Document:

EX-10.6

Exhibit 10.6

CONTINGENT VALUE AGREEMENT

THIS CONTINGENT VALUE AGREEMENT (this “Agreement”) is made and entered into as of August 16,
2005, by and among, Capital C Energy, LP, a Delaware limited partnership (the “General Partner”),
Capital C Energy Partners, L.P., a Delaware limited partnership (the “Limited Partner”, and
together with the General Partner, “Sellers”), and the entities named on the signature page hereof
as Buyers (“Buyers”) and Belden & Blake Corporation, an Ohio corporation (“Asset Company”).

RECITALS:

WHEREAS, contemporaneously with the execution and delivery of this Agreement, the General
Partner and the Limited Partner are selling and conveying all of the limited partnership interests
(the “Partnership Interests”) in Capital C Energy Operations, LP (the “Partnership”) pursuant to a
Partnership Interests Purchase Agreement dated as of July 5, 2005 by and among Sellers and Buyers
(as amended, the “Purchase Agreement”); and

WHEREAS, the Partnership’s sole assets are issued and outstanding shares of common stock, no
par value (the “Shares”), of Asset Company; and

WHEREAS, as a further inducement to Sellers to sell the Partnership Interests to Buyers, and
to satisfy Buyers’ interest in purchasing the Partnership Interests, Sellers, Buyers and the Asset
Company desire to enter into this Agreement to provide Sellers with additional consideration upon
the occurrence of certain future events, the value of which, if paid, shall be treated as
additional Purchase Price under the Purchase Agreement; and

WHEREAS, capitalized terms used but not otherwise defined herein shall have the meaning given
such terms in the Purchase Agreement;

NOW, THEREFORE, in consideration of the premises, the respective representations, warranties,
covenants and agreements contained herein, and other good and valuable consideration, the
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1. Conditions for Payment of Additional Consideration. In the event, and each
time, that all of the following events occur, Buyers shall cause Asset Company to pay promptly to
Sellers, among Sellers in the same proportion that the original Purchase Price is allocated, the
Additional Consideration as set forth in Section 2 hereof:

(a) during a period commencing on the Closing Date and ending on, but including, the second
anniversary of the Closing Date (the “Contingent Event Period”), Buyers, the Asset Company or its
subsidiaries, or any of their affiliates (a “Transferor”), directly or indirectly sells,
contributes, or otherwise transfers any Covered Assets (an “MLP Transfer”) to a Covered MLP; and

(b) as a consequence of an MLP Transfer, Transferor, Realizes (as defined in Section 3
hereof) a Value Enhancement Gain (as defined in Section 3 hereof) during the Contingent
Event Period; and

(c) either (i) 90% of the consideration received for an MLP Transfer is cash or securities or
(ii) Transferor has at the time of the MLP Transfer an existing equity interest in the Covered MLP
that is the subject of the MLP Transfer and as a result of such MLP Transfer, the Transferor’s
equity interest is enhanced.

Section 2. Payment of Additional Consideration.

(a) Upon each satisfaction of the conditions in Section 1, Buyers shall, or cause the
Asset Company to, promptly pay to Sellers as additional Purchase Price under the Purchase
Agreement, an amount equal to: (i) 20% of any Value Enhancement Gain incurred or deemed incurred
during the first year of the Contingent Event Period by the Transferor and (ii) 10% of any Value
Enhancement Gain incurred or deemed incurred during the second year of the Contingent Event Period
by the Transferor (the “Additional Consideration”).

