Document:

SECOND AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Second Amendment") is entered into and effective
as of the Second Amendment Closing Date (as defined below) among ENERJEX RESOURCES, INC., a Nevada corporation ("Parent"),
ENERJEX KANSAS, INC. (f/k/a Midwest Energy, Inc.), a Nevada corporation ("EnerJex Kansas"),
DD ENERGY, INC., a Nevada corporation ("DD Energy"), WORKING INTEREST, LLC, a Kansas limited
liability company ("Working Interest"), and BLACK SABLE ENERGY, LLC, a Texas limited liability
company ("Black Sable"; together with
Parent, EnerJex Kansas, DD Energy and Black Sable, each a "Borrower"
and, collectively, "Borrowers") and TEXAS CAPITAL BANK, N.A., a national banking
association, as a Bank, L/C Issuer and Administrative Agent (in such latter capacity and together with its successors and permitted
assigns in such capacity the "Administrative Agent'), and
the several banks and financial institutions from time to time parties to the Credit Agreement, as defined below (the "Banks").
Capitalized terms used but not defined in this Second Amendment have the meaning given them in the Credit Agreement.

 

RECITALS

 

A.          Borrowers, Administrative
Agent, L/C Issuer and Banks previously entered into that certain Amended and Restated Credit Agreement dated as of October 3, 2011,
as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of December 14, 2011 (as amended,
restated, supplemented or otherwise modified from time to time, the "Credit Agreement').

 

B.          Borrowers, Administrative Agent,
L/C Issuer and Banks have agreed to amend the Credit Agreement, subject to the terms and conditions of this Second Amendment.

AGREEMENT

 

NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

I.          Specific Amendments to Credit Agreement.

 

A.          Article I, Definitions,
of the Credit Agreement is hereby amended by adding the following definitions in their proper alphabetical order:

 

"Second
Amendment" means the Second Amendment to Amended and Restated Credit Agreement dated effective as of the Second Amendment
Closing Date by and among Borrowers, Administrative Agent, L/C Issuer and Banks.

 

"Second Amendment Closing Date" means
August 31, 2012.

 

B.          Article I, Definitions,
of the Credit Agreement is hereby amended by revising the following definition in its entirety as follows:

 

    	 

    	 

    
 

"Floating
Rate" means a per annum interest rate determined by reference to the following schedule:

 

Eurodollar Rate + Eurodollar
Margin at Borrower's option pursuant to Section 2.02,
but in no event shall such sum be less than three and seventy-five hundredths percent (3.75%),

 

or

 

Base Rate + Base Rate Margin
at Borrower's option or by default pursuant to Section 2.02, but in no event shall such sum be less than three and
seventy-five hundredths percent (3.75%).

 

C.          Section 2.04(a), Borrowing
Base Determination, of the Credit Agreement is hereby deleted in its entirety and replaced with following:

 

(a)          The
Borrowing Base in effect as of the Second Amendment Closing Date is $7,000,000 relative to the Proved Reserves attributable to
the Borrowing Base Oil and Gas Properties and the Monthly Borrowing Base Reduction is $0.00. The Borrowing Base shall be automatically
reduced on the first day of each month by the Monthly Borrowing Base Reduction beginning September 1, 2012. The Borrowing Base
and the Monthly Borrowing Base Reduction shall be re-determined from time to time pursuant to the provisions of this Section.

 

D.          Section 9.01, Events
of Default, of the Credit Agreement is hereby amended by replacing the "." at the end of Section (1) with
"; or".

 

E.          Section 9.01, Events
of Default, of the Credit Agreement is hereby amended by adding the following new Subsection (m) to the end thereof:

(m)          Change
in Management. Robert G. Watson ceases to be the chief executive officer of any Borrower for any reason and a successor reasonably
acceptable to Administrative Agent is not appointed within one hundred twenty (120) days thereafter.

 

II.          Amendment to
Exhibit A to the Credit Agreement. Exhibit A attached to the Credit Agreement is hereby supplemented by adding the Borrowing
Base Oil and Gas Properties described on Exhibit A attached to this Second Amendment and each reference in any Loan Document to
such Exhibit A shall include and incorporate the Exhibit A attached to this Second Amendment.

