Document:

EX-10.2

 Exhibit 10.2 
 Execution Version 
 FIRST AMENDMENT TO WARRANT TO PURCHASE

 COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. 
 This FIRST AMENDMENT TO WARRANT TO PURCHASE COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. (this “Amendment”), dated as of February 28, 2013, is by and between AMERICAN
SHALE DEVELOPMENT, INC., a Delaware corporation (the “Company”), and CHAMBERS ENERGY CAPITAL, LP (the “Holder”). 
 WHEREAS, the Company, as Borrower, the Lenders (as defined in the Credit Agreement) and Chambers Energy Management, LP, as administrative agent (the “Agent”), are parties to that
certain Credit Agreement, dated as of February 29, 2012 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”); 

WHEREAS, in connection with the Existing Credit Agreement, the Company issued to the Holder a Warrant to Purchase Common Stock dated as
of April 26, 2012, representing the right to acquire up to that number of shares of the Company’s common stock as more specifically set forth therein (the “Warrant”); 

WHEREAS, on the date hereof, the Company, the Lenders and the Agent have entered into the Amended and Restated Credit Agreement (the
“Credit Agreement”), pursuant to which the Company, the Agent and the Lenders have amended and restated the Existing Credit Agreement in the manner set forth therein; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit under the Credit
Agreement that the Company shall have executed this amendment and delivered it to the Holder; 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. 
 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Warrant. 
 (b) Each reference to “hereof’, “hereunder”, “herein” and “hereby” and each other similar reference contained in the Warrant, each reference to “this
Warrant” contained in the Warrant and each other similar reference contained in the Warrant or any other Loan Document and each reference contained in this Amendment to the “Warrant” shall on and after the First Amendment Effective
Date (as defined below) refer to the Warrant as amended by this Amendment. Any notices, requests, certificates and other instruments executed and delivered on or after the First Amendment Effective Date may refer to the Warrant without making
specific reference to this Amendment but nevertheless all such references shall mean the Warrant as amended by this Amendment unless the context otherwise requires. 

 2. Amendments to Warrant. In reliance on the representations and warranties set
forth in Section 4 below, the parties hereby agree to the following amendments as of the First Amendment Effective Date. 

(a) Section 1 of the Warrant is hereby amended by amending and restating the following defined terms in their entirety: 

“‘Closing Date’ means the “Original Closing Date” as defined in the Credit
Agreement.” 
 “‘Credit Agreement’ means the Amended and Restated Credit
Agreement dated as of February 28, 2013, among the Company, Chambers Energy Management, LP, as administrative agent, and the lenders from time to time party thereto, as the same may be amended, supplemented or otherwise modified from time to
time.” 
 “‘Funding Date’ means the “Original Funding Date” as
defined in the Credit Agreement.” 
 “‘Shallow Interest Assets’ means the Oil
and Gas Properties (as defined in the Credit Agreement) of Parent listed on Schedule 1.1(b)-2 to the Existing Credit Agreement (as defined in the Credit Agreement).” 
 3. Representations and Warranties of Holder. The Company represents and warrants as of the date hereof to the Agent and each Lender that: 

(a) The Company (i) has the power and authority (corporate or otherwise), and the legal right, to make, deliver and perform this
Amendment and (ii) has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment; 
 (b) No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery,
performance, validity or enforceability of this Amendment; and 
 (c) This Amendment (i) has been duly executed and
delivered on behalf of the Company and (ii) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4. Conditions Precedent. The effectiveness of this Amendment is subject to the receipt by the Agent of this Amendment duly
executed and delivered by a Responsible Officer of the Company and by the Agent (the date of satisfaction of such condition precedent, the “First Amendment Effective Date”). 

  
 2 

 5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is
defined in the Credit Agreement. This Amendment is not intended to nor shall it be construed to create a novation or accord and satisfaction with respect to any of the Obligations. 

6. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 7. Integration; Execution. This Amendment and the other Loan Documents
represent the entire agreement of the Company and the Holder with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Holder relative to subject matter hereof and thereof
not expressly set forth or referred to herein or in the other Loan Documents. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart
of this Amendment. 
 8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARDS TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 9. Survival. The representations and warranties contained in Section 3 of this Amendment shall survive the execution and delivery of this Amendment and the First Amendment Effective Date.

