Document:

Registration Rights Agreement, dated as of August 11, 2005

 Exhibit 10.8 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 DATED AS OF
AUGUST 11, 2005 
  
 BY
AND BETWEEN 
  
 BRONCO DRILLING COMPANY, INC. 
  
 AND 
  
 BRONCO DRILLING HOLDINGS, L.L.C. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	 Section 1.
	  	 Definitions.
	  	1
			
	 Section 2.
	  	 Demand Registrations.
	  	3
			
	 Section 3.
	  	 Piggyback Registrations.
	  	5
			
	 Section 4.
	  	 Obligations of the Company.
	  	6
			
	 Section 5.
	  	 Registration Expenses.
	  	10
			
	 Section 6.
	  	 Indemnification.
	  	11
			
	 Section 7.
	  	 Rules 144 and 144A.
	  	13
			
	 Section 8.
	  	 Underwritten Registrations.
	  	14
			
	 Section 9.
	  	 Covenants of Holders.
	  	14
			
	 Section 10.
	  	 Miscellaneous.
	  	14

 REGISTRATION RIGHTS AGREEMENT

  
 THIS REGISTRATION RIGHTS AGREEMENT (the
“Agreement”) is made and entered into as of August 11, 2005, by and between Bronco Drilling Company, Inc., a Delaware corporation (the “Company”), and Bronco Drilling Holdings, L.L.C., a
Delaware limited liability company (the “Stockholder”). 
  
 WHEREAS, the Company was formed in May 2005 as a wholly owned subsidiary of the Bronco Drilling Company, L.L.C., an Oklahoma limited liability company (“Bronco”) in contemplation of an initial
public offering of common stock of the Company (“Common Stock Offering”); 
  
 WHEREAS, immediately prior to the commencement of the Common Stock Offering, on the date hereof the Company, Bronco and Stockholder will enter into a
transaction (the “Merger”) in which (i) Bronco mergers with and into the Company with the Company being the surviving corporation of the Merger and (ii) Stockholder will receive 13,360,000 validly issued, fully paid and
nonassessable shares of common stock, par value $0.01 per share, of the Company; and 
  
 WHEREAS, in connection with the Merger, the parties hereto desire to enter into this Agreement to govern certain of their rights, duties and obligations relating to registration of the Registrable Securities (as
defined herein). 
  
 NOW, THEREFORE, for good, valuable and
binding consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, now agree as follows: 
  
 STATEMENT OF AGREEMENT 
  
 Section 1. Definitions. 
  
 As used in this Agreement, the following terms shall have the meanings set
forth below: 
  
 “Charter” means the
Amended and Restated Certificate of Incorporation of the Company, as amended from time to time. 
  
 “Commission” means the United States Securities and Exchange Commission or any other United States federal agency at the time
administering the Securities Act. 
  
 “Common
Stock” means the Company’s common stock, par value $0.01 per share, or any other shares of capital stock or other securities of the Company into which such shares of Common Stock shall be reclassified or changed, including by
reason of a merger, consolidation, reorganization or recapitalization. If the Common Stock has been so reclassified or changed, or if the Company pays a dividend or makes a distribution on the Common Stock in shares of capital stock, or subdivides
(or combines) its outstanding shares of Common Stock into a greater (or smaller) number of shares of Common Stock, a share of Common Stock shall be deemed to be 

 such number of shares of stock and amount of other securities to which a holder of a share of Common Stock outstanding
immediately prior to such change, reclassification, exchange, dividend, distribution, subdivision or combination would be entitled. 
  
 “Delay Period” has the meaning set forth in Section 4(a) of this Agreement. 
  
 “Demand Notice” has the meaning set forth in
Section 2(a) of this Agreement. 
  
 “Demand
Registration” has the meaning set forth in Section 2(a) of this Agreement. 
  
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder. 
  
 “Holder” means a person who owns Registrable
Securities and is either (i) the Stockholder or a Permitted Transferee of the Stockholder that has agreed to be bound by the terms of this Agreement as if such Person were the Stockholder, (ii) upon the death of any Holder, the executor of the
estate of such Holder or such Holder’s heirs, devisees, legatees or assigns or (iii) upon the disability of any Holder, any guardian or conservator of such Holder. 
  
 “Interruption Period” has the meaning set forth in the last paragraph in Section 4(b).

  
 “Losses” has the meaning set forth in
Section 6(a) of this Agreement. 
  
 “Misstatement/Omission” has the meaning set forth in Section 6(a) of this Agreement. 
  
 “Permitted Transferee” means any Person to whom the rights under this Agreement have been assigned in accordance with the
provisions of Section 10(d) hereof. 
  
 “Person” means any natural person, corporation, partnership, firm, association, trust, government, governmental agency, limited liability company or any other entity, whether acting in an individual, fiduciary or
other capacity. 
  
 “Piggyback
Registration” has the meaning set forth in Section 3(a) of this Agreement. 
  
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of
the Registrable Securities covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such prospectus. 
  
 “Registrable
Securities” means the shares of Common Stock issued to the Stockholder in connection with the Reorganization. If as a result of any reclassification, stock dividends or stock splits or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization or other transaction or event, any capital stock, evidence of indebtedness, warrants, options, rights or other securities (collectively “Other Securities”) are
issued or transferred to a Holder in respect of Registrable Securities held by the Holder, references herein 
  

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 to Registrable Securities shall be deemed to include such Other Securities. As to any particular Registrable Securities,
such securities will cease to be Registrable Securities when (i) they have been distributed to the public pursuant to an offering registered under the Securities Act, (ii) they have been distributed to the public pursuant to Rule 144 (or any
successor provision) under the Securities Act, or (iii) they have been sold to any Person to whom the rights under this Agreement are not assigned in accordance with this Agreement. 
  
 “Registration Statement” means any registration statement under the Securities Act of the Company
that covers any of the Registrable Securities, including the related Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits, and all materials incorporated by
reference or deemed to be incorporated by reference in such registration statement or Prospectus. 
  
 “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
  
 “Stockholder”
has the meaning set forth in the introductory paragraph of this Agreement. 
  
 Section 2. Demand Registrations. 
  
 (a) Right to Demand. Upon the terms and subject to the conditions of this Agreement, (i) Holders of at least a majority of the aggregate amount of outstanding Registrable Securities shall have the right, by
written notice (the “Demand Notice”) given to the Company, to request the Company to register under and in accordance with the provisions of the Securities Act all or part of the Registrable Securities designated by such
Holders (a “Demand Registration”). Upon receipt of any such Demand Notice, the Company will promptly notify all other Holders of the receipt of such Demand Notice and allow them the opportunity to include Registrable
Securities in the proposed registration by giving notice to the Company within five days after the Holder receives such notice; provided, that Holders joining in a proposed registration pursuant to this sentence shall not be deemed to have
exercised a Demand Registration for purposes of Section 2(b) hereof and such Holders shall be included in such registration on the basis set forth in Section 2(h) hereof. The Company shall not be required to register any Registrable
Securities under this Section 2 unless the anticipated aggregate offering price to the public for any such offering of the Registrable Securities included in such Demand Notice is expected to be at least $1 million. 
  
 (b) Number of Demand Registrations. Holders shall be entitled to have
three Demand Registrations effected. A Demand Registration shall not be deemed to be effected and shall not count as a Demand Registration of any Person (i) if a Registration Statement with respect thereto shall not have become effective under the
Securities Act and remained effective (A) for at least 180 days (excluding any Interruption Period or Delay Period) in the case of a Demand Registration that is not on a Form S-3 or other comparable form or (B) for at least two years (excluding any
Interruption Period or Delay Period) in the case of a Demand Registration on Form S-3 or other comparable form, or until the completion of the distribution of the Registrable Securities thereunder, whichever is earlier (including, without
limitation, because of withdrawal of such Registration Statement by the Holders pursuant to Section 2(f) hereunder), (ii) if, after it has become effective, such registration is interfered with for any reason by any stop 
  

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 order, injunction or other order or requirement of the Commission or any governmental authority, or as a result of the
initiation of any proceeding for such stop order by the Commission through no fault of the Holders and the result of such interference is to prevent the Holders from disposing of such Registrable Securities proposed to be sold in accordance with the
intended methods of disposition, or (iii) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with any underwritten offering shall not be satisfied or waived with the consent of the
Holders of a majority in number of the Registrable Securities to be included in such Demand Registration, other than as a result of any breach by the Holders or any underwriter of its obligations thereunder or hereunder. 
  
 (c) Registration Statement. Subject to paragraph (a) above, as soon as
practicable, but in any event within 45 days of the date on which the Company first receives one or more Demand Notices pursuant to Section 2(a) hereof, the Company shall file with the Commission a Registration Statement on the appropriate
form for the registration and sale of the total number of Registrable Securities specified in such Demand Notice, together with the number of Registrable Securities requested to be included in the Demand Registration by other Holders, in accordance
with the intended method or methods of distribution specified by the Holders in such Demand Notice. The Company shall use its best efforts to cause such Registration Statement to be declared effective by the Commission as soon as reasonably
practicable. 
  
 (d) Amendments; Supplements. Subject to
Section 4(a), upon the occurrence of any event that would cause the Registration Statement (A) to contain a material misstatement or omission or (B) to be not effective and usable for resale of Registrable Securities during the period that
such Registration Statement is required to be effective and usable, the Company shall file an amendment to the Registration Statement as soon as reasonably practicable, in the case of clause (A), correcting any such misstatement or omission and, in
the case of either clause (A) or (B), use its best efforts to cause such amendment to be declared effective and such Registration Statement to become usable as soon as reasonably practicable thereafter. 
  
 (e) Effectiveness. The Company agrees to use its best efforts to keep
any Registration Statement filed pursuant to this Section 2 continuously effective and usable for the sale of Registrable Securities until the earlier of (i) (a) in the case of a Demand Registration for delayed or continuous offerings of
Registrable Securities filed on Form S-3 or another comparable form, two years after the date on which the Commission declares such Registration Statement effective (excluding any Interruption Period or Delay Period) or (b) in the case of a Demand
Registration that is not on Form S-3 or another comparable form, 180 days from the date on which the Commission declares such Registration Statement effective (excluding any Interruption Period or Delay Period) and (ii) the date on which there are
no longer any Registrable Securities. 
  
