Document:

Exhibit 10.10

 

 

ASSIGNMENT OF DEEDS OF
TRUST, LINE OF CREDIT MORTGAGES, ASSIGNMENTS, SECURITY AGREEMENTS, FIXTURE
FILINGS AND FINANCING STATEMENTS

BY

 

NGP
CAPITAL RESOURCES COMPANY,
as Agent,

as Assignor,

 

TO

 

CIT CAPITAL USA INC., as
Successor Agent,

as Assignee,

 

Relating to Premises in:

 

Eddy County, New Mexico

Lea County, New Mexico

 

DATED:  As of June 26, 2009

 

 

This instrument was prepared

by and after recording should be returned to:

 

Vinson & Elkins, LLP

First City Tower

1001 Fannin St., Suite 2500

Houston, TX 77002

Attn: Linda Daugherty

 

 

THIS ASSIGNMENT OF DEEDS OF TRUST, LINE OF CREDIT MORTGAGES, ASSIGNMENTS,
SECURITY AGREEMENTS, FIXTURE FILINGS AND FINANCING STATEMENTS (this “Assignment”),
is made as of June 26, 2009, BY NGP
CAPITAL RESOURCES COMPANY, a Delaware corporation, having an office at 1221
McKinney Street, Suite 2975, Houston, Texas 77002, as Agent (the “Assignor”),
to and in favor of CIT CAPITAL USA INC., a Delaware corporation, having an
office at 505 Fifth Avenue, 10th Floor, New York,
New York 10017, as Successor Agent (as defined below) (the “Assignee”).

 

WHEREAS,
the Assignor is currently party to that certain Amended and Restated Credit Agreement
dated as of July 11, 2008 (as amended, restated, supplemented or otherwise
modified, the “Credit Agreement”);

 

WHEREAS,
the Assignor has resigned as Administrative Agent under the Credit Agreement
and the other Loan Documents (as defined in the Credit Agreement); and

 

WHEREAS,
pursuant to that certain Resignation and Appointment of Administrative Agent
Agreement, as of even date herewith, the parties to the Credit Agreement
mutually agreed to ratify the appointment of Assignee as successor Administrative
Agent (in such capacity, the “Successor Agent”) under the Credit
Agreement and the other Loan Documents (as defined in the Credit Agreement) and
the Successor Agent wishes to accept such appointment.

 

NOW
THEREFORE, for One Dollar ($1.00) and other good and sufficient consideration,
the receipt and sufficiency of which are hereby acknowledged, Assignor hereby
grants, bargains, sells, conveys, assigns, transfers, and endorses to Assignee,
its successors and assigns, without recourse, all its right, title and interest
in and to those certain deeds of trust described on Schedule A hereto
(as amended, the “Deeds of Trust”; capitalized terms used but not
defined herein shall have the meaning ascribed to them in the Deeds of Trust)
in favor of Assignor and securing certain indebtedness described therein, which
Deeds of Trust encumber that certain real property described therein.

 

TOGETHER WITH all of the right, title and interest of Assignor, in
its capacity as Agent from time to time, in the secured indebtedness, and all
of Assignor’s rights to enforce the secured indebtedness by enforcement of the Deeds
of Trust and otherwise.

 

TO HAVE AND TO HOLD the Deeds of Trust unto Assignee and to the
successors and assigns of Assignee forever.

 

THIS ASSIGNMENT IS MADE WITHOUT RECOURSE AND WITHOUT ANY
REPRESENTATIONS AND/OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED,
BY OPERATION OF LAW OR OTHERWISE.

 

[Signature page follows.]

 

 

IN TESTIMONY WHEREOF, the undersigned has caused this instrument
to be executed by its duly authorized officer on the date of its respective
acknowledgment, but to be effective as of the           
day of June, 2009.

