Document:

amend2rra.htm

    Exhibit 10.1

      AMENDMENT NO.
2

       

      TO

       

      REGISTRATION RIGHTS
AGREEMENT

       

      THIS
AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made
and entered into as of October 6, 2008, by and among ABRAXAS ENERGY PARTNERS,
L.P., a Delaware limited partnership (the “Partnership”),
and the Purchasers listed on the signature pages attached hereto (individually,
a “Purchaser”
and collectively “Purchasers”).

       

      RECITALS

       

      WHEREAS, the Partnership and the
Purchasers entered into that certain Registration Rights Agreement dated as of
May 25, 2007 (the “Original Agreement”),
pursuant to which the Partnership agreed to
provide certain registration and other rights set forth in the Original
Agreement for the benefit of the Purchasers;

       

      WHEREAS, on December 5, 2007,
the Partnership and the Purchasers named therein executed and delivered that
certain Amendment No. 1 to Registration Rights Agreement (“Amendment No. 1”);
and

       

      WHEREAS, the Partnership and
the Purchasers desire to further amend the Original Agreement as set forth in
this Amendment.

       

      NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and in
that certain Amendment No. 1 to Exchange and Registration Rights Agreement dated
as of the date hereof, and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each party hereto, the parties
hereby agree as follows:

       

      Section
1.                      Capitalized
Terms.  Capitalized terms used in this Amendment shall have the
meaning set forth in the Original Agreement except as otherwise defined in this
Amendment.

       

      Section
2.                      Amendment.  Pursuant
to Section 3.13 of the Original Agreement, the Original Agreement, as amended by
Amendment No.1, is hereby amended, as follows:

       

      (a)           Section
1 of the Original Agreement is hereby amended as follows:

       

      (i)           The
following definitions are hereby added to Section 1 and shall read in their
entirety as follows:

       

      A.  “Maturity
Date” means January 31, 2009.

       

      B.  “Subordinated Credit
Agreement” means that certain Subordinated Credit Agreement dated as of
January 31, 2008 among the Partnership, the Lenders party thereto, Société
Générale, as Administrative Agent, and The Royal

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Bank of
Canada, as Syndication Agent, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection
therewith or any successor or replacement agreement (together with any related
notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith), whether with the same or any other lender, group of
lenders or agent, in each case as the same may be amended (including any
amendment and restatement thereof), modified, supplemented, extended, restated,
substituted, increased, replaced, renewed or refinanced from time to time in
accordance with its terms.

       

      (iii)           The
definitions of “Exchange Agreement” and “Partnership Agreement” are hereby
amended to read, in their entirety, as follows:

       

      A. “Exchange Agreement”
means that certain Exchange and Registration Rights Agreement dated as of May
25, 2007, as amended by Amendment No. 1 to Exchange and Registration Rights
Agreement dated as of October 6, 2008 by and among ABP and the purchasers named
therein.

       

      B. “Partnership
Agreement” means the Second Amended and Restated Agreement of Limited
Partnership of Abraxas Energy Partners, L.P. dated as of September 19,
2007.

       

      (b)           Section
1.02 of the Original Agreement is hereby amended to read, in its entirety, as
follows:

       

      Section
1.02                                Registrable
Securities.  Any Registrable Security will cease to be a
Registrable Security when (a) a registration statement covering such Registrable
Security has been declared effective by the Commission and such Registrable
Security has been sold or disposed of pursuant to such effective registration
statement; (b) such Registrable Security has been disposed of pursuant to any
section of Rule 144 (or any similar provision then in force under the Securities
Act) or is eligible for sale without registration, pursuant to Rule 144(d)
promulgated by the Commission pursuant to the Securities Act (or any similar
provision then in force under the Securities Act), in the opinion of counsel to
the Partnership; (c) such Registrable Security is held by the Partnership or one
of its subsidiaries; (d) such Registrable Security has been converted into
shares of Common Stock pursuant to the Exchange Agreement; (e) the Partnership
is liquidated and dissolved of the Partnership; or (f) such Registrable Security
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such
securities.

       

      (c)           Section
2.01(a)(i) is hereby amended to read, in its entirety, as follows:

       

      “Section
2.01                                Shelf
Registration.

       

      (a)           Shelf Registration and IPO
Registration.

