Document:

Exhibit 10.1

 

EXECUTION VERSION

 

STOCKHOLDERS’ AGREEMENT

 

This STOCKHOLDERS’
AGREEMENT (this “Agreement”), dated as of March 6, 2020, is entered into by and among WPX Energy, Inc.,
a Delaware corporation (the “Company”), Felix Investments Holdings
II, LLC, a Delaware limited liability company (the “Investor”) and, solely for purposes of Section 2.1,
Section 3.5, Section 3.7 and Section 5.10, EnCap
Energy Capital Fund X, L.P. (“EnCap”), and, solely for purposes of Section 3.5, the Management
Group (as defined below).

 

WHEREAS, the Investor
and the Company have and will effect the transactions contemplated by that certain Securities Purchase Agreement (the “Purchase
Agreement”), dated as of December 15, 2019 (the “Signing Date”), pursuant to which,
among other things, the Investor has received 152,963,671 shares (the “Issued Shares”) of the Company’s
common stock, par value $0.01 per share (“Common Stock”); and

 

WHEREAS, in connection
with, and effective upon, the date of the closing of the transactions contemplated by the Purchase Agreement (the “Closing
Date”), the Company and the Investor desire to enter into this Agreement to set forth certain understandings among
themselves.

 

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

 

ARTICLE I

DEFINITIONS

 

Section 1.1     Certain
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common
Control with, such specified Person. For purposes of this Agreement, no party to this Agreement shall be deemed to be an Affiliate
of another party to this Agreement solely by reason of the execution and delivery of this Agreement.

 

“Beneficial
Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting of, such security
and/or (b) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The term
 “Beneficially Own” shall have a correlative meaning. For the avoidance of doubt, for purposes of this
Agreement, the Investor is deemed to Beneficially Own the shares of Common Stock owned by it notwithstanding the fact that such
shares are subject to this Agreement.

 

“Board”
means the Board of Directors of the Company.

 

“Control”
(including the terms “Controls,” “Controlled by” and “under common
Control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

     

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Governance
Committee” means the Nominating, and Governance, Environmental and Public Policy Committee of the Board.

 

“Governmental
Entity” means any court, governmental, regulatory or administrative agency or commission or other governmental authority
or instrumentality, domestic or foreign.

 

“Group”
shall have the meaning in set forth in Section 13(d) of the Exchange Act.

 

“Investor
Director” means the persons listed on Exhibit A hereto, or any other person designated to replace such
persons in accordance with the terms hereof.

 

“Investor
Group” means the Investor and each of its Affiliates; provided, however, that for purposes of this definition
of Investor Group, neither the Investor nor its Affiliates shall be considered to be an Affiliate of the Company or any person
Controlled by the Company.

 

“Law”
means any law, rule, regulation, ordinance, code, judgment, order, treaty, convention, governmental directive or other legally
enforceable requirement, U.S. or non-U.S., of any Governmental Entity, including common law.

 

“Management
Group” means Skye Callantine and Michael Horton.

 

“Necessary
Action” means, with respect to a specified result, any and all actions necessary to cause such result, including
but not limited to executing any and all agreements and instruments that are required to achieve such result and making, or causing
to be made, with any and all Governmental Entities, all filings, registrations or similar actions that are required to achieve
such result (but solely to the extent such actions are permitted by Law).

 

“Non-Affiliated
Directors” means a director who qualifies as “independent” under the rules of the NYSE or the rules of
such other national securities exchange on which the Company Common Stock is then listed or trading and who is not an Investor
Director.

 

“Organizational
Documents” means the Company’s certificate of incorporation, bylaws and certificates of designations, each
as amended from time to time in accordance with its terms.

 

“Permitted
Transferee” means (i) any direct or indirect member of the Investor who receives shares of Common Stock as a
result of a distribution of Common Stock by the Investor (or any subsequent distribution of such shares of Common Stock by any
such direct or indirect member of Investor) and (ii) any Affiliate of the Investor.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality,
domestic or foreign and any subdivision thereof or other entity, and also includes any managed investment account.

 

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“Public
Portfolio Companies” means any Person in which EnCap or one of its Affiliates has made an investment that has securities
that trade on a national securities exchange or on an “over-the-counter” market together with any Controlled Affiliates
thereof.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Subject
Policy” means each policy of the Board in place as of the Signing Date that was in effect and applicable to the
other Directors (a copy of which was provided to the Investor on or prior to the Signing Date or was available on the Signing
Date on EDGAR or the Company’s website at www.wpxenergy.com), each subsequent policy of the Board required by Law
that is in effect and applicable to all Non-Affiliated Directors, and each other subsequent policy of the Board unless such policy
would have the effect of excluding the Investor Directors named on Exhibit A from serving on the Board.

 

Section 1.2           Rules of
Construction.

 

(a)          Unless
the context requires otherwise: (i) any pronoun used in this Agreement shall include the corresponding masculine, feminine
or neuter forms; (ii) references to Articles and Sections refer to articles and sections of this Agreement; (iii) the
terms “include,” “includes,” “including” and words of like import shall be deemed to be followed
by the words “without limitation”; (iv) the terms “hereof,” “hereto,” “herein”
or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) unless
the context otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”;
(vi) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will
have correlative meanings; (vii) references to any Law or statute shall include all rules and regulations promulgated
thereunder, and references to any Law or statute shall be construed as including any legal and statutory provisions consolidating,
amending, succeeding or replacing the applicable Law or statute; (viii) references to any Person include such Person’s
successors and permitted assigns; and (ix) references to “days” are to calendar days unless otherwise indicated.

 

(b)          The
headings in this Agreement are for convenience and identification only and are not intended to describe, interpret, define or
limit the scope, extent or intent of this Agreement or any provision thereof.

 

(c)          This
Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that
drafted or caused this Agreement to be drafted.

 

ARTICLE II

REPRESENTATIONS
AND WARRANTIES

 

Section 2.1           Representations
and Warranties. Each party hereto represents and warrants to the other party as follows: (i) such party has full legal
right and capacity to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions
contemplated by this Agreement; (ii) this Agreement has been duly executed and delivered by such party and the execution,
delivery and performance of this Agreement by it and the consummation of the transactions contemplated by this Agreement have been
duly authorized by all Necessary Action on the part of such party and no other actions or proceedings on the part of such party
are necessary to authorize this Agreement or to consummate the transactions contemplated by this Agreement; (iii) this Agreement
constitutes the valid and binding agreement of such party, enforceable against such party in accordance with its terms; and (iv) the
execution and delivery of this Agreement by such party does not, and the consummation of the transactions contemplated by this
Agreement and the compliance with the provisions of this Agreement will not, conflict with or violate any Laws or agreements binding
upon such party, nor require any authorization, consent or approval of, or filing with, any Governmental Entity, except, with respect
to the Company, for filings with the SEC by the Company.

 

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ARTICLE III

COVENANTS

 

Section 3.1           Designees.

 

(a)          On
the Closing Date, the Company will take all Necessary Action to cause the Investor Directors listed in Exhibit A hereto
to be appointed to the Board.

 

(b)          From
and after the Closing Date until the Board Designation Expiration Date, the manner for selecting nominees for election to the Board
will be as follows, subject to Section 3.4:

 

(i)            In
connection with each annual or special meeting of stockholders of the Company at which directors are to be elected (each such annual
or special meeting, an “Election Meeting”), the Investor shall have the right to designate for nomination a
number of Investor Directors as follows: (A) during any time that the Investor Group and the Management Group collectively
Beneficially Own, and have collectively Beneficially Owned at all times from the Closing Date through such Election Meeting, at
least twenty percent (20%) of the outstanding shares of Common Stock, two (2) Investor Directors or (B) during any time
that the Investor Group and the Management Group do not collectively satisfy the tests set forth in the preceding clause (A) but
do collectively Beneficially Own, and have collectively Beneficially Owned at all times from the Closing Date through such Election
Meeting, at least ten percent (10%) of the outstanding shares of Common Stock, one (1) Investor Director.

 

(ii)           The
Investor shall give written notice to the Governance Committee of each such Investor Director no later than the date that is sixty
(60) days before the first anniversary of the date that the Company’s annual proxy for the prior year was first mailed to
the Company’s stockholders and the Investor shall provide, or cause such individual(s) to provide, to the Company,
such information about such individuals and the nomination to the Company at such times as the Company may reasonably request
in order to ensure compliance with the applicable stock exchange rules and the applicable securities Laws, and to enable
the Board of any committee thereof to make determinations with respect to the qualifications of the individual(s) to be Investor
Director(s) (the “Required Information”); provided, however, that if the Investor fails
to give such notice or the Required Information in a timely manner, then the Investor shall be deemed to have nominated the incumbent
Investor Director or Investor Directors, as applicable, in a timely manner. The Investor shall also provide to the Company, upon
reasonable request from the Company and in connection with providing the Required Information, evidence reasonably satisfactory
to the Company that the Investor Group and the Management Group collectively Beneficially Own the number of shares of Common Stock
that would be required to designate the number of Investor Directors pursuant to this Section 3.1(b) then serving
on the Board or then being designated to the Board in connection with an Election Meeting, as applicable.

 

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(iii)          In
the event that the Company amends its certificate of incorporation to provide that the Board shall be classified into separate
classes of directors, then proper provision shall be made such that the designees of the Investor shall be distributed as evenly
as possible among such classes of directors in order to preserve the designation rights of the Investor in accordance with this
Section 3.1.