 10. Ratification; No Other Amendments; No Waiver. Except as expressly modified hereby, the Warrant is hereby ratified
and confirmed by the parties hereto and remains in full force and effect in accordance with the terms thereof. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to
prejudice, any right, power, privilege or remedy of the Holder, nor shall the entering into of this Amendment preclude any such Person from refusing to enter into any further amendments with respect to the Warrant or any of the other Loan Documents.
Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with any covenant or other provision in the Warrant or any other Loan Document or of the occurrence or continuance of any present or future
Default or Event of Default. 
 11. Costs; Expenses. Subject to and in accordance with Section 9.5 of the Credit
Agreement, regardless of whether the transactions contemplated by this Amendment are consummated, the Holder agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Holder incurred in connection with the
development, preparation, 

  
 3 

 
execution and delivery of this Amendment, including the reasonable fees and disbursements and other charges of counsel and consultants to the Holder. 

12. Headings. The section headings contained in this Amendment are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Amendment. 
 13. Amendments. This Amendment may not be amended or modified except in the
manner specified for an amendment of or modification to the Warrant in Section 17.6 of the Warrant. 
 [Signature Pages
Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	 
	Name: John G. Corp
	Title: President

  
 Signature Page
to 
 First Amendment to Warrant 

 
			
	HOLDER:
	
	CHAMBERS ENERGY CAPITAL, LP
		
	By:	 	 
		 	 Guy Hoffman
 Managing
Director

  

  
 Signature Page
to 
 First Amendment to Warrant 

 Execution Version 

FIRST AMENDMENT TO WARRANT TO PURCHASE 
 COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. 
 This FIRST AMENDMENT TO WARRANT
TO PURCHASE COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. (this “Amendment”), dated as of February 28, 2013, is by and between AMERICAN SHALE DEVELOPMENT, INC., a Delaware corporation (the
“Company”), and CHAMBERS ENERGY CAPITAL EXEMPT SPECIAL, LP (the “Holder”). 

WHEREAS, the Company, as Borrower, the Lenders (as defined in the Credit Agreement) and Chambers Energy Management, LP, as administrative
agent (the “Agent”), are parties to that certain Credit Agreement, dated as of February 29, 2012 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Existing Credit Agreement”); 
 WHEREAS, in connection with the Existing Credit Agreement, the Company
issued to the Holder a Warrant to Purchase Common Stock dated as of April 26, 2012, representing the right to acquire up to that number of shares of the Company’s common stock as more specifically set forth therein (the
“Warrant”); 
 WHEREAS, on the date hereof, the Company, the Lenders and the Agent have entered into the
Amended and Restated Credit Agreement (the “Credit Agreement”), pursuant to which the Company, the Agent and the Lenders have amended and restated the Existing Credit Agreement in the manner set forth therein; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit under the Credit
Agreement that the Company shall have executed this amendment and delivered it to the Holder; 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. 
 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Warrant. 
 (b) Each reference to “hereof’, “hereunder”, “herein” and “hereby” and each other similar reference contained in the Warrant, each reference to “this
Warrant” contained in the Warrant and each other similar reference contained in the Warrant or any other Loan Document and each reference contained in this Amendment to the “Warrant” shall on and after the First Amendment Effective
Date (as defined below) refer to the Warrant as amended by this Amendment. Any notices, requests, certificates and other instruments executed and delivered on or after the First Amendment Effective Date may refer to the Warrant without

 
making specific reference to this Amendment but nevertheless all such references shall mean the Warrant as amended by this Amendment unless the context otherwise requires. 

2. Amendments to Warrant. In reliance on the representations and warranties set forth in Section 4 below, the parties hereby
agree to the following amendments as of the First Amendment Effective Date. 
 (a) Section 1 of the Warrant is hereby
amended by amending and restating the following defined terms in their entirety: 
 “‘Closing
Date’ means the “Original Closing Date” as defined in the Credit Agreement.” 

“‘Credit Agreement’ means the Amended and Restated Credit Agreement dated as of
February 28, 2013, among the Company, Chambers Energy Management, LP, as administrative agent, and the lenders from time to time party thereto, as the same may be amended, supplemented or otherwise modified from time to time.” 