 

III.          Conditions
Precedent to Second Amendment. This Second Amendment shall be effective once each of the following conditions have been satisfied
in Administrative Agent's sole discretion on or before the Second Amendment Closing Date:

 

		(a)	Borrowers, Administrative Agent and Banks shall have executed and delivered this Second Amendment (including, without limitation,
all schedules, exhibits and annexes to be attached hereto
and incorporated herein);

 

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		(b)	Borrowers shall have paid, in immediately available funds,
to the Administrative Agent an engineering fee in the aggregate amount of $2,500; and

 

		(c)	Administrative Agent shall have received, in form and
content satisfactory to it, such other assurances, certificates, documents or consents related to the foregoing as Administrative
Agent may request.

 

IV.          Representations,
Warranties and Covenants. Borrowers represent and warrant to Administrative Agent and Banks that (a) they possess all requisite
Corporate Power and authority to execute, deliver and comply with the terms of this Second Amendment, (b) this Second Amendment
has been duly authorized and approved by all requisite Corporate Action on the part of the Borrowers, (c) no other consent of
any Person (other than Administrative Agent and Banks) is required for this Second Amendment to be effective, (d) the execution
and delivery of this Second Amendment does not violate their Governing Documentation, (e) the representations and warranties in
each Loan Document to which they are a party are true and correct in all material respects on and as of the Second Amendment Closing
Date as though made on the Second Amendment Closing Date, (f) they are in full compliance with all covenants and agreements contained
in each Loan Document to which they are a party, (g) no Event of Default or Default has occurred and is continuing, and (h) except
as may be addressed in this Second Amendment, no exhibit or schedule to the Credit Agreement is required to be supplemented, amended
or modified in connection with the transactions contemplated by this Second Amendment or any other matters occurring prior to
the Second Amendment Closing Date. In particular, but without limiting the generality of the foregoing, Exhibit A attached to
the Credit Agreement, as amended by this Second Amendment or any prior amendment, describes all of Borrowers' Borrowing Base Oil
and Gas Properties. The representations and warranties made in this Second Amendment shall survive the execution and delivery
of this Second Amendment. No investigation by Administrative Agent or any Bank is required for Administrative Agent or any Bank
to rely on the representations and warranties in this Second Amendment.

 

V.          Scope
of Amendment; Reaffirmation; Release. All references to the Credit Agreement shall refer to the Credit Agreement as amended
by this Second Amendment. This Second Amendment is a Loan Document. Except as affected by this Second Amendment, the Loan Documents
are unchanged and continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit
Agreement (as amended by this Second Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and
such other document shall be deemed to be amended to conform to the terms of the Credit Agreement. Borrowers hereby reaffirm their
obligations under the Loan Documents to which they are a party to and agree that all Loan Documents to which they are a party
to remain in full force and effect and continue to be legal, valid, and binding obligations enforceable in accordance with their
terms (as the same are affected by this Second Amendment). BORROWERS HEREBY RELEASE, DISCHARGE AND ACQUIT ADMINISTRATIVE AGENT,
L/C ISSUER AND BANKS FROM ANY AND ALL CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, REMEDIES, AND LIABILITIES OF EVERY KIND OR NATURE
(INCLUDING WITHOUT LIMITATION, OFFSETS, REDUCTIONS, REBATES, OR LENDER LIABILITY) ARISING OUT OF ANY ACT, OCCURRENCE, TRANSACTION
OR OMISSION OCCURRING IN CONNECTION WITH THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS PRIOR TO THE SECOND AMENDMENT CLOSING
DATE.

 

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VI.          Miscellaneous.

 

(a)          No
Waiver of Defaults. This Second Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit
Agreement or any other Loan Document, or (B) any present or future violation of, or default under, any provision of the Loan Documents,
or (ii) a waiver of Administrative Agent's or any Bank's right to insist upon future compliance with each term, covenant, condition
and provision of the Loan Documents.

 

(b)          Form.
Each agreement, document, instrument or other writing to be furnished to Administrative Agent under any provision of this Second
Amendment, if any, must be in form and substance satisfactory to Administrative Agent and its counsel.

 

(c)          Headings.
The headings and captions used in this Second Amendment are for convenience only and will not be deemed to limit, amplify
or modify the terms of this Second Amendment, the Credit Agreement, or the other Loan Documents.

