Document:

exv4w13

 

Exhibit 4.13

REGISTERED GLOBAL SECURITY

PARALLEL PETROLEUM CORPORATION

10 1/4% SENIOR NOTE DUE 2014

CUSIP NO. 699157 AC7

			
	No. R-1
	 	Principal Amount $                                         

PARALLEL PETROLEUM CORPORATION, a Delaware corporation, promises to pay to Cede & Co., or
registered assigns, the principal sum of One Hundred Fifty Million dollars on August 1, 2014.

     Interest
Payment Dates: February 1 and August 1, commencing August 1, 2008.

     Record Dates: January 15 and July 15.

     Dated: [     ], 2008

	 	 	 	 	 
	 	Parallel Petroleum Corporation

 	 
	 	By:  	/s/ Larry C. Oldham
 	 
	 	 	Name:  	Larry C. Oldham 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	Wells Fargo Bank, National Association,

as Trustee, certifies that this is one of the

Securities referred to in the Indenture.

 	 
	By:  	/s/ [     ]
 	 
	 	Authorized Signatory 	 
	 	 	 	 

 

 

	 	 	 	 	 

[Reverse Side of Note]

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS
GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE
INDENTURE AND (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.10 OF THE INDENTURE.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     1. 1. Interest. Parallel Petroleum Corporation, a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Security at 10.25% per annum from [          ],
2008 until maturity. The Company will pay interest semi-annually in arrears on February 1 and
August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each, an “Interest Payment Date”). Interest on the Securities will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of interest, and if this
Security is authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, further, that the first Interest Payment Date shall be February 1, 2008. The
Company will pay, to the extent lawful, interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate then in
effect; it will pay, to the extent lawful, interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the same rate as on overdue principal.
Interest will be computed on the basis of a 360-day year of twelve 30-day months.

2

 

     2. Method of Payment. The Company will pay interest on the Securities (except Defaulted
Interest) to the Persons who are registered Holders of Securities at the close of business on the
January 15 or July 15 next preceding the Interest Payment Date, even if such Securities are
canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.11 of the Indenture with respect to Defaulted Interest. The Securities will be
payable as to principal, premium, if any, and interest at the office or agency of the Paying Agent
maintained for such purpose within the City and State of New York, or, at the option of the
Company, payment of interest may be made by check mailed by such Paying Agent to the Holders at
their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and interest, and
premium, if any, on all Global Securities and all other Securities, the Holders of which hold at
least $5,000,000 aggregate principal amount of the Securities and have provided wire transfer
instructions to the Company and the Paying Agent. Such payment will be in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and
private debts. Holders must surrender their Securities to the Paying Agent to collect payments of
principal and premium, if any.

     3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association will act as
Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar
without notice to any Holder, and the Company or any of its Subsidiaries may act as Paying Agent or
Registrar, all in accordance with the Indenture.

     4. Indenture. The Company issued the Securities under an Indenture, dated as of July 31, 2007
(the “Indenture”), between the Company and the Trustee. The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act. The Securities are subject to all such terms, and Holders are referred to the Indenture and
such Act for a statement of such terms. To the extent any provision of this Security conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling (to the extent permitted by law). The Securities are unsecured obligations of the
Company. The Company initially has issued $150,000,000 aggregate principal amount of Securities.
The Company may issue Additional Securities under the Indenture subsequent to July 31, 2007,
subject to Section 4.3 of the Indenture; provided, however, that no Additional Securities
may be issued at a price that would cause such Additional Securities to have “original issue
discount” within the meaning of Section 1273 of the Code; and provided, further, that in no event
may the Company issue any Additional Securities if, as a result of any such issuance, the aggregate
principal amount of Securities outstanding would exceed the maximum aggregate principal amount of
Securities permitted under the Existing Credit Facilities or any other Credit Facilities, in each
case as in effect on the date of such issuance.

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     5. Redemption.