“‘Funding Date’ means the “Original Funding Date” as defined in the Credit
Agreement.” 
 “‘Shallow Interest Assets’ means the Oil and Gas Properties (as
defined in the Credit Agreement) of Parent listed on Schedule 1.1(b)-2 to the Existing Credit Agreement (as defined in the Credit Agreement).” 
 3. Representations and Warranties of Holder. The Company represents and warrants as of the date hereof to the Agent and each Lender that: 

(a) The Company (i) has the power and authority (corporate or otherwise), and the legal right, to make, deliver and perform this
Amendment and (ii) has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment; 
 (b) No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery,
performance, validity or enforceability of this Amendment; and 
 (c) This Amendment (i) has been duly executed and
delivered on behalf of the Company and (ii) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4. Conditions Precedent. The effectiveness of this Amendment is subject to the receipt by the Agent of this Amendment duly
executed and delivered by a Responsible Officer 

  
 2 

 
of the Company and by the Agent (the date of satisfaction of such condition precedent, the “First Amendment Effective Date”). 

5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is defined in the Credit Agreement. This
Amendment is not intended to nor shall it be construed to create a novation or accord and satisfaction with respect to any of the Obligations. 
 6. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

7. Integration; Execution. This Amendment and the other Loan Documents represent the entire agreement of the Company and the
Holder with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Holder relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the
other Loan Documents. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment. 

8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT, INCLUDING ANY CLAIM OR
CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARDS TO CONFLICT
OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 9.
Survival. The representations and warranties contained in Section 3 of this Amendment shall survive the execution and delivery of this Amendment and the First Amendment Effective Date. 

10. Ratification; No Other Amendments; No Waiver. Except as expressly modified hereby, the Warrant is hereby ratified and
confirmed by the parties hereto and remains in full force and effect in accordance with the terms thereof. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to
prejudice, any right, power, privilege or remedy of the Holder, nor shall the entering into of this Amendment preclude any such Person from refusing to enter into any further amendments with respect to the Warrant or any of the other Loan Documents.
Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with any covenant or other provision in the Warrant or any other Loan Document or of the occurrence or continuance of any present or future
Default or Event of Default. 
 11. Costs; Expenses. Subject to and in accordance with Section 9.5 of the Credit
Agreement, regardless of whether the transactions contemplated by this Amendment are 

  
 3 

 
consummated, the Holder agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Holder incurred in connection with the development, preparation, execution
and delivery of this Amendment, including the reasonable fees and disbursements and other charges of counsel and consultants to the Holder. 
 12. Headings. The section headings contained in this Amendment are inserted for convenience only and will not affect in any way the meaning or interpretation of this Amendment. 

13. Amendments. This Amendment may not be amended or modified except in the manner specified for an amendment of or modification
to the Warrant in Section 17.6 of the Warrant. 
 [Signature Pages Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President

  
 Signature Page
to 
 First Amendment to Warrant 

 
			
	HOLDER:
	
	CHAMBERS ENERGY CAPITAL EXEMPT SPECIAL, LP
		
	By:	 	  

		 	 Guy Hoffman
 Managing
Director

  
 Signature Page
to 
 First Amendment to Warrant 

 Execution Version 

FIRST AMENDMENT TO WARRANT TO PURCHASE 
 COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. 
 This FIRST AMENDMENT TO WARRANT
TO PURCHASE COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. (this “Amendment”), dated as of February 28, 2013, is by and between AMERICAN SHALE DEVELOPMENT, INC., a Delaware corporation (the
“Company”), and CHAMBERS ENERGY CAPITAL EXEMPT, LP (the “Holder”). 
 WHEREAS,
the Company, as Borrower, the Lenders (as defined in the Credit Agreement) and Chambers Energy Management, LP, as administrative agent (the “Agent”), are parties to that certain Credit Agreement, dated as of February 29,
2012 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”); 
 WHEREAS, in connection with the Existing Credit Agreement, the Company issued to the Holder a Warrant to Purchase Common Stock dated as of April 26, 2012, representing the right to acquire up to that
number of shares of the Company’s common stock as more specifically set forth therein (the “Warrant”); 
 WHEREAS, on the date hereof, the Company, the Lenders and the Agent have entered into the Amended and Restated Credit Agreement (the “Credit Agreement”), pursuant to which the
Company, the Agent and the Lenders have amended and restated the Existing Credit Agreement in the manner set forth therein; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit under the Credit
Agreement that the Company shall have executed this amendment and delivered it to the Holder; 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. 
 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Warrant. 
 (b) Each reference to “hereof’, “hereunder”, “herein” and “hereby” and each other similar reference contained in the Warrant, each reference to “this
Warrant” contained in the Warrant and each other similar reference contained in the Warrant or any other Loan Document and each reference contained in this Amendment to the “Warrant” shall on and after the First Amendment Effective
Date (as defined below) refer to the Warrant as amended by this Amendment. Any notices, requests, certificates and other instruments executed and delivered on or after the First Amendment Effective Date may refer to the Warrant without making
specific reference to this Amendment but nevertheless all such references shall mean the Warrant as amended by this Amendment unless the context otherwise requires. 

