Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

CONSENT AND AGREEMENT 

This CONSENT AND AGREEMENT (this “Consent”) dated as of
April 27, 2015, is made among AMERICAN SHALE DEVELOPMENT, INC. (“Borrower”), the lenders party hereto (the “Lenders”), and Morgan Stanley
Capital Group Inc. (in its capacity as administrative agent, the “Administrative Agent”). 
 R E C I T A L S

 A. Borrower, the Lenders, and the Administrative Agent are parties to that certain Credit Agreement dated as of May 21, 2014
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) pursuant to which the Lenders have made certain credit available to and on behalf of Borrower. 

B. Prior to the date of this Consent, Borrower has (i) engaged Weaver & Tidwell, LLP to conduct an audit of all joint interest
billing statements delivered to Borrower by Republic Energy Operating, LLC (“Republic Operator”) and its affiliates for the immediately preceding 24 month period (the “Subject Republic JIBs”), (ii) engaged
Opportune LLP to (a) assume responsibilities for financial reporting to the Lenders and the Administrative Agent pursuant to the Credit Agreement and the other Loan Documents under a financial reporting template reasonably acceptable to the
Administrative Agent and (b) manage engineering and financial modeling under the Loan Documents on behalf of Borrower from the date of such engagement, (iii) delivered the Reserve Report and all other information required or requested to
be delivered on or before March 15, 2015 pursuant to Section 5.06(d) of the Credit Agreement, and (iv) entered into that certain Purchase and Sale Agreement dated as of April 3, 2015 (the “Tug Hill PSA”)
between the Borrower, Parent, Prima, Republic Energy Ventures, LLC, Republic Partners VIII, LLC, Republic Partners VI, LP, Republic Partners VII, LLC and Republic Energy Operating, LLC, as sellers and TH Exploration, LLC, as buyer. 

C. The Disposition of Borrower’s Oil and Gas Properties as contemplated by the Tug Hill PSA will constitute a Triggering Event under the
Credit Agreement. 
 D. Borrower has informed the Administrative Agent and the Lenders that it desires to enter into an agreement with
Republic with respect to the payment of all amounts due from Borrower under previously delivered joint interest billing statements, substantially on the terms set forth in the Agreement for payment of Outstanding JIBs among Borrower and Republic
Operator attached hereto as Exhibit A (the “JIB Payment Agreement”). 
 E. Borrower desires to fund the payment to
be made by Borrower pursuant to the JIB Payment Agreement by (i) using the proceeds from the termination of all of the Borrower’s Hedge Transactions for calendar years 2016 through 2018 (the “Hedge Termination”) and
(ii) Disposing of certain Oil and Gas Properties of Borrower (as more particularly described in the JIB Payment Agreement) to Republic Operator or its designee in exchange for a credit against such payment obligations in an approximate amount
of $6,978,469 (the “Working Interest Disposition”). 

  
 1 

 F. Without Required Lenders’ consent, Borrower is not permitted under Section 6.04(b)
of the Credit Agreement to enter into the Hedge Termination or the Working Interest Deposition. 
 G. Now, therefore, to induce the
Administrative Agent and the Lenders to enter into this Consent and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 A G R E E M E N T S 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in
the Credit Agreement. Unless otherwise indicated, all section references in this Consent refer to sections of the Credit Agreement. 

Section 2. Consents and Agreements. 

(a) Without waiving the occurrence and continuance of any Defaults or Events of Default which have occurred or which may occur in the future
(collectively, “Potential Violations”), and with a full reservation by the Administrative Agent and the Lenders of their right to exercise at any time any or all of their respective rights and remedies under the Credit Agreement,
the other Loan Documents and applicable law in respect of such Potential Violations, and subject to and upon the terms and conditions set forth herein, and in reliance on the representations and warranties set forth herein, the Required Lenders
hereby: 
  

	 	(i)	Consent to the Hedge Termination; provided that (i) contemporaneously with such Hedge Termination, Borrower will enter into additional Hedge Transactions, covering the same tenors and same volumes as the Hedge
Transactions that were subject to the Hedge Termination, at market prices existing at such time and (ii) a portion of the proceeds of such Hedge Termination, in an amount equal to $7,000,000, are used to fund a portion of Borrower’s
payment under the JIB Payment Agreement as provided in Section 3(d) of this Consent. 

  

	 	(ii)	Consent to the Working Interest Disposition. 

 (b) The Borrower and each other Loan Party
hereby agree, in each case on or before May 11, 2015, to: 
  

	 	(i)	agree with the Administrative Agent and Payee, as applicable, on (w) the amount of proceeds from the Tug Hill Disposition that will be required to prepay the Loans pursuant to Section 2.03(e) of the
Credit Agreement, (x) the “Fair Value” (as defined in the NPI Conveyance) of the NPI to be purchased by Borrower in contemplation of the Tug Hill Disposition, (y) additional amendments to the Credit Agreement to give effect to
the Tug Hill Disposition and other developments since the Closing Date, and (z) amendments to the APOD to reflect the Tug Hill Disposition. 

  
 2 

	 	(ii)	Deliver a financial reporting template reasonably acceptable to the Administrative Agent and the Lenders. 

  

	 	(iii)	Complete the audit of the Subject Republic JIBs and deliver a report regarding the same, the form and substance of which shall be acceptable to the Lenders in their sole discretion. 

(c) The parties hereto hereby agree that: 
  

	 	(i)	contemporaneously with the Effective Date, the parties will amend the NPI Conveyance (the “NPI Increase”) to delete the existing definition of Contingent NPI in such NPI Conveyance and insert in lieu
thereof: 

 “Contingent NPI” means 2.52631579%. 

 

	 	(ii)	effective as of the Effective Date, the remaining unfunded Tranche B Commitment and the Tranche C Commitment are terminated and no Lender shall have any obligation to fund any Loan in respect of any such terminated
Commitment. 

 (d) The consents and agreements of the Administrative Agent and the Lenders are expressly conditioned upon the
occurrence of the following events as provided below: 
  

	 	(i)	On or before April 30, 2015, Republic Operator shall have accepted and agreed to the JIB Payment Agreement, and, upon such acceptance, Borrower shall (x) pay to Republic Operator an amount equal to $7,000,000
from the proceeds of the Hedge Termination and (y) consummate the Working Interest Disposition. 

  

	 	(ii)	On or before April 30, 2015, Republic shall have received additional capital contributions of at least $17,000,000 and the proceeds of such capital contributions shall have been applied to pay Republic’s (and
its affiliates’) share of all billings subject to the JIB Payment Agreement. 

 (e) The parties hereto expressly agree
that any failure to comply with any of the conditions set forth in Section 3(a) or (d), whether or not such failure is attributable to any action or inaction by any party hereto or to the action or inaction of a third party, will
constitute an immediate Event of Default for which there shall be no cure period. 
 (f) This Consent shall not be a waiver by the
Administrative Agent or the Lenders of any Potential Violations or indicate or be deemed to indicate any willingness by the Administrative Agent or the Lenders to consent to any other deviation from the express terms of the Credit Agreement.
Similarly, nothing contained in this Consent shall directly or indirectly in any way whatsoever: (i) amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument executed and delivered in
connection therewith or pursuant thereto except as expressly provided herein or (ii) constitute any course of dealing or other basis for altering any obligation of any Loan Party or any right, privilege or remedy of the Administrative Agent or
the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument executed and delivered in connection therewith or pursuant thereto. Without prejudice to the consent provisions set forth herein, nothing in this
Consent shall be construed to be a consent or waiver by the Administrative Agent or the Lenders to any Potential Violations, and the failure of the Administrative Agent or any Lender at any time or times hereafter to require strict performance by
any Loan Party of any provision hereof or thereof shall not waive, affect or diminish any right of the Administrative Agent or any Lender to thereafter demand strict compliance therewith. Each of the Administrative Agent and each Lender hereby
reserves all of their respective rights and remedies under the Credit Agreement, the other Loan Documents and applicable law with respect to any Potential Violations. 

