Document:

LINTA Exhibit 10.2_6.30.12

Exhibit 10.2

EXECUTION COPY

MAFFEI - LIBERTY INTERACTIVE CORPORATION
2007 PLAN

LIBERTY INTERACTIVE CORPORATION
(f/k/a LIBERTY MEDIA CORPORATION)
2007 INCENTIVE PLAN

AMENDED AND RESTATED 
NON-QUALIFIED STOCK OPTION AGREEMENT

THIS AMENDED AND RESTATED NON-QUALIFIED STOCK OPTION AGREEMENT (“Agreement”) is entered into by and between LIBERTY INTERACTIVE CORPORATION, a Delaware corporation, formerly known as Liberty Media Corporation (the “Company”), and Gregory B. Maffei (the “Grantee”).  
As of the Amendment Effective Date (as defined below), the Grantee is the President and Chief Executive Officer of the Company.  The Company has adopted the Liberty Interactive Corporation 2007 Incentive Plan (as amended prior to or after the Amendment Effective Date, the “Plan”), a copy of which as in effect on the Amendment Effective Date is attached to this Agreement as Exhibit A and by this reference made a part hereof, for the benefit of eligible employees and independent contractors of the Company and its Subsidiaries.  Capitalized terms used and not otherwise defined herein or in the Agreement Regarding LINTA Awards (as defined below) will have the meaning given thereto in the Plan.
This Agreement amends and restates in its entirety the Non-Qualified Stock Option Agreement (2007 Incentive Plan) dated effective as of December 17, 2009 between the Company and the Grantee with respect to options to acquire 3,156,000 shares of LINTA Stock (as defined below).  
The Company and the Grantee therefore agree as follows:
1.Definitions.  All capitalized terms not defined in this Agreement that are defined in the Agreement Regarding LINTA Awards will have the meanings ascribed to them in the Agreement Regarding LINTA Awards.  The following terms, when used in this Agreement, have the following meanings:

“Agreement Regarding LINTA Awards” means the Agreement Regarding LINTA Equity Awards dated effective as of September 23, 2011 between the Company and Grantee. All references in this Agreement to the Agreement Regarding LINTA Awards shall be deemed to refer to the Agreement Regarding LINTA Awards as in effect as of the Amendment Effective Date and shall not be affected by any future amendment to, or termination of, the Agreement  Regarding  LINTA Awards (unless any such  amendment  to the Agreement Regarding LINTA

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 Awards specifically states otherwise). 
“Amendment Effective Date” means September 23, 2011.
“Base Price” means, with respect to each LINTA Option, $10.27, the Fair Market Value of a share of LINTA Stock on the Effective Date.
 “Business Day” means any day other than Saturday, Sunday or a day on which banking institutions in Denver, Colorado, are required or authorized to be closed.
“Cause” has the meaning specified in the Agreement Regarding LINTA Awards except that for purposes of Section 7.B of this Agreement “Cause” has the meaning specified in the Employment Agreement.
“Change in Control” has the meaning specified in the Agreement Regarding LINTA Awards.
“Close of Business” means, on any day, 5:00 p.m., Denver, Colorado time.   
“Committee” means the Compensation Committee of the Board of Directors of the Company.
“Company” has the meaning specified in the preamble to this Agreement.
“Disability” has the meaning specified in the Agreement Regarding LINTA Awards except that for purposes of Section 7.B of this Agreement “Disability” has the meaning specified in the Employment Agreement.
“Effective Date” means December 17, 2009.
“Employment Agreement” means the Amended and Restated Employment Agreement dated effective as of September 23, 2011 between Splitco and the Grantee.  All references in this Agreement to the Employment Agreement shall be deemed to refer to the Employment Agreement as in effect as of the Amendment Effective Date and shall not be affected by any future amendment to, or termination of, the Employment Agreement (unless any such amendment to the Employment Agreement specifically states otherwise).
“Good Reason” has the meaning specified in the Agreement Regarding LINTA Awards except that for purposes of Section 7.B of this Agreement “Good Reason” has the meaning specified in the Employment Agreement.
“Grantee” has the meaning specified in the preamble to this Agreement.
 “LINTA Option” means an Option to purchase one share of LINTA Stock.
 “LINTA Stock” has the meaning specified in Section 2 of this Agreement.
 “Option” has the meaning specified in Section 2 of this Agreement.

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“Option Shares” has the meaning specified in Section 4(a) of this Agreement.
“Plan” has the meaning specified in the recitals to this Agreement.     
“Qualifying Subsidiary” has the meaning set forth in the Reorganization Agreement. 
“Reorganization Agreement” means the Reorganization Agreement dated as of August 30, 2011 between the Company and Splitco.
“Required Withholding Amount” has the meaning specified in Section 5 of this Agreement.
“Separation” means the Grantee's “separation from service” from the Company, as defined in Treasury Regulation Section 1.409A-1(h).
“Separation from Splitco” means the Grantee's “separation from service” from Splitco, as defined in Treasury Regulation Section 1.409A-1(h).
“Splitco” means Liberty Media Corporation, a Delaware corporation formerly known as Liberty CapStarz, Inc.
“Subsidiary” has the meaning set forth in the Reorganization Agreement. 
“Term” has the meaning specified in Section 2 of this Agreement.
2.Grant of Options.  Subject to the terms and conditions herein, pursuant to the Plan, the Company granted to the Grantee as of the Effective Date options to purchase from the Company, exercisable during the period commencing on the Effective Date and expiring at Close of Business on the tenth anniversary of the Effective Date (such period, the “Term”), subject to earlier termination as provided in Section 7 below, at the Base Price, the number of shares of Liberty Interactive Corporation Series A Liberty Interactive Common Stock (“LINTA Stock”) set forth on the signature page to this Agreement. Each option granted hereunder is a “Nonqualified Stock Option” and is hereinafter referred to as an “Option.”  The Base Price of each Option and the number of Options granted hereunder are subject to adjustment pursuant to Section 11 below.  No fractional shares of LINTA Stock will be issuable upon exercise of an Option, and the Grantee will receive, in lieu of any fractional share of LINTA Stock that the Grantee otherwise would receive upon such exercise, cash equal to the fraction representing such fractional share multiplied by the Fair Market Value of one share of LINTA Stock as of the date on which such exercise is considered to occur pursuant to Section 4 below. 

3.Conditions of Exercise.  Unless otherwise determined by the Committee in its sole discretion (provided that such determination is not adverse to the Grantee), the Options will be exercisable only in accordance with the conditions stated in this Section 3.

(a)Except as otherwise provided in Section 11.1(b) of the Plan, the Options may be exercised only to the extent they have become exercisable in accordance with the 

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provisions of this Section 3(a).  Except as otherwise provided in this Agreement or the Agreement Regarding LINTA Awards, subject to the Grantee's continued employment with any of Splitco, any other Qualifying Subsidiary or any of their respective Subsidiaries, or the Company or its Affiliates (as defined in the Agreement Regarding LINTA Awards), one-half of the number of LINTA Options subject to this Agreement will become exercisable on each of December 17, 2013 and December 17, 2014.  Notwithstanding the foregoing, (i) in the event that any date on which Options would otherwise become exercisable is not a Business Day, such Options will become exercisable on the Business Day next following such date, and (ii) Options that have not theretofore become exercisable will become exercisable (A) to the extent provided in the Agreement Regarding LINTA Awards, upon the occurrence of a Change in Control, or (B) to the extent provided in Section 4 of the Agreement Regarding LINTA Awards, on the date of the Grantee's Separation.  In addition, and notwithstanding anything contained herein to the contrary, in the event that Grantee makes a valid Vesting Continuation Election pursuant to Section 5 of the Agreement Regarding LINTA Awards and such Section becomes applicable, any portion of the Option that is outstanding and unvested as of the date of the Grantee's Separation shall continue to vest in accordance with Section 5 of the Agreement Regarding LINTA Awards.  

(b)To the extent the Options become exercisable, any or all of such Options may be exercised (at any time or from time to time, except as otherwise provided herein) until expiration of the Term or earlier termination thereof as provided herein.

(c)The Grantee acknowledges and agrees that the Committee, in its discretion and as contemplated by Section 3.3 of the Plan, may adopt rules and regulations from time to time after the date hereof with respect to the exercise of the Options and that the exercise by the Grantee of Options will be subject to the further condition that such exercise is made in accordance with all such rules and regulations as the Committee may determine are applicable thereto.

4.Manner of Exercise.  Options will be considered exercised (as to the number of Options specified in the notice referred to in Section 4(a) below) on the latest of (i) the date of exercise designated in the written notice referred to in Section 4(a) below, (ii) if the date so designated is not a Business Day, the first Business Day following such date or (iii) the earliest Business Day by which the Company has received all of the following:

(a)Written notice, in such form as the Committee may require, containing such representations and warranties as the Committee may reasonably require and designating, among other things, the date of exercise and the number of shares of LINTA Stock (“Option Shares”) to be purchased; 

(b)Payment of the Base Price for each Option Share to be purchased in any (or a combination) of the following forms:  (A) cash, (B) check, (C) whole shares of any class or series of the Company's common stock, or (D) the delivery, together with a properly executed exercise notice, of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay the Base Price (and, if applicable the Required Withholding Amount, as described in Section 5 below); and

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(c)Any other documentation that the Committee may reasonably require.

5.Mandatory Withholding for Taxes.  The Grantee acknowledges and agrees that the Company will deduct from the shares of LINTA Stock otherwise payable or deliverable upon exercise of any Options that number of shares of LINTA Stock (valued at the Fair Market Value of such LINTA Stock on the date of exercise) that is equal to the amount of all federal, state and local taxes required to be withheld by the Company or any Subsidiary of the Company upon such exercise, as determined by the Company (the “Required Withholding Amount”), unless provisions to pay such Required Withholding Amount have been made to the satisfaction of the Company.  If the Grantee elects to make payment of the Base Price by delivery of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay the Base Price, such instructions may also include instructions to deliver the Required Withholding Amount to the Company.  In such case, the Company will notify the broker promptly of the Company's determination of the Required Withholding Amount.

6.Payment or Delivery by the Company.  As soon as practicable after receipt of all items referred to in Section 4, and subject to the withholding referred to in Section 5, the Company will (i) deliver or cause to be delivered to the Grantee certificates issued in the Grantee's name for, or cause to be transferred to a brokerage account through Depository Trust Company for the benefit of the Grantee, the number of shares of LINTA Stock purchased by exercise of Options, and (ii) deliver any cash payment to which the Grantee is entitled in lieu of a fractional share of LINTA Stock as provided in Section 2 above.  Any delivery of shares of LINTA Stock will be deemed effected for all purposes when certificates representing such shares have been delivered personally to the Grantee or, if delivery is by mail, when the stock transfer agent of the Company has deposited the certificates in the United States mail, addressed to the Grantee, or at the time the stock transfer agent initiates transfer of shares to a brokerage account through Depository Trust Company for the benefit of the Grantee, if applicable, and any cash payment will be deemed effected when a check from the Company, payable to the Grantee and in the amount equal to the amount of the cash payment, has been delivered personally to the Grantee or deposited in the United States mail, addressed to the Grantee.

7.Termination of Options.  

A.    This Section 7.A will apply unless and until the Grantee makes a valid Vesting Continuation Election pursuant to the Agreement Regarding LINTA Awards and Section 5 of such agreement becomes applicable.  If this Section 7.A is then applicable, the Options will terminate at the time specified below:
(a)If a Change in Control has not then occurred and the Grantee's Separation occurs prior to the Close of Business on December 31, 2014 (i) on account of a termination of the Grantee's employment for Cause or (ii) on account of a termination of the Grantee's employment by the Grantee without Good Reason, all Options that are not exercisable as of the Close of Business on the date of Separation will terminate at that time and all Options that are exercisable as of the Close of Business on the date of Separation will terminate at the Close of Business on the first Business Day following the expiration of the 90-day period that began on the date of the Grantee's Separation.

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(b)If (i) the Grantee's Separation does not occur prior to the Close of Business on December 31, 2014, (ii) a Change in Control occurs prior to the Grantee's Separation, or (iii) a Change in Control has not then occurred and the Grantee's Separation occurs (A) on account of a termination of the Grantee's employment without Cause, (B) on account of a termination of the Grantee's employment by the Grantee for Good Reason, or (C) by reason of the death or Disability of the Grantee, the Options will terminate at the expiration of the Term.