 2. Amendments to Warrant. In reliance on the representations and warranties set forth
in Section 4 below, the parties hereby agree to the following amendments as of the First Amendment Effective Date. 
 (a)
Section 1 of the Warrant is hereby amended by amending and restating the following defined terms in their entirety: 
 “‘Closing Date’ means the “Original Closing Date” as defined in the Credit Agreement.” 

“‘Credit Agreement’ means the Amended and Restated Credit Agreement dated as of
February 28, 2013, among the Company, Chambers Energy Management, LP, as administrative agent, and the lenders from time to time party thereto, as the same may be amended, supplemented or otherwise modified from time to time.” 

“‘Funding Date’ means the “Original Funding Date” as defined in the Credit
Agreement.” 
 “‘Shallow Interest Assets’ means the Oil and Gas Properties (as
defined in the Credit Agreement) of Parent listed on Schedule 1.1(b)-2 to the Existing Credit Agreement (as defined in the Credit Agreement).” 
 3. Representations and Warranties of Holder. The Company represents and warrants as of the date hereof to the Agent and each Lender that: 

(a) The Company (i) has the power and authority (corporate or otherwise), and the legal right, to make, deliver and perform this
Amendment and (ii) has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment; 
 (b) No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery,
performance, validity or enforceability of this Amendment; and 
 (c) This Amendment (i) has been duly executed and
delivered on behalf of the Company and (ii) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4. Conditions Precedent. The effectiveness of this Amendment is subject to the receipt by the Agent of this Amendment duly
executed and delivered by a Responsible Officer of the Company and by the Agent (the date of satisfaction of such condition precedent, the “First Amendment Effective Date”). 

  
 2 

 5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is
defined in the Credit Agreement. This Amendment is not intended to nor shall it be construed to create a novation or accord and satisfaction with respect to any of the Obligations. 

6. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 7. Integration; Execution. This Amendment and the other Loan Documents
represent the entire agreement of the Company and the Holder with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Holder relative to subject matter hereof and thereof
not expressly set forth or referred to herein or in the other Loan Documents. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart
of this Amendment. 
 8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARDS TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 9. Survival. The representations and warranties contained in Section 3 of this Amendment shall survive the execution and delivery of this Amendment and the First Amendment Effective Date.

 10. Ratification; No Other Amendments; No Waiver. Except as expressly modified hereby, the Warrant is hereby ratified
and confirmed by the parties hereto and remains in full force and effect in accordance with the terms thereof. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to
prejudice, any right, power, privilege or remedy of the Holder, nor shall the entering into of this Amendment preclude any such Person from refusing to enter into any further amendments with respect to the Warrant or any of the other Loan Documents.
Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with any covenant or other provision in the Warrant or any other Loan Document or of the occurrence or continuance of any present or future
Default or Event of Default. 
 11. Costs; Expenses. Subject to and in accordance with Section 9.5 of the Credit
Agreement, regardless of whether the transactions contemplated by this Amendment are consummated, the Holder agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Holder incurred in connection with the
development, preparation, 

  
 3 

 
execution and delivery of this Amendment, including the reasonable fees and disbursements and other charges of counsel and consultants to the Holder. 

12. Headings. The section headings contained in this Amendment are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Amendment. 
 13. Amendments. This Amendment may not be amended or modified except
in the manner specified for an amendment of or modification to the Warrant in Section 17.6 of the Warrant. 
 [Signature
Pages Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President

  
 Signature Page
to 
 First Amendment to Warrant 

 
			
	HOLDER:
	
	CHAMBERS ENERGY CAPITAL EXEMPT, LP
		
	By:	 	  

