Document:

Exhibit
10.2

SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE
AGREEMENT (this ‘‘Agreement’’) is made
as of December 1, 2006, between BCP Excalibur Holdco (Cayman) Limited
(‘‘BCP’’), BFIP Excalibur Holdco
(Cayman) Limited (‘‘BFIP’’), BGE
Excalibur Holdco (Cayman) Limited (‘‘BGE’’) and
BOCP Excalibur Holdco (Cayman) Limited
(‘‘BOCP’’, and collectively with BCP,
BFIP and BGE, ‘‘Sellers’’ and each
individually a ‘‘Seller’’), and Aspen Insurance
Holdings Limited (the
‘‘Company’’).

WHEREAS, (i) BCP
is the beneficial owner of 11,948,133 ordinary shares, par value
0.15144558 cents per share, of the Company (the
‘‘Shares’’), (ii) BFIP is the
beneficial owner of 906,910 Shares, (iii) BGE is the beneficial owner
of 547,963 Shares and (iv) BOCP is the beneficial owner of 2,260,058
Shares; and

WHEREAS, in a privately negotiated transaction, the
Company desires to repurchase (i) 3,240,328 Shares from BCP, (ii)
245,954 Shares from BFIP, (iii) 148,607 Shares from BGE and (iv)
612,927 Shares from BOCP, for a total of 4,247,816 Shares, and the
Sellers have agreed to such Share repurchase by the Company on the
terms and conditions hereinafter set forth.

NOW, THEREFORE, THE
PARTIES HEREBY AGREE AS FOLLOWS:

1.    Repurchase of
Shares.

1.1.    Repurchase. Subject to the terms
and conditions of this Agreement, the Company agrees to purchase from
each Seller at the Closing (as defined below), and each Seller hereby
consents and agrees to the Company's respective purchase at the
Closing of (i) 3,240,328 Shares from BCP, (ii) 245,954 Shares from
BFIP, (iii) 148,607 Shares from BGE and (iv) 612,927 Shares from BOCP,
each for a purchase price in cash of $26.50 per share, for an aggregate
purchase price of (i) $85,868,692 for the BCP Shares, (ii)
$6,517,781for the BFIP Shares, (iii) $3,938,086 for the BGE Shares and
(iv) $16,242,565 for the BOCP Shares, respectively, for a total
purchase price of $112,567,124 (the ‘‘Purchase
Price’’).

1.2.    Closing. The
purchase of the Shares shall take place at the offices of LeBoeuf,
Lamb, Greene & MacRae London, England at 4 p.m. on December 6, 2006
or at such other date and time as agreed between the Sellers and the
Company (the ‘‘Closing’’).

1.3.    Closing Deliveries by Seller. At the Closing,
Sellers shall deliver, or cause to be delivered, to the Company any
share certificates representing the Shares, for cancellation by the
Company.

1.4.    Closing Deliveries by the Company.
At the Closing, the Company shall deliver, or cause to be delivered, to
each Seller their respective portion of the Purchase Price for their
Shares. Each portion of the Purchase Price shall be paid by wire
transfer of immediately available funds in U.S dollars to the account
designated by the relevant Seller to the Company in writing on the date
of this Agreement. Upon such delivery of the Purchase Price, the
Company shall amend its register of members to reflect its purchase of
the Shares.

2.    Representations and Warranties of
Seller. Each Seller hereby represents and warrants to the Company
that:

2.1.    Authorization. All acts and conditions
required by law or otherwise on the part of Seller to authorize the
execution and delivery of this Agreement by Seller and the transactions
contemplated herein and the performance of all obligations of Seller
hereunder have been duly performed and obtained, and this Agreement
constitutes a valid and legally binding obligation of Seller,
enforceable in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting creditors'
rights generally and to general equitable principles.

2.2.    Title to Stock. Seller has good and marketable
title to the Shares, free and clear of all liens, pledges,
encumbrances, equities, security interests and claims whatsoever, and
assuming the Company purchases the Shares for value in good faith and
without notice of any such lien, pledges, encumbrance, equity, security
interest or other adverse claim within the meaning of the New York
Uniform Commercial Code, the Shares will be free and clear of all
liens, pledges, encumbrances, equities, security interests and claims
whatsoever.

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2.3.    Broker's or
Finder's Fees. Seller has not authorized any person to act
as a broker, finder or in any other similar capacity in connection with
the transactions contemplated by this Agreement.