In any event in which Options remain exercisable for a period of time following the date of the Grantee's Separation as provided above, the Options may be exercised during such period of time only to the extent the same were exercisable as provided in Section 3 above on such date of Separation.  Notwithstanding any period of time referenced in this Section 7.A or any other provision of this Agreement or any other agreement that may be construed to the contrary, the Options will in any event terminate not later than upon the expiration of the Term.
B.    This Section 7.B. will apply if the Grantee makes a valid Vesting Continuation Election pursuant to the Agreement Regarding LINTA Awards and Section 5 of such agreement becomes applicable.  If this Section 7.B is then applicable, the Options will terminate at the time specified below:
(a)If a Change in Control has not then occurred and the Grantee's Separation from Splitco occurs prior to the Close of Business on December 31, 2014 (i) on account of a termination of the Grantee's employment with Splitco for Cause or (ii) on account of a termination of the Grantee's employment with Splitco by the Grantee without Good Reason, all Options that are not exercisable as of the Close of Business on the date of Grantee's Separation from Splitco will terminate at that time and all Options that are exercisable as of the Close of Business on the date of the Grantee's Separation from Splitco will terminate at the Close of Business on the first Business Day following the expiration of the 90-day period that began on the date of the Grantee's Separation from Splitco.
(b)If (i) the Grantee's Separation from Splitco does not occur prior to the Close of Business on December 31, 2014, (ii) a Change in Control occurs prior to the Grantee's Separation from Splitco, or (iii) a Change in Control has not then occurred and the Grantee's Separation from Splitco occurs (A) on account of a termination of the Grantee's employment with Splitco without Cause, (B) on account of a termination of the Grantee's employment with Splitco by the Grantee for Good Reason, or (C) by reason of the death or Disability of the Grantee, the Options will terminate at the expiration of the Term.
In any event in which Options remain exercisable for a period of time following the date of the Grantee's Separation from Splitco as provided above, the Options may be exercised during such period of time only to the extent the same were exercisable as provided in Section 3 above (or as provided in Section 5 of the Agreement Regarding LINTA Awards) on such date of Separation from Splitco.  Notwithstanding any period of time referenced in this Section 7.B or any other provision of this Agreement or any other agreement that may be construed to the contrary, the Options will in any event terminate not later than upon the expiration of the Term.

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8.Nontransferability.  During the Grantee's lifetime, the Options are not transferable (voluntarily or involuntarily) other than pursuant to a Domestic Relations Order and, except as otherwise required pursuant to a Domestic Relations Order, are exercisable only by the Grantee or the Grantee's court appointed legal representative.  The Grantee may designate a beneficiary or beneficiaries to whom the Options will pass upon the Grantee's death and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the Committee on the form annexed hereto as Exhibit B or such other form as may be prescribed by the Committee, provided that no such designation will be effective unless so filed prior to the death of the Grantee.  If no such designation is made or if the designated beneficiary does not survive the Grantee's death, the Options will pass by will or the laws of descent and distribution.  Following the Grantee's death, the Options, if otherwise exercisable, may be exercised by the person to whom such Option or right passes according to the foregoing and such person will be deemed the Grantee for purposes of any applicable provisions of this Agreement.

9.Forfeiture for Misconduct and Repayment of Certain Amounts.  If (i) a material restatement of any financial statement of the Company (including any consolidated financial statement of the Company and its consolidated subsidiaries) is required and (ii) in the reasonable judgment of the Committee, (A) such restatement is due to material noncompliance with any financial reporting requirement under applicable securities laws and (B) such noncompliance is a result of misconduct on the part of the Grantee, the Grantee will repay to the Company Forfeitable Benefits received by the Grantee during the Misstatement Period in such amount as the Committee may reasonably determine, taking into account, in addition to any other factors deemed relevant by the Committee, the extent to which the market value of LINTA Stock  during the Misstatement Period was affected by the error(s) giving rise to the need for such restatement.  “Forfeitable Benefits” means (i) any and all cash and/or shares of LINTA Stock received by the Grantee (A) upon the exercise during the Misstatement Period of any SARs held by the Grantee or (B) upon the payment during the Misstatement Period of any Cash Award or Performance Award held by the Grantee, the value of which is determined in whole or in part with reference to the value of LINTA Stock, and (ii) any proceeds received by the Grantee from the sale, exchange, transfer or other disposition during the Misstatement Period of any shares of LINTA Stock received by the Grantee upon the exercise, vesting or payment during the Misstatement Period of any Award held by the Grantee.  By way of clarification, “Forfeitable Benefits” will not include any shares of LINTA Stock received upon exercise of any Options during the Misstatement Period that are not sold, exchanged, transferred or otherwise disposed of during the Misstatement Period.  “Misstatement Period” means the 12-month period beginning on the date of the first public issuance or the filing with the Securities and Exchange Commission, whichever occurs earlier, of the financial statement requiring restatement.

10.No Stockholder Rights.  Prior to the exercise of Options in accordance with the terms and conditions set forth in this Agreement, the Grantee will not be deemed for any purpose to be, or to have any of the rights of, a stockholder of the Company with respect to any shares of LINTA Stock underlying the Options, nor will the existence of this Agreement affect in any way the right or power of the Company or any stockholder of the Company to accomplish any corporate act, including, without limitation, the acts referred to in Section 11.16 of the Plan.

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11.Adjustments.  If the outstanding shares of LINTA Stock are subdivided into a greater number of shares (by stock dividend, stock split, reclassification or otherwise) or are combined into a smaller number of shares (by reverse stock split, reclassification or otherwise), or if the Committee determines that any stock dividend, extraordinary cash dividend, reclassification, recapitalization, reorganization, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase any shares of LINTA Stock or other similar corporate event (including mergers or consolidations other than those which constitute Approved Transactions, which shall be governed by Section 11.1(b) of the Plan) affects shares of LINTA Stock such that an adjustment is required to preserve the benefits or potential benefits intended to be made available under this Agreement, then the Options will be subject to adjustment (including, without limitation, as to the number of Options and the Base Price per share of such Options) in such manner as the Committee, in its sole discretion, deems equitable and appropriate in connection with the occurrence of any of the events described in this Section 11 following the Amendment Effective Date. 

12.Restrictions Imposed by Law.  Without limiting the generality of Section 11.8 of the Plan, the Grantee will not exercise the Options, and the Company will not be obligated to make any cash payment or issue or cause to be issued any shares of LINTA Stock if counsel to the Company determines that such exercise, payment or issuance would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which shares of LINTA Stock are listed or quoted.  The Company will in no event be obligated to take any affirmative action in order to cause the exercise of the Options or the resulting payment of cash or issuance of shares of LINTA Stock to comply with any such law, rule, regulation or agreement.

13.Notice.  Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the Company with respect to this Agreement will be in writing and will be delivered personally or sent by United States first class mail, postage prepaid and addressed as follows:

Liberty Interactive Corporation
12300 Liberty Boulevard
Englewood, Colorado 80112
Attn:  General Counsel

Any notice or other communication to the Grantee with respect to this Agreement will be in writing and will be delivered personally, or will be sent by United States first class mail, postage prepaid, to the Grantee's address as listed in the records of the Company on the date of this Agreement, unless the Company has received written notification from the Grantee of a change of address.
14.Amendment.  Notwithstanding any other provision hereof, this Agreement may be amended from time to time as approved by the Committee as contemplated in Section 11.7(b) of the Plan.  Without limiting the generality of the foregoing, without the consent of the Grantee, 

(a)this Agreement may be amended from time to time as approved by the Committee 

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(i) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or (ii) to add to the covenants and agreements of the Company for the benefit of the Grantee or surrender any right or power reserved to or conferred upon the Company in this Agreement, subject to any required approval of the Company's stockholders and, provided, in each case, that such changes or corrections will not adversely affect the rights of the Grantee with respect to the Award evidenced hereby, or (iii) to make such other changes as the Company, upon advice of counsel, determines are necessary because of the adoption or promulgation of, or change in or of the interpretation of, any law or governmental rule or regulation, including any applicable federal or state securities laws; and

(b)subject to any required action by the Board or the stockholders of the Company, the Options granted under this Agreement may be canceled by the Company and a new Award made in substitution therefor, provided, that the Award so substituted will satisfy all of the requirements of the Plan as of the date such new Award is made and no such action will adversely affect any Options.

15.Grantee Employment.  Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, will confer or be construed to confer on the Grantee any right to continue in the employ of the Company or interfere in any way with the right of the Company to terminate the Grantee's employment at any time, with or without cause, subject to the provisions of the Agreement Regarding LINTA Awards.

16.Nonalienation of Benefits.  Except as provided in Section 8 of this Agreement, (i) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (ii) no right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

17.Governing Law.  This Agreement will be governed by, and construed in accordance with, the internal laws of the State of Colorado.  Each party irrevocably submits to the general jurisdiction of the state and federal courts located in the State of Colorado in any action to interpret or enforce this Agreement and irrevocably waives any objection to jurisdiction that such party may have based on inconvenience of forum.

18.Construction.  References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all Exhibits and Schedules appended hereto.  The word “include” and all variations thereof are used in an illustrative sense and not in a limiting sense.  All decisions of the Committee upon questions regarding this Agreement will be conclusive.  Unless otherwise expressly stated herein, in the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan will control.  The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

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19.Duplicate Originals.  The Company and the Grantee may sign any number of copies of this Agreement.  Each signed copy will be an original, but all of them together represent the same agreement.

20.Rules by Committee.  The rights of the Grantee and the obligations of the Company hereunder will be subject to such reasonable rules and regulations as the Committee may adopt from time to time.

21.Entire Agreement.  This Agreement, together with the applicable provisions of the Agreement Regarding LINTA Awards, is in satisfaction of and in lieu of all prior discussions and agreements, oral or written, between the Company and the Grantee regarding the subject matter hereof.  The Grantee and the Company hereby declare and represent that no promise or agreement not expressed herein or in the Agreement Regarding LINTA Awards has been made and that this Agreement, together with the Agreement Regarding LINTA Awards, contains the entire agreement between the parties hereto with respect to the Award and replaces and makes null and void any prior agreements between the Grantee and the Company regarding the Award.  This Agreement will be binding upon and inure to the benefit of the parties and their respective heirs, successors and assigns. 

22.Grantee Acceptance.  The Grantee will signify acceptance of the terms and conditions of this Agreement by signing in the space provided at the end hereof and returning a signed copy to the Company.

23.Code Section 409A Compliance.  To the extent that the provisions of Section 409A of the Code or any Treasury regulations promulgated thereunder are applicable to any Option, the parties intend that this Agreement will meet the requirements of such Code section and regulations and that the provisions hereof will be interpreted in a manner that is consistent with such intent.  The Grantee will cooperate with the Company in taking such actions as the Company may reasonably request to assure that this Agreement will meet the requirements of Section 409A of the Code and any Treasury regulations promulgated thereunder and to limit the amount of any additional payments required by Section 10(g) of the Agreement Regarding LINTA Awards to be made to the Grantee.

[Signature page follows.]

    

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Signature Page to Amended and Restated Non-Qualified Stock Option Agreement (2007 Incentive Plan) dated effective as of September 23, 2011, between Liberty Interactive Corporation and Gregory B. Maffei.

LIBERTY INTERACTIVE CORPORATION

By:                      
Name:                      
Title:                      

Date:  April __, 2012

GRANTEE:

                        
Gregory B. Maffei
Address:                     
                        
SSN:                    

Date:  April __, 2012

Number of Options Granted:

	
			
	LINTA Options
	3,156,000
	 

        

Exhibit A
to
Amended and Restated Non-Qualified Stock Option Agreement (2007 Incentive Plan)
dated effective as of September 23, 2011 between Liberty Interactive Corporation and Grantee

[Copy of Liberty Interactive Corporation (f/k/a Liberty Media Corporation)
2007 Incentive Plan]

Exhibit B
to
Amended and Restated Non-Qualified Stock Option Agreement
(2007 Incentive Plan) dated effective as of September 23, 2011 between Liberty Interactive Corporation and Grantee

Designation of Beneficiary

I, ___________________________________________ (the “Grantee”), hereby declare
that upon my death                              (the “Beneficiary”) of
Name

,
Street Address            City        State            Zip Code

who is my                                 , will be entitled to the
Relationship to Grantee

Options and all other rights accorded the Grantee by the above‐referenced grant agreement (the “Agreement”).

