Document:

Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 ENDEAVOUR INTERNATIONAL CORPORATION

 $350,000,000 12% 
 First Priority Notes due 2018 
 and 

$150,000,000 
 12% Second Priority Notes due 2018 
 Purchase Agreement 

February 13, 2012 

Citigroup Global Markets Inc. 
 As
Representative of the Initial Purchasers 
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 

Ladies and Gentlemen: 

Endeavour International Corporation, a Nevada corporation (the “Company”), proposes (i) to issue and sell to the several
parties named in Schedule I hereto (the “Initial Purchasers”), for whom you (the “Representative”) are acting as representative, $350,000,000 principal amount of its 12% first priority notes due 2018 (the “First
Priority Notes”) and (ii) to issue and sell to you $150,000,000 principal amount of its 12% second priority notes due 2018 (the “Second Priority Notes,” and together with the First Priority Notes, the “Securities”). The
First Priority Notes are to be issued under an indenture (the “First Priority Indenture”) to be dated as of the Closing Date, among the Company, the guarantors listed in Schedule IV hereto (the “Guarantors”), and Wells Fargo
Bank, National Association, as trustee (the “First Priority Trustee”), and will be jointly, severally and unconditionally guaranteed by each of the Guarantors (the “First Priority Guarantees”). The Second Priority Notes are to be
issued under an indenture (the “Second Priority Indenture,” and together with the First Priority Indenture, the “Indentures,” and each an “Indenture”) to be dated as of the Closing Date, among the Company, the
guarantors listed in Schedule IV hereto (the “Guarantors”), and Wilmington Trust, National Association, as trustee (the “Second Priority Trustee,” and together with the First Priority Trustee, the “Trustees”), and will
be jointly, severally and unconditionally guaranteed by each of the Guarantors (the “Second Priority Guarantees,” and together with the First Priority Guarantees, the “Guarantees”). The Company and the Guarantors are hereinafter
referred to collectively as the “Endeavour Parties.” Certain terms used herein are defined in Section 22 hereof. 

 The sale of the Securities and the Guarantees to the Initial Purchasers will be made
without registration of the Securities or the Guarantees under the Act in reliance upon exemptions from the registration requirements of the Act. 
 The Securities are being issued (i) to fund the acquisition (the “Acquisition”) of assets (the “COP Assets”) pursuant to the Sale and Purchase Agreement (the “COP Purchase
Agreement”) between ConocoPhillips (U.K.) Limited, ConocoPhillips Petroleum Limited, ConocoPhillips (U.K.) Lambda Limited and Endeavour Energy U.K. Limited (“EEUK”), dated as of December 23, 2011 and (ii) to repay
outstanding borrowings under EEUK’s secured 15.0% senior term loan due 2013. In connection with the Acquisition, the Company executed a deed of guarantee and indemnity dated as of December 23, 2011 (the “Deed of Guarantee”)
guaranteeing EEUK’s obligations under the COP Purchase Agreement. The Deed of Guarantee and the COP Purchase Agreement are referred to herein as the “Acquisition Agreements.” 

On or prior to the Closing Date, the Company, Endeavour Operating Corporation, the Representative and the Trustees will execute an escrow
agreement (the “Escrow Agreement”), in the form and substance to be agreed with Wells Fargo Bank, National Association, as escrow agent (the “Escrow Agent”) and satisfactory to the Representative, which shall conform in all
material respects with the description thereof included in the Disclosure Package, and will direct the deposit into an escrow account (the “Escrow Account”) with the Escrow Agent, of the aggregate purchase price of the Securities under
Section 2. The Escrow Agreement shall provide that the escrowed funds shall only be released and paid out pursuant to the terms of the Escrow Agreement, including, but not limited to, the consummation of the Acquisition and the execution and
delivery of the Security Documents (as defined below) by the Company and each of its domestic subsidiaries party thereto, together with the satisfaction of the other conditions set forth in the Escrow Agreement (such date of release, the
“Escrow Release Date”). 
 On the Escrow Release Date, Endeavour Operating Corporation will execute and deliver
(a) a first priority Pledge and Security Agreement, (b) a second priority Pledge and Security Agreement, (c) a Dutch law first priority deed of pledge and (d) a Dutch law second priority deed of pledge (collectively, the
“Security Documents”), pursuant to which the Company and its domestic subsidiaries party to such agreements will grant a first-priority lien on (1) 65% of the voting capital stock and 100% of the non-voting capital stock of Endeavour
International Holding B.V. and of any first-tier foreign subsidiaries (as further described therein) it may thereafter acquire and (2) all intercompany indebtedness owing by any of the Company’s foreign subsidiaries to the Company or any
of its domestic subsidiaries. 
 Each of the First Priority Notes and the Second Priority Notes and the respective Guarantees of
each such series will have the benefit of a registration rights agreement (the “Registration Rights Agreements”) to be dated as of the Closing Date (as defined below), among the Company, the Guarantors and the relevant Initial Purchasers,
pursuant to which the Company will agree to file with the Commission (i) a registration statement under the Act relating to another series of debt securities of the Company and the guarantees of the Guarantors under the applicable Indenture,
each respectively with terms substantially identical to the Securities (the “Exchange Securities”) and the Guarantees (the “Exchange Guarantees”) to be offered in exchange for each of the First Priority Notes and the Second
Priority Notes and the respective 

  
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Guarantees of each such series and (ii) to the extent required by the applicable Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 of the Act relating to the
resale by certain holders of the First Priority Notes or the Second Priority Notes and the respective Guarantees of each such series, and in each case, to use commercially reasonable efforts to cause such registration statements to be declared
effective. 
 In connection with the sale of the Securities and the Guarantees, the Company has prepared a preliminary offering
memorandum, dated January 31, 2012 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), a supplement to the
Preliminary Memorandum dated February 13, 2012 in the form of Schedule II (the “Preliminary Supplement”) and a pricing supplement dated February 13, 2011, in the form of Schedule III (the “Pricing
Supplement,” and together with the Preliminary Memorandum and the Preliminary Supplement, the “Disclosure Package”) and a final offering memorandum, dated February 13, 2012 (as amended or supplemented at the Execution Time,
including any and all exhibits thereto, the “Final Memorandum”). Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Company, the Securities and the Guarantees. The Company hereby
confirms that it has authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment or supplement thereto, in connection with the offer and sale of the Securities and the Guarantees by the
Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend,” “amendment” or “supplement” with respect to the Disclosure Package, the Preliminary Memorandum and the Final Memorandum
shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time that is incorporated by reference therein, and all references herein to the terms “Disclosure Package” and “Final
Memorandum” shall be deemed to mean and include all information filed under the Exchange Act prior to the Execution Time and incorporated by reference in the Disclosure Package or the Final Memorandum (collectively, the “Incorporated
Documents”). 
 1. Representations and Warranties. Each of the Endeavour Parties, jointly and severally, represents
and warrants to, and agrees with, each Initial Purchaser as set forth below in this Section 1. 
 (a) The Preliminary
Memorandum, at the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. As of its date and on the Closing Date, the Final Memorandum did not and will not (and any amendment or supplement thereto, at the date thereof and at the Closing Date will not) contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty as to the
information contained in or omitted from the Preliminary Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the
Initial Purchasers through the Representative specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in
Section 8(b) hereof. 

  
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 (b) (i) The Disclosure Package, as of the Execution Time and (ii) any road show, when
taken together as a whole with the Disclosure Package, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The preceding sentence does not apply to statements in or omissions from the foregoing based upon and in conformity with written information furnished to the Company by any Initial Purchaser through the Representative
specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 

(c) None of the Company, its Affiliates or any person acting on its or their behalf (other than the Initial Purchasers)
has, directly or indirectly, made offers or sales of any security, or solicited offers to buy, any security under circumstances that would require the registration of the Securities or the Guarantees under the Act. 

(d) None of the Company, its Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) has:
(i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities or the Guarantees or (ii) engaged in any directed selling efforts
(within the meaning of Regulation S) with respect to the Securities or the Guarantees; and each of the Company, its Affiliates and each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S.

 (e) The Securities and the Guarantees satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 

(f) Subject to compliance by the Initial Purchasers with their representations and warranties contained herein, no registration under the
Act of the Securities and the Guarantees or qualification of the Indentures under the Trust Indenture Act is required for the offer and sale of the Securities and the Guarantees to or by the Initial Purchasers in the manner contemplated herein, in
the Disclosure Package and the Final Memorandum. 
 (g) Neither the Company nor any of its Subsidiaries is, and after giving
effect to the offering and sale of the Securities and the Guarantees and the application of the proceeds thereof as described in the Disclosure Package and the Final Memorandum will be, an “investment company” as defined in the Investment
Company Act. 
 (h) The Company has not paid or agreed to pay to any person any compensation for soliciting another to purchase
any securities of the Company (except as contemplated in this Agreement). 
 (i) Each of the Company and its Subsidiaries has
been duly formed and is validly existing in good standing under the laws of the jurisdiction in which it is chartered or organized with full power and authority to own or lease, as the case may be, and to operate its properties and conduct its
business as described in the Disclosure Package and the Final Memorandum, and is duly qualified to do business and is in good standing under the laws of each jurisdiction which requires such qualification, except for such jurisdictions where the
failure to so qualify or to be in good standing would not, individually or in the aggregate, result in a Material Adverse Effect (as defined below). 

  
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 (j) All the outstanding shares of capital stock (or corresponding equity interest) of the
Company and each Subsidiary have been duly and validly authorized and issued and are fully paid and nonassessable, and, except as otherwise set forth in the Disclosure Package and the Final Memorandum and except as arise under or pursuant to the
credit agreement dated August 16, 2010 between the Company, Endeavour Energy UK Limited, Cyan Partners, LP and various lenders listed therein (the “Credit Agreement”) or the letter of credit facility agreement dated July 25, 2011
between the Company and Commonwealth Bank of Australia (the “Letter of Credit Agreement”), all outstanding shares of capital stock (or corresponding equity interest) of the Subsidiaries are owned by the Company either directly or through
wholly owned Subsidiaries free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances. 
 (k) All the outstanding shares of capital stock (or corresponding equity interest) of Endeavour International Holding B.V. have been duly and validly authorized and issued and are fully paid and
nonassessable, and, except as arise under or pursuant to the Credit Agreement or the Letter of Credit Agreement, all outstanding shares of capital stock (or corresponding equity interest) of Endeavour International Holding B.V. are owned by
Endeavour Operating Corporation free and clear of any perfected security interest or any other security interests, claims, liens or encumbrances. 
 (l) Each of the Securities, the Guarantees, the Indentures, the Escrow Agreement and the Registration Rights Agreements conforms in all material respects to the description thereof contained in each of
the Disclosure Package and the Final Memorandum. The descriptions of statutes, legal, governmental and regulatory proceedings and contracts and other documents insofar as such descriptions summarize legal matters, agreements, documents or
proceedings discussed therein, are accurate and fair descriptions of such legal matters, agreements, documents or proceedings in all material respects. 
 (m) This Agreement has been duly authorized, executed and delivered by each of the Endeavour Parties. 
 (n) Each of the Indentures has been duly authorized by each of the Endeavour Parties and, assuming due authorization, execution and delivery thereof by the applicable Trustee, when executed and delivered
by each of the Endeavour Parties, will constitute a legal, valid and binding instrument enforceable against each of the Endeavour Parties in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity). 
 (o) The Acquisition Agreements have been duly and validly authorized by the Company and EEUK, as applicable, and are legal, valid and binding agreements of EEUK and of the Company, enforceable against
them in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general
principles of equity). 