 

(d)          Costs,
Expenses and Attorneys' Fees, Borrowers agree to pay or reimburse Administrative Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Second
Amendment, including, without limitation, the reasonable fees and disbursements of Administrative Agent's counsel.

 

(e)          Successors
and Assigns. This Second Amendment shall be binding on Borrowers and their respective successors and permitted assigns and
shall inure to the benefit of Administrative Agent, L/C Issuer and Banks and their respective successors and permitted assigns.

 

(f)          Multiple
Counterparts. This Second Amendment may be executed in any number of counterparts with the same effect as if all signatories
had signed the same document. All counterparts must be construed together to constitute one (1) and the same instrument. This
Second Amendment may be transmitted and signed by facsimile or portable document file (pdf). The effectiveness of any such documents
and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding
on Borrowers, Administrative Agent, L/C Issuer and Banks. Administrative Agent may also require that any such documents and signatures
be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit the
effectiveness of any facsimile document or signature.

 

(g)          Governing
Law. THIS SECOND AMENDMENT AND THE OTHER LOAN DOCUMENTS MUST BE CONSTRUED, AND THEIR PERFORMANCE ENFORCED, UNDER TEXAS LAW.

 

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(h)          Entirety.
THIS SECOND AMENDMENT REPRESENTS THE FINAL AGREEMENT BY AND AMONG BORROWERS, ADMINISTRATIVE AGENT, L/C ISSUER AND BANKS WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(Signature pages follow)

 

    	5

    	 

    
 

IN WITNESS WHEREOF, this Second Amendment
is executed effective as of the Second Amendment Closing Date.

 

	 	BORROWERS:	 
	 	 	 	 
	 	 	 	 
	 	ENERJEX RESOURCES, INC.	 
	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert G. Watson, Jr.	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	ENERJEX KANSAS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert G. Watson, Jr.	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	DD ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert G. Watson, Jr.	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	WORKING INTEREST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert G. Watson, Jr.	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	– and –	 	 
	 	 	 	 
	 	 	 	 
	 	BLACK SABLE ENERGY, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert G. Watson, Jr.	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 

 

    	Signature Page to Second Amendment

    	 

    
 

	 	 	 	 
	 	ADMINISTATIVE AGENT, L/C ISSUER AND BANKS:	 
	 	 	 	 
	 	 	 	 
	 	TEXAS CAPITAL BANK, N.A.,	 
	 	as Administrative Agent, L/C Issuer and	 
	 	a Bank	 	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ W. David McCarver IV	 
	 	 	W. David McCarver IV	 
	 	 	Senior Vice President	 

 

    	Signature Page to Second Amendment

    	 

    
 

EXHIBIT A

BORROWING BASE OIL AND GAS PROPERTIES

 

WOODSON COUNTY, KANSAS

  

	WELL NAME	WI	NRI
	 	 	 
	
        Arnold

        Massey

        McColt

        Edwards, Gail

        Edwards, Bob

        Edwards South

        Edwards, R
	
        0.90000

        0.90000

        0.90000

        0.90000

        0.90000

        0.90000

        0.90000
	
        0.77520

        0.78750

        0.78750

        0.73828

        0.76929

        0.76289

        0.76289

 

LEASE LIST

 

	LESSOR	LESSEE	DATE	RECORDING	LEGAL
	 	 	 	INFORMATION	DESCRIPTION
	 	 	 	 	 
	W.R. Richard,	W.F. Braden and	7/15/37	8/3/37	NE/4 of Section
	Administrator of the	C.A. Aikman	 	Book 9/Page 584	35, T23S-RI4E
	
        Estate or Rhoda

        Arnold, Deceased

         
	 	 	 	 
	Bob Edwards #1	John L. Haas	1/1/78	1/30/78	W/2SW/4 of
	 	 	 	Book 47/Page 356	
        Section 35,

        T23S-R14E

         

	Gail Edwards and	True Ashlock	7/26/49	8/16/49	W/2SW/4 of
	Luella A. Edwards	 	 	Book 21/Page 97	
        Section 36,

        T23S-R14E

         

	Robert E. Edwards	French &	4/18/80	5/19/80	S/2NE/4 of
		
        Winterscheid, Inc.