It is understood that this Designation of Beneficiary is made pursuant to the Agreement and is subject to the conditions stated herein, including the Beneficiary's survival of the Grantee's death.  If any such condition is not satisfied, such rights will devolve according to the Grantee's will or the laws of descent and distribution.
It is further understood that all prior designations of beneficiary under the Agreement are hereby revoked and that this Designation of Beneficiary may only be revoked in writing, signed by the Grantee, and filed with the Company prior to the Grantee's death.

                                                    
Date                            Grantee

Please return this form to:

Liberty Interactive Corporation
12300 Liberty Boulevard
Englewood, Colorado 80112
Attn: Carla Williams

BUS_RE\4271231.4Exhibit 10.1

 

 

 

DISSOLUTION AGREEMENT

BY AND AMONG

BREITBURN ENERGY PARTNERS L.P.,

 

BEP (GP) I, LLC,

 

PACIFIC COAST ENERGY COMPANY LP

 

AND

 

BREITBURN ENERGY PARTNERS I, L.P.

 

 

EXECUTION DATE: MAY 8, 2012

 

 

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

 

	 	 	Page
	 	 	 
	1.	Interpretation	1
	 	 	 
	2.	Defined Terms	2
	 	 	 
	3.	Dissolution, Liquidation and Termination	10
	 	 	 
	4.	Distribution of Assets	11
	 	 	 
	5.	Deliverables	13
	 	 	 
	6.	Effective Time; Proration of Costs and Revenues	14
	 	 	 
	7.	Limitation of Representation and Warranties as to the Partnership Assets	16
	 	 	 
	8.	Certain Covenants and Agreements	17
	 	 	 
	9.	IPO Transactions; Termination	20
	 	 	 
	10.	Governing Law; Jurisdiction	20
	 	 	 
	11.	General Provisions	21

 

EXHIBITS:

 

	Exhibit A-1	-	Partnership ECF Leases
	 	 	 
	Exhibit A-2	-	Partnership Sawtelle Leases
	 	 	 
	Exhibit A-3	-	Non-Partnership Sawtelle Leases
	 	 	 
	Exhibit B-1	-	Partnership Conveyance
	 	 	 
	Exhibit B-2	-	Sawtelle Conveyance
	 	 	 
	Exhibit C-1	-	Form of East Coyote JOA
	 	 	 
	Exhibit C-2	-	Form of Sawtelle JOA
	 	 	 
	Exhibit D	-	Form of Joint Dissolution Consent
	 	 	 
	Exhibit E	-	Partnership Agreement Amendment
	 	 	 
	Exhibit F	-	Third Amended and Restated Administrative Services Agreement
	 	 	 
	Exhibit G	-	Amendment to Omnibus Agreement
	 	 	 
	Exhibit H	-	AMI Assignment

 

    	 

    	 

    

 

dissolution
AGREEMENT

 

This Dissolution Agreement
(as may be amended, revised, supplemented or otherwise modified, this “Agreement”), dated as of May 8, 2012
(the “Execution Date”), is by and among the following entities: (i) BreitBurn Energy Partners L.P., a Delaware
limited partnership (“BBEP”); (ii) BEP (GP) I, LLC, a Delaware limited liability company (“BEP”);
(iii) Pacific Coast Energy Company LP, a Delaware limited partnership (“PCEC”); and (iv) BreitBurn Energy Partners
I, L.P., a Texas limited partnership (the “Partnership”). The above-named Persons are sometimes referred to
herein separately as a “Party” and collectively as the “Parties.” The following Persons join
in the execution of this Agreement for the limited purposes set forth next to their respective names, and shall be considered “Parties,”
for purposes hereof, as and where appropriate: (i) for purposes of Sections 8(c) and (d), BreitBurn Management
Company, LLC, a Delaware limited liability company (“BMC”); and (ii) for purposes of Section 8(d), BreitBurn
GP, LLC, a Delaware limited liability company (“BGP”), Pacific Coast Energy Holdings LLC, a Delaware limited
liability company (“PCEC Holdco”), and PCEC (GP) LLC, a Delaware limited liability company (“PCEC GP”).
Capitalized terms used herein shall have the meanings ascribed to them in Section 2.

 

WHEREAS,
BBEP is the sole limited partner of the Partnership, BEP is the sole general partner of the Partnership, and PCEC is the sole member
of BEP.

 

WHEREAS,
the Partnership owns 100% of the Partnership Assets and is responsible for 100% of the Partnership Obligations, and PCEC owns 100%
of the Non-Partnership Sawtelle Assets and is responsible for 100% of the Non-Partnership Sawtelle Obligations.

 

WHEREAS,
BBEP and BEP desire to dissolve, liquidate (including the distribution of the Partnership Assets to BBEP and PCEC) and terminate
the Partnership, pursuant and subject to the terms and conditions hereof, and have agreed to amend the Partnership Agreement for
the purpose of effecting such dissolution, liquidation and termination.

 

WHEREAS,
PCEC desires, in connection with the actions described in the preceding recital, to convey and transfer the BBEP Non-Partnership
Sawtelle Assets to BBF (a designee of BBEP), pursuant and subject to the terms and conditions hereof.

 

WHEREAS,
the Parties wish to memorialize certain understandings and agreements regarding the Administrative Services Agreement, the Omnibus
Agreement, the procurement of certain “D & O” liability insurance, the payment of certain legal fees in connection
with this Agreement and certain other matters related to the dissolution of the Partnership. 

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants, agreements, conditions, and obligations set forth herein, the Parties
hereby agree as follows:

 

    	 

    	 

    

 

1.          Interpretation      All
references in this Agreement to Exhibits, Sections, subsections, clauses, and other subdivisions refer to the corresponding Exhibits,
Sections, subsections, clauses, and other subdivisions of or to this Agreement unless expressly provided otherwise. Titles and
headings appearing at the beginning of any Exhibits, Sections, subsections, clauses, and other subdivisions of this Agreement are
for convenience only, do not constitute any part of this Agreement, and shall be disregarded in construing the language hereof.
The words “this Agreement,” “herein,” “hereby,” “hereunder,” “hereof,”
and words of similar import refer to this Agreement as a whole and not to any particular Section, subsection, clause, or other
subdivision unless expressly so limited. The words “this Section,” “this subsection,” “this clause,”
and words of similar import refer only to the Section, subsection, and clause hereof in which such words occur. The word “including”
(in its various forms) means including without limitation. Unless expressly provided to the contrary, the word “or”
is not exclusive. Pronouns in masculine, feminine, or neuter genders shall be construed to state and include any other gender,
and words, terms, and titles (including terms defined herein) in the singular form shall be construed to include the plural and
vice versa, unless the context otherwise requires. Exhibits referred to herein are attached to and, by this reference, incorporated
herein for all purposes.

 

2.          Defined
Terms. The following terms when used in this Agreement or any Exhibit shall have the following meanings:

 

“Administrative
Services Agreement” means the Second Amended and Restated Administrative Services Agreement, dated as of August 26, 2008,
by and between PCEC and BMC.

 

“Affiliates”
means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is under common
control with, such specified Person through one or more intermediaries or otherwise. For the purposes of this definition, “control”
means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and
the terms “controlling” and “controlled” have correlative meanings.

 

“Amended
and Restated ASA” means the Third Amended and Restated Administrative Services Agreement in the form attached hereto
as Exhibit F.

 

“Amendment
to Omnibus Agreement” means the amendment to the Omnibus Agreement in the form attached hereto as Exhibit G.

 

“AMI
Agreement” means that certain Operating Agreement and Area of Mutual Interest for Exploratory Oil and Gas Operations,
dated March 25, 1997, by and between PCEC (formerly known as BreitBurn Energy Company LLC) and Westside Acquisition Corporation
(“WAC”), as amended by that certain Purchase and Sale Agreement, dated September 10, 2004, by and between Westech
Energy Corporation (“Westech”) (as successor-in-interest to WAC) and PCEC (formerly known as BreitBurn Energy
Company L.P.).

 

“AMI
Assignment” means the assignment of the AMI Agreement in the form attached hereto as Exhibit H.

 

“BBEP”
has the meaning set forth in the preamble of this Agreement.

 

“BBEP
Non-Partnership Sawtelle Assets” has the meaning set forth in Section 4(b).

 

“BBEP
Non-Partnership Sawtelle Obligations” has the meaning set forth in Section 4(b).

 

    	-2-

    	 

    

  

“BBEP
Partnership Assets” means the BBEP Partnership ECF Assets and the BBEP Partnership Sawtelle Assets, collectively.

 

“BBEP
Partnership ECF Assets” has the meaning set forth in Section 4(a).

 

“BBEP
Partnership ECF Obligations” has the meaning set forth in Section 4(a).

 

“BBEP
Partnership Obligations” means the BBEP Partnership ECF Obligations and the BBEP Partnership Sawtelle Obligations, collectively.

 

“BBEP
Partnership Sawtelle Assets” has the meaning set forth in Section 4(a).

 

“BBEP
Partnership Sawtelle Obligations” has the meaning set forth in Section 4(a).

 

“BBF”
means BreitBurn Fulton LLC, a Delaware limited liability company, which will serve as BBEP’s designee hereunder for the purpose
of (i) receiving the BBEP Partnership Sawtelle Assets and the BBEP Non-Partnership Sawtelle Assets, (ii) assuming the BBEP Partnership
Sawtelle Obligations and the BBEP Non-Partnership Sawtelle Obligations, and (iii) entering into the Sawtelle JOA.

 

“BEP”
has the meaning set forth in the preamble of this Agreement.

 

“BGP”
has the meaning set forth in the preamble of this Agreement.

 

“BMC” has the meaning
set forth in the preamble of this Agreement.

 

“BOLP”
means BreitBurn Operating L.P., a Delaware limited partnership, which will serve as BBEP’s designee hereunder for the purpose
of (i) receiving the BBEP Partnership ECF Assets, (ii) assuming the BBEP Partnership ECF Obligations, and (iii) entering into the
JOAs.

 

“Certificate
of Termination” means the certificate of termination attached to the Joint Dissolution Consent.

 

“Closing”
means the closing of the IPO Transactions.

 

“Confidentiality
Restrictions” has the meaning set forth in Section 8(a).

 

“Consent”
has the meaning set forth in Section 8(j)(ii).

 

“Developed
Area” has the meaning given to it under the AMI Agreement.

 

“DF-15
Well Assets” means the DF-15 Well, located in Los Angeles County, California, and identified as API No. 03725331, and,
insofar as they relate solely to such wellbore, the rights, interests, properties and other assets used, or held for use, in connection
with the ownership, operation, and use of such wellbore, including rights, interests, properties and other assets of the type described
in the definition of “Non-Partnership Sawtelle Assets” that are used, or held for use, solely in connection with the
ownership, operation, and use of such wellbore.

 

“Disclaiming
Party” has the meaning set forth in Section 7.

 

    	-3-

    	 

    

 

“East
Coyote JOA” has the meaning set forth in Section 4(c).

 

“East
Coyote Lands” means the “Contract Area” identified on Exhibit A to the East Coyote JOA.

 

“Effective
Time” has the meaning set forth in Section 6(a).

 

“Environmental
Laws” means, as the same have been amended as of the Execution Date, the Comprehensive Environmental Response, Compensation
and Liability Act, 42 U.S.C. § 9601 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901
et seq.; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401
et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. § 1471 et seq.; the Toxic Substances Control
Act, 15 U.S.C. §§ 2601 through 2629; the Oil Pollution Act, 33 U.S.C. § 2701 et seq.; the Emergency
Planning and Community Right-to-Know Act, 42 U.S.C. § 11001 et seq.; and the Safe Drinking Water Act, 42 U.S.C.
§§ 300f through 300j; and all similar Laws as of the Execution Date of any Governmental Body having jurisdiction
over the Partnership Assets or Non-Partnership Sawtelle Assets, as applicable, addressing pollution or protection of the environment
and all regulations implementing the foregoing that are applicable to the operation and maintenance of the Partnership Assets or
Non-Partnership Sawtelle Assets, as applicable.