 

(c)          From
and after the Closing Date until the Board Designation Expiration Date, the Company shall take all Necessary Actions to cause
the Board to include the Investor Director(s) entitled to be designated by the Investor pursuant to Section 3.1(b) and
otherwise to reflect the Board composition contemplated by Section 3.1, including the following: (i) at each
Election Meeting, include (x) the Investor Director(s) entitled to be designated by the Investor pursuant to Section 3.1(b) in
the slate of nominees recommended by the Board to the Company’s stockholders for election as directors, (ii) to solicit
proxies in order to obtain stockholder approval of the election of the Investor Director(s), including causing officers of the
Company who hold proxies (unless otherwise directed by the Company stockholder submitting such proxy) to vote such proxies in
favor of the election of such Investor Director(s) and (iii) to cause the Investor Director(s) to be elected to
the Board, including recommending that the Company’s stockholders vote in favor of the Investor Director(s) in any
proxy statement used by the Company to solicit the vote of its stockholders in connection with each Election Meeting.

 

(d)          If
at any time the number of Investor Directors serving on the Board exceeds the total number of Investor Directors the Investor is
entitled to designate pursuant to Section 3.1(b), then unless otherwise requested by the Board by action of the Non-Affiliated
Directors, the Investor shall promptly (and in any event prior to the time the Board next takes any action, whether at a meeting
or by written consent) cause one or more such Investor Director(s) to resign from the Board such that, following such resignation(s),
the number of Investor Directors serving on the Board does not exceed the total number of Investor Directors the Investor is entitled
to designate pursuant to Section 3.1(b).

 

(e)          On
the earliest to occur of (the “Board Designation Expiration Date”) (i) the Investor Group and the
Management Group collectively Beneficially Owning less than ten percent (10%) of the outstanding shares of Common Stock and (ii) such
date that the Investor delivers a written waiver of its rights under this Section 3.1 and Section 3.2
to the Company (which shall be irrevocable) the Investor will have no further rights under this Section 3.1 or Section 3.2.

 

(f)           For
the avoidance of doubt and subject to Section 3.5 and Section 3.7, the rights granted to Investor to designate
members of the Board are additive to, and not intended to limit in any way, the rights that the Investor may have to nominate,
elect or remove directors under the Organizational Documents or Delaware General Corporation Law.

 

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Section 3.2           Vacancies.
Subject to Section 3.1 and Section 3.4, if at any time the number of Investor Directors serving on the
Board is less than the total number of Investor Directors the Investor is entitled to designate pursuant to Section 3.1(b),
whether due to the death, resignation, retirement, disqualification or removal from office as a member of the Board of an Investor
Director or otherwise, the Board shall take all Necessary Action required to fill the vacancy resulting therefrom with such replacement
designated by the Investor as promptly as practicable. In furtherance thereof, the Company and the Board shall use its reasonable
best efforts, if requested by the Investor on a timely basis, to fill such vacancy prior to the time the Board next takes action
on any other matter.

 

Section 3.3           Compensation;
Indemnification. Each Investor Director shall be entitled to the same expense reimbursement and advancement, exculpation and
indemnification in connection with his or her role as a director as the other members of the Board, as well as reimbursement for
documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee of the Board of which
such Investor Director is a member, if any, in each case to the same extent as the other members of the Board. Each Investor Director
shall be also entitled to any retainer, equity compensation or other fees or compensation paid to the non-employee directors of
the Company for their services as a director, including any service on any committee of the Board.

 

Section 3.4           Selection
of Investor Directors; Committees.

 

(a)          Each
Investor Director’s service as a member of the Board must be reasonably acceptable to the Governance Committee. The parties
hereto agree that the persons listed on Exhibit A to this Agreement are qualified for service pursuant to the foregoing
sentence. Subject to applicable Law and stock exchange rules, until the Board Designation Expiration Date, each committee of the
Board shall include at least one Investor Director, subject to any limitations imposed by Law or stock exchange rules (including
with respect to director independence requirements).

 

(b)          Notwithstanding
anything to the contrary herein, the Investor shall not be entitled to designate any Investor Director pursuant to Section 3.1(a) to
the Board if the Board or a committee thereof reasonably determines that (i) the election of such Investor Director to the
Board would cause the Company to not be in compliance with applicable Law or (ii) such Investor Director has been involved
in any of the events that would be required to be disclosed in a registration statement on Form S-1 pursuant to Item 401(f)(2)-(8) of
Regulation S-K under the Securities Act of 1933 or is subject to any order, decree or judgment of any Governmental Entity prohibiting
service as a director of any public company. In any such case described in clauses (i) or (ii) of the immediately preceding
sentence, the Investor shall withdraw the designation of such proposed Investor Director, and, subject to the requirements of this
Section 3.4(b) be permitted to designate a replacement therefor (which replacement Investor Director will also
be subject to the requirements of this Section 3.4(b)). The Company hereby agrees that the Investor Directors listed
on Exhibit A to this Agreement would not be prohibited from serving on the Board pursuant to clause (i) of the
first sentence of this Section 3.4(b).

 

(c)          Subject
to Section 3.7, the Board may impose as a condition to an Investor Director serving on the Board that such Investor
Director agree to, and be subject to, each Subject Policy. For the avoidance of doubt, no Subject Policy shall modify any of the
rights and obligations of the parties to this Agreement, the Registration Rights Agreement between the parties dated as of the
date hereof, the Purchase Agreement or any other agreement entered into between the parties in connection with the transactions
contemplated by the Purchase Agreement.

 

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Section 3.5           Voting
With Respect to Election Meetings. From and after the date of this Agreement, until the Board Designation Expiration Date, Investor,
EnCap and the Management Group agree to, EnCap agrees to cause its Controlled Affiliates to, and Investor agrees to cause its Affiliates
to (i) cause all voting securities of the Company held by such Persons or over which any such Person otherwise has voting
discretion or control to be present at any Election Meeting either in person or by proxy; (ii) to vote such voting securities
Beneficially Owned by such Person or over which such Person otherwise has voting discretion or control (A) in favor of all
director nominees nominated by the Governance Committee, (B) against any other nominees and (C) against the removal of
any Director (other than an Investor Director) unless the Governance Committee so recommends in favor of such removal (such recommendation
not to be made without the approval of a majority of the Non-Affiliated Directors).

 

Section 3.6           Lock-up.
The Investor shall not, without the prior written consent of the Company, during the period commencing on the Closing Date and
continuing for one hundred and eighty (180) days after the Closing Date (the “Lock-up Period”), (a) offer,
pledge, sell, contract to sell, grant any option, right or warrant to purchase, give, assign, hypothecate, pledge, encumber, grant
a security interest in, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend or otherwise transfer or dispose of (including through any hedging or other similar transaction) any
economic, voting or other rights in or to the Issued Shares, or otherwise transfer or dispose of, directly or indirectly, or (b) enter
into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Issued
Shares (any such transaction described in clause (a) or (b) above, a “Transfer”). Notwithstanding
the foregoing, the restrictions set forth in this Section 3.6 shall not apply to (i) Transfers involving in the
aggregate no more than 50,987,890 shares of Common Stock (as appropriately adjusted for any stock split, stock dividend or similar
transaction), (ii) Transfers to Permitted Transferees; provided, however, that any such Permitted Transferee must agree
in an executed written agreement (a copy of which will be delivered to the Company) for the benefit of the Company to be bound
by the terms of this Section 3.6 prior to such Transfer or distribution, as applicable, and that any Permitted Transferee
that is an Affiliate of the Investor and does not otherwise qualify as a Permitted Transferee shall also agree that such Person
shall Transfer such shares of Common Stock back to the Investor if, during the Lock-Up Period, such Person ceases to be an Affiliate
of the Investor, or (iii) any Transfers made in connection with any tender offer, exchange offer, merger, consolidation or
other similar transaction approved or recommended by the Board or a committee thereof. Notwithstanding the foregoing, EnCap shall
not be entitled to distribute shares of Common Stock to its limited partners during the Lock-Up Period. In connection with any
Transfer to a Permitted Transferee, the Company agrees to not take any action that would cause such Transfer to be subject to requirements
imposed by any “fair price,” “moratorium,” “control share acquisition,” “business combination”
or any other anti-takeover statute or similar statute enacted under applicable Law (“Takeover Laws”),
and, at the request of the Investor, will take all reasonable steps within its control to exempt (or ensure the continued exemption
of) the Transfer from the Takeover Laws of any state that purport to apply to such transaction.

 

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Section 3.7           Standstill.

 

(a)          During
the period commencing on the date of this Agreement and continuing until the thirty-six (36) month anniversary of the Closing Date
(the “Standstill Termination Date”), except for any time during such thirty-six (36) month period during which
the Investor Group collectively Beneficially Owns less than ten percent (10%) of the outstanding shares of Common Stock, unless
such action shall have been specifically invited in writing by the Board, EnCap shall not and shall cause its Controlled Affiliates
(other than Public Portfolio Companies) not to:

 

(i)            make
any proposal or offer to the Board or any of the Company’s stockholders regarding, or make any public announcement, proposal
or offer (including any “solicitation” of “proxies” as such terms are defined or used in Regulation 14A
of the Exchange Act) with respect to, or otherwise solicit, seek or offer to effect (i) any business combination, merger,
tender offer, exchange offer or similar transaction involving the Company or any of its subsidiaries, (ii) any restructuring,
recapitalization, liquidation or similar transaction involving the Company or any of its subsidiaries; provided, however,
that nothing in this Section 3.7(a) shall prohibit EnCap or a Controlled Affiliate of EnCap from privately communicating
any such proposal or offer to the Company so long as such private communications do not trigger public disclosure obligations of
or for any Person (including the filing of a Schedule 13D or Schedule 13G or any amendment thereof);

 

(ii)           form,
join or in any way participate in any Group with any Person with respect to any Common Stock other than forming, joining or in
any way participating in a Group solely between or among (i) EnCap and its Affiliates or (ii) EnCap and its Affiliates
and any other Permitted Transferee with respect any shares of Common Stock Transferred to any such Permitted Transferee not in
violation of the terms of this Agreement;

 

