Document:

Exhibit 10.61

 

DATED                   2008

 

 

RESACA EXPLOITATION, INC. (1)

 

SEYMOUR
PIERCE LIMITED (2)

 

ROYAL BANK OF CANADA EUROPE
LIMITED (3)

 

and

 

AVA LEIGH BRYAN c/o JOHN BRYAN  (4)

 

	
   

  	
   

  	
   

  
	
   

  	
  LOCK-IN AND

  	
   

  
	
   

  	
  ORDERLY MARKETING DEED

  	
   

  
	
   

  	
   

  	
   

  

 

 

Solicitors and Registered Foreign Lawyers 

Regulated by the Solicitors Regulation Authority

 

 

CONTENTS

 

	
  1.

  	
  DEFINITIONS
  AND INTERPRETATION

  	
  1

  
	
   

  	
   

  	
   

  
	
  2.

  	
  LOCK-IN
  AND ORDERLY MARKETING ARRANGEMENTS

  	
  4

  
	
   

  	
   

  	
   

  
	
  3.

  	
  ORDERLY
  MARKETING

  	
  6

  
	
   

  	
   

  	
   

  
	
  4.

  	
  WARRANTIES
  AND REPRESENTATIONS

  	
  6

  
	
   

  	
   

  	
   

  
	
  5.

  	
  ENTIRE
  AGREEMENT

  	
  6

  
	
   

  	
   

  	
   

  
	
  6.

  	
  ASSIGNMENT

  	
  6

  
	
   

  	
   

  	
   

  
	
  7.

  	
  THIRD
  PARTY RIGHTS

  	
  7

  
	
   

  	
   

  	
   

  
	
  8.

  	
  FURTHER
  ASSURANCE

  	
  7

  
	
   

  	
   

  	
   

  
	
  9.

  	
  COUNTERPARTS
  AND EXECUTION

  	
  7

  
	
   

  	
   

  	
   

  
	
  10.

  	
  INVALIDITY

  	
  7

  
	
   

  	
   

  	
   

  
	
  11.

  	
  VARIATION
  OF TERMS

  	
  7

  
	
   

  	
   

  	
   

  
	
  12.

  	
  NOTICES

  	
  7

  
	
   

  	
   

  	
   

  
	
  13.

  	
  GOVERNING
  LAW AND JURISDICTION

  	
  9

  
	
   

  	
   

  	
   

  
	
  14.

  	
  AGENT FOR SERVICE OF PROCESS

  	
  9

  

 

 

THIS DEED  is
made on           2008

 

BETWEEN:

 

(1)                                  RESACA EXPLOITATION, INC. (a
corporation registered in Texas), whose registered office is at 1331 Lamar, Suite 1450,
Houston, Texas 77010, USA (the “Company”);

 

(2)                                  SEYMOUR PIERCE LIMITED (a
company registered in England and Wales with registered number 2104188), whose
registered office is at 20 Old Bailey, London EC4M 7EN (“Seymour Pierce”);

 

(3)                                  ROYAL BANK OF CANADA EUROPE LIMITED
(incorporated in England and Wales with registered number 995939) whose
registered office is at 71 Queen Victoria Street, London EC4V 4DE (“RBC”); and

 

(4)                                  AVA LEIGH BRYAN c/o JOHN BRYAN,
whose address is 4510 Banning, Houston, Texas 77027  (the “New
Covenantor”).

 

BACKGROUND:

 

(A)                              The
Enlarged Share Capital was admitted to trading on AIM on 17 July 2008.  Seymour Pierce agreed to act as Nominated
Adviser and Broker to the Company, and RBC agreed to act as Broker to the
Company, in connection with the application for Admission and thereafter.

 

(B)                                The
Original Covenantor entered into the Lock-in Deed.

 

(C)                                The Original Covenantor now
wishes to transfer the Transfer Shares to the New Covenantor and the parties
are therefore entering into this agreement in accordance with clause 3.2 (j) of
the Lock-in Deed.

 

IT IS AGREED  THAT :

 

1.                                       DEFINITIONS
AND INTERPRETATION

 

1.1                                  In
this agreement the following words and expressions shall have the following
meanings:

 

“Act”
means the Companies Act 2006;

 

“Admission”
means the admission to trading on AIM of all of the Enlarged Share Capital in
accordance with the AIM Rules, which took place on 17 July 2008;

 

“Affiliates”
means subsidiaries, holding companies and any subsidiaries of any such holding
companies;

 

“AIM”
means the AIM market operated by the London Stock Exchange;

 

“AIM
Rules” means the rules published by the
London Stock Exchange governing admission to AIM and the regulation of AIM
companies as amended or re-issued from time to time;

 

“Board”
means the board of directors of the Company or a duly authorised committee of
such board of directors;

 

“Brokers” means
Seymour Pierce and RBC, appointed by the Company pursuant to rule 35 of
the AIM Rules;

 

“Business Day” means
a day (excluding Saturdays, Sundays and public holidays) on which banks are
open for business in the City of London;

 

“City
Code” means the City Code on Takeovers and
Mergers issued by the Panel on 

 

1

 

Takeovers and Mergers,
from time to time;

 

“Disposal” includes
any direct or indirect, unconditional or conditional, sale, grant of options
over, assignment, transfer, charge, pledge, or other disposal or agreement to
dispose of any Shares or any interest in Shares and “dispose” shall be construed accordingly;

 

“Enlarged
Share Capital” means the Shares in issue as at
Admission;

 

“Family Member”
means in
relation to an individual, the parent, sibling, spouse, widow, adult child or
grandchild (including such child or grandchild by adoption or a step-child) of
such individual;

 

“FSMA” means the Financial Services and
Markets Act 2000;

 

“interest”,  in
relation to the Shares, shall have the meaning given to that term in section
820 of the Act and the term “interested”  shall be construed accordingly;

 

“Lock-in Deed”
means the lock-in and orderly marketing deed among the Original Covenantor,
Seymour Pierce and RBC dated 14 July 2008, pursuant to which the Original
Covenantor agreed to certain restrictions on his ability to dispose of the
Original Locked-in Shares;

 

“Locked-In
Shares” has the meaning
given in clause 2.3(b)(ii);

 

“London Stock  Exchange” means
London Stock Exchange plc;

 

“Nominated
Adviser” means Seymour Pierce appointed by the
Company pursuant to rule 1 of the AIM Rules and assuming the
responsibilities set out in rule 39 of the AIM Rules;