2.4.    Non-Contravention. The transactions contemplated
by this Agreement do not violate any blue sky law of a state of the
United States or securities law of any jurisdiction.

3.    Representations and Warranties of the Company. The
Company hereby represents and warrants to each Seller that:

3.1.    Authorization. All acts and conditions required
by law or otherwise on the part of the Company to authorize the
execution and delivery of this Agreement by Company and the
transactions contemplated herein and the performance of all obligations
of the Company hereunder have been duly performed and obtained, and
this Agreement constitutes a valid and legally binding obligation of
the Company, enforceable in accordance with its terms, subject, as to
the enforcement of remedies, to applicable bankruptcy, insolvency,
moratorium, reorganization or similar laws affecting creditors'
rights generally and to general equitable principles.

3.2.    Broker's or Finder's Fees. The
Company has not authorized any person to act as a broker, finder or in
any other similar capacity in connection with the transactions
contemplated by this Agreement.

3.3.    Non-Contravention. The transactions contemplated
by this Agreement do not violate any blue sky law of any state of the
United States or securities law of any jurisdiction.

4.    Covenants.

4.1.    Further
Assurances. Sellers and the Company hereby agree to execute and
deliver such certificates, instruments and other documents, and to take
other actions, as may be reasonably requested by any other party hereto
in order to carry out, evidence or give effect to the transactions
contemplated by this Agreement.

4.2.    Tax. Each
Seller agrees to pay their respective portion of any tax imposed in
connection with the repurchase of the Shares as contemplated under this
Agreement.

4.3.    Expenses. Except as otherwise
agreed by Sellers and the Company, Sellers and the Company shall each
pay their own expenses incurred in connection with the transactions
contemplated by this Agreement.

5.    Conditions of the
Company's Obligations at Closing. The obligations of the
Company to purchase the Shares are subject to the fulfillment on or
before the Closing of each of the following conditions:

5.1.    Representations and Warranties. The
representations and warranties of each Seller contained in Section 2
shall be true on and as of the Closing with the same effect as though
such representations and warranties had been made on and as of the date
of such Closing.

5.2.    Performance. Each Seller
shall have performed and complied with all agreements, obligations and
conditions contained in this Agreement that are required to be
performed or complied with by it on or before the Closing.

6.    Conditions of Sellers' Obligations at
Closing. The consent of Sellers to the Company's repurchase
of the Shares under this Agreement are subject to the fulfillment on or
before the Closing of each of the following conditions by the
Company:

6.1.    Representations and Warranties. The
representations and warranties of the Company contained in Section 3
shall be true on and as of the Closing with the same effect as though
such representations and warranties had been made on and as of the
Closing.

6.2.    Performance. The Company shall have
performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or
complied with by it on or before the Closing.

7.    Miscellaneous.

7.1.    Survival.
The representations and warranties of Sellers or the Company contained
in or made pursuant to this Agreement shall survive the Closing.

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7.2.    Successors and Assigns.
Except as otherwise provided herein, the terms and conditions of this
Agreement shall inure to the benefit of and be binding upon the
respective successors of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors any rights, remedies,
obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement. No party may assign its
rights under this Agreement without the prior written consent of the
other parties.

7.3.    Governing Law. This Agreement
shall be governed by and construed under the laws of the State of New
York without regard to conflicts of law principles.

7.4.    Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.
This Agreement may be executed and delivered by facsimile or e-mail
transmission.

7.5.    Amendments and Waivers. Any
term of this Agreement may be amended and the observance of any term of
this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the
written consent of Seller and the Company.

7.6.    Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such
provision shall be excluded from this Agreement and the balance of the
Agreement shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms. This Agreement
comprises the entire agreement beween the parties on the subject matter
hereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

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IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first above written.