       

      (i)           The
Partnership has previously filed with the Commission registration statement
number 333-144537 on Form S-1 under the Securities Act

       

      
        
           

        

        
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      for an
IPO (the “IPO
Registration Statement”). As soon as practicable following the date
hereof, the Partnership shall use its commercially reasonable efforts to prepare
and file a registration statement under the Securities Act to permit the public
resale by the Holders of the Registrable Securities from time to time as
permitted by Rule 415 (or any similar provision then in force) of the Securities
Act (the “Shelf
Registration Statement”).  The Partnership shall use its
commercially reasonable efforts to cause the IPO Registration Statement and the
Shelf Registration Statement to become effective on or before January
31, 2009 (the “Required Effective
Date”); provided, however, that in the event that the Subordinated Credit
Agreement is terminated on or prior to the Maturity Date and any replacement
thereof has a maturity date as set forth therein later than June 30, 2009, or if
the Subordinated Credit Agreement is amended, modified, supplemented, extended,
restated, substituted, increased, replaced, renewed or refinanced and the
maturity date as set forth therein is a date later than June 30, 2009, then the
Required Effective Date shall be April 30, 2009.  The Shelf
Registration Statement filed pursuant to this Section 2.01(a)(i)
shall be on such appropriate registration form of the Commission as shall be
selected by the Partnership.

       

      (d)           Section
2.01(a)(iv) of the Original Agreement is hereby amended to read, in its
entirety, as follows:

       

      “(iv)                      If
the IPO Registration Statement is not declared effective by the Commission by
the Required Effective Date, then the Partnership shall pay each Holder, as
liquidated damages and not as a penalty, the IPO Liquidated Damages
Amount.  The payment of the IPO Liquidated Damages Amount to a Holder
pursuant to this provision shall cease at the earlier of (i) the consummation of
an IPO; (ii) the dissolution and liquidation of the Partnership; and (iii) the
later of (x) January 31, 2009 or, if the Required Effective Date is
extended to April 30, 2009 pursuant to the provisions of Section 2.01(a)(i),
April 30, 2009, and (y) the date on which the shareholders of ABP approve an
exchange of the Purchased Securities then held by the Holders into shares of
Common Stock pursuant to the Exchange Agreement. If the Partnership is unable to
proceed with the IPO due to (i) trading in securities generally on the exchange
in which the Partnership has applied to list its securities having been
suspended or materially disrupted, (ii) a banking moratorium having been
declared by federal or state authorities, or (iii) there having been a
declaration of a national emergency by the President of the United States or a
declaration of war by the United States Congress, then the Partnership’s
obligation to pay the IPO Liquidated Damages Amount pursuant to this section
shall temporarily cease until the Partnership, in its good faith judgment, is no
longer unable to proceed with the IPO.”

       

      (e)           Section
3.04 of the Original Agreement is hereby amended to read, in its entirety, as
follows:

       

      “Section
3.04                                Aggregation of Registrable
Securities.  All Registrable Securities held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this
Agreement.  In addition, all Registrable Securities held or acquired
by (i) Fiduciary/Claymore MLP Opportunity Fund and its Affiliates, FAMCO MLP
Partners,

       

      
        
           

        

        
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      LLC,
Series ABP-1 and its Affiliates shall be aggregated together for purposes of
determining the availability of any rights under this Agreement, (ii) Third
Point Partners Qualified LP and its Affiliates, Third Point Partners LP and its
Affiliates, Third Point Offshore Fund, Ltd. and its Affiliates, Third Point
Ultra Ltd. and its Affiliates shall be aggregated together for purposes of
determining the availability of any rights under this Agreement, and (iii)
Martin B Perlman Associates and its Affiliates, MEDDS III and its Affiliates, PH
Industries, Inc. Money Purchase Plan and its Affiliates, Perlman Value Partners
and its Affiliates, Morgan Stanley FBO Leonard Greenberg Roth IRA and its
Affiliates, Morgan Stanley FBO JoAnn Hassan IRA and its Affiliates, and Morgan
Stanley FBO JoAnn Hassan Roth IRA and its Affiliates shall be aggregated
together for purposes of determining the availability of any rights under this
Agreement.”

       

      Section
3.                      Counterparts.  This
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Amendment.  In
the event that this Amendment is delivered by facsimile transmission or by
e-mail delivery of a “.pdf” format date file, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

       

      Section
4.                      Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

       

      Section
5.                      Governing
Law.  The laws of the State of New York shall govern this
Agreement without regard to principles of conflict of laws.