 

“Environmental
Liabilities” means any and all environmental response costs (including costs of remediation), damages, natural resource
damages, settlements, consulting fees, expenses, penalties, fines, orphan share, prejudgment and post-judgment interest, court
costs, attorneys’ fees and other liabilities incurred or imposed (i) pursuant to any order, notice of responsibility, directive
(including requirements embodied in Environmental Laws), injunction, judgment or similar act (including settlements) by any Governmental
Body or court of competent jurisdiction to the extent arising out of any violation of, or remedial obligation under, any Environmental
Laws which are attributable to the ownership or operation of the Partnership Assets or Non-Partnership Sawtelle Assets, as applicable,
or (ii) pursuant to any claim or cause of action by a Governmental Body or other Person for personal injury, property damage,
damage to natural resources, remediation or response costs to the extent arising out of any violation of, or any remediation obligation
under, any Environmental Laws which is attributable to the ownership or operation of the Partnership Assets or Non-Partnership
Sawtelle Assets, as applicable.

 

“Execution
Date” has the meaning set forth in the preamble of this Agreement.

 

“Federal
Courts” has the meaning set forth in Section 10(b).

 

“Governmental
Body” means any instrumentality, subdivision, court, administrative agency, commission, official or other authority of
the United States or any other country or any state, province, prefect, municipality, locality or other government or political
subdivision thereof, or any quasi-governmental or private body exercising any administrative, executive, judicial, legislative,
police, regulatory, taxing, importing or other governmental or quasi-governmental authority.

 

    	-4-

    	 

    

 

“Hazardous
Substances” means any pollutants, contaminants, toxic or hazardous substances, materials, wastes, constituents, compounds
or chemicals that are requested by, or may form the basis of liability under any Laws, including asbestos-containing materials
(but excluding any Hydrocarbons or NORM).

 

“Hydrocarbons”
means oil, gas, condensate, and other gaseous and liquid hydrocarbons or any combination thereof.

 

“IPO Transactions”
means the transactions contemplated in connection with the initial public offering of trust units of the Pacific Coast Oil Trust,
as described in the Registration Statement on Form S-1 (File No. 333-178928) filed with the Securities and Exchange Commission
on January 6, 2012, as amended.

 

“JOAs”
has the meaning set forth in Section 4(c).

 

“Joint Dissolution
Consent” means the form of joint dissolution consent attached hereto as Exhibit D.

 

“Joint Operating
Interests” means all rights, obligations and liabilities that a working interest owner would have under a joint operating
agreement substantially similar to the Sawtelle JOA, including the rights to propose any well, to non-consent any proposal, to
vote on any matter, to bring a cause of action, to request a title examination, to have a lien placed on its interests, and all
other rights, obligations and liabilities afforded or allocated, as applicable, to working interest owners under applicable Laws.

 

“Laws”
means all permits, statutes, rules, regulations, ordinances, orders, and codes of Governmental Bodies.

 

“Limited Liability
Company Agreement” means the Limited Liability Company Agreement of BEP (GP) I, LLC, dated as of March 25, 2003, by PCEC,
as sole member.

 

    	-5-

    	 

    

 

“Non-Partnership
Sawtelle Assets” means all of PCEC’s right, title and interest in and to the following (excluding, in each
instance, the DF-15 Well Assets): (i) the oil and gas leases, oil, gas and mineral leases, subleases, other leaseholds and other
rights to Hydrocarbons (including mineral fee estates) listed on Exhibit A-3 (subject to the limitations thereon) (the “Non-Partnership
Sawtelle Leases”); (ii) all pooled, communitized or unitized acreage which includes all or a part of any Non-Partnership
Sawtelle Lease (the “Non-Partnership Sawtelle Units”), and all tenements, hereditaments and appurtenances belonging
to the Non-Partnership Sawtelle Leases and Non-Partnership Sawtelle Units; (iii) all oil, gas, water, carbon dioxide, disposal
or injection wells located on the Non-Partnership Sawtelle Leases or Non-Partnership Sawtelle Units (the “Non-Partnership
Sawtelle Wells”); (iv) all flowlines, pipelines, gathering systems and appurtenances thereto located on the Non-Partnership
Sawtelle Leases or Non-Partnership Sawtelle Units or used, or held for use, in connection with the operation of the Non-Partnership
Sawtelle Units or Non-Partnership Sawtelle Wells (the “Non-Partnership Sawtelle Gathering Systems;” and together
with the Non-Partnership Sawtelle Leases, Non-Partnership Sawtelle Units and Non-Partnership Sawtelle Wells, the “Non-Partnership
Sawtelle Properties”); (v) all equipment, machinery, tools, fixtures and other tangible personal property and improvements
located on the Non-Partnership Sawtelle Properties or used or held for use in connection with the operation of the Non-Partnership
Sawtelle Properties or the production of Hydrocarbons from the Non-Partnership Sawtelle Properties; (vi) all surface fee interests,
easements, licenses, servitudes, rights-of-way, surface leases and other surface rights appurtenant to, and used or held for use
in connection with, the Non-Partnership Sawtelle Properties; (vii) all contracts, agreements and instruments to the extent applicable
to the Non-Partnership Sawtelle Properties or the production of Hydrocarbons from the Non-Partnership Sawtelle Properties; (viii)
all permits, and any variances or waivers related thereto and applications therefor, relating to the Non-Partnership Sawtelle Properties;
(ix) all geophysical, seismic, and related technical data (including interpretations of such data) that is owned or licensed by
PCEC, to the extent primarily relating to any of the Non-Partnership Sawtelle Properties; (x) all right to indemnities and releases
from third Persons relating to the Non-Partnership Sawtelle Properties; and (xi) all other rights, properties or interests necessary
in connection with the ownership, exploration, development, production and operation of the Non-Partnership Sawtelle Properties.

 

“Non-Partnership
Sawtelle Obligations” means all duties, liabilities and obligations (including Environmental Liabilities), whether express
or implied, known or unknown, matured or unmatured, asserted or unasserted, or otherwise, relating to the condition, use or ownership
of the Non-Partnership Sawtelle Assets, regardless of whether arising or accruing before, on or after the Execution Date.

 

“Non-Paying
Party” has the meaning set forth in Section 6(h).

 

“NORM”
means naturally occurring radioactive material.

 

“Omnibus Agreement”
means the Omnibus Agreement, dated as of August 26, 2008, by and among PCEC Holdco, PCEC GP, PCEC, BGP, BMC and BBEP.

 

“ORRI”
means the overriding royalty interest conveyed under the ORRI Conveyance.

 

“ORRI Conveyance”
means that certain Conveyance of Overriding Royalty Interest, dated as of May 1, 2007, from BreitBurn Energy Partners I, L.P. to
EFS Royalty Partners L.P., as supplemented by that certain Conveyance of Overriding Royalty Interest, dated as of the same date,
between the same parties.

 

“Pacific Coast
Oil Trust” means Pacific Coast Oil Trust, a Delaware statutory trust.

 

“Partnership”
has the meaning set forth in the preamble of this Agreement.

 

“Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of BreitBurn Energy Partners I, L.P., dated
as of May 5, 2003, by and between BEP, as General Partner, and BBEP (as successor-in-interest to TIFD III-X LLC), as Limited Partner.

 

“Partnership
Agreement Amendment” means the form of amendment to the Partnership Agreement attached hereto as Exhibit E.

 

“Partnership
Assets” means the Partnership ECF Assets and the Partnership Sawtelle Assets, collectively.

 

    	-6-

    	 

    

 

“Partnership
Conveyance” means the form of conveyance attached hereto as Exhibit B-1.

 

“Partnership
ECF Assets” means all of the Partnership’s right, title and interest in and to the following: (i) the oil and gas
leases, oil, gas and mineral leases, subleases, other leaseholds and other rights to Hydrocarbons (including mineral fee estates)
described under the conveyances listed on Exhibit A-1 (the “Partnership ECF Leases”); (ii) all pooled,
communitized or unitized acreage which includes any Partnership ECF Lease (the “Partnership ECF Units”), and
all tenements, hereditaments and appurtenances belonging to the Partnership ECF Leases and Partnership ECF Units; (iii) all oil,
gas, water, carbon dioxide, disposal or injection wells owned by the Partnership and located on the Partnership ECF Leases or Partnership
ECF Units (the “Partnership ECF Wells”); (iv) all flowlines, pipelines, gathering systems and appurtenances
thereto owned by the Partnership and located on the Partnership ECF Leases or Partnership ECF Units or used, or held for use, in
connection with the operation of the Partnership ECF Units or Partnership ECF Wells (the “Partnership ECF Gathering Systems;”
and together with the Partnership ECF Leases, Partnership ECF Units and Partnership ECF Wells, the “Partnership ECF Properties”);
(v) all equipment, machinery, tools, fixtures and other tangible personal property and improvements owned by the Partnership and
located on the Partnership ECF Properties or used or held for use in connection with the operation of the Partnership ECF Properties
or the production of Hydrocarbons from the Partnership ECF Properties; (vi) all surface fee interests, easements, licenses, servitudes,
rights-of-way, surface leases and other surface rights owned by the Partnership and appurtenant to, and used or held for use in
connection with, the Partnership ECF Properties; (vii) all contracts, agreements and instruments to the extent applicable to the
Partnership ECF Properties or the production of Hydrocarbons from the Partnership ECF Properties; (viii) all permits, and any variances
or waivers related thereto and applications therefor, relating to the Partnership ECF Properties; (ix) all geophysical, seismic,
and related technical data (including interpretations of such data) that is owned or licensed by the Partnership, to the extent
primarily relating to any of the Partnership ECF Properties; (x) all right to indemnities and releases from third Persons relating
to the Partnership ECF Properties; and (xi) all other rights, properties or interests necessary in connection with the ownership,
exploration, development, production and operation of the Partnership ECF Properties.

 

“Partnership
ECF Obligations” means all duties, liabilities and obligations (including Environmental Liabilities), whether express
or implied, known or unknown, matured or unmatured, asserted or unasserted, or otherwise, relating to the condition, use or ownership
of the Partnership ECF Assets, regardless of whether arising or accruing before, on or after the Execution Date.

 

“Partnership
Obligations” means the Partnership ECF Obligations and the Partnership Sawtelle Obligations, collectively.

 

“Partnership
Records” means originals of any files, records, maps, information, and data, whether written or electronically stored,
relating to the Partnership Assets, including: (i) land and title records (including abstracts of title, title opinions, and title
curative documents); (ii) contract files; (iii) correspondence; (iv) operations, environmental, production, Tax and accounting
records; and (v) production, facility and well records and data.

 

    	-7-

    	 

    

 

“Partnership
Sawtelle Assets” means all of the Partnership’s right, title and interest in and to the following: (i) the oil
and gas leases, oil, gas and mineral leases, subleases, other leaseholds and other rights to Hydrocarbons (including mineral fee
estates) listed on Exhibit A-2 (subject to the limitations thereon) (the “Partnership Sawtelle Leases”);
(ii) all pooled, communitized or unitized acreage which includes any Partnership Sawtelle Lease (the “Partnership Sawtelle
Units”), and all tenements, hereditaments and appurtenances belonging to the Partnership Sawtelle Leases and Partnership
Sawtelle Units; (iii) all oil, gas, water, carbon dioxide, disposal or injection wells owned by the Partnership and located on
the Partnership Sawtelle Leases or Partnership Sawtelle Units (the “Partnership Sawtelle Wells”); (iv) all flowlines,
pipelines, gathering systems and appurtenances thereto owned by the Partnership and located on the Partnership Sawtelle Leases
or Partnership Sawtelle Units or used, or held for use, in connection with the operation of the Partnership Sawtelle Units or Partnership
Sawtelle Wells (the “Partnership Sawtelle Gathering Systems;” and together with the Partnership Sawtelle Leases,
Partnership Sawtelle Units and Partnership Sawtelle Wells, the “Partnership Sawtelle Properties”); (v) all equipment,
machinery, tools, fixtures and other tangible personal property and improvements owned by the Partnership and located on the Partnership
Sawtelle Properties or used or held for use in connection with the operation of the Partnership Sawtelle Properties or the production
of Hydrocarbons from the Partnership Sawtelle Properties; (vi) all surface fee interests, easements, licenses, servitudes, rights-of-way,
surface leases and other surface rights owned by the Partnership and appurtenant to, and used or held for use in connection with,
the Partnership Sawtelle Properties; (vii) all contracts, agreements and instruments to the extent applicable to the Partnership
Sawtelle Properties or the production of Hydrocarbons from the Partnership Sawtelle Properties; (viii) all permits, and any variances
or waivers related thereto and applications therefor, relating to the Partnership Sawtelle Properties; (ix) all geophysical, seismic,
and related technical data (including interpretations of such data) that is owned or licensed by the Partnership, to the extent
primarily relating to any of the Partnership Sawtelle Properties; (x) all right to indemnities and releases from third Persons
relating to the Partnership Sawtelle Properties; and (xi) all other rights, properties or interests necessary in connection with
the ownership, exploration, development, production and operation of the Partnership Sawtelle Properties.