 (f) Holders
Withdrawal. Holders of a majority in number of the Registrable Securities to be included in a Demand Registration pursuant to this Section 2 may, at any time prior to the effective date of the Registration Statement in respect thereof,
revoke such request by providing a written notice to the Company to such effect. 
  

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 (g) Preemption of Demand Registration. Notwithstanding anything to the contrary contained herein,
after receiving a written request for a Demand Registration, the Company may elect to effect an underwritten primary registration in lieu of the Demand Registration if the Company’s Board of Directors believes that such primary registration
would be in the best interests of the Company. If the Company so elects to effect a primary registration, the Company shall give prompt written notice (which shall be given not later than 20 days after the date of the Demand Notice) to all Holders
of its intention to effect such a registration and shall afford the Holders the rights contained in Section 3 with respect to Piggyback Registrations. In the event that the Company so elects to effect a primary registration after receiving a
request for a Demand Registration, the Company shall use its best efforts to have the Registration Statement declared effective by the Commission as soon as reasonably practicable. In addition, the request for a Demand Registration shall be deemed
to have been withdrawn and such primary registration shall not be deemed to be a Demand Registration. 
  
 (h) Priority on Demand Registrations. If a Demand Registration is an underwritten offering and includes securities for sale by the Company, and the
managing underwriter (such underwriter to be chosen by Holders of a majority of the Registrable Securities included in such registration, subject to the Company’s reasonable approval) advises the Company, in writing, that, in its good faith
judgment, the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the marketability of the offering, then the Company will include in any
such registration the maximum number of shares that the managing underwriter advises the Company can be sold in such offering allocated as follows: (i) first, the Registrable Securities requested to be included in such registration by the initiating
Holders and securities of other Holders of Registrable Securities, with such securities to be included on a pro rata basis (or in such other proportion mutually agreed among such Holders) based on the amount of securities requested to be included
therein and (ii) second, to the extent that any other securities may be included without exceeding the limitations recommended by the underwriter as aforesaid, the securities that the Company proposes to sell. If the initiating Holders are not
allowed to register all of the Registrable Securities requested to be included by such Holders because of allocations required by this section, such initiating Holders shall not be deemed to have exercised a Demand Registration for purposes of
Section 2(b). 
  
 Section 3. Piggyback
Registrations. 
  
 (a) Right to Piggyback
Registrations. Whenever the Company or another party having registration rights proposes that the Company register any of the Company’s equity securities under the Securities Act (other than a registration on Form S-4 relating solely to a
transaction described in Rule 145 of the Securities Act or a registration on Form S-8 or any successor forms thereto), whether or not for sale for the Company’s own account, the Company will give prompt written notice of such proposed filing to
all Holders at least 30 days before the anticipated filing date. Such notice shall offer such Holders the opportunity to register such amount of Registrable Securities as they shall request (a “Piggyback Registration”).
Subject to Section 3(b) hereof, the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 20 days after such notice
has been given by the Company to the Holders. If the Registration Statement relating to the Piggyback Registration is for an underwritten 
  

 5 

 offering, such Registrable Securities shall be included in the underwriting on the same terms and conditions as the
securities otherwise being sold through the underwriters. Each Holder shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time prior to the effective time of such Piggyback Registration.

  
 (b) Priority on Piggyback Registrations. If a Piggyback
Registration is an underwritten offering by or through one or more underwriters of recognized standing and the managing underwriters advise the party or parties initiating such offering in writing (a copy of which writing shall be provided to the
Holders) that in their good faith judgment the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the marketability of the offering,
then any such registration shall include the maximum number of shares that such managing underwriters advise can be sold in such offering allocated as follows: (i) first, the securities the party or parties initiating such offering propose to sell,
and (ii) second, to the extent that any other securities may be included without exceeding the limitations recommended by the underwriters as aforesaid, (x) if the Company has initiated such offering, the Registrable Securities to be included in
such registration by the Holders, with such additional securities to be included on a pro rata basis (or in such other proportion mutually agreed among the Holders and such other holders), based on the amount of Registrable Securities and other
securities requested to be included therein, and (y) if a party other than the Company initiated such offering (subject to Section 3(b)(i) above), securities proposed to be sold by the Company, and the Registrable Securities to be included in
such registration by the Holders, with such additional securities to be included on a pro rata basis (or in such other proportion mutually agreed among the Company, the Holders and such other holders), based on the amount of Registrable Securities
and other securities requested to be included therein. 
  
 Section
4. Obligations of the Company. 
  
 (a) Delay
Period. Notwithstanding the foregoing, the Company shall have the right to delay the filing of any Registration Statement otherwise required to be prepared and filed by the Company pursuant to Sections 2 or 3, or to suspend the use of any
Registration Statement, for a period not in excess of 60 consecutive calendar days (a “Delay Period”) if (i) the Board of Directors of the Company by written resolution determines that filing or maintaining the effectiveness
of such Registration Statement would have a material adverse effect on the Company or the holders of its capital stock in relation to any material acquisition or disposition, financing or other corporate transaction or (ii) the Board of Directors of
the Company by written resolution determines in good faith that the filing of a Registration Statement or maintaining the effectiveness of a current Registration Statement would require disclosure of material information that the Company has a valid
business purpose for retaining as confidential at such time. The Company shall not be entitled to exercise a Delay Period more than one time in any 12-month period. 
  

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 (b) Registration Procedures. Whenever the Company is required to register Registrable Securities
pursuant to Sections 2 or 3 hereof, the Company will use its best efforts to effect the registration to permit the sale of such Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant
thereto the Company will as expeditiously as possible: 
  
 (1)
prepare and file with the Commission a Registration Statement with respect to such Registrable Securities as prescribed by Sections 2 or 3 on a form available for the sale of the Registrable Securities by the holders thereof in accordance
with the intended method or methods of distribution thereof and use its best efforts to cause each such Registration Statement to become and remain effective within the time periods and otherwise as provided herein; 
  
 (2) prepare and file with the Commission such amendments (including
post-effective amendments) to the Registration Statement and such supplements to the Prospectus as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition
of all securities covered by such Registration Statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such Registration
Statement; 
  
 (3) furnish to each selling Holder of Registrable
Securities covered by a Registration Statement and to each underwriter, if any, such number of copies of such Registration Statement, each amendment and post-effective amendment thereto, the Prospectus included in such Registration Statement
(including each preliminary prospectus and any supplement to such Prospectus and any other prospectus filed under Rule 424 of the Securities Act), in each case including all exhibits, and such other documents as such Holder may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such Holder or to be disposed of by such underwriter (the Company hereby consenting to the use in accordance with all applicable law of each such Registration Statement (or
amendment or post-effective amendment thereto) and each such Prospectus (or preliminary prospectus or supplement thereto) by each such Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities
covered by such Registration Statement or Prospectus); 
  
 (4)
use its best efforts to register or qualify and, if applicable, to cooperate with the selling Holders, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration
or qualification) of, the Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as any selling Holder or managing underwriters (if any) shall reasonably request, to keep each such registration or
qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the
securities covered by the applicable Registration Statement; provided, that, the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or
(ii) consent to general service of process or taxation in any such jurisdiction where it is not so subject; 
  
 (5) cause all such Registrable Securities to be listed or quoted (as the case may be) on each national securities exchange or other securities market on
which securities of the same class as the Registrable Securities are then listed or quoted; 
  

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 (6) provide a transfer agent and registrar for all such Registrable Securities and a CUSIP number for
all such Registrable Securities not later than the effective date of such Registration Statement; 
  
 (7) comply with all applicable rules and regulations of the Commission, and make available to its security holders an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such
period is a fiscal year) (or in each case within such extended period of time as may be permitted by the Commission for filing the applicable report with the Commission) (i) commencing at the end of any fiscal quarter in which Registrable Securities
are sold to underwriters in an underwritten offering or (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement; 
  
 (8) use its best efforts to prevent the issuance of any order suspending the
effectiveness of a Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Securities included therein for sale in any jurisdiction, and, in the event of the issuance of any stop order
suspending the effectiveness of a Registration Statement, or of any order suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction, the Company will use its best efforts promptly
to obtain the withdrawal of such order at the earliest possible moment; 
  
 (9) obtain “cold comfort” letters and updates thereof (which letters and updates (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the Holders) from
the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration Statement), addressed to each of the underwriters, if any, and each selling Holder of Registrable Securities, such letters to be in customary form and covering matters of the
type customarily covered in “cold comfort” letters in connection with underwritten offerings and such other matters as the underwriters, if any, or the Holders of a majority of the Registrable Securities being included in the registration
may reasonably request; 
  
 (10) obtain opinions of independent
counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the Holders of a majority of the Registrable Securities being included
in the registration), addressed to each selling Holder and each of the underwriters, if any, covering the matters customarily covered in opinions of issuer’s counsel requested in underwritten offerings, such as the effectiveness of the
Registration Statement and such other matters as may be requested by such counsel and underwriters, if any; 
  
 (11) promptly notify the selling Holders and the managing underwriters, if any, and confirm such notice in writing, when a Prospectus or any supplement
or post-effective amendment to such Prospectus has been filed, and, with respect to a Registration Statement or any post-effective amendment thereto, when the same has become effective, of any 
  

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 request by the Commission or any other federal or state governmental authority for amendments or supplements to a
Registration Statement or related Prospectus or for additional information, of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any
Prospectus or the initiation of any proceedings by any Person for that purpose, of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any
of the Registrable Securities for offer or sale under the securities or blue sky laws of any jurisdiction, or the contemplation, initiation or threatening, of any proceeding for such purpose, and of the happening of any event or the existence of any
facts that make any statement made in such Registration Statement or Prospectus untrue in any material respect or that require the making of any changes in such Registration Statement or Prospectus so that it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of any Prospectus), not misleading (which notice
shall be accompanied by an instruction to the selling Holders and the managing underwriters, if any, to suspend the use of the Prospectus until the requisite changes have been made); 
  
 (12) if requested by the managing underwriters, if any, or a Holder of Registrable Securities being sold, promptly
incorporate in a prospectus, supplement or post-effective amendment such information as the managing underwriters, if any, and the Holders of a majority of the Registrable Securities being sold reasonably request to be included therein relating to
the sale of the Registrable Securities, including, without limitation, information with respect to the number of shares of Registrable Securities being sold to underwriters, the purchase price being paid therefor by such underwriters and with
respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering, and make all required filings of such prospectus, supplement or post-effective amendment promptly following notification of the
matters to be incorporated in such supplement or post-effective amendment; 
  
 (13) if requested, furnish to each selling Holder of Registrable Securities and the managing underwriter, without charge, at least one signed copy of the Registration Statement; 
  
 (14) as promptly as practicable upon the occurrence of any event
contemplated by Section 4(b)(11) above, prepare a supplement or post-effective amendment to the Registration Statement or the Prospectus, or any document incorporated therein by reference, or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Securities being sold hereunder, the Prospectus will not contain an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and 
  
 (15) if such offering is an underwritten offering, enter into such agreements (including an underwriting agreement in form, scope and substance as is
customary in underwritten offerings) and take all such other appropriate and reasonable actions requested by the Holders owning a majority of the Registrable Securities being sold in connection therewith or by the managing underwriters (including
cooperating in reasonable marketing efforts, including 
  

 9 

 in connection with any Demand Registration, participation by senior executives of the Company in any “roadshow”
or similar meeting with potential investors) in order to expedite or facilitate the disposition of such Registrable Securities, and in such connection, provide indemnification provisions and procedures substantially to the effect set forth in
Section 6 hereof with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder. 
  
