Document:

Exhibit 10.1

 

 

 

May 6, 2014

 

First Amendment to the "Letter
Agreement" between Tidewater Oil and Gas Company
LLC, "Tidewater", and Virtus oil and gas, "Virtus" signed
November 14, 2013 and
approved by the bankruptcy court on December 11,
2013.

 

The parties to this agreement,
Tidewater and Virtus, mutually agreed that it is to their best interest to postpone the drilling
date as provided in the Letter Agreement in paragraphs 1.2 and 1.5. This date is February 3,
2015. The parties to
this agreement have mutually agreed to change the drilling date in paragraph 1.2 and 1.5 to September,
2015. This mutual agreement was
done in an effort to give Virtus additional time to shoot and
acquire additional seismic to delineate additional structural
elements that that may be defined with
this additional data.
Both parties see this as being beneficial to the overall
program and it is their wish to make this amendment to
the agreement.

 

IN WITNESS WHEREOF, the undersigned parties as
of this 6th day of May, 2014.

 

Tidewater
Oil & Gas Company LLC

 

 

By: /s/ James S. Jones

 

Name: James S. Jones

 

Title: Manager 

 

 

 

Virtus Oil and Gas

 

By: /s/ Dan Ferris

 

Name: Dan Ferris

 

Title: CEOExhibit 10.2

 

 

Mr. Dan
Ferris

Virtus Oil and Gas

1517 San Jacinto St

Houston, TX 77002

 

Re: Letter Agreement

 

Third Party Iron County, Utah acreage

 

Mr. Ferris,

 

This Letter
Agreement (the "Agreement"), sets forth our mutual agreement regarding the sale to Virtus Oil and Gas ("VOG")
the working interest in leases owned by Tom Johnson and Bill Berryman ("TJBB") in Iron County, Utah, hereinafter referred
to as the "Third Party Acreage" This is approximately 18,690.50 acres and is delivered to VOG with an 80% NRI and a
87.5% working interest. TJBB will retain 12.5% of the Working Interest, and its 12.5% working interest will be carried though
the drilling and completion of the initial well drilled on its acreage in Iron County, Utah. Thereafter TJBB will be "heads
up" on its participation and subsequent operations covered as described below in paragraph IV.

 

WHEREAS, VOG is agreeing to provide $168,215 as a non-refundable
acquisition cost payable in the following manner:

 

I. The first payment of $43,000, is due within 10 days after the
signing of this Agreement, by the Parties to this Letter Agreement.

 

II. The Second payment of $50,215, is payable 55 days after the
signing of this Letter Agreement.

 

Ill. The last payment. the Third payment of $75,000 is payable
within 145 days of signing of this Letter Agreement.

 

IV. An AAPL FORM 610-1989 Model Operating Agreement will be signed.

 

 

This agreement will have a 100 and 300 percent non-consent penalty
for tangibles and intangibles. The terms of our agreement with respect to the Iron County Prospect interest are as follows:

 

1.0. VOG agrees to pay $168,215 to TJBB for 87.5% of it's
working interest in approximately 18,690.50 net acres in the area as set forth in "Exhibit A- Iron County Leases. Iron County.
Utah," attached hereto and hereinafter referred to as Exhibit A and such non-refundable payment of $168,215 to TJBB shall
be made as described above and upon final payment, TJBB shall immediately assign the working interest in the subject leases in
Exhibit A to VOG. The leases in Exhibit A are delivered with an 80% NRI (Net Revenue Interest).

    	1

    	 

    

 

 

1.2 Failure of VOG to drill an initial well in the Parowan
Project Area ("Exhibit C - Map-Parowan Project Area") on or before September, 2015 shall result in VOG forfeiting all
rights to any interest contained in Exhibits A. and TJBB shall retain the $168, 215.

 

1.3 TJBB shall administer and maintain the lease rental
payments as shown in Exhibit A and shall invoice VOG for TJBB's proportionate share of lease rental payments.