 

“Partnership
Sawtelle Obligations” means all duties, liabilities and obligations (including Environmental Liabilities), whether express
or implied, known or unknown, matured or unmatured, asserted or unasserted, or otherwise, relating to the condition, use or ownership
of the Partnership Sawtelle Assets, regardless of whether arising or accruing before, on or after the Execution Date.

 

“Party”
or “Parties” has the meaning set forth in the preamble of this Agreement.

 

“Paying Party”
has the meaning set forth in Section 6(h).

 

“PCEC”
has the meaning set forth in the preamble of this Agreement.

 

“PCEC
GP” has the meaning set forth in the preamble of this Agreement.

 

    	-8-

    	 

    

 

“PCEC
Holdco” has the meaning set forth in the preamble of this Agreement.

 

“PCEC
Partnership Assets” has the meaning set forth in Section 4(a).

 

“PCEC
Partnership Obligations” has the meaning set forth in Section 4(a).

 

“Person”
means an individual as well as a corporation, partnership, limited liability company, joint venture, trust or unincorporated organization,
joint stock company, or other similar organization, or any other legal entity.

 

“Plan of Liquidation”
means the plan of liquidation attached to the Joint Dissolution Consent.

 

“Prospect”
has the meaning given to it under the AMI Agreement.

 

“Prospect
Operating Agreement” has the meaning given to it under the AMI Agreement.

 

“Property
Costs” means (i) all operating and production expenses (including costs of insurance, rentals, shut-in payments and royalty
payments; title examination and curative actions; ad valorem, property, severance, production and similar Taxes attributable to
the ownership or operation of the Partnership Assets or Non-Partnership Sawtelle Assets, as applicable, or the production of Hydrocarbons
therefrom; and gathering, processing and transportation costs in respect of Hydrocarbons produced from the Partnership Assets or
Non-Partnership Sawtelle Assets, as applicable) and capital expenditures (including costs of drilling and completing wells and
costs of acquiring equipment) incurred in the ownership and operation of the Partnership Assets or Non-Partnership Sawtelle Assets,
as applicable, in the ordinary course of business and (ii) overhead costs charged to the Partnership Assets or Non-Partnership
Sawtelle Assets, as applicable, under the applicable operating agreement; provided, that Taxes that are included in Property
Costs, right-of-way fees, insurance premiums and other Property Costs that are paid periodically shall be prorated (for purposes
of the allocations described in Section 6) based on the number of days in the applicable period falling before and the number
of days in the applicable period falling at or after the Effective Time, except that production, severance and similar Taxes measured
by the quantity of or the value of production shall be prorated (for purposes of the allocations described in Section 6)
based on the number of units or value of production actually produced and sold, as applicable, before, and at or after, the Effective
Time.

 

“Representatives”
means any of the following: (i) partners, employees, officers, directors, members, equity owners and counsel of a Party or any
of its Affiliates or any prospective purchaser of a Party or an interest in a Party; (ii) any consultant or agent retained by a
Party or the parties listed in subsection (i) above; and (iii) any bank, other financial institution or entity funding, or proposing
to fund, such Party’s operations in connection with the Partnership Assets or Non-Partnership Sawtelle Assets, as applicable,
including any consultant retained by such bank, other financial institution or entity.

 

“Sawtelle
Conveyance” means the form of conveyance attached hereto as Exhibit B-2.

 

“Sawtelle
Drillsite” has the meaning given to it under the AMI Agreement.

 

“Sawtelle
JOA” has the meaning set forth in Section 4(c). 

 

    	-9-

    	 

    

  

“Sawtelle
Lands” means the “Contract Area” identified on Exhibit A to the Sawtelle JOA.

 

“Sawtelle
Records” means copies of any files, records, maps, information, and data, whether written or electronically stored, relating
to the Non-Partnership Sawtelle Assets, including: (i) land and title records (including abstracts of title, title opinions, and
title curative documents); (ii) contract files; (iii) correspondence; (iv) operations, environmental, production, Tax and
accounting records; and (v) production, facility and well records and data.

 

“Side
Agreements” has the meaning set forth in Section 3(d).

 

“Taxes”
means all federal, state, local, and foreign income, profits, franchise, sales, use, ad valorem, property, severance, production,
excise, stamp, documentary, real property transfer or gain, gross receipts, goods and services, registration, capital, transfer,
or withholding taxes or other assessments, duties, fees or charges imposed by any Governmental Body, including any interest, penalties
or additional amounts which may be imposed with respect thereto.

 

“Test Well”
has the meaning given to it under the AMI Agreement.

 

“Transfer
Restriction” has the meaning set forth in Section 8(j)(ii).

 

“Westech”
has the meaning given to it in the definition of AMI Agreement.

 

3.          Dissolution,
Liquidation and Termination. Effective upon the Closing:

 

(a)          BBEP
and BEP shall dissolve the Partnership pursuant to Section 10.1(b) of the Partnership Agreement (as amended by the Partnership
Agreement Amendment), through the execution and delivery of the Joint Dissolution Consent.

 

(b)          BBEP
and BEP shall wind-up the business and affairs of the Partnership and liquidate the properties and assets of the Partnership, upon
the effectiveness of the Joint Dissolution Consent, and pursuant to the Partnership Agreement (as amended by the Partnership Agreement
Amendment) and the Plan of Liquidation.

 

(c)          Following
the winding-up of the business and affairs of the Partnership in accordance with the Plan of Liquidation, BEP will execute and
file the Certificate of Termination with the Secretary of State of the State of Texas, and the Partnership will be deemed terminated
upon the making of such filing. The Parties shall take such other actions as may be reasonably necessary to dissolve and terminate,
and wind-up the business and affairs of, the Partnership in accordance with the Joint Dissolution Consent and the Plan of Liquidation.

 

    	-10-

    	 

    

 

(d)          In
connection with the dissolution, liquidation and termination described in the preceding subsections of this Section 3, those
Parties that are parties to the following agreements hereby terminate such agreements, effective as of the dissolution of the Partnership,
and agree that they shall thereafter be of no further force or effect (collectively, the “Side Agreements”):
(i) Consent Side Letter Agreement, dated May 5, 2003, by and between the Partnership and PCEC; (ii) Surface Clean-Up Side Letter
Agreement, dated May 5, 2003, by and between the Partnership and PCEC; (iii) Certain Agreements Regarding Retained Outside Interest
Side Letter Agreement, dated May 5, 2003, by and between the Partnership and PCEC; (iv) Contract Operation and Production Purchase
Agreement, dated May 5, 2003, by and among the Partnership, PCEC and BEP; and (v) Limited Guaranty Agreement, dated May 5, 2003,
by PCEC, as guarantor, for the benefit of the Partnership and BBEP (as successor-in-interest to TIFD III-X LLC).

 

(e)          Each
Party that is a party to one or more Side Agreements hereby represents (as to all such Side Agreements to which it is a party)
to the respective counterparties to such Side Agreements that such Party has, prior to the termination of such Side Agreements,
performed and complied, in all material respects, with the agreements, covenants and obligations that such Party was required to
perform or comply with during the period in which such Side Agreements were in effect.

 

(f)          each
party and its Affiliates completely release and forever discharge the other parties and their respective Affiliates, together with
all of their respective officers, directors, employees and AGENTS of and from any and all past, future or present actions, causes
of action, claims, liabilities or demands for damages of any kind, irrespective of the theory upon which they may be based, including
general, special or punitive damages, attorneys’ fees, expenses, or other compensation, that relate to or arise out of the
Partnership Agreement, the side agreements, the business or affairs of the partnership, or any action or inaction taken by such
other party or its Affiliates on behalf of the Partnership. The foregoing shall not affect or otherwise modify the allocation of
costs and revenues under section 6, and notwithstanding anything to the contrary, the APPLICABLE PARTIES will remain liable
for their respective liabilities, duties and obligations (in each case, but subject to the remedies that one party may have with
respect to any breach by another party of the representation set forth in section 3(e),
with respect to a breach with respect to third persons only) arising out of the side agreements prior to their termination pursuant
to this agreement. 

 

(g)          The
Partnership shall assign a 65% interest in its rights and obligations under Sections 12.1 and 12.3 of that certain Purchase and
Sale Agreement, dated May 5, 2003, between PCEC and the Partnership to (i) BOLP as such rights and obligations relate to the Partnership
ECF Assets and (ii) BBF as such rights and obligations relate to the Partnership Sawtelle Assets. Notwithstanding any restrictions
on such assignment set forth therein, PCEC hereby consents to such assignment.

 

(h)          PCEC,
as the sole member of BEP, hereby consents to the actions described in this Section 3, with it being PCEC’s
desire and intent that such consent be the sole consent required of PCEC to such actions.

 

    	-11-

    	 

    

 

4.          Distribution
of Assets. Upon the Closing:

 

(a)          Partnership
Assets. In connection with the winding up of the Partnership, (i) the Partnership shall, subject to the terms and conditions
hereof, make a liquidating distribution of an undivided 65% of the Partnership ECF Assets to BOLP (as one of the designated recipients
of BBEP’s liquidating distribution under Section 10.3(b) of the Partnership Agreement) (such interest in the Partnership
ECF Assets, the “BBEP Partnership ECF Assets”); (ii) BOLP shall, subject to the terms and conditions hereof,
assume an undivided 65% of the Partnership ECF Obligations (such interest in the Partnership ECF Obligations, the “BBEP
Partnership ECF Obligations”); (iii) the Partnership shall, subject to the terms and conditions hereof, make a liquidating
distribution of an undivided 65% of the Partnership Sawtelle Assets to BBF (as the other designated recipient of BBEP’s liquidating
distribution under Section 10.3(b) of the Partnership Agreement) (such interest in the Partnership Sawtelle Assets, the “BBEP
Partnership Sawtelle Assets”); (iv) BBF shall, subject to the terms and conditions hereof, assume an undivided 65% of
the Partnership Sawtelle Obligations (such interest in the Partnership Sawtelle Obligations, the “BBEP Partnership Sawtelle
Obligations”); (v) the Partnership shall, subject to the terms and conditions hereof, make a liquidating distribution
of an undivided 35% of the Partnership Assets to PCEC (as the designated recipient of BEP’s liquidating distribution under
Section 10.3(b) of the Partnership Agreement) (such interest in the Partnership Assets, the “PCEC Partnership Assets”);
and (vi) PCEC shall, subject to the terms and conditions hereof, assume an undivided 35% of the Partnership Obligations (such interest
in the Partnership Obligations, the “PCEC Partnership Obligations”).

 

(b)          Non-Partnership
Sawtelle Assets. PCEC shall, subject to the terms and conditions hereof (including those set forth in Section 8(j)(ii)),
assign, convey, and transfer to BBF an undivided 62.3737% of the Non-Partnership Sawtelle Assets (such interest in the Non-Partnership
Sawtelle Assets, the “BBEP Non-Partnership Sawtelle Assets”) in exchange for, among other things, the assumption
by BBF, subject to the terms and conditions hereof, of an undivided 62.3737% of the Non-Partnership Sawtelle Obligations (such
interest in the Non-Partnership Sawtelle Obligations, the “BBEP Non-Partnership Sawtelle Obligations”). 
For the avoidance of doubt, PCEC shall retain all Non-Partnership Sawtelle Obligations other than the BBEP Non-Partnership
Sawtelle Obligations.

 

(c)          JOAs.
BOLP and PCEC will enter into a joint operating agreement in the form attached hereto as Exhibit C-1
covering the East Coyote Lands (the “East Coyote JOA”) and, effective as of the Effective Time, all operations
on the East Coyote Lands shall be governed by the provisions of the East Coyote JOA and the applicable provisions of this Agreement
(and, effective as of the Effective Time, such arrangement shall supersede and replace any existing operating agreements covering
the East Coyote Lands). Similarly, BOLP (solely as the “operator” thereunder), PCEC and BBF will enter into a joint
operating agreement in the form attached hereto as Exhibit C-2 covering
the Sawtelle Lands (the “Sawtelle JOA;” and together with the East Coyote JOA, the “JOAs”)
and, effective as of the Effective Time, all operations on the Sawtelle Lands shall be governed by the provisions of the Sawtelle
JOA and the applicable provisions of this Agreement (and, effective as of the Effective Time, such arrangement shall supersede
and replace any existing operating agreements covering the Sawtelle Lands). It
is acknowledged and understood that BOLP will serve as operator under each of the JOAs, and that PCEC shall no longer serve as
operator of the East Coyote Lands or the Sawtelle Lands in any capacity (except as expressly provided in the JOAs). 