		 	 Guy Hoffman
 Managing
Director

  
 Signature Page
to 
 First Amendment to Warrant 

 Execution Version 

FIRST AMENDMENT TO WARRANT TO PURCHASE 
 COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. 
 This FIRST AMENDMENT TO WARRANT
TO PURCHASE COMMON STOCK OF AMERICAN SHALE DEVELOPMENT, INC. (this “Amendment”), dated as of February 28, 2013, is by and between AMERICAN SHALE DEVELOPMENT, INC., a Delaware corporation (the
“Company”), and CHAMBERS ENERGY CAPITAL EXEMPT, LP (the “Holder”). 
 WHEREAS,
the Company, as Borrower, the Lenders (as defined in the Credit Agreement) and Chambers Energy Management, LP, as administrative agent (the “Agent”), are parties to that certain Credit Agreement, dated as of February 29,
2012 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”); 
 WHEREAS, in connection with the Existing Credit Agreement, the Company issued to the Holder a Warrant to Purchase Common Stock dated as of April 26, 2012, representing the right to acquire up to that
number of shares of the Company’s common stock as more specifically set forth therein (the “Warrant”); 
 WHEREAS, on the date hereof, the Company, the Lenders and the Agent have entered into the Amended and Restated Credit Agreement (the “Credit Agreement”), pursuant to which the
Company, the Agent and the Lenders have amended and restated the Existing Credit Agreement in the manner set forth therein; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit under the Credit
Agreement that the Company shall have executed this amendment and delivered it to the Holder; 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. 
 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Warrant. 
 (b) Each reference to “hereof’, “hereunder”, “herein” and “hereby” and each other similar reference contained in the Warrant, each reference to “this
Warrant” contained in the Warrant and each other similar reference contained in the Warrant or any other Loan Document and each reference contained in this Amendment to the “Warrant” shall on and after the First Amendment Effective
Date (as defined below) refer to the Warrant as amended by this Amendment. Any notices, requests, certificates and other instruments executed and delivered on or after the First Amendment Effective Date may refer to the Warrant without making
specific reference to this Amendment but nevertheless all such references shall mean the Warrant as amended by this Amendment unless the context otherwise requires. 

 2. Amendments to Warrant. In reliance on the representations and warranties set forth
in Section 4 below, the parties hereby agree to the following amendments as of the First Amendment Effective Date. 
 (a)
Section 1 of the Warrant is hereby amended by amending and restating the following defined terms in their entirety: 
 “‘Closing Date’ means the “Original Closing Date” as defined in the Credit Agreement.” 

“‘Credit Agreement’ means the Amended and Restated Credit Agreement dated as of
February 28, 2013, among the Company, Chambers Energy Management, LP, as administrative agent, and the lenders from time to time party thereto, as the same may be amended, supplemented or otherwise modified from time to time.” 

“‘Funding Date’ means the “Original Funding Date” as defined in the Credit
Agreement.” 
 “‘Shallow Interest Assets’ means the Oil and Gas Properties (as
defined in the Credit Agreement) of Parent listed on Schedule 1.1(b)-2 to the Existing Credit Agreement (as defined in the Credit Agreement).” 
 3. Representations and Warranties of Holder. The Company represents and warrants as of the date hereof to the Agent and each Lender that: 

(a) The Company (i) has the power and authority (corporate or otherwise), and the legal right, to make, deliver and perform this
Amendment and (ii) has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment; 
 (b) No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority or any other Person is required in connection with the execution, delivery,
performance, validity or enforceability of this Amendment; and 
 (c) This Amendment (i) has been duly executed and
delivered on behalf of the Company and (ii) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company, in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 

4. Conditions Precedent. The effectiveness of this Amendment is subject to the receipt by the Agent of this Amendment duly
executed and delivered by a Responsible Officer of the Company and by the Agent (the date of satisfaction of such condition precedent, the “First Amendment Effective Date”). 

  
 2 

 5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is
defined in the Credit Agreement. This Amendment is not intended to nor shall it be construed to create a novation or accord and satisfaction with respect to any of the Obligations. 

6. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 7. Integration; Execution. This Amendment and the other Loan Documents
represent the entire agreement of the Company and the Holder with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Holder relative to subject matter hereof and thereof
not expressly set forth or referred to herein or in the other Loan Documents. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart
of this Amendment. 
 8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARDS TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 9. Survival. The representations and warranties contained in Section 3 of this Amendment shall survive the execution and delivery of this Amendment and the First Amendment Effective Date.

 10. Ratification; No Other Amendments; No Waiver. Except as expressly modified hereby, the Warrant is hereby ratified
and confirmed by the parties hereto and remains in full force and effect in accordance with the terms thereof. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver of, or to
prejudice, any right, power, privilege or remedy of the Holder, nor shall the entering into of this Amendment preclude any such Person from refusing to enter into any further amendments with respect to the Warrant or any of the other Loan Documents.
Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with any covenant or other provision in the Warrant or any other Loan Document or of the occurrence or continuance of any present or future
Default or Event of Default. 
 11. Costs; Expenses. Subject to and in accordance with Section 9.5 of the Credit
Agreement, regardless of whether the transactions contemplated by this Amendment are consummated, the Holder agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Holder incurred in connection with the
development, preparation, 

  
 3 

 
execution and delivery of this Amendment, including the reasonable fees and disbursements and other charges of counsel and consultants to the Holder. 

