its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the matters contemplated therein. 

(b) The Lenders acknowledge that the Administrative Agent and the Arrangers are acting solely in administrative capacities
with respect to the structuring and syndication of this facility and have no duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than their administrative duties, responsibilities and liabilities
specifically as set forth in the Loan Documents and in their capacity as Lenders hereunder. In structuring, arranging or syndicating this facility, each Lender acknowledges that the Administrative Agent and/or Arrangers may be an agent or lender
under these Notes, the Second Lien Notes, other loans or other securities and waives any existing or future conflicts of 

 

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interest associated with the their role in such other debt instruments. If in its administration of this facility or any other debt instrument, the Administrative Agent determines (or is given
written notice by any Lender that a conflict exists), then it shall eliminate such conflict within 90 days or resign pursuant to Section 11.06 and shall have no liability for action taken or not taken while such conflict existed. 

Section 11.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Borrower or any of its Subsidiaries, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect
of the Loans and all other Indebtedness that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Section 12.03) allowed in such
judicial proceeding; and 
 (b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in
any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 12.03.

 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender any plan of reorganization, arrangement, adjustment or composition affecting the Indebtedness or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 Section 11.10 Authority of Administrative Agent to Release Collateral and Release or Subordinate Liens. Each
Lender and the Issuing Bank hereby authorizes the Administrative Agent to release or subordinate, to the rights of the transferee of any such collateral, its Liens against any collateral that is permitted to be sold or released pursuant to the terms
of the Loan Documents. Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver to the Borrower, at the Borrower’s sole cost and expense, any and all releases of Liens, termination statements,
assignments or other documents reasonably requested by the Borrower in connection with any sale or other disposition of Property to the extent such 

 

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sale or other disposition is permitted by the terms of Section 9.12 or is otherwise authorized by the terms of the Loan Documents. 

Section 11.11 The Arrangers, the Syndication Agent and the Documentation Agent. The Arrangers, the Syndication Agent and the
Documentation Agent shall have no duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than their duties, responsibilities and liabilities in their capacity as Lenders hereunder. 

ARTICLE XII 

Miscellaneous 

Section 12.01 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
Section 12.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(i) if to the Borrower, to it at 4600 Post Oak Place, Suite 200, Houston, Texas 77027-9726, Attention of Chief Financial
Officer (Telecopy No. 713-622-6829); 
 (ii) if to the Administrative Agent or to JPMorgan Chase Bank, N.A., as
the Issuing Bank, to JPMorgan Chase Bank, N.A., Mid-Corp Loan Administration, 10 South Dearborn, Floor 07, Chicago, IL 60603-2003, Attention of Teresita R. Siao (Facsimile No. 312-385-7096), with a copy to JPMorgan Chase Bank, N.A., 712 Main
Street, Floor 8 South, Houston, TX 77002, Attention of Jack D. Smith (Facsimile No. 713-216-7770); and 

(iii) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II, Article 2.08(i), Article IV and Article V unless otherwise agreed by the Administrative Agent
and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval
of such procedures may be limited to particular notices or communications. 
 (c) Any party hereto may change its
address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to
have been given on the date of receipt. 
 Section 12.02 Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent, any other Agent, the Issuing Bank or any Lender to exercise and no
delay in exercising, and no course of dealing with 
  

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respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the
Administrative Agent, any other Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent, any other Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof nor any Security Instrument nor any provision thereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Lenders; provided that no such agreement shall (i) increase the Commitment or the Maximum Credit Amount of any Lender
without the written consent of such Lender, (ii) increase the Borrowing Base without the written consent of each Lender, decrease or maintain the Borrowing Base without the consent of the Required Lenders, or modify Section 2.07 in any
manner without the consent of each Lender; provided that a Scheduled Redetermination may be postponed by the Required Lenders, (iii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce
any fees payable hereunder, or reduce any other Indebtedness hereunder or under any other Loan Document, without the written consent of each Lender affected thereby, (iv) postpone the scheduled date of payment or prepayment of the principal
amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or any other Indebtedness hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, or postpone or extend the
Termination Date without the written consent of each Lender affected thereby, (v) change Section 4.01(b) or Section 4.01(c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of
each Lender, (vi) waive or amend Section 3.04(b), Section 6.01, Section 8.14, Section 10.02(d) or Section 12.14 without the written consent of each Lender, (vii) release any Guarantor (except as set forth in the
Guarantee and Collateral Agreement), release all or substantially all of the collateral (other than as provided in Section 11.10), or reduce the percentage set forth in Section 8.14(a) without the written consent of each Lender,
(viii) change any of the provisions of this Section 12.02(b) or the definitions of “Required Lenders” or “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent, any other Agent, or the Issuing Bank hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, such other Agent or
the Issuing Bank, as the case may be, or (ix) waive any failure to maintain the financial covenants set forth in Section 9.01(a), Section 9.01(b) or Section 9.01(c) during the period ending March 31, 2011 without the written

  

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consent of each Lender. Notwithstanding the foregoing, any supplement to Schedule 7.14 (Subsidiaries) shall be effective simply by delivering to the Administrative Agent a supplemental schedule
clearly marked as such and, upon receipt, the Administrative Agent will promptly deliver a copy thereof to the Lenders. 

Section 12.03 Expenses, Indemnity; Damage Waiver. 

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent, the
Arrangers and their Affiliates, including, without limitation, the reasonable fees, charges and disbursements of counsel and other outside consultants for the Administrative Agent, the reasonable travel, photocopy, mailing, courier, telephone and
other similar expenses, and the cost of environmental invasive and non-invasive assessments and audits and surveys and appraisals, in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation,
execution, delivery and administration (both before and after the execution hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect thereto) of this
Agreement and the other Loan Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
costs, expenses, Taxes, assessments and other charges incurred by any Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any
other document referred to therein, (iii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder,
(iv) all reasonable out-of-pocket expenses incurred by any Agent, the Issuing Bank or any Lender, including, without limitation, the fees, charges and disbursements of any counsel for any Agent, the Issuing Bank or any Lender, in connection
with the enforcement or protection of its rights in connection with this Agreement or any other Loan Document, including, without limitation, its rights under this Section 12.03, or in connection with the Loans made or Letters of Credit issued
hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 

(b) THE BORROWER SHALL INDEMNIFY EACH AGENT, THE ARRANGERS, THE ISSUING BANK AND EACH LENDER, AND EACH RELATED PARTY OF
ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES, INCURRED BY
OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF ANY CLAIM, LITIGATION, PROCEEDING OR INVESTIGATION, INCLUDING ANY CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING BROUGHT BY THE BORROWER OR ANY SUBSIDIARY,
RELATING TO: 
 (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR
THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (ii) THE
FAILURE OF THE BORROWER OR 
  

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ANY SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, (iii) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM, INCLUDING, WITHOUT
LIMITATION, (A) ANY REFUSAL BY THE ISSUING BANK TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT, OR (B) THE
PAYMENT OF A DRAWING UNDER ANY LETTER OF CREDIT NOTWITHSTANDING THE NON-COMPLIANCE, NON-DELIVERY OR OTHER IMPROPER PRESENTATION OF THE DOCUMENTS PRESENTED IN CONNECTION THEREWITH, (iv) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE
THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (v) ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER OR ANY SUBSIDIARY OR ANY OF THEIR PROPERTIES OR OPERATIONS, INCLUDING, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED
RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF HAZARDOUS MATERIALS ON OR AT ANY OF THEIR PROPERTIES, (vi) THE BREACH OR NON-COMPLIANCE BY THE BORROWER OR ANY SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE
BORROWER OR ANY SUBSIDIARY, (vii) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS ON OR AT ANY OF THE PROPERTIES
OWNED OR OPERATED BY THE BORROWER OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER OR ANY OF ITS SUBSIDIARIES, (viii) ANY ENVIRONMENTAL LIABILITY
RELATED IN ANY WAY TO THE BORROWER OR ANY OF ITS SUBSIDIARIES, OR (ix) ANY OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (x) ANY CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF
THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR
CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING, WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON
OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE
DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILFUL MISCONDUCT OF SUCH INDEMNITEE. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to any Agent, the Arrangers or the
Issuing Bank under Section 12.03(a) or (b), each Lender severally agrees to pay to such Agent, the Arrangers or the Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent,
the Arrangers or the Issuing Bank in its capacity as such. 
  

