Document:

Amendment No. 1 to Recapitalization Agreement

 Exhibit 4.5 
 AMENDMENT NO. 1 
 TO 
 RECAPITALIZATION AGREEMENT 
 THIS AMENDMENT NO. 1 TO RECAPITALIZATION AGREEMENT
(this “Amendment”) is made and entered into this 5th day of February, 2007, by and among Ascent Energy Inc., a Delaware corporation (the “Company”), and each of the other parties executing this
Amendment as of the date hereof. Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in the Agreement (as defined below). 
 RECITALS: 
 WHEREAS, the Company, South Louisiana Property Holdings,
Inc., a Louisiana corporation, and the Investor Parties previously entered into that certain Recapitalization Agreement dated as of September 20, 2006 (the “Agreement”); and 
 WHEREAS, acting pursuant to Section 5.3(a) of the Agreement, the Company, the undersigned holders of not less than a majority of the outstanding
Senior Subordinated Notes held by JEFCO and the undersigned holders of not less than a majority of the outstanding Senior Subordinated Notes held by Senior Subordinated Noteholders other than JEFCO, desire to amend the Agreement. 
 NOW, THEREFORE, for and in consideration of the foregoing and the respective representations, warranties, covenants, agreements and conditions set forth
herein and in the Agreement, the parties hereto agree as follows: 
 1. Section 1.2(b) of the Agreement is hereby amended and restated
in its entirety as follows: 
 “(b) At or prior to the Recapitalization Closing (as defined below), subject to Section 5.17 and
notwithstanding anything to the contrary in the Indenture, each Senior Subordinated Noteholder will tender to the designated depositary through the facilities of DTC all Senior Subordinated Notes then held by such Senior Subordinated Noteholder that
have not been called for redemption or redeemed pursuant to the Senior Subordinated Note Redemption (the “Exchangeable Senior Subordinated Notes”) in exchange for a number of shares of Common Stock equal to the quotient of
(x) 100% of the outstanding principal of the Exchangeable Senior Subordinated Notes plus all accrued but unpaid interest thereon as of the date immediately preceding the Recapitalization Closing divided by (y) the Exchange Price (as
defined below); provided, however, that for a period of 40 days following the consummation of the IPO, the Company shall be entitled to delay the issuance of the number of shares of Common Stock issuable pursuant to this Section 1.2(b)
that is equal to the number of shares of Common Stock subject to the underwriters’ option to purchase additional shares of Common Stock as set forth in the Final Prospectus and, in lieu of such issuance, shall repay a portion of the
Exchangeable Senior Subordinated Notes (pro rata among the holders thereof) in cash in an aggregate amount equal to 100% of the principal of such Senior 