(iii)          enter,
agree to enter, propose or offer to enter into any merger, business combination, recapitalization, restructuring, change in control
transaction or other similar extraordinary transaction involving the Company or any of its subsidiaries (unless such transaction
is affirmatively publicly recommended by the Board);

 

(iv)          otherwise
act with any Person, including by providing financing for another party, to seek to control or influence the management, the Board
or the policies of the Company;

 

(v)           acquire,
agree or propose or offer to acquire (including through any hedging or other similar transaction) any Common Stock or securities
that are convertible or exchangeable into (or exercisable for) Common Stock, other than as a result of any stock split or stock
dividend of voting securities of the Company; provided, however, that these restrictions shall not apply to any
acquisition of, or agreement or proposal to acquire, Common Stock of the Company if immediately following any such acquisition
or contemplated acquisition EnCap and its Controlled Affiliates collectively Beneficially Own no more than the greater of (i) 152,963,671
shares of Common Stock (as appropriately adjusted for any stock split, stock dividend or similar transaction) and (ii) twenty-seven
percent (27%) of the outstanding shares of Common Stock;

 

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(vi)          call,
or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action by stockholders of
the Company;

 

(vii)         publicly
disclose any intention, plan or arrangement prohibited by, or inconsistent with, the foregoing;

 

(viii)        except
as expressly permitted by this Agreement or required under the order of a court of competent jurisdiction, transfer any Common
Stock into a voting trust or similar contract or subject any Common Stock to any voting agreement, pooling arrangement or similar
arrangement, or grant any proxy with respect to any Common Stock, in each case other than (A) to the Company or a person specified
by the Company in a proxy card provided to shareholders of the Company by or on behalf of the Company or (B) solely among
EnCap and its Affiliates and any other Permitted Transferee with respect any shares of Common Stock Transferred to any such Permitted
Transferee not in violation of the terms of this Agreement; or

 

(ix)          knowingly
facilitate, encourage or assist any third party to do any of the foregoing.

 

(b)          The
Investor and EnCap further agree that they shall not, and shall cause their Controlled Affiliates (other than Public Portfolio
Companies) to not, without the prior written consent of the Company, publicly request the Company to amend or waive any provision
of this Section 3.7 (including this sentence) or do so in any other manner that would require the Company to publicly
disclose such request.

 

(c)          Notwithstanding
the foregoing, the parties agree and acknowledge that (i) EnCap and its Controlled Affiliates may vote their shares of Common
Stock at any meeting of holders of Common Stock in their sole discretion, (ii) the limitations set forth in this Section 3.7
shall in no way limit the activities of any Investor Director, so long as such activities are undertaken in his or her capacity
as a director of the Company, or limit any communication between or among EnCap and its Affiliates or any Permitted Transferee
with respect to any shares of Common Stock Transferred to any such Permitted Transferee, (iii) EnCap and its Affiliates may
coordinate any such vote with, act in concert with, and be part of a Group with, any other Affiliate of EnCap or any Permitted
Transferee with respect to any shares of Common Stock Transferred to any such Permitted Transferee, and (iv) nothing in this
Section 3.7 shall apply to potential or actual purchases or sales of oil and/or gas assets or interests between EnCap
or any of its Affiliates, on the one hand, and the Company or any of its subsidiaries, on the other hand.

 

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Section 3.8          Waiver
of Corporate Opportunities. It is hereby acknowledged that members of the Investor Group participate in, and own and will own
substantial equity interests in other entities (existing and future) that participate in, the energy industry (“Portfolio
Companies”) and may make investments and enter into advisory service agreements and other agreements from time to
time with those Portfolio Companies. Any individual who serves as an Investor Director may also serve as an employee, partner,
officer, director, or member of the Investor Group or Portfolio Companies and, at any given time, members of the Investor Group
or Portfolio Companies may be in direct or indirect competition with the Company and/or its subsidiaries. The Company waives, to
the maximum extent permitted by Law, the application of the doctrine of corporate opportunity (or any analogous doctrine) with
respect to the Investor Group or Portfolio Companies or any Investor Director. As a result of such waiver, no member of the Investor
Group or Portfolio Companies, nor any Investor Director, shall have any obligation to refrain from: (A) engaging in or managing
the same or similar activities or lines of business as the Company or any of its subsidiaries or developing or marketing any products
or services that compete (directly or indirectly) with those of the Company or any of its subsidiaries; (B) acquiring assets
in the same or similar areas of operation and lines of business of the Company; (C) investing in, owning or disposing of any
(public or private) interest in any Person engaged in the same or similar activities or lines of business as, or otherwise in competition
with, the Company or any of its subsidiaries (including any member of the Investor Group, a “Competing Person”);
(D) developing a business relationship with any Competing Person; or (E) entering into any agreement to provide any service(s) to
any Competing Person or acting as an officer, director, member, manager or advisor to, or other principal of, any Competing Person,
regardless (in the case of each of clauses (A) through (E)) of whether such activities are in direct or indirect
competition with the business or activities of the Company or any of its subsidiaries (the activities described in clauses (A) through
(D) are referred to herein as “Specified Activities”). To the fullest extent permitted by
Law, the Company hereby renounces (for itself and on behalf of its subsidiaries) any interest or expectancy in, or in being notified
of or offered an opportunity to participate in, any Specified Activity that may be presented to or become known to any member of
the Investor Group or Portfolio Companies or any Investor Director. Nothing in this Section 3.8 shall be construed
to limit or waive any right of the Company or any of its Subsidiaries pursuant to any express written agreement between the Company
and/or one or more of its Subsidiaries, on the one hand, and any member of the Investor Group, any Portfolio Company, or any of
their respective employees, partners, officers, directors or members, on the other hand.

 

Section 3.9           Amendment
to Organizational Documents. The Company shall not amend, or propose to amend, the Organizational Documents in any manner that
is inconsistent with or would nullify or supersede any of the terms of this Agreement or would prevent any party hereto from complying
with its obligations hereunder unless such proposed amendment is approved by the Investor.

 

ARTICLE IV

TERMINATION

 

Section 4.1           Termination.
This Agreement (except with respect to the rights and obligations under Section 3.8 hereof, which shall not be terminable)
shall terminate upon the earliest to occur of (a) the last to occur of (i) the Board Designation Expiration Date, (ii) the
expiration of the Lock-up Period and (iii) the Standstill Termination Date, (b) the Investor and its Permitted Transferees
ceasing to own any shares of Common Stock or (c) the mutual written consent of the parties. Notwithstanding the foregoing,
the rights and obligations provided under Section 5.10 shall terminate upon the one-year anniversary of the Board Designation
Expiration Date.

 

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ARTICLE V

MISCELLANEOUS

 

Section 5.1             Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be personally delivered,
sent by nationally recognized overnight courier, mailed by registered or certified mail or be sent by facsimile or electronic mail
to such party at the address set forth below (or such other address as shall be specified by like notice). Notices will be deemed
to have been duly given hereunder if (a) personally delivered, when received, (b) sent by nationally recognized overnight
courier, one business day after deposit with the nationally recognized overnight courier, (c) mailed by registered or certified
mail, five business days after the date on which it is so mailed, and (d) sent by facsimile or electronic mail, on the date
sent so long as such communication is transmitted before 5:00 p.m. in the time zone of the receiving party on a business day
and the receiving party affirmatively acknowledges receipt, otherwise, on the next business day.

 

(a)           If
to the Company, to:

 

WPX Energy, Inc.

3500 One Williams Center

Tulsa, Oklahoma 74172

Attention: Dennis Cameron

E-mail: Dennis.Cameron@wpxenergy.com

 

(b)           If
to the Investor, to:

 

Felix
Investments Holdings II, LLC

1530 16th
Street

Suite 500

Denver,
Colorado 80202

Attention:
Michael Horton

E-mail:
MichaelH@felix-energy.com

 

(c)           If
to EnCap, to:

 

EnCap
Energy Capital Fund X, L.P.

1100 Louisiana
Street

Suite 4900

Houston,
Texas 77002

Attention:
Douglas E. Swanson, Jr.

E-mail:
dswanson@encapinvestments.com

 

Section 5.2             Severability.
The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to
any Person or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of
such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other
Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability
affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

    11

     

    

 

Section 5.3             Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which, taken together,
shall be considered one and the same agreement.

 

Section 5.4             Entire
Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all other
prior agreements, both written and oral, among the parties hereto with respect to the subject matter hereof and (b) is not
intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.

 

Section 5.5             Further
Assurances.

 

(a)           Each
party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably
requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein.

 

(b)           In
the event that the Company or any of its successors or permitted assigns engage in a merger, consolidation, equity security exchange
or similar transaction in which the Common Stock is converted into or exchanged for equity securities in another entity, the Company
(or such successor or permitted assign) shall cause such other entity to enter into an agreement with the Investor that provides
the Investor with rights substantially similar to those provided hereunder.

 

Section 5.6             Governing
Law; Equitable Remedies. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE
(WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise
breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable
remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected
Courts (as defined below), this being in addition to any other remedy to which they are entitled at Law or in equity. Any requirements
for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party
hereto further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or
enforcement of specific performance, it will not assert the defense that a remedy at Law would be adequate.

 

    12

     

    

 

Section 5.7             Consent
To Jurisdiction. With respect to any suit, action or proceeding (“Proceeding”) arising out of or
relating to this Agreement, each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the
Court of Chancery of the State of Delaware and the United States District Court for the District of Delaware and the appellate
courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected
Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding
other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court
other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; (b) consents
to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or
by recognized international express carrier or delivery service, to their respective addresses referred to in Section 5.1
hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in
any other manner permitted by Law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES,
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS
WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL
BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT
BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

Section 5.8             Amendments;
Waivers.

 

(a)           No
provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed (i) in the case
of an amendment, by each of the parties hereto, and (ii) in the case of a waiver, by each of the parties against whom the
waiver is to be effective.