  
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 Section 3. Conditions Precedent. This Consent shall become effective on the date
(such date, the “Effective Date”) when each of the following conditions is satisfied (or waived in accordance with Section 9.01 of the Credit Agreement): 

(a) The Administrative Agent shall have received from the Required Lenders, the Administrative Agent, the Borrower and each Guarantor,
counterparts (in such number as may be reasonably requested by the Administrative Agent) of this Consent signed on behalf of such Person. 

(b) The Borrower shall have executed and delivered amendments to the existing NPI Conveyance, in form satisfactory to the Payee, sufficient to
effect the NPI Increase. 
 (c) The Borrower shall have paid, or, contemporaneously with the satisfaction of these conditions will pay, to
the Administrative Agent all costs, fees and expenses due and payable pursuant to the Credit Agreement, including, all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement, including all
invoiced costs, fees, and expenses due and payable to Simpson Thacher & Bartlett LLP. 
 (d) The Administrative Agent shall have
received such other documents and information as the Administrative Agent or its counsel shall have reasonably requested. 
 Section 4.
Miscellaneous. 
 4.1 Confirmation. The provisions of the Credit Agreement and the other Loan Documents remain in full force
and effect in accordance with their existing terms following the effectiveness of this Consent. 
 4.2 Validity of Obligations;
Release. Each Loan Party acknowledges and agrees that (a) such Loan Party is truly and justly indebted to the Secured Parties for the Secured Obligations, without defense, counterclaim or offset of any kind, and such Loan Party ratifies and
reaffirms the validity, enforceability and binding nature of such Secured Obligations, (b) such Loan Party has no claim, right or cause of action of any kind against any Secured Party, any of such Secured Party’s present or former Related
Parties, or any of their respective successors and assigns, in connection with the Secured Obligations, the Credit Agreement and the other Loan Documents, or the transactions contemplated hereby or thereby and (c) each Secured Party has
heretofore properly performed and satisfied in a timely manner all of its obligations under the Loan Documents. In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into this Consent, each Loan Party hereby
releases and forever discharges the Administrative Agent and each Lender and each of their respective Related Parties (all of the foregoing, collectively, the “Lender Group”), from any and all claims, counterclaims, demands,
damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, including, without limitation, all claims, demands and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or
unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted (all of the above, collectively, “Claims”), that existed,
arose or occurred at any time on or before the date of this Consent, which any Loan Party may have or claim to have against any of the Lender Group in any way related to or connected with the Credit Agreement, the other Loan Documents, this Consent
or the transactions contemplated hereby and thereby. 

  
 4 

 4.3 Ratification and Affirmation; Representations and Warranties. Each of the Borrower and
each Guarantor hereby: 
 (a) acknowledges the terms of this Consent; 

(b) ratifies and affirms their respective obligations, and acknowledges their respective continued liability, under each Loan Document to
which it is a party (including with respect to all of the Liens securing the payment and performance of the Secured Obligations) and agrees that each Loan Document to which it is a party remains in full force and effect; 

(c) represents and warrants to the Lenders that the resolutions and governing documents certified to the Administrative Agent and the Lenders
by such Loan Party on the date of the Credit Agreement remain in full force and effect and have not been amended or otherwise modified; and 

(d) represents and warrants to the Administrative Agent and the Lenders that as of the date hereof, immediately after giving effect to this
Consent, (i) except for the first sentence of Section 4.24 of the Credit Agreement with respect to any Potential Violations that have been previously disclosed to the Administrative Agent, the representations and warranties of the
Borrower and the Guarantors set forth in the Credit Agreement, and in the other Loan Documents (including, for the avoidance of doubt, the representations contained in the Recitals to this Consent) are true and correct in all material respects
(unless such representation and warranty is already qualified by materiality, in which case such representation or warranty is simply true and correct) on and as of the date hereof, except to the extent any such representations and warranties are
expressly limited to an earlier date, in which case, on and as of the date hereof, such representations and warranties continue to be true and correct as aforesaid as of such specified earlier date, (ii) other than with respect to Potential
Violations that have been previously disclosed to the Administrative Agent, no Default or Event of Default has occurred and is continuing, and (iii) no event, development or circumstance has occurred or exists that has resulted in, or could
reasonably be expected to have, a Material Adverse Effect. 
 4.4 Counterparts. This Consent may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Consent by
facsimile transmission or other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart hereof. 

  
 5 

 4.5 NO ORAL AGREEMENT. THIS CONSENT, THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 

4.6 GOVERNING LAW. THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

4.7 Payment of Expenses. In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse
the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Consent, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without
limitation, the reasonable fees, charges and disbursements of counsel. 
 4.8 Severability. Any provision of this Consent which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 4.9 Successors and
Assigns. This Consent shall be binding upon and inure to the benefit of the parties to the Credit Agreement and/or the other Loan Documents and their respective successors and permitted assigns. 

4.10 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or the
Lenders, any right, remedy, power or privilege under this Consent or any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege under this Consent or any other Loan
Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges of the Administrative Agent and the Lenders provided under this Consent, the Credit
Agreement and the other Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

4.11 Loan Document. This Consent is a Loan Document. 

[SIGNATURES BEGIN NEXT PAGE] 

  
 6 

 EXHIBIT A 

IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed as of the date first written above. 

 

									
	BORROWER:	 		 	AMERICAN SHALE DEVELOPMENT, INC.
					
		 		 		 	By:	 	/s/ John G. Corp
		 		 		 		 	John G. Corp
		 		 		 		 	President
				
	SPECIFIED PARTIES:	 		 		 	
				
		 		 		 	TRANS ENERGY, INC.
					
		 		 		 	By:	 	/s/ John G. Corp
		 		 		 		 	John G. Corp
		 		 		 		 	President
				
		 		 		 	PRIMA OIL COMPANY, INC.
					
		 		 		 	By:	 	/s/ John G. Corp
		 		 		 		 	John G. Corp
		 		 		 		 	President

 EXHIBIT A 
  

									
	ADMINISTRATIVE AGENT:	 		 	
			
		 		 	MORGAN STANLEY CAPITAL GROUP INC.
					
		 		 		 	By:	 	/s/ Martin S. Mitchell
		 		 		 	Name:	 	Martin S. Mitchell
		 		 		 	Title:	 	Vice President
				
	LENDER:	 		 		 	
				
		 		 		 	MORGAN STANLEY CAPITAL GROUP INC.
					
		 		 		 	By:	 	/s/ Martin S. Mitchell
		 		 		 	Name:	 	Martin S. Mitchell
		 		 		 	Title:	 	Vice President

 EXHIBIT A 

JIB Payment Agreement 
 [Attached]

  
 Exhibit A 

 April 27, 2015 

Republic Energy Operating, LLC 
 4925 Greenville, Avenue, 

Suite 1050 
 Dallas, Texas 75206 

Attention: John D. Swanson 
  

	 	Re:	Agreement for payment of Outstanding JIBs, Marion County, West Virginia (the “Agreement”) 

 Dear
John: 
 Reference is made to Joint Interest Billing Statement dated March 2015 (Statement Account No. 1503001-006036) (the
“JIB”) from Republic Energy Operating, LLC (“Operator”) to American Shale Development, Inc. (“ASD”) showing a total balance due of $13,829,552.86. 