          (a) On or after August 1, 2011, the Company may redeem all or a part of the Securities at any
time or from time to time at the following Redemption Prices (expressed as percentages of the
principal amount) plus accrued and unpaid interest on the Securities, if any, to the applicable
Redemption Date, if redeemed during the 12-month period beginning August 1 of the years indicated:

	 	 	 	 	 
	Year	 	Percentage
	2011
	 	 	105.125	%
	2012
	 	 	102.563	%
	2013
	 	 	100.000	%

          (b) Prior to August 1, 2010, the Company may on one or more occasions redeem up to an
aggregate amount equal to 35% of the aggregate principal amount of the Securities (including any
Additional Securities) originally issued under the Indenture at a Redemption Price of 110.25% of
the principal amount of the Securities, plus accrued and unpaid interest, if any, to the Redemption
Date, with the Net Cash Proceeds of one or more Equity Offerings; provided that (i) at least 65% in
aggregate principal amount of the Securities (including any Additional Securities) originally
issued remains outstanding immediately after the occurrence of such redemption (excluding
Securities held by the Company or any of its Subsidiaries) and (ii) each such redemption occurs
within 90 days of the date of the closing of the related Equity Offering.

          (c) In addition, at any time prior to August 1, 2011, the Company may redeem all or part of
the Securities at a Redemption Price equal to

(i) 100% of the principal amount thereof, plus

(ii) the Applicable Premium as of, and accrued and unpaid interest, if any, to, the
Redemption Date.

     6. Denominations, Transfer, Exchange. The Securities are in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000. The transfer of Securities may be
registered and Securities may be exchanged as provided in the Indenture. The Registrar or the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any transfer tax or similar governmental
charge or other fee required by law and payable in connection therewith. The Company need not
exchange or register the transfer of any Security or portion of a Security selected for redemption,
except for the unredeemed portion of any Security being redeemed in part. Also, the Company need
not exchange or register the transfer of any Securities for a period of 15 days before the day of
any selection of Securities to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

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If this is a Global Security, this Security represents the aggregate principal amount of
outstanding Securities from time to time endorsed hereon, and the aggregate principal amount of
outstanding Securities represented by this Security may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions in accordance with the Indenture.

     7. Persons Deemed Owners. The registered Holder of a Security may be treated as its owner for
all purposes.

     8. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the
Securities may be amended or supplemented with the written consent of the Holders of at least a
majority in outstanding principal amount of the Securities, and any existing Default or compliance
with any provision of the Indenture or the Securities may be waived with the written consent of the
Holders of at least a majority in outstanding principal amount of the Securities. Without the
consent of any Holder of a Security, the Indenture or the Securities may be amended or supplemented
(i) to cure any ambiguity, defect or inconsistency, (ii) to provide for uncertificated Securities
in addition to or in place of certificated Securities, (iii) to provide for the assumption of the
Company’s or a Guarantor’s obligations under the Indenture and the Securities, (iv) to add or
release Guarantors in compliance with the Indenture, (v) to secure the Securities, (vi) to make any
change that would provide any additional rights or benefits to the Holders, (vii) to make any
change that does not materially adversely affect the legal rights of any Holder, subject to the
proviso to Section 9.1(5) of the Indenture, (viii) to comply with any requirement of the
SEC in connection with qualifying the Indenture under the Trust Indenture Act or maintaining such
qualification, (ix) to provide for the issuance of the Exchange Securities and (x) to provide for
the issuance of Additional Securities in accordance with the Indenture.

     9. Defaults. If an Event of Default shall occur and be continuing, the principal of all the
Securities may be declared due and payable in the manner and with the effect provided in the
Indenture.

     10. Defeasance. The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Company on this Security and (ii) certain restrictive covenants and the related
Events of Default, subject to compliance by the Company with certain conditions set forth in the
Indenture, which provisions apply to this Security.

     11. Authentication. This Security will not be valid until authenticated by the manual
signature of the Trustee or an Authenticating Agent.

     12. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

     13. Additional Rights of Holders of Restricted Global Securities and Restricted Definitive
Securities. In addition to the rights provided to Holders of Securities under the Indenture,
Holders of Restricted Global Securities and Restricted Definitive Securities will have

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all the rights set forth in the Registration Rights Agreement, dated as of July 31, 2007,
among the Company and the other parties named on the signature pages thereof.

     14. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Securities and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the
Securities or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to:

Parallel Petroleum Corporation

1004 N. Big Spring, Suite 400

Midland, Texas 79701

Attention: Chief Financial Officer

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ASSIGNMENT FORM

	 	 	 
	To assign this Security, fill in the form below:
	 	 
	 
	 	 
	(I) or (we) assign and transfer this Security to:
	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

	 
	 

	 

	 

	 

	 

	 

	 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint 
                                                                                                                                                                                    
to transfer this Security on the books of the Company. The agent may
substitute another to act for him.

