Document:

Operated Deposit Account Control Agreement, executed and delivered Oct. 29, 2009

 Exhibit 4.21 
 OPERATED DEPOSIT ACCOUNT CONTROL AGREEMENT 
 Executed and Delivered
as of October 29, 2009. 
 PARTIES 

This Agreement is among the persons signing this Agreement as the “Secured Party”, the
“Debtor” and the “Bank”. 
 BACKGROUND 

The Debtor has established an Escrow Account identified by the Deposit Account number specified below (as re-numbered and
including any funds in the Deposit Account or Deposit Accounts, the “Deposit Account”), which has been established pursuant to that certain Operated Escrow Agreement by and among the Secured Party, the Debtor, and the Bank dated of
even date herewith (as amended from time to time, the “Escrow Account”). The Debtor has granted the Secured Party a security interest in the Deposit Account. The Debtor is requesting that the Bank enter into this
Agreement. The Bank is willing to do so upon the terms contained in this Agreement. 
 This Agreement
includes the General Terms, the Specific Terms and the Exhibit, each as defined or referred to below. 
 AGREEMENTS

 A. GENERAL TERMS. This Agreement is subject to the General
Terms for Deposit Account Control Agreement attached hereto (the “General Terms”). The General Terms are incorporated in this Agreement by reference and without modification except as may be provided in Section 10 of the
Specific Terms. 
 B. SPECIFIC TERMS. The following terms
(the “Specific Terms”) complete, supplement or modify the General Terms: 
 1. Deposit
Account (see “BACKGROUND” above). The following Deposit Account or Deposit Accounts comprise the Deposit Account: 
 Escrow Account # 9143100 
 2. Business Day (see
definition of “Business Day” in Section 1 of the General Terms): 
 A day will not be
considered as a “Business Day” if commercial banks in the following city or cities are closed on that day: Houston, Texas. If the preceding sentence is not completed, no additional days are excluded from the definition of “Business
Day”. 
 3. Outside Time (see definition of “Outside Time” in Section 1 of the General
Terms): 
 If the Outside Time is to be based on a period different from the definition in the General
Terms, the following is the different period: 

 Outside Time means the opening of business on the second Business Day after
the Business Day on which receipt of an Initial Instruction, in substantially the form of the Exhibit, is acknowledged by the Bank as provided in Section 10.02 below. If the Initial Instruction is acknowledged after 12:00 noon, local time for
the Bank’s office indicated in the Initial Instruction, then in determining the Outside Time, the Initial Instruction will be considered to have been acknowledged on the following Business Day. 

If a different period is not inserted in the preceding sentence, then the Outside Time will be based on the definition in the General
Terms. 
 4. Disposition of Less Than All or Multi-Disposition of Funds (see Section 4(a)(ii)(E) of
the General Terms): 
 The following is any computation or formula by which a Disposition Instruction
originated by the Secured Party may provide for a disposition of less than all of the funds in the Deposit Account and whether there may be multiple recipients of the funds: 

The Bank will honor Disposition Instructions for disposition of all or any portion of the funds in the Deposit Account in
any manner the Secured Party may direct. 
 5. Reimbursement Claim Period (see Section 6(b) of the
General Terms): 
 The number of days following the termination of the Agreement in which a reimbursement
claim must be made against the Secured Party under Section 6(b) of the General Terms is 90. 
 6.
Electronic Records (see definition of “writing” in Section 1 of the General Terms): 

Checking this line [X] means that the parties permit a writing to include an electronic record and permit
communications by email. Otherwise, the parties do not permit a writing to include an electronic record and do not permit communications by email. 
 7. Governing Law (see Section 13(a) of the General Terms): 
 The jurisdiction whose law governs this Agreement is the State of Texas. 
 8. The Bank’s Jurisdiction for UCC Purposes (see Section 13(b) of the General Terms): 
 The Bank’s jurisdiction for purposes of part 3 of UCC Article 9 is the State of Texas. 
 9. Delivery of Executed Copy (see Part D): 
 Checking
this line [X] means that the delivery of an executed copy of this Agreement may be made by electronic transmission in addition to a transmission by facsimile. Otherwise, delivery of an executed copy of this Agreement may not be made by a form
of electronic transmission other than facsimile. 

  
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 10. Additional Provisions (see Section 12(b) of the General
Terms): 
 The following provisions modify or supplement the General Terms: 

10.01 Good Faith Reliance. 

The Bank will be entitled to rely on any instructions that it believes in good faith to have been
originated by the Secured Party or the Debtor, as the case may be. 
 10.02 Method of
Delivery of Initial Instruction. 
 Notwithstanding anything to the contrary in the General
Terms or Specific Terms, the Initial Instruction must be addressed to and sent to the Bank by facsimile transmission to: 
 Amegy Bank – Corporate Trust 
 1221 McKinney
Street, Level P-1 
 Houston, Texas 77002 

Attn: Ms. Jully Jiang 

Fax: (713) 571-5010 

E-mail: jully.jiang@amegybank.com 

Such notice shall be effective and deemed actually received only when receipt is acknowledged by either of the above
mentioned persons by return facsimile transmission to the Secured Party. The Bank hereby agrees to send such notice to the Secured Party by facsimile as soon as commercially practicable after receiving the Initial Instruction from the Secured Party.
If the Secured Party has not received a returned facsimile within one Business Day, the Secured Party should contact the Bank to verify status and receipt by the Bank of the Initial Instruction. 

10.03 Deposit Account Administration. 

The Deposit Account will use the Debtor’s taxpayer identification number. The Agreement shall apply
to the re-titled or transferred Deposit Account(s) and the Debtor and the Secured Party agree to execute new signature cards with the Bank to effect such a re-title or transfer should the Bank so require. 

10.04 Interpleader/Concursus. 

If at any time the Bank receives conflicting claims to or demands regarding the Deposit Account and
reasonably believes it may become subject to liability as a result of complying with this Agreement or any instructions from the Secured Party, the Bank may (a) freeze and hold all funds in the Deposit Account pending resolution of such issues,
and/or (b) interplead or file a concursus regarding the Deposit Account funds and deposits in an action commenced in a court of competent jurisdiction naming the Debtor, the Secured Party, and any competing claimants as defendants. Upon
interpleading such funds (filing such interpleader or concursus), the Bank will be released from all further liability under this Agreement and the Bank’s costs and expenses relating to the interpleader action, including filling fees and
reasonable attorneys’ fees, shall be paid by the Debtor and, if the Debtor fails to pay, the Secured Party shall pay such fees. 

  
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 10.05 Second Lien Entity. 

(a) PPVA Black Elk (Cayman) Ltd., in its capacity as second lien secured party (the “Second Lien
Secured Party”), the Debtor and the Bank are parties to that certain Deposit Account Control Agreement dated on or about the date of this Agreement (as it may be amended, restated, modified or supplemented from time to time, the
“Second Lien Control Agreement”). 
 (b) Subpart (iii) of Paragraph 7 of
the General Terms is hereby amended to read as follows: 
 (iii) has not entered into any
currently effective agreement with any person under which the Bank may be obligated to comply with Disposition Instructions originated by a person other than the Debtor or Secured Party except for the Second Lien Control Agreement. The Bank will not
enter into any agreement with any person under which the Bank may be obligated to comply with Disposition Instructions originated by a person other than the Debtor or the Secured Party except for the Second Lien Control Agreement. 

(c) The Bank will not honor an Initial Instruction or a Disposition Instruction from the Second Lien
Secured Party until this Agreement is terminated. 
 10.06 Initial Block. 

The Bank will not comply with the Debtor’s Disposition Instructions. All references in the General
Terms to the Outside Time shall instead be to the Agreement Date. This Agreement is amended to delete the Exhibit and all references to the Initial Instruction and the Exhibit. 