										
	 			BCP
EXCALIBUR HOLDCO (CAYMAN)
LIMITED
	 			By:			________________________________________________			 
	 			 			Name:			 
	 			 			Title:			 
	 			BFIP EXCALIBUR
HOLDCO (CAYMAN) LIMITED
	 			By:			________________________________________________			 
	 			 			Name:			 
	 			 			Title:			 
	 			BGE EXCALIBUR
HOLDCO (CAYMAN) LIMITED
	 			By:			________________________________________________			 
	 			 			Name:			 
	 			 			Title:			 
	 			BOCP EXCALIBUR
HOLDCO (CAYMAN) LIMITED
	 			By:			________________________________________________			 
	 			 			Name:			 
	 			 			Title:			 
	 			ASPEN INSURANCE
HOLDINGS LIMITED
	 			By:			________________________________________________			 
	 			 			Name: Julian Cusack
	 			 			Title: Chief Financial
Officer
	

4FIFTH
AMENDMENT TO
REVOLVING CREDIT AND SECURITY AGREEMENT

THIS
FIFTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this
‘‘Amendment’’) is made and
entered into effective as of the 5th day of December, 2006 (the
‘‘Effective Date’’), by and
among UNION DRILLING, INC., a corporation organized under the laws of
the State of Delaware (‘‘Union
Drilling’’), THORNTON DRILLING COMPANY, a
corporation originally organized under the laws of the Delaware, and
successor to Thornton Drilling Company, a corporation organized under
the laws of the State of Colorado
(‘‘Thornton’’), and UNION
DRILLING TEXAS, LP, a Texas limited partnership
(‘‘UDT’’) (Union Drilling,
Thornton and UDT, individually and collectively, jointly and severally,
‘‘Borrower’’ and/or
‘‘Borrowers’’), PNC BANK,
NATIONAL ASSOCIATION
(‘‘PNC’’), as agent for the
financial institutions (collectively
‘‘Lenders’’ and each a
‘‘Lender’’), which are now
or which hereafter become a party to the Credit Agreement (defined
below) (PNC, in such capacity,
‘‘Agent’’) and
Lenders.

PRELIMINARY STATEMENTS

A    Borrower, Lenders
and Agent are parties to that certain Revolving Credit and Security
Agreement dated March 31, 2005 (as amended, supplemented
or modified from time to time, the ‘‘Credit
Agreement’’); and

B    Borrower, Lenders
and Agent desire to amend the Credit Agreement and the Other Documents
(as defined in the Credit Agreement, as amended hereby), and Agent and
Lenders are willing to do so subject to the terms and conditions set
forth herein.

NOW, THEREFORE, in consideration of the
premises herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the
parties, intending to be legally bound, agree as
follows:

ARTICLE
I
DEFINITIONS

1.01    Capitalized
terms used in this Amendment are defined in the Credit Agreement, as
amended hereby, unless otherwise stated.

ARTICLE
II
AMENDMENT

The Credit Agreement is,
effective as of the date hereof and subject to satisfaction of the
conditions precedent set forth in Section 3.01 of this Amendment,
hereby amended as follows:

2.01    Amendments to
Section 1.2.    Section 1.2 of the Credit Agreement
is hereby amended as follows:

(a)    The
definition of ‘‘Commitment
Percentage’’ is hereby amended and restated in its
entirety to read as follows:

‘‘‘Commitment
Percentage’ of any Lender shall mean the percentage set
forth below such Lender’s name on the signature page of the
Fifth Amendment as same may be adjusted upon any assignment by a Lender
pursuant to Section 16.3(c)
hereof.’’

(b)    The definition
of ‘‘Fee Letter’’ is hereby
amended and restated in its entirety to read as
follows:

‘‘‘Fee
Letter’ shall mean the fee letter dated as of the closing
date of the Second Amendment among Borrowers and PNC, and any other
letter agreement pertaining to fees payable to PNC among Borrowers and
PNC, each in form and substance satisfactory to
PNC.’’

1

(c)    The definition
of ‘‘Maximum Revolving Advance
Amount’’ is hereby amended and restated in its
entirety to read as
follows:

‘‘‘Maximum
Revolving Advance Amount’ shall mean
$100,000,000.’’

(d)    Section
1.2 of the Credit Agreement is hereby further amended by inserting
the following defined term in appropriate alphabetical
order:

‘‘Fifth
Amendment’’ shall mean that certain Fifth
Amendment to Revolving Credit and Security Agreement dated as of
December  4,  2006 executed by and among Borrowers, PNC and
the Lenders.

2.02    Amendment to Section
7.6.    Effective as of the date hereof,
Section 7.6 of the Credit Agreement is hereby amended
and restated in its entirety as
follows:

‘‘7.6    Capital
Expenditures.    Contract for, purchase or make any expenditure
or commitments for Net Capital Expenditures in any fiscal year in an
aggregate amount for all Borrowers in excess of $125,000,000 for fiscal
year 2006 and $40,000,000 for each fiscal year thereafter,
provided, however, (i) the annual allowance for the
fiscal year 2007 and each fiscal year thereafter may be increased by
the amount of Permitted Equity Issuance Proceeds for such fiscal year,
to the extent not expended upon Permitted Acquisitions not constituting
Capital Expenditures and (ii) the annual allowance that is unused
during any applicable fiscal year may be carried over and used in the
immediately following fiscal
year.’’