  
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 (p) Each of the Registration Rights Agreements has been duly and validly authorized by each
of the Endeavour Parties and, assuming due authorization, execution and delivery thereof by each of the other parties thereto, will constitute a legal, valid and binding agreement enforceable against each of the Endeavour Parties in accordance with
its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity).

 (q) The Securities have been duly authorized by the Company, and, when executed and authenticated in accordance with the
provisions of the applicable Indenture and delivered to and paid for by the Initial Purchasers, will have been duly executed and delivered by the Company and will constitute the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and
to general principles of equity), and will be entitled to the benefits of the applicable Indenture; and the Guarantees have been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and
delivered in accordance with the provisions of the applicable Indenture and paid for by the Initial Purchasers, will constitute the legal, valid and binding obligations of each of the Guarantors, enforceable against each of the Guarantors in
accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles
of equity), and will be entitled to the benefits of the applicable Indenture. 
 (r) The Exchange Securities have been duly
authorized by the Company, and will, when issued, executed and authenticated in accordance with the provisions of the applicable Indenture and as contemplated by the applicable Registration Rights Agreement in exchange for the Securities, will be
duly and validly issued and outstanding and will constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms (subject, as to the enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity), and will be entitled to the benefits of the applicable Indenture; and the
Exchange Guarantees have been duly authorized by each of the Guarantors and, when the Exchange Securities have been duly executed, authenticated, issued and delivered in accordance with the provisions of the applicable Indenture and as contemplated
in the applicable Registration Rights Agreement, will constitute the legal, valid and binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity), and will be entitled to the benefits of the
applicable Indenture. 

  
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 (s) The Escrow Agreement has been duly authorized by the Company and by Endeavour Operating
Corporation, and when executed and delivered by the Company and by Endeavour Operating Corporation, and assuming due authorization, execution and delivery thereof by the other parties thereto, will constitute a legal, valid and binding agreement
enforceable against the Company and against Endeavour Operating Corporation in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting
creditors’ rights generally from time to time in effect and to general principles of equity). 
 (t) The Security Documents
have been duly authorized by Endeavour Operating Corporation on the terms disclosed in the Disclosure Package and the Final Memorandum. When the Security Documents are executed and delivered by Endeavour Operating Corporation, and assuming due
authorization, execution and delivery thereof by the other parties thereto, the Security Documents will, from and after the Escrow Release Date, constitute legal, valid and binding agreements enforceable against Endeavour Operating Corporation in
accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles
of equity). 
 (u) No consent, approval, authorization, filing with or order of any court or governmental agency or body is
required in connection with the transactions contemplated herein, in the Indentures, in the Registration Rights Agreements, in the Security Documents (on the terms disclosed in the Disclosure Package and the Final Memorandum) or in the Escrow
Agreement, except such as may be required under the blue sky laws of any jurisdiction in which the Securities and the Guarantees are offered and sold or under the Exchange Act, such appropriate filings of Uniform Commercial Code (“UCC”)
financing statements and, in the case of each Registration Rights Agreement, such as will be obtained under the Act and the Trust Indenture Act. 
 (v) None of the execution and delivery of this Agreement, the Registration Rights Agreements, the Indentures, the Security Documents (on the terms disclosed in the Disclosure Package and the Final
Memorandum) or the Escrow Agreement, the issuance and sale of the Securities and the Guarantees, the consummation of any other of the transactions contemplated in this Agreement, the Registration Rights Agreements, the Escrow Agreement or the
Indentures, the application of the proceeds therefrom as set forth in the Disclosure Package or the fulfillment of the terms hereof or thereof will conflict with, require any other consent under, result in a breach or violation of, or imposition of
any lien, charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries (except for liens required by the terms of the Escrow Agreement or the Security Documents) pursuant to (i) the organizational documents of the
Company or any of its Subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its
Subsidiaries is a party or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its Subsidiaries of any court, regulatory body,
administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its Subsidiaries or any of its or their properties, except, with respect to clauses (ii) and (iii) only, for such
defaults or violations as would not, individually or in the aggregate, result in a Material Adverse Effect and except for such as have been obtained. 

  
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 (w) The consolidated historical financial statements and schedules of the Company and its
consolidated Subsidiaries and the combined revenues and direct operating expenses of the COP Assets included in the Disclosure Package and the Final Memorandum present fairly the financial condition, results of operations and cash flows of the
Company and the results of operations of the COP Assets as of the dates and for the periods indicated, comply as to form in all material respects with the applicable accounting requirements of Regulation S-X and have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein). All pro forma financial statements or data included or incorporated by reference in the Disclosure Package
and the Final Memorandum comply in all material respects with the requirements of the Act and the Exchange Act, and the assumptions used in the preparation of such pro forma financial statements and data are reasonable, the pro forma adjustments
used therein are appropriate to give effect to the transactions or circumstances described therein and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements and data. The selected
financial data set forth under the captions “Summary Historical Consolidated Financial Data” in the Preliminary Memorandum and the Final Memorandum fairly present, on the basis stated in the Preliminary Memorandum and the Final Memorandum,
the information included therein. The other financial, reserve and statistical data contained in the Preliminary Memorandum and the Final Memorandum (and any amendment or supplement thereto) are accurately and fairly presented and prepared on a
basis consistent with the financial statements and books and records of the Company and its Subsidiaries. 
 (x) As of
September 30, 2011, the Company had or would have had, on the consolidated historical and as adjusted basis as indicated in the Disclosure Package and the Final Memorandum, a capitalization as set forth therein under the heading
“Capitalization.” 
 (y) No action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Company or any of its Subsidiaries or its or their property is pending or, to the best knowledge of the Endeavour Parties, threatened that could reasonably be expected to (A) have a material adverse effect
on the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its Subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business or (B) prevent or
materially interfere with the ability of the Endeavour Parties to perform their respective obligations under this Agreement, the Indentures, the Acquisition Agreements, the Escrow Agreement or the Registration Rights Agreements or consummate any of
the transactions contemplated hereby or thereby (the occurrence of any such effect or any such prevention or interference or any such result described in the foregoing clauses (A) and (B) being herein referred to as a “Material
Adverse Effect”), except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (z) Each of the Company and its Subsidiaries owns or leases all such properties as are necessary to the conduct of its operations as presently conducted or to be conducted on the Closing Date. 

  
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 (aa) Neither the Company nor any Subsidiary is in violation or default of (i) any
provision of its organizational documents, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a party or
bound or to which its property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over
the Company or such Subsidiary or any of its properties, as applicable, except, with respect to clauses (ii) and (iii) only, for such defaults or violations as would not, individually or in the aggregate, result in a Material Adverse
Effect. 
 (bb) KPMG LLP, who has certified certain financial statements of the Company and its consolidated Subsidiaries and
delivered their report with respect to the audited consolidated financial statements and schedules included in the Disclosure Package and the Final Memorandum, are independent public accountants with respect to the Company within the meaning of the
Act and the applicable published rules and regulations thereunder. 
 (cc) Ernst & Young LLP, who has audited the
combined statements of revenues and direct operating expenses for the year ended December 31, 2011 with respect to the COP Assets included in the Disclosure Package and the Final Memorandum, are independent auditors with respect to the COP
Assets under Rule 101 of the American Institute of Certified Public Accountants’ Code of Professional Conduct and its interpretations. 
 (dd) Each of the Company and its Subsidiaries has filed all tax returns that are required to be filed or has requested extensions thereof (except in any case in which the failure so to file would not have
a Material Adverse Effect and except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto)) and has paid all taxes required to be paid by it and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect, except as
set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (ee) No labor problem or dispute with the employees of the Company or any of its Subsidiaries exists, or to the best knowledge of the Endeavour Parties, is threatened or imminent, and the Endeavour
Parties are not aware of any existing or imminent labor disturbance by the employees of any of the Company’s or its Subsidiaries’ principal suppliers, contractors or customers, that would have a Material Adverse Effect, except as set forth
in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(ff) Netherland, Sewell & Associates, Inc., who issued a report with respect to the Company’s oil and natural gas reserves
as of December 31, 2011, 2010 and 2009 and with respect to the oil and natural gas reserves of the COP Assets as of December 31, 2011 and who has delivered the letter referred to in Section 6(h) hereof, was, as of the date of such
report, and is, as of the date hereof, an independent petroleum engineer with respect to the Company. 

  
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 (gg) The estimates of net proved oil and gas reserves of the Company as of
December 31, 2011, 2010 and 2009 and of the COP Assets as of December 31, 2011 (the “proved reserve estimates”) and the estimates of net proved plus probable oil and gas reserves of the Company and of the properties to be
acquired in the Acquisition as of December 31, 2011 (the “2P reserve estimates”) contained in the Disclosure Package and the Final Memorandum were prepared by or audited by Netherland, Sewell & Associates, Inc.; the proved
reserve estimates and the 2P reserve estimates of the Company and of the COP Assets as of December 31, 2011 included in the Disclosure Package and the Final Memorandum fairly reflect, in all material respects, the oil and gas reserves of the
Company and of the COP Assets as of the dates indicated therein and are in accordance with the Commission guidelines applicable thereto applied on a consistent basis throughout the periods involved. 

(hh) The organizational documents of the Company and each of its Subsidiaries have been duly authorized, executed and delivered by the
Company or such Subsidiary, as the case may be, and are enforceable against the respective parties thereto in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium
or other laws affecting creditors’ rights generally from time to time in effect, to general principles of equity and public policy, applicable law relating to fiduciary duties and indemnification and contribution and an implied covenant of good
faith and fair dealing). 
 (ii) The Company and each of its Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are customary in the businesses in which they are engaged; all policies of insurance insuring the Company or any of its Subsidiaries or their respective businesses, assets,
employees, officers and directors are in full force and effect; the Company and its Subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no claims by the Company or any such
Subsidiary under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any such Subsidiary has been refused any insurance coverage sought or
applied for; and neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its business at a cost that would not have a Material Adverse Effect except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(jj) No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other
distribution on such Subsidiary’s capital stock (or corresponding equity interest), from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to
the Company or any other Subsidiary of the Company, except as described in or contemplated by the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