C. EXHIBIT. The parties have completed and attach hereto the Exhibit
to be used as the form of the Initial Instruction. 
 D. SINGLE
AGREEMENT; COUNTERPARTS. The General Terms, the Specific Terms and the Exhibit shall be read and construed together with the other provisions of this Agreement as a single agreement. Delivery of
executed copies of this Agreement may be made by facsimile or, if so permitted in Section 9 of Part B, by another form of electronic transmission. This Agreement may be executed in counterparts, each of which shall constitute an original
and all of which collectively shall constitute a single agreement. 
 EXECUTED as of the date
first set forth above. 
 [remainder of page intentionally left blank; signature page follows] 

  
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	 SECURED PARTY:
	  	DEBTOR:
		
	 W&T OFFSHORE, INC.
	  	 BLACK ELK ENERGY OFFSHORE
 OPERATIONS, LLC

				
	 By:
	 	 /s/ Thomas F. Getten
	  	By:	 	 /s/ James Hagemeier

		 	    Thomas F. Getten
	  		 	   James Hagemeier
		 	    Vice President
	  		 	   Vice President

  

 

					
	BANK:
	
	AMEGY BANK NATIONAL ASSOCIATION
			
	By:	 	 	 	 
		 	 Name:
	 	
 

					
		 	 Title:
	 	  

 GENERAL TERMS 

 

 

 GENERAL TERMS FOR THE DEPOSIT
ACCOUNT CONTROL AGREEMENT 
  

version 1 dated February 13, 2006 
 available from the American Bar Association’s Section of Business Law at  
 http://www.abanet.org/dch/committee.cfm?com=CL7100601 
  

	1 	 This document is a model form produced by the Joint Task Force on Deposit Account Control Agreements of the ABA Section of Business Law. The
provisions of the form have not been approved by the House of Delegates or Board of Governors of the American Bar Association and, accordingly, should not be construed as representing the policy of the American Bar Association.

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
CONTROL AGREEMENT 
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 GENERAL TERMS FOR THE DEPOSIT
ACCOUNT CONTROL AGREEMENT 
 1. Definitions and Rules of
Interpretation. In this Agreement (a) terms defined in the UCC and not otherwise defined in this Agreement have the same meanings in this Agreement as in the UCC, (b) the rules of interpretation in Article 1 of the UCC apply to
the interpretation of this Agreement and (c) the term “or” is not exclusive. Unless otherwise stated, section references are to sections of these General Terms. In addition, the following terms in this Agreement have the following
meanings or interpretations: 
 This “Agreement” means the Deposit Account Control Agreement dated the Agreement
Date among the Secured Party, the Debtor and the Bank. The Deposit Account Control Agreement includes these General Terms (incorporated by reference), the Specific Terms and the Exhibit read and construed together as a single
agreement. 
 “Agreement Date” means the date set forth at the beginning of this Agreement as the date as of
which this Agreement was executed and delivered by the parties. 
 An “address” includes the person or persons
or department of the Bank on an “attention” line.  
 “Bank” means the organization signing
this Agreement as the Bank. 
 “Business Day” means: 

(i) for communications to the Bank, a day other than a day (A) that is not a “business day” as defined in
Federal Reserve Board Regulation CC, 12 CFR Part 229, (B) on which the office, branch or department of the Bank specified as the Bank’s address in the Exhibit is closed, or (C) on which commercial banks are closed in the city
or cities set forth in the Specific Terms: and 
 (ii) for communications to any other party, a day,
other than a Saturday or Sunday, on which the other party is open for business at the location to which the communication is sent. 
 “Claim” means a claim, loss, cost or expense, and includes out-of-pocket or allocable internal legal fees and expenses incurred in bringing or defending a claim.

 A “communication” includes the Initial Instruction, a Disposition
Instruction or a notice.  
 “Debtor” means the person signing this Agreement as the Debtor. 

“Deposit Account” has the meaning set forth in the “Background” of this Agreement. The Deposit Account is
identified in Section 1 of the Specific Terms. 
 “Deposit-related Agreements” means, collectively,
the deposit account agreement and any other agreements between the Bank and the Debtor governing the Deposit Account and any cash management or similar services provided by the Bank to the Debtor in connection with the Deposit Account. 

“Disposition Instruction” means an instruction to the Bank directing the disposition of the funds in the Deposit
Account. 
 “Exhibit” means the Exhibit referred to in Part C of and attached to this Agreement as the
form to be used as the Initial Instruction. 
 “Initial Instruction” means the first instruction to the Bank
originated by the Secured Party directing that the Bank no longer comply with the Debtor’s Disposition Instructions. The Initial Instruction may also contain a Disposition Instruction originated by the Secured Party. 

“Order or Process” means an order, judgment, decree or injunction, or a garnishment, restraining notice or other legal
process, directing, or prohibiting or otherwise restricting, the disposition of the funds in the Deposit Account. 

“Outside Time” means, unless an earlier Outside Time is stated in the Specific Terms, the opening of business on
the second Business Day after the Business Day on which the Initial Instruction in substantially the form of the Exhibit is actually received at the address for the Bank specified in the Exhibit. If the Initial Instruction is actually
received at that address after 12:00 noon, local time, at that address, then in determining the Outside Time, the Initial Instruction will be considered to have been actually received on the following Business Day.

 

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
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 “Secured Party” means the person signing this Agreement as the Secured Party, whether the
person is acting in a representative capacity or otherwise. 
 “Specific Terms” means the terms contained in Part B of this
Agreement. 
 “UCC” means the Uniform Commercial Code of the jurisdiction whose law governs this Agreement or,
if relevant to any matter other than the meaning of a defined term, the Uniform Commercial Code of the jurisdiction whose law applies to the matter under the choice of law rules of the jurisdiction whose law governs this Agreement. 

A “writing” means a tangible writing, including a facsimile and, if the Specific Terms permit, an electronic
record; “written” refers to a communication in the form of a writing. 
 2. The Debtor’s Dealings with
the Deposit Account. 
 (a) Except as provided in Section 2(b), the Bank may comply with the Debtor’s
Disposition Instructions in accordance with the Deposit- related Agreements. 
 (b) The Bank will not comply with the
Debtor’s Disposition Instructions after the Outside Time. In its discretion the Bank may cease complying with the Debtor’s Disposition Instructions at an earlier time as permitted by Section 4(a)(iv). 

3. The Secured Party’s Right to Give Instructions as to the Deposit Account. The Bank will comply with the Initial
Instruction, and with any Disposition Instructions originated by the Secured Party, in each case (i) without the Debtor’s further consent, and (ii) even if following the instruction results in the dishonoring by the Bank of items
presented for payment from the Deposit Account or the Bank otherwise not complying with the Debtor’s Disposition Instructions. The Initial Instruction may not be rescinded or otherwise modified without the Bank’s consent. 

4. Exculpation of the Bank. 
 (a) Notwithstanding the Bank’s agreements in Sections 2 and 3, the Bank will not be liable to any other party for:

 (i) either failing to follow an Initial Instruction that (A) is not
in the form of the Exhibit, (B) does not specify the address to which the Initial Instruction was to have been sent, (C) is not otherwise completed, or (D) does not have attached to it a copy of this Agreement as fully executed
or, as a result of any such defect in the Initial Instruction, continuing to comply with the Debtor’s Disposition Instructions; 
 (ii) failing to follow a Disposition Instruction originated by the Secured Party (A) before the Outside Time, (B) that requires the disposition of the funds in the Deposit Account by a method
not available to the Debtor under the Deposit-related Agreements, (C) that the Bank determines would result in the Bank’s failing to comply with a statute, rule or regulation, or an Order or Process, binding upon the Bank, (D) that
requires the disposition of funds that are not Immediately available in the Deposit Account, (E) that, unless otherwise set forth in the Specific Terms, directs the disposition of less than all the funds in the Deposit Account or directs
that the funds be sent to more than one recipient, or (F) for which the Bank has not received evidence reasonably required by the Bank as to the authority of the person giving the Disposition Instruction to act for the Secured Party;

 (iii) complying with the Debtor’s Disposition Instructions, or otherwise completing a transaction
involving the Deposit Account, that the Bank or an affiliate had started to process before the Outside Time; or 
 (iv) after the Bank becomes aware that the Secured Party has sent the Initial Instruction, but before the Outside Time, complying with the Initial Instruction or a Disposition Instruction originated by
the Secured Party, notwithstanding any fact or circumstance and even if the Initial Instruction (A) has not been actually received at the address specified in the Exhibit. (B) fails to have attached to it a copy of this Agreement as
fully executed, or (C) is not completed or otherwise fails to be in the form of Initial Instruction set forth on the Exhibit. 
 (b) The Bank will not be liable to any other party for: 

 