 

(b)           No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
Law.

 

Section 5.9             Assignment.
Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the
prior written consent of the other parties; provided, however, that the Investor may assign any of its rights hereunder
to any of its Affiliates to the extent such Affiliate is Transferred Common Stock not in violation of the terms of this Agreement
and provided any such Affiliate execute a joinder to this Agreement. Subject to the preceding sentence, this Agreement will be
binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.

 

    13

     

    

 

Section 5.10           Confidentiality.
Each of the Investor and EnCap shall hold, and cause its Affiliates and its and their respective directors, managers, officers,
employees, agents, consultants, auditors, attorneys, financial advisors, financing sources and other consultants and advisors
(“Representatives”) to hold, in strict confidence, unless disclosure to a regulatory authority is necessary
in connection with any necessary regulatory approval, examination or inspection or unless disclosure is required by judicial or
administrative process or by other requirement of law or the applicable requirements of any regulatory agency or relevant stock
exchange (in which case, other than in connection with a disclosure in connection with a routine audit or examination by, or document
request from, a regulatory or self-regulatory authority, bank examiner or auditor, the party disclosing such information shall
provide the other party with prior written notice of such permitted disclosure), all nonpublic records, books, contracts, instruments,
computer data and other data and information (collectively, “Information”) concerning the Company or
any of its subsidiaries furnished to it or the Investor Directors by or on behalf of the Company or any of its subsidiaries (except
to the extent that such information can be shown by the party receiving such Information to have been (a) previously known
by such party from other sources, provided that such source was not known by such party to be bound by a contractual, legal or
fiduciary obligation of confidentiality to the other party, (b) in the public domain through no violation of this Section 5.10
by such party or (c) later lawfully acquired from other sources by the party to which it was furnished), and no such
party shall release or disclose such Information to any other person, except its Representatives (excluding, for the avoidance
of doubt, any Portfolio Company, unless such Portfolio Company enters into a joinder agreement with the Company), or use such
Information other than in connection with evaluating and taking actions with respect to such Person’s ownership interest
in the Company. The Company acknowledges and agrees that the Investor and EnCap may, in the ordinary course of their respective
businesses, evaluate investments in the energy industry and that they are actively seeking to invest in energy related projects
in a variety of areas, including the provision of fresh water and disposal of produced water in connection with oil and gas exploration
and development operations. The Company understands that the Investor, EnCap and the Investor Directors will retain certain mental
impressions of Information, which are indistinguishable from generalized industry knowledge. Accordingly, the Company agrees that,
subject to the terms of this Agreement, the Investor, EnCap and the Investor Directors are not precluded from pursuing investments
solely because of such retained mental impressions. Notwithstanding any provision of this Agreement to the contrary, no provision
of this Agreement shall apply to any action taken independently by any Portfolio Company so long as the Investor or EnCap has
not provided such Portfolio Company with any Information. For purposes of clarification, no such Portfolio Company shall be deemed
to have been provided with Information solely as a result of the Investor, EnCap, any Investor Director or any Representative
(whether such Person has been provided with or has knowledge of Information) serving on the board of such Portfolio Company (provided
that such board member does not use Information in connection with the business of such Portfolio Company).

 

[Signature page follows.]

 

    14

     

    

 

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

 

	 	WPX Energy, Inc.
	 	 
	 	By:	/s/ Richard E. Muncrief
	 	Name:	Richard E. Muncrief
	 	Title:	Chairman and Chief Executive Officer

 

Signature
Page to Stockholders’ Agreement

 

    

     

    

 

	 	Felix Investments
    Holdings II, LLC
	 	 
	 	By:	/s/ Skye Callantine
	 	Name:	Skye Callantine
	 	Title:	President and Chief Executive Officer

 

Signature
Page to Stockholders’ Agreement

 

    

     

    

 

Accepted and acknowledged, solely for purposes of Section 2.1,
Section 3.5, Section 3.7 and Section 5.10 in this Agreement:

 

	EnCap Energy
    Capital Fund X, L.P.	 
	 	 
	By:	EnCap Equity Fund X GP, L.P.,	 
	 	General Partner of EnCap Energy	 
	 	Capital Fund X, L.P.	 
	 	 
	By:	EnCap Investments L.P.,	 
	 	General Partner of EnCap Equity Fund	 
	 	X GP, L.P.	 
	 	 
	By: 	EnCap Investments GP, L.L.C.,	 
	 	General Partner of EnCap Investments	 
		L.P.	 
	 	 
	By:	/s/ Douglas E. Swanson, Jr.	 
	Name:	Douglas E. Swanson, Jr.	 
	Title:	Managing Partner	 

 

Signature
Page to Stockholders’ Agreement

 

    

     

    

 

Accepted and acknowledged, solely for purposes of Section 3.5
in this Agreement:

 

 

	/s/ Skye Callantine	 
	Name: Skye Callantine	 

 

Signature
Page to Stockholders’ Agreement

 

    

     

    

 

	/s/ Michael Horton	 
	Name: Michael Horton	 

 

Signature
Page to Stockholders’ Agreement

 

    

     

    

 

EXHIBIT A

 

INITIAL INVESTOR DIRECTORS

 

		1.	D. Martin Phillips; and

 

		2.	Douglas E. Swanson, Jr.

 

    1Exhibit 10.2

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of March 6, 2020, is by and among WPX Energy, Inc.,
a Delaware corporation (the “Company”), Felix Investments Holdings II, LLC, a Delaware limited liability company
(the “Investor”), and the other Holders (as defined below) from time to time parties hereto.

 

RECITALS:

 

WHEREAS, this Agreement
is being entered into in connection with the closing of the transactions contemplated by the Securities Purchase Agreement, dated
as of December 15, 2019, between the Company and the Investor (the “Purchase Agreement”);

 

WHEREAS, in connection
with, and effective upon, the date of the closing of the transactions contemplated by the Purchase Agreement (the “Closing
Date”), the Company has issued to the Investor the Issued Shares (as defined herein) in accordance with the terms of
the Purchase Agreement; and

 

WHEREAS, resales by
the Holders of the Issued Shares may be required under the Securities Act (as defined herein) and applicable state securities
laws, depending on the status of the Holders or the intended method of distribution of the Issued Shares.

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article I

DEFINITIONS

 

As used herein, the
following terms shall have the following respective meanings:

 

“Adoption
Agreement” means an Adoption Agreement in the form attached hereto as Exhibit A.

 

“Affiliate”
means (a) as to any Person, other than an individual Holder, any other Person who directly, or indirectly through one or
more intermediaries, controls, is controlled by or is under common control with such Person and (b) as to any individual,
(i) any Relative of such individual, (ii) any trust whose primary beneficiaries are one or more of such individual and
such individual’s Relatives, (iii) the legal representative or guardian of such individual or any of such individual’s
Relatives if one has been appointed and (iv) any Person controlled by one or more of such individual or any Person referred
to in clauses (i), (ii) or (iii) above. As used in this Agreement, the term “control,” including the correlative
terms “controlling,” “controlled by” and “under common control with,” means possession, directly
or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities
or any partnership or other ownership interest, by contract or otherwise) of a Person.

 

     

     

    

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“ASR Filing”
has the meaning set forth in Section 2.1(a).

 

“Board”
means the board of directors of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions
in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action.

 

“Commission”
means the Securities and Exchange Commission or any successor governmental agency.

 

“Common Stock”
means the common stock of the Company, par value $0.01 per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company
Securities” has the meaning set forth in Section 2.4(c)(i).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time.

 

“Holder”
means any record holder of Registrable Securities.

 

“Holders
Securities” has the meaning set forth in Section 2.2(c)(i).

 

“Indemnified
Party” has the meaning set forth in Section 3.3.

 

“Indemnifying
Party” has the meaning set forth in Section 3.3.

 

“Issued Shares”
means the number of shares of Common Stock issued to the Investor pursuant to the terms of the Purchase Agreement.

 

“Losses”
has the meaning set forth in Section 3.1.

 

“Majority
Holders” shall mean, at any time, the Holder or Holders of more than fifty percent (50%) of the Registrable Securities
at such time.

 

“Managing
Underwriter” means, with respect to any Underwritten Offering, the lead book-running manager(s) of such Underwritten
Offering.

 

“Permitted
Transferee” of a Holder means (i) any Affiliate of the Holder or (ii) any direct or indirect partner, shareholder
or member of the Holder or any trust, family partnership or family limited liability company, the sole direct or indirect beneficiaries,
partners or members of which are the Holder or Relatives of the Holder.

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, association, trust, government, governmental
agency or other entity, whether acting in an individual, fiduciary or other capacity.

 

    	 	2	 

     

    

 

“Piggyback
Underwritten Offering” has the meaning set forth in Section 2.4(a).

 

“Piggybacking
Holder” has the meaning set forth in Section 2.4(a).

 

“Proceeding”
shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Purchase
Agreement” has the meaning set forth in the recitals.

 

“Registrable
Securities” shall mean (a) the Issued Shares and (b) any securities issued or issuable with respect to the
Issued Shares by way of distribution or in connection with any reorganization or other recapitalization, merger, consolidation
or otherwise; provided, however, that a Registrable Security shall cease to be a Registrable Security when (i) such
share has been disposed of pursuant to an effective Registration Statement, (ii) such share has been disposed of under Rule 144
or any other exemption from the registration requirements of the Securities Act as a result of which the Transferee thereof does
not receive “restricted securities” as defined in Rule 144 under the Securities Act or (iii) such shares
are freely tradeable by the Holder thereof without volume or other limitations or requirements under Rule 144 and such Holder
and its Affiliates collectively hold less than 5% of outstanding shares of Common Stock.