 

 

	
   

  	
  NGP CAPITAL RESOURCES COMPANY,

  
	
   

  	
  as Agent, as Assignor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Kelly Plato

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  R. Kelly Plato,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice
  President

  

 

 

	
  STATE OF TEXAS

  	
  §

  
	
   

  	
  §

  
	
  COUNTY OF HARRIS

  	
  §

  

 

The
foregoing instrument was acknowledged before me this         
day of June, 2009 by R. Kelly Plato, Senior
Vice President of NGP Capital Resources Company, a Delaware
corporation, on behalf of such corporation.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  

 

[SEAL]

 

 

Signature
Page to

Assignment
of Deed of Trust

(New
Mexico & Texas)

 

 

Schedule
A

 

DESCRIPTION OF DEEDS OF TRUST

 

1.             Deed of Trust, Line of Credit
Mortgage, Assignment, Security Agreement, Fixture Filing and Financing
Statement dated as of May 1, 2006 from Resaca Exploitation, LP for the benefit
of NGP Capital Resources Company, as Agent, filed as follows:

 

	
  JURISDICTION

  	
   

  	
  FILING INFORMATION

  	
   

  	
  FILE DATE

  
	
  Eddy
  County, New Mexico

  	
   

  	
  Book
  642 Pg 1065

  	
   

  	
  5/08/06

  
	
  Lea
  County, New Mexico

  	
   

  	
  Doc
  # 21694 Book 1441 Pg 670

  	
   

  	
  05/08/06

  
	
  Crane
  County, Texas

  	
   

  	
  Doc
  # 0087094 Vol. 0477 Pg 219

  	
   

  	
  05/06/06

  
	
  Ector
  County, Texas

  	
   

  	
  Doc
  # 00007413 Vol. 2028 Pg 21

  	
   

  	
  05/10/06

  
	
  Howard
  County, Texas

  	
   

  	
  Doc
  # 00002197 Vol. 1007 Pg 154

  	
   

  	
  05/08/06

  
	
  Mitchell
  County, Texas

  	
   

  	
  Vol.
  719 Pg 723

  	
   

  	
  05/08/06

  
	
  Pecos
  County, Texas

  	
   

  	
  Vol.
  346 Pg 309

  	
   

  	
  05/08/06

  
	
  Winkler
  County, Texas

  	
   

  	
  Vol.
  537 Pg 661

  	
   

  	
  05/08/06

  

 

2.             First Amendment to Deed of Trust,
Line of Credit Mortgage, Assignment, Security Agreement, Fixture Filing and
Financing Statement dated as of July 11, 2008 from Resaca Exploitation, Inc.
for the benefit of NGP Capital Resources Company, as Agent, filed as follows:

 

	
  JURISDICTION

  	
   

  	
  FILING INFORMATION

  	
   

  	
  FILE DATE

  
	
  Eddy
  County, New Mexico

  	
   

  	
  Book
  0752 Pg 0296

  	
   

  	
  09/11/08

  
	
  Lea
  County, New Mexico

  	
   

  	
  Doc
  # 61041 Book 1600 Pg 799

  	
   

  	
  09/11/08

  
	
  Crane
  County, Texas

  	
   

  	
  Vol.
  498 Pg 651

  	
   

  	
  09/12/08

  
	
  Ector
  County, Texas

  	
   

  	
  Vol.
  2281 Pg 646

  	
   

  	
  09/12/08

  
	
  Howard
  County, Texas

  	
   

  	
  Vol.
  1110 Pg 642

  	
   

  	
  09/11/08

  
	
  Mitchell
  County, Texas

  	
   

  	
  Vol.
  746 Pg 493

  	
   

  	
  09/11/08

  
	
  Pecos
  County, Texas

  	
   

  	
  Vol.
  364 Pg 38

  	
   

  	
  09/11/08

  
	
  Winkler
  County, Texas

  	
   

  	
  Doc
  # C1101

  	
   

  	
  09/11/08Exhibit
10.11

 

RATIFICATION
OF MASTER AGREEMENT

dated as of July 11, 2008

between BP Corporation North America Inc. (BPCNA”)

and Resaca Exploitation, Inc., a Texas Corporation (“Counterparty”)

 

BPCNA
and Counterparty, then known as Resaca Exploitation, LP, a Delaware limited
partnership (“Resaca LP”) have previously entered into that certain ISDA Master
Agreement dated as of April 28, 2006 as amended by that certain Amendment
Agreement (the “Amendment”) dated as of October 12, 2007 and that certain
Restated Amendment Agreement (the “Restated Amendment”) dated as of June 17,
2008 (the “Agreement”), which Agreement includes all Confirmations exchanged
between the parties confirming the Transactions thereunder. Counterparty has
informed BPCNA that it has converted from a Delaware limited partnership to a
Texas corporation in contemplation of the Offering (as defined in the Restated
Amendment), and, upon execution and delivery of this Ratification of Master
Agreement (this “Ratification”) the “Effective Date” as defined in the Restated
Amendment shall have occurred.