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
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 (i) wrongful dishonor of any item as a result of the Bank following the
Initial Instruction or any Disposition Instruction originated by the Secured Party, 
 (ii) failing to comply
or delaying in complying with the Initial Instruction, any Disposition Instruction or any provision of this Agreement due to a computer malfunction, interruption of communication facilities, labor difficulties, act of God, war, terrorist attack, or
other cause, in each case beyond the Bank’s reasonable control, 
 (iii) any other Claim, except to the
extent directly caused by the Bank’s gross negligence or willful misconduct, or 
 (iv) any indirect,
special, consequential or punitive damages. 
 (c) The Bank will have no fiduciary duties under this Agreement to any other
party, whether as trustee, agent, bailee or otherwise. The Bank will have no duties to the Secured Party except as expressly set forth in this Agreement. The Bank will have no duty to inquire into or determine the existence or enforceability of the
Debtor’s obligations to the Secured Party or whether, under any separate agreement between the Debtor and the Secured Party, the Debtor’s obligations to the Secured Party are in default, the Debtor may originate a Disposition Instruction
or the Secured Party may originate the Initial Instruction or any Disposition Instruction. 
 5. The Bank’s Recourse to
the Deposit Account. 
 (a) Except for amounts referred to in Section 5(b), the Bank (i) subordinates any security
interest, lien or other encumbrance against the Deposit Account to the Secured Party’s security interest and (ii) will not exercise any right of recoupment, setoff or debit against the Deposit Account. This subordination will not apply to
any security interest that the Bank has in an item under UCC Article 4 as a collecting bank. 
 (b) Notwithstanding Section
5(a), and regardless of any agreement of the Debtor to compensate the Bank by means of balances in the Deposit Account, the Bank may charge the Deposit Account, to the extent permitted by

 
any of the Deposit-related Agreements or applicable law, for: 
 (i) the face amount of a check, draft, money order, instrument, wire transfer of funds, automated clearing house entry, credit from a merchant card transaction, other electronic transfer of funds or other
item (A) deposited in or credited to the Deposit Account, whether before or after the Agreement Date, and returned unpaid or otherwise uncollected or subject to an adjustment entry, whether for insufficient funds or for any other reason and
without regard to the timeliness of the return or adjustment or the occurrence or timeliness of any other person’s notice of nonpayment or adjustment, (B) subject to a claim against the Bank for breach of transfer, presentment, encoding,
retention or other warranty under Federal Reserve Regulations or Operating Circulars, clearing house rules, the UCC or other applicable law, or (C) for a merchant card transaction, against which a contractual demand for chargeback has been
made; 
 (ii) normal service charges or fees payable to the Bank in connection with the Deposit Account or any
related services; 
 (iii) any adjustments or corrections of any posting or encoding errors; and 

(iv) reimbursements for out-of-pocket or allocable internal legal fees and expenses in connection with the negotiation,
administration or enforcement of this Agreement by the Bank. 
 6. Indemnification and Reimbursement. 

(a) The Debtor indemnifies the Bank against all Claims incurred, sustained or payable by the Bank arising out of this Agreement except to
the extent directly caused by the Bank’s gross negligence or willful misconduct. 
 (b) The Secured Party agrees to
reimburse the Bank for any charge against the Deposit Account under Section 5(b) for which there were insufficient funds in the Deposit Account to satisfy the charge. Such reimbursement will be limited to the aggregate amount transferred from
the Deposit Account as a result of the Bank’s acting upon Disposition Instructions originated by the Secured Party or pursuant to Section 9(b). Any demand by the Bank for reimbursement

 

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
CONTROL AGREEMENT 
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must be made within the number of days after the termination of this Agreement set forth in the Specific Terms. The Bank may not make a Claim for reimbursement under this subsection unless
(i) the Debtor fails to satisfy the Claim within 15 days after the Bank makes a demand on the Debtor under Section 6(a) or (ii) the Bank is enjoined, stayed or prohibited by operation of law from making the demand on the Debtor.

 (c) The Secured Party’s reimbursement obligations under Section 6(b) will not apply to (i) a charge for
reimbursement of or indemnification for any out-of-pocket or allocable internal legal fees and expenses incurred by the Bank in connection with any claim or defense by the Bank against the Secured Party relating to this Agreement or (ii) the
amount of any loss incurred by the Bank to the extent directly caused by the Bank’s gross negligence or willful misconduct. If the Bank satisfies any Claim against the Debtor referred to in the foregoing clause (i) by charging the Deposit
Account, the amount of the Secured Party’s maximum liability for reimbursement obligations under Section 6(b) will be reduced by the amount of the Claim so satisfied. 

(d) If the Secured Party fails to reimburse the Bank for any amount under Section 6(b), the Secured Party will pay the Bank’s
out-of-pocket or allocable internal legal fees and expenses in collecting from the Secured Party the amount payable. 
 (e) The
Secured Party indemnifies the Bank against all other Claims incurred, sustained or payable by the Bank arising from the Bank following an Initial Instruction or a Disposition Instruction originated by the Secured Party, or from the Bank’s
remittance of funds pursuant to Section 9(b), except to the extent directly caused by the Bank’s gross negligence or willful misconduct, 
 7. Representations and Warranties; Agreements with Other Persons. The Bank represents and warrants to the Secured Party that the Bank (i) is an organization engaged in the business of
banking, (ii) maintains the Deposit Account as a demand deposit account or accounts in the ordinary course of the Bank’s business and (iii) has not entered into any currently effective agreement with any person

 
under which the Bank may be obligated to comply with Disposition Instructions originated by a person other than the Debtor or the Secured Party. The Bank will not enter into any agreement with
any person under which the Bank may be obligated to comply with Disposition Instructions originated by a person other than the Debtor or the Secured Party. 
 8. Deposit Account Information. If the Secured Party so requests, to the extent that the Bank has the operational ability to do so, the Bank will provide to the Secured Party, whether by Internet
access or otherwise, a copy of each periodic account statement relating to the Deposit Account ordinarily furnished by the Bank to the Debtor. The Bank’s liability for failing to provide the account statement will not exceed the Bank’s
cost of providing the statement. The Debtor authorizes the Bank to provide to the Secured Party, whether by Internet access or otherwise, any other information concerning the Deposit Account that the Bank may agree to provide to the Secured Party at
the Secured Party’s request. 
 9. Termination; Closure of the Deposit Account. 

(a) Neither the Debtor nor the Bank will dose the Deposit Account prior to termination of this Agreement. This Agreement may not be
terminated by the Debtor except by a notice to the Bank given jointly by the other parties. This Agreement may be terminated (i) by the Secured Party at any time by notice to the other parties and (ii) by the Bank (A) immediately upon
notice to the other parties if the Bank becomes obligated to terminate this Agreement or to close the Deposit Account under any statute, rule or regulation, or any Order or Process, binding upon the Bank, (B) upon five Business Days’
notice to the other parties if any other party is in material breach of any of the Deposit-related Agreements or this Agreement, and (C) otherwise upon 30 days’ notice to the other parties. 

(b) If the Bank terminates this Agreement pursuant to clause (A) of Section 9(a)(ii), the Bank will remit any funds in the
Deposit Account on the date of termination (i) at the direction of the Secured Party if the direction is received by the Bank prior to the date of termination of this Agreement or (ii) if no such direction is received by the Bank prior to
such date, by check mailed to 

 

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
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 the address of the Secured Party for receiving communications under this Agreement. If the
Bank terminates this Agreement pursuant to clause (B) or (C) of Section 9(a)(ii), the Bank will remit any funds in the Deposit Account on the date of termination at the direction of the Secured Party only if the direction is received
by the Bank prior to the date of termination of this Agreement. Any obligation of the Bank to remit any funds to or at the direction of the Secured Party under this subsection is subject to clauses (B) through (F) of Section 4(a)(ii).

 (c) Except as provided in Section 9(b) and in any event if the Secured Party has communicated to the Bank that the
Secured Party does not wish to receive or direct the disposition of the funds, the Secured Party will not receive from the Bank any remittance of funds from the Deposit Account upon termination of this Agreement by the Bank. 

(d) The termination of this Agreement will not affect any rights created or obligations incurred under this Agreement before the
termination. Sections 4 and 6 will survive the termination of this Agreement for actions taken or omitted before the termination. Sections 9(b) and (c) will survive the termination of this Agreement, and Section 5 will survive the
termination of this Agreement solely for any funds to be remitted to or at the direction of the Secured Party pursuant to Section 9(b). 
 10. Communications. 
 (a) All communications under this Agreement must be
in writing and must be delivered by hand or overnight courier service, mailed by certified or registered mail, or sent by facsimile to the party addressee. If the Specific Terms permit a writing to include an electronic record, a
communication, other than the Initial Instruction, may be sent by email. 
 (b) For a communication under this Agreement to be
effective, it must be received (i) for the Initial Instruction, at the Bank’s address specified on the Exhibit and (ii) in all other cases, at the party’s address indicated below the party’s signature to this
Agreement, in each case subject to any change in address provided in Section 10(c). Receipt of the Initial Instruction does not occur until it is received by the person or persons or department specified on the “attention” line on the
Exhibit. If

 
more than one person is specified, receipt occurs when the Initial Instruction is received by one of the persons. 
 (c) The Bank may communicate to the Secured Party changes in the address for the Initial Instruction, and any party may communicate to the other parties changes in its address for communications
under this Agreement. 
 11. Successors and Transferees. 