 

“Registration
Expenses” means all expenses incurred by the Company in complying with Article II, including, without limitation,
all registration and filing fees, printing expenses, road show expenses, fees and disbursements of counsel and independent public
accountants and independent petroleum engineers for the Company, fees and expenses (including counsel fees) incurred in connection
with complying with state securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, Inc.,
fees of transfer agents and registrars, and the reasonable fees and disbursements of one special legal counsel to represent the
Investor in an applicable Shelf Underwritten Offering or Piggyback Underwritten Offering not to exceed $25,000 per Shelf Underwritten
Offering or Piggyback Underwritten Offering, but excluding any Selling Expenses.

 

“Registration
Statement” means any registration statement of the Company filed or to be filed with the Commission under the Securities
Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and post-effective
amendments, and all exhibits and all material incorporated by reference in such registration statement.

 

“Relative”
means, with respect to any natural person: (a) such natural person’s spouse, (b) any lineal descendant, parent,
grandparent, great grandparent or sibling or any lineal descendant of such sibling (in each case whether by blood or legal adoption),
and (c) the spouse of a natural person described in clause (b) of this definition.

 

“Requesting
Holder” has the meaning set forth in Section 2.2(a).

 

“Required
Shelf Filing Date” means the 10th Business Day after the date of this Agreement.

 

    	 	3	 

     

    

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially
the same effect as such rule.

 

“Section 2.2
Maximum Number of Shares” has the meaning set forth in Section 2.2(c).

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. References to any rule under the Securities
Act shall be deemed to refer to any similar or successor rule or regulation.

 

“Selling
Expenses” means all (a) underwriting fees, discounts and selling commissions allocable to the sale of Registrable
Securities, (b) transfer taxes allocable to the sale of the Registrable Securities and (c) costs or expenses related
to any roadshows conducted in connection with the marketing of any Shelf Underwritten Offering.

 

“Selling
Holder” means a Holder selling Registrable Securities pursuant to a Registration Statement.

 

“Shelf Piggybacking
Holder” has the meaning set forth in Section 2.2(b).

 

“Shelf Registration
Statement” has the meaning set forth in Section 2.1(a).

 

“Shelf Underwritten
Offering” has the meaning set forth in Section 2.2(a).

 

“Shelf Underwritten
Offering Request” has the meaning set forth in Section 2.2(a).

 

“Suspension
Period” has the meaning set forth in Section 2.3.

 

“Transfer”
means any offer, sale, pledge, encumbrance, hypothecation, entry into any contract to sell, grant of an option to purchase, short
sale, assignment, transfer, exchange, gift, bequest or other disposition, direct or indirect, in whole or in part, by operation
of law or otherwise. “Transfer,” when used as a verb, and “Transferee” and “Transferor”
have correlative meanings.

 

“Underwritten
Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Common
Stock are sold to an underwriter for reoffer.

 

“Underwritten
Offering Filing” means (a) with respect to a Shelf Underwritten Offering, a preliminary prospectus supplement (or
prospectus supplement if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Shelf
Underwritten Offering, and (b) with respect to a Piggyback Underwritten Offering, (i) a preliminary prospectus supplement
(or prospectus supplement if no preliminary prospectus supplement is used) to an effective shelf Registration Statement (other
than the Shelf Registration Statement) or (ii) a Registration Statement, in each case relating to such Piggyback Underwritten
Offering.

 

    	 	4	 

     

    

 

“WKSI”
means a well-known seasoned issuer (as defined in Rule 405 under the Securities Act).

 

Article II

REGISTRATION RIGHTS

 

Section 2.1     Shelf
Registration.

 

(a)            As
soon as practicable, and in any event on or prior to the Required Shelf Filing Date, after the date of this Agreement (unless
filed earlier), the Company shall prepare and file a “shelf” registration statement under the Securities Act to permit
the resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any similar
provision adopted by the Commission then in effect) (the “Shelf Registration Statement”). If at the time of
such filing, the Company is a WKSI, the Registration Statement shall be an automatic shelf registration statement that becomes
effective upon filing with the Commission in accordance with Rule 462(e) under the Securities Act (an “ASR
Filing”). If the Shelf Registration Statement does not qualify as an ASR Filing, the Company shall use its commercially
reasonable efforts to cause such Registration Statement to become or be declared effective as soon as practicable after the filing
thereof and, in any event, within 45 days after the date of this Agreement in the case of a Shelf Registration Statement on Form S-3
or 90 days after the date of this Agreement in the case of a Shelf Registration Statement on Form S-1. Following the effective
date of the Shelf Registration Statement that is not an ASR Filing, the Company shall notify the Holders of the effectiveness
of such Registration Statement.

 

(b)            The
Shelf Registration Statement shall be on Form S-3 or, if Form S-3 is not then available to the Corporation, on Form S-1
or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities
and shall contain a prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415
under the Securities Act (or any successor or similar rule adopted by the Commission then in effect) at any time beginning
on the effective date for such Registration Statement. The Shelf Registration Statement shall provide for the distribution or
resale pursuant to any method or combination of methods legally available to the Holders.

 

(c)            The
Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, and to be
supplemented and amended as promptly as practicable to the extent necessary to ensure that the Shelf Registration Statement is
available or, if not available, that another Registration Statement is available (which Registration Statement shall also be referred
to herein as the Shelf Registration Statement), for the resale of all the Registrable Securities until all of the Registrable
Securities have ceased to be Registrable Securities or the earlier termination of this Agreement (as to all Holders).

 

(d)            When
effective, the Shelf Registration Statement (including the documents incorporated therein by reference) will comply as to form
in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of any prospectus contained in the Shelf Registration Statement, in the light of the circumstances
under which such statements are made).

 

    	 	5	 

     

    

 

Section 2.2     Underwritten
Shelf Offering Requests.

 

(a)            In
the event that any Holder or group of Holders elects to dispose of Registrable Securities under a Registration Statement pursuant
to an Underwritten Offering and reasonably expects gross proceeds of at least $100 million from such Underwritten Offering (including
proceeds attributable to any Registrable Securities included in such Underwritten Offering by any Shelf Piggybacking Holders),
the Company shall, at the request (a “Shelf Underwritten Offering Request”) of such Holder or Holders (in such
capacity, a “Requesting Holder”), enter into an underwriting agreement in a form as is customary in Underwritten
Offerings of securities by the Company with the underwriter or underwriters selected by the Requesting Holders holding a majority
of the shares of Common Stock expected to be sold in such Underwritten Offering (and reasonably acceptable to the Company) and
shall take all such other reasonable actions as are requested by the Managing Underwriter of such Underwritten Offering and/or
the Requesting Holders in order to expedite or facilitate the disposition of such Registrable Securities and, subject to Section 2.2(c),
the Registrable Securities requested to be included by any Shelf Piggybacking Holder (a “Shelf Underwritten Offering”);
provided, however, that the Company shall have no obligation to facilitate or participate in more than two Shelf Underwritten
Offerings that are initiated by a Holder pursuant to this Section 2.2 during any 12-month period (and no more than
one Shelf Underwritten Offering in any 90-day period).

 

(b)            If
the Company receives a Shelf Underwritten Offering Request, it will give written notice of such proposed Shelf Underwritten Offering
to each Holder (other than the Requesting Holder), which notice shall include the anticipated filing date of the related Underwritten
Offering Filing and, if known, the number of shares of Common Stock that are proposed to be included in such Shelf Underwritten
Offering, and of such Holders’ rights under this Section 2.2(b). Such notice shall be given promptly (and in
any event not later than two Business Day following receipt of the Shelf Underwritten Offering Request); provided, that
if the Shelf Underwritten Offering is a bought or overnight Underwritten Offering and the Managing Underwriter advises the Company
and the Requesting Holder that the giving of notice pursuant to this Section 2.2(b) would adversely affect the
offering, no such notice shall be required (and such Holders shall have no right to include Registrable Securities in such bought
or overnight Underwritten Offering); and provided further, that the Company shall not so notify any such other Holder that
has notified the Company (and not revoked such notice) requesting that such Holder not receive notice from the Company of any
proposed Shelf Underwritten Offering. If such notice is delivered pursuant to this Section 2.2(b), each such Holder
shall then have three Business Days (or one Business Day in the case of a bought or overnight Underwritten Offering) after the
date on which the Holders received notice pursuant to this Section 2.2(b) to request inclusion of Registrable
Securities in the Shelf Underwritten Offering (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of such Registrable
Securities) (any such Holder making such request, a “Shelf Piggybacking Holder”). If no request for inclusion
from a Holder is received within such period, such Holder shall have no further right to participate in such Shelf Underwritten
Offering.

 

    	 	6	 

     

    

 

(c)            If
the Managing Underwriter of the Shelf Underwritten Offering shall inform the Requesting Holder of its belief that the number of
Registrable Securities requested to be included in such Shelf Underwritten Offering by the Holders (and any other shares of Common
Stock requested to be included by any other Persons having registration rights with respect to such offering) would materially
adversely affect such offering, then the Company shall include in the applicable Underwritten Offering Filing, to the extent of
the total number of Registrable Securities that the Company is so advised can be sold in such Shelf Underwritten Offering without
so materially adversely affecting such offering (the “Section 2.2 Maximum Number of Shares”), Registrable
Securities in the following priority:

 

(i)            First,
all Registrable Securities that the Holders requested to be included therein (the “Holders Securities”) (pro
rata among the Holders based on the number of Registrable Securities each requested to be included), and

 

(ii)            Second,
to the extent that the number of Holders Securities is less than the Section 2.2 Maximum Number of Shares, the shares of
Common Stock requested to be included by any other Persons having registration rights with respect to such offering, pro rata
among such other Persons based on the number of shares of Common Stock each requested to be included.

 

(d)            The
Requesting Holders shall determine the pricing of the Registrable Securities offered pursuant to any Shelf Underwritten Offering
and the applicable underwriting discounts and commissions and determine the timing of any such Shelf Underwritten Offering, subject
to Section 2.3.