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 (d) To the extent permitted by applicable law, the Borrower shall not
assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 

(e) All amounts due under this Section 12.03 shall be payable promptly after written demand therefor. 

Section 12.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder
except in accordance with this Section 12.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing
Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b)(i) Subject to the conditions set forth in Section 12.04(b)(ii), any Lender may assign to one or more assignees
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 

(A) the Borrower, provided that no consent of the Borrower shall be required if such assignment is to a Lender, an
Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, is to any other assignee; and 

(B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment to
an assignee that is a Lender immediately prior to giving effect to such assignment. 
 (ii) Assignments shall be
subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender or an
Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no

  

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such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 (iii) Subject to Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and subject to the obligations of Section 5.01, Section 5.02,
Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.04 shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with Section 12.04(c). 
 (iv) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Maximum Credit Amount of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the
Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. In connection with any changes to the Register, if necessary, the
Administrative Agent will reflect the revisions on Annex I and forward a copy of such revised Annex I to the Borrower, the Issuing Bank and each Lender. 

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the
assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in Section 12.04(b) and any written consent to such assignment required by
Section 12.04(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall 

 

 112 







 
be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this Section 12.04(b). 

(c) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing Bank, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower,
the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 12.02 that affects such Participant. In addition such agreement must
provide that the Participant be bound by the provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01, Section 5.02 and
Section 5.03 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08
as though it were a Lender, provided such Participant agrees to be subject to Section 4.01(c) as though it were a Lender. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 5.01 or Section 5.03 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent (which consent, if
any, expressly acknowledges any additional obligations of the Borrower in respect of Indemnified Taxes or Other Taxes). A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 5.03
unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 5.03(e) as though it were a Lender. 

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 12.04(d) shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) Notwithstanding any other provisions of this Section 12.04, no transfer or assignment of the interests or
obligations of any Lender or any grant of participations therein shall be permitted if such transfer, assignment or grant would require the Borrower and the 

 

 113 







 
Guarantors to file a registration statement with the SEC or to qualify the Loans under the “Blue Sky” laws of any state. 

Section 12.05 Survival; Revival; Reinstatement. 

(a) All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making
of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any other Agent, the Issuing Bank or any Lender may have had notice
or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other
amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Section 5.01, Section 5.02, Section 5.03 and
Section 12.03 and Article XI shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the
Commitments or the termination of this Agreement, any other Loan Document or any provision hereof or thereof. 

(b) To the extent that any payments on the Indebtedness or proceeds of any collateral are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the Indebtedness so satisfied
shall be revived and continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall
continue in full force and effect. In such event, each Loan Document shall be automatically reinstated and the Borrower shall take such action as may be reasonably requested by the Administrative Agent and the Lenders to effect such reinstatement.

 Section 12.06 Counterparts; Integration; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. 

(b) This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and
thereof. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT

  

 114 







 
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

(c) Except as provided in Section 6.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 12.07 Severability. Any provision of this Agreement or any other Loan Document held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or
thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 12.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations
(of whatsoever kind, including, without limitations obligations under Swap Agreements) at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower or any Restricted Subsidiary against any of and all the
obligations of the Borrower or any Restricted Subsidiary owed to such Lender now or hereafter existing under this Agreement or any other Loan Document, irrespective of whether or not such Lender shall have made any demand under this Agreement or any
other Loan Document and although such obligations may be unmatured. The rights of each Lender under this Section 12.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender or its Affiliates may have.

 Section 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THE LOAN DOCUMENTS SHALL BE BROUGHT IN THE COURTS OF
THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS NON-EXCLUSIVE AND DOES NOT PRECLUDE A 

 

 115 







 
PARTY FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION. 

(c) EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS AS IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AND ASSUMPTION), SUCH
SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR ANY HOLDER OF A NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 
 (d) EACH PARTY HEREBY (i) IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM
EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY
HERETO NOR ANY REPRESENTATIVE OR AGENT OF COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT
IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

Section 12.10 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 12.11 Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or any
self-regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement or any other Loan Document, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any Swap Agreement relating to the Borrower and its 
  

 116 







 
obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 12.11
or (ii) becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section 12.11, “Information” means all
information received from the Borrower or any Restricted Subsidiary relating to the Borrower or any Restricted Subsidiary and their businesses, other than any such information that is available to the Administrative Agent, the Issuing Bank or any
Lender on a nonconfidential basis prior to disclosure by the Borrower or a Restricted Subsidiary; provided that, in the case of information received from the Borrower or any Restricted Subsidiary after the date hereof, such information is clearly
identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 12.11 shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Section 12.12 Interest Rate Limitation. It is the intention of the parties hereto that each Lender shall conform strictly to
usury laws applicable to it. Accordingly, if the transactions contemplated hereby would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction
whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in connection
with or as security for the Notes, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, charged or received by such Lender under
any of the Loan Documents or agreements or otherwise in connection with the Notes shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be
credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness shall have been or would thereby be paid in full, refunded by such Lender to the Borrower); and (ii) in the
event that the maturity of the Notes is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then such
consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled
automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Indebtedness (or, to the extent that the principal amount of the Indebtedness
shall have been or would thereby be paid in full, refunded by such Lender to the Borrower). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by law applicable
to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans evidenced by the Notes until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum
amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this Section 12.12
and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender 

 

 117 







 
computed at the Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be
computed at the Highest Lawful Rate applicable to such Lender until the total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been
computed without giving effect to this Section 12.12. 
 Section 12.13 EXCULPATION PROVISIONS. EACH OF THE
PARTIES HERETO SPECIFICALLY AGREES THAT IT HAS A DUTY TO READ THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ
THIS AGREEMENT AND IS FULLY INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS
EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS RESULT IN ONE PARTY ASSUMING THE LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR
ENFORCEABILITY OF ANY EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.” 

Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the provisions of this
Agreement relating to any collateral securing the Indebtedness shall also extend to and be available to those Lenders or their Affiliates which are counterparties to any Swap Agreement with the Borrower or any of its Subsidiaries on a pro
rata basis in respect of any obligations of the Borrower or any of its Subsidiaries which arise under any such Swap Agreement while such Person or its Affiliate is a Lender, but only while such Person or its Affiliate is a Lender, including any
Swap Agreements between such Persons in existence prior to the date hereof; provided that if a Person or its Affiliate ceases to be a Lender solely because the Revolving Credit Exposures have been paid in full and the Commitments terminated, then
the Liens securing such Swap Agreements shall continue in favor of such Person until those obligations are paid in full in cash or otherwise expire or are terminated. No Lender or any Affiliate of a Lender shall have any voting rights under any Loan
Document as a result of the existence of obligations owed to it under any such Swap Agreements. 
 Section 12.15 No
Third Party Beneficiaries. This Agreement, the other Loan Documents, and the agreement of the Lenders to make Loans and the Issuing Bank to issue, amend, renew or extend Letters of Credit hereunder are solely for the benefit of the Borrower, and
no other Person (including, without limitation, any Subsidiary of the Borrower, any obligor, contractor, subcontractor, supplier or materialsman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document
against the Administrative Agent, any other Agent, the Issuing Bank or any Lender for any reason whatsoever. There are no third party beneficiaries. 
  

 118 







 Section 12.16 USA Patriot Act Notice. Each Lender hereby notifies the Borrower
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which
information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 

[SIGNATURES BEGIN ON NEXT
PAGE] 
  

 119 







 The parties hereto have caused this Agreement to be duly executed as of the day and year
first above written. 
  