2.03    Amendment to Section
16.6.    Effective as of the date hereof, Section
16.6 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

‘‘16.6    Notice.    Any
notice or request hereunder may be given to Borrower or to Agent or any
Lender at their respective addresses set forth below or at such other
address as may hereafter be specified in a notice designated as a
notice of change of address under this Section. Any notice, request,
demand, direction or other communication (for purposes of this Section
16.6 only, a ‘‘Notice’’) to be given to or
made upon any party hereto under any provision of this Loan Agreement
shall be given or made by telephone or in writing (which includes by
means of electronic transmission (i.e.,
‘‘e-mail’’) or facsimile transmission or by
setting forth such Notice on a site on the World Wide Web (a
‘‘Website Posting’’) if Notice of such
Website Posting (including the information necessary to access such
site) has previously been delivered to the applicable parties hereto by
another means set forth in this Section 16.6) in accordance with this
Section  16.6. Any such Notice must be delivered to the
applicable parties hereto at the addresses and numbers set forth under
their respective names on Section 16.6 hereof or in accordance with any
subsequent unrevoked Notice from any such party that is given in
accordance with this Section 16.6. Any Notice shall be
effective:

			
		(a) 	In the case of
hand-delivery, when delivered;

			
		(b) 	If
given by mail, four days after such Notice is deposited with the United
States Postal Service, with first-class postage prepaid, return receipt
requested;

			
		(c) 	In the case of a
telephonic Notice, when a party is contacted by telephone, if delivery
of such telephonic Notice is confirmed no later than the next Business
Day by hand delivery, a facsimile or electronic transmission, a Website
Posting or an overnight courier delivery of a confirmatory Notice
(received at or before noon on such next Business
Day);

			
		(d) 	In the case of a facsimile
transmission, when sent to the applicable party’s facsimile
machine’s telephone number, if the party sending such Notice
receives confirmation of the delivery thereof from its own facsimile
machine;

			
		(e) 	In the case of
electronic transmission, when actually
received;

			
		(f) 	In the case of a
Website Posting, upon delivery of a Notice of such posting (including
the information necessary to access such site) by another means set
forth in this Section  16.6; and

2

			
		(g) 	If given by
any other means (including by overnight courier), when actually
received.

Any Lender giving a Notice to Borrowing Agent or any
Borrower shall concurrently send a copy thereof to the Agent, and the
Agent shall promptly notify the other Lenders of its receipt of such
Notice.

							
	(A)			If
to Agent or PNC at:			PNC Bank, National Association
Two
Tower Center Boulevard
East Brunswick, New Jersey
08816
Attention: Josephine Griffin
Telephone: (732)
220-4388
Facsimile: (732) 220-4394
	 			with
a copy to:			PNC Bank, National Association
2100 Ross Avenue,
Suite 1850
Dallas, Texas 75201
Attention: Tim
Culver
Telephone: (214) 871-1215
Facsimile: (214)
871-2015
	 			with an additional copy
to:			PNC Bank, National Association
PNC Firstside
Center
500 First Avenue, 4th Floor
Pittsburgh, PA
15219
Attention: Lisa Pierce
Telephone: (412)
762-6442
Facsimile: (412) 762-8672
	 			with
an additional copy to:			Patton Boggs LLP
2001 Ross Avenue,
Suite 3000
Dallas, Texas 75201
Attention: Michelle Suarez,
Esq.
Telephone: (214) 758-1500
Facsimile: (214)
758-1550
	(B)			If to a Lender other
than Agent, as specified on the signature pages of the Fifth
Amendment.
	(C)			If to
Borrowers:			Union Drilling, Inc.
4055 International Plaza,
Suite 610
Fort Worth, Texas 76109
Attention: Chris
Strong
Telephone: (817) 735-8793
Facsimile: (817)
546-4638
	 			with a copy to:			Satterlee
Stephens Burke & Burke LLP
230 Park Avenue, 11th
Floor
New York, New York 10169
Attention: Ed Markham,
Esq.
Telephone: (212) 818-9200
Telecopier: (212)
818-9606’’
	

ARTICLE
III
CONDITIONS
PRECEDENT

3.01    Conditions to
Effectiveness.    The effectiveness of this Amendment is
subject to the satisfaction of the following conditions precedent,
unless specifically waived in writing by
Agent:

(a)    Agent shall have received the
following documents, each in form and substance satisfactory to Agent
and its legal counsel:

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(i)    this Amendment
duly executed by Borrowers;

(ii)    each
second amended and restated Note duly executed by Borrowers in favor of
each existing Lender whose commitment amount is increasing;
and

(iii)    each new Note duly executed by
Borrowers in favor of each new
Lender.