 
Subordinated Notes plus all accrued but unpaid interest thereon as of the date immediately preceding the Recapitalization Closing with the net proceeds, if
any, of the exercise of the underwriters’ option to purchase additional shares of Common Stock. For purposes of this Agreement, (i) the “IPO Price” means the price per share of Common Stock to the public in the IPO, and
(ii) the “Exchange Price” means the IPO Price; provided, however, that if the valuation of the Company determined in connection with the IPO is insufficient to exchange all Exchangeable Senior Subordinated Notes plus all
accrued but unpaid interest thereon at the ratio set forth in this Section 1.2(b), then such ratio will be appropriately adjusted, temporarily at the time of the printing of the Preliminary Prospectus and finally at the time of pricing of the
IPO (in each case, subject to Section 5.17), by increasing the Exchange Price (but only by the amount necessary to permit the issuance of the maximum number of shares of Common Stock pursuant to this Section 1.2(b), and in no event by an
amount that would result in the Aggregate Subordinated Note Value Received (defined below) to be less than 80% of the aggregate principal amount of the Senior Subordinated Notes plus all accrued but unpaid interest thereon) for purposes of
calculating the number of shares of Common Stock issuable pursuant to this Section 1.2(b). Any temporary or final adjustment to the Exchange Price pursuant to this Section 1.2(b) shall be approved by mutual agreement of the Company and the
holders of a majority of the outstanding principal amount of the Exchangeable Senior Subordinated Notes.” The Aggregate Subordinated Note Value Received shall be equal to the sum of the (i) cash received in connection with the Senior
Subordinated Note Redemption, and (ii) the IPO Price multiplied by the number of shares of Common Stock issued pursuant to this Section 1.2(b). 
 2. Section 1.6 is hereby amended and restated in its entirety as follows: 
 “1.6 Exercise and/or Surrender of Merger
Warrants. 
 At or prior to the Recapitalization Closing but following consummation of the Merger, and subject to Section 5.17, the
Parent Warrantholders will surrender to the Company for cancellation all Merger Warrants then held by such Parent Warrantholders with an exercise price per share of Common Stock (after giving effect to the adjustments set forth in the Merger
Agreement) that is greater than two times the IPO Price in exchange for a cash payment of $0.05 per share of pre-split Common Stock underlying each such Merger Warrant (i.e., $25,000 in aggregate for all Merger Warrants if all were exchanged for
cash), which payment shall be equal to $25,000 divided by the total number of shares of pre-split Common Stock underlying the Merger Warrants to be cancelled (the “Merger Warrant Payment”), pursuant to the terms and conditions of
this Agreement. Upon any such surrender of Merger Warrants, the Company will pay to the Parent Warrantholders surrendering such Merger Warrants the aggregate Merger Warrant Payments in cash for the Merger Warrants surrendered in accordance with the
terms and conditions of this Agreement. As soon as practicable after the Merger, the Company will deliver to each record holder of Merger Warrants a letter of transmittal and instructions for effecting the surrender of all Merger Warrants required
to be surrendered pursuant to this Agreement. Each Parent Warrantholder hereby waives compliance by the Company and the Parent with any term, covenant, default, event of default, provision or condition of the Parent Warrants that would conflict
with, be violated by or occur by reason of the consummation of the IPO, the Merger, the Recapitalization or the transactions contemplated by this Agreement. Notwithstanding the foregoing, the Company 

 
shall not be required to pay any portion of the Merger Warrant Payment with respect to any Merger Warrant that has expired prior to its exercise by the
holder thereof.” 
 3. Section 1.5 of the Agreement is hereby amended and restated in its entirety as follows: 
 “1.5 Exchange of Preferred Stock 
 At or prior to the Recapitalization Closing and subject to Section 5.17, the Preferred Stockholders and the Preferred Warrantholders will surrender to the Company all shares of Preferred Stock (including those issued pursuant to
Section 1.3 upon exercise of the Preferred Stock Warrants and all accrued but unpaid dividends thereon) and all accrued but unpaid dividends thereon that are not tendered to the Company as consideration for the exercise of the Common Stock
Warrants pursuant to Section 1.4 of this Agreement in exchange for (subject to consummation of the IPO) a number of shares of Common Stock equal to the quotient of (x) $1,000 per each such share of Preferred Stock plus all accrued but
unpaid dividends on each such share as of the date immediately preceding the Recapitalization Closing divided by (y) the IPO Price, it being acknowledged and agreed that the Preferred Stockholders and the Preferred Warrantholders will surrender
to the Company all shares of Preferred Stock (including those issued pursuant to Section 1.3 upon exercise of the Preferred Stock Warrants and all accrued but unpaid dividends thereon) held by the Preferred Stockholders and the Preferred
Warrantholders pursuant to this Section 1.5 if the Common Stock Warrants are cancelled pursuant to Section 1.4 of this Agreement. Notwithstanding the foregoing, if the valuation of the Company determined in connection with the IPO is
insufficient to exchange all shares of Preferred Stock (including those issued pursuant to Section 1.3 upon exercise of the Preferred Stock Warrants and all accrued but unpaid dividends thereon) and all accrued unpaid dividends thereon
surrendered pursuant to this Section 1.5 at the ratio set forth in this Section 1.5, then such ratio will be appropriately adjusted, temporarily at the time of the printing of the Preliminary Prospectus and finally at the time of pricing
of the IPO (in each case, subject to Section 5.17), by increasing the IPO Price (but only by the amount necessary to permit the issuance of the maximum number of shares of Common Stock pursuant to this Section 1.5) for purposes of
calculating the number of shares of Common Stock issuable pursuant to this Section 1.5; provided, however, that if the Exchange Price is adjusted pursuant to Section 1.2(b), then no shares of Common Stock shall be issued pursuant to
this Section 1.5 and all shares of Preferred Stock and all accrued but unpaid dividends thereon will be cancelled with no consideration therefor. Any temporary or final adjustment to the IPO Price pursuant to the preceding sentence (other than
the proviso thereto) shall be approved by mutual agreement of the Company and the holders of a majority of the outstanding shares of Preferred Stock (including shares issued pursuant to Section 1.3 upon exercise of the Preferred Stock
Warrants). As soon as practicable after the execution and delivery of this Agreement, the Company will deliver to each record holder of 