 

    	-12-

    	 

    

 

(d)          Partnership
Agreement Amendment. In order to permit the actions contemplated under this Section
4, BBEP and BEP hereby agree to amend the Partnership Agreement through their execution
and delivery of the Partnership Agreement Amendment.

 

5.          Deliverables

 

.
The Parties shall deliver the following items upon the Closing for the purpose of carrying out the transactions described herein
(with the delivery of such items to occur on a sequential basis, based on the alphabetical order of the following subsections,
e.g., the deliveries described in subsection (b) shall occur immediately after the delivery described in subsection (a),
and immediately prior to the deliveries described in subsection (c); provided, however, that if the Sawtelle Conveyance
is not executed at Closing for the reasons described in Section 8(j)(ii),
the Parties will nonetheless proceed with the delivery of the items referenced in Sections
5(e) through (k)
on the same sequential basis on the date on which the Closing occurs):

 

(a)          In
order to effect the amendment described in Section 4(d), BBEP and BEP will deliver duly executed counterparts of the Partnership
Agreement Amendment;

 

(b)          In
order to effect the dissolution of the Partnership, BBEP and BEP will deliver duly executed counterparts of the Joint Dissolution
Consent;

 

(c)          In
order to effect the transactions described in Section 4(a), (i) the Partnership will deliver to BBEP and PCEC counterparts
of the Partnership Conveyance, in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices,
duly executed by the Partnership and acknowledged by a public notary, transferring the BBEP Partnership Assets and PCEC Partnership
Assets to BBEP and PCEC, respectively, (ii) BBEP will cause BOLP to accept the BBEP Partnership ECF Assets from the Partnership,
and assume the BBEP Partnership ECF Obligations, through its delivery of counterparts of the Partnership Conveyance to the Partnership
and PCEC, in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices, duly executed by BOLP
and acknowledged by a public notary, (iii) BBEP will cause BBF to accept the BBEP Partnership Sawtelle Assets from the Partnership,
and assume the BBEP Partnership Sawtelle Obligations, through its delivery of counterparts of the Partnership Conveyance to the
Partnership and PCEC, in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices, duly executed
by BBF and acknowledged by a public notary, and (iv) PCEC will accept the PCEC Partnership Assets from the Partnership, and assume
the PCEC Partnership Obligations, through its delivery of counterparts of the Partnership Conveyance to the Partnership and BBEP,
in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices, duly executed by PCEC and acknowledged
by a public notary;

 

(d)          Subject
to Section 8(j)(ii), in order to effect the transactions described in Section 4(b), (i) PCEC will deliver to BBEP
counterparts of the Sawtelle Conveyance, in sufficient duplicate originals to allow recording in all appropriate jurisdictions
and offices, duly executed by PCEC and acknowledged by a public notary, transferring the BBEP Non-Partnership Sawtelle Assets to
BBF, and (ii) BBEP will cause BBF to accept the BBEP Non-Partnership Sawtelle Assets from PCEC and assume the BBEP Non-Partnership
Sawtelle Obligations through its delivery of counterparts of the Sawtelle Conveyance to PCEC, in sufficient duplicate originals
to allow recording in all appropriate jurisdictions and offices, duly executed by BBF and acknowledged by a public notary; 

 

    	-13-

    	 

    

  

(e)          In
order to effect the agreements and understandings described in Section 4(c), BBEP will deliver to PCEC, and PCEC will deliver
to BBEP, (i) duly executed counterparts of the East Coyote JOA (in the case of BBEP, executed by BOLP) and (ii) duly executed counterparts
of the Sawtelle JOA (in the case of BBEP, executed by BOLP and BBF);

 

(f)          In
order to effect the amendment set forth in Section 8(c), PCEC and BMC will deliver duly executed counterparts of the Amended
and Restated ASA;

 

(g)          In
order to effect the amendment set forth in Section 8(d), the Parties that are parties to the Omnibus Agreement shall deliver
duly executed counterparts of the Amendment to Omnibus Agreement;

 

(h)          PCEC
will deliver to BBEP proof that the directors and officers liability insurance described in Section 8(e) has been obtained
and that it is in full force and effect as of the Execution Date;

 

(i)          As
partial consideration for the transactions contemplated hereunder, PCEC will pay $250,000 to BBEP, by wire transfer of immediately
available funds to an account designated by BBEP;

 

(j)          As
part of the transfers effected under Sections 5(c) and (d), the applicable Parties shall deliver assignments,
on appropriate forms, of federal leases comprising portions of the Partnership Sawtelle Assets and the Non-Partnership Sawtelle
Assets, as applicable, duly executed by such Parties and acknowledged by a public notary; and

 

(k)          In
order to effect the assignment described in Section 8(j)(i), PCEC will deliver to BBEP counterparts of the AMI Assignment,
in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices, duly executed by PCEC and acknowledged
by a public notary, and (ii) BBEP will cause BBF to accept such assignment from PCEC through its delivery of counterparts of the
AMI Assignment to PCEC, in sufficient duplicate originals to allow recording in all appropriate jurisdictions and offices, duly
executed by BBF and acknowledged by a public notary.

 

6.          Effective
Time; Proration of Costs and Revenues.

 

(a)          Subject
to the other terms and conditions of this Agreement, (i) possession of the BBEP Partnership ECF Assets, BBEP Partnership Sawtelle
Assets and PCEC Partnership Assets will be transferred from the Partnership to BOLP, BBF and PCEC, respectively, on the date of
Closing and (ii) possession of the BBEP Non-Partnership Sawtelle Assets will be transferred from PCEC to BBF on the date of Closing.
However, BBEP and PCEC shall be entitled to and responsible for, as applicable, their respective proportionate shares of certain
financial benefits, burdens and liabilities of the Partnership Assets and Non-Partnership Sawtelle Assets, as applicable, effective
as of 7:00 a.m., Central Time, on April 1, 2012 (the “Effective Time”), as described below.

 

    	-14-

    	 

    

  

(b)          With
respect to the Partnership Assets, the references in this Section 6 to BBEP or PCEC’s “proportionate share”
will be based on the following interest allocations:

 

	Party	 	Proportionate Share	 
	BBEP	 	 	65.0000	%
	PCEC	 	 	35.0000	%

 

Similarly, with
respect to the Non-Partnership Sawtelle Assets, the references in this Section 6 to BBEP or PCEC’s “proportionate
share” will be based on the following interest allocations:

 

	Party	 	Proportionate Share	 
	BBEP	 	 	62.3737	%
	PCEC	 	 	37.6263	%

 

(c)          BBEP
and PCEC shall be entitled to their proportionate share of all production of Hydrocarbons from or attributable to the Partnership
Assets and the Non-Partnership Sawtelle Assets at and after the Effective Time (and all products and proceeds attributable thereto),
and to their proportionate share of all other income, proceeds, receipts and credits earned with respect to the Partnership Assets
and the Non-Partnership Sawtelle Assets at or after the Effective Time, and shall be responsible for (and entitled to any refunds
with respect to) all Property Costs (based on their proportionate shares) incurred at and after the Effective Time.

 

(d)          The
Partnership shall be entitled to all production of Hydrocarbons from or attributable to Partnership Assets prior to the Effective
Time (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with
respect to the Partnership Assets prior to the Effective Time, and shall be responsible for (and entitled to any refunds with respect
to) all Property Costs (with respect to the Partnership Assets) incurred prior to the Effective Time. All financial benefits and
burdens of the Partnership under this Section 6(d) shall be allocated between BBEP and BEP in the same proportions that
such benefits and burdens would have been allocated (directly or indirectly) under the Partnership Agreement.

 

(e)          PCEC
shall be entitled to all production of Hydrocarbons from or attributable to the Non-Partnership Sawtelle Assets prior to the Effective
Time (and all products and proceeds attributable thereto), and to all other income, proceeds, receipts and credits earned with
respect to the Non-Partnership Sawtelle Assets prior to the Effective Time, and shall be responsible for (and entitled to any refunds
with respect to) all Property Costs (with respect to the Non-Partnership Sawtelle Assets) incurred prior to the Effective Time.

 

(f)          Should
any Party (or its designee) receive any proceeds or other income after the Execution Date to which another Party is entitled hereunder,
such receiving Party shall fully disclose, account for and promptly remit the same to such entitled Party. Likewise, should any
Party (or its designee) pay after the Execution Date any Property Costs for which another Party is responsible hereunder, such
responsible Party shall reimburse the paying Party promptly after receipt of an invoice with respect to such Property Costs, accompanied
by copies of the relevant vendor or other invoice and proof of payment.

 

    	-15-

    	 

    

 

(g)          Notwithstanding
anything in this Section 6 to the contrary, in the event of any conflict between (i) any term or condition of this Section
6 and (ii) any term or condition of the Sawtelle JOA or East Coyote JOA, as applicable, the relevant terms and conditions of
the applicable JOA shall prevail and control to the extent of such conflict. Further, any proceeds (or other income) received,
or Property Costs paid, by BOLP or BBF under a JOA shall be deemed to have been received or paid, as applicable, by BBEP for purposes
of this Section 6.

 

(h)          If
either PCEC or BBEP (or its designee) (the “Paying Party”) from time to time makes any payment to any third
party in respect of the Partnership Obligations or the Non-Partnership Sawtelle Obligations, the other Party (the “Non-Paying
Party”) will have an unconditional obligation to promptly pay to the Paying Party an amount (if any) so that, after payment
of such amount by the Non-Paying Party, the BBEP Partnership Obligations and BBEP Non-Partnership Sawtelle Obligations shall have
been borne by BBEP in accordance with the provisions of this Agreement, and the PCEC Partnership Obligations and the Non-Partnership
Sawtelle Obligations (other than the BBEP Non-Partnership Sawtelle Obligations) shall have been borne by PCEC in accordance with
the provisions of this Agreement.

 

7.          Limitation
of Representation and Warranties as to the Partnership Assets.

 

The
following disclaimers are made by the Partnership, in the case of the Partnership Assets, and PCEC, in the case of the Non-Partnership
Sawtelle Assets (such disclaiming Party, the “Disclaiming Party”):

 

(a)          Except
for the special warranty of title set forth in THE SAWTELLE CONVEYANCE (WHICH APPLIES ONLY TO THE bbep non-partnership sawtelle
assets), THE DISCLAIMING PARTY HAS NOT AND WILL NOT MAKE (AND THE OTHER PARTIES ACKNOWLEDGE THAT the DISCLAIMING PARTY MAKES NO),
AND HEREBY DISCLAIMS (AND THE OTHER PARTIES ACKNOWLEDGE THAT the DISCLAIMING PARTY DISCLAIMS) AND SHALL NOT HAVE ANY LIABILITY
IN CONNECTION WITH, ANY REPRESENTATION OR WARRANTY REGARDING ANY MATTER OR CIRCUMSTANCE RELATING TO TITLE matters OR ANY LIABILITIES
ASSOCIATED WITH TITLE matters, AND NOTHING IN THIS AGREEMENT OR OTHERWISE SHALL BE CONSTRUED AS SUCH A REPRESENTATION OR WARRANTY,
AND THE PARTNERSHIP ASSETS AND the BBEP non-partnership sawtelle ASSETS, as applicable, SHALL BE DEEMED TO BE CONVEYED, TAKEN AND
RECEIVED WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, AS TO TITLE.