 

“OM Shares” has
the meaning given in clause 3;

 

“OM  Specified Price” has the meaning given in clause 3;

 

“Orderly
Marketing Period” means the period of 6 months
from the end of the Restricted Period;

 

“Original
Covenantor” means Mr. James Perry Bryan Jr. whose
address is 1331 Lamar, Suite 1450, Houston, Texas 77010-3039;

 

“Original
Locked-in Shares” means the Shares held by the
Original Covenantor that were subject to the Lock-in Deed;

 

“Restricted
Interests” has the
meaning given in clause 2.1;

 

“Restricted
Period”  means the period of 12 months from
the date of Admission;

 

“Shares”
means the common stock of the Company, par value US$0.01;

 

“Share
Transfer Agreement” means the share transfer agreement, in the
agreed form, between the partners in the Company;

 

“Specified
Price” has the meaning
given in clause 2.3(b)(ii);

 

“Transfer
Shares” means the 20,000 Shares to be
transferred by the Original Covenantor to the New Covenantor;

 

“U.S.
Securities Act” means the United States Securities Act
of 1933; and

 

“in compliance
with U.S. Securities Laws” includes (i) outside of
the United States in an 

 

2

 

offshore transaction in
accordance with Rule 904 under the U.S. Securities Act; (ii) pursuant
to another available exemption from registration under the U.S. Securities Act;
or (iii) pursuant to an effective registration statement under the U.S.
Securities Act, in each of cases (ii) or (iii) in accordance with any
applicable securities laws of any state of the United States.

 

1.2                                  In
this agreement unless otherwise specified, reference to:

 

(a)                                  “includes” and “including” shall
mean including without limitation;

 

(b)                                 a
“subsidiary undertaking” and “parent undertaking” are to be construed in accordance with
section 1162 of the Act, a “subsidiary” or “holding company” is to be construed in accordance with
section 1159 of the Act and an “associated  company” is to be construed in accordance with section 416
et seq of the Income and Corporation Taxes Act 1988;

 

(c)                                  a
document in the “agreed form” is a reference to
that document in the form approved and for the purposes of identification
signed by or on behalf of each of Seymour Pierce and the Company;

 

(d)                                 a
party means a party to this agreement and includes its permitted assignees
and/or the successors in title to substantially the whole of its undertaking
which includes this agreement and, in the case of an individual, to his or her
estate and personal representatives;

 

(e)                                  a
person includes any person, individual, company, firm, corporation, government,
state or agency of a state or any undertaking or organisation (whether or not
having separate legal personality and irrespective of the jurisdiction in or
under the law of which it was incorporated or exists);

 

(f)                                    a
statute or statutory instrument or accounting standard or any of their
provisions is to be construed as a reference to that statute or statutory
instrument or accounting standard or such provision as the same may have been
or may from time to time hereafter be amended, re-enacted or modified, save to
the extent that any such amendment, re-enactment or modification which takes
effect after the date of this agreement would impose any new or extended
obligation or liability on, or otherwise adversely affect the rights of, any
party;

 

(g)                                 “recitals”, “clauses”
or “paragraphs” are to recitals, clauses
and paragraphs of this agreement. 
References to this agreement shall, unless the context otherwise
requires, include references to the recitals;

 

(h)                                 writing
shall include typewriting, printing, lithography, photography and other modes
of representing words in a legible form (other than writing on an electronic or
visual display screen) or other writing in non-transitory form;

 

(i)                                     words
denoting the singular shall include the plural and vice versa and words
denoting any gender shall include all genders; and

 

(j)                                     the
time of day is reference to time in London, England.

 

1.3                                  The
index to and the headings in this agreement are for information only and are to
be ignored in construing the same.

 

1.4                                  Any
term, condition or provision of this agreement which is expressed to bind or
which is given by more than one person shall, unless expressly stated to the
contrary, bind them jointly and each of them severally.

 

1.5                                  All
commissions, fees and expenses payable under or in connection with this
agreement are stated exclusive of VAT (if any).

 

3

 

2.                                       LOCK-IN
AND ORDERLY MARKETING ARRANGEMENTS

 

2.1                                  The
New Covenantor hereby undertakes with each of the Company, Seymour Pierce and
RBC that, except as provided in clauses 2.2 and 2.3, he will not during the
Restricted Period effect any Disposal of his interest in all or any of the
Transfer Shares (the “Restricted Interests”).

 

2.2                                  Subject
to clause 2.3, the restrictions contained in clauses 2.1 and 3 shall not apply
to any of the following:

 

(a)                                  any
Disposal which is notified in writing in advance to the Board, Seymour Pierce
and RBC and to which each of the Board, Seymour Pierce and RBC acting reasonably
and in good faith gives its prior consent in writing;

 

(b)                                 any
Disposal by way of gift:

 

(i)                                     by
any individual to a Family Member;

 

(ii)                                  by
any individual to any person or persons acting in the capacity of trustee or
trustees of a trust created by such individual or, upon any change of trustees
of a trust so created, to the new trustee or trustees, provided that there are
no persons beneficially interested under the trust other than the individual
and his Family Members;

 

(iii)                               by
any individual to any person or persons acting in the capacity of trustee or
trustees of a trust established for charitable purposes only or, upon any
change of trustees of a trust so created, to the new trustee or trustees; or

 

(iv)                              by
the trustee or trustees of a trust to which subparagraphs (ii) or (iii) apply
to any person beneficially interested under that trust,

 

provided that, prior to the making of any such Disposal, the Board (acting
reasonably and in good faith) are satisfied that the transferee falls within
one of the categories (i) to (iv) above and any such transferee first
gives an undertaking to the Company, Seymour Pierce and RBC in like terms to
those in this clause 2 and contained in a deed, in such form as Seymour Pierce
and RBC may require, duly executed by the transferee and delivered to the
Company, Seymour Pierce and RBC;

 

(c)                                  in
the event of an intervening court order;

 

(d)                                 to
the acceptance of a general, partial or tender offer made to shareholders of
the Company (or to all such shareholders other than the offeror and/or any body
corporate controlled by the offeror and/or any persons acting in concert with
the offeror) to acquire all the issued Shares (other than any Shares which are
already owned by the person making such offer and any other person acting in
concert with him or it);

 