 
shares of Preferred Stock a letter of transmittal and instructions for effecting the surrender of such shares of Preferred Stock. Notwithstanding
anything to the contrary in the Certificate of Designations, dividends will cease to accrue on the Preferred Stock as of the date immediately preceding the Recapitalization Closing. Each Preferred Stockholder hereby consents to the consummation of
the IPO and the transactions contemplated by the Merger, the Recapitalization and the other transactions contemplated by this Agreement. Notwithstanding anything to the contrary in this Section 1.5, the rights of the Company and the holders of
a majority of the outstanding shares of Preferred Stock to reach a mutual agreement regarding the exchange of the Preferred Stock pursuant to this Section 1.5 shall not be deemed to permit the amendment by such Parties of any other express
provisions of this Agreement.” 
 4. The reference in Section 5.1(a)(iv) of the Agreement to “January 31, 2007” is hereby
changed to “June 30, 2007.” 
 5. Section 5.17 of the Agreement is hereby amended and restated in its entirety as follows:

 “5.17 Priorities of Securities 
 Notwithstanding anything to the contrary in this Agreement, all payments of cash by the Company and all deliveries of Common Stock or other securities of the Company in satisfaction of or in respect of the securities
of the Company or the Parent that are being repaid, satisfied, exchanged or surrendered in connection with the IPO or pursuant to this Agreement, including, without limitation, the Senior Notes, the Senior Subordinated Notes, the Preferred Stock,
the Common Stock Warrants, the Preferred Stock Warrants and the Merger Warrants (all such securities, collectively, the “Existing Securities”) shall be made in accordance with the relative rankings, preferences and priorities of
such Existing Securities and in no event shall the holders of Common Stock immediately prior to the consummation of the IPO and the transactions contemplated by this Agreement own, immediately after the consummation of the IPO and the transactions
contemplated by this Agreement, less than 6,000 post-split shares of the outstanding Common Stock.” 
 6. This Amendment shall be
binding upon and inure to the benefit of all parties to the Agreement. 
 7. This Amendment will be governed by, and construed in accordance
with, the law of the State of New York, without regard to the conflict of laws rules of that State. 
 8. This Amendment may be signed in any
number of counterparts, each of which will be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. One or more counterparts of this Amendment may be delivered by facsimile with the intent that
delivery by such means shall have the same effect as delivery of an original counterpart of this Amendment. 

 9. Except as expressly set forth in this Amendment, all other provisions of the Agreement shall remain in
full force and effect. 
 10. Each party hereto acknowledges that it has been represented by counsel in connection with this Amendment and
the transactions contemplated by this Amendment. Accordingly, any rule of law or any legal decision that would provide any party hereto with a defense to the enforcement of the terms of this Amendment against such party based upon lack of legal
counsel, shall have no application and is expressly waived. The language used in this Amendment will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any
party. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	COMPANY:
	
	ASCENT ENERGY INC.
		
	 By:
	 	 /s/ Terry Carter

	 Name:
	 	 Terry Carter

	 Title:
	 	 CEO/President

  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	JEFFERIES & COMPANY, INC.
		