 Each Holder agrees by acquisition of such Registrable Securities that, upon
receipt of written notice from the Company of the happening of any event of the kind described in Section 4(b)(11), such Holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement until
such Holder’s receipt of the copies of the supplemented or amended Registration Statement contemplated by Section 4(b)(14), or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and
has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such prospectus (such period during which disposition is discontinued being an “Interruption
Period”), and, if so directed by the Company, such Holder will deliver to the Company all copies of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  
 Section 5. Registration Expenses. 
  
 (a) Expenses Payable by the Company. The Company shall bear all
expenses incurred with respect to the registration or attempted registration of the Registrable Securities pursuant to Sections 2 or 3 of this Agreement as provided herein. Such expenses shall include, without limitation, (i) all
registration, qualification and filing fees (including, without limitation, (A) fees with respect to compliance with the Commission, (B) fees with respect to filings required to be made with the national securities exchange or national market system
on which the Common Stock is then traded or quoted and (C) fees and expenses of compliance with state securities or blue sky laws (including, without limitation, fees and disbursements of counsel for the Company or the underwriters, or both, in
connection with blue sky qualifications of Registrable Securities)), (ii) messenger and delivery expenses, word processing, duplicating and printing expenses (including without limitation, expenses of printing certificates for Registrable Securities
in a form eligible for deposit with The Depository Trust Company, printing preliminary prospectuses, prospectuses, prospectus supplements, including those delivered to or for the account of the Holders and provided in this Agreement, and blue sky
memoranda), (iii) fees and disbursements of counsel for the Company, (iv) fees and disbursements of all independent certificated public accountants for the Company (including, without limitation, the expense of any “comfort letters”
required by or incident to such performance), (v) all out-of-pocket expenses of the Company (including without limitation, expenses incurred by the Company, its officers, directors, and employees performing legal or accounting duties or preparing or
participating in “roadshow” presentations or of any public relations, investor relations or other consultants or advisors retained by the Company in connection with any roadshow, including travel and lodging expenses of such roadshows),
(vi) fees and expenses incurred in connection with the quotation or listing of shares of Common Stock on any national securities exchange or other securities market, and (vii) reasonable fees and expenses of one firm of counsel for all selling
Holders (which shall be chosen by the Holders of a majority of Registrable Securities to be included in such offering). 
  

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 (b) Expenses Payable by the Holders. Each Holder shall pay all underwriting discounts and
commissions or placement fees of underwriters or broker’s commissions incurred in connection with the sale or other disposition of Registrable Securities for or on behalf of such Holder’s account. 
  
 Section 6. Indemnification. 
  
 (a) Indemnification by the Company. The Company agrees to indemnify,
to the fullest extent permitted by law, each Holder, each affiliate of a Holder and each director, officer, employee, manager, stockholder, partner, member, counsel, agent or representative of such Holder and its affiliates and each Person who
controls any such Person (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) (collectively, “Holder Indemnified Parties”) against, and hold it and them harmless from, all losses,
claims, damages, liabilities, actions, proceedings, costs (including, without limitation, costs of preparation and attorneys’ fees and disbursements) and expenses, including expenses of investigation and amounts paid in settlement
(collectively, “Losses”) arising out of, caused by or based upon any untrue or alleged untrue statement of material fact contained in any Registration Statement, or any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading (a “Misstatement/Omission”), or any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law, except that the Company shall not be liable insofar as such Misstatement/Omission or violation is made in reliance upon and in
conformity with information furnished in writing to the Company by such Holder expressly for use therein; provided, further, that the Company shall not be liable for a Holder’s failure to deliver or cause to be delivered (to the extent such
delivery is required under the Securities Act) the Prospectus contained in the Registration Statement, furnished to it by the Company on a timely basis at or prior to the time such action is required by the Securities Act to the person claiming a
Misstatement/Omission if such Misstatement/Omission was corrected in such Prospectus. In connection with an underwritten offering, the Company will indemnify such underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, their officers and directors and each Person who controls such underwriters (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as
provided above with respect to the indemnification of the Holders. This indemnity shall be in addition to any other indemnification arrangements to which the Company may otherwise be party. 
  
 (b) Indemnification by the Holders. In connection with any
Registration Statement in which a Holder is participating, each such Holder agrees to indemnify, to the fullest extent permitted by law, the Company and each director and officer of the Company and each Person who controls the Company (within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) against, and hold it harmless from, any Losses arising out of or based upon (i) any Misstatement/Omission contained in the Registration Statement, if and to the
extent that such Misstatement/Omission was made in reliance upon and in conformity with information furnished in writing by such Holder for use therein, or (ii) the failure by such Holder to deliver or cause to be delivered (to the extent such
delivery is required under the Securities Act) the Prospectus contained in the Registration Statement, furnished to it by the Company on a 
  

 11 

 timely basis at or prior to the time such action is required by the Securities Act to the person claiming a
Misstatement/Omission if such Misstatement/Omission was corrected in such Prospectus. Notwithstanding the foregoing, the obligation to indemnify will be individual (several and not joint) to each Holder and will be limited to the net amount of
proceeds (net of payment of all expenses) received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement giving rise to such indemnification obligation. 
  
 (c) Conduct of Indemnification Proceedings. In case any action, claim
or proceeding shall be brought against any Person entitled to indemnification hereunder, such indemnified party shall promptly notify each indemnifying party in writing, and such indemnifying party shall assume the defense thereof, including the
employment of one counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses incurred in connection with the defense thereof. The failure to so notify such indemnifying party shall relieve such indemnifying party
of its indemnification obligations to such indemnified party to the extent that such failure to notify materially prejudiced such indemnifying party but not from any liability that it or they may have to the indemnified party for contribution or
otherwise. Each indemnified party shall have the right to employ separate counsel in such action, claim or proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of each indemnified party
unless: (i) such indemnifying party has agreed to pay such expenses; (ii) such indemnifying party has failed promptly to assume the defense and employ counsel reasonably satisfactory to such indemnified party; or (iii) the named parties to any such
action, claim or proceeding (including any impleaded parties) include both such indemnified party and such indemnifying party or an affiliate or controlling person of such indemnifying party, and such indemnified party shall have been advised in
writing by counsel that either (x) there may be one or more legal defenses available to it which are different from or in addition to those available to such indemnifying party or such affiliate or controlling person or (y) a conflict of interest
may exist if such counsel represents such indemnified party and such indemnifying party or its affiliate or controlling person; provided, however, that such indemnifying party shall not, in connection with any one such action or proceeding or
separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be responsible hereunder for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel), which counsel shall be designated by such indemnified party or, in the event that such indemnified party is a Holder Indemnified Party, by the Holders of a majority of the Registrable Securities included
in the subject Registration Statement. 
  
 No indemnifying party
shall be liable for any settlement effected without its written consent (which consent may not be unreasonably delayed or withheld). Each indemnifying party agrees that it will not, without the indemnified party’s prior written consent, consent
to entry of any judgment or settle or compromise any pending or threatened claim, action or proceeding in respect of which indemnification or contribution may be sought hereunder unless the foregoing contains an unconditional release, in form and
substance reasonably satisfactory to the indemnified parties, of the indemnified parties from all liability and obligation arising therefrom. The indemnifying party’s liability to any such indemnified party hereunder shall not be extinguished
solely because any other indemnified party is not entitled to indemnity hereunder. 
  

 12 

 (d) Survival. The indemnification provided for under this Agreement will (i) remain in full force
and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party, (ii) survive the transfer of securities and (iii) survive the termination of this
Agreement. 
  
 (e) Right to Contribution. If the
indemnification provided for in this Section 6 is unavailable to, or insufficient to hold harmless, an indemnified party under Section 6(a) or Section 6(b) above in respect of any Losses referred to in such Sections, then each
applicable indemnifying party shall have an obligation to contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Company, on the one
hand, and of the Holder, on the other, in connection with the Misstatement/Omission or violation which resulted in such Losses, taking into account any other relevant equitable considerations. The amount paid or payable by a party as a result of the
Losses referred to above shall be deemed to include, subject to the limitations set forth in Section 6(c) above, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation, lawsuit or legal or
administrative action or proceeding. 
  
 The relative fault of the
Company, on the one hand, and of the Holder, on the other, shall be determined by reference to, among other things, whether the relevant Misstatement/Omission or violation relates to information supplied by the Company or by the Holder and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such Misstatement/Omission or violation. 
  
 The Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined by pro rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this Section 6(e), a Holder shall not be required to contribute any amount in
excess of the amount by which (i) the amount (net of payment of all expenses) at which the securities that were sold by such Holder and distributed to the public were offered to the public exceeds (ii) the amount of any damages which such Holder has
otherwise been required to pay by reason of such Misstatement/Omission or violation. 
  
 No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

  
 Section 7. Rules 144 and 144A. 
  
 The Company shall timely file the reports required to be filed by it under
the Securities Act and the Exchange Act (including but not limited to the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 adopted by the Commission under the Securities Act) and the rules and
regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available other information) and will take such further action as any Holder may
reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 and Rule 144A under
the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
  

 13 

 Section 8. Underwritten Registrations. 
  