A. Payment of the JIB. Operator and ASD agree that payment of the JIB shall be made as follows on or before April 27, 2015: 

1. ASD shall pay an aggregate amount of $2,972,672.84 to Mychal S. Schulz, Esq., at Babst, Calland, Clement & Zomnir, United Center, Suite
590, 500 Virginia Street East, Charleston, West Virginia 25301, for payment directly to certain contractors for good and services itemized on the JIB as more specifically set forth on Schedule A hereto. Operator will also pay on or before April 28,
2105, its share of aggregate contractor invoices to Mychal S. Schulz, Esq., as reflected on Schedule A hereto. Mychal S. Schulz, Esq., shall coordinate payments of such contractor invoices, which payment to each contractor shall be subject to a full
and complete release of any liens or claims against ASD, Operator and their lands. In addition ASD shall pay directly to Operator by wire transfer the amount of $4,027,327.16 and Operator agrees that within 5 business days receipt of such funds it
shall pay and discharge in full all other amounts owing to the contractors identified under the JIB, and 
 2. ASD shall receive an
additional credit in the amount of $6,978,469.17 against the JIB for the assignment to Operator or its designee of an undivided 64.8% of ASD’s current working and net revenue interest in and to the wells described below (each a “Subject
Well” and collectively, the “Subject Wells”), located in Marion County, West Virginia, and more particularly described on Exhibit A to the Conveyance, Assignment and Bill of Sale in the form of Appendix A hereto (the
“Assignment”) and in all production from the Subject Wells and all proceeds thereof, free and clear of any and all liens and encumbrances created by, through or under ASD, but not otherwise. 

B. Reservation of Repurchase Option. ASD reserves the option (the “Repurchase Option”) to reacquire the interest in
each of the Subject Wells and the Properties related thereto (as more particularly described on the chart below, as “REV Purchased WI”). With respect to each Subject Well, Operator shall provide ASD the same notice that is required
to be provided to working interest owners under the applicable Joint Operating Agreement for the completion operations and hydraulic fracturing of each Subject Well. Following such notice and until the initial frac stage is completed in the Subject
Well (the “Option Period”), ASD may elect to repurchase the REV Purchased WI in such Subject Well. Upon delivery of ASD’s notice of election, ASD shall pay to Operator (on behalf of the Assignee in the Assignment) an amount
(the “Repurchase Price”) equal to the respective “REV Cost,” described on the chart below plus interest calculated at twenty percent (20%) per annum calculated from April 27, 2015 until paid by ASD, and Operator, or its
designee, shall reassign the REV Purchased WI in the Subject Well to Assignor under substantially the same form of assignment as the Conveyance. ASD’s notice of election shall not be effective unless accompanied by payment of the Repurchase
Price. In the event ASD fails to exercise its Repurchase Option within the Option Period, Assignor’s Repurchase Option as to such Subject Well shall terminate. 

																													
	Subject Wells	  	ASD
Current
WI	 	 	ASD
Current
NRI	 	 	ASD
“After
Sale”
WI	 	 	ASD
“After
Sale”
NRI	 	 	ASD
“%
Sold”
	 	 	REV
Purchased
WI	 	 	 REV 

Cost
	 
	 Michaels 1H
	  	 	29.495	% 	 	 	23.17422	% 	 	 	10.368	% 	 	 	8.146	% 	 	 	64.8	% 	 	 	19.127	% 	 	$	849,243.06	  
	 Wright 1H
	  	 	37.578	% 	 	 	30.06240	% 	 	 	13.209	% 	 	 	10.567	% 	 	 	64.8	% 	 	 	24.369	% 	 	$	1,395,202.58	  
	 Wright 2H
	  	 	37.578	% 	 	 	30.06240	% 	 	 	13.209	% 	 	 	10.567	% 	 	 	64.8	% 	 	 	24.369	% 	 	$	1,103,973.16	  
	 Jones 2H
	  	 	38.448	% 	 	 	30.99870	% 	 	 	13.514	% 	 	 	10.896	% 	 	 	64.8	% 	 	 	24.933	% 	 	$	1,686,799.06	  
	 Jones 3H
	  	 	38.448	% 	 	 	30.99870	% 	 	 	13.514	% 	 	 	10.896	% 	 	 	64.8	% 	 	 	24.933	% 	 	$	1,943,251.32	  

 This Agreement modifies all prior written and oral agreements between the parties concerning the JIB. To the
extent of any conflict between this Agreement and other written agreements between the Parties, this Agreement shall control. This Agreement is binding upon ASD, Operator, their designees, successors, and assigns. This Agreement is subject to the
laws of Texas except to the extent that the laws of West Virginia mandatorily apply. Please indicate your acceptance of the terms of this Agreement by countersigning below and returning a copy of this letter to the undersigned at your earliest
convenience. 
  

			
	Sincerely,
	
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	/s/ John G. Corp
		 	John G. Corp, President

  
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 AGREED to and ACCEPTED to this 27 day of April, 2015. 

 

			
	REPUBLIC ENERGY OPERATING, LLC
		
	By:	 	/s/ John D. Swanson
		 	

  
 3EX-10.2

 Exhibit 10.2 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT AND
WAIVER 
 dated as of July 31, 2015 

among 
 AMERICAN
SHALE DEVELOPMENT, INC., 
 as Borrower, 

the Specified Parties party hereto, 

MORGAN STANLEY CAPITAL GROUP INC., 

as Administrative Agent, 
 and 

the Lenders Party Hereto 

 FIRST AMENDMENT TO CREDIT
AGREEMENT AND WAIVER 
 This FIRST AMENDMENT
TO CREDIT AGREEMENT AND WAIVER (this “Amendment”) dated as of July 31, 2015, is among AMERICAN SHALE DEVELOPMENT, INC.
(“Borrower”), the Specified Parties, the lenders party hereto (the “Lenders”), and MORGAN STANLEY CAPITAL GROUP INC. (in its capacity as administrative agent, “Administrative Agent”). 

R E C I T A L S 

A. Borrower, Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of May 21, 2014 (as heretofore
amended, restated, supplemented or otherwise modified, the “Credit Agreement”), pursuant to which the Lenders made certain Loans to Borrower in an aggregate principal amount outstanding as of July 31, 2015 equal to
$113,093,750.00. 
 B. At Borrower’s request, Administrative Agent and each of the Lenders party hereto have agreed, subject to the
terms and conditions herein, to (i) amend certain terms and provisions of the Credit Agreement and (ii) waive the Defaults and Events of Default listed on Schedule I attached hereto (collectively, the “Specified Events of
Default”). 
 C. Now, therefore, to induce Administrative Agent and the Lenders to enter into this Amendment and in consideration
of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

A G R E E M E N T S 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the
Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all section references in this Amendment refer to sections of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Definitions. 
 (a)
The following definitions in Section 1.01 are hereby restated in their entirety to read as follows: 

“Applicable Margin” means, with respect to any Loan, a rate per annum equal to (a) 12.0%, to the extent
interest is paid in cash on the applicable Payment Date or (b) 14.0%, to the extent interest is paid in kind on the applicable Payment Date, in each case as permitted by Section 2.06(a). 

“APOD Capital Expenditures” means Capital Expenditures made or to be made by Borrower or any other Loan Party,
to the extent the same either (a) have been approved in writing by Administrative Agent prior to incurrence or (b) are included in the Approved Plan of Development (including any agreed variances with respect to such Capital Expenditures
set forth in the Approved Plan of Development). 