 

1.4 TJBB shall notify VOG ninety (90) days prior to the
lease rental due date of the leases subject to this Letter Agreement in Exhibit A , and VOG shall have thirty (30) days to respond
to TJBB as to whether VOG agrees to pay such lease rentals, see Exhibit A. Failure to pay said lease rentals will result in loss
of VOG's right, title and interest to all such lease(s), where lease rentals were not paid.

 

1.5 VOG shall be the operator of the subject leases in
this Agreement. An Initial Test Well, a 12.000 foot test of the Jurassic-Navajo, Permian Kaibab, is anticipated to be drilled
in the Parowan Project Area no later than June, 2015.

 

2.0 Time is of the essence for this Agreement.
All of the terms, covenants. conditions and provisions hereof shall inure to, be available to and binding upon the parties hereto,
their respective heirs, executors, administrators, assigns and successors. It is not the purpose or int ention of this agreement
to create, nor shall the same be considered as creating any partnership, commercial venture, or other usual partnership relation,
including joint and collective liability.

 

3.0
All notices or communications required or permitted under this Agreement shall be in writing and any notices, communications or
delivery hereunder shall be deemed to have been fully made if hand delivered, or if mailed by registered or certified mail, postage
prepaid, to the address as set forth below:

 

To: Virtus Oil & Gas

1517 San Jacinto Street

Houston, TX 77002

Attn: Mr. Dan Ferris

 

To: Tom Johnson

14252 E. Saratoga Place

Aurora, CO 80015

Attn: Mr. Tom Johnson

    	2

    	 

    

 

 

To: Bill Berryman

11488 W. Radcliffe Drive

Littleton, CO 80127

Attn: Mr. Bill Berryman

 

 

4.0
This Agreement shall be governed by the laws of the State of Colorado, without regard to rules regarding conflicts of laws; and
the parties agree that proper venue for any disputes rising hereunder shall be in Federal or State courts located in the State
of Colorado.

 

5.0 The waiver or failure of either party to
enforce any provision of this Agreement shall not be construed or considered to be a waiver of any further breach of such provision
or of any other provisions of this Agreement.

 

Please acknowledge your acceptance of this Agreement by signing
this Agreement in the place provided below and returning one fully executed original to TJBB.

 

/s/ Tom Johnson

Tom Johnson     May 7th, 2014

 

/s/ Bill Berryman

Bill Berryman     May 7th, 2014

 

/s/ Dan Ferris

Dan Ferris / Virtus Oil and Gas     May
7th, 2014Exh10.1.Credit Agreement Amendment

Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 6, 2014 (this "Amendment"), is among TESCO US HOLDING LP (the "US Borrower"), TESCO CORPORATION (the "Canadian Borrower", and collectively with the US Borrower, the "Borrowers"), the LENDERS party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

RECITAL

The Borrowers, the Lenders and the Administrative Agent are parties to a Second Amended and Restated Credit Agreement dated as of April 27, 2012 (as amended or modified from time to time, the "Credit Agreement").  The Borrowers desire to amend the Credit Agreement as set forth herein and the Lenders are willing to do so in accordance with the terms hereof.

TERMS

In consideration of the premises and of the mutual agreements herein contained, the parties agree as follows:

ARTICLE 1.
AMENDMENTS.

Upon the satisfaction of the conditions set forth in Article 3 hereof, the Credit Agreement shall be amended as follows:

1.1    Section 6.06(d) of the Credit Agreement is restated as follows:

(d) the Parent may make Restricted Payments consisting of redemptions, retirements, acquisitions, cancellations or terminations of any Equity Interests in the Parent in an aggregate amount after the Effective Date not to exceed $150,000,000, provided that, before and after giving pro forma effect to such Restricted Payments, (i) no Default exists or would be caused thereby, (ii) the representations and warranties contained in the Loan Documents shall be true and correct on and as of the date thereof (both before and after giving pro forma effect thereto) as if made on such date, (iii) the Leverage Ratio is less than 2.0:1.0, and (iv) the sum of (A) Unrestricted Cash plus (B) the excess of the aggregate Commitments over the Revolving Loans and the LC Exposure is at least $50,000,000; and

ARTICLE 2.
REPRESENTATIONS.