 

    	-16-

    	 

    

 

(b)          WITHOUT
LIMITING THE FOREGOING, (i) THE DISCLAIMING PARTY MAKES NO (AND THE OTHER PARTIES
ACKNOWLEDGE THAT THE DISCLAIMING PARTY MAKES NO), AND HEREBY DISCLAIMS AND THE OTHER PARTIES ACKNOWLEDGE THAT the DISCLAIMING PARTY
DISCLAIMS) ALL, REPRESENTATIONS OR WARRANTIES (INCLUDING REPRESENTATIONS AND WARRANTIES REGARDING ENVIRONMENTAL LIABILITIES, ENVIRONMENTAL
LAWS, AND THE DISPOSAL OR RELEASE OF HAZARDOUS SUBSTANCES, NORM OR HYDROCARBONS), EXPRESS, STATUTORY OR IMPLIED, AND (ii)
THE DISCLAIMING PARTY DISCLAIMS (AND THE OTHER PARTIES ACKNOWLEDGE THAT the DISCLAIMING PARTY DISCLAIMS) ALL LIABILITY AND RESPONSIBILITY
FOR ANY STATEMENT OR INFORMATION MADE OR COMMUNICATED (ORALLY OR IN WRITING) TO THE OTHER PARTIES OR ANY OF their respective AFFILIATES,
EMPLOYEES, AGENTS, CONSULTANTS OR REPRESENTATIVES IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(c)          EXCEPT
AS AND TO THE EXTENT EXPRESSLY SET FORTH IN THIS AGREEMENT, the partnership conveyance OR THE SAWTELLE CONVEYANCE, AS APPLICABLE,
THE DISCLAIMING PARTY EXPRESSLY DISCLAIMS (AND THE OTHER PARTIES ACKNOWLEDGE THAT the DISCLAIMING PARTY DISCLAIMS), AND SHALL NOT
HAVE ANY LIABILITY IN CONNECTION WITH, ANY REPRESENTATION OR WARRANTY, EXPRESS, STATUTORY OR IMPLIED, ORAL OR WRITTEN, AS TO (i)
THE CONTENTS, CHARACTER OR NATURE OF ANY DESCRIPTIVE MEMORANDUM, OR ANY REPORT OF ANY PETROLEUM ENGINEERING CONSULTANT, OR ANY
GEOLOGICAL OR SEISMIC DATA OR INTERPRETATION, (ii) THE QUANTITY, QUALITY OR RECOVERABILITY
OF HYDROCARBONS, (iii) ANY ESTIMATES OF THE VALUE OF, OR FUTURE REVENUES GENERATED
BY, THE PARTNERSHIP ASSETS AND the BBEP NON-PARTNERSHIP SAWTELLE ASSETS, as applicable, (iv)
THE PRODUCTION OF PETROLEUM SUBSTANCES FROM THE PARTNERSHIP ASSETS AND the bbep NON-PARTNERSHIP SAWTELLE ASSETS, as applicable,
(v) THE MAINTENANCE, REPAIR, CONDITION, QUALITY, SUITABILITY, DESIGN OR MARKETABILITY
OF THE PARTNERSHIP ASSETS AND bbep NON-PARTNERSHIP SAWTELLE ASSETS, as applicable, OR (vi)
ANY OTHER MATERIALS OR INFORMATION THAT MAY HAVE BEEN MADE AVAILABLE OR COMMUNICATED TO ANY PARTY OR their respective AFFILIATES
IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY OR ANY DISCUSSION OR PRESENTATION RELATING THERETO (INCLUDING ANY ITEMS
PROVIDED IN CONNECTION WITH THIS AGREEMENT), AND FURTHER DISCLAIMS ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE OR CONFORMITY TO MODELS OR SAMPLES, IT BEING EXPRESSLY UNDERSTOOD AND AGREED BY THE PARTIES THAT
THE PARTNERSHIP ASSETS AND the bbep NON-PARTNERSHIP SAWTELLE ASSETS, as applicable, ARE BEING TRANSFERRED IN THEIR PRESENT STATUS,
CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS” WITH ALL FAULTS, AND THAT THE OTHER PARTIES HAve
MADE OR CAUSED TO BE MADE SUCH INSPECTIONS AS THEY DEEM APPROPRIATE.

 

    	-17-

    	 

    

 

8.          Certain
Covenants and Agreements.

 

(a)          Confidentiality.
The Parties shall keep all information and data relating to or provided in connection with this Agreement (and the transactions
contemplated hereby) strictly confidential except for disclosures to Representatives of the Parties and any disclosures required
to perform this Agreement (collectively, the “Confidentiality Restrictions”). The Confidentiality Restrictions
shall not restrict disclosures that are required (upon advice of counsel) by applicable securities or other Laws or regulations
or the applicable rules of any stock exchange having jurisdiction over the Parties or their respective Affiliates. Prior to making
any disclosures to Representatives that are permitted expressly hereunder, the Party disclosing such information shall obtain an
undertaking of confidentiality from each such Representative.

 

(b)          Exchange
of Records. BEP shall deliver the Partnership Records to each of BBEP and
PCEC within ten (10) days following the Closing. Similarly, PCEC shall deliver
the Sawtelle Records to BBEP within ten (10) days following the Closing.

 

(c)          Administrative
Services Agreement. PCEC and BMC hereby waive (and release and discharge each other with respect to) any claim of termination
of (or under) the Administrative Services Agreement arising from, or in connection with, the IPO Transactions. In order to effect
certain understandings and agreements in connection with this Agreement, PCEC and BMC hereby agree to execute and deliver the Amended
and Restated ASA to be effective upon the Closing.

 

(d)          Omnibus
Agreement. The BBEP Group (as defined in the Omnibus Agreement) hereby waives any right of first offer under the Omnibus Agreement
arising from, or in connection with, the IPO Transactions. In order to effect certain understandings and agreements in connection
with this Agreement, PCEC, PCEC Holdco, PCEC GP, BGP, BMC and BBEP hereby agree to execute and deliver the Amendment to Omnibus
Agreement.

 

(e)          Insurance.
PCEC shall obtain (no later than the date of Closing) and maintain, at its own cost and expense, directors and officers liability
insurance for the benefit of the directors and officers of BGP, BBEP, BOLP, BBF and BMC, respectively, with respect to claims arising
from, or relating to, BBEP’s, BGP’s, BOLP’s, BBF’s or BMC’s (and their respective directors and officers)
management of PCEC (as sponsor of the Pacific Coast Oil Trust). PCEC shall maintain such insurance policies for the entirety of
the term of the Amended and Restated ASA and shall procure that such policies include a tail period extending to the sixth anniversary
of the date of termination of the Amended and Restated ASA. The insurance obtained under the preceding sentence shall be in amounts,
and on such terms and conditions, as are customary and commercially reasonable for the provision of services (by similar entities)
similar to those provided by BBEP, BGP, BOLP, BBF and BMC to PCEC (as sponsor of the Pacific Coast Oil Trust).

 

(f)          Certain
Legal Fees. PCEC shall promptly reimburse BBEP for reasonable fees of its attorneys (including attorneys for the Conflicts
Committee of the Board of BBEP) arising from or relating to this Agreement (or the transactions contemplated hereunder), including
reasonable fees of BBEP’s attorneys in connection with the implementation of the actions described in Sections 8(c)
and (d).

 

(g)          BEP
Dissolution. Following the completion of the dissolution, liquidation and termination of the Partnership pursuant to the terms
hereof, BEP and PCEC will effectuate the dissolution, liquidation and termination of BEP in accordance with Article VII of the
Limited Liability Company Agreement. Upon the dissolution of BEP, PCEC will assume the rights and obligations of BEP (if any) remaining
under this Agreement.

 

    	-18-

    	 

    

 

(h)          Replacement
of DF-15 Well. If Hydrocarbons can no longer be produced from the DF-15 Well due to a mechanical or wellbore failure in such
well, PCEC will have the right to, at its sole cost and expense, drill, complete and produce Hydrocarbons (to, in and from, as
applicable, any of the same intervals from which the DF-15 Well was producing prior to the cessation of Hydrocarbon production
therefrom) from a replacement vertical well located on the Non-Partnership Sawtelle Lease on which the DF-15 Well is located. In
the event of such failure, BBF and PCEC will use commercially reasonable efforts to, at PCEC’s sole cost and expense, determine
the surface location for such replacement well, taking into consideration, among other items, (a) applicable spacing and density
Laws, (b) current operations being performed, and proposed future development and operations, on the relevant Non-Partnership Sawtelle
Lease and (c) interference with Hydrocarbon production from other wells producing from any of the intervals from which the DF-15
Well was producing prior to the cessation of Hydrocarbon production therefrom.

 

(i)          ORRI.
The ORRI was granted by the Partnership to EFS Royalty Partners L.P. in connection with BBEP’s acquisition of limited partnership
interests in the Partnership. BBEP has borne 100% of the ORRI through deductions made by the Partnership to revenues distributed
to BBEP in the ordinary course of business, it being the intent of BBEP, BEP and PCEC that BBEP bear and be responsible for 100%
of the ORRI. Accordingly, following the distribution of the Partnership Assets effected hereunder, (i) BBEP (or its designee) will
continue to bear and be responsible for 100% of the ORRI, (ii) PCEC will not bear or otherwise be responsible for any portion of
the ORRI, and (iii) BBEP (or its designee) will reimburse PCEC for any portion of the ORRI borne by PCEC following such distribution.
Similarly, the obligations of the Partnership (other than the payment of the ORRI) set forth in the ORRI Conveyance, are hereby
assumed by, and will be the sole responsibility of, BOLP, as operator under the JOAs.

 

(j)          AMI
Agreement.

 

(i)          Through
its delivery of the AMI Assignment under Section 5(k), PCEC shall assign to BBF 62.3737% of PCEC’s interest under
the AMI Agreement in the areas that (A) are subject to the AMI Agreement (excluding the Developed Area) and (b) may be reached
through directional drilling operations (based on technology existing as of the Closing) from the Sawtelle Drillsite. Likewise,
upon the Closing, BBF will be responsible for (and deemed to have assumed) a corresponding interest in the duties, liabilities
and obligations of PCEC under the AMI Agreement to the extent relating to such areas (regardless of whether arising or accruing
before, on or after the date of such assignment), and BBEP will be responsible hereunder for BBF fulfilling such duties, liabilities
and obligations. For purposes of clarity, following the above-mentioned assignment, BBF and PCEC will have the ability to participate
in up to 31.18685% and 18.81315% working interests, respectively, in each Prospect and Test Well proposed under the AMI Agreement
to be drilled from the Sawtelle Drillsite.

 

    	-19-

    	 

    

 

(ii)         The
Non-Partnership Sawtelle Assets are subject to the transfer restriction set forth in Section 8 of the AMI Agreement (the “Transfer
Restriction”). Accordingly, as promptly as practicable following the Execution Date, PCEC will use commercially reasonable
efforts to obtain Westech’s consent to the transfer of the Non-Partnership Sawtelle Assets from PCEC to BBF, and, as part
of such consent, an acknowledgment from Westech that such transfer does not violate the Transfer Restriction (such consent and
acknowledgment, the “Consent”). If (and only if) the Consent is obtained prior to the Closing, PCEC and BBF
will execute, deliver and exchange the Sawtelle Conveyance pursuant to Section 5(d). If the Consent is not obtained prior
to the Closing, then from and after Closing (until the earlier of (x) the date upon which the Sawtelle Conveyance is executed and
delivered by PCEC and BBF and (y) the date upon which PCEC and BBF enter into the “sharing” arrangement described below)
PCEC shall (A) continue to hold record title to the Non-Partnership Sawtelle Assets as BBF’s nominee and for the benefit
of BBF; (B) continue to exercise its commercially reasonable efforts to obtain such Consent; (C) account to and cause BBF to receive
all rights and interests associated with the Non-Partnership Sawtelle Assets to which BBF would be entitled if the Non-Partnership
Sawtelle Assets had been conveyed to BBF at Closing (including all rights of a working interest owner under the Sawtelle JOA, including
the rights to propose any well, to non-consent any proposal, to vote on any matter, to bring a cause of action, to request a title
examination, to have a lien placed on its interests, and all other rights afforded working interest owners under applicable Laws);
and (D) not assign, transfer or convey, or grant a lien or encumbrance on or over, all or any portion of the Non-Partnership Sawtelle
Assets, except as may be required by the applicable leases. In the event that the Consent is obtained following the Closing, PCEC
and BBF will execute, deliver and exchange the Sawtelle Conveyance in the same manner as described in Section 5(d) no later
than five days following the date on which the Consent is obtained. If, however, the Consent is not obtained within 45 days of
the Closing, PCEC will have no further obligation to seek and obtain the Consent, and PCEC and BBF will enter into a “sharing”
arrangement pursuant to which PCEC will have the obligations described in the immediately preceding clauses (A), (C) and (D), and
under which proceeds, Property Costs, liabilities and Joint Operating Interests (substantially similar to the Joint Operating Interests
that would have been available to PCEC and BBF under the Sawtelle JOA) with respect to the Non-Partnership Sawtelle Assets are
allocated (with effect as of the Effective Time) between PCEC and BBF so as to place each of them in the same position that they
would have been in had the Non-Partnership Sawtelle Assets been transferred under Section 5(d).