	 By:
	 	/s/ Robert J. Welch
	 Name:
	 	Robert J. Welch
	 Title:
	 	Managing Director
	
	 Principal Amount of Notes Held: $34,934,924

	
	 Name of DTC Participant Through
 Which the Notes Are Held: Jefferies & Company, Inc.

	
	JEFFERIES PARTNERS OPPORTUNITY FUND, L.L.C.
	
	 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	/s/ Robert J. Welch
	 Name:
	 	Robert J. Welch
	 Title:
	 	CFO
	
	 Principal Amount of Notes Held: $24,150,793

	
	 Name of DTC Participant Through
 Which the Notes Are Held: Bank of New York

	
	JEFFERIES PARTNERS OPPORTUNITY FUND II, L.L.C.
	
	 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	/s/ Robert J. Welch
	 Name:
	 	Robert J. Welch
	 Title:
	 	CFO
	
	 Principal Amount of Notes Held: $17,562,668

	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Bank of New York

  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	JEFFERIES EMPLOYEE OPPORTUNITY FUND, L.L.C.
	
	 By: Jefferies & Company, Inc., as Manager

		
	 By:
	 	/s/ Robert J. Welch
	 Name:
	 	Robert J. Welch
	 Title:
	 	CFO
	
	 Principal Amount of Notes Held: $5,124,379

	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Bank of New York

	
	  
	 Chris M. Kanoff

	
	 Principal Amount of Notes Held: $148,423

	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Jefferies & Company, Inc.

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	SHARED OPPORTUNITY FUND IIB, L.L.C.
		
	 By:
	 	 TCW Asset Management Company,
 as its Investment
Advisor

		
	 By:
	 	/s/ Nicholas W. Tell Jr.
	 Name:
	 	Nicholas W. Tell Jr.
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ C. Shawn Brookin
	 Name:
	 	C. Shawn Brookin
	 Title:
	 	Managing Director
	
	 Principal Amount of Notes Held: $2,273,968

	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Bank of New York

	
	TCW SHARED OPPORTUNITY FUND III, L.P.
		
	 By:
	 	 TCW Asset Management Company,
 as its Investment
Advisor

		
	 By:
	 	/s/ Nicholas W. Tell Jr.
	 Name:
	 	Nicholas W. Tell Jr.
	 Title:
	 	Managing Director
		
	 By:
	 	/s/ C. Shawn Brookin
	 Name:
	 	C. Shawn Brookin
	 Title:
	 	Managing Director
	
	 Principal Amount of Notes Held: $12,885,940

	
	 Name of DTC Participant Through Which the Notes Are Held: Bank of New York
  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	ING FURMAN SELZ INVESTORS III L.P.
		
	By:	 	FS Private Investments III LLC, Manager
		
	By:	 	 /s/ James L. Luikart

	Name:	 	 James L. Luikart

	Title:	 	 Managing Member

	
	Principal Amount of Notes Held: $5,694,704
	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Jefferies & Company, Inc.

	
	ING BARINGS U.S. LEVERAGED EQUITY PLAN LLC
		
	By:	 	FS Private Investments III LLC, Manager
		
	By:	 	 /s/ James L. Luikart

	Name:	 	 James L. Luikart

	Title:	 	 Managing Member

	
	Principal Amount of Notes Held: $1,731,815
	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Jefferies & Company, Inc.

  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized representatives, if applicable, as of the day and year first above written. 
  

			
	ING BARINGS GLOBAL LEVERAGED EQUITY PLAN LTD.
		