(a) This Agreement will inure to the benefit of, and be binding upon, the parties and their respective successors and other transferees
permitted under this Section. Except as provided in this Section, a voluntary transfer of a party’s rights or duties under this Agreement without the written consent of the other parties will be void. 

(b) The Bank may transfer its rights and duties under this Agreement to a transferee to which, by contract or operation of law, the Bank
transfers substantially all of its rights and duties under the Deposit-related Agreements. 
 (c) The Secured Party may transfer
its rights and duties under this Agreement to (i) a transferee to which, by contract or operation of law, the Secured Party transfers substantially all of its rights and duties under the financing or other arrangements between the Secured Party
and the Debtor for which the Deposit Account acts as collateral security or (ii) if the Secured Party is acting as a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest is created or
provided for, a transferee that is a successor trustee, indenture trustee, agent, collateral agent, or other representative. 

(d) No transfer under this Section will be binding upon a non-transferring party until the transferring party or the transferee notifies
the non-transferring parties of the transfer in a writing signed by the transferee that identifies the transferee, gives the transferee’s address for communications under this Agreement, and states that the transferee is a successor of the
transferor or other transferee permitted under this Section and is entitled to the benefit of the

 

  
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	 GENERAL TERMS FOR THE DEPOSIT ACCOUNT
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transferring parry’s rights and has assumed all of the transferring party’s duties under this Agreement. 
 (e) A non-transferring party need not request proof of any transfer or that the transferee is a successor of the transferor or other transferee permitted by this Section. If requested by a
non-transferring party, however, the transferring party or the transferee will provide reasonable proof thereof. If the Bank or the Secured Party, as a non-transferring party, requests such proof, then the effectiveness of the notification of
transfer as to the non-transferring party will be suspended until the proof is provided. 
 (f) When a transfer becomes binding
on the non-transferring parties, the transferring party will not be entitled to exercise any rights, and will be relieved of its obligations, accruing under this Agreement from and after that time. Those rights may be exercised and those obligations
will be incurred by the transferee. 
 (g) The provisions of subsections (d) and (e) requiring notification for a
transfer to be binding on the non-transferring parties and suspending the effectiveness of the notification of transfer until reasonable proof of the transfer has been provided do not apply to the Bank as the transferring party if the transfer is by
operation of law and by operation of the law (i) the transferee succeeds to all or substantially all of the rights and becomes generally bound by all of the duties of the Bank, including the Bank’s duties under this Agreement, and
(ii) the Bank ceases to exist. 
 12. Entire Agreement; Relation to Other Agreements. 

(a) This Agreement constitutes the entire agreement of the parties, and supersedes all previous and contemporaneous negotiations,
understandings and agreements, with respect to its subject matter, all of which have become merged and finally integrated into this Agreement. 
 (b) If a term in the Specific Terms conflicts with a term of this Agreement not in the Specific Terms, the term in the Specific Terms controls. 

(c) If this Agreement conflicts with any of the Deposit-related Agreements, this Agreement will control. However, this Agreement will not
(i) derogate from any Claim or defense that

 
the Bank may have against the Debtor under any of the Deposit-related Agreements or (ii) create any third party beneficiary rights under any of the Deposit-related Agreements in favor of the
Secured Party. 
 (d) This Agreement does not amend or otherwise modify any of the agreements between the Debtor and the Secured
Party or provide any rights for the Debtor to originate a Disposition Instruction in contravention of any agreement between the Debtor and the Secured Party. 
 13. Governing Law, Depositary Bank’s Jurisdiction and Waiver of Jury Trial. 
 (a) Except as otherwise required by Article 9 of the UCC, this Agreement will be governed by the law of that jurisdiction set forth in the Specific Terms without giving effect to any choice of law
rule that would require the application of the law of another jurisdiction. 
 (b) If the Specific Terms are completed
expressly to designate the Bank’s jurisdiction for purposes of part 3 of Article 9 of the UCC, then the Deposit-related Agreements are amended to provide that for those purposes that jurisdiction is the Bank’s jurisdiction so designated.

 (c) To the extent permitted by applicable law, each party waives all rights to trial by jury in any action, claim or
proceeding (including any counterclaim) of any type arising out of or directly or indirectly relating to this Agreement. 

14. Miscellaneous. 
 (a) No amendment to this Agreement will be binding on any party unless it is in writing and signed by all of the parties. Any provision of this Agreement benefiting a party may be waived only by a writing
signed by that party. 
 (b) If a provision of this Agreement is held invalid or unenforceable in any respect, the validity or
enforceability of the remaining provisions will not in any way be affected, it being understood that the invalidity or unenforceability of an affected provision in a particular jurisdiction will not in and of itself affect the validity or
enforceability of the provision in any other jurisdiction. 

 

  
 7Non-Operated Escrow Agreement, dated as of October 29, 2009

 Exhibit 4.22 
 NON-OPERATED ESCROW AGREEMENT 
 This NON-OPERATED
ESCROW AGREEMENT (this "Agreement"), dated as of October 29, 2009, but made to be effective as of August 1, 2009 (the “Effective Date”) is entered into by and between W&T Offshore, Inc., a Texas corporation
(“W&T”), Black Elk Energy Offshore Operations, LLC, a Texas limited liability company (“BEEOO”) and Amegy Bank National Association, as escrow agent (in such capacity, the “Escrow Agent”). 

RECITALS 
 A. BEEOO has entered into that certain Agreement for Purchase and Sale dated effective August 1, 2009, with W&T (hereinafter called the "PSA Agreement"), which PSA Agreement provides in part for
the sale and assignment by W&T to BEEOO, of the Assets. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the PSA Agreement. W&T and BEEOO have agreed that the monies shall be paid
into this escrow account and disbursed, all as provided for in the PSA Agreement. 
 B. Notwithstanding Section A above,
this Agreement governs the terms and conditions upon which the Escrow Agent will hold and disburse the Escrow Property. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

 Section 1. Appointment of Escrow Agent; Representatives. W&T and BEEOO hereby appoint the
Escrow Agent as “escrow agent” in accordance with the terms and conditions set forth herein, and the Escrow Agent hereby accepts such appointment. The duly authorized representatives of W&T, BEEOO and the Escrow Agent are shown on
Exhibit “A” hereto. Each of W&T, BEEOO and the Escrow Agent may change its representative at any time and from time to time by delivering written notice of such change to the other parties in the manner provided for in
Section 10(d). Each representative is authorized to act alone. 
 Section 2. Designation of Escrow
Account. For purposes of this Agreement, Escrow Agent hereby designates the following account as the escrow account hereunder (the “Escrow Account”): 

ACCOUNT NUMBER: 9143101 
 Section 3. Transfers into the Escrow Account. Simultaneously with the execution and delivery of this Agreement, BEEOO shall deposit the sum of $100 (the "Escrowed Proceeds") with the Escrow
Agent in immediately available funds, for deposit into the Escrow Account. The Escrowed Proceeds shall be held by the Escrow Agent upon the terms and conditions hereinafter set forth. The Escrowed Proceeds, plus all interest, dividends and other
distributions and payments thereon (collectively, the “Distributions”) received by the Escrow Agent, less any funds distributed or paid in accordance with this Agreement, are collectively referred to herein as the “Escrow
Property”. Hereafter from time to time BEEOO shall deposit with the Escrow Agent for deposit into the Escrow Account payments required under Section 7.07.02(a) of the PSA Agreement and shown on Schedule 2 attached hereto. 

  
 1 

 Section 4. Treatment of Escrow Property. During the term of this
Agreement, unless the Escrow Agent is otherwise directed in writing signed by W&T and BEEOO, the Escrow Property shall be held in a segregated account at the Escrow Agent. The Escrow Property may only be invested and re-invested in the following
investments as directed by W&T and BEEOO: 
  

	 	(a)	 U.S. Government –Direct Obligations; 

  

	 	(b)	 U.S. Government – Federal Agency obligations: Obligor or guarantor must have a long-term debt rating of at least “AA” by Standard and
Poor’s and “Aa2” by Moodys; 

  

	 	(c)	 Commercial Paper and Other Corporate Obligations: Obligor or guarantor must have a long-term debt rating of at least “AA” by Standard and
Poor’s and “Aa2” by Moodys; 

  

	 	(d)	 Other Marketable and Rated Domestic Obligations: Obligor or guarantor must have a long-term debt rating of at least “AA” by Standard and
Poor’s and “Aa2” by Moodys; 

  

	 	(e)	 Money market mutual funds substantially all of whose funds are invested in any of the foregoing; or 

 

	 	(f)	 a money market account with Amegy Bank National Association, paying a rate of return (“MMDA”). 