       

      Section
6.                      Original
Agreement.  Except as expressly amended by this Amendment, the
Original Agreement shall remain in full force and effect and all of the terms of
the Original Agreement are hereby incorporated into this Amendment.

       

      [The remainder of this page is
intentionally left blank.]

       

      
        
           

        

        
          4amendrra.htm

    
Exhibit 10.2

      AMENDMENT NO.
1

       

      TO

       

      EXCHANGE AND REGISTRATION
RIGHTS AGREEMENT

       

      THIS
AMENDMENT NO. 1 TO EXCHANGE AND REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made
and entered into as of October 6, 2008, by and among ABRAXAS PETROLEUM
CORPORATION, a Nevada corporation (“Parent”), ABRAXAS
ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Partnership”),
and the Purchasers listed on the signature pages attached hereto (individually,
a “Purchaser”
and collectively “Purchasers”).

       

      RECITALS

       

      WHEREAS, on May 25, 2007, the
Partnership,
Parent and the Purchasers entered into that certain Exchange and
Registration Rights Agreement dated as of May 25, 2007 (the “Original Agreement”),
pursuant to which the Partnership agreed to
provide certain rights for the benefit of the Purchasers; and

       

      WHEREAS, the Partnership,
Parent and the Purchasers have agreed to amend the Original Agreement as set
forth in this Amendment.

       

      NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by each party hereto, the parties hereby agree as
follows:

       

      Section
1.                      Capitalized
Terms.  Capitalized terms used in this Amendment shall have the
meaning set forth in the Original Agreement except as otherwise defined in this
Amendment.

       

      Section
2.                      Amendment.  Pursuant
to Section 11.7 of the Original Agreement, the Original Agreement is hereby
amended as follows:

       

      (a)           Section 1 of the Original
Agreement is hereby amended as follows:

       

      (1)           The
definition of “Credit Agreement” is hereby amended to read, in its entirety, as
follows:

       

      “Credit Agreement”
means that certain Amended and Restated Credit Agreement dated as of January 31,
2008 by and among the Partnership, the Lenders party thereto, Société Générale,
as Administrative Agent and as Issuing Lender, The Royal Bank of Canada, as
Syndication Agent, and The Royal Bank of Scotland PLC, as Documentation Agent,
including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith or any successor or

       

      
        
          
            

             

            4947042v.2

             

          

           

        

        
          
            

          

        

        
           

        

      

      replacement
agreement (together with any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith), whether with the
same or any other lender, group of lenders or agent, in each case as the same
may be amended (including any amendment and restatement thereof), modified,
supplemented, extended, restated, substituted, increased, replaced, renewed or
refinanced from time to time in accordance with its terms.

       

      (2)           The
following definitions are hereby added to Section 1 and shall read in their
entirety as follows:

       

      A.  “Maturity
Date” means January 31, 2009.

       

      B.  “Registration
Rights Agreement” means that certain Registration Rights Agreement dated as of
May 25, 2007 as amended by Amendment No. 1 to Registration Rights Agreement
dated as of December 5, 2007 and as amended by Amendment No. 2 to
Registration Rights Agreement dated as of October 6, 2008 by and among the
Partnership and the Purchasers named therein.

       

      C.  “Subordinated
Credit Agreement” means that certain Subordinated Credit Agreement dated as of
January 31, 2008 among the Partnership, the Lenders party thereto, Société
Générale, as Administrative Agent, and The Royal Bank of Canada, as Syndication
Agent, including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith or any successor or
replacement agreement (together with any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith), whether
with the same or any other lender, group of lenders or agent, in each case as
the same may be amended (including any amendment and restatement thereof),
modified, supplemented, extended, restated, substituted, increased, replaced,
renewed or refinanced from time to time in accordance with its
terms.

       

      (b)           Section 3.1 of the Original
Agreement is hereby amended to read, in its entirety, as
follows:

       

      “3.           Mechanics of
Exchange.

