Document:

Execution
Copy

 

SECOND
AMENDMENT TO NOTE AND WARRANT PURCHASE AGREEMENT,

FIRST AMENDMENT TO AMENDED and Restated Secured Convertible

Promissory Note AND
LIMITED WAIVER

 

THIS SECOND AMENDMENT
TO NOTE AND WARRANT PURCHASE AGREEMENT, FIRST AMENDMENT TO AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY NOTE AND LIMITED
WAIVER (this “Amendment”) is made and entered into effective as of the 11th day of September, 2012 (the “Effective
Date”), by and between ASEN 2 CORP., a Delaware corporation (“Company”), PENTWATER EQUITY OPPORTUNITIES
MASTER FUND LTD, a Cayman Islands corporation (“Opportunities”) and PWCM MASTER FUND LTD., a Cayman Islands
corporation (“PWCM” and together with Opportunities, collectively, “Investor”).

 

PRELIMINARY STATEMENTS

 

A.           Company,
Investor and American Standard Energy Corp., a Delaware corporation (“Guarantor”) are parties to that certain
Note and Warrant Purchase Agreement dated February 9, 2012, as amended by that certain First Amendment to Note and Warrant Purchase
Agreement dated July 23, 2012 (as further amended, restated, extended, supplemented and/or otherwise modified from time to time,
the “Purchase Agreement”);

 

B.           Company
and Investor are parties to that certain Amended and Restated Secured Convertible Promissory Note dated July 23, 2012 (as amended,
restated, extended, supplemented and/or otherwise modified from time to time, the “Note”);

 

C.           Investor
has been made aware by Company that certain Events of Default (as defined in Section 2.1 of the Note) have occurred and are continuing
as a result of Company’s failure to (i) comply with the Reserve Report covenant set forth in Section 3.3(e) of the Purchase
Agreement and (ii) comply with the notification of Events of Default covenant set forth in Section 3.3(g)(ii) of the Purchase Agreement
(collectively, the “Existing Events of Default”);

 

D.           As
a result of the existence of the Existing Events of Default, Investor asserted it has the full legal right to exercise its rights
and remedies under the Purchase Agreement and the other Transaction Documents (as defined in the Purchase Agreement);

 

E.           Company
has requested that Investor (i) amend certain provisions of the Purchase Agreement and Note, and (ii) waive the Existing Events
of Default;

 

F.           Company
and Investor desire to make certain amendments to the Purchase Agreement and Note and Investor desires to waive the Existing Events
of Default, in each case, subject to the terms and conditions set forth herein; and

  

G.           This
Amendment shall constitute a Transaction Document and these recitals shall be construed as part of this Amendment. 

 

    	 

    	 

    
 

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

 

ARTICLE
I

Definitions

 

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

 

ARTICLE
II

Amendment

 

2.01         Amendment
to Section 3.10(b) of the Purchase Agreement.       Effective as of the date hereof, Section 3.10(b) of the Purchase Agreement
is hereby amended and restated in its entirety to provide as follows:

 

“(b)          sell,
issue, assign, lease, license, transfer, abandon or otherwise dispose of any or all of the Collateral other than (i) inventory
in the ordinary course of business, or (ii) dispositions of obsolete or worn out assets without the express written consent of
Investor, such consent not to be unreasonably withheld or delayed. Promptly, but in any event not more than one (1) Business Day
after the receipt by the Company of any net cash proceeds of any such sale, issuance, assignment, lease, license, transfer, abandonment
or other disposition of any or all of the Collateral expressly approved by Investor, in writing, shall be used to prepay the Note
in an aggregate amount equal to one hundred percent (100%) of such net cash proceeds.”

 

2.02         Amendment
to Article III of the Purchase Agreement.       Effective
as of the date hereof, Article III of the Purchase Agreement is hereby amended to include the following immediately after
Section 3.25:

 

“Section
3.26         Operator. Company shall, within thirty days of execution of the
Second Amendment to Note and Warrant Purchase Agreement, First Amendment to Amended and Restated Secured Convertible Promissory
Note and Limited Waiver dated as of September 11, 2012 by and between Company and Investor, have agreed to engage operational consultants
who will provide geology, geophysical and engineering expertise to Company with respect to the Oil and Gas Properties. The consultants
shall be approved by Investor, such approval not to be unreasonably withheld or delayed, and on terms and conditions reasonably
acceptable to Investor.

 

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Section 3.27         Board
of Directors. Promptly following the date of the effectiveness of the Second Amendment to Note and Warrant Purchase Agreement,
First Amendment to Amended and Restated Secured Convertible Promissory Note and Limited Waiver (the “Second Amendment
Date”), the Guarantor’s Board shall take all action to cause the Guarantor’s Board to fill the vacancies
left upon the resignations of two directors with two nominees proposed by the Investor to serve as directors of the Parent Guarantor’s
Board until the next meeting of Guarantor’s stockholders at which directors are to be elected and thereafter, Investor shall
be entitled to propose the nomination of two (2) Persons to serve as directors of the Parent Guarantor’s Board; provided
that such nominees must meet the independence standards of NASDAQ in the sole discretion of the Guarantor’s Corporate Governance
and Nominating Committee and such nominees are otherwise reasonably satisfactory to the Guarantor’s Board, provided further,
that in making such determination, the Guarantor’s Corporate Governance and Nominating Committee shall apply reasonable and
uniform standards consistent with past practices and consistent with the Guarantor’s corporate governance principles in effect
from time to time. Following the Second Amendment Date, the Investor shall have the right to propose to the Guarantor’s Corporate
Governance and Nominating Committee, or committee performing a similar function, and have nominated, two (2) such nominees for
election to the Guantor’s Board; provided, that the final determination as to the appointment or recommendation to shareholders
for election of any director or any successor director to the Guarantor’s Board or to any committee thereof remain in the
sole discretion of the Guarantor’s Corporate Governance and Nominating Committee, or any committee performing a similar function,
and; provided further, that in making such determination, the Guarantor’s Corporate Governance and Nominating Committee shall
apply reasonable and uniform standards consistent with past practices and consistent with the Guarantor’s corporate governance
principles in effect from time to time; and provided, further, that if any nominee is rejected by the Guarantor’s Corporate
Governance and Nominating Committee, or any committee performing a similar function, Investor shall have the opportunity to proffer
another Person for consideration to serves on the Guarantor’s Board. For clarification purposes, in no event shall the Investor
be entitled to nominate and/or have serve as director of Guarantor more than two directors. Each such director or any successor
director shall also be required at the time of nomination and election (or reappointment or re-election) to satisfy the independence
requirements of Nasdaq and any standards provided by the SEC regulations (or such similar standard as the Guarantor may apply).
Prior to their appointment, each nominee must complete and deliver a completed and signed director and officer questionnaire and
independence questionnaire and enter into a non-disclosure agreement on terms reasonably satisfactory to the Guarantor.