Unless the Escrow Agent is provided with direction to invest the Escrow Property in abovementioned investments, the Escrow Property shall
be invested in Fidelity Institutional Money Market Treasury Portfolio #695 (FISXX) until disbursement of the entire Escrow Property. The Escrow Agent shall have no responsibility for any investment losses resulting from the investment, reinvestment
or liquidation of the Escrow Property. Any interest or other income received on such investment and reinvestment of the Escrow Property shall become part of the Escrow Property and any losses incurred on such investment and reinvestment of the
Escrow Property shall be debited against the Escrow Property. Written investment instructions, if any, from W&T and BEEOO shall specify the type and identity of the investments to be purchased and/or sold. The Escrow Agent is hereby authorized
to execute purchases and sales of investments through the facilities of its own trading or capital markets operations or those of any affiliated entity. The Escrow Agent or any of its affiliates may receive compensation with respect to any
investment directed hereunder including without limitation charging an agency fee in connection with each transaction. The Parties recognize and agree that the Escrow Agent will not provide supervision, recommendations or advice relating to either
the investment of moneys held in the Escrow Account or the purchase, sale, retention or other disposition of any investment described herein. 
 Section 5. Distribution of Escrow Property. The Escrow Agent shall hold the Escrow Property in its possession until notified in writing to disburse the Escrow Property or any specified portion
thereof solely in accordance with this Section 5. Whenever this Section 5 

  
 2 

 
requires disbursement, the Escrow Agent shall disburse the appropriate amount of Escrow Property to the appropriate party by wire transfer of immediately available funds. Any recipient of a
transfer of Escrow Property shall be responsible for providing written wiring instructions to Escrow Agent Instructions regarding disbursement of any Escrow Property received after 11:00 a.m. (Central Time) will be treated as if received on the
following Business Day. The Escrow Agent shall disburse Escrow Property only upon the occurrence of the following: 
 (a) DISBURSEMENTS TO BEEOO. If the Escrow Agent receives a joint written notice from BEEOO and W&T, signed by their then representatives instructing the Escrow Agent to disburse the Escrow Property
with instructions on such disbursement, then the Escrow Agent shall disburse the Escrow Property in accordance with such notice. BEEOO and W&T shall execute such joint written notice when a disbursement is required to be made under
Section 7.07 of the PSA Agreement. 
 (b) DISBURSEMENT TO W&T. If the Escrow Agent receives a written
notice from W&T signed by the then W&T representative stating that (i) a default has occurred and continues with respect to the obligation of BEEOO to make payments under Section 7.07.01(c) of the PSA Agreement, to make payments
under Section 7.07.02(a)) of the PSA Agreement with respect to the Non-Operated Escrow Agreement or under the obligation of BEEOO to perform P&A Obligations with regard to the Operated Properties or the Non-Operated Properties in accordance
with all notices, rules and regulations of the MMS and any other agency, body, or authority having jurisdiction over BEEOO and a written statement from W&T that W&T’s written notice has also been delivered to BEEOO via facsimile, then,
on or after the third (3rd) Business Day after Escrow Agent’s receipt of such written notice, the Escrow Agent shall disburse to W&T the lesser of (1) the amount certified by W&T in its written notice or (2) the amount of
the Escrow Property. 
 (c) OTHER DISBURSEMENTS. If the Escrow Agent receives a joint written notice from BEEOO
and W&T, signed by their then representatives instructing the Escrow Agent to disburse the Escrow Property with instructions on such disbursement, then the Escrow Agent shall disburse the Escrow Property in accordance with such notice.

 Section 6. Termination. This Agreement shall terminate upon the distribution of all Escrow
Property. The provisions of Sections 8 and 9 shall survive the termination of this Agreement and the earlier resignation of the Escrow Agent. 
 Section 7. Resignation of Escrow Agent. The Escrow Agent may resign and be discharged from its duties hereunder at any time by giving thirty (30) calendar days’ prior written notice
of such resignation to W&T and BEEOO. Upon such notice, a successor escrow agent shall be appointed by W&T and BEEOO, who shall provide written notice of such to the resigning Escrow Agent. Such successor escrow agent shall become the Escrow
Agent hereunder upon the resignation or removal date specified in such notice. If W&T and BEEOO are unable to agree upon a successor escrow agent within thirty (30) days after such notice, the Escrow Agent may, in its sole discretion, apply
to a court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief. The costs and expenses (including its attorneys’ fees and expenses) incurred by the Escrow Agent in connection with such
proceeding shall be paid jointly by W&T and BEEOO. Upon receipt of the identity of the successor escrow agent, the Escrow Agent shall either deliver the Escrow Property then held hereunder to the successor Escrow Agent, less the Escrow
Agent’s costs and expenses or other 

  
 3 

 
obligations owed to the Escrow Agent to be paid from any interest earned in respect of the Escrow Property, or hold any interest earned in respect of the Escrow Property (or any portion thereof),
pending distribution, until all such costs and expenses or other obligations are paid. Upon its resignation and delivery of the Escrow Property as set forth in this Section 7, the Escrow Agent shall be discharged of and from any and all further
obligations arising in connection with the Escrow Property or this Agreement. 
 Section 8.
Indemnity. BEEOO and W&T shall jointly and severally indemnify, defend and save harmless the Escrow Agent and its affiliates and their respective successors, assigns, directors, officers, managers, attorneys, accountants, experts, agents
and employees (the “indemnitees”) from and against any and all losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses (including, without
limitation, the fees and expenses of in house or outside counsel and experts and their staffs and all expense of document location, duplication and shipment) (collectively “Losses”) arising out of or in connection with (a) the Escrow
Agent's execution and performance of this Agreement, tax reporting or withholding, the enforcement of any rights or remedies under or in connection with this Agreement, or as may arise by reason of any act, omission or error of the indemnitee under
or in connection with this Agreement, except in the case of any indemnitee to the extent that such Losses are finally adjudicated by a court of competent jurisdiction to have been primarily caused by the gross negligence or willful misconduct of
such indemnitee, or (b) its following any instructions or other directions, whether joint or singular, from the BEEOO and W&T, except to the extent that its following any such instruction or direction is expressly forbidden by the terms
hereof. BEEOO and W&T hereto acknowledge that the foregoing indemnities shall survive the resignation, replacement or removal of the Escrow Agent or the termination of this Agreement. BEEOO and W&T hereby grant the Escrow Agent a lien on,
right of set-off against and security interest in, the Fund for the payment of any claim for indemnification, fees and expenses and amounts due hereunder. In furtherance of the foregoing, the Escrow Agent is expressly authorized and directed, but
shall not be obligated, to charge against and withdraw from the Escrow Property for its own account or for the account of an indemnitee any amounts due to the Escrow Agent or to an indemnitee under this Section 8. The obligations contained in
this Section 8 shall survive the termination of this Agreement and the resignation, replacement or removal of the Escrow Agent. 
 Section 9. The Escrow Agent. 
 (a) The duties,
responsibilities and obligations of Escrow Agent shall be limited to those expressly set forth herein and no duties, responsibilities or obligations shall be inferred or implied against the Escrow Agent. The Escrow Agent shall not be subject to, nor
required to comply with, any other agreement, including but not limited to the PSA Agreement, to which W&T or BEEOO is a party, even though reference thereto may be made herein, or to comply with any direction or instruction (other than those
contained herein or delivered in accordance with this Agreement) from W&T or BEEOO. The Escrow Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any
of its duties hereunder. 
 (b) If at any time the Escrow Agent is served with any judicial or administrative
order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the Escrow Property (including but not limited to orders of attachment or garnishment or other forms of levies or injunctions or stays
relating to the transfer of the 

  
 4 

 
Escrow Property), the Escrow Agent is authorized to comply therewith in any manner it or legal counsel of its own choosing deems appropriate; and if the Escrow Agent complies with any such
judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, Escrow Agent shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree,
writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect. 
 (c) The Escrow Agent shall not be liable to BEEOO or W&T for any action taken or omitted or for any loss or injury resulting from its actions or its performance or lack of performance of its duties
hereunder in the absence of gross negligence or willful misconduct on its part. In no event shall the Escrow Agent be liable to BEEOO or W&T (i) for acting in accordance with or conclusively relying upon any instruction, notice, demand,
certificate or document from W&T or BEEOO or any entity acting on behalf of W&T or BEEOO, (ii) anything in this Agreement to the contrary notwithstanding, in no event shall the Escrow Agent be liable for special, incidental, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action (iii) for the
acts or omissions of its nominees, correspondents, designees, agents, subagents or subcustodians, or (iv) for the investment or reinvestment of any cash held by it hereunder, in each case in good faith, in accordance with the terms hereof,
including without limitation any liability for any delays (not resulting from its gross negligence or willful misconduct) in the investment or reinvestment of the Escrow Property, or any loss of interest or income incident to any such delays.