  
 2 

 “Approved Plan of Development” or “APOD” means
the plan of development and budgeted Capital Expenditures (including maximum annual expenditures) and other development activities that is attached hereto as Exhibit L with respect to the Oil and Gas Properties identified therein, as such
plan is amended, supplemented or restated from time to time with the consent of Administrative Agent (given or withheld in its sole discretion); provided that no such consent shall be required for amendments, modifications or supplements to
the extent, but only to the extent, that any such amendments, modifications or supplements (a) would make non-material amendments to the timing for the completion of any such particular development (other than an amendment extending the timing
of the substantial completion of the APOD), (b) relate to Republic or its Affiliates failing to consent to any proposed well in the APOD (each, a “Non-Consent Well”) and, as a result, a substitute well, that is also in the
APOD, in which Borrower has a greater working interest than the Non-Consent Well is proposed (each, an “Alternate Non-Consent Well”), or (c) relate to Republic or its Affiliates proposing an alternative well that is not in the
APOD (each, an “Alternate Well”) to replace a well that is in the APOD (each, a “Replaced Well”), but in the case of each of clause (b) and clause (c), only to the extent that, at the time of any such
amendment, modification or supplement, the ratio of (w) Borrower’s PV9 Value from such Alternate Non-Consent Well or Alternate Well, as applicable, to (x) the aggregate Capital Expenditures to be set forth in the amended APOD
allocable to Borrower’s interests in such Alternate Non-Consent Well or Alternate Well, as applicable, is not less than 90% of the ratio of (y) Borrower’s PV9 Value from such Non-Consent Well or Replaced Well, as applicable, to
(z) the aggregate Capital Expenditures then set forth in the APOD allocable to Borrower’s interests in such Non-Consent Well or Replaced Well, it being understood that in each case any determination of PV9 Value on a well by well basis
will be made in a manner consistent with the methodology set forth in the definition of PV9 Value. 
 “Asset Coverage
Ratio” means, on any date of determination, the ratio of (a) PV9 Value to (b) Total Funded Net Debt. 

“Default Rate” means a per annum rate equal to the sum of (i) the greater of (x) the Eurodollar Rate
for such Interest Period and (y) one percent (1%) and (ii) two percent (2%) and (iii) the Applicable Margin. 

“Deposit Account Control Agreement” means a Deposit Account Control Agreement, in form and substance
reasonably acceptable to Administrative Agent, by and among a Loan Party or Specified Party, as Debtor, Administrative Agent, and a banking institution acceptable to Administrative Agent. 

“Maturity Date” means December 31, 2016. 

  
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 “PDP PV9 Value” means, as of any date of determination, with
respect to any PDP Reserves expected to be produced from any of the Loan Parties’ Oil and Gas Properties, the net present value of the future net revenues (discounted at nine percent (9%) per annum) calculated by Administrative Agent in
its sole reasonable judgment (including using price curve and costs determined in accordance with the definition of Reserve Report and giving effect to any Hydrocarbon Hedging Agreements) after having reviewed the information from the most recently
delivered Reserve Report (or, in the case of any determination of PDP PV9 Value as of the last day of the first and third fiscal quarter of any year, as set forth in a roll forward to such date from the most recently delivered Reserve Report that is
reasonably acceptable to Administrative Agent), calculated using 5-year New York Mercantile Exchange strip pricing on such date of determination, as adjusted (a) for applicable local basis differentials or premiums and gathering and
transportation costs (in each case as determined by Administrative Agent in its sole reasonable judgment) and held flat after such 5-year period and (b) by taking into account aggregate production, Dispositions and reductions by any such
revenue from any Oil and Gas Properties which Administrative Agent determines are not in compliance with the terms and covenants of this Agreement (including without limitation Section 5.10 hereof) or any Loan Document; provided that if
Borrower fails to deliver any Reserve Report required to be delivered hereunder, the PDP PV9 Value shall be the value calculated by Administrative Agent in its sole and absolute discretion. 

“PV9 Value” means, as of any date of determination, with respect to any Proved Reserves expected to be
produced from any of the Loan Parties’ Oil and Gas Properties, the net present value of the future net revenues (discounted at nine percent (9%) per annum) calculated by Administrative Agent in its sole reasonable judgment (including using
price curve and costs determined in accordance with the definition of Reserve Report and giving effect to any Hydrocarbon Hedging Agreements) after having reviewed the information from the most recently delivered Reserve Report (or, in the case of
any determination of PV9 Value as of the last day of the first and third fiscal quarter of any year, as set forth in a roll forward to such date from the most recently delivered Reserve Report that is reasonably acceptable to Administrative Agent),
calculated using 5-year New York Mercantile Exchange strip pricing on such date of determination, as adjusted (a) for applicable local basis differentials or premiums and gathering and transportation costs (in each case as determined by
Administrative Agent in its sole reasonable judgment) and held flat after such 5-year period and (b) by taking into account aggregate production, Dispositions and reductions by any such revenue from any Oil and Gas Properties which
Administrative Agent determines are not in compliance with the terms and covenants of this Agreement (including without limitation Section 5.10 hereof) or any Loan Document; provided that if Borrower fails to deliver any Reserve
Report required to be delivered hereunder, the PV9 Value shall be the value calculated by Administrative Agent in its sole and absolute discretion. 

  
 4 

 (b) The following new defined terms shall be inserted in Section 1.01 in the proper
alphabetical order to read as follows: 
 “Deposit Account” means (a) those deposit accounts identified
by Borrower in writing on the First Amendment Effective Date as being all of the deposit accounts of Borrower and the Specified Parties and (b) any other operating or depositary account established by any Loan Party or any Specified Party into
which proceeds from the sales of Hydrocarbons or any proceeds from the Tug Hill Disposition are deposited. 
 “First
Amendment” means that certain First Amendment to Credit Agreement and Waiver dated as of July 31, 2015 among Borrower, the Specified Parties, the Lenders party thereto and Administrative Agent. 

“First Amendment Effective Date” means the date on which the conditions specified in Section 4 of the
First Amendment are satisfied. 
 “Monthly Budget” means that certain budget delivered by Borrower and
accepted by Administrative Agent on the First Amendment Effective Date. 
 “Tug Hill Disposition” means the
Disposition of certain Oil and Gas Properties in Wetzel County, West Virginia pursuant to that certain Purchase and Sale Agreement dated as of April 3, 2015 between Borrower, Parent, Prima, Republic Energy Ventures, LLC, Republic Partners VIII,
LLC, Republic Partners VI, LP, Republic Partners VII, LLC and Republic Energy Operating, LLC, as sellers and TH Exploration, LLC, as buyer. 

“Tug Hill Effective Date” means the date on which the initial closing of the Tug Hill Disposition, pursuant to
which Borrower, Parent and/or Prima receives Net Cash Proceeds of at least $30,000,000, is consummated. 
 (c) The defined terms “APOD
Certificate”, “EBITDAX”, “Make Whole Premium” and “Total Leverage Ratio” in Section 1.01 (and all references thereto in the Loan Documents) are hereby deleted in their entirety. 

2.2 Prepayment of Loans. 

(a) Section 2.03(b) is hereby amended by adding the following sentence at the end thereof: 

From and after the Tug Hill Effective Date (i) this Section 2.03(b) shall be of no further force and effect,
and (ii) the following defined terms in Section 1.01 (and all references thereto in the Loan Documents) shall be deemed deleted: “Excluded Prepayment”, “Applicable Premium” and “Prepayment Premium”. For
the avoidance of doubt, this Section 2.03(b) will not apply to the Required Tug Hill Prepayment. 
 (b)
Section 2.03(c) is hereby amended and restated in its entirety to read “[Reserved.]”. 

  
 5 

 (c) Section 2.03(d) is hereby amended by adding the following sentence at the end
thereof: 
 From and after the Tug Hill Effective Date (i) this Section 2.03(d) shall be of no further force
and effect, and (ii) the following defined terms in Section 1.01 (and all references thereto in the Loan Documents) shall be deemed deleted: “Change of Control Premium” and “Change of Control Prepayment”. 