 

Section 3.28         Constituent
Documents. The Guarantor’s Board shall not amend the Guarantor’s bylaws without the consent of the Investor, which
consent shall not be unreasonably withheld. Guarantor’s Board shall not oppose or recommend to Guarantor’s stockholders
an amendment to Guarantor’s certificate of incorporation or bylaws without the consent of the Investor, which consent shall
not be unreasonably withheld.”

 

2.03         Amendment
to the Note.          Effective as of the date hereof, the principal
amount of the Note is hereby increased by $89,059.00.

 

2.04         Amendment
to Section 1.8 of the Note.         Effective as of the date hereof,
Section 1.8 of the Note is hereby amended and restated in its entirety to provide as follows:

 

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“Section
1.8           Mandatory Prepayments. Promptly, but in any event not
more than one (1) Business Day after the receipt by the Company of any cash proceeds of any sale, assignment, lease, license, transfer
or other disposition of any or all of the Oil and Gas Properties or other Collateral expressly approved by Investor, in writing,
the Company shall prepay the Note in an aggregate amount equal to one hundred percent (100%) of the net cash proceeds of such sale,
assignment, lease, license, transfer or other disposition.

 

ARTICLE
III

Conditions

 

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

 

(a)          Guarantor
shall have received the resignation of two directors from the Guarantor’s Board of Directors;

 

(b)          Investor
shall transfer a portion of the Note in an amount equal to $2,750,000 to Antler Bar Investments LLC, a Delaware limited liability
company;

 

(c)          Company
shall have caused (i) the sale of that certain Oil and Gas Property comprising of the Auld Shipman project more particularly described
on Exhibit A attached hereto to Investor and (ii) the disposition of certain liabilities in an asset purchase agreement
to Investor and on the terms and conditions satisfactory to Investor in its sole and absolute discretion;

 

(d)          Investor
shall have received the following documents or items, each in form and substance satisfactory to Investor and its legal counsel:

 

(i)          this
Amendment duly executed by Company; and

 

(ii)         such
other documents, agreements and information as Investor shall reasonably require.

 

(e)          Investor
shall approve this Amendment and any and all constituent documents to give effect to the transactions and other matters contemplated
by this Amendment;

 

(f)          All
corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and
other legal matters incident thereto shall be satisfactory to Investor and its legal counsel;

 

(g)          Except
with respect to the Existing Events of Default and certain defaults related to indebtedness with Macquarie Bank Limited, the representations
and warranties contained herein and in the Purchase Agreement and the other Transaction Documents, as each is amended hereby, shall
be true and correct as of the date hereof, as if made on the date hereof; and

 

(h)          No
Default or Event of Default, other than the Existing Events of Default, shall have occurred and be continuing.

 

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ARTICLE
IV

LIMITED WAIVER

 

4.01         Limited
Waiver. Subject to the satisfaction of each of the conditions set forth in Article III hereof, Investor hereby waives
the Existing Events of Default.

 

4.02         No
Waiver. Except as expressly set forth in Section 4.01, nothing contained in this Amendment shall be construed as
a waiver by Investor of any covenant or provision of the Purchase Agreement, the other Transaction Documents, this Amendment or
of any other contract or instrument between Company and Investor, and the failure of Investor at any time or times hereafter to
require strict performance by Company of any provision thereof shall not waive, affect or diminish any right of Investor to thereafter
demand strict compliance therewith. Investor hereby reserves all rights granted under the Purchase Agreement, the other Transaction
Documents, this Amendment and any other contract or instrument between Company and Investor.

ARTICLE
V

Ratifications, Representations, Warranties, covenants

AND OTHER AGREEMENTS

 

5.01         Ratifications.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth
in the Purchase Agreement and the other Transaction Documents, and, except as expressly modified and superseded by this Amendment,
the terms and provisions of the Purchase Agreement and the other Transaction Documents are ratified and confirmed and shall continue
in full force and effect. Company hereby agrees that all liens and security interest securing payment of the obligations and liabilities
under the Purchase Agreement are hereby collectively renewed, ratified and brought forward as security for the payment and performance
of the obligations and liabilities under the Purchase Agreement. Company and Investor agree that the Purchase Agreement and the
other Transaction Documents, as each is amended hereby, shall continue to be legal, valid, binding and enforceable in accordance
with their respective terms.

 

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5.02         Representations
and Warranties with respect to Other Transaction Documents. Company hereby represents and warrants to Investor that (a)
it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;
(b) the execution, delivery and performance by Company of this Amendment and any and all other Transaction Documents executed
and/or delivered in connection herewith have been authorized by all requisite corporate action on the part of Company and will
not violate the Certificate of Incorporation, Bylaws or other constituent documents of Company or any applicable law; (c) except
for certain securities-related filings, and for procedures and approvals required to implement Section 3.27 of the Purchase Agreement,
no consent, license, permit, approval or authorization of, or registration, filing or declaration with any governmental body or
other Person, is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment,
the Purchase Agreement or any of the other Transaction Documents executed and/or delivered in connection herewith by or against
Company; (d) this Amendment, the Purchase Agreement and all other Transaction Documents executed and/or delivered in connection
herewith have been duly executed and delivered by Company; (e) this Amendment, the Purchase Agreement
and all other Transaction Documents executed and/or delivered in connection herewith constitute Company’s legal, valid and
binding obligation enforceable against it in accordance with their terms, except to the extent that the enforceability thereof
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles; (f) except for the Existing Events of Default, Company is not in default under the Purchase
Agreement or any of the other Transaction Documents, and no Default or Event of Default (other than the Existing Events of Default)
exists, has occurred and is continuing or would result by the execution, delivery or performance of this Amendment; (g) except
with respect to the Existing Events of Default, Company is in full compliance with all covenants and agreements contained in the
Purchase Agreement and the other Transaction Documents; (h) except with respect to the Existing Events of Default and certain defaults
related to indebtedness with Macquarie Bank Limited, the representations and warranties contained in the Purchase Agreement and
the other Transaction Documents are true and correct on and as of the date hereof and on and as of the date of execution hereof
as though made on and as of each such date and (i) except as set forth herein and except as previously disclosed to Investor in
writing, Company has not amended its Certificate of Incorporation, Bylaws or other constituent documents
since July 23, 2012.