(e)                                  to
the execution of an irrevocable undertaking to accept a general, partial or
tender offer made to shareholders of the Company (or to all such shareholders
other than the offeror and/or any body corporate controlled by the offeror
and/or any persons acting in concert with the offeror) to acquire all the
issued Shares (other than any Shares which are already owned by the person
making such offer and any other person acting in concert with him or it);

 

(f)                                    to
a Disposal pursuant to a compromise or arrangement between the Company and its
creditors or any class of them or between the Company and its shareholders or
any class of them which is agreed to by the creditors or shareholders in
accordance with relevant laws and regulations;

 

(g)                                 any
Disposal to or by the personal representatives of any Director who shall die
during the Restricted Period;

 

4

 

(h)                                 any
Disposal pursuant to acceptance of an offer by the Company to purchase its own
Shares which is made on identical terms to all holders of its Shares;

 

(i)                                     if
the Shares are no longer listed on AIM;

 

(j)                                     any
Disposal to Affiliates, shareholders, partners, members, directors, managers,
employees or consultants of the New Covenantor, provided that such Affiliates,
shareholders, partners, members, directors, managers, employees or consultants
agree to be bound in writing by the restrictions on further Disposal and
requirements of orderly marketing set forth herein;

 

(k)                                  any
Disposal of interests in the Shares as collateral for a loan extended to the
New Covenantor, provided that the lender agrees in writing to be bound by the
restrictions on further Disposal and requirements of orderly marketing set
forth in herein; or

 

(l)                                     any
Disposal required to be made pursuant to the Share Transfer Agreement.

 

2.3                                  Any
Disposals permitted pursuant to the provisions of clause 2.2 shall be subject
to the following provisions:

 

(a)                                  except
as prohibited by applicable law, regulation or judicial order, any Disposals
shall be notified in advance to the Company, Seymour Pierce and RBC in writing
at least 5 Business Days prior to the entry into of any agreement or
undertaking relating to the same, save in respect of:

 

(i)                                     any
Disposal to trustees pursuant to clause 2.2(b)(iii), where only prior notice
shall be required;

 

(ii)                                  any
Disposal to personal representatives pursuant to clause 2.2(g), where notice
shall be as soon after such Disposal as shall be reasonably practicable; and

 

(iii)                               any
Disposal required to be made pursuant to the Share Transfer Agreement, where
notice shall be as soon after such Disposal as shall be reasonably practicable.

 

(b)                                 if
the New Covenantor wishes to make a Disposal pursuant to clause 2.2(a) or
2.2(g) (insofar as it relates to a sale by the personal representatives)
he, or in the case of clause 2.2(g) the personal representative, shall:

 

(i)                                     notify the
Company, Seymour Pierce and RBC in advance of his intention to effect such a
sale pursuant to paragraph (a) above; and

 

(ii)                                  instruct
RBC to arrange the Disposal of such shares (the “Locked-In
Shares”) at not less than the minimum price which he requests for
the Locked-In Shares (the “Specified Price”)
and if RBC fails to satisfy any of the following:

 

(1)                                  arrange for
the Disposal of the Locked-In Shares at a price not less than the Specified
Price within 5 Business Days of RBC being instructed to do so;

 

(2)                                  provide
best execution and competitive terms of disposal; or

 

(3)                                  offer a fee
and commission competitive with those charged by other reputable brokers,

 

then the New Covenantor
shall be entitled to sell all or any of the Locked-In Shares otherwise than
through RBC provided that the Locked-In Shares are not sold at a price less
than the Specified Price,

 

5

 

subject always to the Company, Seymour Pierce and RBC having the right, at
their reasonable discretion, to waive the notice period pursuant to paragraph
2.3(a) above.

 

3.                                       ORDERLY
MARKETING

 

The New Covenantor hereby undertakes with each of the
Company, Seymour Pierce and RBC that, in respect of any Disposal of any
Restricted Interest during the Orderly Marketing Period, he will instruct RBC
to arrange for the Disposal of such shares (the “OM Shares”)
at not less than the minimum price which he requests for the Locked-In Shares
(the “OM  Specified Price”)
and if RBC fails to satisfy any of the following:

 

(a)                                  arrange for
the Disposal of the OM Shares at a price not less than the OM Specified Price
within 5 Business Days of RBC being instructed to do so;

 

(b)           provide
best execution and competitive terms of disposal; or

 

(c)           offer
a fee and commission competitive with those charged by other reputable brokers,

 

then the New Covenantor shall be entitled to sell all
or any of the OM Shares otherwise than through RBC provided that the OM Shares
are not sold at a price less than the OM Specified Price.

 

4.                                       WARRANTIES
AND REPRESENTATIONS

 

The New Covenantor warrants, represents and undertakes
to the Company, Seymour Pierce and RBC that any Disposal made by it during the
Restricted Period and the Orderly Marketing Period shall be in compliance with
U.S. Securities Laws and any other applicable laws.

 

5.                                       ENTIRE
AGREEMENT

 

5.1                                  Entire agreement

 

This agreement represents the whole
and only agreement between the parties in relation to the way the Restricted
Interests are to be dealt with from the date of this agreement up to and
including the end of the Orderly Marketing Period and supersedes any previous
agreement whether written or oral between all or any of the parties in relation
to that subject matter.  Accordingly, all
other terms, conditions, representations, warranties and other statements which
would otherwise be implied (by law or otherwise) shall not form part of this
agreement.

 

5.2                                  No liability unless statement made fraudulently

 

No party shall have any liability
or remedy in tort in respect of any representation, warranty or other statement
(other than those contained in this agreement) being false, inaccurate or
incomplete unless it was made fraudulently, wilfully or deliberately.

 

6.                                       ASSIGNMENT

 

This agreement, and the rights and
obligations arising under it, shall not be assignable nor transferable without
the prior written agreement of each of the other parties hereto (such agreement
not to be unreasonably withheld or delayed), provided that the New Covenantor
shall be permitted to assign rights and obligations under this agreement if and
to the extent necessary to comply with clause 2.2(j).

 

6

 

7.                                       THIRD
PARTY RIGHTS

 

Except as otherwise expressly
stated herein, nothing in this agreement shall confer any rights on any person
(other than the parties hereto) pursuant to the Contracts (Rights of Third
Parties) Act 1999.