        			
        Section 2, T24S -

        RI4E

        

	 	 	 	 	 
	J.M. Massey and wife, Mary J. Massey	C.A. Aikman	11/21/35 	11/21/35 Book 7/Page 365	
        E/2SW/4 and

W/2SE/4 of

        Section 35,

        T23S-RI4E

 

    	 

    	 

    
 

	LESSOR	LESSEE	DATE	RECORDING	LEGAL
	 	 	 	INFORMATION	DESCRIPTION
	 	 	 	 	 
	W.E. Hogueland	Charles H. Suiter	2/10/23	

2/26/23

        Book U/Page 363

         
	
        E/2SE/4 of

        Section 35,

        T23S-R14E and

        N/2NE/4 of

        Section 2, T24S-

R14E

 

	ATASCOSA COUNTY, TEXAS	 
	 	 
	WELL LIST	 
	 	 	 
	WELL NAME	WI	NRI
	Wilson #1	1.0  	0.8125
	Yancy 1, 2, 4B, 5, 6, 7	1.0	0.8125
	Naden Unit # 1  	4.0   	3.125

 

	LEASE LIST	 	 	 
	 	 	 	 
	LESSOR	LESSEE	DATE	RECORDING
	 	 	 	INFORMATION
	 	 	 	 
	John A. Wilson, Jr., William	Black Sable Energy, LLC	11/5/09	11/10/08
	W. Wilson and John Robert Wilson 	 	 	Instrument #102259
	 	 	 	 
	James Foster Yancy	Black Sable Energy, LLC	6/26/08	Memorandum filed as
	 	 	 	#99466
	 	 	 	 
	Glenn M. Weir dealing in his	Black Sable Energy, LLC	7/7/08	Clerk File #99736
	sole and separate property	 	 	 
	 	 	 	 
	Jeanne Stewart Adams  	Black Sable Energy, LLC	7/7/08	Clerk File #99734
	 	 	 	 
	Betsy Ross Sanchez	Black Sable Energy, LLC	7/11/08	Clerk File #99985
	 	 	 	 
	Robert P. Ross, Jr.	Black Sable Energy, LLC	7/11/08	Clerk File #99735
	 	 	 	 
	Ray Tim Walker, IV	Black Sable Energy, LLC	7/11/08	Clerk File #99984
	 	 	 	 
	Patricia N. Townsend, as an	Black Sable Energy, LLC	7/11/08	Clerk File #100700
	agent and attorney in fact for Lois Smith Nulty, dealing in her sole and separate property	 	 	 

 

 

    	 

    	 

    
 

	LESSOR	LESSEE	DATE	RECORDING
	 	 	 	INFORMATION
	 	 	 	 
	Gayle Ross DeGeurin	Black Sable Energy, LLC	7/11/08	Clerk File #99986
	 	 	 	 
	Brett M. Byers	Black Sable Energy, LLC	8/11/08	Clerk File #101023
	 	 	 	 
	
        Nancy Marvel Lee Thompson

        and H. Platt Thompson, Jr. as

        Independent Co-Executors of

        the Estate of H. Platt

        Thompson
	Black Sable Energy, LLC	9/22/08	Clerk File #101770
	 	 	 	 
	Lea Lisa Naden	Black Sable Energy, LLC	7/10/08	Instrument #101022
	 	 	 	 
	Hebert N. Naden	Black Sable Energy, LLC	8/28/08	Instrument #100701
	 	 	 	 
	Robert S. Naden	Black Sable Energy, LLC	8/5/08	Instrument #100702
	 	 	 	 
	Maria B. Llaguno	Black Sable Energy, LLC	4/28/09	Instrument #105587THIRD AMENDMENT
TO

AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS THIRD AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Third Amendment”) is entered into and effective as of
the Third Amendment Closing Date (as defined below) among ENERJEX RESOURCES, INC., a Nevada corporation (“Parent”),
ENERJEX KANSAS, INC. (f/k/a Midwest Energy, Inc.), a Nevada corporation (“EnerJex Kansas”), DD
ENERGY, INC., a Nevada corporation (“DD Energy”), Working
Interest, LLC, a Kansas limited liability company (“Working Interest”), and BLACK SABLE
ENERGY, LLC, a Texas limited liability company (“Black Sable”; together with Parent, EnerJex Kansas,
DD Energy and Black Sable, each a “Borrower” and, collectively, “Borrowers”)
and TEXAS CAPITAL BANK, N.A., a national banking association, as a Bank, L/C Issuer and Administrative Agent (in
such latter capacity and together with its successors and permitted assigns in such capacity the “Administrative Agent”),
and the several banks and financial institutions from time to time parties to the Credit Agreement, as defined below (the “Banks”).
Capitalized terms used but not defined in this Third Amendment have the meaning given them in the Credit Agreement.