(b) If 90% or more of the consideration paid to Transferor in the MLP Transfer is cash, the
Additional Consideration shall be paid to Sellers in cash by wire transfer of immediately available
funds to an account specified by Sellers. Subject to paragraph 2(c), if less than 90% of the
consideration received by Transferor in the MLP Transfer is cash, a portion of the Additional
Consideration shall be paid to Sellers in cash by wire transfer of immediately available funds in
an amount equal to the Additional Consideration multiplied by a fraction, the numerator of which is
the amount of cash and the fair market value of any other consideration which is not securities
received by Transferor as consideration (for all assets transferred, including those that do not
constitute Covered Assets) in the MLP Transfer (including any increase in value of any existing
equity interests of Transferor owned in the Covered MLP resulting from the MLP Transfer), and the
denominator of which the value of all consideration received by Transferor in the MLP Transfer
(including any increase in value of any existing equity interests of Transferor owned in the
Covered MLP resulting from the MLP Transfer). The balance of the Additional Consideration will be
paid, at Transferor’s election, in cash or by transfer of securities received by the Transferor in
the MLP Transfer having a fair market value equal to the amount of Additional Consideration not
paid in cash; provided that if such securities are issued in a Covered MLP and are of a class, or
convertible or exchangeable into a class, that is, or are reasonably expected to be, listed on a
national securities, or traded on the NASDAQ National Market (or similar replacement thereof) and
the issuing Covered MLP, (i) Sellers and their assigns shall be granted or assigned registration
rights with respect to such securities (or the underlying class of securities if convertible or
exchangeable into such a publicly traded class) for the registration under the Securities Act of
1933, as amended, of the resale of such securities by Sellers or their assigns; (ii) such
registration rights shall not be materially less favorable than registration rights received by
Transferor in connection with such MLP Transfer; (iii) unless registration rights granted to
Transferor provide for earlier registration, the registration of Sellers’ securities shall not be
required prior to such time as the Covered MLP is eligible for short-form registration on Form S-3
or similar form; and (iv) such registration rights shall terminate if such securities are available
to be resold by Sellers or their assigns pursuant to an exemption from such registration under
Securities and Exchange Commission Rule 144(k) or similar rule.

(c) Notwithstanding the provisions of paragraph 2(b), if the entire Additional Consideration
is not paid Buyers or the Asset Company in cash, Buyers or the Asset Company will pay an amount of
the Additional Consideration in cash at least equal to the lesser of the following: (i) the federal
income tax payable by Sellers with respect to receipt of the non-cash portion of the Additional
Consideration calculated at the highest marginal federal income tax rate applicable to Sellers at
the time of payment and (ii) $5 million.

Section 3. Value Enhancement Gain. For purposes of this Agreement:

(a) a “Covered Asset” is any of the following assets owned by the Asset Company or a
Subsidiary on the Closing Date of the Purchase Agreement: an oil and gas property, and any
pipeline, gathering system or other equipment relating to the production, processing or
transportation of oil and gas;

(b) a “Value Enhancement Gain” with respect to any MLP Transfer, shall mean the value, if
positive, of the Realized Value of the Covered Assets transferred in the MLP Transfer minus the
Adjusted Carrying Value of such Covered Assets immediately prior to such MLP Transfer;

(c) the “Realized Value” shall mean the amount of cash or fair market value of other property
received by Transferors for the Covered Assets at the time of such MLP Transfer, provided that if
the property received by Transferors in the MLP Transfer constitutes units of equity interests in
the MLP, the Realized Value shall be determined by reference to the trading price of such units on
the date of the MLP Transfer, or if the MLP is not yet publicly traded, the initial public offering
price of such units, in each case with an appropriate discount for any legal or contractual
restriction on transfer or any subordination or other contractual differences between the equity
interests received by Transferor and the publicly traded units;

(d) a Transferor shall “Realize” a Value Enhancement Gain on the later of (i) the date of the
MLP Transfer and (ii) the date the equity interests in the Covered MLP are first sold in an initial
public offering;

(e) “Adjusted Carrying Value” shall mean the Transferor’s book value of the transferred
Covered Assets as set forth in the most recently completed quarterly statements immediately prior
to such MLP Transfer using generally accepted accounting principles, which book value shall include
“push down” purchase accounting adjustments made in a manner consistent with SEC accounting rules
(except that goodwill, if any is so recorded, shall be reallocated among the Covered Assets in
proportion to their adjusted fair values) to record the fair value of assets and liabilities of the
Asset Company and its subsidiaries resulting from the transactions consummated pursuant to the
Purchase Agreement (but not as a result of the receipt of Additional Consideration under this
Agreement), plus to the extent not included in such book value, the amount of any capital costs
incurred with respect to such Covered Assets after the Closing Date under the Purchase Agreement;
and