			
	ATP OIL & GAS CORPORATION
		
	By:	 	/s/ Leland E. Tate
		 	Leland E. Tate
		 	President


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	 JPMORGAN CHASE BANK, N.A., as

Administrative Agent

		
	By:	 	/s/ Robert Traband
		 	Robert Traband
		 	Executive Director


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	 CS SECURITIES (USA) LLC, as Syndication

Agent

		
	By:	 	/s/ James S. Finch
	Name:	 	James S. Finch
	Title:	 	Managing Director


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	NATIXIS, as Documentation Agent
		
	By:	 	/s/ Liana Tchernysheva
	Name:	 	Liana Tchernysheva
	Title:	 	Director


  

	
	
	
	/s/ Timothy L. Polvado
	Timothy L. Polvado
	Senior Managing Director


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	JPMORGAN CHASE BANK, N.A., as Lender
		
	By:	 	/s/ Robert Traband
		 	Robert Traband
		 	Executive Director


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	 CREDIT SUISSE AG, CAYMAN ISLAND

BRANCH, as Lender

		
	By:	 	/s/ Nupur Kumar
	Name:	 	Nupur Kumar
	Title:	 	Vice President
		
	By:	 	/s/ Lynne-Marie Paquette
	Name:	 	Lynne-Marie Paquette
	Title:	 	Associate


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 








			
	NATIXIS, as Lender
		
	By:	 	/s/ Liana Tchernysheva
	Name:	 	Liana Tchernysheva
	Title:	 	Director


  

	
	
	
	/s/ Timothy L. Polvado
	Timothy L. Polvado
	Senior Managing Director


  

 SIGNATURE PAGE – ATP CREDIT
AGREEMENT 







 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 

Aggregate Maximum Credit Amounts 
  

							
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum
Credit Amount
	 JPMorgan Chase Bank, N.A.
	  	37.5000	% 	 	$	37,500,000
	 Credit Suisse
	  	37.5000	% 	 	$	37,500,000
	 Natixis
	  	25.000	% 	 	$	25,000,000
		  	 	 	 	 	 
	 TOTAL
	  	100.0000	% 	 	$	100,000,000.00









 EXHIBIT A 

FORM OF NOTE 

$[            ]             
                                         
                                         
                                         
                        [                 
   ], 20[    ] 
 FOR VALUE RECEIVED, ATP Oil & Gas Corporation, a Texas corporation (the
“Borrower”), hereby promises to pay to the order of [            ] (the “Lender”), at the principal office of JPMorgan Chase Bank, N.A. (the
“Administrative Agent”), at [            ], the principal sum of [            ] Dollars
($[            ]) (or such lesser amount as shall equal the aggregate unpaid principal amount of the Loans made by the Lender to the Borrower under the Credit Agreement, as hereinafter
defined), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such Loan, at such
office, in like money and funds, for the period commencing on the date of such Loan until such Loan shall be paid in full, at the rates per annum and on the dates provided in the Credit Agreement. 

The date, amount, Type, interest rate, Interest Period and maturity of each Loan made by the Lender to the Borrower, and each payment made on account of
the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, may be endorsed by the Lender on the schedules attached hereto or any continuation thereof or on any separate record maintained by the
Lender. Failure to make any such notation or to attach a schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by any Lender of this Note.

 This Note is one of the Notes referred to in the Credit Agreement dated as of April [ ], 2010 among the Borrower, the Administrative Agent,
and the other agents and lenders signatory thereto (including the Lender), and evidences Loans made by the Lender thereunder (such Credit Agreement as the same may be amended, supplemented or restated from time to time, the “Credit
Agreement”). Capitalized terms used in this Note have the respective meanings assigned to them in the Credit Agreement. 
 This Note is
issued pursuant to, and is subject to the terms and conditions set forth in, the Credit Agreement and is entitled to the benefits provided for in the Credit Agreement and the other Loan Documents. The Credit Agreement provides for the acceleration
of the maturity of this Note upon the occurrence of certain events, for prepayments of Loans upon the terms and conditions specified therein and other provisions relevant to this Note. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

 

			
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 


  

 Exhibit A 







 EXHIBIT B 

FORM OF BORROWING REQUEST 

[                    ],
20[    ] 
 ATP Oil & Gas Corporation, a Texas corporation (the “Borrower”), pursuant to
Section 2.03 of the Credit Agreement dated as of April 23, 2010 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”) among the Borrower, JPMorgan Chase
Bank, N.A., as Administrative Agent and the other agents and lenders (the “Lenders”) which are or become parties thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit Agreement), hereby
requests a Borrowing as follows: 
  

	(i)	Aggregate amount of the requested Borrowing is
$[                    ]; 


(ii) Date of such Borrowing is
[                    ], 20[    ]; 

(iii) Requested Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing]; 

(iv) In the case of a Eurodollar Borrowing, the initial Interest Period applicable thereto is
[                    ]; 
 (v) Effective
Borrowing Base on the date is $[            ]; 
 (vi) Total Revolving Credit
Exposures (without regard to the requested borrowing) on the date is $[                    ]; and 

(vii) Pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing) is
$[                    ]; and 
 (viii)
Location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05 of the Credit Agreement, is as follows: 

[                         
       ] 

[                         
       ] 

[                         
       ] 

[                         
       ] 

[                         
       ] 
  

 Exhibit B 







 The undersigned certifies that he/she is the
[            ] of the Borrower, and that as such he/she is authorized to execute this certificate on behalf of the Borrower. The undersigned further certifies, represents and warrants on
behalf of the Borrower that the Borrower is entitled to receive the requested Borrowing under the terms and conditions of the Credit Agreement. 
  

			
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 


  

 Exhibit B 







 EXHIBIT C 

FORM OF INTEREST ELECTION REQUEST 

[                    ],
20[    ] 
 ATP Oil & Gas Corporation, a Texas corporation (the “Borrower”), pursuant to
Section 2.04 of the Credit Agreement dated as of April 23, 2010 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”) among the Borrower, JPMorgan Chase
Bank, N.A., as Administrative Agent and the other agents and lenders (the “Lenders”) which are or become parties thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit Agreement), hereby
makes an Interest Election Request as follows: 
 (i) The Borrowing to which this Interest Election Request applies, and if different options
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information specified pursuant to (iii) and (iv) below shall be specified for each resulting
Borrowing) is [            ]; 
 (ii) The effective date of the election made
pursuant to this Interest Election Request is [            ], 20[    ];[and] 

(iii) The resulting Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing][; and] 

[(iv) [If the resulting Borrowing is a Eurodollar Borrowing] The Interest Period applicable to the resulting Borrowing after giving effect to such
election is [            ]]. 
 The undersigned certifies that he/she is the
[            ] of the Borrower, and that as such he/she is authorized to execute this certificate on behalf of the Borrower. The undersigned further certifies, represents and warrants on
behalf of the Borrower that the Borrower is entitled to receive the requested continuation or conversion under the terms and conditions of the Credit Agreement. 

 

			
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 


  

 Exhibit C 







 EXHIBIT D 

FORM OF COMPLIANCE CERTIFICATE 

The undersigned hereby certifies that he/she is the [            ] of ATP Oil & Gas
Corporation, a Texas corporation (the “Borrower”), and that as such he/she is authorized to execute this certificate on behalf of the Borrower. With reference to the Credit Agreement dated as of April 23, 2010 (together with
all amendments, restatements, supplements or other modifications thereto being the “Credit Agreement”) among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents and lenders (the
“Lenders”) which are or become a party thereto, and such Lenders, the undersigned represents and warrants as follows (each capitalized term used herein having the same meaning given to it in the Agreement unless otherwise
specified): 
 (a) The representations and warranties of the Borrower and the Guarantors contained in Article VII of the Credit Agreement and in
the other Loan Documents executed on the Effective Date are true and correct 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, on and as of the date
hereof, such representations and warranties are true and correct as of such specified earlier date. 
 (b) As of the date hereof and immediately
after giving effect to any Borrowing or issuance of a Letter of Credit on the date hereof, no event, development or circumstance has occurred or exists that has resulted in, or could reasonably be expected to have, a Material Adverse Effect.

 (c) The Borrower has received all consents and approvals required by Section 7.03 of the Credit Agreement. 

(d) At the time of and immediately after giving effect to any Borrowing or any issuance of any Letter of Credit on the date hereof, no Default has
occurred and is continuing. 
 (e) After giving effect to the Transactions on the Effective Date, each of the Loan Parties is Solvent, and the
Loan Parties, taken as a whole, are Solvent. 
 EXECUTED AND DELIVERED this      day of April, 2010. 

 

			
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 


  

 Exhibit D 







 EXHIBIT E 

SECURITY INSTRUMENTS 
  

	1.	Guarantee and Collateral Agreement dated as of April 23, 2010 among ATP Oil & Gas Corporation the subsidiaries of ATP Oil & Gas Corporation
identified therein and JPMorgan Chase Bank, N.A., as Administrative Agent. 