12. Headings. The section headings contained in this Amendment are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Amendment. 
 13. Amendments. This Amendment may not be amended or modified except
in the manner specified for an amendment of or modification to the Warrant in Section 17.6 of the Warrant. 
 [Signature
Pages Follow] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President

  
 Signature Page
to 
 First Amendment to Warrant 

 
			
	HOLDER:
	
	CHAMBERS ENERGY CAPITAL EXEMPT, LP
		
	By:	 	  

		 	 Guy Hoffman
 Managing
Director

  
 Signature Page
to 
 First Amendment to WarrantEX-10.3

 Exhibit 10.3 
 Execution Version 
 FIRST AMENDMENT TO GUARANTEE AND
SECURITY AGREEMENT 
 This FIRST AMENDMENT TO GUARANTEE AND SECURITY AGREEMENT (this “Amendment”), dated
as of February 28, 2013, is by and among TRANS ENERGY, INC., a Nevada corporation (“Holdings”), AMERICAN SHALE DEVELOPMENT, INC., a Delaware corporation (“Borrower”), PRIMA OIL COMPANY, INC., a
Delaware corporation (“Prima”), and CHAMBERS ENERGY MANAGEMENT, LP, as the administrative agent for the lenders (in such capacity, the “Agent”) under the Credit Agreement (as defined below).

 WHEREAS, Borrower, the Lenders (as defined in the Credit Agreement) and the Agent are parties to that certain Credit
Agreement, dated as of February 29, 2012 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”); 

WHEREAS, in connection with the Credit Agreement, Borrower, Holdings and Prima entered into that certain Guarantee and Security Agreement
(the “Security Agreement”), dated as of April 26, 2012, in favor of the Agent, pursuant to which the Guarantors (as defined in the Security Agreement) guaranteed the Borrower Obligations (as defined in the Security
Agreement) and the Grantors (as defined in the Security Agreement) granted certain liens to secure the Obligations (as defined in the Security Agreement); 
 WHEREAS, on the date hereof, Borrower, the Lenders and the Agent have entered into the Amended and Restated Credit Agreement (the “Credit Agreement”), pursuant to which Borrower,
the Agent and the Lenders have amended and restated the Existing Credit Agreement in the manner set forth therein; and 

WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit under the Credit
Agreement that the Grantors shall have executed this amendment and delivered it to the Agent. 
 NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. Defined Terms. 
 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Security Agreement. The principles of interpretation set forth in Section 1.2 of the
Security Agreement shall apply to the provisions of this Amendment. 
 (b) Each reference to “hereof’,
“hereunder”, “herein” and “hereby” and each other similar reference contained in the Security Agreement, each reference to “this Agreement” contained in the Security Agreement, each reference to “the
Guaranty and Security Agreement” and each other similar reference contained in the Security Agreement or any other Loan Document and each reference contained in this Amendment to the “Security

 
Agreement” shall on and after the First Amendment Effective Date (as defined below) refer to the Security Agreement as amended by this Amendment. Any notices, requests, certificates and
other instruments executed and delivered on or after the First Amendment Effective Date may refer to the Security Agreement without making specific reference to this Amendment but nevertheless all such references shall mean the Security Agreement as
amended by this Amendment unless the context otherwise requires. 
 2. Amendments to Security Agreement. In reliance on
the representations and warranties set forth in Section 3 below, the parties hereby agree to the following amendments as of the First Amendment Effective Date. 
 (a) The preamble of the Security Agreement is hereby amended by deleting the phrase “that certain Credit Agreement, dated as of February 29, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Borrower, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), and Chambers Energy
Management, LP, as the Agent” and replacing it with: 
 “that certain Amended and Restated Credit
Agreement, dated as of February 28, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among Borrower, the several banks and other financial institutions or entities from
time to time party thereto (the “Lenders”), and Chambers Energy Management, LP, as the Agent” 
 (b)
Section 1.1 of the Security Agreement is hereby amended by amending and restating the following defined terms in their entirety: 
 “Borrower Hedging Agreement Obligations: the collective reference to all obligations and liabilities of Borrower (including interest accruing at the then applicable rate provided in any
Qualified Hedging Agreement to which Borrower is a party after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to Borrower, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding) to any Qualified Counterparty, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, any such Qualified Hedging Agreement or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including all fees and disbursements of counsel to the relevant Qualified Counterparty that are required to be paid by Borrower pursuant to the terms of any such Qualified Hedging Agreement). but excluding all Excluded Swap Obligations.”