	By:	 	FS Private Investments III LLC, Manager
		
	By:	 	 /s/ James L. Luikart

	Name:	 	 James L. Luikart

	Title:	 	 Managing Member

	
	Principal Amount of Notes Held: $746,190
	
	 Name of DTC Participant Through
 Which the
Notes Are Held: Jefferies & Company, Inc.Third Agreement to Second Amended and Restated Loan Agreement

 EXHIBIT 10.22 
 THIRD AMENDMENT TO 
 SECOND AMENDED AND RESTATED LOAN AGREEMENT 
 THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) made as of the 13th day of December, 2006, among
ASCENT OIL AND GAS INC., a Delaware corporation (“Ascent Oil and Gas”), SOUTH LOUISIANA PROPERTY HOLDINGS, INC., a Louisiana corporation (“SLPH”), ASCENT ENERGY HOLDINGS, INC., a Delaware corporation
(“Ascent Energy Holdings”), ASCENT ENERGY LOUISIANA, LLC, a Delaware limited liability company (“Ascent Louisiana”), ASCENT GP, LLC, a Delaware limited liability company (“Ascent GP”), ASCENT LP,
LLC, a Delaware limited liability company (“Ascent LP”), ASCENT OPERATING, L.P., a Delaware limited partnership (“Ascent Operating”), PONTOTOC ACQUISITION CORP., a Nevada corporation (“Pontotoc
Acquisition”), PONTOTOC PRODUCTION COMPANY, INC., a Texas corporation (“Pontotoc Texas”), OKLAHOMA BASIC ECONOMY CORPORATION, an Oklahoma corporation (“OBEC”), PONTOTOC HOLDINGS, INC., an Oklahoma
corporation (“Pontotoc Holdings”), PONTOTOC GATHERING, L.L.C., an Oklahoma limited liability company (“Pontotoc Gathering”), DYNE EXPLORATION COMPANY, an Oklahoma corporation (“Dyne”), ASCENT
RESOURCES, WV, INC., a Delaware corporation (“Resources”), Resources, together with Ascent Oil & Gas, SLPH, Ascent Energy Holdings, Ascent Louisiana, Ascent GP, Ascent LP, Ascent Operating, Pontotoc Acquisition, Pontotoc
Texas, OBEC, Pontotoc Holdings, Pontotoc Gathering and Dyne, the “Borrowers,” and each a “Borrower”), FORTIS CAPITAL CORP., a Connecticut corporation, individually (“Fortis”) and as agent (the
“Agent”), CAPITAL ONE, N.A., a national banking association (“Capital One”), THE ROYAL BANK OF SCOTLAND plc, a company organized under the laws of Scotland (“RBS”), STERLING BANK, a bank organized
under the laws of Texas (“Sterling”), COMPASS BANK, a bank organized under the laws of Delaware (“Compass”), and the other lenders which may become a party hereto (each a “Lender” and collectively
the “Lenders”), and FORTIS ENERGY LLC, a Delaware limited liability company (“Fortis Energy”). 
 WHEREAS,
the Borrowers, Agent and the Lenders have entered into a Second Amended and Restated Loan Agreement dated as of December 19, 2005, as amended by the First Amendment to Second Amended and Restated Loan Agreement dated as of May 1, 2006 and
the Second Amendment to Second Amended and Restated Loan Agreement dated as of June 23, 2006 (as further amended from time to time, the “Loan Agreement”); and 
 WHEREAS, Ascent Energy Inc. (“AEI”), the parent company of Ascent Oil and Gas, is contemplating an initial public offering of its common
stock (the “IPO”); 
 WHEREAS, in view of the IPO, the Borrowers have requested that the Lenders make certain changes to the
Loan Agreement, and the Lenders are willing to do so; 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