  

	2.	Act of Mortgage, Security Agreement, Financing Statement, Fixture Filing and Assignment of Production dated as of April 23, 2010 from ATP Oil & Gas
Corporation to JPMorgan Chase Bank, N.A., as Administrative Agent 

  

	3.	Financing Statement in respect of Item 2. 

  

	4.	UK Pledge Agreement 

  

	5.	Patent Security Agreement dated as of April 23, 2010 among ATP Oil & Gas Corporation and JPMorgan Chase Bank, N.A., as Administrative Agent.


  

	6.	Copyright Security Agreement dated as of April 23, 2010 among ATP Oil & Gas Corporation and JPMorgan Chase Bank, N.A., as Administrative Agent.


  

 Exhibit E 







 EXHIBIT F 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

					
	 1.
	  	Assignor:	  	
			
	 2.
	  	Assignee:	  	
		  		  	[and is an Affiliate/Approved Fund of [identify
Lender]1]
			
	 3.
	  	Borrower:	  	ATP Oil & Gas Corporation
			
	 4.
	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
			
	 5.
	  	Credit Agreement:	  	The Credit Agreement dated as of April 23, 2010 among ATP Oil & Gas Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents and lenders
parties thereto

  

	1
	 Select as applicable. 


  

 Exhibit F 








	6.	Assigned Interest: 

  

									
	 Commitment Assigned
	  	Aggregate Amount of
Commitment/Loans 
for
all Lenders	  	Amount
of
Commitment/Loans
Assigned	  	Percentage Assigned 
of
Commitment/Loans2
		  	$	            	  	$	            	  	%
		  	$	 	  	$	 	  	%
		  	$	 	  	$	 	  	%

 Effective Date:
                    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
	Title:	 	
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
	Title:	 	


  

	2
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 



 

 Exhibit F 







 ANNEX 1 

[Credit Agreement dated as of April 23, 2010 

among ATP Oil & Gas Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, 

and the other agents and lenders parties
thereto]3 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 7.04 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on
the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor 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 Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

  

	3
	 Describe Credit Agreement at option of Administrative Agent. 



 

 Exhibit F 







 3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York. 
  

 Exhibit F 







 EXHIBIT G-1 

FORM OF MAXIMUM CREDIT AMOUNT INCREASE CERTIFICATE 

[                    ],
20[    ] 
  

	To:	JPMorgan Chase Bank, N.A., 


	    	as Administrative Agent 

 The
Borrower, the Administrative Agent and certain Lenders have heretofore entered into a Credit Agreement, dated as of April 23, 2010, (together with all amendments, restatements, supplements or other modifications thereto, the “Credit
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Credit Agreement. 

This Commitment Increase Certificate is being delivered pursuant to Section 2.06(c)(ii)(E) of the Credit Agreement.

 Please be advised that the undersigned Lender has agreed (a) to increase its Commitment under the Credit Agreement
effective [                    ], 20[    ] from
$[            ] to $[            ] and (b) that it shall continue to be a party in all respect to the Credit
Agreement and the other Loan Documents. The Borrower shall pay the fee payable to the Administrative Agent pursuant to Section 2.06(c)(ii)(E) of the Credit Agreement. 

Very truly yours, 
  

			
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	


  

 Exhibit G-1 








			
	Accepted and Agreed:
	
	 JPMorgan Chase Bank, N.A.

    as Administrative Agent

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	Accepted and Agreed:
	
	[Lender]
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 Exhibit G-1 







 EXHIBIT G-2 

FORM OF ADDITIONAL LENDER CERTIFICATE 

[                    ], 20[__]

  

	To:	JPMorgan Chase Bank, N.A., 


	  	as Administrative Agent 

 The
Borrower, the Administrative Agent and certain Lenders have heretofore entered into a Credit Agreement, dated as of April 23, 2010, (together with all amendments, restatements, supplements or other modifications thereto, the “Credit
Agreement”). Capitalized terms not otherwise defined herein shall have the meaning given to such terms in the Credit Agreement. 

This Additional Lender Certificate is being delivered pursuant to Section 2.06(c)(ii)(F) of the Credit Agreement. 

Please be advised that
[                    ] has agreed, and does hereby agree, (a) to become a Lender under the Credit Agreement effective
[                    ] with a Commitment of
[                    ] and (b) that it shall be a party in all respects to, and bound as a Lender in all respects by, the Credit
Agreement and the other Loan Documents. 
 This Additional Lender Certificate is being delivered to the Administrative Agent
together with (i) if the Additional Lender is a Foreign Lender, any documentation required to be delivered by such Additional Lender pursuant to Section 5.03(e) of the Credit Agreement, duly completed and executed by the Additional
Lender, and (ii) an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by the Additional Lender. The Borrower shall pay the fee payable to the Administrative Agent pursuant to
Section 2.06(c)(ii)(F) of the Credit Agreement. 
  

			
	Very truly yours,
	
	ATP OIL & GAS CORPORATION
		
	By:	 	 
	Name: 	 	
	Title:	 	


  

 Exhibit G-2 







 Accepted and Agreed: 

JPMorgan Chase Bank, N.A., 

    as Administrative Agent 
  

			
		
	By:	 	 
	Name: 	 	
	Title:	 	
	  
 Accepted and Agreed:

 
 [Additional Lender]

		
	By:	 	 
	Name: 	 	
	Title:	 	

  

 Exhibit G-2 







 EXHIBIT H 

FORM OF RESERVE REPORT CERTIFICATE 

This Certificate of Initial Reserve Report is delivered pursuant to Section 6.01(l) and Section 8.12(c) of that certain Credit
Agreement dated as of April 23, 2010 (the “Credit Agreement”) by and among ATP Oil & Gas Corporation, a Texas corporation (the “Borrower”), JPMorgan Chase Bank, N.A., as Administrative Agent, and the
other agents and lenders which are or become a party thereto. Capitalized terms used but not otherwise defined herein shall have the same meanings set forth in the Credit Agreement. 

The undersigned,
[                    ], being the duly elected
[                    ] of the Borrower, hereby certifies, to the knowledge of such Officer, after diligent inquiry, as follows: 

(a) The information contained in the reserve report attached hereto as Exhibit A (the “Reserve Report”), and any other
information delivered in connection therewith is true and correct in all material respects; 
 (b) The Borrower owns good and
defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03 of the Credit Agreement; 

(c) Except as set forth on Exhibit B attached hereto, on a net basis there are no take or pay or other prepayments with respect to the
Oil and Gas Properties evaluated in the Reserve Report which would require the Borrower or any of its Restricted Subsidiaries to deliver Hydrocarbons produced from such Oil and Gas Properties at some future time without then or thereafter receiving
full payment therefor; 
 (d) Exhibit C attached hereto is a schedule of the Oil and Gas Properties evaluated by the Reserve
Report that are Mortgaged Properties and demonstrating the percentage of the total value of the Oil and Gas Properties that the value of such Mortgaged Properties represent in compliance with Section 8.14 of the Credit Agreement. 

[Signature Page Follows] 
  

 Exhibit H 







 IN WITNESS WHEREOF, the undersigned has executed this Certificate of Initial Reserve Report
as of this          day of April, 2010. 
  

									
	BORROWER:	 		 	ATP OIL & GAS CORPORATION
					
		 		 		 	By:	 	 
		 		 		 	Name: 	 	
		 		 		 	Title:	 	

  

 Exhibit H 







 Schedule 7.05 

Litigation 
 Bison
Capital Corporation v. ATP Oil & Gas Corporation, Civil Action No. 10CV 714 in the United States district Court for the Southern district of New York. 

In February 2010, Bison Capital Corporation filed suit against ATP alleging that fees totaling $102 million related to certain financial transactions had
not been paid by ATP. We believe we have paid Bison Capital Corporation all amounts due under our 2004 agreement with them. ATP is currently preparing a response to the petition and plans to vigorously defend against these allegations. 






 Schedule 7.06 

Environmental Matters 

NONE. 