 (a) No Person may participate in any registration hereunder which is
underwritten unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, customary indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided, that, no Holder included in any underwritten registration shall be
required to make any representations or warranties to the Company or the underwriters other than representations and warranties regarding such Holder and such Holder’s intended method of distribution. 
  
 (b) If any of the Registrable Securities covered by any Registration
Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by, and the underwriting arrangements with respect thereto will be approved by,
the Company; provided, however, that such investment bankers and managers and underwriting arrangements must be reasonably satisfactory to the Holders of the majority of Registrable Securities to be included in such offering. 
  
 Section 9. Covenants of Holders. 
  
 Each of the Holders hereby agrees (a) to cooperate with the Company and to
furnish to the Company all such information regarding such Holder, its ownership of Registrable Securities and the disposition of such securities in connection with the preparation of the Registration Statement and any filings with any state
securities commissions as the Company may reasonably request, (b) to the extent required by the Securities Act, to deliver or cause delivery of the Prospectus contained in the Registration Statement, any amendment or supplement thereto, to any
purchaser of the Registrable Securities covered by the Registration Statement from the Holder and (c) if requested by the Company, to notify the Company of any sale of Registrable Securities by such Holder. 
  
 Section 10. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Company will not hereafter enter
into any agreement with respect to its securities that is inconsistent with, adversely effects or violates the rights granted to the Holders in this Agreement; it being understood that the granting of additional demand or piggyback registration
rights with respect to capital stock of the Company shall not be deemed adverse to the rights granted to Holders hereunder so long as they do not (x) reduce the amount of Registrable Securities that any Holder may include in any registration
contemplated in this Agreement or (y) restrict or otherwise limit the exercise by any Holder of its rights hereunder. 
  

 14 

 (b) Remedies. Any Person having rights under any provision of this Agreement will be entitled to
enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance or injunctive relief that a remedy at law would be adequate. Accordingly, any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement.

  
 (c) Amendments and Waivers. Except as otherwise
provided herein, the provisions of this Agreement, including the provisions of this sentence, may be amended, modified, supplemented or waived only upon the prior written consent of the Company and Holders of a majority of the outstanding
Registrable Securities. 
  
 (d) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The Holders may assign all rights under this agreement; provided, however, that no Holder may transfer or assign its
rights hereunder unless such transferring Holder shall, prior to any such transfer, obtain from the transferee a joinder agreement in a form reasonably satisfactory to the Company and deliver a copy of such joinder agreement to the Company and to
the Holders. Only persons (other than the initial Stockholder hereto) that execute a joinder agreement shall be deemed to be Holders (“Permitted Transferee”). The Company shall be given written notice by the transferring
Holder at the time of the transfer stating the name and address of the transferee and identifying the Registrable Securities transferred, provided, that, failure to give such notice shall not affect the validity of such transfer or assignment.

  
 (e) Termination of Registration Rights. The rights of
any Holder to cause the Company to register Registrable Securities under this Agreement shall terminate with respect to such Holder as soon as such Holder is legally able to dispose of all of its Registrable Securities in one transaction pursuant to
Rule 144 under the Securities Act. 
  
 (f) Severability. In
the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected, it being intended that the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.

  
 (g) Counterparts. This Agreement may be executed in any
number of counterparts, any one of which need not contain the signatures of more than one party, but each of which when so executed shall be deemed to be an original and all such counterparts taken together shall constitute one and the same
Agreement. 
  
 (h) Descriptive Headings: Interpretation.
The descriptive headings of this Agreement are inserted for convenience of reference only and shall not limit or otherwise affect the meaning hereof. The use of the word “including” in this Agreement shall be by way of example rather than
by limitation. 
  

 15 

 (i) Notices. All notices, requests and other communications provided for or permitted to be given
under this Agreement must be in writing and shall be given by personal delivery, by certified or registered United States mail (postage prepaid, return receipt requested), by a nationally recognized overnight delivery service for next day delivery,
or by facsimile transmission, as follows (or to such other address as any party may give in a notice given in accordance with the provisions hereof): 
  
 If to the Company: 
  
 Bronco Drilling Company, Inc. 
 14313 North May Avenue 
 Suite 100 
 Oklahoma City, OK 73134 
 Attention: Chief Executive Officer 
 Facsimile: (405) 848-8816 
  
 with a copy (which shall not constitute notice) to: 
  
 Akin Gump Strauss Hauer & Feld LLP 
 1700 Pacific Avenue 
 Suite 4100 
 Dallas, TX 75201 
 Attention: Seth R. Molay, P.C. 
 Facsimile: (214) 969-4343 
  
 If
to the Stockholder: 
  
 Wexford Capital LLC

 411 West Putnam Avenue 
 Greenwich, CT 06830 
 Attention: Arthur Amron 
 Facsimile: (203) 862-7312 
  
 All notices, requests or other communications will be effective and deemed given only as follows: (i) if given by personal delivery, upon such personal delivery, (ii) if
sent by certified or registered mail, on the fifth business day after being deposited in the United States mail, (iii) if sent for next day delivery by overnight delivery service, on the date of delivery as confirmed by written confirmation of
delivery, (iv) if sent by facsimile, upon the transmitter’s confirmation of receipt of such facsimile transmission, except that if such confirmation is received after 5:00 p.m. (in the recipient’s time zone) on a business day, or is
received on a day that is not a business day, then such notice, request or communication will not be deemed effective or given until the next succeeding business day. Notices, requests and other communications sent in any other manner, including by
electronic mail, will not be effective. 
  

 16 

 (j) GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN
ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. The parties hereby irrevocably submit to the jurisdiction of any federal
court located in the State of Delaware or any Delaware state court solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the transactions
contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit or
proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that
all claims with respect to such action or proceeding shall be heard and determined in such a Delaware state or federal court. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject
matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided in the Section on notices above or in such other manner as may be permitted by law shall be valid and
sufficient service thereof. 
  
 EACH PARTY ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect
to such subject matter. 
  
 [Signature Page Follows]

  

 17 

 IN WITNESS WHEREOF the parties hereto have or have caused this Registration Rights Agreement to be duly
executed as of the date first above written 
  

					
	THE COMPANY:
	
	 BRONCO DRILLING COMPANY, INC.

		
	 By:
	 	 /s/ Frank Harrison

	 	 	 D. Frank Harrison

	 	 	 Chief Executive Officer

	
	THE STOCKHOLDER:
	
	 BRONCO DRILLING HOLDINGS, L.L.C.

		
	 By:
	 	 WEXFORD CAPITAL, LLC

	 	 	 its Manager

			
	 	 	 By:
	 	 /s/ Paul Jacobi

	 	 	 Name:
	 	 Paul Jacobi

	 	 	 Title:
	 	 Vice PresidentAsset Purchase Agreement, effective as of September 1, 2005

 Exhibit 10.13 
  
 ASSET PURCHASE AGREEMENT 
  
 THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is entered as of the 15th day of September, 2005, but made effective as of the 1st day of September, 2005 (the “Effective Date”), by and between EAGLE DRILLING L.L.C.,
an Oklahoma limited liability company (“Eagle”), THORNTON DRILLING EQUIPMENT LLC, an Oklahoma limited liability company (“Thornton”, RIVERSIDE OILFIELD EQUIPMENT LLC, an Oklahoma limited liability company
(“Riverside”, with Eagle and Thornton being collectively referred to as the “Sellers”), and BRONCO DRILLING COMPANY, INC., a Delaware corporation (the “Buyer”). The Sellers and the Buyer may be separately
referred to in this Agreement as a “Party” or collectively as the “Parties”. 
  
 WITNESSETH: 
  
 WHEREAS, the Sellers desire to sell to the Buyer, and the Buyer desires to purchase from the Sellers, certain assets of the Sellers in accordance with the terms and conditions of this Agreement. 
  
 NOW, THEREFORE, in consideration for the mutual promises and conditions
contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Sellers and the Buyer hereby agree as follows: 
  
 1. PURCHASE AND SALE. Subject to the terms and conditions described in this Agreement, the Sellers hereby agree to
sell, transfer, convey and deliver to the Buyer, and the Buyer hereby agrees to purchase from the Sellers, all of the Sellers’ right, title and interest in and to the assets and property described in Exhibit ”A” (the
“Acquired Assets”), free and clear of any and all liens, security interests and encumbrances of any type or nature whatsoever. In addition to the Acquired Assets, at Closing (as hereafter defined), the Buyer shall assume and become
responsible for the contracts and obligations of the Sellers identified on Exhibit “B” (collectively, the “Assumed Liabilities”). The Buyer shall not assume or have any obligation under this Agreement with respect to any
other obligation of the Sellers except for the Assumed Liabilities, and the Sellers shall remain liable for all obligations other than the Assumed Liabilities. 
  

2. PURCHASE PRICE. The Buyer shall pay to the Sellers the aggregate amount of Fifty Million and 00/100 Dollars ($50,000,000.00) (The
purchase price is to be adjusted by agreement for any inventory and rig parts reserved by the Sellers and excluded from this transaction, by mutual agreement.) for the Acquired Assets (the “Purchase Price”), which amount shall be
paid to the Sellers in cash or by wire transfer at Closing (as hereafter defined). 
  
 3. REPRESENTATIONS AND WARRANTIES OF SELLER. The Sellers hereby represent and warrant to the Buyer that the following statements are true and correct as of the Effective Date and will be true and correct as of
the Closing Date (as hereafter defined). 
  
 3.1.
Organization. The Sellers are limited liability companies that are duly organized, validly existing and in good standing under the laws of the State of Oklahoma and are duly registered or qualified to do business and in good standing in each
jurisdiction in which the nature of their business or properties requires such registration 

 
or qualification, except where the failure to so register or qualify would have a Material Adverse Effect (as hereafter defined). The Sellers have full power
and authority to own, lease and operate their properties and to carry on their businesses as now being conducted, to own or use the properties and assets that they purports to own or use and to perform all of their obligations under the Assumed
Liabilities. For purposes of this Agreement, “Material Adverse Effect” shall mean any state or states of fact, condition or conditions, event or events, circumstance or circumstances, change or changes, or effect or effects that
individually or in the aggregate (including, without limitation, an aggregate combination of one or more of the foregoing whether or not related to each other or involving or affecting the same or different representations, warranties and/or
covenants) could be materially adverse to (i) the business, condition (financial or otherwise), results of operations or prospects of the business or the assets of the applicable Party, or (ii) the ability of the applicable Party to
consummate the transactions contemplated by this Agreement. 
  