 

ARTICLE
VI

Miscellaneous Provisions

 

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

 

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

 

6.03         Expenses
of Investor. Company agrees to pay on demand all reasonable costs and expenses incurred by Investor in connection with
any and all amendments, modifications, and supplements to the other Transaction Documents, including, without limitation, the costs
and fees of Investor’s legal counsel, and all costs and expenses incurred by Investor in connection with the enforcement
or preservation of any rights under the Purchase Agreement or any other Transaction Document, as each is amended hereby, including,
without, limitation, the costs and fees of Investor’s legal counsel. For purposes of this Section 6.03, Investor’s
costs and expenses shall not include costs and expenses related to the formation, funding, or operation of a separate company to
acquire the project described in Exhibit A hereto.

 

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

 

6.05         Successors
and Assigns. This Amendment is binding upon and shall inure to the benefit of Investor and Company and their respective
successors and assigns, except that Company may not assign or transfer any of its rights or obligations hereunder without the prior
written consent of Investor.

 

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

 

6.07         Effect
of Waiver. No consent or waiver, express or implied, by Investor to or for any breach of or deviation from any covenant
or condition by Company shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition
or duty.

 

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

 

6.09         Applicable
Law. THIS AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE
IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT
TO ANY OF THE CONFLICTS OF LAW PRINCIPLES WHICH WOULD RESULT IN THE APPLICATION OF THE SUBSTANTIVE LAW OF ANOTHER JURISDICTION.

 

6.10         Final
Agreement. THE PURCHASE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, as each
is amended hereby, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT
IS EXECUTED. THE PURCHASE AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, as each is amended hereby, MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT
BY A WRITTEN AGREEMENT SIGNED BY COMPANY AND INVESTOR.

 

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

 

[Remainder of page intentionally left blank]

 

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

 

	COMPANY:
	 
	ASEN 2, CORP.
	 
	By:	/s/ Scott Feldhacker
	 	Name: Scott Feldhacker
	 	Title:  Chief Executive Officer

 

[Signature
Page to amendments and Limited Waiver]

 

    	 

    	 

    

 

	INVESTOR:
	 
	PENTWATER EQUITY OPPORTUNITIES MASTER

FUND LTD.
	 
	By:	/s/ Matthew Halbower
	 	Name: Matthew Halbower
	 	Title:  Chief Executive Officer
	 
	PWCM MASTER FUND LTD.
	 
	By:	/s/ Matthew Halbower
	 	Name: Matthew Halbower
	 	Title:  Chief Executive Officer

 

[Signature
Page to amendments and Limited Waiver]

 

    	 

    	 

    

 

GUARANTOR’S CONSENT AND AGREEMENT
TO SECOND AMENDMENT TO

NOTE AND WARRANT PURCHASE AGREEMENT, FIRST AMENDMENT TO

AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY
NOTE AND

LIMITED WAIVER

 

As an inducement to
Investor to execute, and in consideration of Investor’s execution of, this Amendment, the undersigned hereby consents to
this Amendment and agrees that this Amendment shall in no way release, diminish, impair, reduce or otherwise adversely affect the
obligations and liabilities of the undersigned under the Guaranty executed by the undersigned in connection with the Purchase Agreement,
or under any other Transaction Document, or any liens, security interests or charges to secure any of the Guaranteed Obligation
(as defined in the Guaranty), all of which are in full force and effect. The undersigned further represents and warrants to Investor
that (a) the representations and warranties in each Transaction Document to which it is a party are true and correct in all material
respects on and as of the date of this Amendment as though made on the date of this Amendment (except to the extent that such representations
and warranties speak to a specific date), (b) it is in full compliance with all covenants and agreements contained in each Transaction
Document to which it is a party, and (c) except for the Existing Events of Default, no Default or Event of Default has occurred
and is continuing. Guarantor hereby releases Investor from any liability for actions or omissions in connection with the Transaction
Documents prior to the date of this Amendment. This Consent and Agreement shall be binding upon the undersigned and its permitted
assigns and shall inure to the benefit of Investor, and its successors and permitted assigns.

 

	GUARANTOR:
	 
	AMERICAN STANDARD ENERGY CORP.
	 
	By:	/s/ Scott Feldhacker
	 	Name: Scott Feldhacker
	 	Title:  Chief Executive Officer

 

[Signature
Page to amendments and Limited Waiver]

 

    	 

    	 

    

 

EXHIBIT A

 

OIL AND GAS PROPERTY

 

    	 

    	 

    
 

Exhibit “A”

 

	1.	Lessor:	Charles B. Irvin
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	June 4, 2001
	 	Recordation:	Vol. 420, Page 332
	 	Description:	2133.3057 acres, more or less, being all of the C.C.S.D. & R.G.N.G Co. Survey No. 268, A-1227 containing 640 acres, and being all of the H. & O.B. Survey No. 307, A-800 containing 640 acres and also 853.3057 acres of the Caleb R. Bostwick Survey No. 74, A-70, La Salle County, Texas

	 	a)	Extension of Oil, Gas and Mineral Lease, recorded as Document No. 759591, Vol. 444, Page 51
	 	b)	Amendment of Oil, Gas and Mineral Lease, acknowledged Charles B. Irvin on March 24, 2006, recorded as Document No. 78111, Vol. 455, Page 87
	 	c)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged by Charles B. Irvin on March 6, 2007, recorded as Document No. 79572, Vol. 462, Page 521
	 	d)	Corrected Amendment of Oil, Gas and Mineral Lease, acknowledged by Charles B. Irvin on July 28, 2008, recorded as Document No. 81370, Vol. 472, Page 471

 

	2.	Lessor:	Barlow Irvin, Barlow Irvin III and Barry C. Irvin
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	June 4, 2001
	 	Recordation:	Vol. 420, Page 318
	 	Description:	2133.3057 acres, more or less, being all of the C.C.S.D. & R.G.N.G Co. Survey No. 268, A-1227 containing 640 acres, and being all of the H. & O.B. Survey No. 307, A-800 containing 640 acres and also 853.3057 acres of the Caleb R. Bostwick Survey No. 74, A-70, La Salle County, Texas.