 Schedule 7.10 

Employee Benefit Plans 

7.10 (b) None 
 7.10 (e) None







 Schedule 7.14 

Subsidiaries 
 Restricted
Subsidiaries: 
 ATP Energy, Inc., Domestic – 100% owned by Borrower 

ATP Oil & Gas (UK) Limited, Foreign – 100% owned by Borrower 

ATP Oil & Gas (Netherlands) B.V., Foreign – 100% owned by Borrower 

Unrestricted Subsidiaries: 

ATP Holdco, LLC, Domestic – 100% owned by Borrower 

ATP IP-GP, LLC, Domestic – 100% owned by ATP Holdco, LLC 

ATP IP-LP, LLC, Domestic – 100% owned by ATP Holdco, LLC 

ATP INFRASTRUCTURE PARTNERS, L.P., Domestic – 

2% owned by ATP IP-GP, LLC, and 

49% owned by ATP IP-LP, LLC 






 Schedule 7.15 

Location of Business and Offices 

ATP Energy, Inc. 
 Texas Corporation,
Organizational No. 13580900 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP Oil & Gas
(UK) Limited 
 UK Private Limited Company, Registered No. 3949599 

Principal Place of Business: 
 Guildford

 Surrey, England 
 ATP Oil &
Gas (Netherlands) B. V. 
 Dutch Private Limited Liability Company, Registration Number 34166395 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027

 ATP HOLDCO, LLC 
 Delaware Limited
Liability Company, Number 4603678 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP IP-GP, LLC

 Delaware Limited Liability Company, Number 4603674 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027

 ATP IP-LP, LLC 
 Delaware Limited
Liability Company, Number 4603679 
 Principal Place of Business 

4600 Post Oak Place 
 Suite 200 

Houston, Texas 77027 
 ATP INFRASTRUCTURE
PARTNERS, L.P. 
 Delaware Limited Partnership, Number 4603680 

Principal Place of Business 
 4600 Post Oak Place

 Suite 200 
 Houston, Texas 77027







 Schedule 7.18 

Prepayments 

None. 






 Schedule 7.19 

Marketing of Production 

None. 






 Schedule 7.20 

Swap Agreements 

See attached. 






 2010 HEDGING PROGRAM FOR US OIL 

 

																					
	 Counterparty
	 	 TERM
	 	Days	 	 	 	BOPD	 	 Type
	 	STRIKE	 	Fees/terms	 	Trade Date	 	 
	 ConocoPhillips
	 	Jan 10 - Dec 10	 		 	Conf	 	1,000	 	Oil Put	 	$	24.70	 	$	1.00	 	2/28/2009	 	pay as go 5th day following month
	 remaining term
	 	May 10 - Dec 10	 	245	 		 		 		 			 			 		 	
	 Credit Suisse
	 	Aug 09 - Dec 10	 		 	ISDA	 	2,000	 	Swap	 	$	70.00	 	$	1.00	 	7/2/2009	 	Cal mo. avg. settle, 5th day
	 remaining term
	 	May 10 - Dec 10	 	245	 		 		 	Call	 	$	110.00	 			 		 	
	 Credit Suisse
	 	Jan 11 - Jun 11	 	181	 	ISDA	 	1,000	 	Swap	 	$	72.00	 	$	1.50	 	7/2/2009	 	Cal mo. avg. settle, 5th day
		 		 		 		 		 	Call	 	$	115.00	 	$	1.50	 		 	Premium was off strike price.
	 Credit Suisse
	 	Jan 11 - Dec 11	 	365	 	ISDA	 	2,000	 	Swap	 	$	80.00	 			 	3/3/2010	 	Cal mo. avg. settle, 5th day
		 		 		 		 		 	Call	 	$	110.00	 			 		 	Premium was off strike price.
	 Macquarie
	 	Feb 10 - Mar 10	 	59	 	ISDA	 	3,000	 	Swap	 	$	79.00	 			 	2/18/2010	 	Cal mo. avg. settle, 5th day
	 lift, reset $66/85
	 	Apr 10 - Jun 10	 	91	 	ISDA	 	3,000	 	Swap	 	$	74.00	 			 	2/18/2010	 	
		 	 Jul 10 - Dec 10
	 	184	 	ISDA	 	1,500	 	Swap	 	$	73.15	 			 	2/18/2010	 	
		 	 Jan 11 - Dec 11
	 	365	 	ISDA	 	750	 	Swap	 	$	73.15	 			 	2/18/2010	 	
	 Shell Trading
	 	Jan 10 - Dec 11	 	730	 	ISDA	 	1,000	 	Swap	 	$	78.50	 	 	delivery	 	12/11/2009	 	Cal Mo Avg, 5th day Stl; Swap w/delivery -
		 		 		 		 		 		 			 			 		 	MTM subject to ISDA 60-day credit
	 Shell Trading
	 	Jul 10 - Dec 11	 	549	 	ISDA	 	1,000	 	Swap	 	$	81.00	 	 	delivery	 	12/16/2009	 	SAME
	 Shell Trading
	 	Jul 10 - Dec 11	 	549	 	ISDA	 	1,000	 	Swap	 	$	81.00	 	 	delivery	 	12/22/2009	 	SAME
	 Shell Trading
	 	Apr 11 - Mar 12	 	365	 	ISDA	 	1,500	 	Swap	 	$	87.05	 	 	delivery	 	4/1/2010	 	SAME
	 Shell Trading
	 	Apr 11 - Mar 12	 	365	 	ISDA	 	500	 	Swap	 	$	89.30	 	 	delivery	 	4/6/2010	 	SAME
	 Shell Trading
	 	Apr 11 - Mar 12	 	365	 	ISDA	 	250	 	Swap	 	$	90.00	 	 	delivery	 	4/7/2010	 	SAME
	 Shell Trading
	 	Apr 12 - Dec 12	 	275	 	ISDA	 	500	 	Swap	 	$	89.90	 	 	delivery	 	4/8/2010	 	SAME
	 Shell Trading
	 	Apr 12 - Dec 12	 	275	 	ISDA	 	500	 	Swap	 	$	90.00	 	 	delivery	 	4/8/2010	 	SAME

 ISDA 60-day payable: Shell Trading swaps are secured
by an ISDA and like value of physical delivery volumes agreed to. 






 2010 HEDGING PROGRAM FOR US GAS 

 

																			
	 Counterparty
	 	 TERM
	 	Days	 	Mmbtu/d	 	 	 Type
	 	Price	 	Price est.	 	Trade Date	 	 
	 GAS
	 		 		 			 		 			 		 		 	
	 Adams Resources
	 	Apr 10 - Dec 10	 		 	5000 	** 	 	Fixed Pr.	 	$	5.720	 		 	7/20/2009	 	
		 		 		 	150000/mo.	  	 		 			 		 		 	
	 Southwest Energy
	 	May 10 - Aug 10	 		 	15,000	  	 	Fixed Pr.	 	$	5.000	 	wt.avg.	 	2/24/2010	 	Forward sale at weighted avg. price.
		 		 		 			 		 			 	+ basis	 		 	
	 Southwest Energy
	 	Sep 10 - Mar 11	 		 	10,000	  	 	Fixed Pr.	 	$	5.410	 	wt.avg.	 	2/25/2010	 	Forward sale fixed price.
		 		 		 			 		 			 	+ basis	 		 	
	 Southwest Energy
	 	Sep 10 - Dec 10	 		 	5,000	  	 	Fixed Pr.	 	$	5.730	 	orig. price	 	7/16/2009	 	Forward sale fixed price.
	 Shell Energy
	 	Apr 10 - Mar 11	 	365	 	15,000	  	 	Costless	 	$	4.750	 		 	3/12/2009	 	Physical embedded collar;
		 		 		 			 	Collar	 	$	7.950	 		 		 	delivery required.

 ATP HAS NO US GAS SWAPS; the fixed
price sales are embedded in physical sales. 