 3.2. Authority. The Sellers have full power and authority to execute and deliver, and to perform their duties and obligations under, this Agreement and each other agreement, document and instrument to be
executed or delivered by the Sellers contemplated by this Agreement collectively, (the “Sellers’ Documents”). The execution and delivery of, the performance of their obligations under, and the consummation of the transactions
contemplated by, this Agreement and any Sellers’ Documents, have been duly authorized by all necessary action on the part of the Sellers. This Agreement is, and the Sellers’ Documents will constitute, the legal, valid and binding
obligations of the Sellers and is, and the Sellers’ Documents will be, enforceable against the Sellers in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, or other similar laws affecting the
enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, may be subject to the discretion of the court before which any proceeding may be brought. 
  
 3.3. No Conflicts; Consents. The execution and
delivery of this Agreement and each Sellers’ Document and the consummation of the transactions contemplated by this Agreement and the Sellers’ Documents will not: (i) violate or conflict with any provision of the Sellers’
organizational documents, as amended; (ii) violate or conflict with any constitution, statute, regulation, rule, injunction, judgment, order, permit, decree, ruling, charge, or other restriction of any government, governmental agency, court or
arbitrator to which the Sellers or their assets are subject; (iii) conflict with, result in a breach of, constitute a default under (or with notice or the lapse of time or both could result in a breach of or constitute a default), result in the
acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice or consent under any agreement, contract, lease, license, instrument, or other arrangement to which the Sellers are a party or bound or
to which any of their assets are subject; (iv) that could result in the creation or imposition of any lien, security interest or encumbrance in, to or on any of their assets (including the Acquired Assets); or (v) require the Sellers to
give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency, creditor or other third party in order to consummate the transactions contemplated by this Agreement or the
Sellers’ Documents. 
  

 -2- 

 3.4. Litigation. There are no claims, demands, filings, hearings, notices of
violation, proceedings, notices or demand letters, investigations, administrative proceedings, civil, criminal or other actions, litigation, suits, mediations, arbitrations or other legal proceedings pending or threatened against the Sellers, or
that relate to, involve or affect any of their assets, or that would seek to question, delay, prevent or materially impair the ability of the Sellers to perform their duties or obligations under, or to consummate the transactions contemplated by,
this Agreement. There are no outstanding judgments, orders, writs, injunctions, indictments or informations, grand jury subpoenas or civil investigative demands, plea agreements, stipulations, awards or decrees of any court, arbitrator or any
federal, state, municipal or other governmental department, commission, board, agency or instrumentality against or relating to the Sellers or their assets. 
  
 3.5. Taxes. All taxes, fees, assessments and charges imposed by the United States or by any foreign country or by any state,
municipality, subdivision or instrumentality of the United States or of any foreign country, or by any other taxing authority, which are due or payable by the Sellers on or prior to the Effective Date, or for which the Sellers may be liable on or
prior to the Effective Date, and all interest and penalties thereon (collectively, “Taxes” or “Tax”), have been paid in full, or, if not due on or prior to the Effective Date but due on or prior to the Closing Date,
will be timely paid in full when due. All Tax returns required to be filed in connection therewith have been, or will be timely and accurately prepared in all material respects and filed or if not due on or prior to the Effective Date will be timely
and duly made. No deficiency for any Tax or claim for additional Taxes relating to or affecting in any manner any of the Sellers’ business or the Acquired Assets has been proposed, asserted or assessed against the Sellers. There are no liens on
any of the Acquired Assets with respect to Taxes, other than liens for taxes not yet due and payable. There is no action, suit, taxing authority proceeding, or audit now in progress, pending or threatened against the Sellers or involving the
Acquired Assets. 
  
 3.6. Compliance with Laws
and Permits. The Sellers have conducted their business, the Yard (as hereafter defined) and the Acquired Assets so as to comply with, and are in compliance with, all applicable laws, rules and regulations, of all applicable governmental
authorities, including, without limitation, any applicable laws, rules, regulations, ordinances, codes, orders, judgments or decrees as to environmental, health and/or safety matters, the noncompliance with which could have a Material Adverse
Effect. The Sellers’ have all of the licenses, permits and other governmental authorizations required for the operation of their business, the Yard and the Acquired Assets (collectively, the “Permits”), and each Permit is
identified on Schedule 3.6. 
  
 3.7.
Title to and Adequacy of Assets. The Sellers have good and indefeasible title to the Acquired Assets and shall convey such title to the Buyer, free and clear of all liens, security interests and encumbrances. Buyer, as a drilling contractor,
is a sophisticated purchaser of the Acquired Assets and has inspected the working rigs and the equipment in the Yard, and except as expressly provided in this Agreement, the Buyer is purchasing the Acquired Assets on an “as is” ,
“where is” basis based on its inspection and knowledge of drilling equipment and drilling rigs and not on any representation made 

  

 -3- 

 
by the Sellers as to the physical condition, design, operation or fitness for a particular purpose. The Sellers are selling the equipment without warranty,
either express or implied. 
  
 3.8. Assumed
Liabilities. There is not, under any of the Assumed Liabilities, any existing default or event of default which, with or without due notice or lapse of time or both, would constitute a material default or event of default on the part of the
Sellers or the other party. No consents are required under any of the Assumed Liabilities for the consummation of the transactions contemplated by this Agreement and the Sellers’ Documents. The Assumed Liabilities are in full force and effect
and are valid and binding obligations of the Sellers and, to the Sellers’ knowledge, each other party thereto, and are enforceable in accordance with their terms, and will immediately following the Closing be valid, binding and enforceable by
the Buyer as assignee thereof in accordance with their terms, except as any such enforceability may be limited by the effect of bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by general principles of equity.
While drilling contracts are considered an asset, they could also be considered a contractual liability. The parties understand that consent is required to assign the contracts to the Buyer. A failure of consent by any of the operators to the
drilling contracts shall not be considered a material default for purposes of this Agreement. 
  
 3.9 Employees. Schedule 3.9 is a true and complete list of the name of each individual who is employed for, or retained or
compensated by the Sellers as an employee, independent contractor or consultant, in connection with the maintenance, repair or operation of the Acquired Assets (the “Employees”) along with his or her compensation. Except as set
forth on Schedule 3.9, (i) the Sellers have paid or made provision for the payment of (and will pay when due) all salaries, commissions and accrued wages of the Employees (including accrued vacation pay and sick leave) up to the
Closing Date; (ii) the Sellers have complied with all applicable laws, rules and regulations relating to the employment of labor, including those relating to wages, hours, unemployment insurance, collective bargaining and the payment and
withholding of taxes for all Employees; (iii) the Sellers have withheld all amounts required by law or agreement to be withheld from the wages or salaries of the Employees; and (iv) the Sellers are not liable for any arrears of wages or
other taxes or penalties for failure to comply with any of the foregoing to the extent they are applicable to the Employees or any of its former employees. There is not pending or, to the Sellers’ knowledge, threatened, any labor dispute,
strike, work stoppage or union organizing effort, and the Sellers are not a party to any agreement with a labor union or other labor representative of any Employee. 
  
 3.10 Insurance. The assets and the business of the Sellers are insured and will be so insured through
the Closing Date, in amounts and against risks consistent with levels and types commonly used in the industry in which the Sellers operate. The Sellers shall furnish copies of their insurance to Buyer and in the event Buyer does not consider the
insurance sufficient, Buyer will obtain additional insurance. In the event of any of the Acquired Assets are damaged and such damage is covered by insurance, such event shall not be considered a “Material Adverse Effect” as set forth in
Section 3.1. 
  

 -4- 

 3.11 Environmental Matters. All activities of the Sellers have been conducted in
substantial compliance with, and the Yard and all other properties leased or operated by the Sellers substantially comply with, all Environmental, Health, and Safety Requirements (as hereafter defined) applicable to the Sellers or the Acquired
Assets. The Sellers have obtained, have complied with, and are in compliance with all Permits that are required pursuant to Environmental, Health, and Safety Requirements for the occupation of the Yard and their other facilities and the operation of
their business, the Yard and the Acquired Assets, and such Permits are in full force and effect, free from breach, and the consummation of the transactions contemplated by this Agreement will not affect them. The Sellers have not received any
written or oral notice, report or other information regarding any actual or alleged violation of Environmental, Health, and Safety Requirements. The Sellers have not treated, recycled, stored, disposed of, arranged for or permitted the disposal of,
transported, handled, or released any substance, including any Hazardous Materials (as hereafter defined), on the Yard or any other property or facility owned or operated by the Sellers (and no such property or facility is contaminated by any such
substance) in a manner that has given or would give rise to any damages, including any damages for response costs, corrective action costs, personal injury, property damage or natural resources damages, pursuant to the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, the Solid Waste Disposal Act, as amended, or any other Environmental, Health, and Safety Requirements. The consummation of the transactions contemplated by this Agreement will not result
in any liabilities or damages for site investigation or cleanup, or require any consent or approval, pursuant to any Environmental, Health, and Safety Requirements, including any so-called “transaction-triggered” or “responsible
property transfer” requirements. No Hazardous Material is located or is suspected to be located in the soil, groundwater, surface water, or waterways at or under the Yard or any other property now or previously owned, leased or operated by the
Sellers in quantities or concentrations sufficient to require investigation, removal or remediation under the Comprehensive Environmental Response, Compensation and Liability Act, as amended, or any other federal, state or local law. 
  
 For purposes of this Agreement, “Hazardous
Material” shall mean any hazardous or toxic substance, material, pollutant or waste which is regulated by any federal, state or local governmental authority, including, but not limited to, the following as defined by the cited laws or
regulations implementing the cited laws: “hazardous substances” and “pollutants or contaminants” as defined under the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C.
§ 9601 et seq.; “hazardous waste” as defined under the Solid Waste Disposal Act, as amended, 42 U.S.C. § 6901 et seq.; air pollutants regulated under the Clean Air Act, as amended, 42 U.S.C. § 7401 et
seq.; “pollutants” as defined under the Clean Water Act, as amended, 33 U.S.C. § 1251 et seq.; any pesticide as defined by the Federal Insecticide, Fungicide, and Rodenticide Act, as amended, 7 U.S.C. § 136 et
seq., any hazardous chemical substance or mixture or imminently hazardous substance or mixture regulated by the Toxic Substances Control Act, as amended, 15 U.S.C. § 2601 et seq.; any substance listed in the United States Department of
Transportation Table at 49 CFR 172.101; any petroleum produce, any explosives, any radioactive material and any asbestos containing material. 
  