 

8.                                       FURTHER
ASSURANCE

 

At any time after the date of this
agreement, the New Covenantor shall, and shall use all reasonable endeavours to
procure (to the extent that he can) that any necessary third party shall,
execute such documents and do such acts and things as the Company, Seymour
Pierce or RBC may reasonably require for the purpose of giving the Company,
Seymour Pierce or RBC the full benefit of all the provisions of this agreement
in relation to the obligations of the New Covenantor.

 

9.                                       COUNTERPARTS
AND EXECUTION

 

9.1                                  Any number of counterparts

 

This agreement may be executed in any number of
counterparts and by the parties on separate counterparts but shall not be
effective until each of the parties has executed at least one counterpart.

 

9.2                                  Each counterpart an original

 

Each counterpart shall constitute an original of this
agreement but all the counterparts shall together constitute but one and the
same instrument.

 

9.3                                  Execution as a deed

 

The parties to this agreement have agreed to execute
this agreement as a deed.

 

10.                                 INVALIDITY

 

If at any time any provision of
this agreement is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction that shall not affect or impair:

 

(a)                                  the
legality, validity or enforceability in that jurisdiction of any other
provision of this agreement; or

 

(b)                                 the
legality, validity or enforceability under the law of any other jurisdiction of
that or any other provision of this agreement.

 

11.                                 VARIATION
OF TERMS

 

The provisions of the agreement may
be varied from time to time by agreement of the parties, provided that no such
variation shall be effective unless in writing and signed by or on behalf of
each of the parties.

 

12.                                 NOTICES

 

12.1                            Form of notices

 

All notices and other communications relating to this
agreement:

 

(a)                                  shall
be in English and in writing;

 

(b)                                 shall
be delivered by hand or sent by post or fax;

 

7

 

(c)                                  subject
to clause 13 shall be delivered or sent to the party concerned at the relevant
address or number, as appropriate, and marked all as shown in clause 12.3;

 

(d)                                 shall
take effect:

 

(i)                                     if
delivered, upon delivery;

 

(ii)                                  if
posted, at the earlier of the time of delivery and (if posted in the United
Kingdom by first class registered post) 10:00 am on the second Business Day
after posting or (if posted outside the United Kingdom by first class
registered air mail post) 10:00 am on the fifth Business Day after posting; or

 

(e)                                  if sent by fax, when
confirmation of its uninterrupted transmission has been recorded by the sender’s
fax machine;

 

provided
that if any communication would otherwise become effective on a non-Business
Day or after 5:00 pm on a Business Day, it shall instead become effective at
10:00 am on the next Business Day and if it would otherwise become effective at
before 9:00 am on a Business Day, it shall instead become effective at
10:00 am on that Business Day.

 

12.2                            In
this clause 12 reference to a “Business Day”
shall mean a day, other than a Saturday, Sunday or public holiday, in the
jurisdiction in which the recipient of a notice or other communication is
located.

 

12.3                            Initial details of the parties

 

The initial details for the purposes of clause 12.1
are:

 

	
  Party:

  	
  Resaca Exploitation, Inc.

  
	
  Address:

  	
  1331 Lamar, Suite 1450, Houston,
  Texas 77010, USA

  
	
  Fax Number:

  	
  +1 713 650 1246

  
	
  Marked for the Attention of:

  	
  Chief Financial Officer

  
	
   

  	
   

  
	
  Party:

  	
  Seymour Pierce
  Limited

  
	
  Address:

  	
  20 Old Bailey, London EC4M 7EN

  
	
  Fax Number:

  	
  +44 207 107 8100

  
	
  Marked for the Attention of:

  	
  Jonathan Wright

  
	
   

  	
   

  
	
  Party:

  	
  Royal Bank of
  Canada Europe Limited

  
	
  Address:

  	
  71 Queen Victoria Street, London EC4V 4DE

  
	
  Fax Number:

  	
  +44 207 029 7924

  
	
  Marked for the Attention of:

  	
  Andrew
  Smith

  
	
   

  	
   

  
	
  Party:

  	
  Ava Leigh Bryan c/o John Bryan 

  
	
  Address:

  	
  4510 Banning, Houston, Texas 77027

  
	
  Fax Number:

  	
  +1 713 650 1246

  

 

12.4                            Notice to personal representatives

 

If any of the parties (being an individual) dies, then until receipt by
the other parties of a certified copy of the grant of representation to the
estate of the deceased, any notice or other communication addressed to the
deceased or to his personal representatives and sent or delivered in accordance
with clause 12.1 shall for all purposes be deemed sufficient service of that
communication on the deceased and his personal representatives and shall be
effectual as if the deceased were still living.

 

8

 

13.                                 GOVERNING
LAW AND JURISDICTION

 

This agreement shall be governed by and interpreted in accordance with
English law and the parties hereto submit to the exclusive jurisdiction of the
English courts.

 

14.                                 AGENT
FOR SERVICE OF PROCESS

 

The Company and the New Covenantor each irrevocably appoints King &
Spalding International LLP as its/his agent for service and agrees that any
document to be served in relation to this agreement may be sufficiently and
effectively served on it/him in connection with proceedings in England by
service on King & Spalding International LLP (marked for the attention
of Jonathan Martin) in accordance with the provisions of clause 12.  In the event of that agent (or any
replacement agent) ceasing so to act, the Company and the New Covenantor
undertake to appoint another person resident in England as its/his agent for
that purpose and to procure that notice of that appointment is given to the
each of the other parties to this agreement in accordance with the provisions
of clause 12.

 

IN WITNESS of
which the parties have executed this document as a deed on the date set out
above.

 

9

 

	
  EXECUTED and DELIVERED as
  a DEED by

  	
  )

  	
   

  	
   

  
	
  RESACA EXPLOITATION, INC

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Authorised
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  In
  the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Occupation:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED and DELIVERED as
  a DEED by

  	
  )

  	
   

  	
   

  
	
  SEYMOUR PIERCE LIMITED

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  In
  the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Occupation:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED and DELIVERED as
  a DEED by

  	
  )

  	
   

  	
   

  
	
  ROYAL BANK OF CANADA EUROPE LIMITED 

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Authorised
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  In
  the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Occupation:

  	
   

  	
   

  	
   

  

 

10

 

	
  EXECUTED and DELIVERED as
  a DEED by

  	
  )

  	
   

  	
   

  
	
  AVA LEIGH BRYAN c/o JOHN BRYAN

  	
  )

  	
   

  	
  /s/
  Ava Leigh Bryan c/o John Bryan

  
	
   

  	
   

  	
   

  	
  Authorised
  Signatory

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  In
  the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Witness
  Occupation:

  	
   

  	
   

  	
   

  

 

11Exhibit 10.69

 

DIRECTOR APPOINTMENT AGREEMENT

 

This Director Appointment Agreement (this “Agreement”) is
entered into this 14th day of July, 2008, (“Commencement Date”) between Resaca
Exploitation, Inc., a Texas corporation (the “Company”), and James
Perry Bryan, Jr., who has agreed to serve as a director of the Company (“Director”)
upon its admission to trading on the Alternative Investment Market of The
London Stock Exchange plc. (“AIM”).