       

      3.1           Subject
to the terms of this Section 3.1, if the IPO has not been consummated on or
before 5:00 p.m. on January 31, 2009 (the ”Trigger Date”), then
beginning on the Business Day immediately after the Trigger Date (the “Initial Exchange
Date”)

       

      
        
          
             

            4947042v.2

          

           

        

        
          2

          
            

          

        

        
           

        

      

      and
ending at the close of business on the Termination Date, each of the Purchasers
shall have the right to exchange each of the Purchased Common Units into the
Applicable Number of Exchange Shares; provided, however, that in the event that
the Subordinated Credit Agreement is terminated on or prior to the Maturity Date
and any replacement thereof has a maturity date as set forth therein later than
June 30, 2009, or if the Subordinated Credit Agreement is amended, modified,
supplemented, extended, restated, substituted, increased, replaced, renewed or
refinanced and the maturity date as set forth therein is a date later than June
30, 2009, then the Trigger Date shall be April 30, 2009.”

       

      (c)           Section 7.1(c) of the
Original Agreement is hereby amended to read, in its entirety, as
follows:

       

      (c)           use
its commercially reasonable efforts to cause such Registration Statement to
remain continuously effective and prepare and file with the Commission such
amendments and supplements to the Registration Statement and the prospectus used
in connection therewith (the “Prospectus”) (and the
applicable Exchange Act reports incorporated therein by reference, so filed on a
timely basis) as may be necessary to keep the Registration Statement current,
effective and free from any material misstatement or omission to state a
material fact for a period ending on the date that is, with respect to each
Purchaser’s Exchange Shares purchased hereunder, the earlier of (i) the date on
which the Purchaser may sell all Exchange Shares then held by the Purchaser
without restriction under Rule 144(d), or (ii) such time as all Exchange Shares
received by such Purchaser pursuant to this Agreement have been sold or
otherwise transferred pursuant to a registration statement or
otherwise

       

      Section
3.                      Payment.  In
consideration of each of the Purchaser’s agreement to amend the Original
Agreement and the Registration Rights Agreement, the Partnership hereby agrees
to pay to each of the Purchasers who has executed and delivered this Amendment
an amount equal to $0.0625 per Common Unit in cash within 45 days following the
end of each Quarter (as defined in the Partnership Agreement) commencing with
the Quarter ending December 31, 2008 and ending on the earlier to occur of (i)
the date of the consummation of the IPO, (ii) the date that the Partnership is
first obligated to pay Liquidated Damages or Shelf Liquidated Damages (each as
defined in the Registration Rights Agreement) pursuant to the Registration
Rights Agreement, (iii) April 30, 2009, (iv) the dissolution and liquidation of
the Partnership, and (v) the date of the receipt of Stockholder Approval;
provided however, that if the Partnership certifies that it is unable to pay the
amount set forth in this Section 3 in cash because such payment would result in
a breach under any of the Partnership’s or its subsidiaries’ credit facilities,
then the Partnership may pay all amounts payable under this Section 3 in kind in
the form of the issuance of additional Common Units.  The
determination of the number of Common Units to be issued under this Section 3
shall be equal to the amount of the payment divided by the lesser of (i) market
value of each Common Unit at the time the payment is paid or (ii) $16.66
(subject to appropriate adjustments for any subdivision or combination of
Registrable Securities after the date hereof).  For any partial
Quarter, the amount of the payment set forth in this Section 3 shall be equal to
the product of (x) $0.0625 per Common Unit times (y) a fraction,
the

       

      
        
          
             

            4947042v.2

          

           

        

        
          3

          
            

          

        

        
           

        

      

      numerator
of which is the number of calendar days in the period commencing on the first
calendar day of the Quarter and ending on the calendar day that the right to
receive the payment provided in this Section 3 terminates and the denominator of
which is the number of calendar days in the Quarter.

       

      Section
4.                      Counterparts.  This
Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Amendment.  In
the event that this Amendment is delivered by facsimile transmission or by
e-mail delivery of a “.pdf” format date file, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

       

      Section
5.                      Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

       

      Section
6.                      Governing
Law.  The laws of the State of New York shall govern this
Agreement without regard to principles of conflict of laws.

       

      Section
7.                      Original
Agreement.  Except as expressly amended by this Amendment, the
Original Agreement shall remain in full force and effect and all of the terms of
the Original Agreement are hereby incorporated into this Amendment.

       

      

       

      [The remainder of this page is
intentionally left blank.]

       

      
        
          
             

            4947042v.2

          

           

        

        
          4

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