 2010 HEDGING PROGRAM FOR UK GAS 

 

																	
	 Counterparty
	  	 TERM
	  	Days	  	 	  	Therms	  	Mmbtus	  	 Type
	  	STRIKE	  	Trade Date
	 	  	 	  	 	  	 	  	per day	  	per day	  	 	  	p/th	  	 
	 Macquarie
	  	Apr 10 - Mar 11	  		  	ISDA	  	50,000	  	5,000	  	Swap	  	36.30	  	2/23/2010
	 Hess Energy
	  	Jan 10 - Dec 10	  		  	Gas Sale	  	30,000	  	3,000	  	Fixed Pr.	  	44.00	  	2/24/2009
		  		  		  	 Beach 2000
	  		  		  		  		  	







 2010 MTM Estimate for US OIL 

 

																								
	 	  	 	  	SHELL
BOPD	  	CSE
BOPD	  	MBL
BOPD	  	 	  	TOTAL
BOPD	  	 	  	 	  	 	  	 	  	 
	 10-Jan
	  	31	  		  		  		  		  		  	MTM	  	MTM	  	MTM	  		  		
	 10-Feb
	  	28	  		  		  		  		  		  	SHELL	  	CSE	  	MBL	  		  		
	 10-Mar
	  	31	  		  		  		  		  		  	$4,642,107	  	-$17,356,890	  	$2,135,250	  		  		
	 10-Apr
	  	30	  		  		  		  		  		  		  		  		  		  		
	 10-May
	  	31	  	1000	  	2000	  	3000	  		  	6,000	  		  		  		  	May-10	  	$	81.450
	 10-Jun
	  	30	  	1000	  	2000	  	3000	  		  	6,000	  		  		  		  	Jun-10	  	$	83.130
	 10-Jul
	  	31	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Jul-10	  	$	84.620
	 10-Aug
	  	31	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Aug-10	  	$	85.540
	 10-Sep
	  	30	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Sep-10	  	$	86.220
	 10-Oct
	  	31	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Oct-10	  	$	86.720
	 10-Nov
	  	30	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Nov-10	  	$	87.130
	 10-Dec
	  	31	  	3000	  	2000	  	1500	  		  	6,500	  		  		  		  	Dec-10	  	$	87.510
	 11-Jan
	  	31	  	3000	  	3000	  	750	  		  	6,750	  		  		  		  	Jan-11	  	$	87.790
	 11-Feb
	  	28	  	3000	  	3000	  	750	  		  	6,750	  		  		  		  	Feb-11	  	$	88.070
		  	31	  	3000	  	3000	  	750	  		  	6,750	  		  		  		  	Mar-11	  	$	88.340
		  	30	  	5250	  	3000	  	750	  		  	9,000	  		  		  		  	Apr-11	  	$	88.580
		  	31	  	5250	  	3000	  	750	  		  	9,000	  		  		  		  	May-11	  	$	88.790
		  	30	  	5250	  	3000	  	750	  		  	9,000	  		  		  		  	Jun-11	  	$	88.970
		  	31	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Jul-11	  	$	89.110
		  	31	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Aug-11	  	$	89.230
		  	30	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Sep-11	  	$	89.370
		  	31	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Oct-11	  	$	89.510
		  	30	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Nov-11	  	$	89.680
		  	31	  	5250	  	2000	  	750	  		  	8,000	  		  		  		  	Dec-11	  	$	89.890
	 12-Jan
	  	31	  	2250	  		  		  		  	2,250	  		  		  		  	Jan-12	  	$	89.890
		  	28	  	2250	  		  		  		  	2,250	  		  		  		  	Feb-12	  	$	89.900
		  	31	  	2250	  		  		  		  	2,250	  		  		  		  	Mar-12	  	$	89.930
		  	30	  	1000	  		  		  		  	1,000	  		  		  		  	Apr-12	  	$	89.980
		  	31	  	1000	  		  		  		  	1,000	  		  		  		  	May-12	  	$	90.040
		  	30	  	1000	  		  		  		  	1,000	  		  		  		  	Jun-12	  	$	90.100
		  	31	  	1000	  		  		  		  	1,000	  		  		  		  	Jul-12	  	$	90.170
		  	31	  	1000	  		  		  		  	1,000	  		  		  		  	Aug-12	  	$	90.230
		  	30	  	1000	  		  		  		  	1,000	  		  		  		  	Sep-12	  	$	90.300
		  	31	  	1000	  		  		  		  	1,000	  		  		  		  	Oct-12	  	$	90.380
		  	30	  	1000	  		  		  		  	1,000	  		  		  		  	Nov-12	  	$	90.480
		  	31	  	1000	  		  		  		  	1,000	  		  		  		  	Dec-12	  	$	90.580
		  		  	92000	  	46000	  	24000	  	162000	  	162,000	  		  		  		  		  		







 SHELL TRADING 

 

																												
	 	  	 	  	 	  	 	  	 	  	SHELL
TOTAL BOPD	  	SWAP $	  	 	  	 	  	 	  	 	  	NYMEX CLOSE
	 10-Jan
	  	31	  	1000	  		  		  		  	1,000	  		  			  		  			  		  	 	4/19/2010
		  	28	  	1000	  		  		  		  	1,000	  		  			  		  			  		  		
		  	31	  	1000	  		  		  		  	1,000	  		  			  		  			  		  		
		  	30	  	1000	  		  		  		  	1,000	  		  	 	diff	  		  			  		  		
		  	31	  	1000	  		  		  		  	1,000	  	88.45	  	$	7.000	  	31000	  	$	217,000	  	May-10	  	$	81.450
		  	30	  	1000	  		  		  		  	1,000	  	88.45	  	$	5.320	  	30000	  	$	159,600	  	Jun-10	  	$	83.130
		  	31	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	3.830	  	93000	  	$	356,190	  	Jul-10	  	$	84.620
		  	31	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	2.910	  	93000	  	$	270,630	  	Aug-10	  	$	85.540
		  	30	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	2.230	  	90000	  	$	200,700	  	Sep-10	  	$	86.220
		  	31	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	1.730	  	93000	  	$	160,890	  	Oct-10	  	$	86.720
		  	30	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	1.320	  	90000	  	$	118,800	  	Nov-10	  	$	87.130
		  	31	  	1000	  	2000	  		  		  	3,000	  	88.45	  	$	0.940	  	93000	  	$	87,420	  	Dec-10	  	$	87.510
	 11-Jan
	  	31	  	1000	  	2000	  		  		  	3,000	  	90.44	  	$	2.650	  	93000	  	$	246,450	  	Jan-11	  	$	87.790
		  	28	  	1000	  	2000	  		  		  	3,000	  	90.44	  	$	2.370	  	84000	  	$	199,080	  	Feb-11	  	$	88.070
		  	31	  	1000	  	2000	  		  		  	3,000	  	90.44	  	$	2.100	  	93000	  	$	195,300	  	Mar-11	  	$	88.340
		  	30	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.860	  	157500	  	$	292,950	  	Apr-11	  	$	88.580
		  	31	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.650	  	162750	  	$	268,537	  	May-11	  	$	88.790
		  	30	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.470	  	157500	  	$	231,525	  	Jun-11	  	$	88.970
		  	31	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.330	  	162750	  	$	216,458	  	Jul-11	  	$	89.110
		  	31	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.210	  	162750	  	$	196,927	  	Aug-11	  	$	89.230
		  	30	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	1.070	  	157500	  	$	168,525	  	Sep-11	  	$	89.370
		  	31	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	0.930	  	162750	  	$	151,357	  	Oct-11	  	$	89.510
		  	30	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	0.760	  	157500	  	$	119,700	  	Nov-11	  	$	89.680
		  	31	  	1000	  	2000	  	2250	  		  	5,250	  	90.44	  	$	0.550	  	162750	  	$	89,512	  	Dec-11	  	$	89.890
	 12-Jan
	  	31	  		  		  	2250	  		  	2,250	  	91.56	  	$	1.670	  	69750	  	$	116,483	  	Jan-12	  	$	89.890
		  	28	  		  		  	2250	  		  	2,250	  	91.56	  	$	1.660	  	63000	  	$	104,580	  	Feb-12	  	$	89.900
		  	31	  		  		  	2250	  		  	2,250	  	91.56	  	$	1.630	  	69750	  	$	113,693	  	Mar-12	  	$	89.930
		  	30	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.580	  	30000	  	$	47,400	  	Apr-12	  	$	89.980
		  	31	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.520	  	31000	  	$	47,120	  	May-12	  	$	90.040
		  	30	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.460	  	30000	  	$	43,800	  	Jun-12	  	$	90.100
		  	31	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.390	  	31000	  	$	43,090	  	Jul-12	  	$	90.170
		  	31	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.330	  	31000	  	$	41,230	  	Aug-12	  	$	90.230
		  	30	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.260	  	30000	  	$	37,800	  	Sep-12	  	$	90.300
		  	31	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.180	  	31000	  	$	36,580	  	Oct-12	  	$	90.380
		  	30	  		  		  		  	1000	  	1,000	  	91.56	  	$	1.080	  	30000	  	$	32,400	  	Nov-12	  	$	90.480
		  	31	  		  		  		  	1000	  	1,000	  	91.56	  	$	0.980	  	31000	  	$	30,380	  	Dec-12	  	$	90.580
		  		  		  		  		  		  	96,000	  		  			  		  	$	4,642,107	  		  		