(b)    The representations and
warranties contained herein and in the Credit Agreement and the Other
Documents, as each is amended hereby, shall be true and correct as of
the date hereof, as if made on the date
hereof;

(c)    No Default or Event of Default
shall have occurred and be continuing, unless such Default or Event of
Default has been specifically waived in writing by Agent and
Lenders;

(d)    All corporate proceedings
taken in connection with the transactions contemplated by this
Amendment and all documents, instruments and other legal matters
incident thereto shall be satisfactory to Agent and its legal counsel,
and Borrower shall deliver to Agent a Secretary’s Certificate in
form and substance satisfactory to Agent evidencing the
same;

(e)    National City Bank (successor by
merger to National City Bank of Pennsylvania) shall have assigned its
entire commitment amount to National City Business Credit, Inc. through
delivery of a duly executed Commitment Transfer Supplement to Agent,
such assignment to be effective at least one day prior to the
effectiveness of this Amendment; and

(f)    N
M Rothschild & Sons Limited shall assign its entire commitment
amount to Agent through delivery of a duly executed Commitment Transfer
Supplement to Agent, for immediate reallocation pursuant to Section
6.01 hereof, and such assignment to be effective simultaneously with
the effectiveness of this Amendment.

ARTICLE IV
NO
WAIVER

4.01    No Waiver.    Nothing
contained in this Amendment shall be construed as a waiver by Agent or
Lenders of any covenant or provision of the Credit Agreement, the Other
Documents, this Amendment, or of any other contract or instrument among
Borrowers, Agent and Lenders, and the failure of Agent and/or Lenders
at any time or times hereafter to require strict performance by
Borrower of any provision thereof shall not waive, affect or diminish
any right of Agent and Lenders to thereafter demand strict compliance
therewith. Agent and Lenders hereby reserve all rights granted under
the Credit Agreement, the Other Documents, this Amendment and any other
contract or instrument among Borrowers, Lenders and
Agent.

ARTICLE V
RATIFICATIONS, REPRESENTATIONS AND
WARRANTIES

5.01    Ratifications.    The
terms and provisions set forth in this Amendment shall modify and
supersede all inconsistent terms and provisions set forth in the Credit
Agreement and the Other Documents, and, except as expressly modified
and superseded by this Amendment, the terms and provisions of the
Credit Agreement and the Other Documents are ratified and confirmed and
shall continue in full force and effect. Each Borrower, Lenders and
Agent agree that the Credit Agreement and the Other Documents, as
amended hereby, shall continue to be legal, valid, binding and
enforceable in accordance with their respective
terms.

5.02    Representations and
Warranties.    Each Borrower hereby represents and warrants
to Agent and Lenders that (a) the execution, delivery and performance
of this Amendment and any and all Other Documents executed and/or
delivered in connection herewith have been authorized by all requisite
corporate action on the part of such Borrower and will not violate the
Articles of Incorporation or Bylaws or other organization documents or
governing documents of such Borrower; (b) the representations and
warranties contained in the Credit Agreement, as amended hereby, and
the Other Documents are true and correct on and as of the date hereof
and on and as of the date of 

4

execution hereof as though made on and as of
each such date; (c) no Default or Event of Default under the Credit
Agreement, as amended hereby, has occurred and is continuing, unless
such Default or Event of Default has been specifically waived in
writing by Agent and Lenders; (d) each Borrower is in full compliance
with all covenants and agreements contained in the Credit Agreement and
the Other Documents, as amended hereby; and (e) each Borrower has not
amended its Articles of Incorporation or its Bylaws or other
organization or governing documents since the date of the Credit
Agreement.