(f) in the event an MLP Transfer also involves a transfer and assumption of liabilities, the
determinations of Value Enhancement Gain, Realized Value and Adjusted Carrying Value shall be
adjusted to take the fair value of such transferred liabilities into account using analogous
valuation methods; and

(g) A “Controlled MLP” shall mean either (i) a “publicly traded partnership” within the
meaning of Section 7704(b) of the Internal Revenue Code of 1986, as amended or (ii) a publicly
traded royalty trust if (1) the entity is, or at any time during the Contingent Event Period was,
an affiliate of Buyers or (2) during the Contingent Event Period, at or prior to the subject
transfer, the Transferor or any of this affiliates acted as a sponsor or grantor of, or made
founding or initial contributions to, such entity.

Section 4. Reports, Records and Inspection. Buyers agrees to deliver to each of Sellers
(i) within 45 days of after the end of the calendar quarter in which the closing of the purchase
pursuant to the Purchase Agreement occurs, a closing date balance sheet prepared in accordance with
the principles set forth in Section 3(d) hereof, together with detailed schedules on a property by
property basis of the adjustments made to reflect the fair value of assets and liabilities and (ii)
prompt notice of the occurrence of any MLP Transfer or the Realization of a Value Enhancement Gain
by any Transferor, together with reasonable detail. Each of the Sellers shall have the right to
inspect during normal business hours all relevant records of Buyers or the Asset Company related to
any MLP Transfer or the calculation of any possible Value Enhancement Gain.Section 5.
Notices. All notices, requests, consents, directions and other instruments and
communications required or permitted to be given under this Agreement shall be in writing and shall
be deemed to have been duly given if delivered (a) in person, (b) by courier, (c) by overnight
delivery service with proof of delivery, (d) by prepaid registered or certified first-class mail,
return receipt requested, in each such case addressed to the respective party at the address set
forth below, or (e) if sent by facsimile or other similar form of communication (with receipt
confirmed) to the respective party at the facsimile number set forth below:

	 	 	 	If to Sellers, to:

	 	 	 	Riverstone Holdings, LLC

	 	712	 	Fifth Avenue, 51st Floor

	 	 	 	New York, New York 10019

	 	 	 	Attention: Pierre Lapeyre

	 	 	 	Facsimile: (212) 993-0077

	 	 	 	Confirm: (212) 993-0076

	 	 	 	and to:

	 	 	 	Capital C Energy, LP

	 	 	 	c/o Legend Natural Gas II, LP

	 	16420	 	Park Ten Place, Suite 520

	 	 	 	Houston, Texas 77084

	 	 	 	Attention: Michael Becci

	 	 	 	Facsimile: (281) 675-8301

	 	 	 	Confirm: (281) 675-8311

	 	 	 	and to:

	 	 	 	Capital C Energy Partners, L.P.

	 	910	 	Travis Street, Suite 1930

	 	 	 	Houston, Texas 77002

	 	 	 	Attention: David M. Carmichael

	 	 	 	Facsimile:      

	 	 	 	Confirm: (713) 655-0366

	 	 	 	with a copy to:

	 	 	 	Andrews Kurth LLP

	 	600	 	Travis, Suite 4200

	 	 	 	Houston, Texas 77002

	 	 	 	Facsimile: (713) 220-4285

	 	 	 	Confirm: (713) 220-4200

	 	 	 	and to:

	 	 	 	Vinson & Elkins L.L.P.

	 	2300	 	First City Tower

	 	1001	 	Fannin Street

	 	 	 	Houston, Texas 77002-6760

	 	 	 	Attention: Robin S. Fredrickson

	 	 	 	Facsimile: (713) 615-5850

	 	 	 	Confirm: (713) 758-2450

	 	 	 	If to Buyers or to the Asset Company, to:

	 	 	 	c/o EnerVest Management Partners, Ltd.