 1. Defined Terms. All capitalized terms used but not otherwise defined in this Amendment shall
have the meaning ascribed to them in the Loan Agreement. Unless otherwise specified, all section references herein refer to sections of the Loan Agreement. 
 2. Amendments to Loan Agreement. 
 2.1 Definitions (Section 1). 
 (a) The definition of “Loan Maturity Date” is amended to read as follows: 
 “‘Loan Maturity Date’ means November 1, 2010.” 
 (b) Clause (a) (iv) of the definition of “LIBOR Margin” is amended to read as follows: 
 “(iv) until the earlier of (y) the closing of the IPO or (2) the next redetermination of the Borrowing Base following the effectiveness of
the Third Amendment, three and three-quarters of one percent (3.75%) per annum when the Facility Usage on such date is greater than 74% of the Borrowing Base on such day, and thereafter three and one-quarter of one percent (3.25%) per
annum when the Facility Usage on such day is greater than 74% of the Borrowing Base on such day.” 
 (c) The following
definition is added to Section 1: 
 “‘Third Amendment’ means the Third Amendment to Second Amended and
Restated Loan Agreement dated as of December 13, 2006.” 
 3. Consent by Lenders. The Agent and the Lenders hereby consent to the
following: 
 3.1 An increase in the Borrowing Base to $85,000,000 effective as of September 30, 2006. The
redetermination provided for in this Section 3.1 shall not be treated as an Unscheduled Redetermination for purposes of the Loan Agreement. 
 3.2 The use of the proceeds from the IPO to pay all or part of the Senior Notes and Senior Subordinated Notes, provided that: 
 (a) The IPO closes on or before May 1, 2007, and 
 (b) $25,000,000 from the net proceeds of the IPO will be utilized to repay the outstanding principal amount of Revolving Loans and
accrued interest under the Loan Agreement. 
  

 2 

 3.3 The restructuring of SLPH as described in Annex I to this Amendment (the
“SLPH Restructuring”) and the establishment of a reserve out of the proceeds of the IPO to buy out fractional shares and warrants of SLPH in connection with such restructuring. If the IPO closes on or before May 1, 2007, the
reserve and any additional costs associated with the SLPH Restructuring will be paid out of the proceeds of the IPO. If the IPO does not close on or before May 1, 2007, the Lenders further consent to the payment of a dividend by Ascent Oil and
Gas in an amount to be agreed with the Lenders to enable AEI to buy out fractional shares and warrants of SLPH in connection with the restructuring of SLPH, provided that such dividend may not be paid if at the date of such payment an Event of
Default or Borrowing Base Deficiency exists under the Loan Agreement. 
 3.4 If the IPO closes on or before May 1, 2007,
the payment by Ascent Oil and Gas of certain expenses up to $2,000,000 per annum pursuant to a service agreement with Ascent Energy Inc. These expenses pertain to the status of AEI as a public corporation following the closing of the IPO. These
expenses may not be paid by Ascent Oil and Gas if at the date of such payment an Event of Default or a Borrowing Base Deficiency exists under the Loan Agreement. 
 4. Waiver by Lenders. The Lenders hereby waive Section 15(b) of the Loan Agreement to the extent that the closing of the IPO and the related Recapitalization and Incentive Issuance described in the
AEI Registration Statement on Form S-1 (Registration No. 333-135537) as amended, results in a Change of Ownership as defined in Section 1 of the Loan Agreement provided the closing of the IPO occurs on or before May 1, 2007.
Upon the closing of the IPO, the following amendments to the Loan Agreement shall become effective: 
 4.1 The definition of
“Change of Ownership” shall be deemed to be amended to read as follows: 
 “‘Change of Ownership’ shall occur
if any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership of 50% or more of the outstanding voting securities or equity
interests of any Restricted Person, measured by voting power (including both common stock and any preferred stock or other equity interests entitling the holders thereof to vote with the holders of common stock in elections for directors of such
Restricted Person), other than any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended) that beneficially owns 20% or more of the outstanding voting securities or equity
interests of such Restricted Person.” 
 4.2 The definitions of “Initial AEI Shareholders” and “Permitted
Holders” shall be deleted in their entirety. 
  