	 	a)	Extension of Oil, Gas and Mineral Lease, acknowledged by Barlow Irvin, Barlow Irvin III on October 14, 2004 and acknowledged by Barry C. Irvin on October 7, 2004, recorded as Document No. 75961, Vol. 444, Page 53
	 	b)	Amendment of Oil, Gas and Mineral Lease, acknowledged by Barlow Irvin, Jr., Barry Charles Irvin, and Barlow Irvin III on March 20, 2006, recorded as Document No. 78111, Vol. 455, Page 87
	 	c)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged by Barlow Irvin, Jr. on February 24, 2007, recorded as Document No. 79568, Vol. 462, Page 507
	 	d)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged by Barry Charles Irvin on April 1, 2007, recorded as Document No. 79569, Vol. 462, Page 510

 

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	 	e)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged by Barlow Irvin, III on April 16, 2007, recorded as Document No. 79570, Vol. 462, Page 514
	 	f)	Corrected Amendment of Oil, Gas and Mineral Lease, acknowledged by Barlow Irvin, Jr. and Barlow Irvin, III on July 23, 2008 and Barry Charles Irvin on July 24, 2008, recorded as Document No. 81372, Vol. 472, Page 478

 

	3.	Lessor:	Kathleen Irvin-Daly
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	June 4, 2001
	 	Recordation:	Vol. 420, Page 322
	 	Description:	2133.3057 acres, more or less, being all of the C.C.S.D. & R.G.N.G Co. Survey No. 268, A-1227 containing 640 acres, and being all of the H. & O.B. Survey No. 307, A-800 containing 640 acres and also 853.3057 acres of the Caleb R. Bostwick Survey No. 74, A-70, La Salle County, Texas.

	 	a)	Extension of Oil, Gas and Mineral Lease between Kathleen V. Irvin and American Shoreline, Inc. acknowledged October 9, 2004 recorded as Document No. 76036, Vol. 444, Page 343
	 	b)	Amendment of Oil, Gas and Mineral Lease, acknowledged for Kathleen V. Irvin by Kathleen E. Irvin, as Agent under POA, on March 21, 2006, recorded as Document No. 78111, Vol. 455, Page 87
	 	c)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged for Kathleen V. Irvin by Kathleen E. Irvin, as Agent under POA, on April 13, 2007, recorded as Document No. 79571, Vol. 462, Page 518
	 	d)	Corrected Amendment of Oil, Gas and Mineral Lease, acknowledged for Kathleen V. Irvin by Kathleen E. Irvin on July 24, 2008, Document No. 81371, Vol. 472, Page 474

 

	4.	Lessor:	Kathleen E. Irvin, Independent Executrix of the Estate of John J. Irvin, Deceased
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	June 4, 2001
	 	Recordation:	Vol. 420, Page 327
	 	Description:	2133.3057 acres, more or less, being all of the C.C.S.D. & R.G.N.G Co. Survey No. 268, A-1227 containing 640 acres, and being all of the H. & O.B. Survey No. 307, A-800 containing 640 acres and also 853.3057 acres of the Caleb R. Bostwick Survey No. 74, A-70, La Salle County, Texas.

	 	a)	Extension of Oil, Gas & Mineral Lease between Kathleen Emmer Irvin and American Shoreline, Inc. acknowledged October 5, 2004 recorded as Document No. 75960, Vol. 444, Page 52
	 	b)	Amendment of Oil, Gas and Mineral Lease, acknowledged by Kathleen E. Irvin on March 21, 2006, recorded as Document No. 78111, Vol. 455, Page 87

 

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	 	c)	Third Amendment and Extension of Oil, Gas and Mineral Lease, acknowledged by Kathleen E. Irvin on April 13, 2007, recorded as Document No. 79571, Page 462, Page 518
	 	d)	Corrected Amendment of Oil, Gas and Mineral Lease, acknowledged by Kathleen E. Irvin on July 24, 2008, recorded as Document No. 81371, Vol. 472, Page 474

 

	5.	Lessor:	Sidney J. Williams III et ux Linda Davis Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	January 16, 2006
	 	Recordation:	Vol. 454, Page 308
	 	Description:	1279.3 acres, more or less, being all of Lot 1, Block 15 and Lots 1, 2, 3, 4 and 5 of Block 16, and Lot 2 of Block 17 and Lot 4 of Block 18 of the Bland and Nelson subdivision of the O’Connor Ranch, La Salle County, Texas.

 

	6.	Lessor:	Sid Williams IV et ux Zane C. Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	January 16, 2006
	 	Recordation:	Vol. 455, Page 54
	 	Description:	307.95 acres, more or less, being a part of the Austin & Williams Survey No. 1000, A-2, La Salle County, Texas

 

	7.	Lessor:	Sid Williams IV et ux Zane C. Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	January 16, 2006
	 	Recordation:	Vol. 455, Page 61
	 	Description:	351.94 acres, more or less, being a part of the Austin & Williams Survey No. 1000, A-2, La Salle County, TX

 

	8.	Lessor:	A.A Zizinia Jr. (aka A.A. Zizinia III), Renee Zizinia Prewitt, Edith Renee Prewitt (formerly known as Edith Renee Zvonek) and Jan Perry Prewitt
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	March 5, 2006
	 	Recordation:	Vol. 455, Page 528
	 	Description:	1965.56 acres, more or less, being a portion of the Bland and Nelson Subdivision of the O’Connor Ranch, La Salle County, Texas

 

	9.	Lessor:	Zella Cromwell Ranch Limited
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	September 10, 2008
	 	Recordation:	Vol. 473, Page 406
	 	Description:	1472.93 acres, more or less, being a portion of the Geo. Hagelsteins’ Subdivision (sometimes referred to as the Bland and Nelson Subdivision) of the O’Connor Ranch, La Salle County, Texas, and being the same 1472.93 acre tract described in that certain Oil, Gas and Mineral Lease dated September 7, 2005 by and between Zella Cromwell Ranch Limited and American Shoreline Inc., recorded in Vol. 452, Page 407 of the Deed Records of La Salle County, Texas

 

    	6

    	 

    

 

	10.	Lessor:	Sugie Williams Barrow
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	September 26, 2008
	 	Recordation:	Vol. 0052, Page 844
	 	Description:	Four (4) tracts comprising 964.80 acres, more or less, being part of the T. E. Stanfield Survey, A-1225, the T.C.R.R. Co. Survey, A-981, the J.E. Lee Survey, A-1374, R.D. Horton Survey, A-1370 and the B.S. & F. Survey, A-140, Frio County, Texas, and being part of Tract No. 91 of the Prince Ranch Subdivision, Survey 1003, A-1417, and the R.D. Horton Survey No. 20, A-1673, La Salle County, Texas and Frio County, Texas.