 

9.          IPO
Transactions; Termination. For the avoidance of doubt, except for the covenants of PCEC set forth in Section 8(f), the
transactions contemplated under this Agreement are conditioned on the occurrence of the Closing and no delivery shall be made by
any Party pursuant to Section 5 unless and until the Closing has occurred. If the Closing does not occur within thirty (30)
days after the Execution Date, then this Agreement shall automatically terminate without any further action of any Party; provided,
that Section 8(f) shall survive any such termination.

 

10.         Governing
Law; Jurisdiction.

 

(a)          This
Agreement and the legal relations between the Parties shall be governed by and construed in accordance with the Laws of the State
of Texas without regard to principles of conflicts of law which would require the application of the laws of another jurisdiction.

 

    	-20-

    	 

    

 

(b)          The
Parties hereby irrevocably submit to the exclusive jurisdiction of the Federal Courts of the United States of America located in
Harris County, Texas (“feDERAL cOURTS”) and appropriate appellate courts therefrom, and each Party hereby irrevocably
agrees that all claims in respect of A dispute, controversy or claim under this agreement, the JOAs
or the transactions contemplated hereunder or thereunder, shall be heard and determined in such courts. The Parties hereby irrevocably
waive, to the fullest extent permitted by applicable Laws, any objection which they may now or hereafter have to the laying of
venue of any such dispute, controversy or claim brought in any such court or any defense of inconvenient forum for the maintenance
of such dispute, controversy or claim. Each Party agrees that a judgment in any such dispute, controversy or claim may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law.

 

(c)          IF
THE FEDERAL COURTS DO NOT HAVE JURISDICTION WITH RESPECT TO ANY OF THE CLAIMS DESCRIBED IN SECTION 10(b),
THE PARTIES SHALL SUBMIT SUCH CLAIMS TO THE STATE COURTS OF TEXAS LOCATED IN HARRIS COUNTY, TEXAS and each Party hereby irrevocably
agrees that SUCH claims may be heard and determined in such courts. The Parties hereby irrevocably waive, to the fullest extent
permitted by applicable Laws, any objection which they may now or hereafter have to the laying of venue of any such claim brought
in any such court or any defense of inconvenient forum for the maintenance of such claim. Each Party agrees that a judgment with
respect to any such claim may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable
Law.

 

(d)          Each
of the Parties hereby irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of or
relating to this Agreement.

 

11.         General
Provisions.

 

(a)          Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original instrument, but all such counterparts
together shall constitute but one agreement. A Party’s delivery of an executed counterpart of the signature page by facsimile
or email is as effective as executing and delivering this Agreement in the presence of the other Party. No Party shall be bound
until all of the Parties have executed counterparts of this Agreement.

 

(b)          Notice.
All notices and other communications which are required or may be given pursuant to this Agreement must be given in writing, in
English, and delivered personally, by courier, by facsimile, or by registered or certified U.S. mail, postage prepaid, as follows:

 

    	-21-

    	 

    

 

	If to BBEP:
	 
	BreitBurn Energy Partners L.P.
	515 South Flower Street, Suite 4800
	Los Angeles, CA 90071
	Attn: Gregory C. Brown
	Facsimile: 213-225-5917
	 
	With a copy to:
	 
	Vinson & Elkins LLP
	666 Fifth Avenue
	26th Floor
	New York, NY 10103-0040
	Attn: Shelley A. Barber
	Facsimile: 917-849-5353
	 
	If to BEP:
	 
	BEP (GP) I, LLC
	515 South Flower Street, Suite 4800
	Los Angeles, CA 90071
	Attn: Gregory C. Brown
	Facsimile: 213-225-5917
	 
	If to PCEC:
	 
	Pacific Coast Energy Company LP
	515 South Flower Street, Suite 4800
	Los Angeles, CA 90071
	Attn: Gregory C. Brown
	Facsimile: 213-225-5917
	 
	If to the Partnership:
	 
	BreitBurn Energy Partners I, L.P.
	515 South Flower Street, Suite 4800
	Los Angeles, CA 90071
	Attn: Gregory C. Brown
	Facsimile: 213-225-5917

 

A Party may change its address for notice
by notice to the other Party in the manner set forth above. All notices shall be deemed to have been duly given at the time of
receipt by the Party to which such notice is addressed.

 

    	-22-

    	 

    

 

(c)          Tax,
Recording Fees, Similar Taxes & Fees. BBEP and PCEC shall bear their proportionate share (as determined in accordance with
Section 6(b)) of any sales, use, excise, real property transfer or gain, gross receipts, goods and services, registration,
capital, documentary, stamp or transfer Taxes, recording fees and similar Taxes and fees incurred and imposed upon, or with respect
to, the property transfers or other transactions contemplated hereby. If such transfers or transactions are exempt from any such
Taxes or fees upon the filing of an appropriate certificate or other evidence of exemption, the Parties shall cooperate to obtain
and timely file such certificate or evidence. Except as otherwise provided herein, all costs and expenses (including legal and
financial advisory fees and expenses) incurred in connection with, or in anticipation of, this Agreement and the transactions contemplated
hereby shall be paid by the Party incurring such expenses.

 

(d)          Recording.
As soon as practicable after the Execution Date, BBEP shall record the Partnership Conveyance, the Sawtelle Conveyance and other
assignments, if any, delivered pursuant to Section 6 in the appropriate counties, as well as with any appropriate Governmental
Bodies, and provide PCEC with copies of all recorded or approved instruments.

 

(e)          Waiver.
Any failure by a Party to comply with any of its obligations, agreements, or conditions herein contained may be waived by the Party
to whom such compliance is owed by an instrument signed by such Party and expressly identified as a waiver, but not in any other
manner. No waiver of, or consent to a change in, any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of, or consent to a change in, other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver unless otherwise expressly provided.

 

(f)          Assignment.
No Party shall assign all or any part of this Agreement, nor shall any Party assign or delegate any of its rights or duties hereunder,
without the prior written consent of the other Parties (which consent may not be unreasonably withheld, conditioned or delayed)
and any assignment or delegation made without such consent shall be void. Subject to the foregoing, this Agreement shall be binding
upon and inure to the benefit of the Parties and their respective successors and assigns.

 

(g)          Entirety.
This Agreement (including, for purposes of certainty, the Exhibits attached hereto), the JOAs, and the other documents to be executed
in connection herewith constitute the entire agreement between the Parties pertaining to the subject matter hereof, and supersede
all prior agreements, understandings, negotiations, and discussions, whether oral or written, of the Parties pertaining to the
subject matter hereof. Except as set forth in Section 6(g), if there is a conflict between the provisions of this Agreement
and the provisions of the JOAs, the provisions of this Agreement shall prevail and control to the extent of such conflict.

 

(h)          Amendment.
This Agreement may be amended or modified only by an agreement in writing executed by all Parties and expressly identified as an
amendment or modification.

 

(i)          Third
Party Beneficiaries. Nothing in this Agreement shall entitle any Person other than the Parties to any claims, cause of action,
remedy, or right of any kind, except the rights expressly provided in Section 3(f) to the Persons described therein.

 

    	-23-

    	 

    

 

(j)          Joint
Preparation. The Parties acknowledge that (i) each Party has had the opportunity to exercise business discretion in relation
to the negotiation of the details of the transaction contemplated hereby, (ii) this Agreement is the result of arms-length negotiations
from equal bargaining positions and (iii) each Party and its respective counsel participated in the preparation and negotiation
of this Agreement. Any rule of construction that a contract be construed against the drafter shall not apply to the interpretation
or construction of this Agreement.

 

(k)          Limitation
on Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY, EXCEPT IN CONNECTION WITH ANY DAMAGES INCURRED BY THIRD PERSONS FOR WHICH
INDEMNIFICATION IS SOUGHT UNDER THE TERMS OF THIS AGREEMENT, NONE OF THE PARTIES OR ANY OF THEIR RESPECTIVE AFFILIATES SHALL BE
ENTITLED TO CONSEQUENTIAL, SPECIAL, INDIRECT, PUNITIVE OR EXEMPLARY DAMAGES IN CONNECTION WITH THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY AND, EXCEPT AS OTHERWISE PROVIDED IN THIS SENTENCE, EACH PARTY, FOR ITSELF AND ON BEHALF OF ITS AFFILIATES,
HEREBY EXPRESSLY WAIVES ANY RIGHT TO CONSEQUENTIAL, SPECIAL, INDIRECT, PUNITIVE OR EXEMPLARY DAMAGES IN CONNECTION WITH THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(l)          Severance
of Invalid Provisions. The invalidity or unenforceability of any term or provision of this Agreement in any situation or jurisdiction
shall not affect the validity or enforceability of the other terms or provisions hereof or the validity or enforceability of the
offending term or provision in any other situation or in any other jurisdiction, and the remaining terms and provisions shall remain
in full force and effect, unless doing so would result in an interpretation of this Agreement which is manifestly unjust.

 

(m)          Specific
Performance. The Parties agree that if any of the provisions of this Agreement were not performed in accordance with their
specific terms, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult to determine,
and the Parties shall be entitled to specific performance of the terms hereof and immediate injunctive relief, without the necessity
of proving the inadequacy of money damages as a remedy, in addition to any other remedy available at law or in equity.

 

(n)          Conspicuous.
THE PARTIES AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LAW TO BE EFFECTIVE OR ENFORCEABLE, THE PROVISIONS IN THIS AGREEMENT
IN ALL-CAPS FONT ARE “CONSPICUOUS” FOR THE PURPOSE OF ANY APPLICABLE LAW.

 

(o)          Further
Assurances. From and after the Execution Date, and without any further consideration, the Parties agree to execute, acknowledge
and deliver all such additional deeds, assignments, bills of sale, instruments, notices, releases, acquittances and other documents,
and will do all such other acts and things, all in accordance with applicable Law, as may be necessary or appropriate to effect
the transactions contemplated hereunder.

 

[Signature
page follows]

 

    	-24-

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been signed by each of the Parties on the Execution Date.         

 

	 	Breitburn energy partners l.p.
	 	 
	 	By:	BreitBurn GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Halbert S. Washburn
	 	Name:	Halbert S. Washburn
	 	Title:	Chief Executive Officer

 

	 	bep (gp) i, llc
	 	 
	 	By:	Pacific Coast Energy Company LP, its sole member
	 	 	 
	 	By:	/s/ Randall H. Breitenbach
	 	Name:	Randall H. Breitenbach
	 	Title:	Chief Executive Officer

 

	 	pacific coast energy company lp
	 	 
	 	By:	PCEC (GP) LLC, its general partner
	 	 	 
	 	By:	/s/ Randall H. Breitenbach
	 	Name:	Randall H. Breitenbach
	 	Title:	Chief Executive Officer

 

	 	BREitburn energy partners i, l.p.
	 	 	 
	 	By:	BEP (GP) LLC, its general partner
	 	 	 
	 	By:	/s/ Halbert S. Washburn
	 	Name:	Halbert S. Washburn
	 	Title:	Secretary

 

    	 

    	 

    

 

	 	BreitBurn Management Company, LLC
	 	 	 
	 	By:	BreitBurn Energy Partners L.P., its sole member
	 	 	 
	 	By:	BreitBurn GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Halbert S. Washburn
	 	Name:	Halbert S. Washburn
	 	Title:	Chief Executive Officer

 

	 	BREITBURN GP, LLC
	 	 	 
	 	By:	/s/ Halbert S. Washburn
	 	Name:	Halbert S. Washburn
	 	Title:	Chief Executive Officer

 

	 	Pacific Coast Energy Holdings LLC
	 	 	 
	 	By:	/s/ Randall H. Breitenbach
	 	Name:	Randall H. Breitenbach
	 	Title:	Chief Executive Officer

 

	 	PCEC (GP) LLC
	 	 	 
	 	By:	/s/ Randall H. Breitenbach
	 	Name:	Randall H. Breitenbach
	 	Title:	Chief Executive Officer

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