 (d) The Escrow Agent shall be entitled to payment of the fees set forth in Exhibit “B” hereto for
all services rendered by it hereunder. If any fees, expenses or costs incurred by, or any obligations owed to, the Escrow Agent or its counsel hereunder are not promptly paid when due, the Escrow Agent may reimburse itself therefor from the Escrow
Property and may sell, liquidate, convey or otherwise dispose of any investment in respect of the Escrow Property for such purpose. The Escrow Agent may in its sole discretion withhold from any distribution of any interest earned in respect of the
Escrow Property an amount it believes would, upon sale or liquidation, produce proceeds equal to any unpaid amounts to which the Escrow Agent is entitled to hereunder. 

(e) The Escrow Agent may consult with legal counsel of its own choosing, as to any matter relating to this Agreement,
including review for any request for disbursement hereunder or review of monthly reports or invoices, and the Escrow Agent shall not incur any liability in acting in good faith in accordance with any advice from such counsel. The Escrow Agent shall
not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow Agent (including but not limited to any act or provision of any present or
future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or
communication facility). 
 (f) The Escrow Agent shall be entitled to conclusively rely upon any order,
judgment, certification, demand, notice, instrument or other writing delivered to it hereunder without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service thereof.
The Escrow Agent may act in conclusive reliance upon any instrument or signature believed by it to be genuine and may assume that any person purporting to give receipt or advice to make any statement or execute any document in connection with the
provisions hereof has been duly authorized to do so. 

  
 5 

 (g) The Escrow Agent shall not be responsible in any respect for the form,
execution, validity, value or genuineness of documents or securities deposited hereunder, or for any description therein, or for the identity, authority or rights of persons executing or delivering or purporting to execute or deliver any such
document, security or endorsement. The Escrow Agent shall not be called upon to advise any party as to the wisdom in selling or retaining or taking or refraining from any action with respect to Escrow Property deposited hereunder. 

(h) The Escrow Agent shall not be under any duty to give the Escrow Property held by it hereunder any greater degree of
care than it gives its own similar property and shall not be required to invest any funds held hereunder except as directed in this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. 

(i) At any time the Escrow Agent may request an instruction in writing from W&T and BEEOO and may, at its own option,
include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder. The Escrow Agent shall not be liable for acting in
accordance with such a proposal on or after the date specified therein, provided that the specified date shall be at least three (3) Business Days after W&T and BEEOO receives the Escrow Agent’s request for instructions and its
proposed course of action, and provided further that, prior to so acting, the Escrow Agent has not received the written instructions requested. 
 (j) When the Escrow Agent acts on any information, instructions, communications, (including, but not limited to, communications with respect to the delivery of securities or the wire transfer of funds)
sent by facsimile or electronic transmission, the Escrow Agent, absent gross negligence or willful misconduct, shall not be responsible or liable in the event such communication is not an authorized or authentic communication of W&T or BEEOO or
is not in the form W&T or BEEOO sent or intended to send (whether due to fraud, distortion or otherwise), if the document is signed by one of the respective representatives shown on Exhibit “A”. W&T and BEEOO shall release the
Escrow Agent against any loss, liability, claim or expense (including legal fees and expenses) it may incur as a result of the Escrow Agent acting in accordance with any such communication. 

(k) In the event of any ambiguity or uncertainty hereunder or in any notice, instruction or other communication received
by the Escrow Agent hereunder, the Escrow Agent may, in its sole discretion, refrain from taking any action other than to retain possession of the Escrow Property, unless the Escrow Agent receives written instructions, signed by W&T and BEEOO
which eliminates such ambiguity or uncertainty. 
 (l) In the event of any dispute between or conflicting claims
among W&T or BEEOO with respect to any Escrow Property, the Escrow Agent shall be entitled, in its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Escrow Property so long as such dispute
or conflict shall continue, and the Escrow Agent shall not be or become liable in any way for failure or refusal to comply with such conflicting claims, demands or instructions. The Escrow Agent shall be entitled to refuse to act until, in its sole
discretion, either (i) such conflicting or adverse claims or demands shall have been determined by a final order, judgment or decree of a court of competent jurisdiction, which order, judgment or decree is not subject to appeal, or settled by
agreement between the 

  
 6 

 
conflicting parties as evidenced in a writing satisfactory to the Escrow Agent or (ii) the Escrow Agent shall have received security or an indemnity satisfactory to it sufficient to hold it
harmless from and against any and all losses which it may incur by reason of so acting. Any court order, judgment or decree shall be accompanied by a legal opinion by counsel for the presenting party, satisfactory to the Escrow Agent, to the effect
that said order, judgment or decree represents a final adjudication of the rights of the parties by a court of competent jurisdiction, and that the time for appeal from such order, judgment or decree has expired without an appeal having been filed
with such court. The Escrow Agent shall act on such court order and legal opinions without further question. The Escrow Agent may, in addition, elect, in its sole discretion, to commence an interpleader action or seek other judicial relief or orders
as it may deem, in its sole discretion, necessary. The costs and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with such interpleader proceeding shall be paid by, and shall be deemed a joint obligation of,
W&T and BEEOO. 
 (m) The Escrow Agent shall have no responsibility for the contents of any writing of the
arbitrators or any third party contemplated herein as a means to resolve disputes and may conclusively rely without any liability upon the contents thereof. 
 (n) W&T shall pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrow Property paid to W&T hereunder and shall indemnify and hold harmless the
Escrow Agent from any amounts that it is obligated to pay in the way of such taxes. Any payments of income from the Escrow Account shall be subject to withholding regulations then in force with respect to United States taxes. W&T and BEEOO will
provide the Escrow Agent with appropriate W-9 forms for tax identification number certifications, or W-8 forms for non-resident alien certifications. It is understood that the Escrow Agent shall be responsible for income reporting only with respect
to income earned on the Escrow Property and will not be responsible for any other reporting. 
 (o) The Escrow
Agent shall provide to W&T and BEEOO monthly statements identifying transactions, transfers or holdings of Escrow Property and each such statement shall be deemed to be correct and final upon receipt thereof by W&T and BEEOO unless the
Escrow Agent is notified in writing, by W&T or BEEOO, to the contrary within thirty (30) business days of the date of such statement, W&T and BEEOO agree to waive their right to receive trade confirmations as they occur. 

Section 10. Miscellaneous. 

(a) This Agreement embodies the entire agreement and understanding among the parties relating to the subject matter
hereof. 
 (b) This Agreement shall be governed by and construed in accordance with the laws of the State of
Texas without reference to the principles of conflict of laws. 
 (c) Each of the parties hereto hereby
irrevocably consents to the jurisdiction of the federal or state courts sitting in Harris County, Texas in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder,
and waives any claim of forum non conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail
directed to such person at such person's address for purposes of notices hereunder. BEEOO and W&T further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceeding arising or relating to this Agreement.

  
 7 

 (d) All notices and other communications under this Agreement shall be in
writing in English and shall be deemed given when delivered personally, on the next Business Day after delivery by a recognized overnight courier or mailed first class (postage prepaid) or, if by facsimile upon confirmed transmittal or by email at
the following addresses (or to such other address as a party may have specified by notice given to the other parties pursuant to this provision): 
  

			
	 If to W&T:
	  	 W&T Offshore, Inc.
 Nine Greenway Plaza
 Suite 300

Houston, Texas 77046
 Attention: Jamie L. Vazquez
 FAX: (713) 624-7324

Email: jamie@wtoffshore.com

		
	 If to the Escrow Agent:
	  	 Amegy Bank National Association
 1221 McKinney Street, Level P-1
 Houston, Texas 77010

Attention: Jully Jiang
 Telephone: (713) 232-1918
 FAX: (713) 571-5010

Email: jully.jiang@amegybank.com

		
	 If to BEEOO:
	  	 Black Elk Energy Offshore Operations, LLC
 11451 Katy Freeway, Suite 500
 Houston, TX 77079

Attention: James Hagemeier
 Telephone: (281) 598-8622
 FAX: (281) 598-8601

Email: jhagemeier@blackelkenergy.com

(e) The headings of the Sections of this Agreement have been inserted for convenience and shall not modify, define, limit
or expand the express provisions of this Agreement. 
 (f) This Agreement and the rights and obligations
hereunder of parties hereto may not be assigned except with the prior written consent of the other parties hereto. This Agreement shall be binding upon and inure to the benefit of each party's respective successors and permitted assigns. Except as
expressly provided herein, no other person shall acquire or have any rights under or by virtue of this Agreement. 
 (g) This Agreement may not be amended, supplemented or otherwise modified without the prior written consent of the parties hereto. 