ARTICLE VI
MISCELLANEOUS
PROVISIONS

6.01    Reallocation of Loans and
Commitments.    On the Effective Date, each Lender, if any,
whose Commitment Percentage is increasing over its Commitment
Percentage prior to the Effective Date shall, by assignments from the
Lenders which were parties to the Credit Agreement prior to the
Effective Date (the ‘‘Credit Agreement
Lenders’’) (which assignments shall be deemed to
occur hereunder automatically, and without any requirement for
additional documentation, on the Effective Date) acquire a portion of
the loans and commitments of the Credit Agreement Lenders so designated
in such amounts, and the Lenders shall, through the Agent, make such
other adjustments among themselves as shall be necessary so that after
giving effect to assignments and adjustments, the Lenders shall hold
all loans outstanding under this Credit Agreement ratably in accordance
with their respective Commitment Percentages as reflected under such
Lender’s name on the signature pages of this Fifth Amendment, as
modified from time to time pursuant to the terms hereof. On the
Effective Date, all Interest Periods under the Credit Agreement in
respect of any Eurodollar Rate Loans under the Credit Agreement shall
automatically be terminated (and the Borrower shall on the Effective
Date make payments to the Credit Agreement Lenders that held such
Eurodollar Rate Loans to compensate for such termination as if such
termination were a payment or prepayment referred to in Subsections
2.2(e) and (f) of the Credit Agreement), and subject to the other
restrictions contained herein, the Borrower shall be permitted to
continue such Eurodollar Rate Loans or to convert such Eurodollar Rate
Loans into Domestic Rate Loans
hereunder.

6.02    Survival of Representations and
Warranties.    All representations and warranties made in
the Loan Agreement or the Other Documents, including, without
limitation, any document furnished in connection with this Amendment,
shall survive the execution and delivery of this Amendment and the
Other Documents, and no investigation by Agent or any closing shall
affect the representations and warranties or the right of Agent and
Lenders to rely upon them.

6.03    Reference to Credit
Agreement.    Each of the Credit Agreement and the Other
Documents, and any and all other agreements, documents or instruments
now or hereafter executed and delivered pursuant to the terms hereof or
pursuant to the terms of the Credit Agreement, as amended hereby, are
hereby amended so that any reference in the Credit Agreement and such
Other Documents to the Credit Agreement shall mean a reference to the
Credit Agreement as amended hereby.

6.04    Expenses of
Agent.    Each Borrower agrees to pay on demand all
reasonable costs and expenses incurred by Agent and Lenders in
connection with any and all amendments, modifications, and supplements
to the Other Documents, including, without limitation, the costs and
fees of Agent’s legal counsel, and all costs and expenses
incurred by Agent in connection with the enforcement or preservation of
any rights under the Credit Agreement, as amended hereby, or any of the
Other Documents, including, without, limitation, the costs and fees of
Agent’s and Lenders’ legal
counsel.

6.05    Severability.    Any
provision of this Amendment held by a court of competent jurisdiction
to be invalid or unenforceable shall not impair or invalidate the
remainder of this Amendment and the effect thereof shall be confined to
the provision so held to be invalid or
unenforceable.

6.06    Successors and
Assigns.    This Amendment is binding upon and shall inure
to the benefit of Agent, Lenders and each Borrower and their respective
successors and assigns, except that no Borrower may assign or transfer
any of its rights or obligations hereunder without the prior written
consent of Agent and Lenders.

5

6.07    Counterparts.    This
Amendment may be executed in one or more counterparts, each of which
when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same
instrument.

6.08    Effect of Waiver.    No
consent or waiver, express or implied, by Agent and/or Lenders to or
for any breach of or deviation from any covenant or condition by any
Borrower shall be deemed a consent to or waiver of any other breach of
the same or any other covenant, condition or
duty.

6.09    Headings.    The headings,
captions, and arrangements used in this Amendment are for convenience
only and shall not affect the interpretation of this
Amendment.

6.10    Applicable Law.    THIS
AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO SHALL BE
DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

6.11    Final Agreement.    THE CREDIT
AGREEMENT AND THE OTHER DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT
THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER
HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND
THE OTHER DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO
MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION
OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED
BY BORROWER, LENDERS AND
AGENT.