2.3 Repayment of Loans. Section 2.04(b) is hereby amended by adding the following sentence at the end thereof: 

From and after the Tug Hill Effective Date (i) this Section 2.04(b) shall be of no further force and effect,
and (ii) the following defined terms in Section 1.01 (and all references thereto in the Loan Documents) shall be deemed deleted: “Amortization Amount”, “Amortization Amount Calculation Date”, “Applicable
Ratio”, “Minimum Amortization Amount”, and “Repayment Amount”. 
 2.4 Fees. A new
Section 2.05(c) is hereby added to the Credit Agreement to read as follows: 
 (c) First Amendment Structuring
Fees. Borrower agrees to pay Administrative Agent structuring fees in an amount equal to (i) $1,000,000, which structuring fee will be earned and payable on the First Amendment Effective Date; provided, however, that the Borrower may elect
to pay such structuring fee in kind by adding the amount thereof to the principal of the Loans outstanding on the First Amendment Effective Date and (ii) $3,000,000, which structuring fee will be earned and payable on the Tug Hill Effective
Date; provided, however, that upon the consummation of the Tug Hill Disposition, the Borrower may elect to pay such structuring fee in kind by adding the amount thereof to the principal of the Loans outstanding on the Tug Hill Effective Date. 

2.5 Interest. Section 2.06(a) is hereby restated in its entirety to read as follows: 

(a) Applicable Interest Rates. Borrower shall pay interest on the unpaid principal amount of each Loan made by each
Lender from the date of such Loan until such principal amount shall be paid in full, at a rate per annum equal at all times during the Interest Period for such Loan to the sum of (i) the greater of (x) the Eurodollar Rate for such Interest
Period and (y) one percent (1%) plus (ii) the Applicable Margin in effect from time to time, payable on each Payment Date in arrears and on the Maturity Date (or such earlier date pursuant to Section 7.02 or
Section 7.03). Borrower may pay all, but not less than all, of the interest due on such Payment Date either in cash or, at the election of Borrower, the amount of such interest due on such Payment Date may be paid in kind and capitalized
by adding such interest to the aggregate principal amount of Loans outstanding on such date. Unless the context otherwise requires, for all purposes hereof, references to the “principal amount” of Loans includes any interest paid in kind
and so capitalized and added to the principal amount of the Loans from the applicable Payment Date. Notwithstanding the foregoing provisions of this Section 2.06(a), however, without the consent of the Required Lenders, during the
continuance of an Event of Default all interest must be paid in cash. 

  
 6 

 2.6 APOD Certificate. Each of Section 3.01(o) and Section 5.06(q)
is amended and restated in its entirety to read “[Reserved.]”. 
 2.7 Reporting Requirements. Section 5.06 is
hereby amended to: 
 (a) restate each of clause (c) and (e) in its entirety to read “[Reserved.]”; 

(b) restate clause (r) in its entirety to read as follows: 

(r) Quarterly Report on APOD. On each March 15, June 15, September 15 and December 15, a
report prepared by Borrower providing reasonably detailed updates and confirmations relating to the APOD; 
 (c) remove the word
“and” from the end of clause (s), replace the “.” at the end of clause (t) with a “;”, and add the following sections to read as follows: 

(u) Comprehensive Monthly Financial and Operational Reports. As soon as possible and in any event within thirty
(30) days after the end of each month (i) reports, in each case in form and substance reasonably satisfactory to Administrative Agent and certified as being true and correct in all material respects by a Responsible Officer of Borrower,
setting forth (A) updated lease operating statements of the Loan Parties for the prior month including information as to quantities or production from the Loan Parties’ Oil and Gas Properties, volumes of production sold, pricing,
purchasers of production, gross revenues, and lease operating expenses, (B) an analysis comparing actual production from the Loan Parties’ Oil and Gas Properties for the prior month to projected production for such month set forth in the
most recently delivered Reserve Report, along with detailed explanations of any material variances, (C) a current aging report with respect to accounts payable of the Loan Parties (including, as applicable, on a well by well basis), and
(D) such other information as Administrative Agent may reasonably request with respect to the Loan Parties and the relevant monthly period; and (ii) an (A) unaudited income statement and balance sheet of the Borrower and its
consolidated Subsidiaries for the previous month, each in reasonable detail and duly certified with respect to such consolidated statements by a Responsible Officer of Borrower as having been prepared in accordance with GAAP (subject to the absence
of footnotes and year-end audit adjustments) and (B) an analysis comparing the unaudited income statement and balance sheet for the prior month to the projections for such month set forth in the Monthly Budget, along with detailed explanations
of any material variances; and 
 (v) Monthly Refinancing Activities Report. Within fifteen (15) days after the
end of each month (beginning with the earlier of (i) the first month in which Borrower commences substantial Refinancing activities and (ii) the month ending January 31, 2016), a report, in form and substance reasonably satisfactory
to Administrative Agent and certified as being true and correct in all material respects by a Responsible Officer of Borrower, providing updates and such other information as Administrative Agent may reasonably request with respect to the
refinancing process contemplated by Section 5.20 with respect to the relevant monthly period; and 

  
 7 

 (w) Weekly Cash Flow Statements. On or before the third (3rd) Business Day of each week before the Tug Hill Effective Date, an updated 13 week cash flow projection together with (i) a reconciliation to the projections delivered the previous week,
(ii) detailed explanations of any material variances and (iii) detailed information regarding cost assumptions, in each case in form and substance consistent with previously delivered projections and otherwise reasonably satisfactory to
Administrative Agent. 
 2.7 Deposit Accounts. Section 5.18 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 Section 5.18 Deposit Agreements. 

(a) On or before the date that is thirty (30) days after the First Amendment Effective Date, Borrower and each Specified
Party shall, and shall cause each other Loan Party to, cause all Deposit Accounts (other than the Excluded Account) to be subject to a Deposit Account Control Agreement. Borrower and each Specified Party shall, and shall cause each other Loan Party
to (a) cause all proceeds from the sales of Hydrocarbons by the Loan Parties or any Specified Party to be deposited into a Deposit Account that is subject to a Deposit Account Control Agreement and (b) direct all proceeds from the Tug Hill
Disposition (other than such proceeds used to prepay Loans as provided by Section 5.19), directly to a Deposit Account of Borrower, such Specified Party or such other Loan Party that is subject to a Deposit Account Control Agreement;
provided, however, that notwithstanding the foregoing, Borrower and the Specified Parties may maintain an aggregate amount not to exceed $500,000 at any time outstanding in Deposit Accounts not otherwise subject to a Deposit Account Control
Agreement (collectively, the “Excluded Account”). 
 (b) Except as set forth in clause (c) in this
Section 5.18, Borrower may withdraw funds from such Deposit Accounts (other than the Excluded Account) not earlier than the first day of each month in the aggregate amount set forth in the Monthly Budget for such month and thereafter
from time to time during any month in compliance with clauses (y)(i) and (y)(ii) below, only to the extent that (x) immediately prior to and after giving pro forma effect to such withdrawal, no Default is continuing, and (y) such funds are
used to pay documented expenditures that (i) comply with the Monthly Budget with respect to such expenditure (it being understood that any expenditure that does not exceed 10% of the amount set forth in such Monthly Budget shall be deemed
consistent with the budgeted amount) or (ii) exceed 10% of the amount set forth for such expenditure in the Monthly Budget and are approved by Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed. 