 

WHEREAS, the Company desires that Director serve or continue to serve
as a director effective upon the admission to trading on AIM, and in order to
induce Director to so serve or continue to serve, the Company desires and
intends hereby to set forth the terms of such appointment, including the
applicable provisions of the Texas Business Organizations Code (the “Code”);

 

For and in consideration of the premises and the covenants contained
herein, the Company and Director do hereby agree as follows:

 

1.                 APPOINTMENT AND
DUTIES.

 

The Company appoints the
Director, and the Director agrees to serve the Company as a Non-Executive
Director of the Company.  This
appointment is subject to and conditional upon admission of shares in the
Company to trading on the AIM of the London Stock Exchange (the  “Condition
Precedent”).  If the Condition Precedent
has not been satisfied on or before July 31, 2008 this Agreement shall be
of no effect whatsoever.

 

Where the Condition Precedent is satisfied in accordance
with above, the appointment under this Agreement shall be deemed to have
commenced on the Commencement Date and, subject to Section 8, shall continue
unless or until terminated on the expiry of not less than 3 months’ notice in
writing given by either party expiring.

 

The
Director shall carry out such duties as are consistent with his position as an
officer of a company including attendance at Board meetings and other meetings
of the directors and meetings of such committees of the Board as may from time
to time be required.  The role to be
performed by the Director is an important position, and the Company’s
expectation is that the Director will attend all of the meetings referred to
above unless he is too ill to attend, or his absence has otherwise been
excused.

 

The Director shall faithfully and
diligently serve the Company as a director and shall act at all times in the
best interests of the Company.  The
Director shall be expected to bring an objectivity and independence of view to
the Board discussions, and to help the Board to provide the Company with
effective leadership, as well as ensuring the continuing effectiveness of the
management team and the high standards of financial probity and corporate
governance.

 

By accepting this appointment, the Director confirms that he is able to
allocate sufficient time to meet the expectations of his role.  He will communicate to the Board any conflict
of interest arising out of his position as a non-executive director and he agrees to notify the Board before
accepting any external commitment that might affect the time he is able to
devote to his 

 

 

role as a non-executive director of the
Company or which is or might be in competition with the interests of the
Company.

 

2                   CONFIDENTIALITY
AND FIDUCIARY DUTIES

 

The Director shall comply with (a) every rule of
law; (b) every regulation of The Stock Exchange including its Model Code; (c) every
rule or regulation of any competent regulatory authority; and (d) every
regulation of the Company; for the time being in force in relation to dealings
in shares or other securities of the Company or any other member of the Group.

 

The
Director shall not, whether during or after the termination of the appointment,
except in the proper course of his duties or as required by law, use or divulge
to any person, firm or company and shall use his best endeavours to prevent the
use or disclosure of, any trade or business secrets or any information
concerning the business or finances of the Company or the Group or of any
dealings, transactions or affairs of the Company or the Group or of any client,
customer or suppliers of the Company or Group which has or may come to his
knowledge in the course of the Appointment.

 

All
notes, memoranda, records, tapes, discs, writings and designs of any Group
Company or made or received by the Director relating to the business of any Group
Company (except for the Director’s own copies of Board agendas, papers and
minutes) shall be and remain the property of the relevant Group Company and
shall be handed over by the Director to the Company from time to time on
demand, and in any event, upon termination of the Agreement.

 

3.                  FEE

 

The
Director shall receive during the continuance of the appointment director’s
fees at the rate of $50,000 per annum (or such higher rate as may from time to
time be agreed in writing) such fees to be paid subject to the deduction of tax
and social security contributions (if applicable) quarterly in arrears on the
last working day of each calendar quarter upon receipt of an appropriate
invoice.

 

The
Director shall not, for the avoidance of doubt be entitled to participate in
any Group pension, bonus or share schemes or other benefit in kind arrangement
of the Group and nor shall he be entitled to any compensation for loss of
office.

 

4.                  INTELLECTUAL
PROPERTY RIGHTS

 

All
intellectual and industrial property rights and all other rights whatsoever in
any information, concepts, ideas, inventions, improvements, designs, drawings,
lay-outs, formats, texts, papers, documents, catalogues, photographs, other
printed or written matter and know-how arising out of the Appointment whether
patentable or not which may be conceived, prepared, developed or reduced into
practice by the Director in the course of carrying out the appointment (the “Commissioned Works”) shall be the sole and exclusive
property of the Company.  In particular
but without limitation the Director hereby assigns to the Company absolutely
and free from all encumbrances all existing and future copyright or similar
rights worldwide in or 

 

2

 

connected
with the Commissioned Works.  The
Director will not use the Commissioned Works for its own purposes nor disclose
it to or use it for any third party without the prior written approval of the
Company.

 

The
Director shall safeguard the Company’s rights in the Commissioned Works and
shall at the Company’s request assist the Company in establishing and
protecting such rights including if necessary executing documents and legal
instruments and doing any other things which the Company deems reasonably
necessary for the purpose of establishing and protecting such rights.

 

Termination
of this Agreement shall not affect the continuing enforceability of this Section 4.

 

5.                 INDEMNIFICATION.

 

The Company shall indemnify Director to the fullest extent permitted by
Texas law or other applicable law, as in effect from time to time, when he is
named or is threatened to be made a named defendant or respondent in a
proceeding because Director is or was a director, an officer, an employee or an
agent of the Company. Without limiting the scope of the indemnification
provided for in the preceding sentence, the Company shall indemnify Director
only if it is determined that Director:

 

(a) conducted himself in good faith;

 

(b) reasonably believed:

 

(i) in the case of conduct in his official capacity as a director,
officer, employee or agent of the Company, that his conduct was in the Company’s
best interests; and

 

(ii) in all other cases, that his conduct was at least not opposed
to the Company’s best interests; and

 

(c) in the case of any criminal proceeding, had no reasonable
cause to believe his conduct was unlawful.