	 	1001	 	Fannin Street, Suite 800

	 	 	 	Houston, Texas 77002

	 	 	 	Attention: John Walker

	 	 	 	Facsimile: (713) 659-3556

	 	 	 	Confirm: (713) 659-3500

	 	 	 	With a copy to:

	 	 	 	Haynes & Boone, L.L.P.

	 	1221	 	McKinney Street, Suite 2100

	 	 	 	Houston, Texas 77010

	 	 	 	Attention: Guy Young

	 	 	 	Facsimile: (713) 236-5699

	 	 	 	Confirm: (713) 547-2081

or to such other address or facsimile number and to the attention of such other Person as either
party may designate by written notice. Any notice mailed shall be deemed to have been given and
received on the third Business Day following the day of mailing.

Section 6. Assignment and Successors. Except as specifically contemplated by this
Agreement, no party hereto shall assign this Agreement or any part hereof without the prior written
consent of the other party. This Agreement shall inure to the benefit of, be binding upon and be
enforceable by the parties hereto and their respective successors and permitted assigns.
Notwithstanding the foregoing, each Seller (and any subsequent assignee of such Seller’s rights)
shall have the right to assign its or their rights under this under this Agreement, including the
right to receive Additional Consideration, to one or more assignees upon written notice to Buyers,
provided that the rights under Section 4 of each original Seller (and any subsequent assignee of
such rights) under this Agreement may only be assigned to a single assignee.

Section 7. Entire Agreement; Amendment. This Agreement and the Purchase Agreement and its
exhibits and schedules constitute the entire agreement and understanding between the parties
relating to the subject matter hereof and thereof and supersede all prior representations,
endorsements, premises, agreements, memoranda communications, negotiations, discussions,
understandings and arrangements, whether oral, written or inferred, between the parties relating to
the subject matter hereof. This Agreement (or any provision hereof) may not be modified, amended,
rescinded, canceled, altered or supplemented, in whole or in part, except upon the execution and
delivery of a written instrument executed by a duly authorized representative of Buyers and each
Seller.

Section 8. Governing Law. This Agreement shall be governed by, construed and interpreted
in accordance with the internal laws of the State of Texas, without regard to choice of law rules.

Section 9. Waiver. The waiver of any breach of any term or condition of this Agreement
shall not be deemed to constitute the waiver of any other breach of the same or any other term or
condition.

Section 10. Severability. Any provision hereof that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

Section 11. No Third Party Beneficiaries. Nothing in this Agreement shall entitle any
Person other than Buyers and Sellers to any claims, remedy or right of any kind. No party shall
have any direct liability or obligation to any Person who is not a party to be this Agreement or be
liable to any such Person for any election or non-election or any act or failure to act under or in
regard to any term of this Agreement.

Section 12. Arbitration. Any controversy, dispute, or claim arising out of, in connection
with, or in relation to, the interpretation, performance or breach of this Agreement, including,
without limitation, the validity, scope, and enforceability of this Section 12, will be
solely and finally settled by binding arbitration, without right of appeal. Arbitration will be
conducted before a single arbitrator in Houston, Texas by and in accordance with the then existing
rules for commercial arbitration of the American Arbitration Association, or any successor
organization and in accordance with the Federal Arbitration Act, 9 U.S.C. § 1 et. seq. Judgment
upon any award rendered by the arbitrator may be entered by the state or federal Court having
jurisdiction thereof. Any of the parties may demand arbitration by written notice to the other and
to the American Arbitration Association (“Demand for Arbitration”). Any Demand for Arbitration
pursuant to this Section 12 shall be made within one hundred eighty (180) days from the
date that the dispute upon which the demand is based arose or the other parties shall have the
option to have such dispute adjudicated in a federal court of competent jurisdiction in Texas. The
parties intend that this agreement to arbitrate be valid, enforceable and irrevocable.

Section 13. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

Section 14. Headings. The headings of the Sections of this Agreement have been inserted
for convenience of reference only and shall in no way restrict or otherwise modify any of the terms
or provisions hereof or affect in any way the meaning or interpretation of this Agreement.

Section 15. Negotiated Transaction. The provisions of this Agreement were negotiated by
the parties hereto, and this Agreement shall be deemed to have been drafted by all of the parties
hereto.