 

RECITALS

 

A.          Borrowers,
Administrative Agent, L/C Issuer and Banks previously entered into that certain Amended and Restated Credit Agreement dated as
of October 3, 2011, as amended by that certain First Amendment to Amended and Restated Credit Agreement dated as of December 14,
2011 and that certain Second Amendment to Amended and Restated Credit Agreement dated as of August 31, 2012 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

B.          Borrowers,
Administrative Agent, L/C Issuer and Banks have agreed to amend the Credit Agreement, subject to the terms and conditions of this
Third Amendment.

 

AGREEMENT

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

I.          Specific
Amendments to Credit Agreement.

 

A.          Article
I, Definitions, of the Credit Agreement is hereby amended by adding the following definitions in their proper alphabetical
order:

 

“Net
Debt” means, as of the date of any determination, (a) all Indebtedness under this Agreement, plus (b) any
long-term Indebtedness permitted under Section 7.03, minus (c) any unencumbered cash on hand.

 

“Third
Amendment” means the Third Amendment to Amended and Restated Credit Agreement dated effective as of the Third Amendment
Closing Date by and among Borrowers, Administrative Agent, L/C Issuer and Banks.

 

    	 

    	 	

    
 

“Third
Amendment Closing Date” means November 2, 2012.

 

B.          Section
2.04(a), Borrowing Base Determination, of the Credit Agreement is hereby deleted in its entirety and replaced with following:

 

(a)          The
Borrowing Base in effect as of the Third Amendment Closing Date is $12,150,000 relative to the Proved Reserves attributable to
the Borrowing Base Oil and Gas Properties and the Monthly Borrowing Base Reduction is $0.00. The Borrowing Base shall be automatically
reduced on the first day of each month by the Monthly Borrowing Base Reduction beginning December 1, 2012. The Borrowing Base and
the Monthly Borrowing Base Reduction shall be re-determined from time to time pursuant to the provisions of this Section.

 

C.          Section
7.02, Investments; Acquisitions, of the Credit Agreement is hereby amended by deleting the “and” at the end of
Subsection (e) and replacing the “.” at the end of Subsection (f) with “; and”.

 

D.          Section
7.02, Investments; Acquisitions, of the Credit Agreement hereby amended by adding the following new Subsection (g) to
the end thereof:

 

(g)          the
repurchase by Parent of common stock in an aggregate amount not to exceed $2,000,000 on or before December 31, 2013; provided
that both before and after giving effect to the making of such repurchase, (i) no Default or Event of Default has occurred
and is continuing and (ii) the then-current Aggregate Outstanding Exposure is equal to or less than ninety percent (90%) of the
then-current Aggregate Commitment Amount.

 

E.          Section
7.12(b), Funded Debt to EBITDAX Ratio, of the Credit Agreement is hereby deleted in its entirety and replaced with the following
new Section 7.12(b):

 

(b)          Net
Debt to EBITDAX Ratio. For the quarterly periods ending September 30, 2011 and December 31, 2011, permit the ratio of Net Debt
to Borrowers’ and their Subsidiaries’ consolidated EBITDAX for that preceding quarter to be greater than 4.75:1.00;
or for the fiscal quarter ending March 31, 2012 and each fiscal quarter thereafter, permit the ratio of Net Debt to Borrowers’
and their Subsidiaries’ consolidated EBITDAX for that preceding quarter to be greater than 4.50:1.00. For the purpose of
calculating the foregoing ratio, EBITDAX will be annualized by: (i) multiplying by 4 for the three-month period ending September 30,
2011, (ii) multiplying by 2 for the six-month period ending December 31, 2011, and (iii) multiplying by 1.33 for the
nine-month period ending March 31, 2012. For the twelve-month period ending June 30, 2012, and for each period thereafter,
EBITDAX will be calculated based on actual EBITDAX for the previous four fiscal quarters. For purposes of calculating the foregoing
ratio, Net Debt will be determined beginning as of September 30, 2012.