 

The termination of a proceeding by judgment, order, settlement or
conviction, or on a plea of nolo contendere
or its equivalent is not of itself determinative that Director did not meet the
requirements set forth in this Section 5.

 

5.1.              LIMITATION ON
INDEMNIFICATION.

 

Except to the extent permitted by Section 5.2 below, Director
shall not be indemnified under Section 5 above in respect of a proceeding:

 

(a) in which Director is found liable for willful or intentional
misconduct in the performance of his duties to the Company; or

 

3

 

(b) in which Director is found liable to the Company.

 

For the purposes hereof, Director shall be deemed to have been found
liable in respect of any claim, issue or matter only after the Director shall
have been so adjudged by a court of competent jurisdiction after exhaustion of
all appeals therefrom.

 

5.2.              EXTENT OF
INDEMNIFICATION.

 

If Director is entitled to indemnification pursuant to this Agreement,
the Company shall indemnify Director against all judgments, penalties, fines,
settlements and reasonable expenses incurred by Director, including without
limitation all applicable taxes, in connection with the proceeding. However, if
the Director is found liable to the Company, the indemnification (1) shall
be limited to reasonable expenses actually incurred by Director in connection
with the proceeding, and (2) shall not be made in respect of any proceeding
in which Director shall have been found liable for willful or intentional
misconduct in the performance of Director’s duty to the Company. The
reasonableness of the Director’s expenses contemplated in this Section 5.2
shall be determined in the same manner that the determination of
indemnification is made under Section 5.3.

 

5.3.              DETERMINATION
OF INDEMNIFICATION.

 

A determination of whether Director is entitled to indemnification
under Section 5.1 shall be made:

 

(a) by the Board of Directors of the Company by a majority vote of
a quorum consisting of directors who at the time of the vote are not named
defendants or respondents in the proceeding;

 

(b) if such a quorum cannot be obtained, by a majority vote of a
committee of the Board of Directors, designated to act in the matter by a
majority vote of all directors, consisting solely of two or more directors who,
at the time of the vote, are not named defendants or respondents in the
proceeding;

 

(c) by special legal counsel selected by the Board of Directors or
a committee of the Board of Directors by vote as set forth in paragraphs (a) or
(b) of this Section 5.3, or, if such a quorum cannot be obtained and
such a committee cannot be established, by a majority vote of all directors; or

 

(d) by the shareholders in a vote that excludes the shares held by
directors who are named defendants or respondents in the proceeding.

 

The Board of Directors, independent legal counsel or shareholders, as
the case may be, shall make such determination of indemnification under
paragraphs (a) through (d) of this Section 5.3 in accordance
with the following procedure:

 

4

 

(e) Director may submit to the Board of Directors a Request for
Indemnification, substantially in the form of Exhibit A attached
hereto, in which the Director requests indemnification from the Company
pursuant to this Agreement and states that he has met the standard of conduct
required for indemnification under Section 5.

 

(f) The Director’s submission of a Request for Indemnification to
the Board of Directors shall create a rebuttable presumption that the Director
has met the requirements set forth in Section 5 and, therefore, is
entitled to indemnification hereunder. The directors, special legal counsel or
shareholders, as the case may be, shall determine, within 30 days after
submission of the Request for Indemnification, specifically that the Director
is so entitled unless they possess clear and convincing evidence to rebut the
foregoing presumption, which evidence shall be disclosed to the Director with
particularity.

 

5.4.              MANDATORY
INDEMNIFICATION FOR REASONABLE EXPENSES UPON SUCCESSFUL DEFENSE.

 

The Company shall indemnify Director against reasonable expenses
incurred by him in connection with a proceeding in which he is a named
defendant or respondent because he is or was a director, officer, employee or
agent of the Company if he has been wholly successful, on the merits or
otherwise, in the defense of the proceeding. The reasonableness of the Director’s
expenses contemplated in this Section 5.4 shall be determined in any
manner set forth in Section 5.3, except that if the determination that
indemnification is permissible is made by special legal counsel, pursuant to Section 5.3(c),
the determination as to reasonableness of Director’s expenses must be made by a
majority vote of all directors.

 

5.5.              ADVANCEMENT OF
EXPENSES.

 

Expenses incurred by Director who was, is or is threatened to be made a
named defendant or respondent in a proceeding shall be paid or reimbursed by
the Company, in advance of the final disposition of the proceeding, without the
determination specified in Section 5.3 or the determination as to the
reasonableness of such expenses contemplated in Sections 5.2 and 5.4, within
five business days after the Company receives from Director a Statement of
Undertaking, substantially in the form of Exhibit B attached
hereto, in which (i) Director shall state that he believes in good faith
that he has met the standard of conduct necessary for indemnification under Section 5,
and (ii) the Director, or any other person on behalf of Director, shall
undertake to repay the amount paid or reimbursed by the Company if it is
ultimately determined that he has not met those requirements or if it is
ultimately determined that the indemnification of Director against expenses
incurred by him in connection with such proceeding is prohibited by Section 5.2.

 

5.6.              PARTICIPATION
IN OTHER PROCEEDINGS.

 

Notwithstanding any other provision of this Agreement, the Company
shall promptly pay or reimburse expenses incurred by Director in connection
with his appearance as a witness

 

5

 

or other participation in a proceeding at a time when he is not a named
defendant or respondent in the proceeding.

 

5.7.              NON-EXCLUSIVITY.

 

The right to indemnification and advancement of expenses provided by
this Agreement shall not be deemed exclusive of any other rights to which
Director may be entitled under any statute, bylaw, insurance policy, agreement,
vote of shareholders or disinterested directors or otherwise, both as to action
in his official capacity and as to action in another capacity while holding
such office, and shall continue after Director has ceased to be a director,
officer or employee and shall inure to the benefit of his heirs, executors and
administrators.