  
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 (kk) The Company and its Subsidiaries possess all licenses, certificates, permits and other
authorizations issued by all applicable authorities necessary to conduct their respective businesses, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such
license, certificate, authorization or permit which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and
the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (ll) The Company and each of its Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or
specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries’
internal controls over financial reporting are effective and the Endeavour Parties are not aware of any material weakness in their internal control over financial reporting. 
 (mm) The Company and its Subsidiaries maintain “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures
are effective. 
 (nn) None of the Endeavour Parties has taken, directly or indirectly, any action designed to or that would
constitute or that could reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities and the
Guarantees. 
 (oo) Since September 30, 2011, none of the Company or any of its Subsidiaries has sustained any material
loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, investigation, order or decree, otherwise than as set forth or
contemplated in the Disclosure Package and the Final Memorandum. Except as disclosed in the Disclosure Package and the Final Memorandum (or any amendment or supplement thereto), subsequent to the respective dates as of which such information is
given in the Disclosure Package and the Final Memorandum (or any amendment or supplement thereto), (i) none of the Company or any of its Subsidiaries has incurred any liability or obligation, indirect, direct or contingent, or entered into any
transactions, not in the ordinary course of business, that, individually or in the aggregate, is material to the Company and its Subsidiaries, taken as a whole, (ii) there has not been any material change in the capitalization or material
increase in the short-term debt or long-term debt of the Company or any of its Subsidiaries and (iii) there has not been any material adverse change, or any development involving, individually or in the aggregate, a prospective material adverse
change in or affecting the general affairs, condition (financial or other), business, prospects, assets or results of operations of the Company and its Subsidiaries. 
 (pp) The Company and its Subsidiaries are (i) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety,
the environment or hazardous or toxic substances or wastes, pollutants 

  
 11 

 
or contaminants (“Environmental Laws”), (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws
to conduct their respective businesses and (iii) have not received notice of any actual or potential liability under any Environmental Law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses
or other approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement
thereto). Except as set forth in the Disclosure Package and the Final Memorandum, neither the Company nor any of the Subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended. 
 (qq) In the ordinary course of its business, the Company periodically
reviews the effect of Environmental Laws on the business, operations and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital
or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). On the
basis of such review, the Company has reasonably concluded that such associated costs and liabilities would not, singly or in the aggregate, have a Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the
Final Memorandum (exclusive of any amendment or supplement thereto). 
 (rr) None of the following events has occurred or
exists: (i) a failure to fulfill the obligations, if any, under the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and
published interpretations thereunder with respect to a Plan, determined without regard to any waiver of such obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the U.S.
Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the employment or compensation of employees by any of the Company or any of its
Subsidiaries that could have a Material Adverse Effect; (iii) any breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company or
any of its Subsidiaries that could have a Material Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate amount of contributions required to be made to all Plans in
the current fiscal year of the Company and its Subsidiaries compared to the amount of such contributions made in the most recently completed fiscal year of the Company and its Subsidiaries; (ii) a material increase in the “accumulated
post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) of the Company and its Subsidiaries compared to the amount of such obligations in the most recently completed fiscal year of the
Company and its Subsidiaries; (iii) any event or condition giving rise to a liability under Title IV of ERISA that could have a Material Adverse Effect; or (iv) the filing of a claim by one or more employees or former employees of the
Company or any of its Subsidiaries related to their employment that could have a Material Adverse Effect. For purposes of this paragraph, the term “Plan” means a plan (within the meaning of Section 3(3) of ERISA) subject to Title IV
of ERISA with respect to which the Company or any of its Subsidiaries may have any liability. 

  
 12 

 (ss) There is and has been no failure on the part of the Company and any of the
Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including
Section 402 relating to loans and Sections 302 and 906 relating to certifications. 
 (tt) Neither the Company nor any of
its Subsidiaries nor, to the knowledge of the Endeavour Parties, any director, officer, agent, employee or Affiliate of the Company or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a
violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate
commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official”
(as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, its Subsidiaries and, to the knowledge of the Endeavour Parties,
its Affiliates, have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 (uu) The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of the Endeavour Parties, threatened. 
 (vv) Neither the
Company nor any of its Subsidiaries nor, to the knowledge of the Endeavour Parties, any director, officer, agent, employee or Affiliate of the Company or any of its Subsidiaries is currently subject to any sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities and the Guarantees, or lend, contribute or otherwise make available such
proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(ww) The Subsidiaries, after excluding Endeavour Operating Corporation, a Delaware corporation (“Endeavour Operating”), and
EEUK, did not, individually or in aggregate, account for more than 10% of the consolidated net income of the Company and its Subsidiaries for the year ended December 31, 2010. 

  
 13 

 (xx) The interactive data in eXtensbile Business Reporting Language included or
incorporated by reference in the Final Memorandum and the Disclosure Package fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 Any certificate signed by any officer of the Company or any Guarantor and delivered to the Representative or counsel for the
Initial Purchasers in connection with the offering of the Securities and the Guarantees shall be deemed a representation and warranty by the Company or such Guarantor, as the case may be, as to matters covered thereby, to each Initial Purchaser.

 2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties
herein set forth, the Company agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of 93.6% of the principal amount thereof, plus accrued interest,
if any, from February 13, 2012 to the Closing Date, the principal amount of First Priority Notes set forth opposite such Initial Purchaser’s name in Schedule I hereto. Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company agrees to sell to the Representative, and the Representative agrees to purchase from the Company, at a purchase price of 93.6% of the principal amount thereof, plus accrued interest, if
any, from February 13, 2012 to the Closing Date, the Second Priority Notes. 
 3. Delivery and Payment. Delivery of
and payment for the Securities and the Guarantees shall be made at 10:00 a.m., New York City time, on February 23, 2012, or at such time on such later date not more than three Business Days after the foregoing date as the Representative shall
designate, which date and time may be postponed by agreement between the Representative and the Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities and the Guarantees being herein called the
“Closing Date”). Delivery of the Securities and the Guarantees shall be made to Representative for the respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representative of
the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the Escrow Account. Delivery of the Securities and the Guarantees shall be made by delivery of one or more certificates in global form
representing the Securities at such location as Citigroup shall reasonably designate at least one Business Day in advance of the Closing Date. The global certificates representing the Securities shall be registered in such names and in such
denominations as Citigroup may request not less than two Business Days in advance of the Closing Date. The Company agrees to have the Securities available for inspection, checking and packaging by the Representative or counsel for the Representative
at One Shell Plaza, 910 Louisiana, Houston, Texas 77002, not later than 5:00 PM on the Business Day prior to the Closing Date. 

4. Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities and the Guarantees have not
been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Act. 

  
 14 

 (b) Each Initial Purchaser, severally and not jointly, represents and warrants to and
agrees with the Company that: 
 (i) it has not offered or sold, and will not offer or sell, any Securities or
Guarantees within the United States or to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering and the date of the
closing of the offering except: 
  

	 	(A)	to those it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or 

 

	 	(B)	in accordance with Rule 903 of Regulation S; 

 (ii) neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form of general solicitation or general advertising (within
the meaning of Regulation D) in the United States; 
 (iii) in connection with each sale pursuant to
Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure that the purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A; 

(iv) neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any
directed selling efforts (within the meaning of Regulation S) with respect to the Securities; 
 (v) it is
an “accredited investor” (as defined in Rule 501(a) of Regulation D); 
 (vi) it has complied and will
comply with the offering restrictions requirement of Regulation S; 
 (vii) at or prior to the confirmation
of sale of Securities (other than a sale of Securities pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases
Securities from it during the distribution compliance period (within the meaning of Regulation S) a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”) and may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with
Regulation S or Rule 144A under the Act. Terms used in this paragraph have the meanings given to them by Regulation S.” 

  
 15 

 5. Agreements. Each of the Endeavour Parties, jointly and severally, agrees with
each Initial Purchaser that: 
 (a) The Company will furnish to each Initial Purchaser and to counsel for the Initial Purchasers,
without charge, prior to the completion of the distribution of the Securities by the Initial Purchasers (as determined by the Initial Purchasers), as many copies of the Preliminary Memorandum and the Final Memorandum and any amendments and
supplements thereto as they may reasonably request. 
 (b) The Company will prepare a final term sheet, containing solely a
description of final terms of the Securities and the Guarantees and the offering thereof, in the form approved by you and attached as Schedule III hereto. 
 (c) The Company will not amend or supplement the Disclosure Package or the Final Memorandum, other than by filing documents under the Exchange Act that are incorporated by reference therein, without the
prior written consent of the Representative; provided, however, that prior to the completion of the distribution of the Securities by the Initial Purchasers (as determined by the Representative), the Company will not file any document under the
Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum unless, prior to such proposed filing, the Company has furnished the Representative with a copy of such document for their review and the Representative
has not reasonably objected to the filing of such document. The Company will promptly advise the Representative when any document filed under the Exchange Act that is incorporated by reference in the Disclosure Package or the Final Memorandum shall
have been filed with the Commission. 
 (d) If at any time prior to the completion of the distribution of the Securities by the
Initial Purchasers (as determined by the Representative), any event occurs as a result of which the Disclosure Package or the Final Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made or the circumstances then prevailing, not misleading, or if it should be necessary to amend or supplement the Disclosure Package
or the Final Memorandum to comply with applicable law, the Company will promptly (i) notify the Representative of any such event; (ii) subject to the requirements of Section 5(c), prepare an amendment or supplement that will correct
such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or Final Memorandum to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities
as they may reasonably request. 
 (e) Without the prior written consent of the Representative, the Company has not given and
will not give to any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package, the Final Memorandum or any other offering materials prepared by
the Representative. 
 (f) The Company will arrange, if necessary, for the qualification of the Securities and the Guarantees
for sale by the Initial Purchasers under the laws of such jurisdictions as the Representative may designate and will maintain such qualifications in effect so long as required 

  
 16 

 
for the sale of the Securities and the Guarantees; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified
or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities and the Guarantees, in any jurisdiction where it is not now so subject. The Company will promptly
advise the Representative of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities and the Guarantees for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose. 
 (g) During the period from the Closing Date until one year after the Closing Date, without the prior written
consent of the Representative, the Company will not, and will not permit any of its Affiliates to, resell any of the Securities which constitute “restricted securities” under Rule 144 under the Act that have been reacquired by any of them,
other than a transaction registered under the Act. 
 (h) None of the Company, its Affiliates, or any person acting on its or
their behalf will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities or the Guarantees under the Act. 

(i) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in any directed selling efforts (within
the meaning of Regulation S) with respect to the Securities; and each of them will comply with the offering restrictions requirement of Regulation S. 
 (j) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in
connection with any offer or sale of the Securities in the United States. 
 (k) For so long as any of the Securities are
outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act, the Company, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not
exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, will provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder) of such
restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective purchasers
designated by such holders, from time to time of such restricted securities. 
 (l) The Company will cooperate with the
Representative and use commercially reasonable efforts to permit the Securities to be eligible for clearance and settlement through The Depository Trust Company. 
 (m) Each of the Securities will bear the legend contained in “Transfer Restrictions” in the Preliminary Memorandum and the Final Memorandum for the time period and upon the other terms stated
therein. 