Date:                                         

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on the face of this Security)

Signature Guarantee:*                                         

 

			
	*	 	 Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).

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Option of Holder to Elect Purchase

If you want to elect to have this Security purchased by the Company pursuant to Section 4.7
or Section 4.12 of the Indenture, check the appropriate box below:

o Section 4.7           o  Section 4.12

If you want to elect to have only part of the Security purchased by the Company pursuant to
Section 4.7 or Section 4.12 of the Indenture, state the amount you elect to have
purchased:

$                                        

Date:                                         

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	 	 	 
	 

	 	 	 	(Sign exactly as your name appears on the face of this Security)

	 	 	 	 	 
	 

	 	Tax Identification No.:	 	 
	 

	 	 	 	 

Signature Guarantee:*                                         

 

			
	*	 	 Participant in a recognized Signature Guarantee
Medallion Program (or other signature guarantor acceptable to the Trustee).

8

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY

The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal Amount of	 	Signature of
	 	 	 	 	Amount of Decrease	 	Amount of Increase	 	this Global	 	Authorized Officer
	 	 	 	 	in Principal Amount	 	in Principal Amount	 	Security Following	 	of Trustee or
	 	 	 	 	of this Global	 	of this Global	 	such Decrease or	 	Securities
	Date of Exchange	 	Security	 	Security	 	Increase	 	Custodian

9exv10w27

 

Exhibit 10.27

[EXECUTION COPY]

FOURTH AMENDMENT TO THIRD AMENDED

AND RESTATED CREDIT AGREEMENT

     This Fourth Amendment to Third Amended and Restated Credit Agreement (this “Fourth Amendment”)
dated as of November 30, 2007, is by and among PARALLEL PETROLEUM CORPORATION, a Delaware
corporation, individually and as successor by merger to Parallel, L.P. and Parallel, L.L.C.
(“Borrower”), and CITIBANK, N.A., successor by merger to Citibank Texas, N.A., BNP PARIBAS, WESTERN
NATIONAL BANK, COMPASS BANK, COMERICA BANK, BANK OF SCOTLAND and FORTIS CAPITAL CORP.
(collectively, “Lenders”), and CITIBANK, N.A., as Joint Lead Arranger and as Administrative Agent
(“Agent”) and BNP PARIBAS, as Joint Lead Arranger and as Syndication Agent.

RECITALS:

     WHEREAS, Borrower and Lenders in the capacities stated above, entered into that certain Third
Amended and Restated Credit Agreement dated as of December 23, 2005, as amended by First Amendment
to Third Amended and Restated Credit Agreement and Consent dated August 18, 2006, by Second
Amendment to Third Amended and Restated Credit Agreement dated July 10, 2007, and by Third
Amendment to Third Amended and Restated Credit Agreement dated July 31, 2007 (the “Credit
Agreement”).

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
and confessed, the parties hereto agree as follows:

Agreement

     Section 1. Definitions. Except as otherwise expressly provided herein, all
terms defined in the Credit Agreement shall have the same meanings herein.

     Section 2. Amendment to Investment Covenant. Section 13(m) of the Credit
Agreement is hereby amended in its entirety to read as follows:

     (m) Investments. Borrower will not, and will not permit any Subsidiary
to, make any investments in any Person or entity, except such restriction shall not
apply to:

     (i) investments with maturities of not more than 180 days in direct
obligations of the United States of America or any agency thereof; or

     (ii) investments in certificates of deposit issued by a Lender; or

     (iii) investments in First Permian GP, L.L.C., First Permian, L.P., West
Fork Pipeline Company I GP, LLC and West Fork Pipeline Company LP, to the
extent of such investments as of the Effective Date; or

 

 

     (iv) investments in any Subsidiary; or

     (v) investments in certificates of deposit issued by a State of New
Mexico chartered financial institution to satisfy Borrower’s regulatory
operator bonding requirements in the State of New Mexico, not to exceed
$50,000 in the aggregate outstanding at any time; or

     (vi) other investments not to exceed (A) $10,000,000 in the aggregate for
Borrower and Subsidiaries during the 2006 calendar year, when aggregated with
loans and advances allowed pursuant to Section 13(h)(iii), (B) $10,000,000 in
the aggregate for Borrower and Subsidiaries during the 2007 calendar year,
when aggregated with loans and advances allowed pursuant to Section
13(h)(iii), and (C) $1,000,000 in the aggregate for Borrower and Subsidiaries
during any calendar year after the 2007 calendar year, when aggregated with
loans and advances allowed pursuant to Section 13(h)(iii).