 -5- 

 For purposes of this Agreement, “Environmental, Health, and Safety
Requirements” shall mean all orders, contracts, laws, and programs (including those promulgated or sponsored by industry associations, insurance companies, and risk management companies) concerning or relating to public health and safety,
worker/occupational health and safety, and pollution or protection of the environment, including those relating to the presence, use, manufacturing, refining, production, generation, handling, transportation, treatment, recycling, transfer, storage,
disposal, distribution, importing, labeling, testing, processing, discharge, release, threatened release, control, or other action or failure to act involving cleanup of any hazardous materials, substances or wastes, chemical substances or mixtures,
pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls, noise, or radiation. 
  
 3.12 Real Property. An entity related to the Sellers presently owns certain real property (consisting of approximately 13
acres more or less) and improvements situated thereon that are physically located at 693 Sycamore Rd., Norman, OK 73072 (the “Yard”), and all buildings, fixtures and improvements situated on or affixed to the Yard are in good
operating condition, except for ordinary wear and tear. Such entity has received all permits, licenses, certificates, approvals, consents, notices, waivers, franchises, registrations, filings, or other similar authorizations required by any
applicable law, governmental body or contract, required in connection with the Yard, and such entity is not in violation of any zoning, building or safety ordinance, regulation or requirement or other law or regulation applicable to the Yard.

  
 3.13 Brokers. No broker, finder or
other person is entitled to any brokerage fees. 
  
 3.14 No Pending Transactions. Except for this Agreement, the Sellers are not a party to or bound by any agreement, undertaking, commitment, contract to sell, transfer, or otherwise dispose of any or all of their asset. 
  
 3.15 Full Disclosure. All documents and other papers
delivered by or on behalf of the Sellers in connection with this Agreement and the Sellers’ Documents and the transactions contemplated hereby and thereby are true, complete and correct. The information furnished by or on behalf of the Sellers
in connection with this Agreement and the transactions contemplated hereby and thereby do not contain any untrue statement of a material fact and do not omit to state any material fact necessary to make the statements made, in the context in which
they were made, not false or misleading. 
  
 4 REPRESENTATIONS
AND WARRANTIES OF BUYER. The Buyer hereby represents and warrants to the Sellers that the following statements are true and correct as of the Effective Date and will be true and correct as of the Closing Date. 
  
 4.1 Organization. The Buyer is a corporation that is
duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly registered or qualified to do business and in good standing in each jurisdiction in which the nature of its business or properties requires
such registration or qualification, except 

  

 -6- 

 
where the failure to so register or qualify would have a Material Adverse Effect. The Buyer has full power and authority to own, lease and operate its
properties and to carry on its business as now being conducted and to own or use the properties and assets that it purports to own or use. 
  
 4.2 Authority. The Buyer has full power and authority to execute and deliver, and to perform its duties and obligations under, this
Agreement and each other agreement, document and instrument to be executed or delivered by the Buyer contemplated by this Agreement (collectively, the “Buyer Documents”). The execution and delivery of, the performance of its
obligations under, and the consummation of the transactions contemplated by, this Agreement and any Buyer Document, have been duly authorized by all necessary action on the part of the Buyer. This Agreement is, and the Buyer Documents will
constitute, the legal, valid and binding obligation of the Buyer and is, and the Buyer Documents will be, enforceable against the Buyer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, or other similar
laws affecting the enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, may be subject to the discretion of the court before which any proceeding may be brought.

  
 4.3 No Conflicts; Consents. The
execution and delivery of this Agreement and each Buyer Document and the consummation of the transactions contemplated by this Agreement and the Buyer Documents will not: (i) violate or conflict with any provision of the Buyer’s
organizational documents, as amended; (ii) violate or conflict with any constitution, statute, regulation, rule, injunction, judgment, order, permit, decree, ruling, charge, or other restriction of any government, governmental agency, court or
arbitrator to which the Buyer or its assets are subject; (iii) conflict with, result in a breach of, constitute a default under (or with notice or the lapse of time or both could result in a breach of or constitute a default), result in the
acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice or consent under any agreement, contract, lease, license, instrument, or other arrangement to which the Buyer is a party or bound or to
which any of its assets are subject; or (iv) require the Buyer to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency, creditor or other third party in order to
consummate the transactions contemplated by this Agreement or the Buyer Documents, except potential compliance with the HSR Act (as hereafter defined). 
  
 4.4 Litigation. There are no claims, demands, filings, hearings, notices of violation, proceedings, notices or demand letters,
investigations, administrative proceedings, civil, criminal or other actions, litigation, suits, mediations, arbitrations or other legal proceedings pending or threatened against the Buyer, or that relate to, involve or affect any of its assets, or
that would seek to question, delay, prevent or materially impair the ability of the Buyer to perform its duties or obligations under, or to consummate the transactions contemplated by, this Agreement. 
  
 4.5 Brokers. Fred Gipson is entitled to a brokerage
fee of $500,000.00 contemplated by this Agreement and to be paid by Buyer at closing. 
  

 -7- 

 4.6 Full Disclosure. All documents and other papers delivered by or on behalf of
the Buyer in connection with this Agreement and the Buyer Documents and the transactions contemplated hereby and thereby are true, complete and correct. The information furnished by or on behalf of the Buyer in connection with this Agreement and the
transactions contemplated hereby and thereby does not contain any untrue statement of a material fact and does not omit to state any material fact necessary to make the statements made, in the context in which they were made, not false or
misleading. 
  
 5 PRE-CLOSING CONDITIONS AND COVENANTS.

  
 5.1 Due Diligence Period. The Buyer and
its employees and agents shall have thirty (30) days from the execution date of this Agreement (the “Due Diligence Period”) to conduct and complete, at the Buyer’s sole cost and expense, any and all due diligence,
investigations, studies or examinations of any type or nature whatsoever involving or related to the Sellers, the Acquired Assets or the Yard that the Buyer deems necessary. The Sellers agree to cooperate, and to cause its employees, representatives
and agents to cooperate, with the Buyer and its employees and agents in any such due diligence or examinations and to provide such persons with any and all information, reports and investigations related to, involving or connected with the Sellers,
the Acquired Assets or the Yard. 
  
 5.2
Operations. From the Effective Date through the Closing Date, the Sellers shall operate their businesses, the Acquired Assets and the Yard in the ordinary course, consistent with the Sellers’ past practices, except: (i) as may be
necessary to comply with applicable law; or (ii) as the Buyer may otherwise consent in writing, which consent shall not be unreasonably withheld, conditioned or delayed. 
  
 5.3 No Actions. From the Effective Date through the Closing Date, the Sellers shall not:
(i) enter into any material agreement relating to the Acquired Assets or the Yard other than in the ordinary course of business; (ii) remove any property related to the Acquired Assets or the Yard (other than for repair, maintenance or
replacement in the ordinary course) or make any alterations of the Acquired Assets or the Yard which would materially adversely affect the use or value thereof; (iii) commit to make or make any capital expenditures related to the Acquired
Assets or the Yard (other than for repair, maintenance or replacement in the ordinary course) which would obligate the Buyer to make any payments therefore; (iv) cause, or allow any other party to cause, any damage, destruction, or loss
(whether or not covered by insurance) to the Acquired Assets or the Yard; or (v) suffer a Material Adverse Effect. 
  
 5.4 No Solicitations. From the Effective Date through the Closing Date, the Sellers shall not, directly or indirectly enter into
any discussions, negotiations, agreements or understandings or solicit, initiate or encourage any inquiries, proposals or offers from any other person or party, relating to or involving: (i) the sale, assignment, transfer or conveyance of any
of the Acquired Assets or the Yard; or (ii) any merger, consolidation, disposition of all or a significant proportion of its business, properties or assets, tender offer, acquisition or other business combination, or proposal therefore. The
Sellers agree and covenant to terminate any such discussions being held as of the date of 

  

 -8- 

 
this Agreement with respect to any of the foregoing matters and will notify the Buyer immediately if any person makes any proposal, offer, inquiry or contact
with respect to any of the foregoing and the terms of any such proposal, offer, inquiry or contact. 
  
 5.5 No Announcement. The Sellers and Buyer hereby agree and covenant not to directly or indirectly, or through their respective
affiliates, members, managers, officers, employees or agents, disclose to any other person or party the existence of this Agreement or the terms or conditions thereof, without the prior written consent of the Buyer or as allowed under
Section 10 of this Agreement. It is understood that the Buyer has retained certain individuals to inspect the Acquired Assets and the Yard and that, due to the nature of the drilling business, certain statements have been previously made
to employees, banks and financial lenders and third party vendors and partners of the Sellers, and such statements shall not be deemed a breach of this Section 5.5. 
  
 5.6 Filing of HSR Notice. The Buyer and the Sellers agree and covenant to file, if required, as soon
as practicable (and in any event not later than ten (10) days after the date the HSR Act is determined to apply), a Notification and Report Form under the Hart-Scott Rodino Act of 1976, as amended (the “HSR Act”), with the
Federal Trade Commission and the Antitrust Division of the Department of Justice. 
  
 5.7 Casualty. Through the Closing Date, the Sellers shall maintain the insurance policies disclosed to the Buyer under
Section 3.10, which coverage shall be in a minimum amount of $2,000,000.00 per working rig. In the event any Acquired Asset or the Yard is damaged or destroyed by fire or any other casualty occurring after the Effective Date but prior to or on
the Closing Date, then (i) the applicable Seller or owner of the Yard shall assign or immediately pay over to the Buyer any and all insurance proceeds to be received or received under such insurance policy or (ii) the Buyer may reduce the
Purchase Price by an amount equal to the insurance proceeds to be received or received under such insurance policy. In the event of any damage or destruction to an Acquired Assets or the Yard is not covered by insurance, such event shall be
considered a Material Adverse Effect, and the Buyer shall have the right to terminate this Agreement upon written notice to the Sellers. 
  