 “Deposit Account: as defined in the Uniform Commercial Code of any applicable jurisdiction
and, in any event, including any demand, time, savings, passbook or like account maintained with a depositary institution. 

  
 2 

 “Guarantor Hedging Agreement Obligations: with respect to
a Guarantor, the collective reference to all obligations and liabilities of such Guarantor (including interest accruing at the then applicable rate provided in any Qualified Hedging Agreement to which such Guarantor is a party after the filing of
any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Guarantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Qualified
Counterparty, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any such Qualified Hedging Agreement or any other document made,
delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including all fees and disbursements of counsel to the relevant Qualified
Counterparty that are required to be paid by such Guarantor pursuant to the terms of any such Qualified Hedging Agreement), but excluding all Excluded Swap Obligations.” 
 (c) Section 1.1 of the Security Agreement is hereby amended by inserting therein the following new terms in the proper alphabetical sequence: 

“First Amendment: that certain First Amendment to Guarantee and Security Agreement, dated as of
February 28, 2013, among Borrower, Holdings, Prima and the Agent.” 
 “Qualified ECP
Guarantor: in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time such Swap Obligation is incurred or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder.” 
 (d) The Security Agreement is hereby amended by
adding the following as Section 2.1(j) thereto: 
 “(j) Keepwell. Each Qualified ECP Guarantor
hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Agreement in respect of
Swap Obligations; provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 2.1(j) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this
Section 2.1(j), or otherwise under this Agreement, as it relates to such other Loan Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. The obligations of each Qualified
ECP Guarantor under this Section shall remain in full force and effect until all amounts owing to the Agent and the Secured Parties by the Loan Parties on account of the Obligations are fully and finally paid in cash and the

  
 3 

 
Commitments are terminated. Each Qualified ECP Guarantor intends that this Section 2.1(j) constitute, and this Section 2.1(j) shall be deemed to constitute, a “keepwell, support,
or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.” 
 (e) Section 4.2 of the Security Agreement is hereby amended by deleting the phrase “or Schedule 3.21(a)-3” and deleting the phrase “, provided that all financing statements
listed on Schedule 3.21(a)-3 to the Credit Agreement shall be terminated on or prior to the Funding Date”. 
 (f)
Section 4.3 of the Security Agreement is hereby deleted in its entirety and replaced with the following: 

“Perfected First Priority Liens. The security interests granted pursuant to this Agreement
(a) (i) upon completion of the filings and other actions specified on Schedule 2 (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Agent in completed and duly executed
form), (ii) with respect to any Vehicles, upon completion of such actions as may be requested by the Agent pursuant to Section 5.5, (iii) with respect to any Pledged Capital Stock which constitutes Securities and which are not
evidenced by a certificate, the delivery of an Instructions Agreement in the form of Annex A, (iv) with respect to each Deposit Account, upon the execution by the depositary bank, the relevant Grantor and the Agent of a Deposit Account
Control Agreement substantially in the form of Exhibit C to the Credit Agreement or other form satisfactory to Agent and (v) with respect to Letter-of-Credit Rights, upon the Agent taking control thereof, to its satisfaction, in accordance with
section 9-107 of the UCC, will constitute valid perfected security interests in all of the Collateral in favor of the Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations, which security
interest is enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor and (b) are prior to all other Liens on the Collateral in existence on the
date hereof except for Permitted Liens. 
 (g) Section 5.1(a)(i) of the Security Agreement is hereby deleted in its
entirety and replaced with the following: 
 “(i) create or suffer to exist any Lien upon or with respect to any of the
Specified Pledged Capital Stock or the Prima Pledged Capital Stock, except the security interest created by this Agreement and Liens permitted by Section 6.3(h) of the Credit Agreement;” 

(h) Section 5.8(c)(iii) of the Security Agreement is hereby amended by adding the following at the end thereof: 

“and Liens permitted by Section 6.3(h) of the Credit Agreement,” 

  
 4 

 (i) Section 5.13 of the Security Agreement is hereby amended by deleting the phrase
“Closing Date” and replacing it with the phrase “Original Funding Date”. 
 (j) Section 8.11 of the
Security Agreement is hereby deleted in its entirety and replaced with the following: 
 “GOVERNING LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARDS TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.” 