  
 17 

 (n) The Company will not for a period of 90 days following the Execution Time without the
prior written consent of the Representative offer, sell, contract to sell, pledge, otherwise dispose of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise) by the Company or any Affiliate of the Company or any person in privity with the Company or any Affiliate of the Company), directly or indirectly, or announce the offering, of any
debt securities issued or guaranteed by the Company (other than the Securities and the Guarantees). 
 (o) None of the Endeavour
Parties will take, directly or indirectly, any action designed to, or that would constitute or that could reasonably be expected to, cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Securities. 
 (p) The Endeavour Parties will apply the net proceeds from
the sale of the Securities and the Guarantees in the manner described in each of the Disclosure Package and the Final Memorandum under the heading “Use of Proceeds.” 
 (q) The Company agrees to pay the costs and expenses relating to the following matters: (i) the preparation of the Indentures and the Registration Rights Agreements and the issuance of the Securities
and the Guarantees and the fees of the Trustees and the Escrow Agent (including related fees and expenses of any counsel to the Trustees or counsel to the Escrow Agent); (ii) the preparation, printing or reproduction of the Preliminary
Memorandum and the Final Memorandum and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the
Preliminary Memorandum and the Final Memorandum, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities and the Guarantees; (iv) the
preparation, printing, authentication, issuance and delivery of certificates for the Securities and the Guarantees; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities and the Guarantees;
(vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities and the Guarantees;
(vii) any registration or qualification of the Securities and the Guarantees for offer and sale under the securities or blue sky laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Initial
Purchasers relating to such registration and qualification); (viii) the transportation and other expenses incurred by or on behalf of Company representatives in connection with presentations to prospective purchasers of the Securities and the
Guarantees; (ix) the fees and expenses of the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (x) the rating of the Securities and the Exchange Securities;
(xi) the performance of the Endeavour Parties’ obligations under the Registration Rights Agreements; (xii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC;
(xiii) all costs and expenses in connection with the creation and perfection of liens contemplated by the Escrow Agreement (including without limitation, filing and recording fees, search fees and taxes); and (ix) all other costs and
expenses incident to the performance by the Endeavour Parties of their obligations hereunder. 

  
 18 

 6. Conditions to the Obligations of the Initial Purchasers. The obligations of the
Initial Purchasers to purchase the Securities and the Guarantees shall be subject to the accuracy of the representations and warranties of the Endeavour Parties contained herein at the Execution Time and the Closing Date (except to the extent such
representations and warranties expressly relate to a specific earlier date (in which case such representations and warranties shall be true and correct as of such specified earlier date)), to the accuracy of the statements of the Endeavour Parties
made in any certificates pursuant to the provisions hereof, to the performance by the Endeavour Parties of their obligations hereunder and to the following additional conditions: 

(a) The Company shall have requested and caused Vinson & Elkins LLP, counsel for the Endeavour Parties, to furnish to the
Representative its opinion, dated the Closing Date, and addressed to the Representative, to the effect that: 

(i) assuming (i) the accuracy of the representations and warranties of the Endeavour Parties and the Initial
Purchasers set forth in this Agreement, (ii) the due performance by the Endeavour Parties and the Initial Purchasers of the covenants and agreements set forth in this Agreement, (iii) the compliance by the Initial Purchasers with the
offering and transfer procedures and restrictions described in the Disclosure Package, and (iv) that each of the Initial Purchasers is an “accredited investor” as defined in Rule 501(a)(1) under the Securities Act, (a) the offer,
sale and delivery of the Securities and the Guarantees to the Initial Purchasers by the Endeavour Parties and (b) the initial resale of the Securities and the Guarantees by the Initial Purchasers, each in the manner contemplated by this
Agreement and the Disclosure Package and the Final Memorandum, do not require registration under the Securities Act; provided, however, that such counsel need not express any opinion as to any subsequent reoffer or resale of any of the Securities;
and the Indentures do not require qualification under the Trust Indenture Act; 
 (ii) (a) each of the
Guarantors is validly existing in good standing under the laws of the jurisdiction in which it is chartered or organized, (b) each of the Guarantors has full corporate power and authority to own or lease its properties, as the case may be, and
conduct its business as described in the Disclosure Package and the Final Memorandum, and (c) each of the Endeavour Parties is in good standing under the laws of the jurisdictions set forth on Schedule V; 

(iii) to the knowledge of such counsel, (A) there is no pending or threatened action, suit or proceeding by or
before any court or governmental agency, authority or body to which the Company or any of its Subsidiaries is a party or to which any of their respective properties are subject, of a character required to be disclosed in the Incorporated Documents
which is not disclosed in the Incorporated Documents as required, and (B) there is no contract or other document of a character required to be described in the Incorporated Documents or to be filed as an exhibit thereto, which is not described
or filed as required; and the section of the Disclosure Package and the Final Memorandum entitled “Certain United States Federal Income Tax Consequences,” insofar as it purports 

  
 19 

 
to constitute a summary of United States federal tax law and regulations or legal conclusions with respect thereto, constitutes an accurate summary of the matters described therein in all
material respects, subject to the assumptions and qualifications set forth therein; and the statements contained or incorporated by reference in the Disclosure Package and the Final Memorandum under the captions, “Business—Environmental
Matters and Regulation” and “Business—Regulations,” insofar as they refer to statements of law or legal conclusions, accurately describe, in all material respects, the statutes and regulations addressed thereby; 

(iv) the statements in the Disclosure Package and the Final Memorandum under the captions “Description of the
Notes” and “Description of Other Indebtedness,” insofar as they purport to constitute summaries of the documents, including the Securities and the Guarantees, described therein, are accurate in all material respects; 

(v) none of the Endeavour Parties is and, after giving effect to the offering and sale of the Securities and the
Guarantees and the application of the proceeds therefrom as described in the Disclosure Package and the Final Memorandum, will be, required to register as an “investment company” as defined in the Investment Company Act; 

(vi) no consent, approval, authorization, filing with or order of any United States court or governmental agency or body
is required in connection with the transactions contemplated herein, in the Indentures, in the Escrow Agreement or in the Registration Rights Agreements, except (x) such as may be required under the Securities Act, the Trust Indenture Act or
the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities and the Guarantees by the Initial Purchasers in the manner contemplated in this Agreement, the Disclosure Package and the Final Memorandum;
(y) the filing of appropriate UCC financing statements in the office of the Secretary of State of the State of Delaware or (z) such other approvals (specified in such opinion) as have been obtained; 

(vii) none of the execution and delivery of the Indentures, the Registration Rights Agreements, the Escrow Agreement or
this Agreement, the issuance and sale of the Securities and the Guarantees, nor the consummation of any other of the transactions contemplated herein or therein, nor the fulfillment of the terms hereof or thereof will conflict with, or result in a
breach, or violation of, any of the terms or provisions of, or constitute a default under (A), any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument
filed or incorporated by reference as an exhibit to the Incorporated Documents (such documents collectively, the “Applicable Contracts”), or result in the creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company or any of its subsidiaries (except for liens contemplated by the terms of the Escrow Agreement or the Security Documents) pursuant to any Applicable Contract, (B)

  
 20 

 
any federal or Texas state law, regulation or rule, the Delaware General Corporation Law, or, to our knowledge and without having investigated governmental records or court dockets, any decree,
judgment or order applicable to the Company or its Subsidiaries or (C) the organizational documents of the Guarantors, except, in the case of clauses (A) and (B) above, for any such conflict, breach, violation, default, lien, charge
or encumbrance that would not, individually or in the aggregate, have a Material Adverse Effect or with respect to which consents have been obtained. With respect to clause (B) above, such counsel need express no opinion as to the application
of any state securities or blue sky laws or federal or state antifraud laws, rules or regulations; 
 (viii)
this Agreement has been duly authorized, executed and delivered by each of the Guarantors; 
 (ix) the Escrow
Agreement has been duly authorized, executed and delivered by Endeavour Operating Corporation, and assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes a legal, valid and binding instrument enforceable
against Endeavour Operating Corporation in accordance with its terms (subject to the Enforceability Exceptions); 
 (x) the Registration Rights Agreements have been duly authorized, executed and delivered by each of the Guarantors, and assuming due authorization, execution and delivery thereof by the other parties
thereto, constitutes a legal, valid and binding instrument enforceable against each of the Endeavour Parties in accordance with its terms (subject to the Enforceability Exceptions); 

(xi) the Indentures have been duly authorized, executed and delivered by each of the Guarantors, and assuming due
authorization, execution and delivery thereof by the Company and the applicable Trustee, constitute legal, valid and binding instruments enforceable against each of the Endeavour Parties in accordance with their terms (subject to the Enforceability
Exceptions); 
 (xii) the Securities, when executed and authenticated in accordance with the provisions of the
applicable Indentures and delivered to and paid for by the Initial Purchasers under this Agreement, will constitute legal, valid and binding obligations, enforceable against the Company in accordance with their terms (subject to the Enforceability
Exceptions), and will be entitled to the benefits of the applicable Indenture; 
 (xiii) the Guarantees have
been duly authorized by each of the Guarantors and, when each global certificate representing the Securities has been duly executed, authenticated, issued and delivered as provided in the applicable Indenture and paid for as provided in this
Agreement, the Guarantees will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms (subject to the Enforceability Exceptions), and will be entitled to the
benefits of the applicable Indenture; 

  
 21 

 (xiv) the Exchange Securities, when duly executed, authenticated, issued
and delivered as contemplated by the applicable Registration Rights Agreement and the applicable Indenture, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company, enforceable against
the Company in accordance with their terms (subject to the Enforceability Exceptions), and will be entitled to the benefits of the applicable Indenture; and 
 (xv) the Exchange Guarantees have been duly authorized by each of the Guarantors and, when each global certificate representing the Exchange Securities has been duly executed, authenticated, issued and
delivered as provided in the applicable Registration Rights Agreement and the applicable Indenture, the Exchange Guarantees will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in
accordance with their terms (subject to the Enforceability Exceptions), and will be entitled to the benefits of the applicable Indenture. 
 In addition, such counsel shall state that they have participated in conferences with officers and other representatives of the Company, the independent public accountants of the Company, the independent
reserve engineers, the Representative and counsel for the Initial Purchasers, at which the contents of the Disclosure Package and the Final Memorandum and related matters were discussed, and although such counsel has not independently verified, is
not passing upon, and is not assuming any responsibility for the accuracy, completeness or fairness of the statements contained in, the Disclosure Package and the Final Memorandum (except as specifically described in the opinions in paragraph
(iii) and (iv) of the foregoing opinion), based on the foregoing no facts have come to the attention of such counsel that lead such counsel to believe that: 
  

	 	1.	the Disclosure Package, as of the Execution Time, included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, or 

  

	 	2.	the Final Memorandum, as of its date and on the Closing Date, included or includes an untrue statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

 it being understood that such counsel expresses no statement or belief with respect to (i) the financial statements and related schedules, including the notes thereto and independent registered
public accountants’ reports thereon, included or incorporated by reference in the Disclosure Package or the Final Memorandum, (ii) any other financial data or accounting data, information pertaining to oil and natural gas reserves and
future net revenues data or statistical information derived from financial information included or incorporated by reference in or omitted from the Disclosure Package or the Final Memorandum, or (iii) any representations and warranties and
other statements of fact included in the exhibits to the Incorporated Documents. 

  
 22 

 Such counsel need not express any opinion as to the enforceability of any
provisions relating to: (a) any failure to comply with requirements concerning notices, relating to delay or omission to enforce rights or remedies or purporting to waive or affect rights, claims, defenses or other benefits to the extent that
any of the same cannot be waived or so affected under applicable law; (b) indemnities or exculpation from liability to the extent prohibited by federal or state laws and the public policies underlying those laws or that might require
indemnification for, or exculpation from liability on account of, gross negligence, willful misconduct, unlawful acts, fraud or illegality of an indemnified or exculpated party; (c) requirements that all amendments, waivers and terminations be
in writing or the disregard of any course of dealing between the parties; (d) default interest, liquidated damages and other penalty provisions; (e) the avoidance of the effect of any fraudulent transfer, fraudulent conveyance laws or
similar provisions of applicable law by limiting the amount of the Guarantor’s obligation under the Indentures or the Guarantees; or (f) applicable bankruptcy, insolvency, moratorium, fraudulent transfer or similar laws affecting the
enforcement of creditors’ rights generally and equitable principles and implied covenants of good faith and fair dealing relating to enforceability (clauses (a) through (f) collectively, the “Enforceability Exceptions”).