 

(e)            Each
Holder shall have the right to withdraw their Registrable Securities from the Shelf Underwritten Offering at any time prior to
the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its request to withdraw.

 

Section 2.3     Delay
and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company may (i) delay effecting
a Shelf Underwritten Offering or (ii) suspend the Holders’ use of any prospectus that is a part of a Shelf Registration
Statement upon written notice to each Holder whose Registrable Securities are included in such Shelf Registration Statement (provided
that in no event shall such notice contain any material non-public information regarding the Company) (in which event such Holder
shall discontinue sales of Registrable Securities pursuant to such Registration Statement but may settle any then-contracted sales
of Registrable Securities), in each case for a period of up to 40 consecutive days, if the Board determines (A) that such
delay or suspension is in the best interest of the Company and its stockholders generally due to a pending financing or other
transaction involving the Company, (B) that such registration or offering would render the Company unable to comply with
applicable securities laws or (C) that such registration or offering would require disclosure of material information that
the Company has a bona fide business purpose for preserving as confidential (any such period, a “Suspension Period”);
provided, however, that in no event shall any Suspension Periods collectively exceed an aggregate of 60 days in any 180-day
period or exceed an aggregate of 90 days in any 12-month period; provided, further, that the number of days that the Company
may so delay or suspend in accordance with this Section 2.3 in the 180-day period and 12-month period immediately
following the Closing Date shall be reduced by the number of days after the Required Shelf Filing Date that the Shelf Registration
Statement is declared or otherwise becomes effective.

 

    	 	7	 

     

    

 

Section 2.4     Piggyback
Registration Rights.

 

(a)            Subject
to Section 2.4(c), if the Company at any time proposes to file an Underwritten Offering Filing for an Underwritten
Offering of shares of Common Stock for its own account or for the account of any other Persons who have or have been granted registration
rights, other than the Holders (a “Piggyback Underwritten Offering”), it will give written notice of such Piggyback
Underwritten Offering to each Holder, which notice shall include the anticipated filing date of the Underwritten Offering Filing
and, if known, the number of shares of Common Stock that are proposed to be included in such Piggyback Underwritten Offering,
and of such Holders’ rights under this Section 2.4(a). Such notice shall be given promptly (and in any event
at least five Business Days before the filing of the Underwritten Offering Filing or two Business Days before the filing of the
Underwritten Offering Filing in connection with a bought or overnight Underwritten Offering). If such notice is delivered to pursuant
to this Section 2.4(a), each such Holder shall then have four Business Days (or one Business Day in the case of a
bought or overnight Underwritten Offering) after the date on which the Holders received notice pursuant to this Section 2.4(a) to
request inclusion of Registrable Securities in the Piggyback Underwritten Offering (which request shall specify the maximum number
of Registrable Securities intended to be disposed of by such Holder and such other information as is reasonably required to effect
the inclusion of such Registrable Securities) (any such Holder making such request, a “Piggybacking Holder”).
If no request for inclusion from a Holder is received within such period, such Holder shall have no further right to participate
in such Piggyback Underwritten Offering. Subject to Section 2.4(c), the Company shall use its commercially reasonable
efforts to include in the Piggyback Underwritten Offering all Registrable Securities that the Company has been so requested to
include by the Piggybacking Holders; provided, however, that if, at any time after giving written notice of a proposed
Piggyback Underwritten Offering pursuant to this Section 2.4(a) and prior to the execution of an underwriting
agreement with respect thereto, the Company or such other Persons who have or have been granted registration rights, as applicable,
shall determine for any reason not to proceed with or to delay such Piggyback Underwritten Offering, the Company shall give written
notice of such determination to the Piggybacking Holders and (i) in the case of a determination not to proceed, shall be
relieved of its obligation to include any Registrable Securities in such Piggyback Underwritten Offering (but not from any obligation
of the Company to pay the Registration Expenses in connection therewith), and (ii) in the case of a determination to delay,
shall be permitted to delay inclusion of any Registrable Securities for the same period as the delay in including the shares of
Common Stock to be sold for the Company’s account or for the account of such other Persons who have or have been granted
registration rights, as applicable.

 

(b)            Each
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggyback Underwritten
Offering at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the
Company of its request to withdraw. Any Holder may deliver written notice (an “Opt-Out Notice”) to the Company
requesting that such Holder not receive notice from the Company of any proposed Piggyback Underwritten Offering; provided,
however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from
a Holder (unless subsequently revoked), the Company shall not, and shall not be required to, deliver any notice to such Holder
pursuant to this Section 2.4 and such Holder shall no longer be entitled to participate in any Piggyback Underwritten
Offering.

 

    	 	8	 

     

    

 

(c)            If
the Managing Underwriter of the Piggyback Underwritten Offering shall inform the Company of its belief that the number of Registrable
Securities requested to be included in such Piggyback Underwritten Offering, when added to the number of shares of Common Stock
proposed to be offered by the Company or such other Persons who have or have been granted registration rights (and any other shares
of Common Stock requested to be included by any other Persons having registration rights on parity with the Piggybacking Holders
with respect to such offering), would materially adversely affect such offering, then the Company shall include in such Piggyback
Underwritten Offering, to the extent of the total number of securities which the Company is so advised can be sold in such offering
without so materially adversely affecting such offering, shares of Common Stock in the following priority:

 

(i)            if
the Piggyback Underwritten Offering is for the account of the Company, first, all shares of Common Stock that the Company proposes
to include for its own account (the “Company Securities”), second, the shares of Common Stock that the Piggybacking
Holders propose to include (pro rata among the Piggybacking Holders based on the number of shares of Common Stock each
requested to be included), and third, the shares of Common Stock that other Persons who have or have been granted registration
rights propose to include (pro rata among such other Persons based on the number of shares of Common Stock each requested
to be included);

 

(ii)            if,
during the three-year period following the Closing Date, the Piggyback Underwritten Offering is for the account of any other Persons
who have or have been granted registration rights, first, all shares of Common Stock that the Piggybacking Holders propose to
include (pro rata among the Piggybacking Holders based on the number of shares of Common Stock each requested to be included),
second, the shares of Common Stock that such other Persons propose to include (pro rata among such other Persons based
on the number of shares of Common Stock each requested to be included), and third, the Company Securities; or

 

(iii)           if,
after the three-year period following the Closing Date, the Piggyback Underwritten Offering is for the account of any other Persons
who have or have been granted registration rights, first, the shares of Common Stock that such other Persons propose to include
(pro rata among such other Persons based on the number of shares of Common Stock each requested to be included), second,
all shares of Common Stock that the Piggybacking Holders propose to include (pro rata among the Piggybacking Holders based
on the number of shares of Common Stock each requested to be included), and third, the Company Securities.

 

Section 2.5     Participation
in Underwritten Offerings.

 

(a)            In
connection with any Underwritten Offering contemplated by Section 2.2 or Section 2.4, the underwriting
agreement into which each Selling Holder and the Company shall enter into shall contain such representations, covenants, indemnities
(subject to Article III) and other rights and obligations as are customary in Underwritten Offerings of securities
by the Company, and the Company shall be entitled to designate counsel for the underwriters. No Selling Holder shall be required
to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties
or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership
of, the securities being registered on its behalf, its intended method of distribution and any other representation required by
law.

 

    	 	9	 

     

    

 

(b)            Any
participation by the Piggybacking Holders in a Piggyback Underwritten Offering shall be in accordance with the plan of distribution
of the Company or the other Persons who have registration rights, as applicable.

 

(c)            In
connection with any Piggyback Underwritten Offering in which any Piggybacking Holder includes Registrable Securities pursuant
to Section 2.4, such Piggybacking Holder agrees (A) to supply any information reasonably requested by the Company
in connection with the preparation of a Registration Statement and/or any other documents relating to such registered offering
and (B) to execute and deliver any agreements and instruments being executed by all holders on substantially the same terms
reasonably requested by the Company or the Managing Underwriter, as applicable, to effectuate such registered offering, including,
without limitation, underwriting agreements (subject to Section 2.5(a)), custody agreements, powers of attorney, questionnaires,
and lock-ups or “hold back” agreements pursuant to which such Piggybacking Holder agrees with the Managing Underwriter
not to sell or purchase any securities of the Company for the shorter of (i) the same period of time following the registered
offering as is agreed to by the Company and the other participating holders (not to exceed the shortest number of days that any
director of the Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company
or any stockholder of the Company (other than a Holder or director or employee of, or consultant to, the Company) who owns 10%
or more of the outstanding Shares contractually agrees with the underwriters of such Piggyback Underwritten Offering not to sell
any securities of the Company following such Piggyback Underwritten Offering) and (ii) 60 days from the date of the execution
of the underwriting agreement with respect to such Piggyback Underwritten Offering.

 

Section 2.6     Registration
Procedures.