 

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F.          Section
7.12(c), Interest Coverage Ratio, of the Credit Agreement is hereby amended by adding the following sentence to the end thereof:

 

For the purpose
of calculating the foregoing ratio, EBITDAX will be annualized by: (i) multiplying by 4 for the three-month period ending September 30,
2011, (ii) multiplying by 2 for the six-month period ending December 31, 2011, and (iii) multiplying by 1.33 for the
nine-month period ending March 31, 2012. For the twelve-month period ending June 30, 2012, and for each period thereafter,
EBITDAX will be calculated based on actual EBITDAX for the previous four fiscal quarters.

 

II.          Limited
Waiver. Subject to the other terms and conditions set forth herein, Administrative Agent and Banks hereby waive Borrowers’
compliance with, and any resulting Event of Default arising from Borrowers’ failure to comply with, the financial covenant
set forth in Section 7.12(c) (Interest Coverage Ratio) solely in relation to the fiscal quarter ending December 31,
2011. The waiver granted hereunder does not indicate an intent to establish any course of dealing between Administrative Agent,
Banks and Borrowers with regard to future waivers, consents, agreements to forbear or any other modifications that may be requested.
Administrative Agent’s and Banks’ agreement to the waiver herein should not be construed as an indication that Administrative
Agent and Banks would be willing to agree to any further or future consents, waivers, agreements to forbear or any modifications
to any of the terms of the Credit Agreement or other Loan Documents, or any Events of Default or Defaults that may exist or occur
thereunder.

 

III.          Conditions
Precedent to Third Amendment. This Third Amendment shall be effective once each of the following conditions have been satisfied
in Administrative Agent’s sole discretion on or before the Third Amendment Closing Date:

 

		(a)	Borrowers, Administrative Agent and Banks shall have
executed and delivered this Third Amendment (including, without limitation., all schedules, exhibits and annexes to be attached
hereto and incorporated herein);

 

		(b)	Borrowers shall have paid, in immediately available funds,
to the Administrative Agent (i) a facility fee in the aggregate amount of $37,125 and (ii) an engineering fee in the aggregate
amount of $2,500; and

 

		(c)	Administrative Agent shall have received, in form and
content satisfactory to it, such other assurances, certificates, documents or consents related to the foregoing as Administrative
Agent may request.

 

IV.          Representations,
Warranties and Covenants. Borrowers represent and warrant to Administrative Agent and Banks that (a) they possess all
requisite Corporate Power and authority to execute, deliver and comply with the terms of this Third Amendment, (b) this Third
Amendment has been duly authorized and approved by all requisite Corporate Action on the part of the Borrowers, (c) no other
consent of any Person (other than Administrative Agent and Banks) is required for this Third Amendment to be effective, (d) the
execution and delivery of this Third Amendment does not violate their Governing Documentation, (e)  the representations and
warranties in each Loan Document to which they are a party are true and correct in all material respects on and as of the Third
Amendment Closing Date as though made on the Third Amendment Closing Date, (f)  they are in full compliance with all covenants
and agreements contained in each Loan Document to which they are a party, (g) no Event of Default or Default has occurred
and is continuing, and (h) except as may be addressed in this Third Amendment, no exhibit or schedule to the Credit Agreement is
required to be supplemented, amended or modified in connection with the transactions contemplated by this Third Amendment or any
other matters occurring prior to the Third Amendment Closing Date. In particular, but without limiting the generality of the foregoing,
Exhibit A attached to the Credit Agreement, as amended by this Third Amendment or any prior amendment, describes all of Borrowers’
Borrowing Base Oil and Gas Properties. The representations and warranties made in this Third Amendment shall survive the execution
and delivery of this Third Amendment. No investigation by Administrative Agent or any Bank is required for Administrative Agent
or any Bank to rely on the representations and warranties in this Third Amendment.