 

5.8.              MERGER,
CONSOLIDATION OR CHANGE OF CONTROL.

 

In the event that the Company shall be a constituent corporation in a
consolidation or merger, whether the Company is the resulting or surviving
corporation or is absorbed, or if there is a change of control of the Company,
Director shall stand in the same position under this Agreement with respect to
the resulting, surviving or changed corporation as he would have with respect to
the Company if its separate existence had continued or if there had been no
change in the control of the Company. The obligations of the Company under this
Agreement shall be deemed to be assumed by and shall continue as obligations of
the resulting, surviving or changed corporation, as the case may be.

 

5.9.              CERTAIN
DEFINITIONS

 

For purposes of paragraph 5 of this Agreement, the following
definitions apply herein:

 

(a) “director” means any person who is or was a director of the
Company and any person who, while a director of the Company, is or was serving
at the request of the Company as a director, officer, partner, venturer,
proprietor, trustee, employee, agent, or similar functionary of another foreign
or domestic corporation, partnership, joint venture, sole proprietorship,
trust, employee benefit plan or other enterprise;

 

(b) “expenses” shall include all court costs and attorneys’ fees;

 

(c) “officer” means any person who is or was an officer of the
Company and any person who, while an officer of the Company, is or was serving
at the request of the Company as a director, officer, partner, venturer,
proprietor, trustee, employee, agent, or similar functionary of another foreign
or domestic corporation, partnership, joint venture, sole proprietorship, trust,
employee benefit plan or other enterprise; and

 

(d) “proceeding” means any threatened, pending, or completed
action, suit, or proceeding, whether civil, criminal, administrative,
arbitrative, or investigative, 

 

6

 

any appeal in such an action, suit, or proceeding, and any inquiry or
investigation that could lead to such an action, suit, or proceeding.

 

5.10.            DURATION OF
INDEMNITY.

 

This
indemnity in this Section 5 shall continue until and terminate upon the
later of: (a) ten years after the Director has ceased to occupy any of the
positions or have any relationships described in Section 5 of this
Agreement, and (b) the final termination of all pending or threatened
actions, suits, proceedings or investigations to which the Director may be
subject by reason of the fact that he is or was a director, officer, employee
or agent of the Company or is or was serving at the request of the Company as a
director, officer, employee or agent of any other entity, including, but not
limited to, another corporation, partnership, joint venture or trust, or by
reason of any act or omission by him in any such capacity. The indemnification
provided under this Agreement shall continue as to the Director even though he
may have ceased to be a director, officer, employee or agent of the
Company.  This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit
of the Director and his spouse, successors, assigns, heirs, devisees, executors,
administrators or other legal representatives.

 

6.                 ATTORNEYS’
FEES; PARTIAL INDEMNIFICATION.

 

In the event that Director institutes any legal action to enforce his
rights under, or to recover damages for breach of this Agreement, Director, if
he prevails in whole or in part, shall be entitled to recover from the Company
all attorneys’ fees and disbursements incurred by him.

 

If Director is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of any expenses but not
for the total amount thereof, the Company shall nevertheless indemnify Director
for the portion thereof to which Director is entitled.

 

7.                 INSURANCE AND
OTHER ARRANGEMENTS.

 

(a) The
Company may purchase and maintain insurance on behalf of the Indemitee against
any liability and/or expense asserted against him and/or incurred by or on
behalf of him in connection with his relationship with the Company, whether or
not the Company would have the power to indemnify him against such liability or
advance expenses under the provisions of this Agreement or under the Code as it
may then be in effect.  Except as
expressly provided herein, the purchase and maintenance of such insurance shall
not in any way limit or affect the rights and obligations of the Company and/or
the Director under this Agreement and the execution and delivery of this
Agreement by the Company and the Director shall not in any way be construed to
limit or affect the rights and 

 

7

 

obligations
of the Company and/or of the other party or parties thereto under any such
policy or agreement of insurance.

 

(b) In
the event the Director shall receive payment from any insurance carrier in
respect of indemnified amounts after payments on account of all or part of such
indemnified amounts have been made by the Company pursuant to this Agreement,
the Director shall promptly reimburse the Company for the amount, if any, by
which the sum of such payment by such insurance carrier and/or such plaintiff and
payments by the Company to the Director exceeds such indemnified amounts;
provided, however, that such portions, if any, of such insurance proceeds that
are required to be reimbursed to the insurance carrier under the terms of its
insurance policy, such as co-insurance, retention or deductible amounts, shall
not be deemed to be payments to the Director.

 

(c) In
addition, upon payment of indemnified amounts under this Agreement, the Company
shall be subrogated to the Director’s right against any insurance carrier in
respect of such indemnified amounts and the Director shall execute and deliver
any and all instruments and/or documents and perform any and all other acts or
deeds which the Company deems necessary or advisable to secure such rights.  The Director shall do nothing to prejudice
such rights of recovery or subrogation.

 

8.                  TERMINATION

 

Notwithstanding
the provisions of Section 3, the Company shall, without liability to the
Director, be entitled to terminate this Agreement by summary notice in writing
if the Director shall commit a material breach of his obligations under this
Agreement or if the Director shall be prohibited by law from being or acting as
a director.

 

The
Appointment shall terminate automatically if:

 

(a) the
Director shall not be elected or re-elected as a director upon standing for
election or re-election as a director in accordance with the Company’s Articles
of Association from time to time in force or otherwise cease to be a director
by virtue of a shareholders’ resolution; or

 

(b) the
Director shall resign his directorship (prior to which he shall, wherever
practical, give reasonable notice to the Board).

 

9.                 SEVERABILITY.

 

If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future state or federal laws, or rules and
regulations promulgated thereunder effective during the term hereof, such
provision shall be fully severable, and this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised

 

8

 

a part hereof; and the remaining provisions hereof shall remain in full
force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance herefrom.

 

10.               CONTRIBUTION.

 

In
the event the indemnity provided for in this Agreement is unavailable to the
Director for any reason whatsoever, the Company, in lieu of indemnifying the
Director, shall contribute to the amount incurred by or on behalf of the
Director, whether for liabilities and/or for expenses in connection with any
action or proceeding, in such proportion as is deemed fair and reasonable by
the Board of Directors of the Company, or by a court, as applicable, in light
of all of the circumstances of such action or proceeding, in order to reflect:

 

(a) the
relative benefits received by the Company and the Director as a result of the
event(s) and/or transaction(s) giving cause to such action or
proceeding; and/or

 

(b) the
relative fault of the Company (and its other executives, employees and/or
agents) and the Director in connection with such event(s) and/or
transaction(s).