  
 8 

 (c) Borrower will direct the Administrative Agent to make all APOD Capital
Expenditures from such Deposit Accounts (other than the Excluded Account) directly to Republic, and Administrative Agent agrees to make such transfers so long as (i) immediately prior to and after giving pro forma effect to such transfer, no
Default is continuing and (ii) such transfer otherwise complies with the terms of this Agreement. 
 (d) Notwithstanding
any provision herein or in any document governing any Hedge Transactions, no payment in respect of any Lender Hedge Obligations shall be made by any Lender Hedge Counterparty into any Deposit Account that is not then subject to a Deposit Account
Control Agreement. 
 (e) The Administrative Agent may require that any Deposit Account Control Agreement required by the
terms hereof be in the form of a “blocked” account control agreement, except that Borrower shall be entitled to deposit amounts withdrawn from Deposit Accounts pursuant to clause (b) above into Deposit Accounts that are subject to a
Deposit Account Control Agreement in the form of a “springing” account control agreement. 
 2.10 Tug Hill Disposition. A
new Section 5.19 is hereby added to the Credit Agreement to read as follows: 
 Section 5.19 Tug Hill
Disposition. 
 (a) Borrower, Parent, and Prima will cause the Tug Hill Effective Date to occur on or before
September 30, 2015 and Borrower, Parent, and Prima shall cause the first $30,000,000 of Net Cash Proceeds received by Borrower, Parent and/or Prima from the Tug Hill Disposition to be paid to Administrative Agent, for the ratable benefit of the
Lenders as a prepayment of the Loans (the “Required Tug Hill Prepayment”). After the Required Tug Hill Prepayment is made, Borrower, Parent and/or Prima shall be entitled to retain the next $17,000,000 of Net Cash Proceeds received
from the Tug Hill Disposition for use in performing the APOD and for other purposes not prohibited by this Agreement. To the extent any Net Cash Proceeds are received by any Loan Party or any Specified Party from the Tug Hill Disposition in an
amount in excess of $47,000,000 (either at the initial closing or from time to time thereafter, whether by release of escrowed funds, purchase price adjustment, or otherwise), Borrower shall pay to Administrative Agent, for the ratable benefit of
the Lenders as a prepayment of the Loans, an amount equal to 50% of such Net Cash Proceeds. The provisions of this Section 5.19(a) shall supersede any provisions of Section 2.03(e) to the contrary. 

(b) On the Tug Hill Effective Date (and after giving pro forma effect to the Disposition of all Oil and Gas Properties subject
to the Tug Hill Disposition and the releases and reconveyances contemplated by this Section 5.19), Borrower shall execute and deliver an amendment to the NPI Conveyance, in form and substance substantially similar to previously delivered
amendments to the NPI Conveyance, to the Payee and sufficient to increase the aggregate amount of the NPI payable thereunder by an additional 200 basis points. 

  
 9 

 (c) Subject to the satisfaction of the conditions contained in
Section 5.19(a) and (b) and the payment of the structuring fee pursuant to Section 2.05(c) (either in cash or in kind, as provided in such Section), Administrative Agent, the Lenders and Payee hereby consent to
the Tug Hill Disposition and agree that, upon closing of the Tug Hill Disposition (or, in the event that there are multiple closings in connection with the Tug Hill Disposition, upon each such closing), the liens on the Oil and Gas Properties
subject to such Disposition (or being Disposed of as a part of any specific closing, as applicable) shall be released and the NPI burdening such Oil and Gas Properties subject to such Disposition (or being Disposed of as a part of any specific
closing, as applicable) shall be reconveyed, in each case in form and substance reasonably satisfactory to Borrower and Administrative Agent or Payee, as applicable. 

(d) Payee hereby consents to the “Transfer” of the “Project Properties” (in each case as defined in the NPI
Conveyance) as a part of the Tug Hill Disposition and, if the Tug Hill Disposition is consummated (or any closing constituting a part of the Tug Hill Disposition occurs), Borrower agrees to repurchase the NPI with respect to the “Project
Properties” to be Disposed of pursuant to the Tug Hill Disposition (or being Disposed of as a part of any specific closing, as applicable) for an aggregate purchase price equal to the “Fair Value” (as defined in the NPI Conveyance)
for the Net Profits Interest so repurchased as such Fair Value is determined based on, and after giving effect to, the Tug Hill Disposition (the “Tug Hill NPI Purchase Price”); provided that the payment of the Tug Hill NPI Purchase
Price shall not be due until the earlier to occur of (i) the Maturity Date or (ii) payment in full of all Secured Obligations (other than (x) customary indemnity and reimbursement obligations for which no demand has been made and
(y) Lender Hedge Obligations or Banking Services Obligations with respect to which other arrangements satisfactory to the Lender Hedge Counterparty or Banking Services Provider, as applicable, and Borrower have been made) and Borrower agrees to
pay such Tug Hill NPI Purchase Price at such time. The parties hereto hereby agree that Borrower’s obligation to pay the Tug Hill NPI Purchase Price is an NPI Obligation. 

2.11 Refinancing Activities. A new Section 5.20 is hereby added to the Credit Agreement to read as follows: 

Section 5.20 Refinancing Activities. 

(a) On or before January 31, 2016, Borrower shall have (i) in good faith engaged a financial advisor reasonably
acceptable to the Administrative Agent to manage the formal process for the Disposition of all or substantially all of Borrower’s Oil and Gas Properties or refinancing of the Loans (collectively, a “Refinancing”) and
(ii) commenced the preparation of a formal process for such Refinancing. 

  
 10 

 (b) On or before March 31, 2016, Borrower shall have finalized an offering
memorandum and data room with respect to such Refinancing. 
 (c) On or before September 30, 2016, Borrower shall have
executed definitive documentation with respect to such Refinancing. 
 2.12 Total Leverage Ratio. Section 6.18 is hereby
amended in its entirety to read “[Reserved.]”. 
 2.13 Current Ratio. The phrase “shall include, as of the date of
calculation, the aggregate Unused Commitment Amount but” is hereby deleted from Section 6.17. 
 2.14 Asset Coverage
Ratio. A new Section 6.21 is hereby added to the Credit Agreement to read as follows: 
 Section 6.21 Asset Coverage
Ratio. Borrower shall not permit, as of the last day of each fiscal quarter, commencing with the fiscal quarter ending on September 30, 2015, the Asset Coverage Ratio to be less than 1.50 to 1.00 as of the last day of each fiscal quarter
and immediately after giving effect to any Triggering Event. For the avoidance of doubt, the Tug Hill Disposition will not be considered a “Triggering Event” for purposes of this Section 6.21. 

For purposes of calculating the Asset Coverage Ratio set forth in this Section 6.21 only, the aggregate PV9 Value attributable to
Proved Reserves categorized as “Developed Producing Reserves” included in such calculation shall not be less than (i) 40% of aggregate PV9 Value included in such calculation for any determination date during the period from
July 1, 2015 through and including December 31, 2015, (ii) 45% of aggregate PV9 Value included in such calculation for any determination date during the period from January 1, 2016 through and including June 30, 2016, and
(iii) 50% of aggregate PV9 Value included in such calculation for any determination date during the period from July 1, 2016 through and including December 31, 2016. 

2.15 Affiliate Transactions. The proviso in Section 6.07 is hereby deleted. 

2.16 Events of Default. The reference to “Section 5.19” in Section 7.01(c) is hereby amended to read
“Section 5.18, Section 5.19, Section 5.20”. 
 2.17 Survival of Representations, Etc. The following sentences are
added to the end of Section 9.11 to read as follows: 
 To the extent that any payments on the Secured Obligations (including any
payment in respect of any fee or indemnity or any reimbursement of any expense, in each case pursuant to this Agreement) or proceeds of any Collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to
be repaid to a trustee, debtor in possession, receiver or other Person under any Debtor Relief Laws, common law or equitable cause, then to such extent, the Secured Obligations shall be revived and continue as if such payment or proceeds had not
been received and the Administrative Agent’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall continue in full force and effect. In such event, each Loan Document
shall be automatically reinstated and the Borrower shall, and shall cause each other Specified Party and Loan Party to, take such action as may be reasonably requested by the Administrative Agent and the Lenders to effect such reinstatement. 

  
 11 

 2.18 Exhibit B. Exhibit B to the Credit Agreement is hereby amended and restated in its
entirety as set forth on Exhibit B hereto. 
 2.19 Exhibit L. Exhibit L to the Credit Agreement is hereby amended and restated in its
entirety as set forth on Exhibit L hereto and all references to Exhibit L in the Credit Agreement are hereby amended to refer to the “Approved Plan of Development”. 

Section 3. Waiver and Releases. 