 In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of
any jurisdiction other than the States of New York or Texas, the Delaware General Corporation Law and federal laws of the United States, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing
whom they believe to be reliable and who are satisfactory to counsel for the Initial Purchasers and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Endeavour Parties and public
officials. References to the Final Memorandum in this paragraph (b) shall also include any supplements thereto at the Closing Date. Such counsel may limit its opinions to the laws of the States of New York and Texas, the Delaware General
Corporation Law and federal laws of the United States, to the extent specifically referred to herein. 
 (b) The Representative
shall have received the opinion of Woodburn and Wedge, opining as to the law of Nevada, addressed to the Representative and dated the Closing Date, to the effect that: 

(i) the Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of
the State of Nevada, with the corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Package and the Final Memorandum; 

  
 23 

 (ii) each of this Agreement, the Registration Rights Agreements, the Escrow
Agreement and the Indentures has been duly authorized, executed and delivered by the Company; 
 (iii) the
Securities and the Exchange Securities have been duly authorized by the Company; 
 (iv) no consent, approval,
authorization, filing with or order of any Nevada court or Nevada governmental agency or body is required in connection with the transactions contemplated herein, in the Indentures, in the Escrow Agreement or in the Registration Rights Agreements,
except such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Securities and the Guarantees by the Initial Purchasers in the manner contemplated in this Agreement, the Disclosure
Package and the Final Memorandum (as to which Woodburn and Wedge shall not offer any opinion) and such other approvals as have been obtained; and 
 (v) none of the execution and delivery of the Indentures, the Escrow Agreement, the Registration Rights Agreements or this Agreement, the issuance and sale of the Securities and the Guarantees, nor the
consummation of any other of the transactions contemplated herein, in the Indenture, in the Escrow Agreement or in the Registration Rights Agreements, nor the fulfillment of the terms hereof or thereof will conflict with, result in a breach or
violation of, or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, (i) the organizational documents of the Company or (ii) any Nevada statute, law, rule, regulation, or to the knowledge
of Woodburn and Wedge, any judgment, order or decree applicable to the Company of any Nevada court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its
properties. 
 In rendering such opinion, such counsel may rely (A) as to matters involving the application of laws of any
jurisdiction other than the State of Nevada, to the extent they deem proper and specified in such opinion, upon the opinion of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Initial
Purchasers and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Company and public officials. References to the Disclosure Package and Final Memorandum in this paragraph (b) shall
also include any amendments or supplements thereto at the Closing Date. Additionally, the opinions expressed by such counsel may be limited to the laws of the State of Nevada. 
 (c) The Representative shall have received from Baker Botts L.L.P., counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representative, with respect
to the issuance and sale of the Securities and the Guarantees, the Indentures, the Registration Rights Agreements, the Escrow Agreement, the Disclosure Package, the Final Memorandum (as amended or supplemented at the Closing Date) and other related
matters as the Representative may reasonably require, and the Company shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters. 

  
 24 

 (d) The Company shall have furnished to the Representative certificates of each of the
Endeavour Parties, signed by (x) the Chairman of the Board or the President and (y) the principal financial or accounting officer of each of the Endeavour Parties, dated the Closing Date, to the effect that the signers of such certificate
have carefully examined the Disclosure Package and the Final Memorandum and any supplements or amendments thereto, as well as each electronic road show used in connection with the offering of the Securities, and this Agreement and that: 

(i) the representations and warranties of the Endeavour Parties in this Agreement are true and correct on and as of the
Closing Date with the same effect as if made on the Closing Date (except to the extent such representations and warranties expressly relate to a specific earlier date (in which case such representations and warranties shall be true and correct as of
such specified earlier date)), and the Endeavour Parties have complied with all the agreements and satisfied all the conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date; and 

(ii) since the date of the most recent financial statements included in the Disclosure Package and the Final Memorandum
(exclusive of any amendment or supplement thereto), there has been no Material Adverse Effect, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(e) On the date hereof, the Initial Purchasers shall have received from KPMG LLP, independent registered public accounting firm for the
Company, a “comfort letter” dated the date hereof addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative, covering the financial information in the Disclosure Package and other customary
matters. In addition, on the Closing Date, the Initial Purchasers shall have received from such accountants, a “bring-down comfort letter” dated the Closing Date addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representative, in the form of the “comfort letter” delivered on the date hereof, except that (i) it shall cover the financial information in the Final Memorandum and any amendment or supplement thereto and
(ii) procedures shall be brought down to a date no more than 3 days prior to the Closing Date. 
 (f) On the date hereof,
the Initial Purchasers and Citigroup Global Markets Limited shall have received from Ernst & Young LLP, independent auditors for the COP Assets, a “comfort letter” dated the date hereof addressed to the Initial Purchasers and
Citigroup Global Markets Limited, in form and substance reasonably satisfactory to the Representative, covering the financial information with respect to the COP Assets in the Disclosure Package and other customary matters. In addition, on the
Closing Date, the Initial Purchasers shall have received from such accountants, a “bring-down comfort letter” dated the Closing Date addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representative,
in the form of the “comfort letter” delivered on the date hereof, except that it shall cover the financial information in the Final Memorandum and any amendment or supplement thereto. 

  
 25 

 (g) Subsequent to the Execution Time or, if earlier, the dates as of which information is
given in the Disclosure Package (exclusive of any amendment or supplement thereto) and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letter or
letters referred to in paragraph (e) of this Section 6; or (ii) any Material Adverse Effect, the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representative, so
material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto).

 (h) Subsequent to the Execution Time, there shall not have been any decrease in the rating of any of the Company’s debt
securities by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 3(a)(2) under the Exchange Act) or any notice given of any intended or potential decrease in any such rating or of a possible
change in any such rating that does not indicate the direction of the possible change. 
 (i) Netherland, Sewell &
Associates, Inc. shall have delivered to you at the Closing Date, a letter in form and substance reasonably satisfactory to you, stating, as of the date hereof and as of the Closing Date the conclusions and findings of such firm with respect to the
oil and gas reserves of the Company and its Subsidiaries. 
 (j) The Company, Endeavour Operating Corporation and the Trustees
shall have executed and delivered the Escrow Agreement in form and substance reasonably satisfactory to the Representative, and the Initial Purchasers shall have received executed copies thereof. 

(k) The Endeavour Parties shall have executed and delivered the Indentures, in form and substance reasonably satisfactory to the Initial
Purchasers, and the Initial Purchasers shall have received executed copies thereof. 
 (l) The Endeavour Parties shall have
executed and delivered the Registration Rights Agreements, in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof. 

(m) The Securities shall be eligible for clearance and settlement through DTC. 

(n) Prior to the Closing Date, the Company shall have furnished to the Representative such further information, certificates and
documents as the Representative may reasonably request. 
 If any of the conditions specified in this Section 6 shall not
have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Representative and counsel for
the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be canceled at, or at any time prior to, the Closing Date by the Representative. Notice of such cancellation shall be given to the Company in writing
or by telephone or facsimile confirmed in writing. 

  
 26 

 The documents required to be delivered by this Section 6 will be delivered at the
office of counsel for the Initial Purchasers, at One Shell Plaza, 910 Louisiana, Houston, Texas 77002 at 9:00 a.m., Houston time, on the Closing Date. 
 7. Reimbursement of Expenses. If the sale of the Securities and the Guarantees provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in
Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof
other than by reason of a default by any of the Initial Purchasers, the Company will reimburse the Initial Purchasers severally through the Representative on demand for all expenses (including reasonable fees and disbursements of counsel) that shall
have been incurred by them in connection with the proposed purchase and sale of the Securities and the Guarantees. 
 8.
Indemnification and Contribution. (a) Each of the Endeavour Parties, jointly and severally, agrees to indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each Initial Purchaser
and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act,
the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Disclosure Package, the Final Memorandum, any Issuer Written Information or any other written information used by or on behalf of the Endeavour Parties in
connection with the offer or sale of the Securities and the Guarantees (including, without limitation, any road show used in connection with the offer or sale of the Securities and the Guarantees), or in any amendment or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and
agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the Endeavour Parties will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in
the Preliminary Memorandum, the Disclosure Package, the Final Memorandum or such other written information, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or
on behalf of any Initial Purchaser through the Representative specifically for inclusion therein. This indemnity agreement will be in addition to any liability that the Endeavour Parties may otherwise have. 

(b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Endeavour Parties, each of their
directors, each of their officers, and each person who controls the Endeavour Parties within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity to each Initial Purchaser, but only with reference to
written information relating to such Initial Purchaser furnished to the Company by or on behalf of such Initial Purchaser through the Representative specifically for inclusion in the Preliminary

  
 27 

 
Memorandum, the Disclosure Package or the Final Memorandum (or in any amendment or supplement thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser
may otherwise have. The Company acknowledges that (i) the statements set forth in the last paragraph of the cover page regarding delivery of the Securities and (ii) under the heading “Plan of Distribution,” (A) the sentences
related to concessions, and (B) the sentences related to stabilization, syndicate covering transactions and penalty bids in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing by or on behalf
of the Initial Purchasers for inclusion in the Preliminary Memorandum, the Disclosure Package or the Final Memorandum or in any amendment or supplement thereto. 
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against
the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or
(b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel,
retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to
represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if
(i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the
indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the
indemnifying party shall authorize the indemnified party in writing to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are
actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 

(d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient
to hold harmless an indemnified party for any reason, the Endeavour Parties and the Initial Purchasers severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in

  
 28 

 
connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which any of the Endeavour Parties and one or more of the Initial
Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits received by the Endeavour Parties on the one hand and by the Initial Purchasers on the other from the offering of the Securities; provided,
however, that in no case shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the Endeavour Parties and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of
the Endeavour Parties on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Endeavour
Parties shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by the Company, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and
commissions. Relative fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by
the Company on the one hand or the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Endeavour Parties and the
Initial Purchasers agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding
the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section 8, each person who controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall
have the same rights to contribution as such Initial Purchaser, and each person who controls any of the Endeavour Parties within the meaning of either the Act or the Exchange Act and each officer and director of the Endeavour Parties shall have the
same rights to contribution as the Endeavour Parties, subject in each case to the applicable terms and conditions of this paragraph (d). 
 9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the First Priority Notes agreed to be purchased by such Initial Purchaser
hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective
proportions which the principal amount of First Priority Notes set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of First Priority Notes set forth opposite the names of all the remaining Initial
Purchasers) the First Priority Notes which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of First Priority Notes which the
defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of First Priority Notes set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to
purchase all, but shall not be under any obligation to purchase any, of the First Priority Notes, and if such nondefaulting Initial Purchasers do not purchase all the First Priority Notes, this Agreement will

  
 29 

 
terminate without liability to any nondefaulting Initial Purchaser or any of the Endeavour Parties. In the event of a default by any Initial Purchaser as set forth in this Section 9, the
Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representative shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing
contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Endeavour Parties or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder. 