  
 8 

 (h) This Agreement may be executed in two or more counterparts, each of
which shall be an original, but all of which together shall constitute one and the same instrument. 
 (i) The
rights and remedies conferred upon the parties hereto shall be cumulative, and the exercise or waiver of any such right or remedy shall not preclude or inhibit the exercise of any additional rights or remedies. The waiver of any right or remedy
hereunder shall not preclude the subsequent exercise of such right or remedy. 
 (j) W&T and BEEOO each for
its own behalf hereby represents and warrants (i) that this Agreement has been duly authorized, executed and delivered on its behalf and constitutes its legal, valid and binding obligation and (ii) that the execution, delivery and
performance of this Agreement by W&T and BEEOO does not and will not violate any applicable law or regulation. 
 (k) The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision; and if any provision is held
to be unenforceable as a matter of law, the other provisions shall not be affected thereby and shall remain in full force and effect. 
 (l) For purposes of this Agreement, "Business Day" shall mean any day that is not a Saturday or Sunday or a day on which banks are required or permitted by law or executive order to be closed in the City
of Houston, Texas. 
 (m) For purposes of sending and receiving instructions or directions hereunder, all such
instructions or directions shall be, and the Escrow Agent may conclusively rely upon such instructions or directions, delivered, and executed by representatives of W&T or BEEOO designated on Exhibit “A” attached hereto and made a part
hereof which such designation shall include specimen signatures of such representatives, as such Exhibit “A” may be updated from time to time in accordance with Section 1. hereinabove. 

(n) W&T shall have the right to assign its rights and obligations under this Agreement; provided any such assignment
shall not relieve W&T of its obligations hereunder. 
 (o) Section 326 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires the Escrow Agent to implement reasonable procedures to verify the identity of any person that opens a new account
with it. Accordingly, the Parties acknowledge that Section 326 of the USA PATRIOT Act and the Escrow Agent’s identity verification procedures require the Escrow Agent to obtain information which may be used to confirm the parties identity
including without limitation name, address and organizational documents (“identifying information”). BEEOO and W&T agree to provide the Escrow Agent with and consent to the Escrow Agent obtaining from third parties any such identifying
information required as a condition of opening an account with or using any service provided by the Escrow Agent. 
 (p) In the event funds transfer instructions are given (other than in writing at the time of execution of this Agreement), whether in writing, by facsimile or otherwise, the Escrow Agent is authorized to
seek confirmation of such instructions by telephone call-back to the person or persons designated on schedule 1 hereto (“Schedule 1”), and the Escrow Agent may rely upon the confirmation of anyone purporting to be the person or persons so
designated. The persons and telephone numbers for call-backs may be changed only in a writing actually 

  
 9 

 
received and acknowledged by the Escrow Agent. If the Escrow Agent is unable to contact any of the authorized representatives identified in Schedule 1, the Escrow Agent is hereby authorized to
seek confirmation of such instructions by telephone call-back to any one or more of BEEOO or W&T executive officers (“Executive Officers”), as the case may be, which shall include the titles of Chief Executive Officer, Executive Vice
President or General Counsel, as the Escrow Agent may select. Such “Executive Officer” shall deliver to the Escrow Agent a fully executed incumbency certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to
be any such officer. The Escrow Agent and the beneficiary's bank in any funds transfer may rely solely upon any account numbers or similar identifying numbers provided by BEEOO or W&T to identify (a) the beneficiary, (b) the
beneficiary's bank, or (c) an intermediary bank. The Escrow Agent may apply any of the escrowed funds for any payment order it executes using any such identifying number, even when its use may result in a person other than the beneficiary being
paid, or the transfer of funds to a bank other than the beneficiary's bank or an intermediary bank designated. BEEOO and W&T acknowledge that these security procedures are commercially reasonable. 

(q) BEEOO and W&T acknowledge that repetitive funds transfer instructions may be given to the Escrow Agent for one or
more beneficiaries where only the date of the requested transfer, the amount of funds to be transferred, and/or the description of the payment shall change within the repetitive instructions (“Standing Settlement Instructions”).
Accordingly, BEEOO and W&T shall deliver to Escrow Agent such specific Standing Settlement Instructions only for each respective beneficiary as set forth in Exhibit A to this Agreement, by facsimile or other written instruction. Escrow Agent may
rely solely upon such Standing Settlement Instructions and all identifying information set forth therein for each beneficiary. Escrow Agent and BEEOO and W&T agree that such Standing Settlement Instructions shall be effective as the funds
transfer instructions of BEEOO or W&T, without requiring a verifying callback, whether or not authorized, if such Standing Settlement Instructions are consistent with previously authenticated Standing Settlement Instructions for that
beneficiary. BEEOO and W&T acknowledge that such Standing Settlement Instructions are a security procedure and are commercially reasonable. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

									
	 Tax Certification: Taxpayer Identification Number (TIN): Social Security Number
	  	Date:        11/29/07              
      	  			

  

											
			 	 	 	
		 		 	 	 	 	 	 	  	
		 		 	    or
 Employee
Identification Number

  

											
		 		 	72    
 
	 	1121985  	  	

  

			
	 Name & Address:
	  	 W&T Offshore, Inc.

		
		  	 Nine Greenway Plaza, Suite 300

		
		  	 Houston, Texas 77046

 Customer is a (check one): 

Corporation    XX              
  Partnership            Individual/sole proprietor    Trust     

Limited liability company            Enter the tax classification
(D=disregarded entity, C=Corporation, P=Partnership             
 Other              
 Taxpayer is (check if applicable): 

    XX             Exempt from backup
withholding 
 Under the penalties of perjury, the undersigned certifies that: 

 

	 	(1)	 the number shown above is its correct Taxpayer Identification Number (or it is waiting for a number to be issued to it); 

  

	 	(2)	it is not subject to backup withholding because: (a) it is exempt from backup withholding or (b) it has not been notified by the Internal Revenue
Service (IRS) that it is subject to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding; and 

 

	 	(3)	It is a U.S. citizen or other U.S. person (defined in the Form W-9 instructions). 

(If the entity is subject to backup withholding, cross out the words after the (2) above.) 

Investors who do not supply a tax identification number will be subject to backup withholding in accordance with IRS
regulations. 
 Note: The IRS does not require your consent to any provision of this document other
than the certifications required to avoid backup withholding. 

  

					
	 W&T Offshore, Inc.

		
		 	 By /s/ Thomas F. Getten

		 	 Name:  
	 	 Thomas F. Getten

		 	 Title:
	 	 Vice President

  
 11 

 
							
	 Tax Certification: Taxpayer Identification Number (TIN): Social Security Number
	  	Date:	  	 	  	

  

									
		 	 	 	 	 	 	  	

 or 

Employee Identification Number 
  

									
		 	38	 	3769404	  	

 Name & Address: Black Elk Energy Offshore Operations, LLC 11451 Katy Freeway, Suite 500

 Houston, TX 77079 
 Attention: John
Hoffman 
  

Customer is a (check one): 
 Corporation            Partnership            Individual/sole
proprietor            Trust             

Limited liability
company    XX            Enter the tax classification (D=disregarded entity, C=Corporation,
P=Partnership             
 Other
             
 Taxpayer is (check if applicable):

     XX            Exempt from
backup withholding 
 Under the penalties of perjury, the undersigned certifies that: 

 

	 	(1)	 the number shown above is its correct Taxpayer Identification Number (or it is waiting for a number to be issued to it); 

  

	 	(2)	 it is not subject to backup withholding because: (a) it is exempt from backup withholding or (b) it has not been notified by the
Internal Revenue Service (IRS) that it is subject to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified it that it is no longer subject to backup withholding; and

  

	 	(3)	 It is a U.S. citizen or other U.S. person (defined in the Form W-9 instructions). 

(If the entity is subject to backup withholding, cross out the words after the (2) above.) 

Investors who do not supply a tax identification number will be subject to backup withholding in accordance with IRS
regulations. 
 Note: The IRS does not require your consent to any provision of
this document other than the certifications required to avoid backup withholding. 