 

	11.	Lessor:	Sidney J. Williams III et ux Linda Davis Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	September 26, 2008
	 	Recordation:	Vol. 473, Page 502
	 	Description:	228 acres, more or less, being a part of the J.E. Lee Survey, A-1374, and the B.S. & F. Survey, A-140, Frio County, Texas

 

	12.	Lessor:	Sidney J. Williams III et ux Linda Davis Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	September 26, 2008, eff. January 16, 2009
	 	Recordation:	Vol. 473, Page 514
	 	Description:	Lot 1, Block 15, Lots 1, 2, 3, 4 and 5, Block 16, Lot 2, Block 17 and Lot 4, Block 18 of the Bland and Nelson Subdivision of the O’Connor Ranch, La Salle County, Texas

 

	13.	Lessor:	Sidney Williams IV et ux Zane C. Williams
	 	Lessee:	American Shoreline, Inc.
	 	Lease Date:	September 26, 2008, eff. January 16, 2009
	 	Recordation:	Vol. 473, Page 489
	 	Description:	351.94 acres, more or less, being a part of the Austin & Williams Survey No. 1000, A-2 (see DR 437/427), and 307.95 acres, more or less, being a part of the Austin & Williams Survey No. 1000, A-2 (see DR 402/416), La Salle County, Texas

 

	14.	Lessors:	
        Barlow Irvin, Jr., Barry Charles Irvin, Barlow Irvin, III, and
        Kathleen E.

        Irvin, Individually and as agent and attorney-in-fact for Kathleen
        V. Irvin and Charles B. Irvin

	 	Lessee:	Cheyenne Petroleum Company
	 	Lease Date:	July 9, 2009
	 	Recordation:	Memorandum of Oil and Gas Lease executed by Barlow Irvin, Jr., Barry Charles Irvin and Barlow Irvin, III, recorded at Volume 483, Page 383, La Salle County, Texas;

 

	 	a)	Amendment of Oil, Gas and Mineral Lease executed by Barlow Irvin, Jr., Barry Charles Irvin and Barlow Irvin, III, acknowledged on March 25, 2010 and April 1, 2010, and recorded at Volume 499, Page 484, La Salle County, Texas;

 

    	7

    	 

    

 

	 	Memorandum of Oil and Gas Lease executed by Kathleen E. Irvin, Individually and as agent and attorney-in-fact for Kathleen V. Irvin and Charles B. Irvin, recorded at Volume 483, Page 387, La Salle County, Texas;

 

	 	a)	Amendment of Oil, Gas and Mineral Lease executed by Kathleen E. Irvin, Individually and as Agent and Attorney-in-Fact for Kathleen V. Irvin and Charles B. Irvin, acknowledged on March 12, 2010, and recorded at Volume 499, Page 479, La Salle County, Texas

 

	Lands:	2,416.6943 acres of land, more or less, being a portion of Caleb R. Bostwick Survey No. 74, A-70, Benj. Cage Survey 70, A-137, N.J. Devenny Survey 69, A-150, Carmen G. de Ruiz Survey No. 69 1⁄2 , A-1550, H.&O.B.R.R. Survey No. 307, A-800, all in La Salle County, Texas and being all of that certain 4,550 acres of land described as Tract No. 6 in that certain Partition of Helen M. Irvin Estate, recorded in Volume P-2 page 313 of Deed Records of La Salle County, Texas, SAVE AND EXCEPT: 2,133.3057 acres of land described in that certain Oil, Gas and Mineral Lease dated June 4, 2001 by and between Charles B. Irvin as Lessor and American Shoreline Inc. as Lessee, recorded at Volume 420, Page 332 of the Deed Records of La Salle County, Texas.

 

END OF EXHIBIT “A”

 

    	8Execution
Copy

 

ASSET PURCHASE AGREEMENT

 

THIS ASSET PURCHASE
AGREEMENT (this “Agreement”), entered into as of September 11, 2012, by and between Antler
Bar Investments LLC, a Delaware limited liability company (“Buyer”) or in such other name approved by
Pentwater Equity Opportunities Master Fund Ltd., a Cayman Islands corporation (“Opportunities”) and PWCM Master
Fund Ltd., a Cayman Islands corporation (“PWCM” and together with Opportunities, collectively, “Investor”)
and ASEN 2 CORP., a Delaware corporation (“Seller”).

 

WITNESSETH

 

WHEREAS, Seller
agrees to sell and convey the Property to Buyer and Buyer agrees to purchase the Property from Seller, on the terms, covenants
and conditions set forth in this Agreement; and

 

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

 

ARTICLE I

PURCHASE AND SALE OF ASSETS

 

1.1         Purchase
and Sale of Assets. Subject to the terms and conditions of this Agreement, including the payment of the purchase price
set forth in Section 2.1 and the assumption of the Assumed Liabilities as described in Section 1.2, at the Closing, Seller shall
sell, transfer, convey, assign, and deliver to Buyer, and Buyer shall purchase and accept, the Purchased Assets.

 

    	 

    	 

    

 