 CREDIT SUISSE MTM OIL 

 

																																
	 	 	SWAP $	 	70-110	 	72-115	 	80-110	 	CSE
TOTAL BOPD	 	SWAP $	 	 	 	 	 	 	 	 	 	 	NYMEX CLOSE	 	 	 	 
	 10-Jan
	 	31	 		 		 		 	0	 		 				 			 			 		 	 	4/19/2010	 		 	
		 	28	 		 		 		 	0	 		 				 			 			 		 			 		 	
		 	31	 		 		 		 	0	 		 				 			 			 		 			 		 	
		 	30	 		 		 		 	0	 		 	 	diff	  	 			 			 		 			 		 	
	 May-10
	 	31	 	2000	 		 		 	2,000	 	70	 	($	11.450	) 	 	 	62000	 	-$	709,900	 	May-10	 	$	81.450	 		 	
		 	30	 	2000	 		 		 	2,000	 	70	 	($	13.130	) 	 	 	60000	 	-$	787,800	 	Jun-10	 	$	83.130	 		 	
		 	31	 	2000	 		 		 	2,000	 	70	 	($	14.620	) 	 	 	62000	 	-$	906,440	 	Jul-10	 	$	84.620	 		 	
		 	31	 	2000	 		 		 	2,000	 	70	 	($	15.540	) 	 	 	62000	 	-$	963,480	 	Aug-10	 	$	85.540	 		 	
		 	30	 	2000	 		 		 	2,000	 	70	 	($	16.220	) 	 	 	60000	 	-$	973,200	 	Sep-10	 	$	86.220	 		 	
		 	31	 	2000	 		 		 	2,000	 	70	 	($	16.720	) 	 	 	62000	 	-$	1,036,640	 	Oct-10	 	$	86.720	 		 	
		 	30	 	2000	 		 		 	2,000	 	70	 	($	17.130	) 	 	 	60000	 	-$	1,027,800	 	Nov-10	 	$	87.130	 		 	
		 	31	 	2000	 		 		 	2,000	 	70	 	($	17.510	) 	 	 	62000	 	-$	1,085,620	 	Dec-10	 	$	87.510	 		 	
	 11-Jan
	 	31	 		 	1000	 	2000	 	3,000	 	76.67	 	($	11.120	) 	 	 	93000	 	-$	1,034,160	 	Jan-11	 	$	87.790	 	70000	 	160000
		 	28	 		 	1000	 	2000	 	3,000	 	76.67	 	($	11.400	) 	 	 	84000	 	-$	957,600	 	Feb-11	 	$	88.070	 	70000	 	160000
		 	31	 		 	1000	 	2000	 	3,000	 	76.67	 	($	11.670	) 	 	 	93000	 	-$	1,085,310	 	Mar-11	 	$	88.340	 	70000	 	160000
		 	30	 		 	1000	 	2000	 	3,000	 	76.67	 	($	11.910	) 	 	 	90000	 	-$	1,071,900	 	Apr-11	 	$	88.580	 	70000	 	160000
		 	31	 		 	1000	 	2000	 	3,000	 	76.67	 	($	12.120	) 	 	 	93000	 	-$	1,127,160	 	May-11	 	$	88.790	 	70000	 	160000
	 Jun-10
	 	30	 		 	1000	 	2000	 	3,000	 	76.67	 	($	12.300	) 	 	 	90000	 	-$	1,107,000	 	Jun-11	 	$	88.970	 	70000	 	160000
		 	31	 		 		 	2000	 	2,000	 	80	 	($	9.110	) 	 	 	62000	 	-$	564,820	 	Jul-11	 	$	89.110	 	420000	 	960000
		 	31	 		 		 	2000	 	2,000	 	80	 	($	9.230	) 	 	 	62000	 	-$	572,260	 	Aug-11	 	$	89.230	 		 	
		 	30	 		 		 	2000	 	2,000	 	80	 	($	9.370	) 	 	 	60000	 	-$	562,200	 	Sep-11	 	$	89.370	 	1380000	 	
		 	31	 		 		 	2000	 	2,000	 	80	 	($	9.510	) 	 	 	62000	 	-$	589,620	 	Oct-11	 	$	89.510	 	76.66667	 	
		 	30	 		 		 	2000	 	2,000	 	80	 	($	9.680	) 	 	 	60000	 	-$	580,800	 	Nov-11	 	$	89.680	 		 	
		 	31	 		 		 	2000	 	2,000	 	80	 	($	9.890	) 	 	 	62000	 	-$	613,180	 	Dec-11	 	$	89.890	 		 	
	 12-Jan
	 	31	 		 		 		 	0	 		 	($	89.890	) 	 	 	0	 	$	0	 	Jan-12	 	$	89.890	 		 	
		 	28	 		 		 		 	0	 		 	($	89.900	) 	 	 	0	 	$	0	 	Feb-12	 	$	89.900	 		 	
		 	31	 		 		 		 	0	 		 	($	89.930	) 	 	 	0	 	$	0	 	Mar-12	 	$	89.930	 		 	
		 	30	 		 		 		 	0	 		 	($	89.980	) 	 	 	0	 	$	0	 	Apr-12	 	$	89.980	 		 	
		 	31	 		 		 		 	0	 		 	($	90.040	) 	 	 	0	 	$	0	 	May-12	 	$	90.040	 		 	
		 	30	 		 		 		 	0	 		 	($	90.100	) 	 	 	0	 	$	0	 	Jun-12	 	$	90.100	 		 	
		 	31	 		 		 		 	0	 		 	($	90.170	) 	 	 	0	 	$	0	 	Jul-12	 	$	90.170	 		 	
		 	31	 		 		 		 	0	 		 	($	90.230	) 	 	 	0	 	$	0	 	Aug-12	 	$	90.230	 		 	
		 	30	 		 		 		 	0	 		 	($	90.300	) 	 	 	0	 	$	0	 	Sep-12	 	$	90.300	 		 	
		 	31	 		 		 		 	0	 		 	($	90.380	) 	 	 	0	 	$	0	 	Oct-12	 	$	90.380	 		 	
		 	30	 		 		 		 	0	 		 	($	90.480	) 	 	 	0	 	$	0	 	Nov-12	 	$	90.480	 		 	
		 	31	 		 		 		 	0	 		 	($	90.580	) 	 	 	0	 	$	0	 	Dec-12	 	$	90.580	 		 	
		 		 		 		 		 	46,000	 		 				 	$	1,401,000	 	-$	17,356,890	 		 			 		 	







 MACQUARIE 

 