3. Representations and Warranties of Grantors. Each Grantor represents and warrants as of the date hereof and on the First
Amendment Effective Date to the Agent and each Lender that: 
 (a) Such Grantor (i) has the power and authority (corporate
or otherwise), and the legal right, to make, deliver and perform this Amendment and (ii) has taken all necessary corporate action to authorize the execution, delivery and performance of this Amendment; 

(b) No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Authority or any other
Person is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment; 
 (c)
This Amendment (i) has been duly executed and delivered on behalf of such Grantor and (ii) constitutes a legal, valid and binding obligation of such Grantor, enforceable against such Grantor, in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law); 
 (d) The execution, delivery and performance of this Amendment will not result in a
violation by such Grantor of any Requirement of Law or any material Contractual Obligation of such Grantor and will not result in, or require, the creation or imposition of any Lien on any of its Properties or revenues pursuant to any Requirement of
Law or any such Contractual Obligation (other than the Liens created by the Security Documents); and 
 (e) After giving effect
to this Amendment, the representations and warranties made by such Grantor in the Security Agreement are true and accurate as of the date hereof (except that any representation or warranty which by its terms was made as of a specified date shall be
true and accurate only as of such specified date). 

  
 5 

 4. Conditions Precedent. The effectiveness of this Amendment is subject to the
receipt by the Agent of this Amendment duly executed and delivered by a Responsible Officer of Borrower and the Guarantors and by the Agent (the date of satisfaction of such condition precedent, the “First Amendment Effective
Date”). 
 5. Loan Documents. This Amendment shall constitute a Loan Document, as such term is defined in
the Credit Agreement. This Amendment is not intended to nor shall it be construed to create a novation or accord and satisfaction with respect to any of the Obligations. 
 6. Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

7. Integration; Execution. This Amendment and the other Loan Documents represent the entire agreement of the Grantors, the Agent
and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Agent or any other Secured Party relative to subject matter hereof and thereof not expressly
set forth or referred to herein or in the other Loan Documents. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this
Amendment. 
 8. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT,
INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARDS TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 
 9. Survival. The representations and warranties contained in Section 3 of this Amendment shall survive the execution and delivery of this Amendment and the First Amendment Effective Date.

 10. Ratification; No Other Amendments; No Waiver. Except as expressly modified hereby, the Security Agreement is
hereby ratified and confirmed by the parties hereto and remains in full force and effect in accordance with the terms thereof. Other than as otherwise expressly provided herein, this Amendment shall not be deemed to operate as an amendment or waiver
of, or to prejudice, any right, power, privilege or remedy of the Agent or any other Secured Party under the Security Agreement or any other Loan Document, nor shall the entering into of this Amendment preclude any such Person from refusing to enter
into any further amendments with respect to the Security Agreement or any of the other Loan Documents. Other than as otherwise expressly provided herein, this Amendment shall not constitute a waiver of compliance with any covenant or other provision
in the Security Agreement or any other Loan 

  
 6 

 
Document or of the occurrence or continuance of any present or future Default or Event of Default. 
 11. Costs; Expenses. Subject to and in accordance with Section 9.5 of the Credit Agreement, regardless of whether the transactions contemplated by this Amendment are consummated, each Grantor
agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agent and the Secured Parties incurred in connection with the development, preparation, execution and delivery of this Amendment, including the reasonable
fees and disbursements and other charges of counsel and consultants to the Agent. 
 12. Headings. The section headings
contained in this Amendment are inserted for convenience only and will not affect in any way the meaning or interpretation of this Amendment. 
 13. Amendments. This Amendment may not be amended or modified except in the manner specified for an amendment of or modification to the Security Agreement in Section 8.1 of the Security
Agreement. 
 [Signature Pages Follow] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	BORROWER/GRANTOR:
	
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President
	
	HOLDINGS/GRANTOR/GUARANTOR:
	
	TRANS ENERGY, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President
	
	PRIMA/GRANTOR/GUARANTOR:
	
	PRIMA OIL COMPANY, INC.
		
	By:	 	  

	Name:	 	John G. Corp
	Title:	 	President

  
 Signature Page
to 
 First Amendment to Guarantee and Security Agreement 

 
			
	SECURED PARTY:
	
	CHAMBERS ENERGY MANAGEMENT, LP, as Agent
		
	By:	 	  

		 	 Guy Hoffman
 Managing
Director

  
 Signature Page
to 
 First Amendment to Guarantee and Security Agreement

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