The Purchased
Assets shall include the real property comprising of the Auld Shipman project more particularly described on Exhibit A attached
hereto and made a part hereof (the “Property”) and in connection with the Property (but excluding the Excluded
Assets), including, without limitation: (a) all accrued revenues not yet paid to Seller in respect of production payments arising
prior to the Closing Date; (b) all presently existing or future unitization, communitization, pooling agreements and declarations
of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules
of any governmental authority) which may affect all or any portion of the Hydrocarbon Interests; (c) all operating agreements,
production sales or other contracts, farmout agreements, farm-in agreements, area of mutual interest agreements, equipment leases
and other agreements which relate to any of the Hydrocarbon Interests or any interests therein or to the production, sale, purchase,
exchange, processing, handling, storage, transporting or marketing of the Hydrocarbons from or attributable to the Property; (d)
all Hydrocarbons; (e) all tenements, hereditaments, appurtenances and properties in any manner appertaining, belonging, affixed
or incidental to the Hydrocarbon Interests, including all compressor sites, settling ponds and equipment or pipe yards; and (f)
all properties, rights, titles, interests and estates described or referred to above, including any and all property, real or personal,
immoveable or moveable, situated upon, used, held for use or useful in connection with the operating, working or development of
any of such Hydrocarbon Interests or the Property (excluding drilling rigs, automotive equipment, rental equipment or other personal
property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any
and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants,
plant compressors, pumps, pumping units, pipelines, sales and flow lines, gathering systems, field gathering systems, salt water
disposal facilities, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, steam generation
facilities, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface
leases, rights-of-way, easements, servitudes licenses and other surface and subsurface rights, together with all additions, substitutions,
replacements, accessions and attachments to any and all of the foregoing (collectively, the “Purchased Assets”)
free and clear of any mortgage, security interest, pledge, lien, charge or other encumbrance (each, an “Encumbrance”)
other than Permitted Encumbrances. “Excluded Assets” is defined as (i) all rights, claims, or causes of action
arising, occurring, or existing in favor of Seller attributable to the Purchased Assets or the operation thereof prior to the Closing
Date under any operating agreements, and such amounts as are determined to be recoverable as a result of audits, accounting reconciliations,
or litigation for periods prior to the Closing Date (provided that Seller shall cooperate with Buyer in pursuing such rights, claims,
or causes of auction, and provided, further, that all the net proceeds recoverable in any audit, accounting reconciliation, or
litigation shall be delivered to Investor and such proceeds shall be used to prepay obligations and liabilities owing by Seller
to Investor under that certain Note and Warrant Purchase Agreement dated February 9, 2012 by and between Seller, American Standard
Energy Corp., a Delaware corporation (“Guarantor”), and Investor (as amended, the “NPA”));
(ii) Seller’s legal files and legal opinions (except title documents), attorney-client communications, attorney work product,
subject to confidentiality provisions, claims of privilege or other legally valid and binding restrictions on access; (iii) all
corporate, financial, tax, and legal records of Seller; however, Buyer shall be entitled to be furnished with copies of financial
and tax records; (iv) all rights, titles, claims and interests related to the Purchased Assets for all periods prior to the Closing
Date under any policy or agreement of insurance or indemnity, under any bond, or to any insurance proceeds; (v) claims of Seller
for any refund of or loss carry forwards with respect to production, windfall profit, severance, ad valorem, or any other taxes
attributable to the Purchased Assets for any period prior to the Closing Date, and income, occupational, or franchise (other than
all accrued revenues not yet paid to Seller in respect of production payments arising prior to the Closing Date); (vi) all amounts
due or payable to Seller as adjustments to insurance premiums related to the Purchased Assets for all periods prior to the Closing
Date; and (vii) all computer or communications software or intellectual property owned, licensed, or used by Seller except to the
extent necessary for Buyer to manage or monitor the Purchased Assets. “Hydrocarbon Interests” is defined as
all rights, titles, interests and estates and the lands and premises covered or affected thereby acquired by Seller in and to oil
and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, fee interests, surface interests, mineral
fee interests, overriding royalty and royalty interests, net profit interests and production payment interests, including any reserved
or residual interests of whatever nature. “Hydrocarbons” is defined as all oil, gas, casinghead gas, drip gasoline,
natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom
and all other minerals which may be produced and saved from or attributable to the Property, including all oil in tanks, and all
rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Property. Seller expressly agrees
that the sale of the Purchased Assets constitutes a transfer of all of Seller’s rights with respect to the Purchased Assets,
and that Seller neither reserves, nor has granted, nor is aware of, any rights to market or otherwise transfer the Purchased Assets.
“Permitted Encumbrances” is defined as royalties, non-participating royalties, overriding royalties, division
orders, sales and transportation contracts containing customary terms and provisions, reversionary interests and similar burdens
if the net cumulative effect of such burdens does not operate to reduce the net revenue interest in any Purchased Asset to an amount
less than that in effect as of the Closing Date or to increase the working interest of any Purchased Asset above that in effect
as of the Closing Date without a corresponding increase in the revenue interest; liens, security interests or other encumbrances
to be released at or prior to the Closing; liens, security interests or other encumbrances created in the operating agreement (including
the Notice of Default issued by Cheyenne Petroleum Company dated August 14, 2012); easements, rights of way, servitudes, permits,
surface leases, and other rights in respect of surface operations, provided they do not materially interfere with Buyer’s
operation or use of the Purchased Assets; vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’,
workmen’s, materialmen’s, construction, or other like liens arising by operation of law in the ordinary course of business,
or incident to the construction or improvement of any property in respect of obligations which are not yet due; and all other liens,
claims, charges, encumbrances, contracts, agreements, permits, instruments, obligations, defects, and irregularities which individually
or in the aggregate would not have a material adverse effect on the ownership, development, operation or value of any of the Purchased
Assets.

 

    	- 2 -

    	 

    

 

1.2          Assumed
Liabilities. Subject to the terms and conditions of this Agreement, at the Closing, Seller will transfer and Buyer shall
assume all liabilities of Seller arising under the Purchased Assets (including, but not limited to, the liabilities of Seller related
to the operating agreements) (the “Assumed Liabilities”), except where Buyer would be entitled to receive indemnification
pursuant to Article VII. Except as set forth herein, Buyer is not assuming, and will not assume or perform any other liabilities
or obligations of Seller.

 

ARTICLE II

PURCHASE PRICE

 

2.1          Purchase
Price. The purchase price for the Purchased Assets shall be the assumption of the Assumed Liabilities and the forgiveness
of indebtedness in an amount equal to $2,750,000, as evidenced by a portion of that certain Amended and Restated Secured Convertible
Promissory Note dated July 23, 2012 (as amended, the “Note”) assigned to and held by Buyer.

 

ARTICLE III

CLOSING

 

3.1          Closing
Date. Subject to the terms and conditions of this Agreement, the closing (the “Closing”) of the transactions
contemplated hereby shall occur on or before Thursday, September 13, 2012 at 11:00 a.m. (Central Time), or such later date or time
as Seller and Buyer mutually agree (the “Closing Date”).

 

    	- 3 -

    	 

    

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

4.1          Representations
and Warranties of Seller. As of the date hereof, Seller represents and warrants to Buyer as follows: (a) Seller is duly
organized, validly existing and (if applicable) in good standing under the laws of its jurisdiction of organization and Seller
has all requisite corporate power and authority to own and operate its properties, to carry on its business as now conducted and
proposed to be conducted, to enter into this Agreement and any other agreement to which it is a party; (b) this Agreement is, and
the other agreements when executed and delivered will be, the legal, valid and binding obligations of Seller, each enforceable
against Seller in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights
and by equitable principles; (c) Seller has taken all action and obtained all consents necessary to authorize the execution, delivery
and performance of this Agreement; (d) the execution and performance of this Agreement and the other agreements to which it is
a party do not conflict with, or constitute a default under, any agreement to which Seller is party or by which Seller is bound;
(e) except as disclosed to Buyer in writing, Seller is not party to any litigation and is not, to its knowledge, the subject of
any government investigation, and Seller has no knowledge of any pending litigation or investigation or the existence of circumstances
that reasonably could be expected to give rise to such litigation or investigation; (f) Seller does not have any obligation or
liability required to be disclosed in a balance sheet arising out of transactions entered into at or prior to the Closing Date,
or any action or inaction at or prior to the Closing Date, or any state of facts existing at or prior to the Closing Date other
than liabilities previously disclosed to Buyer; (g) Seller has good and marketable title to the Property, free and clear of Encumbrances
(other than Permitted Encumbrances) and the Property is not subject to any material sales contract, option, right of first refusal
or similar agreement or arrangement with any third party with respect to the sale of such Property; (h) to the knowledge of Seller,
no material permit, license or certificate of occupancy pertaining to the operation of the Property is required by any governmental
entity and (i) no representation or other statement made by Seller to Buyer in this Agreement or any certificate or instrument
delivered by Seller to Buyer in connection herewith (taken together with all such representations, statements, certificates and
instruments delivered by Seller) contains any untrue statement of a material fact or omits to state a material fact necessary to
make any statements made to Buyer not misleading.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF BUYER