Each Borrower represents and warrants to the Lenders and Administrative Agent that:

2.1    The execution, delivery and performance of this Amendment are within each Borrower's corporate, company, limited partnership or similar powers and have been duly authorized by all necessary corporate, company, limited partnership or similar action and, if required, stockholder, member, partnership or similar action.

2.2    This Amendment has been duly executed and delivered by each Borrower and constitutes a legal, valid and binding obligation of each Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, 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.

2.3    The execution, delivery and performance of this Amendment by each Borrower (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Parent or any of its material Subsidiaries 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 Parent or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent or any of its Subsidiaries, and (d) except as required under the Loan Documents, will not result in the creation or imposition of any material Lien on any asset of the Parent or any of its Subsidiaries, other than Liens permitted under Section 6.02.

2.4    The representations and warranties of each Loan Party set forth in the Credit Agreement or in any other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties are expressly limited to any earlier date (in which case such representations and warranties shall be true and correct in all material respects on and as of such earlier date).

2.5    Before and after giving effect to the amendments herein contained, no Event of Default or Default shall have occurred and be continuing.

ARTICLE 3.
CONDITIONS PRECEDENT.

This Amendment shall be effective as of the date hereof when each of the following conditions is satisfied:

3.1    This Amendment shall be executed by each of the Borrowers and the Required Lenders.

3.2    The Consent and Agreement attached hereto shall be executed by each of the Guarantors.

ARTICLE 4.
MISCELLANEOUS.

4.1    References in the Credit Agreement or in any other Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended hereby and as further amended from time to time.  Except as expressly amended hereby, each Borrower agrees that the Loan Documents are ratified and confirmed and shall remain in full force and effect and that it has no set off, counterclaim, defense or other claim or dispute with respect to any of the foregoing. The terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.  This Amendment may be signed upon any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of an executed 

counterpart of a signature page of this Amendment by telecopy or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.

4.2    This Amendment shall be construed in accordance with and governed by the laws of the State of New York.
    
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

TESCO CORPORATION

By:  /s/ Julio M Quintana                
Name:    Julio M Quintana
Title:    President & Chief Executive Officer

TESCO US HOLDING LP

By: TESCO CANADA INTERNATIONAL INC.,
its general partner

By:  /s/ Christopher L Boone            
Name:    Christopher L Boone
Title:    Senior Vice President

JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent

By:  /s/ Thomas Okamoto                
Name:    Thomas Okamoto
Title:    Authorized Officer

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as the Canadian Swingline Lender and Issuing Bank to Canadian LC Obligors

By:  /s/ Thomas Okamoto                
Name:    Thomas Okamoto
Title:    Authorized Officer

AMEGY BANK NA

                        
By:  /s/ James C. Day                    
Name:    James C. Day
Title:    Vice President

BOKF, NA dba Bank of Texas

By:  /s/ Marian Livingston                
Name:    Marian Livingston
Title:    Senior Vice President

COMERICA BANK

By:  /s/ Bradley Kuhn                    
Name:    Bradley Kuhn
Title:    AVP

HSBC BANK USA, N.A.