 5.8 Closing Conditions of Buyer. The obligations of the Buyer to consummate the transactions contemplated by this Agreement are
subject and conditioned on the satisfaction of the following: (i) the representations and warranties of the Sellers in this Agreement and the Sellers’ Documents shall be true and correct in all material respects (except with respect to any
provisions including the word “material” or word of similar import) as of the Effective Date and the Closing Date; (ii) the Sellers shall have performed and complied in all material respects with each of the covenants and conditions
required by this Agreement and the Sellers’ Documents of which performance or compliance is required prior to or at Closing; (iii) at the Closing Date, no suit, action or other proceeding shall be pending, threatened or noticed before any
court or governmental entity in which it is sought to restrain or prohibit the performance of or to obtain damages or other relief in connection with this Agreement or the consummation of the transactions contemplated by this Agreement; (iv) if
applicable, all waiting periods (and any extensions thereof) under the HSR Act shall have expired or otherwise been terminated; and (v) all agreements, documents, instruments and certificates required to be delivered at Closing by the Sellers
shall be delivered and tendered at Closing. 
  

 -9- 

 5.9 Closing Conditions of Sellers. The obligations of the Sellers to consummate
the transactions contemplated by this Agreement are subject and conditioned on the satisfaction of the following: (i) the representations and warranties of the Buyer in this Agreement and the Buyer Documents shall be true and correct in all
material respects (except with respect to any provisions including the word “material” or word of similar import) as of the Effective Date and the Closing Date; (ii) the Buyer shall have performed and complied in all material respects
with each of the covenants and conditions required by this Agreement and the Buyer Documents of which performance or compliance is required prior to or at Closing; (iii) at the Closing Date, no suit, action or other proceeding shall be pending,
threatened or noticed before any court or governmental entity in which it is sought to restrain or prohibit the performance of or to obtain damages or other relief in connection with this Agreement or the consummation of the transactions
contemplated by this Agreement; (iv) if applicable, all waiting periods (and any extensions thereof) under the HSR Act shall have expired or otherwise been terminated; and (v) all agreements, documents, instruments and certificates
required to be delivered at Closing by the Buyer shall be delivered and tendered at Closing. 
  
 6 CLOSING. Upon the terms and subject to the conditions contained in this Agreement, the closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on or before
October 31, 2005 (the “Closing Date”), but effective as of the Effective Date, at the offices of the Sellers, or at such other time, date or location as the Sellers and the Buyer may otherwise agree in writing. 
  
 6.1 Deliveries by Sellers. At Closing, the Sellers
shall deliver or cause to be delivered to the Buyer: (i) exclusive possession of the Acquired Assets, free and clear of all liens and encumbrances; (ii) a bill of sale, in a form and substance reasonably satisfactory to the Buyer, duly
executed by the Sellers (the “Bill of Sale”), pursuant to which the Sellers transfers to the Buyer the Acquired Assets that are tangible property; (iii) an assignment and assumption agreement, in a form and substance reasonably
satisfactory to the Buyer, duly executed by the Sellers (the “Assignment Agreement”), pursuant to which the Sellers transfers to the Buyer the Acquired Assets that are not tangible property; (iv) the lease agreement involving
the Yard in the form of Exhibit “C” (the “Lease Agreement”)’ (v) the settlement statement in the form of Exhibit “D” (the “Settlement Statement”); (vi) any termination statement,
authorization or document necessary or required to release any lien or encumbrance on any of the Acquired Assets; (vii) customary certificates certifying as to compliance with the terms of this Agreement; and (viii) any document,
certificate or instrument reasonably requested by the Buyer or otherwise necessary to consummate the transaction contemplated by this Agreement. 
  
 6.2 Deliveries by Buyer. At Closing, the Buyer shall execute and deliver, or cause to be executed and delivered: (i) the
Purchase Price; (ii) the Assignment Agreement; (iii) the Lease Agreement (iv) the Settlement Statement; (v) customary officer’s certificates certifying as to compliance with the terms of this Agreement; and (vi) any
document, certificate or instrument reasonably requested by the Sellers or otherwise necessary to consummate the transaction contemplated by this Agreement. 
  

 -10- 

 7 POST-CLOSING COVENANTS. The Buyer and the Sellers hereby agree and covenant to perform or have
performed, or take or allow to be taken, the following. 
  
 7.1 Employees. As of the Closing Date, the Buyer shall offer employment to the Employees at the salary and hourly rate in effect as of the Effective Date. For a period of two (2) years after the Closing Date, the Sellers, their
respective affiliates and their respective shareholders, members, directors, officers, employees, agents and representatives shall not directly or indirectly for their own behalf or on behalf of any other party (i) call upon, solicit, entice or
otherwise encourage any employee to decline acceptance of such employment offer, or (ii) solicit, entice or otherwise encourage any employees from leaving the Buyer’s employment, or (iii) otherwise disrupt any such employee’s
relationship with the Buyer, or (iv) hire, employ or offer employment to any employee, except for any employee that initiates any employment discussion with such party or responds to an advertisement or solicitation that does not target such
employees. 
  
 7.2 Taxes. The Sellers will
be liable for and will pay all Taxes (whether assessed or unassessed) applicable to the Acquired Assets, in each case attributable to periods (or portions thereof) ending on or prior to the Closing Date. The Buyer will be liable for and will pay all
Taxes (whether assessed or unassessed) applicable to the Acquired Assets, in each case attributable to periods (or portions thereof) beginning after the Closing Date. Any sales Tax, use Tax, real property transfer or gains Tax, documentary stamp
Tax, or similar Tax attributable to the sale or transfer of the Acquired Assets will be paid by the Buyer. The Buyer agrees to timely sign and deliver such certificates or forms as may be necessary or appropriate to establish an exemption from (or
otherwise reduce), or make a report with respect to, such Taxes. 
  
 7.3 Vendors. For a period of two (2) years after the Closing Date, the Sellers, their respective affiliates and their respective shareholders, partners, members, directors, officers, employees, agents and
representatives shall not directly or indirectly for their own benefit or on behalf of any other party solicit, induce or attempt to induce any supplier, vendor or other person who has a business relationship with the Sellers or their affiliates or
related entities to discontinue or reduce such business relationship. 
  
 7.4 Lease of Yard. The Sellers agree and covenant to lease the Yard to the Buyer for a two (2) year period subject to and in accordance to the terms and conditions described in the Lease Agreement.

  
 7.5 Refurbishment of Rig. The
Sellers shall continue to diligently refurbish that certain oil and gas drilling rig, identified as Rig No. 3, at the Yard in accordance with the reasonable specifications of the Buyer, and the Buyer shall be obligated and responsible to pay,
or reimburse the Sellers for, any and all costs and expenses incurred after the Closing Date to refurbish such rig. Any and all costs to be paid by the Buyer under this Section 7.5 shall be in addition to the Purchase Price. 
  
 8 TERMINATION. This Agreement may be terminated upon providing written
notice to the other Party at or prior to Closing as follows 
  
 8.1 Written Consent. By the written consent of the Sellers and the Buyer, which termination shall be effective as of the date contained in such consent. 
  

 -11- 

 8.2 Misrepresentation or Default. By either Party if: (i) any representation
or warranty of the other Party in this Agreement, the Sellers’ Documents or the Buyer Documents shall be false, misleading or incorrect in any material respect; or (ii) the other Party shall fail to perform any of its duties, obligations
or covenants described in this Agreement by or within the required period, which failure to perform is not cured within ten (10) days after the non-defaulting Party notifies the defaulting Party in writing of such failure to perform.

  
 8.3 Due Diligence. The Buyer may
terminate this Agreement at any time prior to the Closing Date if any due diligence or investigation reveals or uncovers any issue that the Buyer reasonably believes will have a Material Adverse Effect on the Sellers or the Acquired Assets, by
providing the Sellers with written notice of such termination, which notice shall also state the reason(s) for such termination. 
  
 8.4 Effects of Termination. In the event this Agreement is terminated, the Sellers and the Buyer shall have no further rights,
duties, obligations or responsibilities described in this Agreement, except for: (i) the respective indemnification rights and obligations described in this Agreement; and (ii) any other rights, duties, obligations or responsibilities
provided for in this Agreement to survive the termination of this Agreement. Notwithstanding the foregoing, in the event that termination of this Agreement occurs as a result of a Party’s failure to perform or misrepresentation, the breaching
Party shall be obligated and responsible for any and all costs and expenses (including reasonable attorney’s fees) incurred by the non-breaching Party related to or connected with this Agreement. 
  
 9 INDEMNIFICATION. 
  
 9.1 By the Sellers. The Sellers hereby, jointly
and severally, agree and covenant to indemnify, save, defend, hold harmless, discharge and release the Buyer, its affiliates and related entities and their respective shareholders, partners, members, directors, managers, officers, employees, agents,
successors and permitted assigns from and against any and all payments, charges, judgments, assessments, liabilities, obligations, claims, demands, actions, losses, damages, penalties, interest or fines, and any and all costs and expenses paid or
incurred, including attorney fees, costs, fees of experts and any legal or other expenses reasonably incurred in connection therewith (collectively, the “Liabilities”) arising from, based upon, related to or associated with and to
the extent caused by (i) any breach of any representation or warranty of the Sellers contained in this Agreement or the Sellers’ Documents; (ii) any failure of the Sellers to perform or observe any term, condition or covenant
contained in this Agreement or the Sellers’ Documents; (iii) any Liability related to or involving the any obligations or liabilities other than the Assumed Liabilities; (iv) any Liability related to or involving the Assumed
Liabilities or the Acquired Assets arising, resulting or occurring from any event that occurred on or prior to the Closing Date; and (v) any and all Tax Liabilities with respect to the Assumed Liabilities and the Acquired Assets arising,
resulting or incurred on or prior to the Closing Date. 
  
 9.2 By the Buyer. The Buyer hereby covenants and agrees to indemnify, save, defend, hold harmless, discharge, and release the Sellers and their members, managers, officers, employees, agents, successors and permitted assigns from and
against any and all Liabilities arising from, based upon, related to or associated with (i) any breach of any representation or warranty of the Buyer contained in this Agreement or the Buyer 

  

 -12- 

 
Documents; (ii) any failure of the Buyer to perform or observe any terms, conditions or covenants contained in this Agreement or the Buyer Documents;
(iii) any Liability related to or involving the Assumed Liabilities or the Acquired Assets arising, resulting or incurred from any event that occurs after the Closing Date; and (iv) any and all Tax Liabilities with respect to Acquired
Assets arising, resulting or incurred after the Closing Date. 
  