 

(a)            In
connection with its obligations under this Article II, the Company will take all reasonably necessary action to facilitate
and effect the transactions contemplated thereby, including, but not limited to, the following:

 

(i)            promptly
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as all
of such securities have been disposed of in accordance with the intended methods of disposition by the Selling Holder or Selling
Holder thereof set forth in such Registration Statement;

 

    	 	10	 

     

    

 

(ii)            furnish
to each Selling Holder, without charge, such number of conformed copies of such Registration Statement and of each such amendment
and supplement thereto (in each case including without limitation all exhibits), such number of copies of the prospectus contained
in such Registration Statement (including without limitation each preliminary prospectus and any summary prospectus) and any other
prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and
such other documents, as such Selling Holder may reasonably request;

 

(iii)            if
applicable, use its commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered
by such Registration Statement under such other securities or blue sky laws of such jurisdictions as each Selling Holder thereof
shall reasonably request, to keep such registration or qualification in effect for so long as such Registration Statement remains
in effect, and to take any other action which may be reasonably necessary or advisable to enable such Selling Holder to consummate
the disposition in such jurisdictions of the securities owned by such Selling Holder, except that the Company shall not for any
such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not
but for the requirements of this clause (iii) be obligated to be so qualified or to consent to general service of process
in any such jurisdiction;

 

(iv)            use
its commercially reasonable efforts to provide to each Selling Holder and any underwriters a copy of any customary auditor “comfort”
letters, legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves
of the Company;

 

(v)            promptly
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act,
upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement,
as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at
the request of any such Selling Holder promptly prepare and file or furnish to such Selling Holder a reasonable number of copies
of a supplement or post-effective amendment to the Registration Statement or a supplement to the related prospectus or any document
incorporated or deemed to be incorporated therein by reference, or file any other required document as may be necessary so that,
as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances under which they were made;

 

(vi)            otherwise
comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of
the Securities Act, and shall furnish to each such Selling Holder at least the Business Day prior to the filing thereof a copy
of any amendment or supplement to such Registration Statement or prospectus;

 

(vii)            provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
from and after a date not later than the effective date of such Registration Statement;

 

    	 	11	 

     

    

 

(viii)           in
connection with the preparation and filing of any Registration Statement or any sale of Registrable Securities in connection therewith,
the Company will give the Holders offering and selling thereunder, any underwriters and their respective counsels the opportunity
to review and provide comments on such Registration Statement, each Prospectus included therein or filed with the Commission,
and each amendment thereof or supplement thereto (other than amendments or supplements that do not make any material change in
the information related to the Company) (provided that the Company shall not file any such Registration Statement including Registrable
Securities or an amendment thereto or any related prospectus or any supplement thereto to which such Holders or any underwriter
shall reasonably object in writing), and give each of them, together with any underwriter, broker, dealer or sales agent involved
therewith, such access to its books and records and such opportunities to discuss the business of the Company and its subsidiaries
with its officers, its counsel, the independent public accountants who have certified its financial statements, and the independent
petroleum engineers of the Company as shall be necessary, in the opinion of the Holder’s and such underwriters’ (or
broker’s, dealer’s or sales agent’s, as the case may be) respective counsel, to conduct a reasonable due diligence
investigation within the meaning of the Securities Act;

 

(ix)            use
its commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement,
and, if any such order suspending the effectiveness of such Registration Statement is issued, shall promptly use its commercially
reasonable efforts to obtain the withdrawal of such order at the earliest possible moment;

 

(x)            promptly
notify the Holders (i) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation or threat of any proceedings for that purpose, (ii) of any delisting or pending delisting of
the Common Stock by any national securities exchange or market on which the Common Stock are then listed or quoted, and (iii) of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or “blue sky” laws of any jurisdiction or the initiation of any proceeding for such
purpose;

 

(xi)            cause
all Registrable Securities covered by such Registration Statement to be listed on any securities exchange on which the Common
Stock is then listed;

 

(xii)            enter
into such customary agreements, including but not limited to lock-up agreements by the Company (and, if reasonably requested by
the Managing Underwriter(s), the Company’s directors and “executive officers” (as defined under Section 16
of the Exchange Act)) that extend through 60 days following the entrance into the corresponding underwriting agreement, and to
take such other actions as the Holder or Holders shall reasonably request in order to expedite or facilitate the disposition of
such Registrable Securities; and

 

(xiii)           cause
its officers to use their commercially reasonable efforts to support the marketing of the Registrable Securities covered by the
Registration Statement (including, without limitation, participation in electronic or telephonic “road shows”).

 

    	 	12	 

     

    

 

(b)            Each
Holder agrees by acquisition of such Registrable Securities that upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 2.6(a)(v), such Holder will forthwith discontinue such Holder’s
disposition of Registrable Securities pursuant to the Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended prospectus contemplated by Section 2.6(a)(v) as filed with the Commission or until
it is advised in writing by the Company that the use of such Registration Statement may be resumed, and, if so directed by the
Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such
Holder’s possession of the prospectus relating to such Registrable Securities current at the time of receipt of such notice.
The Company may provide appropriate stop orders to enforce the provisions of this Section 2.6(b).

 

Section 2.7     Cooperation
by Holders. The Company shall have no obligation to include Registrable Securities of a Holder in any Registration
Statement or Underwritten Offering if such Holder has failed to timely furnish such information as the Company may, from time
to time, reasonably request in writing regarding such Holder and the distribution of such Registrable Securities that the Company
determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus
supplement, as applicable, to comply with the Securities Act.

 

Section 2.8     Expenses.
The Company shall be responsible for all Registration Expenses incident to its performance of or compliance with its obligations
under this Article II. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with
any sale of its Registrable Securities hereunder.

 

Section 2.9     No
Inconsistent Agreements; Additional Rights. The Company is not currently a party to and shall not hereafter enter
into any agreement with respect to its securities that is inconsistent with or that in any way violates or subordinates rights
granted to the Holders by this Agreement without the prior written consent of the Majority Holders.

 

Article III

INDEMNIFICATION AND CONTRIBUTION

 

Section 3.1     Indemnification
by the Company. The Company will indemnify and hold harmless each Holder, its officers and directors and each Person
(if any) that controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act from and against any and all losses, claims, damages, liabilities, costs (including costs of preparation and attorneys’
fees and any legal or other fees or expenses incurred by such Person in connection with any investigation or Proceeding), expenses,
judgments, fines, penalties, charges and amounts paid in settlement (“Losses”) as incurred, caused by, arising
out of or based upon, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) or any preliminary prospectus, any filing made in connection with
the qualifications of the offering under the securities or other blue sky laws of any jurisdiction in which Registrable Securities
are offered, or any other offering document (including any related notification, or the like) incident to any such registration,
qualification, or compliance, or based on any or any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus, in the light of the
circumstances under which such statement is made), or any violation by the Company of this Agreement, the Securities Act or the
Exchange Act, or any rule or regulation thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification, or compliance, provided, however, that such indemnity
shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement
or any such omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity
with information furnished in writing to the Company by or on behalf of such Holder expressly for use therein.

 

    	 	13	 

     

    

 

Section 3.2     Indemnification
by the Holders. Each Holder agrees to indemnify and hold harmless the Company, its officers and directors and each
Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any and all Losses caused by, arising out of, resulting from or related to any untrue statement
or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to Registrable Securities
(as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus,
or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of any prospectus, in the light of the circumstances under which such statement is made),
only to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing
by or on behalf of such Holder expressly for use therein.

 

Section 3.3     Indemnification
Procedures. In case any Proceeding (including any governmental investigation) shall be instituted involving any
Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such Person
(the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this Article III, except to the extent the Indemnifying Party is actually
and materially prejudiced by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such
Proceeding and, unless in the reasonable opinion of outside counsel to the Indemnified Party a conflict of interest between the
Indemnified Party and Indemnifying Party may exist in respect of such claim, to assume the defense thereof jointly with any other
Indemnifying Party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such Indemnified
Party, and after notice from the Indemnifying Party to such Indemnified Party that it so chooses, the Indemnifying Party shall
not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by such Indemnified Party in connection
with the defense thereof other than reasonable costs of investigation; provided, however, that (i) if the Indemnifying
Party fails to assume the defense or employ counsel reasonably satisfactory to the Indemnified Party, (ii) if such Indemnified
Party who is a defendant in any action or Proceeding that is also brought against the Indemnifying Party reasonably shall have
concluded that there may be one or more legal defenses available to such Indemnified Party that are not available to the Indemnifying
Party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards
of professional conduct then, in any such case, the Indemnified Party shall have the right to assume or continue its own defense
as set forth above (but with no more than one firm of counsel for all Indemnified Parties in each jurisdiction, except to the
extent any Indemnified Party or Parties reasonably shall have concluded that there may be legal defenses available to such party
or parties that are not available to the other Indemnified Parties or to the extent representation of all Indemnified Parties
by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the Indemnifying Party
shall be liable for any expenses therefor. No Indemnifying Party shall, without the written consent of the Indemnified Party,
effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is
an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional
release of the Indemnified Party from all liability arising out of such action or claim and (B) does not include a statement
as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any Indemnified Party.

 

    	 	14	 

     

    

 

Section 3.4     Contribution.

 

(a)            If
the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any Losses
in respect of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall to the fullest extent permitted by law contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements
or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company
(on the one hand) and a Holder (on the other hand) shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

 

(b)            The
Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Article III
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in Section 3.4(a). The amount paid or payable by an Indemnified Party as a result of the losses, claims,
damages or liabilities referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this Article III, no Holder shall be liable for indemnification
or contribution pursuant to this Article III for any amount in excess of the net proceeds of the offering received
by such Holder, less the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

    	 	15	 

     

    

 

Article IV

RULE 144; ASSISTANCE WITH TRANSFERS

 

Section 4.1     Rule 144.

 

(a)            With
a view to making available the benefits of certain rules and regulations of the Commission that may permit the resale of
the Registrable Securities without registration, the Company agrees to use its commercially reasonable efforts to:

 

(i)            make
and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under
the Securities Act, at all times from and after the date hereof;

 

(ii)           file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act at all times from and after the date hereof; and

 

(iii)          so
long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act and (ii) unless
otherwise available via the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request
in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration.