3.1 Waiver of Specified Events of Default. Subject to the terms and conditions of this Amendment, the Lenders hereby waive the
Specified Events of Default. 
 3.2 No Other Waivers. Except for the limited waivers set forth in Section 3.1 above, nothing
contained in this Amendment shall be construed as a waiver by Administrative Agent or any Lender of any covenant or provision of the Credit Agreement or any other Loan Document, and the failure of Administrative Agent or any Lender at any time or
times hereafter to require strict performance by any Loan Party or any Specified Party of any provision hereof or thereof shall not waive, affect or diminish any right of Administrative Agent or any Lender to thereafter demand strict compliance
therewith. Administrative Agent and each Lender hereby reserves all rights granted under the Credit Agreement, the other Loan Documents, and applicable law with respect to any Default or Event of Default that has occurred and is continuing or may
hereafter occur (other than the Specified Events of Default waived pursuant to Section 3.1 above). 
 3.3 Release. In
consideration of Administrative Agent’s and the Lenders’ willingness to enter into this Amendment, each Loan Party and each Specified Party hereby releases and forever discharges Administrative Agent and each Lender and each of their
respective Related Parties (all of the foregoing, collectively, the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever,
including, without limitation, all claims, demands and causes of action for contribution and indemnity, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether
absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted (all of the above, collectively, “Claims”), that existed, arose or occurred at any time on or before the date of this Amendment, which any Loan
Party or any Specified Party may have or claim to have against any of the Lender Group in any way related to or connected with the Loan Documents or the transactions contemplated thereby. 

  
 12 

 Section 4. Conditions Precedent . This Amendment shall become effective on the date
(such date, the “First Amendment Effective Date”) when each of the following conditions is satisfied: 
 (a) Administrative
Agent shall have received from the Lenders, Administrative Agent, Borrower and each Specified Party, counterparts (in such number as may be reasonably requested by Administrative Agent) of this Amendment signed on behalf of such Person. 

(b) No Default shall have occurred and be continuing as of the First Amendment Effective Date, after giving effect to the terms of, and the
transactions contemplated by, this Amendment. 
 (c) Borrower shall have paid to Administrative Agent all costs, fees and expenses due and
payable pursuant to the Credit Agreement, including, to the extent invoiced, all reasonable out-of-pocket expenses required to be reimbursed or paid by Borrower under the Credit Agreement, including all invoiced costs, fees, and expenses due and
payable to Simpson Thacher & Bartlett LLP and Blackhill Partners, LLC. 
 (d) Administrative Agent shall have received such other
documents and information as Administrative Agent or its counsel shall have reasonably requested. 
 Section 5. Miscellaneous.

 5.1 Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, and of the other Loan Documents remain in
full force and effect following the effectiveness of this Amendment. 
 5.2 Validity of Obligations. Each Loan Party and each
Specified Party acknowledges and agrees that (a) such Loan Party and such Specified Party is truly and justly indebted to the Secured Parties for the Secured Obligations arising under each document giving rise to such Secured Obligations to
which it is a party, without defense, counterclaim or offset of any kind, and such Loan Party and such Specified Party ratifies and reaffirms the validity, enforceability and binding nature of such Secured Obligations, (b) such Loan Party and
such Specified Party has no claim, right or cause of action of any kind against any Secured Party, any of such Secured Party’s present or former Indemnified Parties, or any of their respective successors and assigns, in connection with the
Secured Obligations, the Credit Agreement and the other Loan Documents, or the transactions contemplated hereby or thereby and (c) each Secured Party has heretofore properly performed and satisfied in a timely manner all of its obligations
under the Loan Documents. 
 5.3 Ratification and Affirmation; Representations and Warranties. Each of Borrower and each Guarantor
hereby: 
 (a) acknowledges the terms of this Amendment; 

(b) ratifies and affirms its respective obligations, and acknowledges its respective continued liability, under each Loan Document to which it
is a party (including with respect to all of the Liens securing the payment and performance of the Secured Obligations) and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby; 

  
 13 

 (c) represents and warrants to the Lenders that the resolutions and governing documents certified
to Administrative Agent and the Lenders by Borrower and such Guarantor on the date of the Credit Agreement remain in full force and effect and have not been amended or otherwise modified; and 

(d) represents and warrants to the Lenders that as of the date hereof, immediately after giving effect to the terms of this Amendment,
(i) the representations and warranties of Borrower and the Guarantors set forth in the Credit Agreement, as amended hereby, and in other Loan Documents are true and correct in all material respects (unless such representation and warranty is
already qualified by materiality, in which case such representation or warranty is simply true and correct) on and as of the date hereof, except to the extent any such representations and warranties are expressly limited to an earlier date, in which
case, on and as of the date hereof, such representations and warranties continue to be true and correct as aforesaid as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing, and (iii) no event,
development or circumstance has occurred or exists that has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

5.4 Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission or other electronic transmission (e.g.,
..pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 5.5 NO ORAL AGREEMENT. THIS AMENDMENT,
THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.6 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 5.7 Payment of Expenses. In accordance with
Section 9.04 of the Credit Agreement, Borrower agrees to pay or reimburse Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Amendment, any other documents prepared
in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP and Blackhill Partners, LLC. 

5.8 Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 

  
 14 

 5.9 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit
of the parties to the Credit Agreement and the other Loan Documents and their respective successors and permitted assigns. 
 5.10 Loan
Document. Each of this Amendment and the First Amendment Fee Letter is a Loan Document. 
 [SIGNATURES BEGIN NEXT PAGE] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first written above. 
  

							
	BORROWER:	 		 	AMERICAN SHALE DEVELOPMENT, INC.
				
		 		 	By:	 	/s/ John G. Corp
		 		 		 	John G. Corp
		 		 		 	President

 SPECIFIED PARTIES: 
  

			
	TRANS ENERGY, INC.
		
	By:	 	/s/ John G. Corp
		 	John G. Corp
		 	President

  

			
	PRIMA OIL COMPANY, INC.
		
	By:	 	/s/ John G. Corp
		 	John G. Corp
		 	President

 ADMINISTRATIVE AGENT: 

 

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	/s/ H. Brett Humphreys
	Name:	 	H. Brett Humphreys
	Title:	 	Vice President

 LENDER: 
  

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	/s/ H. Brett Humphreys
	Name:	 	H. Brett Humphreys
	Title:	 	Vice President

 PAYEE: 
  

			
	MORGAN STANLEY CAPITAL GROUP INC.
		
	By:	 	/s/ H. Brett Humphreys
	Name:	 	H. Brett Humphreys
	Title:	 	Vice President

 SCHEDULE I 

SPECIFIED EVENTS OF DEFAULT 
 Borrower failed to
deliver reports of, among other items, production and lease operating expenses which have been certified as required by Section 5.06(e) of the Credit Agreement (before giving effect to this Amendment) from the period beginning on July 15,
2014 and continuing to the date hereof. 
 Borrower failed to deliver the APOD Certificate as required by Section 5.06(q) of the Credit Agreement
(before giving effect to this Amendment) in connection with the March 15, 2015 Reserve Report. 
 Borrower failed to deliver the quarterly updates and
confirmations relating to the APOD as required by Section 5.06(r) of the Credit Agreement (before giving effect to this Amendment) on each of June 15, 2014, September 15, 2014 and December 15, 2014. 