 

1.                                      Assumption
of the Agreement

 

(A)                              Effective as of
                    ,
2008 and pursuant to that certain Plan of Conversion of Resaca Exploitation, LP
into Resaca Exploitation, Inc., Counterparty was duly formed by conversion
of Resaca LP under applicable law. As a result of such conversion, the business
of Resaca LP is being continued by Counterparty in all respects and
Counterparty has undertaken and assumed by operation of law, and hereby undertakes
and assumes, all of the rights, obligations and liabilities of Resaca LP with
respect to the Agreement and the Security Documents (as defined in the
Agreement) accruing prior to, on or subsequent to the date hereof and with the same force and effect as if originally
named therein as a party in the place and stead of Resaca LP (for the avoidance of doubt, including any rights,
obligations and liabilities of Resaca LP required to be performed by it on or
prior to the date hereof with respect to the Agreement and the Security
Documents), and hereby confirms that it shall be deemed a party to the
Agreement and each Security Document to which Resaca LP is a party and shall be
bound by all the terms thereof as if therein named.

 

(B)                                Counterparty hereby agrees that any and all
actions by Resaca LP, the general partner of Resaca LP and/or the officers of
the general partner of Resaca LP on behalf of Resaca LP for and on behalf of
and in the name of Resaca LP prior to its conversion from a Delaware limited
partnership to a Texas corporation assumption and the execution and delivery of
this Ratification, in connection with any of the foregoing matters, including,
but not limited to, negotiations of the terms and/or the execution and delivery
of the Agreement, any Confirmations or Transactions entered into under and as
part of such Agreement, and the Security Documents be, and they are hereby
ratified, confirmed and shall be binding upon Counterparty in all respects for
all purposes;

 

2.             Representations

 

Counterparty
represents to BPCNA that all representations contained in the Agreement are
true and accurate as of the date of this Ratification and that such
representations are deemed to be given or repeated by it, as the case may be,
on the date of this Ratification.

 

Counterparty
hereby represents to BPCNA as follows:

 

(a)  it has the
power to, and has taken all action necessary for it to, execute and deliver
this Ratification;

 

1

 

(b)  its execution
and delivery of this Ratification does not violate or conflict with any law
applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of
its assets;

 

(c)  all
governmental and other consents that are required to have been obtained by it
with respect to its execution and delivery of this Ratification have been
obtained and are in full force and effect, and all conditions of all such
consents have been complied with;

 

(d)  this
Ratification is its legal, valid and binding agreement, enforceable against it
in accordance with the terms of this Ratification (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditors’ rights generally);

 

(e)  the Agreement
is in full force and effect; and

 

(f)  the person
executing this Ratification on its behalf has been duly authorized by it to
execute and deliver this Ratification.

 

3.             Miscellaneous

 

(a)  Definitions. Capitalized terms used in this Ratification
and not otherwise defined herein shall have the meanings specified for such
terms in the Agreement.

 

(b)  Entire Agreement. This Ratification constitutes the entire agreement
and understanding of the parties with respect to its subject matter and
supersedes all oral communications and prior writings (except as otherwise
provided herein) with respect thereto.

 

(c)  Counterparts. This Ratification may be executed and delivered
in counterparts (through facsimile transmission or otherwise in writing), each
such counterpart shall be deemed an original, and all such counterparts,
together, shall constitute a single agreement.

 

(d)  Headings. The headings used in this Ratification are
for convenience or reference only and are not to affect the construction of or
to be taken into consideration in interpreting this Ratification.

 

(e)  Governing Law. THIS RATIFICATION SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this
Ratification to be duly executed as of the day and year first above written.

 

 

	
   

  	
  RESACA EXPLOITATION, INC., a Texas
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John
  J. Lendrum III

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
  Date:

  	
  7/2/08

  
	
   

  	
  Name:

  	
  John J. Lendrum III

  
	
   

  	
   

  
	
  Acknowledged
  and Agreed by:

  	
   

  
	
   

  	
   

  
	
  BP CORPORATION NORTH AMERICA INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Tom Nuelle

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Tom Nuelle

  	
   

  	
   

  
	
  Title:

  	
  Head of Houston Middle Office Control

  	
   

  	
   

  
	
  Date:

  	
  7-2-08

  	
   

  	
   

  

 

3

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