 3 

 4.3 Schedule I to the Loan Agreement shall be deleted in its entirety. 
 5. Effectiveness of Amendment. This Amendment shall be effective upon receipt by the Agent of: 
 5.1 An executed copy of this Amendment; and 
 5.2 All expenses due and owing by the Borrowers, including a fee of 0.15% of the new Borrowing Base set forth in Section 3.1 of this Amendment to be allocated among the Lenders in accordance with their Percentage
Shares as shown on Annex A to the Loan Agreement. 
 6. Further Assurances. Borrowers’ Representative, at its sole expense, will,
and will cause each other Borrower to, promptly execute and deliver to the Agent upon its request all such other and further documents, agreements and instruments Agent deems necessary, in its sole discretion, in connection with the transactions
contemplated hereby. 
 7. Ratifications, Borrower Representations and Warranties. 
 7.1 The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in
the Loan Agreement and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement are ratified and confirmed and shall continue in full force and effect. The Borrowers and the Lenders agree that
the Loan Agreement and the Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 
 7.2 To induce the Lenders to enter into this Amendment, the Borrowers ratify and confirm each representation and warranty set forth in
the Loan Agreement as if such representations and warranties were made on the even date herewith, and further represents and warrants (i) that there has occurred since the date of the last financial statements delivered to the Banks no event or
circumstance that has resulted or could reasonably be expected to result in a Material Adverse Effect, (ii) that no Event of Default exists on the date hereof, and (iii) that the Borrower is fully authorized to enter into this Amendment.

 8. Benefits. This Amendment shall be binding upon and inure to the benefit of the Lenders and Borrowers, and their respective
successors and assigns; provided, however, that Borrowers may not, without the prior written consent of the Lenders, assign any rights, powers, duties or obligations under this Amendment, the Loan Agreement or any of the other Loan Documents.

 9. Construction. This Amendment shall be governed by and construed in accordance with the laws of the State of Texas. 

10. Invalid Provisions. If any provision of this Amendment is held to be illegal, invalid or unenforceable under present or future laws, such
provision shall be fully severable and 
  

 4 

 
the remaining provisions of this Amendment shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance. 
 11. Entire Agreement. The Loan Agreement, as amended by this Amendment, contains the entire agreement among
the parties regarding the subject matter hereof and supersedes all prior written and oral agreements and understandings among the parties hereto regarding same. 
 12. Reference to Loan Agreement. The Loan 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 Loan Agreement, as amended hereby, are hereby amended so that any reference in the Loan Agreement to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby. 
 13. Counterparts. This Amendment may be separately executed in any number of counterparts, each of which shall be an original, but all of which,
taken together, shall be deemed to constitute one and the same agreement. 
 [The Remainder of this Page Intentionally Left Blank)

  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their proper and duly authorized officers as of the day and year first above written. 
  

			
	ASCENT OIL AND GAS INC., as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	SOUTH LOUISIANA PROPERTY HOLDINGS, INC., as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	ASCENT ENERGY HOLDINGS, INC., as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	 ASCENT ENERGY LOUISIANA, LLC,
 as
Borrower

		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	ASCENT GP, LLC, as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

 6 

			
	ASCENT LP, LLC, as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

					
	ASCENT OPERATING, L.P., as Borrower
		
	By:	 	 Ascent GP, LLC,

		 	its general partner
			
		 	By:	 	/s/    Eddie M. LeBlanc
			
		 	Name:	 	Eddie M. LeBlanc
			
		 	Title:	 	Vice President, Secretary & Treasurer

  

			
	PONTOTOC ACQUISITION CORP., as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	 PONTOTOC PRODUCTION COMPANY, INC.,
 as
Borrower

		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

			
	OKLAHOMA BASIC ECONOMY CORPORATION, as Borrower
		
	By:	 	/s/    Eddie M. LeBlanc
		
	Name:	 	Eddie M. LeBlanc
		
	Title:	 	Vice President, Secretary & Treasurer

  

 7 

			
	 PONTOTOC HOLDINGS, INC., as Borrower

		
	 By:
	 	/s/    Eddie M. LeBlanc
	 Name:
	 	Eddie M. LeBlanc
	 Title:
	 	Vice President, Secretary & Treasurer
	
	 PONTOTOC GATHERING, L.L.C., as Borrower

		
	 By:
	 	/s/    Eddie M. LeBlanc
	 Name
	 	Eddie M. LeBlanc
	 Title:
	 	Vice President, Secretary & Treasurer
	
	 DYNE EXPLORATION COMPANY, as Borrower

		
	 By:
	 	/s/    Eddie M. LeBlanc
	 Name:
	 	Eddie M. LeBlanc
	 Title:
	 	Vice President, Secretary & Treasurer
	