  

			
	 Black Elk Energy Offshore Operations, LLC

	
	 By: /s/ James Hagemeier

		
	 Name:
	 	 James Hagemeier

	 Title:
	 	 Vice President

									
	
	 Amegy Bank National Association as Escrow Agent

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 12 

 Exhibit “A” 

Authorized Representatives 
  

					
	 Name
	  	 Title
	  	 Specimen Signature

			
	 W. Reid Lea
	  	Authorized Representative of
W&T	  	 /s/ W. Reid Lea

 

			
	 John D. Gibbons
	  	Authorized Representative of
W&T	  	 /s/ John D. Gibbons

 

			
	 Todd E. Grabois
	  	Authorized Representative of
W&T	  	 /s/ Todd E. Grabois

 

			
	 James F. Hagemeier
	  	Authorized Representative of
BEEOO	  	 /s/ James F. Hagemeier

 

			
	 John G. Hoffman
	  	Authorized Representative of
BEEOO	  	 /s/ John G. Hoffman

 

			
	 Joe Matthews
	  	Authorized Representative of
BEEOO	  	 /s/ Joe Matthews

 

  
 13 

 Exhibit B 

Fee Schedule 
 Escrow Fee Schedule 
 For 

W & T Offshore, Inc. 
  

	 Acceptance Fee: 
	 $500 

 To review and negotiate documents and setup
account(s). 
  

	 Annual Administration Fee: 
	 $3,000 

 To administer the account
per terms of the agreement including maintenance, transactions, etc, (Due upon execution of the agreement and on each anniversary date thereafter without pro-ration.) 
  

	 Transaction Charges 
	 $35.00 per item in excess of 20 per year 

 (Deposits or Disbursements via check or wire) 
  

	 Trades or Sells of Securities 
	 $35.00 per item 

 (unless invested
in sweep fund) 
  

	 Out of pocket Expenses 
	 At cost 

 Tax Reporting 

There is no charge for tax reporting to one entity only; however, if reporting is to be apportioned to distributees, there will be an
additional charge of $50.00 per Form 1099 produced/required. 
 Extraordinary Services 

This fee does not cover any extraordinary or out-of-pocket expenses, including, but not limited to, legal fees which may be incurred by
the Escrow Agent in performing its duties hereunder nor any extraordinary tax reporting which may be required. 

  
 14 

 Schedule 1 

Telephone Number(s) for Call-Backs and 
 Person(s) Designated to Confirm Funds Transfer Instructions 
  

			
	 If to BEEOO:
	  	 
		
	 Name
	  	 Telephone Number

		
	 1. James F. Hagemeier
	  	 (281) 598-8622

		
	 2. John G. Hoffman
	  	 (281) 598-8620

		
	 3. Joe Matthews
	  	 (281) 598-8628

		
	 If to W&T:
	  	 
		
	 Name
	  	 Telephone Number

		
	 1. Todd E. Grabois
	  	 (713) 624-7332

		
	 2. John D. Gibbons
	  	 (713) 624-7393

		
	 3. W. Reid Lea
	  	 (713) 624-7215

 Telephone call
backs shall be made to both Parties if joint instructions are required pursuant to the agreement. 

  
 15 

 Schedule 2 

Payment Schedule Into Non-Operated Escrow Agreement 

									
	Payment Schedule Into Non-Operated Escrow Agreement	 
	 	  	Thousands of $s	 
	Payment Date	  	Balance after Payment	 	  	Payment	 
		  	$	31,214	  	  			
	01-Nov-09	  	$	30,724	  	  	$	490	  
	01-Dec-09	  	$	30,234	  	  	$	490	  
	01-Jan-10	  	$	29,744	  	  	$	490	  
	01-Feb-10	  	$	29,254	  	  	$	490	  
	0l-Mar-10	  	$	28,764	  	  	$	490	  
	01-Apr-10	  	$	28,274	  	  	$	490	  
	01-May-10	  	$	27,734	  	  	$	490	  
	01-Jun-10	  	$	27,294	  	  	$	490	  
	01-Jul-10	  	$	26,804	  	  	$	490	  
	0l-Aug-10	  	$	26,314	  	  	$	490	  
	01-Sep-10	  	$	25,324	  	  	$	490	  
	01-Oct-10	  	$	25,334	  	  	$	490	  
	01-Nov-10	  	$	24,844	  	  	$	490	  
	0l-Dec-10	  	$	24,354	  	  	$	490	  
	01-Jan-11	  	$	23,664	  	  	$	490	  
	01-Feb-11	  	$	23,374	  	  	$	490	  
	01-Mar-11	  	$	22,884	  	  	$	490	  
	01-Apr-11	  	$	22,394	  	  	$	490	  
	01-May-11	  	$	22,054	  	  	$	340	  
	01-Jun-11	  	$	21,714	  	  	$	340	  
	01-Jul-11	  	$	21,374	  	  	$	340	  
	01-Aug-11	  	$	21,034	  	  	$	340	  
	01-Sep-11	  	$	20,694	  	  	$	340	  
	0l-Oct-11	  	$	20,354	  	  	$	340	  
	01-Nov-11	  	$	20,014	  	  	$	340	  
	01-Dec-11	  	$	19,674	  	  	$	340	  
	01-Jan-12	  	$	19,334	  	  	$	340	  
	01-Feb-12	  	$	18,994	  	  	$	340	  
	01-Mar-12	  	$	18,654	  	  	$	340	  
	01-Apr-12	  	$	18,314	  	  	$	340	  
	01-May-12	  	$	17,974	  	  	$	340	  
	0l-Jun-12	  	$	17,634	  	  	$	340	  
	01-Jul-12	  	$	17,294	  	  	$	340	  
	01-Aug-12	  	$	16,954	  	  	$	340	  
	01-Sep-12	  	$	16,614	  	  	$	340	  
	0l-Oct-12	  	$	16,274	  	  	$	340	  
	0l-Nov-12	  	$	15,934	  	  	$	340	  
	01-Dec-12	  	$	15,594	  	  	$	340	  
	01-Jan-I3	  	$	15,254	  	  	$	340	  
	0l-Feb-13	  	$	14,914	  	  	$	340	  
	01-Mar-13	  	$	14,574	  	  	$	340	  
	01-Apr-13	  	$	14,234	  	  	$	340	  
	01-May-13	  	$	13,694	  	  	$	340	  
	01-Jun-13	  	$	13,554	  	  	$	340	  
	01-Jul-13	  	$	13,214	  	  	$	340	  
	01-Aug-13	  	$	12,874	  	  	$	340	  
	01-Sep-13	  	$	12,534	  	  	$	340	  
	01-Oct-13	  	$	12,194	  	  	$	340	  
	01-Nov-13	  	$	11,854	  	  	$	340	  
	01-Dec-13	  	$	11,514	  	  	$	340	  
	01-Jan-14	  	$	11,174	  	  	$	340	  
	01-Feb-14	  	$	10,834	  	  	$	340	  
	01-Mar-14	  	$	10,494	  	  	$	340	  
	01-Apr-14	  	$	10,154	  	  	$	340	  
	01-May-14	  	$	9,814	  	  	$	340	  
	01-Jun-14	  	$	9,474	  	  	$	340	  
	01-Jul-14	  	$	8,134	  	  	$	340	  
	01-Aug-14	  	$	8,794	  	  	$	340	  
	01-Sep-14	  	$	8,454	  	  	$	340	  
	01-Oct-14	  	$	8,114	  	  	$	340	  
	01-Nov-14	  	$	7,774	  	  	$	340	  
	01-Dec-14	  	$	7,434	  	  	$	340	  
	01-Jan-15	  	$	7,094	  	  	$	340	  
	01-Feb-15	  	$	6,754	  	  	$	340	  
	01-Mar-15	  	$	6,414	  	  	$	340	  
	01-Apr-15	  	$	6,074	  	  	$	340	  
	01-May-15	  	$	5,734	  	  	$	340	  
	01-Jun-15	  	$	5,394	  	  	$	340	  
	01-Jul-15	  	$	5,054	  	  	$	340	  
	01-Aug-15	  	$	4,714	  	  	$	340	  
	01-Sep-15	  	$	4,374	  	  	$	340	  
	01-Oct-15	  	$	4,034	  	  	$	340	  
	01-Nov-15	  	$	3,694	  	  	$	340	  
	01-Dec-15	  	$	3,354	  	  	$	340	  
	01-Jan-16	  	$	3,014	  	  	$	340	  
	01-Feb-16	  	$	2,674	  	  	$	340	  
	01-Mar-16	  	$	2,334	  	  	$	340	  
	01-Apr-16	  	$	1,994	  	  	$	340	  
	01-May-16	  	$	1,654	  	  	$	340	  
	01-Jun-16	  	$	1,314	  	  	$	340	  
	01-Jul-16	  	$	874	  	  	$	340	  
	01-Aug-16	  	$	834	  	  	$	340	  
	01-Sep-16	  	$	294	  	  	$	340	  
	01-Oct-16	  	 	—	  	  	$	294	  
		  				  	$	31,214	  

  
 16

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