																										
	 	  	 	  	$74.00	  	$73.15	  	$73.15	  	MACQUARIE
TOTAL BOPD	  	SWAP $	  	 	  	 	  	 	  	 	  	NYMEX CLOSE
	 10-Jan
	  	31	  		  		  		  	0	  		  			  		  			  		  	 	4/19/2010
		  	28	  		  		  		  	0	  		  			  		  			  		  		
		  	31	  		  		  		  	0	  		  			  		  			  		  		
		  	30	  		  		  		  	0	  		  	 	diff	  		  			  		  		
	 May-10
	  	31	  	3000	  		  		  	3,000	  	88.45	  	$	7.000	  	93000	  	$	651,000	  	May-10	  	$	81.450
		  	30	  	3000	  		  		  	3,000	  	88.45	  	$	5.320	  	90000	  	$	478,800	  	Jun-10	  	$	83.130
	 Jul-10
	  	31	  		  	1500	  		  	1,500	  	88.45	  	$	3.830	  	46500	  	$	178,095	  	Jul-10	  	$	84.620
		  	31	  		  	1500	  		  	1,500	  	88.45	  	$	2.910	  	46500	  	$	135,315	  	Aug-10	  	$	85.540
		  	30	  		  	1500	  		  	1,500	  	88.45	  	$	2.230	  	45000	  	$	100,350	  	Sep-10	  	$	86.220
		  	31	  		  	1500	  		  	1,500	  	88.45	  	$	1.730	  	46500	  	$	80,445	  	Oct-10	  	$	86.720
		  	30	  		  	1500	  		  	1,500	  	88.45	  	$	1.320	  	45000	  	$	59,400	  	Nov-10	  	$	87.130
		  	31	  		  	1500	  		  	1,500	  	88.45	  	$	0.940	  	46500	  	$	43,710	  	Dec-10	  	$	87.510
	 11-Jan
	  	31	  		  		  	750	  	750	  	90.44	  	$	2.650	  	23250	  	$	61,612	  	Jan-11	  	$	87.790
		  	28	  		  		  	750	  	750	  	90.44	  	$	2.370	  	21000	  	$	49,770	  	Feb-11	  	$	88.070
		  	31	  		  		  	750	  	750	  	90.44	  	$	2.100	  	23250	  	$	48,825	  	Mar-11	  	$	88.340
		  	30	  		  		  	750	  	750	  	90.44	  	$	1.860	  	22500	  	$	41,850	  	Apr-11	  	$	88.580
		  	31	  		  		  	750	  	750	  	90.44	  	$	1.650	  	23250	  	$	38,362	  	May-11	  	$	88.790
		  	30	  		  		  	750	  	750	  	90.44	  	$	1.470	  	22500	  	$	33,075	  	Jun-11	  	$	88.970
		  	31	  		  		  	750	  	750	  	90.44	  	$	1.330	  	23250	  	$	30,923	  	Jul-11	  	$	89.110
		  	31	  		  		  	750	  	750	  	90.44	  	$	1.210	  	23250	  	$	28,132	  	Aug-11	  	$	89.230
		  	30	  		  		  	750	  	750	  	90.44	  	$	1.070	  	22500	  	$	24,075	  	Sep-11	  	$	89.370
		  	31	  		  		  	750	  	750	  	90.44	  	$	0.930	  	23250	  	$	21,622	  	Oct-11	  	$	89.510
		  	30	  		  		  	750	  	750	  	90.44	  	$	0.760	  	22500	  	$	17,100	  	Nov-11	  	$	89.680
		  	31	  		  		  	750	  	750	  	90.44	  	$	0.550	  	23250	  	$	12,787	  	Dec-11	  	$	89.890
	 12-Jan
	  	31	  		  		  		  	0	  	91.56	  	$	1.670	  	0	  	$	0	  	Jan-12	  	$	89.890
		  	28	  		  		  		  	0	  	91.56	  	$	1.660	  	0	  	$	0	  	Feb-12	  	$	89.900
		  	31	  		  		  		  	0	  	91.56	  	$	1.630	  	0	  	$	0	  	Mar-12	  	$	89.930
		  	30	  		  		  		  	0	  	91.56	  	$	1.580	  	0	  	$	0	  	Apr-12	  	$	89.980
		  	31	  		  		  		  	0	  	91.56	  	$	1.520	  	0	  	$	0	  	May-12	  	$	90.040
		  	30	  		  		  		  	0	  	91.56	  	$	1.460	  	0	  	$	0	  	Jun-12	  	$	90.100
		  	31	  		  		  		  	0	  	91.56	  	$	1.390	  	0	  	$	0	  	Jul-12	  	$	90.170
		  	31	  		  		  		  	0	  	91.56	  	$	1.330	  	0	  	$	0	  	Aug-12	  	$	90.230
		  	30	  		  		  		  	0	  	91.56	  	$	1.260	  	0	  	$	0	  	Sep-12	  	$	90.300
		  	31	  		  		  		  	0	  	91.56	  	$	1.180	  	0	  	$	0	  	Oct-12	  	$	90.380
		  	30	  		  		  		  	0	  	91.56	  	$	1.080	  	0	  	$	0	  	Nov-12	  	$	90.480
		  	31	  		  		  		  	0	  	91.56	  	$	0.980	  	0	  	$	0	  	Dec-12	  	$	90.580
		  		  		  		  		  	24,000	  		  			  		  	$	2,135,250	  		  		







 2010 MTM Estimate for UK GAS 

 

																			
		 		 		 		 		 		 		 		 	10-Jan	 	31
		 		 	Macquarie
therms	 	pence/therm	 	swap-strip	 	MTM
Est.	 	4/20/2010	 		 		 	28
 31

		 		 		 		 		 		 		 		 		 	30
	31	 	May-10	 	50,000	 	36.5	 	6.3	 	9,765,000	 	30.2	 	1550000	 	May-10	 	31
	30	 	Jun-10	 	50,000	 	36.5	 	6.125	 	9,187,500	 	30.375	 	1500000	 		 	30
	31	 	Jul-10	 	50,000	 	36.5	 	6.35	 	9,842,500	 	30.15	 	1550000	 	Jul-10	 	31
	31	 	Aug-10	 	50,000	 	36.5	 	6.35	 	9,842,500	 	30.15	 	1550000	 		 	31
	30	 	Sep-10	 	50,000	 	36.5	 	6.35	 	9,525,000	 	30.15	 	1500000	 		 	30
	31	 	Oct-10	 	50,000	 	36.5	 	-4.65	 	-7,207,500	 	41.15	 	1550000	 		 	31
	30	 	Nov-10	 	50,000	 	36.5	 	-4.65	 	-6,975,000	 	41.15	 	1500000	 		 	30
	31	 	Dec-10	 	50,000	 	36.5	 	-4.65	 	-7,207,500	 	41.15	 	1550000	 		 	31
	31	 	Jan-11	 	50,000	 	36.5	 	-4.65	 	-7,207,500	 	41.15	 	1550000	 	11-Jan	 	31
	28	 	Feb-11	 	50,000	 	36.5	 	-4.65	 	-6,510,000	 	41.15	 	1400000	 		 	28
	31	 	Mar-11	 	50,000	 	36.5	 	-4.65	 	-7,207,500	 	41.15	 	1550000	 		 	31
	30	 	Apr-11	 		 		 		 		 	38.15	 		 		 	30
	31	 	May-11	 		 		 		 		 	38.15	 		 		 	31
	30	 	Jun-11	 		 		 		 		 	38.15	 		 		 	30
	31	 	Jul-11	 		 		 		 		 	38.15	 		 		 	31
	31	 	Aug-11	 		 		 		 		 	38.15	 		 		 	31
	30	 	Sep-11	 		 		 		 		 	38.15	 		 		 	30
	31	 	Oct-11	 		 		 		 		 	48.5	 		 		 	31
	30	 	Nov-11	 		 		 		 		 	48.5	 		 		 	30
	31	 	Dec-11	 		 		 		 		 	48.5	 		 		 	31
		 		 		 		 		 	5,847,500	 		 		 	12-Jan	 	31
		 		 		 		 		 	5,848	 		 		 		 	28
		 		 		 		 		 		 		 		 		 	31
		 		 		 		 		 		 		 		 		 	30
		 		 		 		 		 		 		 		 		 	31
		 		 		 		 		 		 		 		 		 	30
		 		 		 		 		 		 		 		 		 	31
		 		 		 		 		 		 		 		 		 	31
		 		 		 		 		 		 		 		 		 	30
		 		 		 		 		 		 		 		 		 	31
		 		 		 		 		 		 		 		 		 	30
		 		 		 		 		 		 		 		 		 	31










				
		  	 	4/20/2010
	 May-10
	  	$	3.9440
	 Jun-10
	  	$	4.0270
	 Jul-10
	  	$	4.1470
	 Aug-10
	  	$	4.2410
	 Sep-10
	  	$	4.2950
	 Oct-10
	  	$	4.4090
	 Nov-10
	  	$	4.7790
	 Dec-10
	  	$	5.1890
	 Jan-11
	  	$	5.4020
	 Feb-11
	  	$	5.3700
	 Mar-11
	  	$	5.2770
	 Apr-11
	  	$	5.0910
	 May-11
	  	$	5.1070
	 Jun-11
	  	$	5.1580
	 Jul-11
	  	$	5.2240
	 Aug-11
	  	$	5.2750
	 Sep-11
	  	$	5.3050
	 Oct-11
	  	$	5.4040
	 Nov-11
	  	$	5.6560
	 Dec-11
	  	$	5.9560
	 Jan-12
	  	$	6.1590
	 Feb-12
	  	$	6.0990
	 Mar-12
	  	$	5.9240
	 Apr-12
	  	$	5.4790
	 May-12
	  	$	5.4760
	 Jun-12
	  	$	5.5190
	 Jul-12
	  	$	5.5790
	 Aug-12
	  	$	5.6320
	 Sep-12
	  	$	5.6650
	 Oct-12
	  	$	5.7630
	 Nov-12
	  	$	6.0030
	 Dec-12
	  	$	6.2680









 Schedule 9.05 

Investments 

None.