6.12    Release.    EACH BORROWER
HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT
CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY
TO REPAY ANY LOANS OR EXTENSIONS OF CREDIT FROM LENDERS TO BORROWERS
UNDER THE CREDIT AGREEMENT OR THE OTHER DOCUMENTS OR TO SEEK
AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM AGENT OR
LENDERS WITH RESPECT TO MATTERS RELATING TO THE CREDIT AGREEMENT
OR THE OTHER DOCUMENTS. EACH BORROWER HEREBY VOLUNTARILY AND
KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT AND LENDERS, THEIR
PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL
POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,
EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR
CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR
BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWERS MAY NOW OR
HEREAFTER HAVE AGAINST AGENT, LENDERS, THEIR PREDECESSORS, AGENTS,
EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER
ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR
REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS OR EXTENSIONS OF
CREDIT FROM LENDERS TO BORROWERS UNDER THE CREDIT AGREEMENT OR THE
OTHER DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR,
CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS
OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND
REMEDIES UNDER THE CREDIT AGREEMENT OR ANY OF THE OTHER DOCUMENTS, AND
NEGOTIATION FOR AND EXECUTION OF THIS
AMENDMENT.

[Remainder of Page Intentionally Blank;
Signature Pages Follow]

6

IN WITNESS WHEREOF, each of the parties
hereto has executed this Amendment as of the date first
above-written.

Borrowers:

UNION
DRILLING, INC.

By:  /s/ Dan E.
Steigerwald                                        

Name:  Dan
E.
Steigerwald                                        

Title:  CFO                                                                    

THORNTON
DRILLING COMPANY

By:  /s/ Dan E.
Steigerwald                                        

Name:  Dan
E.
Steigerwald                                        

Title:  CFO                                                                    

UNION
DRILLING TEXAS, LP

			
		By: 	Union Drilling
Texas GP, LLC, its
general
partner

By:  /s/ Dan E.
Steigerwald                                        

Name:  Dan
E.
Steigerwald                                        

Title:  CFO                                                                    

Agent
and Lender:

PNC BANK, NATIONAL
ASSOCIATION

By:  /s/ Timothy S.
Culver                                        

Name:  Timothy
S.
Culver                                        

Title:  Vice
President                                                  

		Commitment
Amount:                           $27,500,000
Commitment
Percentage:                                  27.5%

7

		Lenders:

		M&I
BUSINESS CREDIT, INC.
(f/k/a DIVERSIFIED BUSINESS CREDIT,
INC.)

By:  /s/ Sandra M.
Crawford                                      

Name:  Sandra
M.
Crawford                                      

Title:  Vice
President                                                    

		Commitment
Amount:                           $13,750,000
Commitment
Percentage:                   
            13.75%

		Contact
Information for Notices:
M&I Business Credit, Inc.
651
Nicollet Mall, Suite 450
Minneapolis, Minnesota
55402-1637
Attention: Sandra M.  Crawford
Telephone:
(612) 677-8700
Facsimile: (612) 677-8798

8

NATIONAL CITY
BUSINESS CREDIT, INC.

By:  /s/ Stephen
W.
Boyd                                            

Name:  Stephen
W.
Boyd                                            

Title:  Vice
President                                                    

		Commitment
Amount:            
               $20,000,000
Commitment
Percentage:                    
                20%

		Contact
Information for Notices:

National City Business Credit,
Inc.
1965 E. 6th Street, Suite 400
Locator
#3049
Cleveland, Ohio 44114
Attention: Jason
Hanes
Telephone: (216) 222-9508
Facsimile: (216)
222-9555

9

NORTH FORK
BUSINESS CAPITAL

By:  /s/ Todd
Kemme                                                  

Name:  Todd
Kemme                                                  

Title:  Vice
President                                                    

		Commitment
Amount:           
                $18,750,000
Commitment
Percentage:           
                    18.75%

		Contact
Information for Notices:

North Fork Business Capital
5430
LBJ Freeway, Suite 1540
Dallas, Texas 75240
Attention: Todd
Kemme
Telephone: (972) 770-2672
Facsimile: (972)
770-2671

10

THE CIT
GROUP/BUSINESS CREDIT, INC.

By:  /s/
Richard D. Hatley,
Jr.                                    

Name:  Richard
D. Hatley,
Jr.                                    

Title:  SVP                                                                      

		Commitment
Amount:        
                  $20,000,000
Commitment
Percentage:                                     20%

		Contact
Information for Notices:

The CIT Group/Business Credit,
Inc.
5420 LBJ Freeway
Dallas, Texas 75240
Attention: Alan
Schnacke
Telephone: (972) 455-1602
Facsimile: (972)
455-1690

11

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