 10 PRESS RELEASES. The Buyer and the Sellers agree that prior to making any public announcement or statement with respect to the transactions contemplated by this Agreement, the Party desiring to make the public announcement or
statement shall consult with the other Party and shall obtain prior written approval of the other Party of the text of a public announcement or statement to be made solely by the Sellers or the Buyer, as the case may be, which approval shall not be
unreasonably withheld, conditioned or delayed. Nothing contained in this Section 10 shall be construed to require either Party to obtain approval of the other Party to disclose information with respect to the transaction contemplated by
this Agreement to any state or federal governmental authority or agency to the extent required by applicable law or by any applicable rules, regulations or orders of any governmental authority or agency having jurisdiction or necessary to comply
with disclosure requirements of the New York Stock Exchange, NASDAQ or any applicable securities laws. The Sellers may give approval orally. 
  
 11 SURVIVAL OF REPRESENTATIONS AND COVENANTS. The Sellers and the Buyer hereby agree and covenant that all of the representations, warranties and
covenants in this Agreement shall survive the Closing or termination of this Agreement for a period of two (2) years. The Sellers and the Buyer shall not have any responsibility for their respective Liabilities after such two (2) year
period unless a written notice describing the claim for such Liability in reasonable detail has been delivered to the other Party within such two (2) year period. 
  
 12 ENTIRE AGREEMENT. This Agreement, the exhibits and the schedules attached hereto, the Sellers’ Documents and
the Buyer Documents constitute the entire agreement between the Sellers and the Buyer with respect to the subject matter of this Agreement and supersede any and all prior understandings, agreements or representations by or between the Sellers and
the Buyer, whether written or oral, related in any way to the subject matter of this Agreement. 
  
 13 BINDING EFFECT. This Agreement shall be binding upon, and shall inure to the benefit of, the Sellers, the Buyer and their respective successors
and permitted assigns. 
  
 14 ASSIGNMENT. The Sellers and
the Buyer shall not assign any of their respective rights, or delegate any of their respective duties or obligations, under this Agreement without the prior written consent of the other Party; provided, however, that Buyer may assign its rights
hereunder to any of its subsidiaries without the prior consent of the Sellers. 
  
 15 MULTIPLE COUNTERPARTS. This Agreement may be executed in one or more counterparts, by facsimile or otherwise, each of which shall be deemed an original but all of which together will constitute one and the
same instrument. 
  

 -13- 

 16 HEADINGS. The headings contained in this Agreement are inserted for convenience only and shall
not affect in any way the meaning or interpretation of this Agreement. 
  
 17 SEVERABILITY. If any provision contained in this Agreement shall for any reason be held to be invalid, illegal, void or unenforceable in any respect, such provision shall be deemed modified so as to constitute a provision
conforming as nearly as possible to the invalid, illegal, void or unenforceable provision while still remaining valid and enforceable and the remaining terms or provisions contained herein shall not be affected thereby. 
  
 18 NOTICES. Any notices or communications required or permitted to be
given by this Agreement must be (i) given in writing, and (ii) be personally delivered or mailed by prepaid mail or overnight courier, or by facsimile transmission delivered or transmitted to the Party to whom such notice or communication
is directed, to the address of such Party as follows: 
  

	 	To  Buyer:	Bronco Drilling Company, Inc. 

	 	    	14313 North May Avenue, Suite 100 

	 	    	Oklahoma City, Oklahoma 73134 

	 	    	Fax No.: (405) 848-8816 

	 	    	Attn: Frank Harrison, CEO 

  

	 	To  Sellers:	Eagle Drilling L.L.C. 

	 	    	Thornton Drilling Equipment LLC 

	 	    	Riverside Oilfield Equipment LLC 

	 	    	1126 Rambling Oaks Drive 

	 	    	Norman, Oklahoma 73072 

	 	    	Fax No.: (405) 447-9351 

	 	    	Attn: Rod Thornton, Managing Member 

  
 Any such notice or communication shall be deemed to have been given on (i) the day such notice or communication is personally delivered,
(ii) three (3) days after such notice or communication is mailed by prepaid certified or registered mail, (iii) one (1) working day after such notice or communication sent by overnight courier, or (iv) on the day such notice
or communication is faxed and the sender has received a confirmation of such fax. A Party may, for purposes of this Agreement, change its address, fax number, or the person to whom a notice or other communication is marked to the attention of, by
giving notice of such change to the other Party pursuant hereto. 
  
 19 AMENDMENTS. This Agreement may be amended at any time by a written instrument signed by the Sellers and the Buyer. 
  
 20 WAIVER; INJUNCTIVE RELIEF. No failure on the part of either Party to exercise, and no delay in exercising, any right, power or remedy created
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. No
waiver by either Party to any breach of, or default in, any term or condition of this Agreement shall constitute a waiver of or assent to any succeeding breach of or 

  

 -14- 

 
default in the same or any other term or condition hereof. The terms and provisions of this Agreement, whether individually or in their entirety, may only be
waived in writing and signed by the Party against whom or which the enforcement of such waiver is sought. No right, remedy or election given by any term of this Agreement or made by the Sellers or the Buyer shall be deemed exclusive, but shall be
cumulative with all other rights, remedies and elections available at law or in equity. The Sellers and the Buyer acknowledge that the rights created hereby are unique and recognize and affirm that in the event of a breach of this Agreement
irreparable harm would be caused, money damages may be inadequate and an aggrieved Party may have no adequate remedy at law. Accordingly, the Sellers and the Buyer agree that the other Party shall have the right, in addition to any other rights and
remedies existing in its favor at law or in equity, to enforce such Party’s rights and the obligations of the other Party under this Agreement not only by an action or actions for damages but also by an action or actions for specific
performance, injunctive and/or other equitable relief (without posting of a bond or other security). 
  
 21 PREVAILING PARTY. In the event that either Party brings any suit, action or proceeding against the other Party for any reason arising from or
related to this Agreement, the Sellers’ Documents or the Buyer Documents, then the prevailing Party shall be entitled to recover from the other Party any and all costs and expenses, including reasonable attorney fees, arising from or related to
the suit, action or proceeding. 
  
 22 FURTHER ACTIONS.
From and after the execution of this Agreement, the Sellers and the Buyer agree to, upon the request of the other Party, execute and deliver to the other Party any further documents, certificates or instruments, and to perform any further acts as
may be required or reasonably requested to complete or evidence the transactions contemplated by this Agreement. 
  
 23 CONSTRUCTION. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted by the
Sellers and the Buyer, and no presumption or burden of proof shall arise favoring or disfavoring either Party by virtue of the authorship of any of the provisions of this Agreement. 
  
 24 PLURAL; GENDER. Words used in this Agreement in the singular, where the context so permits, shall be deemed to
include the plural and vice versa. Words used in the masculine or the feminine, where the context so permits, shall be deemed to mean the other and vice versa. The definitions of words in the singular in this Agreement shall apply to such words when
used in the plural where the context so permits and vice versa, and the definitions of words in the masculine or feminine in this Agreement shall apply to such words when used in the other form where the context so permits and vice versa. Any and
all exhibits and schedules described in this Agreement are hereby incorporated by reference into this Agreement and made a part of this Agreement. As used in this Agreement: (i) the words “hereof”, “herein”,
“hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) any reference in this Agreement to a particular section shall mean the
section number in this Agreement unless otherwise stated; and (ii) any reference in this Agreement to an exhibit or schedule shall mean the exhibit or schedule attached to this Agreement unless otherwise stated. 
  

 -15- 

 25 GOVERNING LAW; VENUE; JURISDICTION. All issues and questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Oklahoma, without giving effect to any choice of law or conflict of law rules or provisions (whether of the
State of Oklahoma or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Oklahoma. The Sellers and the Buyer further agree that any dispute arising out of this Agreement shall be decided
by either the state or federal court in Cleveland County, Oklahoma. The Sellers and the Buyer shall each submit to the jurisdiction of those courts and agree that service of process by certified mail, return receipt requested, shall be sufficient to
confer said courts with in personam jurisdiction. 
  
 26 WAIVER
OF JURY TRIAL. THE SELLERS AND THE BUYER HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY ISSUE TRIABLE BY A JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT NOW OR HEREAFTER EXISTS WITH REGARD TO THIS AGREEMENT, THE SELLERS’ DOCUMENTS OR THE
BUYER DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY THE SELLERS AND THE BUYER AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH
INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY MAY OTHERWISE ACCRUE. THE SELLERS AND THE BUYER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY.

  
 (REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK)

  

 -16- 

 IN WITNESS WHEREOF, the Sellers and the Buyer have executed and delivered this Agreement effective as of
the day and year first above written. 
  

									
	 “SELLERS”
	 	 	 	 EAGLE DRILLING L.L.C.,
 an Oklahoma limited liability company

					
	 	 	 	 	 	 	By:	 	/s/ Rod Thornton
	 	 	 	 	 	 	 Name:
	 	 Rod Thornton

	 	 	 	 	 	 	 Title:
	 	 Managing Member

			
	 	 	 	 	 THORNTON DRILLING EQUIPMENT LLC,
 an Oklahoma limited liability company

					
	 	 	 	 	 	 	By:	 	/s/ Rod Thornton
	 	 	 	 	 	 	 Name:
	 	 Rod Thornton

	 	 	 	 	 	 	 Title:
	 	 Managing Member

			
	 	 	 	 	 RIVERSIDE OILFIELD EQUIPMENT LLC,
 an Oklahoma limited liability company

					
	 	 	 	 	 	 	By:	 	/s/ Rod Thornton
	 	 	 	 	 	 	 Name:
	 	 Rod Thornton

	 	 	 	 	 	 	 Title:
	 	 Managing Member

			
	 “BUYER”
	 	 	 	 BRONCO DRILLING COMPANY, INC.,
 a Delaware corporation

					
	 	 	 	 	 	 	By:	 	/s/ Frank Harrison
	 	 	 	 	 	 	 	 	 Frank Harrison, CEO

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