10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Representative, by notice given
to the Company prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in the Company’s common stock shall have been suspended by the Commission or the New York Stock Exchange or trading in
securities generally on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium shall have been declared either by U.S. federal or New York State
authorities; or (iii) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make
it, in the sole judgment of the Representative, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement
thereto). 
 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties,
indemnities and other statements of the Endeavour Parties or their officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of
the Initial Purchasers or the Endeavour Parties or any of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the
termination or cancellation of this Agreement. 
 12. Notices. All communications hereunder will be in writing and
effective only on receipt, and, if sent to the Representative, will be mailed, delivered or telefaxed to the Citigroup General Counsel (fax no.: (212) 816-7912) and confirmed to Citigroup at 388 Greenwich Street, New York, New York 10013,
Attention: General Counsel; or, if sent to any of the Endeavour Parties, will be mailed, delivered or telefaxed to J. Michael Kirksey (fax no.: (813) 307-8794) and confirmed to it at 811 Main Street, Suite 2100, Houston, TX 77002, Attention:
Chief Financial Officer. 
 13. Successors. This Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and no other person will have any right or obligation hereunder. 

14. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Endeavour
Parties and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 

  
 30 

 15. Applicable Law. This Agreement will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 
 16.
Jurisdiction. Each of the Endeavour Parties hereby agrees that any suit, action or proceeding against the Endeavour Parties brought by any Initial Purchaser, the directors, officers, employees and agents of any Initial Purchaser, or by any
person who controls any Initial Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any
objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. 

17. Waiver of Jury Trial. Each of the Endeavour Parties hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 18. No Fiduciary Duty. Each of the Endeavour Parties hereby acknowledges that (a) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial
transaction between the Endeavour Parties, on the one hand, and the Initial Purchasers and any Affiliate through which it may be acting, on the other, (b) the Initial Purchasers are acting as principal and not as an agent or fiduciary of the
Endeavour Parties and (c) the Company’s engagement of the Initial Purchasers in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, each of the
Endeavour Parties agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether any of the Initial Purchasers has advised or is currently advising any of the Endeavour Parties on related
or other matters). Each of the Endeavour Parties agrees that they will not claim that the Initial Purchasers have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Endeavour Parties, in
connection with such transaction or the process leading thereto. 
 19. Waiver of Tax Confidentiality. Notwithstanding
anything herein to the contrary, purchasers of the Securities (and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any
transaction contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax structure, other than any information for
which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
 20. Counterparts. This
Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
 21. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 

  
 31 

 22. Definitions. The terms that follow, when used in this Agreement, shall have the
meanings indicated. 
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Affiliate” shall have the meaning specified in Rule 501(b) of
Regulation D. 
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on
which banking institutions or trust companies are authorized or obligated by law to close in The City of New York or Houston, Texas. 
 “Citigroup” shall mean Citigroup Global Markets Inc. 
 “Code”
shall mean the Internal Revenue Code of 1986, as amended. 
 “Commission” shall mean the Securities and Exchange
Commission. 
 “Disclosure Package” shall mean collectively (i) the Preliminary Memorandum, as amended or
supplemented at the Execution Time, (ii) the Preliminary Supplement, as amended or supplemented at the Execution Time, (iii) the final term sheet prepared pursuant to Section 5(b) hereto and in the form attached as Schedule III hereto
and (iii) any Issuer Written Information. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Execution Time” shall mean 4:00
p.m., New York City time, on February 13, 2012. 
 “Investment Company Act” shall mean the Investment Company Act
of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Issuer Written
Information” shall mean any writings in addition to the Preliminary Memorandum that the parties expressly agree in writing to treat as part of the Disclosure Package. 
 “Regulation D” shall mean Regulation D under the Act. 

“Regulation S” shall mean Regulation S under the Act. 

“Regulation S-X” shall mean Regulation S-X under the Act. 

“Subsidiaries” shall mean the subsidiaries of the Company set forth on Exhibit 21.1 to the Company’s Annual Report on Form
10-K for the year ended December 31, 2010. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939,
as amended, and the rules and regulations of the Commission promulgated thereunder. 

  
 32 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Initial Purchasers. 

 

			
	Very truly yours,
	
	ENDEAVOUR INTERNATIONAL CORPORATION
		
	By:	 	/s/ Cathy Stubbs
	Name:	 	Cathy Stubbs
	Title:	 	Senior Vice President, Finance
	
	ENDEAVOUR OPERATING CORPORATION
		
	By:	 	/s/ Cathy Stubbs
	Name:	 	Cathy Stubbs
	Title:	 	Senior Vice President, Finance
	
	 ENDEAVOUR ENERGY NEW VENTURES, INC.

		
	By:	 	/s/ Cathy Stubbs
	Name:	 	Cathy Stubbs
	Title:	 	Senior Vice President, Finance
	
	END MANAGEMENT COMPANY
		
	By:	 	/s/ Cathy Stubbs
	Name:	 	Cathy Stubbs
	Title:	 	Senior Vice President, Finance

 [Signature Page to Purchase Agreement] 

 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written. 

Citigroup Global Markets Inc. 
 For itself and
the other several 
 Initial Purchasers named in 
 Schedule I to the foregoing Agreement. 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	/s/ Christopher Abbate
	Name:	 	Christopher Abbate
	Title:	 	Managing Director

 [Signature Page to Purchase Agreement] 

 SCHEDULE I 

 

					
	 Initial Purchasers
	  	Principal
Amount of First
Priority Notes to
be Purchased	 
	 Citigroup Global Markets Inc.
	  	$	280,000,000	  
	 BNP Paribas Securities Corp.
	  	$	21,000,000	  
	 FBR Capital Markets & Co.
	  	$	12,250,000	  
	 Global Hunter Securities, LLC
	  	$	12,250,000	  
	 Imperial Capital, LLC
	  	$	12,250,000	  
	 Wunderlich Securities, Inc.
	  	$	12,250,000	  
	 Total
	  	$	350,000,000	  
		  	  
	  
	 

  

  
 Schedule I

 SCHEDULE II 
  

  
 Schedule II

 SCHEDULE III 
 Endeavour International Corporation 
 12% First Priority Notes due 2018

 12% Second Priority Notes due 2018 
 February 13, 2012 
 Pricing Supplement dated February 13, 2012 to the
Preliminary Offering Memorandum dated January 31, 2012 of Endeavour International Corporation and its Preliminary Supplement dated February 13, 2012. This Pricing Supplement is qualified in its entirety by reference to the Preliminary
Offering Memorandum as modified by the Preliminary Supplement. The information in this Pricing Supplement supplements the Preliminary Offering Memorandum as modified by the Preliminary Supplement and supersedes the information in the Preliminary
Offering Memorandum as modified by the Preliminary Supplement to the extent it is inconsistent with the information in the Preliminary Offering Memorandum as modified by the Preliminary Supplement. Capitalized terms used in this Pricing Supplement
but not defined herein have the meanings given to them in the Preliminary Offering Memorandum as modified by the Preliminary Supplement. 
  

			
		
	 Issuer:
	  	Endeavour International Corporation (the “Company”)
		
	 Guarantees:
	  	Existing and future domestic subsidiaries of the Company
		
	 Security Description:
	  	 12% First Priority Notes due 2018
 12% Second Priority Notes due 2018

		
	 Aggregate Principal Amount Offered:
	  	 $350,000,000 First Priority Notes
 $150,000,000 Second Priority Notes

		
	 Maturity:
	  	 March 1, 2018 First Priority Notes
 June 1, 2018 Second Priority Notes

		
	 Coupon:
	  	 12.000% First Priority Notes

12.000% Second Priority Notes

		
	 Offering Prices:
	  	 96% First Priority Notes

96% Second Priority Notes

		
	 Yield to Maturity:
	  	 12.975% First Priority Notes

12.954% Second Priority Notes

		
	 Spread to Benchmark Treasury:
	  	 1159 bps First Priority Notes

1157 bps Second Priority Notes

		
	 Benchmark Treasury:
	  	1.25% due January 31, 2019
		
	 Gross Proceeds:
	  	 $336,000,000 First Priority Notes
 $144,000,000 Second Priority Notes

		
	 Net Proceeds (before expenses):
	  	 $327,600,000 First Priority Notes
 $140,400,000 Second Priority Notes

		
	 Interest Payment Dates:
	  	March 1 and September 1, beginning September 1, 2012 and at final maturity of the Second Priority Notes
		
	 Record Dates:
	  	February 15 and August 15 of each year

  
 Schedule III

			
		
	 Change of Control:
	  	Upon the occurrence of a “change of control” the Company must offer to repurchase the notes at 101% of the principal amount of the notes, plus accrued and unpaid
interest to the date of repurchase.
		
	 Optional Redemption:
	  	 Beginning on March 1, 2015, the Company may redeem some or all of the notes at the redemption prices listed in the table below,
together with any accrued and unpaid interest on the notes to the date of redemption.
  
 Year                               
                                     
Percentage

2015                         
                                         
   106.000%

2016                         
                                         
   103.000%

2017                         
                                         
   100.000%

		
	 Optional Redemption with Equity Proceeds
	  	In addition, at any time prior to March 1, 2015, the Company may redeem up to 35% of the notes of each series from the proceeds of certain sales of its equity securities at
112.00% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the aggregate principal amount of the notes issued under the applicable indenture remains outstanding after such redemption and
the redemption occurs within 180 days after the date of the closing of such equity offering.
		
	 Redemption at Make-Whole Premium
	  	 Prior to March 1, 2015, the Company may redeem some or all of the notes at a price equal to the sum of the principal amount thereof,
plus the Make Whole Premium at the redemption date, together with any accrued and unpaid interest to the date of redemption.
  

“Make Whole Premium” means, with respect to a note at any time, the greater of (1) 1.0% of the principal amount of such note and (2) the excess,
if any, of (a) the present value at such time of (i) the redemption price of such note at March 1, 2015 (such redemption price being set forth in the table appearing under the caption “— Optional Redemption”), plus (ii) any required
interest payments due on such note through March 1, 2015 (except for currently accrued and unpaid interest), computed using a discount rate equal to the Treasury Rate at such time plus 50 basis points, discounted to the redemption date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months), over (b) the principal amount of such note.
  
 “Treasury Rate” means, as of any redemption date, the weekly average yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the redemption date to March 1, 2015; provided, however, that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average
yield is given, the Company shall obtain the Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if
the period from the redemption date to March 1, 2015 is less than one year, the weekly average yield on

  
 Schedule III

			
		  	actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a) calculate the Treasury Rate on the second Business
Day preceding the applicable redemption date and (b) on or prior to such redemption date file with the trustee an officers’ certificate setting forth the Make Whole Premium and the Treasury Rate and showing the calculation of each in reasonable
detail.
		
	 Trade Date:
	  	February 13, 2012
		
	 Settlement Date:
	  	February 23, 2012 (T+7)
		
	 Distribution:
	  	Rule 144A and Regulation S with registration rights.
		