 

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V.          Scope
of Amendment; Reaffirmation; Release. All references to the Credit Agreement shall refer to the Credit Agreement as amended
by this Third Amendment. This Third Amendment is a Loan Document. Except as affected by this Third Amendment, the Loan Documents
are unchanged and continue in full force and effect. However, in the event of any inconsistency between the terms of the Credit
Agreement (as amended by this Third Amendment) and any other Loan Document, the terms of the Credit Agreement shall control and
such other document shall be deemed to be amended to conform to the terms of the Credit Agreement. Borrowers hereby reaffirm their
obligations under the Loan Documents to which they are a party to and agree that all Loan Documents to which they are a party to
remain in full force and effect and continue to be legal, valid, and binding obligations enforceable in accordance with their terms
(as the same are affected by this Third Amendment). Borrowers hereby release, discharge
and acquit Administrative Agent, L/C Issuer and Banks from any and all claims, demands, actions, causes of action, remedies, and
liabilities of every kind or nature (including without limitation, offsets, reductions, rebates, or lender liability) arising out
of any act, occurrence, transaction or omission occurring in connection with the Credit Agreement and the other Loan Documents
prior to the Third Amendment Closing Date.

 

VI.          Miscellaneous.

 

(a)          No
Waiver of Defaults. Except as expressly provided herein, this Third Amendment does not constitute (i) a waiver of, or a consent
to, (A) any provision of the Credit Agreement or any other Loan Document, or (B) any present or future violation of, or default
under, any provision of the Loan Documents, or (ii) a waiver of Administrative Agent’s or any Bank’s right to insist
upon future compliance with each term, covenant, condition and provision of the Loan Documents.

 

(b)          Form.
Each agreement, document, instrument or other writing to be furnished to Administrative Agent under any provision of this Third
Amendment, if any, must be in form and substance satisfactory to Administrative Agent and its counsel.

 

(c)          Headings.
The headings and captions used in this Third Amendment are for convenience only and will not be deemed to limit, amplify or modify
the terms of this Third Amendment, the Credit Agreement, or the other Loan Documents.

 

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(d)          Costs,
Expenses and Attorneys’ Fees. Borrowers agree to pay or reimburse Administrative Agent on demand for all its reasonable
out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Third Amendment,
including, without limitation, the reasonable fees and disbursements of Administrative Agent’s counsel.

 

(e)          Successors
and Assigns. This Third Amendment shall be binding on Borrowers and their respective successors and permitted assigns and shall
inure to the benefit of Administrative Agent, L/C Issuer and Banks and their respective successors and permitted assigns.

 

(f)          Multiple
Counterparts. This Third Amendment may be executed in any number of counterparts with the same effect as if all signatories
had signed the same document. All counterparts must be construed together to constitute one (1) and the same instrument. This Third
Amendment may be transmitted and signed by facsimile or portable document file (pdf). The effectiveness of any such documents and
signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on
Borrowers, Administrative Agent, L/C Issuer and Banks. Administrative Agent may also require that any such documents and signatures
be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit
the effectiveness of any facsimile document or signature.

 

(g)          Governing
Law. This THIRD Amendment and the other Loan Documents must be construed, and their
performance enforced, under Texas law.

 

(h)          Entirety.
This Third Amendment Represents the Final
Agreement By and Among Borrowers, Administrative Agent, L/C Issuer and Banks With Respect to the Subject Matter Hereof and May
Not Be Contradicted by Evidence of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties. There Are No Unwritten
Oral Agreements between the Parties.

 

(Signature pages follow)

 

    	5

    	 

    
 

IN WITNESS WHEREOF,
this Third Amendment is executed effective as of the Third Amendment Closing Date.

  

	 	BORROWERS:	 
	 	 	 	 
	 	 	 	 
	 	ENERJEX RESOURCES, INC.	 
	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	ENERJEX KANSAS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	DD ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	WORKING INTEREST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	– and –	 	 
	 	 	 	 
	 	 	 	 
	 	BLACK SABLE ENERGY, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	Robert G. Watson, Jr.	 
	 	 	Chief Executive Officer	 

 

    	Signature Page to Third Amendment

    	 

    
 

	 	 	 	 
	 	ADMINISTATIVE AGENT, L/C ISSUER AND BANKS:	 
	 	 	 	 
	 	 	 	 
	 	TEXAS CAPITAL BANK, N.A.,	 
	 	as Administrative Agent, L/C Issuer and	 
	 	a Bank	 	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	W. David McCarver IV	 
	 	 	Senior Vice President	 

 

    	Signature Page to Third Amendment

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