 

The
relative fault of the Company (and its other executives, employees and/or
agents), on the one hand, and of the Director, on the other hand, shall be
determined by reference to among other things, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent the
circumstances resulting in such liabilities and/or expenses.  The Company and the Director agree that it
would not be just and equitable if contribution pursuant to this Section 10
were determined by pro rata allocation or any other method of allocation which
does not take into account the foregoing equitable considerations.

 

The
Director shall not be entitled to contribution from the Company under this Section 10
in the event it is determined by the Authority, or by a court, that the
Director engaged in misconduct which constitutes a Breach of Duty, unless a
court otherwise determines.

 

The Company’s payment of, and the Director’s right to, contribution
under this Section 10 shall be made and determined in accordance with,
pursuant to and in the same manner as, the provisions in Section 5.3
hereof relating to the Company’s payment of, and the Director’s right to,
indemnification under this Agreement.

 

11.               CONTROLLING
LAW.

 

This Agreement shall be governed by and construed in accordance with
the laws of the State of Texas, without regard to the conflicts of laws
provisions thereof.

 

13.               ENTIRE
AGREEMENT; MODIFICATION; SURVIVAL.

 

This Agreement contains the entire agreement of the parties relating to
the subject matter hereof. This Agreement may be modified only by an instrument
in writing signed by both

 

9

 

parties hereto. The provisions of this Agreement shall survive the
termination of Director’s service as a director, officer or employee of the
Company.

 

14.               VOLUNTARY
DISSOLUTION OR BANKRUPTCY.

 

In the event that the Company decides to voluntarily dissolve or to
file a voluntary petition for relief under applicable bankruptcy, moratorium or
similar laws, then not later than ten (10) days prior to such dissolution
or filing, the Company shall deposit in trust, for the exclusive benefit of
Director, a cash amount equal to all amounts previously authorized to be paid
to Director hereunder, such amounts to be used to discharge the Company’s
obligations to Director hereunder. Any amounts in such trust not required for
such purpose shall be returned to the Company. This Section 14 shall not
apply to the dissolution of the Company in connection with a transaction as to
which Section 5.8 hereof applies.

 

15.               AMENDMENTS TO
THE CODE.

 

This Agreement is intended to provide indemnity to Director to the
fullest extent allowed under Texas law. Accordingly, to the extent permitted by
law, if the Code permits greater indemnity than the indemnity set forth herein,
or if any amendment is made to the Code, or any other applicable law, expanding
the indemnity permissible under Texas law, the indemnity obligations contained
herein automatically shall be expanded, without the necessity of action on the
part of any party, to the extent necessary to provide to Director the fullest
indemnity permissible under Texas law.

 

16.               DATA
PROTECTION.

 

The Director hereby agrees and consents to:

 

(a)  the
collection, use and processing by the Company of his personal data (which has
the meaning it bears for the purposes of the United Kingdom Data Protection Act
1998) (“Personal Data”), for all purposes reasonably connected with the
administration of this Appointment;

 

(b)  the Company
transferring his Personal Data to or between any Group Company in any country
for all purposes reasonably connected with the administration of this
Appointment;

 

(c)  the use of
his Personal Data by any Group Company for such purposes; and

 

(d)  the transfer
to and retention of his Personal Data by any third party for such purposes.

 

The Company shall handle all of the Director’s records in accordance
with the Company’s code of good practice, although the Director may not have
rights under data protection law.

 

10

 

17.               SECTION HEADINGS.

 

The headings and titles to the Sections of this Agreement are inserted
for convenience only and shall not be deemed a part hereof or affect the
construction or interpretation of any provision hereof. All pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine, neuter,
singular or plural, as the identification of the person or persons, firm or
firms, corporation or corporations may require.

 

[Signature Page Follows]

 

11

 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first written above.

 

 

	
   

  	
  RESACA
  EXPOITATION, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Lendrum

  
	
   

  	
  Name:

  	
  John
  J. Lendrum, III

  
	
   

  	
  Title:

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTOR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  James Perry Bryan, Jr.

  
	
   

  	
  James
  Perry Bryan, Jr.

  

 

 

EXHIBIT A

 

REQUEST FOR INDEMNIFICATION

 

I,
                                                    ,
hereby state as follows:

 

1.             This Request for
Indemnification is submitted to the Board of Directors of RESACA EXPLOITATION,
INC., a Texas corporation (the “Company”), pursuant to that certain
Director Appointment Agreement dated July 14, 2008 (the “Agreement”),
between the Company and me.

 

2.             I am requesting
indemnification from the Company pursuant to the Agreement in connection with
the following proceeding:

 

 

3.                 With respect to my conduct
that is at issue in this proceeding, I have:

 

(a) conducted myself in good faith;

 

(b) reasonably believed: (1) in the case of conduct in my
official capacity as a director, officer or employee of the Company, that my
conduct was in the Company’s best interests; and (2) in all other cases,
that my conduct was at least not opposed to the Company’s best interests; and

 

(c) in the case of any criminal proceeding, had no reasonable
cause to believe my conduct was unlawful.

 

Accordingly, I have met the standard of conduct required for
indemnification under Section 2 of the Agreement.

 

I have executed this Request for Indemnification on this
       day of                 ,
        .

 

 

	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print name

  

 

 

EXHIBIT B

 

STATEMENT OF UNDERTAKING

 

I,
                                        ,
hereby state as follows:

 

1.                 This Statement
of Undertaking is submitted to the Board of Directors of  RESACA EXPLOITATION, INC., a Texas
corporation (the “Company”), pursuant to the Director Appointment
Agreement dated July 14, 2008 (the “Agreement”), between the
Company and me.

 

2.                 I am requesting
from the Company, pursuant to the Agreement, the advancement of expenses that I
have incurred in connection with the following proceeding:

 

 

3.                 I believe in
good faith that I have met the standard of conduct necessary for
indemnification under Section 2 of the Agreement.

 

4.                 I undertake to
repay the amount paid or reimbursed by the Company if it is ultimately
determined that (a) I have not met the standard of conduct necessary for
indemnification under Section 3 of the Agreement, or (b) indemnification
of me against expenses that I have incurred in connection with the proceeding
described by me in Paragraph 2, above, is prohibited by Section 4 of the
Agreement.

 

I have executed this Statement of Undertaking on this
       day of
                    ,
        .

 

 

	
   

  	
   

  
	
   

  	
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  Print name

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