Borrower made Capital Expenditures other than APOD Capital Expenditures in connection with the acquisition of additional Oil and Gas Properties in violation
of Section 6.19 of the Credit Agreement. 
 Borrower failed to agree with Administrative Agent and Payee, as applicable, on (i) the amount of
proceeds from the Tug Hill Disposition (as defined in the Consent) that will be required to prepay the Loans pursuant to Section 2.03(e) of the Credit Agreement, (ii) the “Fair Value” (as defined in the NPI Conveyance) of the NPI
to be purchased by Borrower in contemplation of the Tug Hill Disposition, (iii) additional amendments to the Credit Agreement to give effect to the Tug Hill Disposition, and (iv) amendments to the APOD to reflect the Tug Hill Disposition,
on or before May 11, 2015 as required by Section 2(b) of that certain Consent and Agreement dated April 27, 2015. 
 Borrower made payments
to Affiliates in violation of the proviso to Section 6.07 of the Credit Agreement during certain months prior to the date hereof. 
 Borrower failed to
comply with the Total Leverage Ratio set forth in Section 6.18 of the Credit Agreement (before giving effect to this Amendment) for the fiscal quarter ending June 30, 2015. 

Borrower failed to comply with Section 5.18 of the Credit Agreement (before giving effect to this Amendment). 

  
 Schedule I 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 

[Attached.] 

  
 Exhibit B 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 

FOR THE PERIOD FROM             , 201     TO
            , 201     (the “Reporting Period”) 

This Certificate dated as of             , is prepared pursuant to the
Credit Agreement dated as of May 21, 2014 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) among American Shale Development, Inc., a Delaware corporation
(“Borrower”), the lenders party thereto from time to time (the “Lenders”), and Morgan Stanley Capital Group Inc., as administrative agent for such Lenders (in such capacity, “Administrative Agent”).
Unless otherwise defined in this Certificate, capitalized terms that are defined in the Credit Agreement shall have the meanings assigned to them by the Credit Agreement. 

The undersigned hereby certifies, in his official capacity and not in his individual capacity, that (a) no Default or Event of Default
has occurred and is continuing, (b) the representations and warranties of each Specified Party and each Loan Party contained in the Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not
be applicable to any representation or warranty that already is qualified or modified by materiality in the text thereof) on and as of the date hereof as though made on and as of the date hereof (except in the case of representations and warranties
which are made solely as of an earlier date or time, which representations and warranties shall be true and correct in all material respects as of such earlier date or time except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof), and (c) as of the last day of the Reporting Period, the following statements, amounts, and calculations were true and correct: 

I. Current Ratio-Section 6.17. Commencing with the fiscal quarter ending on September 30, 2014: 

 

					
	 (a)    current assets of Borrower and its consolidated Subsidiaries1
	  	$	              	  
		
	 (b)    current liabilities of Borrower and its consolidated Subsidiaries2
	  	$	              	  

  

			
	 Current Ratio =
	  	(a) to (b)
	 Current Ratio:
	  	     to     
	 Minimum Current Ratio:
	  	1.00 to 1.00
	 COMPLIANCE?
	  	YES    NO

 [Compliance Certificate continues on next page.] 

 

	1 	As reflected in the financial statements delivered with this Certificate. “Current assets” shall exclude any asset representing a valuation account arising from the application of ASC 718 and 815.

	2 	As reflected in the financial statements delivered with this Certificate. “Current liabilities” shall exclude, as of the date of calculation, the current portion of long-term Debt existing under the Credit
Agreement and any liabilities representing a valuation account arising from stock based compensation, derivatives and hedging and the application of ASC 718 and 815. 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 1 

 II. Asset Coverage Ratio – Section 6.21. Beginning with the fiscal quarter ending
September 30, 2015: 
  

					
	 (a)    PV9
Value3
	  	$	              	  
		
	 (b)    Total Funded Net Debt
	  	$	              	  

  

			
	 Asset Coverage Ratio =
	  	(a) to (b)
	 Actual Asset Coverage Ratio:
	  	     to     
	 Minimum Asset Coverage Ratio:
	  	1.50 to 1.00
	 COMPLIANCE?
	  	YES    NO

 [Signature page follows.] 

 

	3 	For purposes of calculating the Asset Coverage Ratio, the aggregate PV9 Value attributable to Proved Reserves categorized as “Developed Producing Reserves” included in such calculation shall not be less than
(i) 40% of aggregate PV9 Value included in such calculation for any determination date during the period from July 1, 2015 through and including December 31, 2015, (ii) 45% of aggregate PV9 Value included in such calculation for
any determination date during the period from January 1, 2016 through and including June 30, 2016, and (iii) 50% of aggregate PV9 Value included in such calculation for any determination date during the period from July 1, 2016
through and including December 31, 2016. 

  
 Exhibit B – Form of
Compliance Certificate 
 Page 2 

 EXECUTED AND DELIVERED this [●] day of [●], 201[●]. 

 

			
	AMERICAN SHALE DEVELOPMENT, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 Exhibit B – Form of
Compliance Certificate 
 Page 3 

 EXHIBIT M 

APOD 
 APOD Summary1 
  

																					
	Wells	  	Spud Date	 	  	Completion Date	 	  	IP Date	 	  	Drilling Capex	 	  	Completion Costs	 
	 Michaels 2H
	  	 	Nov-15	  	  	 	Apr-16	  	  	 	Jun-16	  	  	$	1,301,100	  	  	$	852,400	  
	 Michaels 07
	  	 	Dec-15	  	  	 	May-16	  	  	 	Jul-16	  	  	$	1,952,560	  	  	$	878,420	  
	 Michaels 15
	  	 	Jan-16	  	  	 	May-16	  	  	 	Jul-16	  	  	$	1,535,740	  	  	$	878,420	  
	 Elliott 1H
	  	 	Dec-15	  	  	 	Jun-16	  	  	 	Aug-16	  	  	$	1,485,399	  	  	$	1,068,503	  
	 Elliott 2H
	  	 	Jan-16	  	  	 	Jun-16	  	  	 	Aug-16	  	  	$	1,326,218	  	  	$	1,068,503	  
	 Elliott 20 11
	  	 	Feb-16	  	  	 	Jul-16	  	  	 	Aug-16	  	  	$	1,017,055	  	  	$	1,068,503	  
	 Wright 2H
	  				  	 	Aug-15	  	  	 	Dec-15	  	  				  	$	393,390	  
	 Wright 1H
	  				  	 	Aug-15	  	  	 	Dec-15	  	  				  	$	393,390	  
	 Michaels 1H
	  				  	 	Apr-16	  	  	 	Jun-16	  	  				  	$	308,780	  
	 Jones 3H
	  				  	 	Sep-15	  	  	 	Dec-15	  	  				  	$	402,474	  
	 Jones 2H
	  				  	 	Sep-15	  	  	 	Dec-15	  	  				  	$	402,474	  

  

																																																																																			
	APOD Summary	  	Apr-15	  	May-15	 	  	Jun-15	 	  	Jul-15	 	  	Aug-15	 	  	Sep-15	 	  	Oct-15	 	  	Nov-15	 	  	Dec-15	 	  	Jan-16	 	  	Feb-16	 	  	Mar-16	 	  	Apr-16	 	  	May-16	 	  	Jun-16	 	  	Jul-16	 	  	Aug-16	 	  	Sep-16	 	  	Oct-16	 	  	Nov-16	 	  	Dec-16	 
	 Michaels 1H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	308,780	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Michaels 2H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,301,100	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	852,400	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Michaels 04
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,952,560	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	878,420	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Michaels 05
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,535,740	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	878,420	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Elliott 1H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,485,399	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,068,503	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Elliott 2H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,326,218	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,068,503	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Elliott 20 11
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,017,055	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	1,068,503	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Wright 2H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	393,390	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Wright 1H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	393,390	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Michaels 1H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Jones 3H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	402,474	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
	 Jones 2H
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	402,474	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  
		  	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	—  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	786,781	  	  	 	804,948	  	  	 	—  	  	  	 	1,301,100	  	  	 	3,437,959	  	  	 	2,861,958	  	  	 	1,017,055	  	  	 	—  	  	  	 	1,161,180	  	  	 	1,756,840	  	  	 	2,137,006	  	  	 	1,068,503	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  

  

	(1)	Dates and amounts reflect current estimates 

  
 Exhibit M

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]