By:  /s/ Michael Bustios                    
Name:    Michael Bustios
Title:    Vice President    
20556

THE BANK OF NOVA SCOTIA

By:  /s/ Wade Talbott                    
Name:    Wade Talbott
Title:    Director, Credit Solutions Group

By:  /s/ Dave Forbes                    
Name:    Dave Forbes
Title:    Director & Group Lead, Credit Solutions Group

TRUSTMARK NATIONAL BANK

By:  /s/ Jeff Deutsch                    
Name:    Jeff Deutsch
Title:    SVP

CONSENT AND AGREEMENT

As of the date and year first above written, each of the undersigned hereby:  

(a) fully consents to the terms and provisions of the above Amendment and the consummation of the transactions contemplated thereby;

(b) acknowledges and agrees that (i) each Loan Document to which it is a party are hereby ratified and confirmed and shall remain in full force and effect, and (ii) it has no setoff, counterclaim, defense or other claim or dispute with respect to any Collateral Document to which it is a party or any other Loan Document to which it is a party thereto;

(c) represents and warrants to the Administrative Agent and the Lenders that: (i) the execution, delivery and performance of this Consent and Agreement are within each Guarantor's corporate, company, limited partnership or similar powers and have been duly authorized by all necessary corporate, company, limited partnership or similar action and, if required, stockholder, member, partnership or similar action; (ii) this Consent and Agreement has been duly executed and delivered by each Guarantor and constitutes a legal, valid and binding obligation of each Guarantor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, 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, and (iii) the execution, delivery and performance of this Consent and Agreement by each Guarantor (A) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (B) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Parent or any of its material Subsidiaries or any order of any Governmental Authority, (D) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Parent or any of its material Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Parent or any of its material Subsidiaries, and (E) except as required under the Loan Documents, will not result in the creation or imposition of any Lien on any asset of the Parent or any of its material Subsidiaries, other than Liens permitted under Section 6.02. 

Terms used but not defined herein shall have the respective meanings ascribed thereto in the Credit Agreement.  This Consent and Agreement may be signed upon any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.  Delivery of an executed counterpart of a signature page of this Consent and Agreement by telecopy or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Consent and Agreement.
                        

TESCO CORPORATION

By:  /s/ Julio M Quintana                
Name:    Julio M Quintana
Title:    President & Chief Executive Officer

TESCO US HOLDING LP

By: TESCO CANADA INTERNATIONAL INC.,
its general partner

By:  /s/ Christopher L Boone                
Name:    Christopher L Boone
Title:    Senior Vice President

TESCO CANADA INTERNATIONAL INC.

By:  /s/ Christopher L Boone                
Name:    Christopher L Boone
Title:    Senior Vice President

TESCO SERVICES INTERNATIONAL INC.

By:  /s/ Christopher L Boone                
Name:    Christopher L Boone
Title:    Senior Vice President

Tesco Products Ltd.

By:  /s/ Dean Ferris                    
Name:    Dean Ferris
Title:    President

TESCO DRILLING TECHNOLOGY INC.

By:  /s/ Dean Ferris                    
Name:    Dean Ferris
Title:    President

TESCO DRILLING TECHNOLOGY LIMITED

By:  /s/ Dean Ferris                    
Name:    Dean Ferris
Title:    President

TESCO CORPORATION (US)

By:  /s/ Jason Burton                    
Name:    Jason Burton
Title:    Vice President

TESCO OFFSHORE SERVICES, INC.

By:  /s/ Tyler Wilson                    
Name:    Tyler Wilson
Title:    President

P.T. TESCO INDONESIA

By:  /s/ Dean Ferris                    
Name:    Dean Ferris
Title:    Commissioner

TESCO R.F. COMPANY LIMITED

By:  /s/ Dean Ferris                    
Name:    Dean Ferris
Title:    Director

PERSONAL TECNICO PARA SERVICIOS PETROLEROS S.A. DE C.V.

By:  /s/ Michael Edward Irausquin            
Name:    Michael Edward Irausquin
Title:    Legal Representative

DRILLING INNOVATION DE MEXICO, S.A. DE C.V.

By:  /s/ Michael Edward Irausquin            
Name:    Michael Edward Irausquin
Title:    Legal Representative 

TESCO ARGENTINA S.A.

By:  /s/ Michael Edward Irausquin            
Name:    Michael Edward Irausquin
Title:    President

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