	 CUSIP/ISIN Numbers:
	  	 First Priority Notes:

Reg S: U29175 AA1/USU29175AA17
 144A: 29259G
AB7/US29259GAB77
  
 Second Priority Notes:

Reg S: U29175 AB9/USU29175AB99
 144A: 29259G
AD3/US29259GAD34

		
	 Initial Purchasers:
	  	 First Priority Notes:

Citigroup Global Markets Inc.
 BNP Paribas
Securities Corp.
 FBR Capital Markets & Co.
 Global Hunter Securities, LLC
 Imperial Capital, LLC

Wunderlich Securities, Inc.
  
 Second Priority Notes:
 Citigroup Global Markets Inc.

 This Pricing Supplement is strictly confidential and has been prepared by the Issuer solely for use in
connection with the proposed offering of the securities described in the Preliminary Offering Memorandum. This Pricing Supplement is personal to each offeree and does not constitute an offer to any other person or the public generally to subscribe
for or otherwise acquire the securities. Please refer to the Preliminary Offering Memorandum, as modified by the Preliminary Supplement and this Pricing Supplement, for a complete description of the securities. 

The securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being
offered only to (1) “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act, and this
communication is only being distributed to such persons. 
 This communication is not an offer to sell the securities and
it is not a solicitation of an offer to buy the securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such
disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. 

  
 Schedule III

 SCHEDULE IV 
 GUARANTORS 
 Endeavour Operating Corporation 

Endeavour Energy New Ventures, Inc. 
 END
Management Company 

  
 Schedule IV

 SCHEDULE V 
 FOREIGN QUALIFICATIONS 
  

			
	 	  	 Good Standing

	Endeavour International Corporation	  	Texas
	Endeavour Operating Corporation	  	 Alabama
 Louisiana
 Montana

New Mexico

Pennsylvania

Texas

	Endeavour Energy New Ventures, Inc.	  	Texas
	END Management Company	  	None
	Endeavour Energy UK	  	None

  
 Schedule VSecond Amendment, dated August 4, 2011

 Exhibit 10.1 
 NOTE: PORTIONS OF THIS AGREEMENT ARE THE SUBJECT OF A 
 CONFIDENTIAL
TREATMENT REQUEST BY THE REGISTRANT TO THE 
 SECURITIES AND EXCHANGE COMMISSION. SUCH PORTIONS HAVE BEEN 

REDACTED AND ARE MARKED WITH A “[****]” IN PLACE OF THE REDACTED 

LANGAUGE. 

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of August 4,
2011, is by and among PENSON WORLDWIDE, INC., a Delaware corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and each individually, a “Lender”),
REGIONS BANK, as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender, and Letter of Credit Issuer, REGIONS CAPITAL MARKETS, a division of Regions Bank, as Lead Arranger and Bookrunner, THE PRIVATE
BANK AND TRUST COMPANY, as Syndication Agent (the “Syndication Agent”) and TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, and CAPITAL ONE, N.A., as Co-Documentation Agents (the “Documentation Agent”). 

RECITALS: 
 A.
The Borrower, the Lenders party thereto and the Administrative Agent have entered into that certain Second Amended and Restated Credit Agreement dated as of May 6, 2010 (as the same has been and may be amended, modified, supplemented or
restated from time to time, the “Credit Agreement”). 
 B. The Borrower, the Lenders, and the Administrative
Agent now desire to amend the Credit Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the premises herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders party hereto hereby agree as follows: 

ARTICLE I 

Definitions 
 Section 1.1 Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Credit Agreement, as amended hereby.

 ARTICLE II 
 Amendments to the Credit Agreement 
 Section 2.1 Amendments to
Section 1.01 of the Credit Agreement. 
 (a) Effective as of the date hereof, the following definitions shall be added
to Section 1.01 of the Credit Agreement in alphabetical order to read in their entirety as follows: 

“Futures Merger” means the proposed amalgamation of PFS and Penson Futures (whether by merger,
consolidation, asset sale or otherwise) after the Second Amendment Effective Date. 
 “Second Amendment
Effective Date” means August 4, 2011. 
 (b) Effective as of the date hereof, the following definitions in
Section 1.01 of the Credit Agreement shall be amended and restated to read in their entirety as follows: 
 “Consolidated EBITDA” means, for any period, and in all cases without duplication, for the Borrower and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net
Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Interest Charges for such period, (ii) the provision for Federal, state, local and foreign income taxes payable by
the Borrower and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) non-cash stock based compensation, (v) costs, expenses and fees incurred in connection with the Ridge Acquisition, the 2017 Notes
Offering, the 2014 Notes Offering, the Existing Credit Agreement and this Agreement (including amendments hereto), and (vi) all one-time, non-recurring expenses incurred or charged to income during such period (including, without limitation,
write downs for the second fiscal quarter of 2011 of problem accounts receivable in existence as of the Second Amendment Effective Date, in an aggregate amount up to but not exceeding $43,000,000) minus (b) the following to the extent included
in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income tax credits of the Borrower and its Subsidiaries for such period and (ii) all non cash items increasing Consolidated Net Income for such period. In
addition, for the twelve month period following the closing of the Ridge Acquisition, the calculation of Consolidated EBITDA shall include an amount equal to $1,050,000 for any month (commencing with the first full month after the closing of the
Ridge Acquisition) for which the actual EBITDA earned by PFS and attributable to correspondent clearing contracts acquired in the Ridge Acquisition is not included in the calculation of Consolidated EBITDA. 

“Equity Repurchase” means the Borrower's repurchase of its Equity Interests (a) with respect to
(i) any shares withheld to cover tax-withholding requirements relating to the vesting of restricted stock units issued pursuant to, and other ordinary course repurchases in respect of, the 2000 Stock Incentive Plan and (ii) upon the
consent of the Required Lenders, any other restricted stock units or stock options repurchased from former employees, directors or contractors in accordance with the terms of the Borrower's restricted stock unit or stock option plans; and
(b) in connection with the workout and/or restructuring of problem accounts receivable in existence as of the Second Amendment Effective Date, in an aggregate amount for clause (b) up to but not exceeding 1,250,000 shares of Borrower
stock. 
  

  
 2 

 “Total Commitments” means the Commitments of all the
Lenders in an aggregate amount up to but not exceeding $50,000,000, as may be increased in accordance with Section 2.14(a). 
 Section 2.2 Amendment to Section 2.01 of the Credit Agreement. Effective as of the date hereof, Section 2.01 of the Credit Agreement shall be amended and restated to read in
its entirety as follows: 
 2.01 Revolving Loans. Subject to the terms and conditions set forth herein,
each Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the
amount of such Lender's Commitment; provided, however, that after giving effect to any Revolving Borrowing, (i) the Total Outstandings shall not exceed the Total Commitments, and (ii) the aggregate Outstanding Amount of the
Revolving Loans of any Lender, plus such Lender's Pro Rata Percentage of the Outstanding Amount of all Letter of Credit Obligations, plus such Lender’s Pro Rata Percentage of the Outstanding Amount of all Swing Line Loans shall
not exceed such Lender's Commitment; and provided further that, notwithstanding anything in this Agreement to the contrary, (a) at any time that the Consolidated Leverage Ratio is greater than or equal to **** to **** for a measurement
period (on a pro forma basis after giving effect to any proposed Borrowing), no new Borrowings shall be requested, and (b) at any time that the Consolidated Leverage Ratio is greater than the Original Consolidated Leverage Ratio for a
measurement period, Availability shall be limited to $25,000,000 for general corporate purposes. Within the limits of each Lender's Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this
Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Revolving Loans may be Base Rate Loans or LIBOR Rate Loans, as further provided herein. 

Section 2.3 Amendments to Section 2.05 of the Credit Agreement. 

(a) Effective as of the date hereof, Section 2.05(d) of the Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 (d) (i) Upon the Disposition of assets by the Borrower or any Subsidiary as permitted in
Section 7.05(c) (for the avoidance of doubt, JBO Stock and Equity Interests shall not be considered assets for purposes of this subsection (d)(i)) 100% of the Net Cash Proceeds shall be paid within two Business Days to the Administrative
Agent to be applied to the Loans (if any Loans are outstanding), and the Total Commitments shall be permanently reduced by the amount of the Net Cash Proceeds of such Disposition provided, however, that, with respect to any Net Cash Proceeds
realized under a Disposition described in this Section 2.05(d)(i), at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or prior to the date of such Disposition), and so long as no Default shall
have occurred and be continuing, the Borrower or such Subsidiary may, instead of applying such amounts to the Loans, reinvest all or any portion of such Net Cash Proceeds in operating assets (including

  
 3 

 
investments in capital of Subsidiaries) so long as within 90 days after the receipt of such Net Cash Proceeds, such purchase shall have been consummated (as certified by the Borrower in writing
to the Administrative Agent); and provided further, however, that any Net Cash Proceeds not subject to such definitive agreement or so reinvested by such time shall be immediately applied to the prepayment of the Loans as set forth in this
Section 2.05(d)(i) along with a corresponding permanent reduction to the Total Commitments. The provisions of this Section 2.05(d)(i) do not constitute a consent to the consummation of any Disposition not otherwise permitted
hereunder. 
 (ii) Upon any Disposition by the Borrower or any Subsidiary permitted in
Section 7.04(c) and Section 7.05(e), 100% of the Net Cash Proceeds shall be paid within two Business Days to the Administrative Agent to be applied to the Loans (if any Loans are outstanding); and if so elected by the
Borrower to permanently reduce the Total Commitments. The provisions of this Section 2.05(d)(ii) do not constitute a consent to the consummation of any Disposition not otherwise permitted hereunder. 

(iii) To the extent consented to by applicable regulatory authorities, following the departure of **** as a customer of
the Borrower, or the upon the consummation of the Futures Merger, should the Regulatory Capital of PFS exceed ****% of Debit Balances for three consecutive Business Days 100% of the net amount of Regulatory Capital in excess of ****% of Debit
Balances shall be paid within two Business Days to the Administrative Agent to be applied to the Loans (if any Loans are outstanding) and if so elected by the Borrower to permanently reduce the Total Commitments. The provisions of this
Section 2.05(d)(iii) do not constitute a consent to the consummation of any Disposition or other action not otherwise permitted hereunder. 
 (b) Effective as of the date hereof, Section 2.05(f) of the Credit Agreement shall be amended and restated to read in its entirety as follows: 

(f) If during the six-month period beginning on each of July 1, 2011, January 1, 2012, and July 1,
2012 (each, a “Clean Down Period”) the Consolidated Leverage Ratio, as set forth in a Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a) in respect of a fiscal quarter ending during
the applicable Clean Down Period, is greater than **** to ****, there shall be a period of at least thirty (30) consecutive days during the applicable Clean Down Period during which (i) the Total Outstandings shall be zero and (ii) no
additional Loans shall be made and no Letters of Credit shall be issued; provided, however, that any Clean Down Period shall terminate prior to the end of any such six-month period if and at such time as the Borrower submits its
regularly scheduled quarterly Compliance Certificate evidencing that the Consolidated Leverage Ratio is less than or equal to **** to ****. 

  
 4 

 Section 2.4 Amendments to Section 7.02 of the Credit Agreement. 