 

Section 4.2     Assistance
with Transfers. In connection with any sale or transfer of Registrable Securities by any Holder, including any
sale or transfer pursuant to Rule 144 and other rules and regulations of the Commission that may at any time permit
a Holder of Registrable Securities to sell securities of the Company to the public without registration, the Company shall, to
the extent allowed by law, take any and all action necessary or reasonably requested by such Holder in order to permit or facilitate
such sale or transfer, including, without limitation, at the sole expense of the Company, by (i) issuing such directions
to any transfer agent, registrar or depositary, as applicable, (ii) delivering such opinions to the transfer agent, registrar
or depositary as are customary for the transaction of this type and are reasonably requested by the same, and (iii) taking
or causing to be taken such other actions as are reasonably necessary (in each case on a timely basis) in order to cause any legends,
notations or similar designations restricting transferability of the Registrable Securities held by such Holder to be removed
and to rescind any transfer restrictions with respect to such Registrable Securities; provided, however, that such Holder
shall deliver to the Company, in form and substance reasonably satisfactory to the Company, representation letters regarding such
Holder’s compliance with such rules and regulations, as may be applicable. In addition, the Company, at its sole expense,
shall use commercially reasonable efforts to remove any restrictive legend on any shares of Common Stock that are Registrable
Securities upon request by the Holder if (A) such shares of Common Stock are sold pursuant to an effective registration statement
or (B) a registration statement covering the resale of such shares of common Stock is effective under the Securities Act
and the applicable Holder delivers to the Company a representation letter agreeing that such shares of Common Stock will be sold
under such effective registration statement. Furthermore, if any Holder and its Affiliates collectively beneficially own at least
10% of the outstanding shares of Common Stock following the third anniversary of the Closing Date, at the request of such Holder,
the Company shall use its commercially reasonable efforts to assist such Holders with respect to any potential private transfer
of any Common Stock held by such Holder and its Affiliates, including (i) entering into customary confidentiality agreements
with any prospective transferees, (ii) affording to such Holders, its Affiliates and any prospective transferees and their
respective counsel, accountants, lenders and other representatives, reasonable access during normal business hours to the properties,
books, contracts and records of the Company and (iii) providing reasonable availability of appropriate members of senior
management of the Company to provide customary due diligence assistance in connection with any such transfer; provided, however,
that any such investigation shall be conducted in such a manner as not to interfere unreasonably with the Company’s business
and operations.

 

    	 	16	 

     

    

 

Article V

TRANSFER OR ASSIGNMENT OF RIGHTS

 

The rights to cause the Company to register
Registrable Securities under Article II of this Agreement may be transferred or assigned by each Holder to one
or more Transferees or assignees of Registrable Securities if such Transferee is (i) a Permitted Transferee or (ii) acquiring
at least $100 million of Registrable Securities as determined by reference to the volume weighted average price for such Registrable
Securities on any securities exchange or market on which the Common Stock are then listed or quoted for the five trading days
immediately preceding the applicable determination date (the “5-Day VWAP”) and such Transferee has delivered
to the Company a duly executed Adoption Agreement; provided, that a Holder’s rights under Section 2.2
and Section 2.4 may only be transferred if such Transferee is (i) an Affiliate of the Investor; (ii) Skye
Callantine or an Affiliate of Mr. Callantine; (iii) Michael Horton or an Affiliate of Mr. Horton; or (iv) is
acquiring at least $100 million of Registrable Securities as determined by the 5-Day VWAP.

 

Article VI

MISCELLANEOUS

 

Section 6.1     Termination.
This Agreement shall terminate as to any Holder, when such Holder no longer owns any shares of Common Stock that constitute Registrable
Securities; provided, however, that Article III shall survive any termination hereof.

 

Section 6.2     Severability.
If any provision of this Agreement shall be determined to be illegal and unenforceable by any court of law, the remaining provisions
shall be severable and enforceable in accordance with their terms.

 

Section 6.3     Remedies.
In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition
to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled
to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees
that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy
at law would be adequate.

 

    	 	17	 

     

    

 

Section 6.4     Governing
Law; Waiver of Jury Trial.

 

(a)            This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles
of conflicts of laws that would direct the application of the laws of another jurisdiction.

 

(b)            THE
PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY AGAINST ANOTHER IN ANY MATTER
WHATSOEVER ARISING OUT OF OR IN RELATION TO OR IN CONNECTION WITH THIS AGREEMENT. FURTHER, NOTHING HEREIN SHALL DIVEST A COURT
OF COMPETENT JURISDICTION OF THE RIGHT AND POWER TO GRANT A TEMPORARY RESTRAINING ORDER, TO GRANT TEMPORARY INJUNCTIVE RELIEF,
OR TO COMPEL SPECIFIC PERFORMANCE OF ANY DECISION OF AN ARBITRAL TRIBUNAL MADE PURSUANT TO THIS PROVISION.

 

Section 6.5     Adjustments
Affecting Registrable Securities. The provisions of this Agreement shall apply to any and all shares of capital
stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise)
that may be issued in respect of, in exchange for or in substitution for the Registrable Securities, by reason of any stock dividend,
split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and
with such appropriate adjustments as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges,
duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed.

 

Section 6.6     Binding
Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and
its successors and assigns and each Holder and its successors and assigns. Except as provided in Article V, neither
this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or
otherwise, by any Holder without the prior written consent of the Company.

 

Section 6.7     Notices.
All notices or other communications that are required or permitted hereunder shall be in writing and shall be deemed to have been
given if (i) personally delivered, (ii) sent by nationally recognized overnight courier, (iii) sent by registered
or certified mail, postage prepaid, return receipt requested or (iv) email, addressed as follows:

 

(a)            If
to the Company, to:

 

WPX Energy, Inc.

3500 One Williams Center

Tulsa, Oklahoma 74172

Attention: Dennis Cameron

Email: Dennis.Cameron@wpxenergy.com

 

with copies to (which shall not
constitute notice):

 

Weil, Gotshal & Manges
LLP

200 Crescent Court, Suite 300

Dallas, Texas 75201

Attention: Glenn D. West, James
R. Griffin and Samuel C. Peca

Email: gdwest@weil.com; james.griffin@weil.com;
samuel.peca@weil.com

 

    	 	18	 

     

    

 

(b)            If
to the Investor, to

 

Felix Investments Holdings
II, LLC

1530 16th Street

Suite 500

Denver, Colorado 80202

Attention: Michael Horton

Email: MichaelH@felix-energy.com

 

with copies to (which shall not
constitute notice):

 

Vinson &
Elkins L.L.P.     

1001
Fannin, Suite 2500     

Houston,
Texas 77002     

Attention:
John B. Connally, Douglas E. McWilliams and W. Matthew Strock    

E-mail: 
jconnally@velaw.com; dmcwilliams@velaw.com; mstrock@velaw.com

 

(c)            If
to any other Holders, to their respective addresses set forth on the applicable Adoption Agreement;

 

or to such other address as the party
to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any such communication
shall be deemed to have been received (i) when delivered, if personally delivered, (ii) on the date sent if delivered
by e-mail on a Business Day, or if not sent on a Business Day, on the first Business Day thereafter, (iii) the next Business
Day after delivery, if sent by nationally recognized overnight courier, and (iv) on the third (3rd) Business Day following
the date on which the piece of mail containing such communication is posted, if sent by first-class mail.

 

Section 6.8     Modification;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument duly executed by the
Company and the Majority Holders. No course of dealing between the Company and the Holders (or any of them) or any delay in exercising
any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce
any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right
of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.

 

Section 6.9     Entire
Agreement. Except as otherwise expressly provided herein, this Agreement constitutes the entire agreement among
the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings
of the parties in connection therewith.

 

Section 6.10     Counterparts.
This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument,
but all such counterparts taken together shall constitute but one agreement.

 

[signature page follows]

 

    	 	19	 

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed by its undersigned duly authorized representative as of the date
first written above.

 

	 	WPX ENERGY, INC.	 

 

	 	By:	/s/ Richard E. Muncrief
	 	 	Name: Richard E. Muncrief
	 	 	Title: Chairman and Chief Executive Officer

 

Signature
Page To Registration Rights Agreement

 

    

     

    

 

	 	FELIX INVESTMENTS HOLDINGS
    II, LLC	 

 

	 	By:	/s/ Skye Callantine
	 	 	Name: Skye Callantine
	 		Title: President and Chief Executive Officer  

 

Signature
Page To Registration Rights Agreement

 

    

     

    

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

This Adoption Agreement
(“Adoption Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant
to the terms of the Registration Rights Agreement, dated as of [●], 2020, among WPX Energy, Inc. (the “Company”),
Felix Investment Holdings II, LLC and the Holders party thereto (as amended from time to time, the “Registration Rights
Agreement”). Terms used and not otherwise defined in this Adoption Agreement have the meanings set forth in the Registration
Rights Agreement.

 

By the execution of
this Adoption Agreement, the Transferee agrees as follows:

 

		1.	Acknowledgement. Transferee
                                         acknowledges that Transferee is acquiring certain shares of Common Stock of the Company,
                                         subject to the terms and conditions of Registration Rights Agreement, among the Company
                                         and the Holders party thereto.

 

		2.	Agreement. Transferee (i) agrees
                                         that the shares of Common Stock of the Company acquired by Transferee shall be bound
                                         by and subject to the terms of the Registration Rights Agreement, pursuant to the terms
                                         thereof, and (ii) hereby adopts the Registration Rights Agreement with the same
                                         force and effect as if he, she or it were originally a party thereto.

 

		3.	Notice. Any notice required
                                         as permitted by the Registration Rights Agreement shall be given to Transferee at the
                                         address listed beside Transferee’s signature below.

 

		4.	Joinder. The spouse of the undersigned
                                         Transferee, if applicable, executes this Adoption Agreement to acknowledge its fairness
                                         and that it is in such spouse’s best interest, and to bind such spouse’s
                                         community interest, if any, in the shares of Common Stock and other securities referred
                                         to above and in the Registration Rights Agreement, to the terms of the Registration Rights
                                         Agreement.

 

Signature:

 

	 	 
	 	 
	 	 
	 	 
	Address:	 
	Contact Person:	 
	Telephone No:	 
	Email:

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