     Section 3. Interest Rate Swaps. As a result of the reduction of the
indebtedness of Borrower to Lenders, a portion of Borrower’s existing interest rate swaps (the
“Interest Rate Swaps”) have become and/or may become speculative in nature. Lenders have
requested, and Borrower covenants and agrees with Lenders that from and after December 31, 2008,
Borrower will not allow the Interest Rate Swaps to continue to exist to the extent the same are
speculative in nature. The foregoing covenant shall replace the covenant of Borrower contained in
Section 16 of the Third Amendment to Third Amended and Restated Loan Agreement dated July 31, 2007,
and the failure of Borrower to comply with the foregoing covenant shall constitute an Event of
Default under the Credit Agreement.

     Section 4. Redetermination of Borrowing Base. In accordance with Section 7(b)
of the Credit Agreement, a semi-annual redetermination of the Borrowing Base has been made by
Lenders. Pursuant to Section 7(b) of the Credit Agreement, Agent hereby notifies Borrower that
Lenders have redetermined the Borrowing Base and, effective as of the date of this Fourth
Amendment, the redetermined Borrowing Base is $200,000,000. The amount of the new Borrowing Base
shall be subject to redetermination as provided in the Credit Agreement. The next scheduled
semi-annual determination of the Borrowing Base by Lenders pursuant to the Credit Agreement shall
be on or about April 1, 2008. Pursuant to Section 8(b) of the Credit Agreement, the fee payable
to Agent for the ratable benefit of Lenders in connection with the $50,000,000 increase in the
Borrower Base is $187,500.

     Section 5. Representations and Warranties of Borrower. Borrower represents
and warrants to Lenders as follows:

          (a) The representations and warranties contained in Section 10 of the Credit Agreement are
true and correct on and as of the date hereof as though made on and as of the date hereof, except
for those representations and warranties which address matters only as of a particular date (which
remain true and correct as of such date).

2

 

          (b) No Event of Default or Default has occurred and is continuing under the Credit Agreement.

          (c) The execution, delivery and performance by Borrower of this Fourth Amendment are within
Borrower’s corporate powers, have been duly authorized by all necessary action, require no action
by or in respect of, or filing with, any governmental body, agency or official and do not violate
or constitute a default under any provisions of applicable law or any material agreement binding
upon Borrower or its Subsidiaries or result in the creation or imposition of any Lien upon any of
the assets of Borrower or its Subsidiaries, except Permitted Liens.

          (d) This Fourth Amendment constitutes the valid and binding obligation of Borrower enforceable
in accordance with its terms except as (i) the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditor’s rights generally, and (ii) the availability of
equitable remedies may be limited by equitable principles of general application.

     Section 6. Conditions Precedent. This Fourth Amendment shall be effective as
of the date upon which all of the following conditions have been satisfied:

          (a) Agent shall have received counterparts of this Fourth Amendment duly executed by Borrower
and Lenders;

          (b) Agent shall have received from Borrower for the ratable benefit of Lenders a Borrowing
Base increase fee in the amount of $187,500; and

          (c) Agent shall have received any other documents, certificates and opinions in connection
with this Fourth Amendment that may be requested by Agent, in form and substance satisfactory to
Agent.

     Section 7. Ratification of Credit Agreement and Other Loan Documents. Except
as expressly amended hereby, the Credit Agreement and all of the other Loan Documents are and shall
be unchanged and all of the terms, provisions, covenants, conditions, schedules and exhibits
thereof shall remain and continue in full force and effect and are hereby ratified and confirmed by
Borrower and Lenders as of the date of this Fourth Amendment as if the Credit Agreement and the
other Loan Documents were executed by Borrower and the other parties thereto as of the date of this
Fourth Amendment. The amendments contemplated hereby shall not limit or impair any Liens securing
the Loans, each of which are hereby ratified, affirmed and extended to secure the Loans as they may
be increased pursuant hereto.