(a) Effective as of the date hereof, Section 7.02(i) of the Credit Agreement shall be amended to remove the “and”
at the end thereof. 
 (b) Effective as of the date hereof, Section 7.02(j) of the Credit Agreement shall be amended
to delete the “..” at the end thereof and substituting “; and” in lieu thereof. 
 (c) Effective as of the
date hereof, Section 7.02 of the Credit Agreement shall be amended to add a new Section 7.02(k) to read in its entirety as follows: 
 (k) Investments in connection with the workout and/or restructuring of problem accounts receivable (including Investments in connection with the workout and/or restructuring of Investments received in
respect of such accounts receivable), so long as any new advances of capital made in connection with such workout and/or restructuring shall not exceed $**** in the aggregate over the term of this Agreement. 

Section 2.5 Amendments to Section 7.04 of the Credit Agreement. 

(a) Effective as of the date hereof, Section 7.04(a) of the Credit Agreement shall be amended to remove the “and”
at the end thereof. 
 (b) Effective as of the date hereof, Section 7.04(b) of the Credit Agreement shall be amended
to delete the “.” at the end thereof and substituting “; and” in lieu thereof. 
 (c) Effective as of the
date hereof, Section 7.04 of the Credit Agreement shall be amended to add a new Section 7.04(c) to read in its entirety as follows: 
 (c) without limitation to Section 7.04(b), the Borrower or any Subsidiary may Dispose of any Subsidiary (other than PFS or, to the extent that Penson Futures is the surviving entity after
consummation of the Futures Merger, Penson Futures), whether by Disposal of assets, securities or by way of merger or consolidation, to any Person of all or substantially all of the assets and/or Equity Interests of such Subsidiary, provided
that the Net Cash Proceeds are paid to the Administrative Agent as required by Section 2.05(d), and provided further that any such Disposition shall be for fair market value. 

Section 2.6 Amendments to Section 7.05 of the Credit Agreement. 

(a) Effective as of the date hereof, Section 7.05(c) of the Credit Agreement shall be amended by replacing “Section
2.05(d)” with “Section 2.05(d)(i)” and removing the “and” at the end thereof. 
 (b)
Effective as of the date hereof, Section 7.05(d) of the Credit Agreement shall be amended to delete the “.” at the end thereof and substituting “; and” in lieu thereof. 

(c) Effective as of the date hereof, Section 7.05 of the Credit Agreement shall be amended to add a new
Section 7.05(e) to read in its entirety as follows: 
 (e) Dispositions of assets in connection with
the workout and/or restructuring of problem accounts receivable (including Investments received in respect of such accounts receivable), provided that the Net Cash Proceeds are paid to the Administrative Agent as required by
Section 2.05(d)(i). 

  
 5 

 (d) Effective as of the date hereof, the last proviso of Section 7.05 of the
Credit Agreement shall be amended and restated to read in its entirety as follows: 
 provided, however, that any
Disposition pursuant to clauses (a), (b), (c), (d) and (e) shall be for fair market value. 
 Section 2.7
Amendments to Section 7.08 of the Credit Agreement. 
 (a) Effective as of the date hereof, Section 7.08 of the
Credit Agreement shall be amended by adding after “Affiliate of the Borrower” at the beginning of the second line thereof “(other than the Borrower or a Subsidiary)”. 

Section 2.8 Amendment to Section 7.16(b) of the Credit Agreement. Effective as of the date hereof,
Section 7.16(b) of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 (b) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter measured quarterly in arrears on a rolling four quarter basis
of the Borrower to be less than (i) for the fiscal quarter ending on each of September 30, 2011 and December 31, 2011, **** to **** and (ii) for the fiscal quarter ending on March 31, 2012 and thereafter, **** to ****.

 Section 2.9 Amendment to Section 7.16(c) of the Credit Agreement. Effective as of the date hereof,
Section 7.16(c) of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 (c) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter measured quarterly in arrears on a rolling four quarter basis to be greater than
(i) for the fiscal quarter ending March 31, 2012 through the fiscal quarter ending September 30, 2012, **** to **** and (ii) for the fiscal quarter ending December 31, 2012 and thereafter, **** to ****. The Consolidated
Leverage Ratio shall not be tested for the fiscal quarter ending **** through the fiscal quarter ending ****. 

Section 2.10 Amendment to Schedule 2.01 to the Credit Agreement. Effective as of the Second Amendment Effective Date,
Schedule 2.01 to the Credit Agreement is hereby replaced with the Schedule 2.01 attached hereto for all purposes under the Credit Agreement, and any reference to Schedule 2.01 in any Loan Document shall refer to the Schedule 2.01 attached hereto.

  
 6 

 ARTICLE III 
 Conditions Precedent to Effectiveness 
 Section 3.1 Conditions.
The effectiveness of this Amendment is subject to the full satisfaction of each of the following conditions precedent: 
 (a)
Documents. The Administrative Agent shall have received all of the following, in form and substance satisfactory to the Administrative Agent: 
 (i) Amendment. Executed counterparts of this Amendment, sufficient in number for distribution to the Administrative Agent, each Lender and the Borrower. 

(ii) Amendment Fee. Payment of an amendment fee in an amount of ****% of the Commitment (as reduced pursuant to
this Amendment) of each Lender executing this Amendment. Such amendment fee is due and payable on or before 5:00 pm Central time on the closing date of this Amendment. 

(iii) Other Fees. Any fees required to be paid on or before the date hereof shall have been paid, including those
fees required to be paid in that certain Fee Letter dated as of July 20, 2011, among the Borrower, the Administrative Agent, and Regions Capital Markets, a division of Regions Bank. 

(iv) Additional Information. Such additional documents, instruments and information as the Administrative Agent,
the Letter of Credit Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
 (b) No Default or Event
of Default. No Default shall exist or would result from the execution of this Amendment. 
 (c) No Material Adverse
Effect. Since the date of the most recent financial statements delivered by the Borrower to the Administrative Agent, no event or circumstance has occurred that has had or would be reasonably expected to have, either individually or in the
aggregate, a Material Adverse Effect. 
 (d) Representations and Warranties. All of the representations and warranties
contained in Article V of the Credit Agreement as amended hereby and in the other Loan Documents shall be true and correct on and as of the date hereof, with the same force and effect as if such representations and warranties had been
made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date and except that the representations and
warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01 of the Credit Agreement. 
 ARTICLE IV 

No Waiver 

Section 4.1 No Waiver. Nothing contained herein shall be construed as a waiver by the Administrative Agent or any Lender of
any covenant or provision of the Credit Agreement, this Amendment, or any other Loan Document, or of any other contract or instrument between the Borrower and the Administrative Agent and/or the Lenders, and the failure of the Administrative Agent
and/or any Lender at any time or times hereafter to require strict compliance by the Borrower of any provision thereof shall not waive, affect or diminish any 

  
 7 

 
right of the Administrative Agent or any Lender to thereafter demand strict compliance therewith. The Administrative Agent and the Lenders hereby reserve all rights granted under the Credit
Agreement, this Amendment, the other Loan Documents and any other contract or instrument between the Borrowers and the Administrative Agent and/or the Lenders. 
 ARTICLE V 
 Ratifications, Representations and Warranties 

Section 5.1 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect. The
Borrower, the Administrative Agent and the Lenders agree that the Credit Agreement as amended hereby shall continue to be legal, valid, binding and enforceable in accordance with its terms. 

Section 5.2 Representations and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and each
Lender that (a) the representations and warranties contained in Article V of the Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and as of the date hereof as though made on and as of the date
hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and except that the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit
Agreement, and (b) no Default has occurred and is continuing. 
 ARTICLE VI 

Miscellaneous 
 Section 6.1 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other Loan Document including any Loan Document furnished in connection
with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by the Administrative Agent or any Lender or any closing shall affect the representations and warranties or the right
of the Administrative Agent or any Lender to rely upon them. 
 Section 6.2 Reference to Agreement. Each of the Loan
Documents, including the Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby
amended so that any reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. This Amendment is a Loan Document. 

  
 8 

 Section 6.3 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

Section 6.4 APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN
MADE AND TO BE PERFORMABLE IN TEXAS AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS. 

Section 6.5 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto and
their respective successors and assigns, except the Borrower may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender. 

Section 6.6 Counterparts. This Amendment may be executed in one or more counterparts and by different parties on separate
counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. Delivery of an executed counterpart of any signature pages hereto by telecopy, e-mail
or other electronic transmission shall be effective as delivery of originally executed signature pages. 
 Section 6.7
Effect of Waiver. No consent or waiver, express or implied, by the Administrative Agent and the Lenders to or for any breach of or deviation from any covenant, condition or duty by the Borrower shall be deemed a consent or waiver to or of any
other breach of the same or any other covenant, condition or duty. 
 Section 6.8 Headings. The headings, captions,
and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 

Section 6.9 ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [Remainder of the Page Intentionally Left Blank. Signature Pages to Follow.] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

			
	PENSON WORLDWIDE, INC.
		
	 By:
	 	/s/ Roger J. Engemoen Jr.
		 	  

		 	Name: Roger J. Engemoen Jr.
		 	Title: Chairman

 Signature Page to Second Amendment 

  

			
	REGIONS BANK,
	 as Administrative Agent, a Lender, Letter of
 Credit Issuer and Swing Line Lender

		
	 By:
	 	/s/ Robin Ingane
		 	  

		 	    Name: Robin Ingane
		 	    Title: Sr. Vice Pres.

 Signature Page to Second Amendment 

  

			
	 COMPASS BANK, successor in interest
 to Guaranty Bank, as a Lender

		
	By:	 	/s/ D. Sowards
		 	  

		 	    Name: Debbie Sowards
		 	    Title: Sr. Vice President

 Signature Page to Second Amendment 

  

			
	 CAPITAL ONE, N.A., as a Lender and as
 Co-Documentation Agent

		
	 By:
	 	/s/ Jacob J. Villere
		 	  

		 	    Name: Jacob J. Villere
		 	    Title: VP – US Corporate Banking

 Signature Page to Second Amendment 

  

			
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION, as a Lender and as Co-Documentation Agent
		
	 By:
	 	/s/ Paul Howell
		 	  

		 	    Name: Paul Howell
		 	    Title: Senior Vice President

 Signature Page to Second Amendment 

  

			
	 THE PRIVATEBANK AND TRUST
 COMPANY, as a Lender and as Syndication Agent

		
	By:	 	/s/ Chandra Pierson
		 	  

		 	    Name: Chandra Pierson
		 	    Title: Associate Managing Director

 Signature Page to Second Amendment 

 SCHEDULE 2.01 

COMMITMENTS 

AND PRO RATA PERCENTAGES 
  

									
	 Lender
	  	Commitment	 	 	Pro Rata
Percentage	 
	 Regions Bank
	  	$	*	*** 	 	 	*	***% 
	 Compass Bank, as successor in interest to Guaranty Bank
	  	$	*	*** 	 	 	*	***% 
	 Capital One, N.A.
	  	$	*	*** 	 	 	*	***% 
	 Texas Capital Bank, National Association
	  	$	*	*** 	 	 	*	***% 
	 The PrivateBank and Trust Company
	  	$	*	*** 	 	 	*	***% 
	 Union Bank, N.A.
	  	$	*	*** 	 	 	*	***% 
	 Total
	  	$	*	*** 	 	 	*	***%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]