	 ASCENT RESOURCES WV, INC., as Borrower

		
	 By:
	 	/s/    Eddie M. LeBlanc
	 Name:
	 	Eddie M. LeBlanc
	 Title:
	 	Vice President, Secretary & Treasurer

  

 8 

			
	FORTIS CAPITAL CORP., as Agent and Lender
		
	 By:
	 	/s/    Darrell Holley        
	 Name:
	 	Darrell Holley
	 Title:
	 	Managing Director
		
	 By:
	 	/s/    Scott Myatt        
	 Name:
	 	Scott Myatt
	 Title:
	 	Vice President

  

 9 

			
	 CAPITAL ONE, N.A., as Lender

		
	 By:
	 	/s/    Nancy G. Moragas        
	 Name:
	 	Nancy G. Moragas
	 Title:
	 	Sr. Vice President

  

 10 

			
	THE ROYAL BANK OF SCOTLAND plc, as
Lender
		
	 By:
	 	 /s/    Douglas A. Whiddon

	 Name:
	 	 Douglas A. Whiddon

	 Title:
	 	 Senior Vice President

  

 11 

			
	 STERLING BANK, as Lender

		
	 By:
	 	 /s/    David W. Phillips

	 Name:
	 	 David W. Phillips

	 Title:
	 	 Senior Vice President

  

 12 

			
	 COMPASS BANK, as Lender

		
	 By:
	 	 /s/    Dorothy E. Marchand

	 Name:
	 	 Dorothy E. Marchand

	 Title:
	 	 Senior Vice President

  

 13 

			
	 GUARANTY BANK, as Lender

		
	 By:
	 	 /s/    Christopher S. Parada

	 Name:
	 	 Christopher S. Parada

	 Title:
	 	 Senior Vice President

  

 14 

			
	FORTIS ENERGY LLC, as Qualified Hedging Counterparty and as Lender for the purposes set forth in Sections 2(e), 8, 17 and 18 of the Loan Agreement
		
	 By:
	 	 /s/    Alan G. Bozian

	 Name:
	 	 Alan G. Bozian

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/    William Koster

	 Name:
	 	 William Koster

	 Title:
	 	 Director

  

 15 

 ANNEX I 
 Restructuring Plan for South Louisiana Property Holdings, Inc. 
 Pursuant to that certain Agreement
and Plan of Merger dated as of June 30, 2006 (the “Merger Agreement”) by and among Ascent Energy Inc., a Delaware corporation (“AEI”), South Louisiana Property Holdings, Inc., a Louisiana corporation
(“SLPH”), and South Louisiana Property Holdings Acquisition Company, Inc., a Louisiana corporation (“Merger Sub”), Merger Sub will merge with and into SLPH (the “Merger”) with SLPH surviving the
merger as a wholly owned subsidiary of AEI. 
 In connection with the Merger and in accordance with the terms and conditions of the Merger
Agreement: 
  

	 	•	 	the outstanding common stock of SLPH will be converted into common stock of AEI; 

  

	 	•	 	the outstanding warrants to purchase common stock of SLPH will be converted into warrants to purchase AEI common stock; 

  

	 	•	 	the common stock of AEI held by SLPH prior to the Merger will be converted into treasury shares of AEI; and 

  

	 	•	 	the Merger will otherwise have no effect on the outstanding shares of AEI common stock. 

 Immediately prior to the Merger, SLPH will effect a reverse stock split of its common stock and will pay cash in lieu of issuing fractional shares. The reverse stock split will result in an adjustment to the
outstanding warrants to purchase SLPH common stock. 
 Immediately following the Merger, AEI will contribute the outstanding shares of SLPH
to Ascent Oil & Gas, Inc. which will in turn contribute such shares to Ascent Energy Holdings, Inc. Thereafter, Ascent Energy Holdings, Inc. will contribute the outstanding membership interests in Ascent Energy Louisiana, L.L.C. to SLPH.

  

 16

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