     Section 8. No Waiver. Neither the execution by Lenders of this Fourth
Amendment nor anything contained herein shall in anywise be construed or operate as a waiver by
Lenders of any Default of Event of Default (whether now existing or that may occur hereafter) or of
any of Lenders’ or Agent’s rights under the Credit Agreement as amended hereby or under any of the
other Loan Documents.

3

 

     Section 9. Miscellaneous.

     9.1 Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees and
expenses of counsel to the Agent incurred by the Agent in connection with the preparation,
negotiation and execution of this Fourth Amendment and all related documents.

     9.2 Multiple Counterparts. This Fourth Amendment may be executed in a number of
identical separate counterparts (including by facsimile transmission), each of which for all
purposes is to be deemed an original but all of which shall constitute, collectively, one
agreement. No party to this Fourth Amendment shall be bound hereby until a counterpart of this
Fourth Amendment has been executed by all parties hereto.

     9.3 Reference to Agreement. Each of the Loan Documents is hereby amended so that any
reference in the Loan Documents to the Credit Agreement shall mean a reference to the Credit
Agreement as amended hereby.

     9.4 Governing Law. This Fourth Amendment is being executed and delivered, and is
intended to be performed, in Midland, Midland County, Texas, and the substantive laws of Texas
shall govern the validity, construction, enforcement and interpretation of this Fourth Amendment
and all other documents and instruments referred to herein, unless otherwise specified therein.

     9.5 Plural and Singular Forms. The definitions given to terms defined hereby shall be
equally applicable to both the singular and plural forms of such terms.

     9.6 Final Agreement. THIS FOURTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

4

 

     IN WITNESS THEREOF, Borrower and Lenders have caused this Fourth Amendment to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 
	 	BORROWER: 	PARALLEL PETROLEUM CORPORATION,

a Delaware corporation

 	 
	 	 	By:  	/s/ Steven D. Foster
 	 
	 	 	 	Steven D. Foster 	 
	 	 	 	Chief Financial Officer 	 
	 
	 	LENDERS: 	 CITIBANK, N.A. a national banking association,

as Joint Lead Arranger and Administrative Agent

and as a Lender

 	 
	 	 	By:  	/s/ Frank K. Stowers
 	 
	 	 	 	Frank K. Stowers 	 
	 	 	 	Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

5

 

	 	 	 	 	 
	 	BNP PARIBAS, as Joint Lead Arranger and

Syndication Agent and as a Lender

 	 
	 	By:  	/s/ Betsy Jocher
 	 
	 	 	Name:  	Betsy Jocher 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                         /s/ Greg Smothers
 	 
	 	 	Name:  	Greg Smothers 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

6

 

	 	 	 	 	 
	 	WESTERN NATIONAL BANK,

as a Lender

 	 
	 	By:  	/s/ Wesley D. Bownds
 	 
	 	 	Wesley D. Bownds 	 
	 	 	Executive Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

7

 

	 	 	 	 	 
	 	COMPASS BANK,

as a Lender

 	 
	 	By:  	/s/ Kathleen J. Bowen
 	 
	 	 	Name:  	Kathleen J. Bowen 	 
	 	 	Title:  	Senior Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

8

 

	 	 	 	 	 
	 	COMERICA BANK,

as a Lender

 	 
	 	By:  	/s/ Rebecca L. Wilson
 	 
	 	 	Name:  	Rebecca L. Wilson 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

9

 

	 	 	 	 	 
	 	BANK OF SCOTLAND plc,

as a Lender

 	 
	 	By:  	/s/ Karen Weich
 	 
	 	 	Name:  	Karen Weich 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

10

 

	 	 	 	 	 
	 	FORTIS CAPITAL CORP.,

as a Lender

 	 
	 	By:  	/s/ Michele Jones
 	 
	 	 	Name:  	Michele Jones 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                         /s/ Ilene Fowler
 	 
	 	 	Name:  	Ilene Fowler 	 
	 	 	Title:  	Director 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT TO THIRD

AMENDED AND RESTATED CREDIT AGREEMENT]

11

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