 

5.1          Representations
and Warranties of Buyer. As of the Closing Date, Buyer represents and warrants to Seller as follows:

 

A.           Buyer
is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has all requisite company
power and authority to carry on its business as presently conducted, to own and operate the properties owned by it and to enter
into this Agreement and perform its obligations hereunder.

 

    	- 4 -

    	 

    

 

B.           The
execution, delivery and performance by Buyer of this Agreement have been duly and effectively authorized by all necessary company
action. This Agreement has been duly executed and delivered by Buyer and is a legal, valid and binding obligation of Buyer enforceable
against it in accordance with its terms.

 

ARTICLE VI

CONDITIONS

 

6.1          Conditions
to Buyer’s Obligations. The obligations of Buyer to consummate the transactions contemplated by this Agreement
are subject to the satisfaction (or Buyer’s waiver) of the following conditions as of the Closing Date:

 

A.           The
representations and warranties of Seller contained herein will be true and correct in all material respects at and as of the time
of the Closing Date except for those representations and warranties that address matters as of any other particular date (in which
case such representations and warranties shall have been true and correct in all material respects as of such particular date);

 

B.           Seller
hall have performed in all material respects all of the covenants and agreements required to be performed by it under this Agreement
at or prior to the Closing;

 

C.           Seller
shall have delivered to Buyer at the Closing, the applicable conveyance documents sufficient to transfer the Purchased Assets in
form and substance satisfactory to Buyer, duly executed by the appropriate parties in sufficient counterparts for filing in the
counties where the Property is located;

 

D.           Seller
shall have delivered to Buyer at the Closing, such other agreements, documents, certificates and instruments as Buyer may reasonably
request as being necessary in order to effectuate the transactions contemplated by this Agreement;

 

E.           Seller
shall have delivered to Buyer at the Closing the resolutions approving the transactions contemplated by this Agreement and the
other documents related hereto, and the consummation of transactions hereunder and thereunder;

 

F.           Seller
shall have provided a copy of title information in its possession regarding the Purchased Assets to Buyer;

 

G.           Buyer
shall have completed a due diligence review of the Purchased Assets and shall have obtained satisfactory results therefrom as determined
by Buyer in its sole discretion; and

 

H.           Buyer
shall have received the appropriate internal approvals to consummate the transactions contemplated by this Agreement.

 

6.2          Conditions
to Seller’s Obligations. The obligation of Seller to consummate the transactions contemplated by this Agreement
is subject to the satisfaction (or Seller’s waiver) of the following conditions as of the Closing Date:

 

    	- 5 -

    	 

    

 

A.           The
representations and warranties of Buyer contained herein will be true and correct in all material respects at and as of the time
of the Closing Date except for those representations and warranties that address matters as of any other particular date (in which
case such representations and warranties shall have been true and correct in all material respects as of such particular date);

 

B.           Buyer
shall have delivered to Seller at the Closing, the appropriate constituent documents, duly executed, approving the execution and
delivery of this Agreement and the other documents related hereto, and the consummation of transactions hereunder and thereunder;
and

 

C.           Buyer
shall have delivered evidence of the forgiveness of indebtedness in an amount equal to $2,750,000.

 

ARTICLE VII

INDEMNIFICATION

 

7.1          Survival
of Representations and Warranties.

 

A.           The
representations and warranties of Seller and Buyer contained in this Agreement, any agreement or any other certificate or other
document delivered in connection herewith or therewith shall survive for a period of twelve (12) months after Closing. Any claim
for indemnification with respect to any of such matters which is not asserted by notice given as herein provided relating thereto
within such specified period of survival may not be pursued and is hereby irrevocably waived after such time. Any claim for an
Indemnifiable Loss (as defined in Section 7.2) with respect to any such matters asserted within such period of survival as herein
provided will be timely made for purposes hereof.

 

B.           Unless
a specified period is set forth in this Agreement (in which event such specified period will control), the covenants in this Agreement
will survive the Closing and remain in effect indefinitely.

 

7.2          Indemnification.

 

A.           Seller
agrees to indemnify, defend and hold harmless Buyer and its directors, officers, partners, employees, agents, attorneys, legal
counsel and representatives, from and against any and all Indemnifiable Losses actually suffered or incurred to the extent relating
to, resulting from or arising out of:

 

(i)          any
breach of representation or warranty of Seller contained herein or under any agreement, certificate or other document delivered
pursuant hereto;

 

(ii)         any
breach or nonfulfillment of any agreement or covenant of Seller under the terms of this Agreement or any other agreement delivered
pursuant hereto;

 

(iii)        the
ownership of the Purchased Assets during the period of time prior to the Closing Date that the Purchased Assets were owned by Seller
(other than the Assumed Liabilities); and

 

    	- 6 -

    	 

    

 

(iv)        the
payment and performance of any liabilities not assumed hereunder.

 

B.           Buyer
agrees to indemnify, defend and hold harmless Seller and its directors, officers, partners, employees, agents or representatives
from and against any and all Indemnifiable Losses to the extent relating to, resulting from or arising out of:

 

(i)          any
breach of representation or warranty of Buyer contained herein or under any agreement, certificate or other document delivered
pursuant hereto;

 

(ii)         any
breach or nonfulfillment of any agreement or covenant of Buyer to Seller under the terms of this Agreement or any other agreement
delivered pursuant hereto; and

 

(iii)        failure
of Buyer to perform the obligations in respect of the Assumed Liabilities.

 

For purposes of this
Agreement “Indemnifiable Losses” means any and all damages, losses, liabilities, obligations, costs and expenses, and
any and all claims, demands or suits (by any person, including without limitation any governmental entity), including without limitation
the costs and expenses of any and all actions, suits, proceedings, demands, assessments, judgments, settlements and compromises
relating thereto and including reasonable attorneys’ fees and expenses in connection therewith.

 

ARTICLE VIII

TERMINATION

 

8.1          Termination.
This Agreement may be terminated at any time prior to the Closing (a) by the mutual written consent of Buyer and Seller; (b) by
Buyer, if there has been a material breach by Seller of any representation, warranty, covenant or other agreement contained herein
which has prevented the satisfaction of any condition to the obligations of Buyer at the Closing; or (c) by Buyer if the Closing
has not occurred on or prior to Thursday, September 13, 2012 at 11:00 a.m. (Central Time).

 

8.2          Effect
of Termination. In the event this Agreement is terminated by either Buyer or Seller as provided in Section 8.1,
the provisions of this Agreement shall immediately become void and of no further force and effect except as otherwise expressly
set forth therein (other than this Article VIII of which shall survive the termination of this Agreement), and there shall
be no liability on the part of Buyer or Seller to any other party hereto.

 

ARTICLE IX

MISCELLANEOUS

 

9.1          Notices.
Any notice, request, instruction, correspondence or other document to be given hereunder by either party to the other (herein collectively
called “Notice”) shall be in writing and delivered in person or by courier service requiring acknowledgment
of receipt of delivery or mailed by certified mail, postage prepaid and return receipt requested, or by fax, as follows:

 

    	- 7 -

    	 

    

 

	 	If to Seller, addressed to:	ASEN 2, Corp.
	 	 	4800 N. Scottsdale Road, Ste. 1400
	 	 	Scottsdale, AZ 85251
	 	 	Tel: (480) 371-1929
	 	 	Fax: (480) 990-2732
	 	 	Attention: Scott Mahoney
	 	 	 
	 	With a copy to:	Blank Rome LLP
	 	 	The Chrysler Building
	 	 	405 Lexington Avenue
	 	 	New York, NY  10174
	 	 	Tel: (212) 885-5303
	 	 	Fax: (917) 332-3711
	 	 	Attention: Scott R. Smith
	 	 	 
	 	And:	Sonnet Edmonds Law Office, LLC
	 	 	1718 Peachtree Street, NW
	 	 	Suite 900
	 	 	Atlanta, GA  30309
	 	 	Tel: (404) 973-2774
	 	 	Fax: (404) 393-9731
	 	 	Attention: Sonnet C. Edmonds
	 	 	 
	 	If to Buyer, addressed to:	Antler Bar Investments LLC
	 	 	c/o Pentwater Capital Management, LP
	 	 	227 West Monroe Street, Suite 4000
	 	 	Chicago, IL 60606
	 	 	Tel: (312) 589-6410
	 	 	Fax: (312) 589-6497
	 	 	Attention:  Matt Halbower
	 	 	 
	 	With a copy to:	Patton Boggs LLP
	 	 	2000 McKinney Avenue, Suite 1700
	 	 	Dallas, TX 75201
	 	 	Tel: (214) 758-3505
	 	 	Fax: (214) 758-1550
	 	 	Attention: Anthony J. Herrera

 

Notice given by
personal delivery, courier service or mail shall be effective upon actual receipt. Notice given by fax shall be confirmed by appropriate
answer back and shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the
beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business
hours. All Notices by fax shall be confirmed promptly after transmission in writing by certified mail or personal delivery. Any
party may change any address to which Notice is to be given to it by giving Notice as provided above of such change of address.

 

9.2          Further
Assurances. After the Closing, Seller shall execute, deliver and acknowledge all such further instruments of transfer and
conveyance, obtain such other releases and do and perform all such other acts and things as Buyer may reasonably require to vest
more effectively in Buyer, and to put Buyer in possession of, the Purchased Assets, free and clear of any Encumbrances other than
Permitted Encumbrances.

 

    	- 8 -

    	 

    

 

9.3          Fees
and Expenses. Each party hereto shall bear and pay all costs and expenses (including, without limitation, finder’s
or broker’s fees or commissions) incurred by it in connection with the transactions contemplated by this Agreement.

 

9.4          Complete
Agreement. This Agreement constitutes the entire agreement of the parties relating to the transactions contemplated by
this Agreement and supersedes all prior contracts or agreements with respect to those matters, whether oral or written.

 

9.5          Assignment.
This Agreement and any rights or duties hereunder shall not be assigned by any party hereto without the consent of the other party
hereto.

 

9.6          Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, and all of such counterparts
together shall constitute but one and the same instrument. This Agreement shall be effective upon receipt of each party of a duly
executed facsimile hereof. For purposes of this Agreement, facsimile, scanned, or digitally transmitted signatures shall be deemed
to be original signatures. In addition, if any of the parties sign facsimile or scanned copies of this Agreement, such copies shall
be deemed originals.

 

9.7          Governing
Law. The provisions of this Agreement shall be governed by and construed in accordance with the laws of the State of New
York (excluding any conflicts of law or other rule or principle that might refer to the laws of another jurisdiction).

 

9.8          Specific
Performance and Other Remedies. The parties agree that irreparable damage would occur to Buyer in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
It is accordingly agreed that Buyer shall be entitled, without posting a bond or similar indemnity, to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement this being in addition
to any other remedy to which it is entitled at law or in equity. Seller agrees that it will not oppose the granting of an injunction,
specific performance and other equitable relief when available pursuant to the terms of this Agreement on the basis that Buyer
has an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity.

 

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left blank. Signatures to follow.)

 

    	- 9 -

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be executed by its authorized representative on its behalf as of the date
first above written.

 

	 	SELLER:
	 	 
	 	ASEN 2, CORP.
	 	 
	 	By:	/s/ Scott Feldhacker
	 	 	Name: Scott Feldhacker
	 	 	Title:  Chief Executive Officer

 

	 	BUYER:
	 	 
	 	Antler Bar Investments LLC
	 	 
	 	By:	/s/ Matthew Halbower
	 	 	Name: Matthew Halbower
	 	 	Title:  Managing Member

 

Acknowledged and agreed as of the date
first set forth above:

 

	AMERICAN STANDARD ENERGY CORP.,	 
	 	 
	By:	/s/ Scott Feldhacker	 
	 	Name: Scott Feldhacker	 
	 	Title: Chief Executive Officer	 

 

    	- 10 -

    	 

    

 

EXHIBIT A

 

PROPERTY

 

    	- 11 -

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