Section 16. Several Liability. Notwithstanding anything in this Agreement to the contrary,
each Seller’s obligations hereunder are (a) limited to those liabilities specifically related to
such Seller’s covenants and agreements and (b) several, not joint and several. No Seller hereunder
shall be deemed to have made any representations or warranties or provided any indemnities with
respect to any Partnership Interests not owned by it.

1

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

SELLERS:

GENERAL PARTNER:

CAPITAL C ENERGY, LP

	 	 	 
	By:

	 	Capital C Energy, LLC,

its general partner

By: /s/ Gregory A. Beard

Gregory A. Beard

Executive Vice President

LIMITED PARTNER:

CAPITAL C ENERGY PARTNERS, L.P.

	 	 	 
	By:

	 	Capital C Energy Holdings, LLC,

its general partner

By: /s/ David M. Carmichael

	 	 	 	David M. Carmichael

Chairman

MICHAEL BECCI

/s/ Michael Becci

	 	 	 	JAMES A. WINNE III

/s/ James A. Winne III

	 	 	 	BUYERS:

ENERVEST BB, L.P.

	 	 	 	By:
EnerVest BB GP, LLC, its General Partner

By: EnerVest Management Partners, Ltd., its Sole
Member

By: EnerVest Management GP, L.C., its General
Partner

By: /s/ James M. Vanderhider

James M. Vanderhider, Executive Vice

President and Chief Financial Officer

ENERVEST BB GP, LLC

By: EnerVest Management Partners, Ltd., its Sole
Member

	 	 	 	By:
EnerVest Management GP, L.C., its General
Partner

By: /s/ James M. Vanderhider

James M. Vanderhider, Executive Vice

President and Chief Financial Officer

ASSET COMPANY:

BELDEN & BLAKE CORPORATION

By: /s/ Michael Becci

Michel Becci, President and Chief

Operating Officer

2EX-10.7

Exhibit 10.7

SUBORDINATED PROMISSORY NOTE

Final Maturity August 16, 2012

	 	 	 
	$94,000,000

	 	August 16, 2005

Houston, Texas

Belden & Blake Corporation, an Ohio corporation (the “Maker”), for value received, hereby
promises to pay to the order of Capital C Energy Operations, LP, a Delaware limited partnership, or
its successors or assigns (“Holder”), the principal amount of NINETY-FOUR MILLION DOLLARS
($94,000,000.00), or so much thereof as may from time to time be advanced and outstanding, and to
pay interest on the principal amount from time to time remaining unpaid hereon at a rate equal to
10% per annum. Interest on this Note shall be calculated on the actual number of days elapsed
based on a 365/366 day year, as applicable. Accrued and unpaid interest shall be due and payable
on the last day of March, June, September and December, beginning on September 30, 2005, or if any
such day is not a business day, on the next succeeding business day. The Maker, in its sole
discretion, may pay interest due on this Note in kind by borrowing additional amounts under this
Note in lieu of paying cash. Such borrowings shall be deemed made on the date such interest
payments are due. Payments of interest in kind (rather than cash) by increasing borrowings under
this Note shall have the same terms as other borrowings under this Note. All payments will be
applied first to accrued and unpaid interest and then to principal. The entire unpaid principal
balance of this Note, plus all accrued and unpaid interest shall be due and payable on August 16,
2012 (the “Maturity Date”).

Subject to the limitations set forth herein, both the principal hereof and interest hereon are
payable to Holder in lawful money of the United States of America at Holder’s address located at
1001 Fannin Street, Suite 800, Houston, Texas 77002 (or such other address as provided from time to
time in a written notice from Holder to Maker).

This Note evidences advances made from time to time by Holder to Maker from and after the date
hereof upon Maker’s request therefor. Maker authorizes Holder to record in its records the
information with respect to the loan evidenced by this Note and any payments and prepayments of the
principal sum made by Maker and such notations shall be presumed to be final, correct and binding,
absent manifest mathematical error; provided, however, that the failure of Holder to make any such
notation shall not limit or otherwise affect the obligation of Maker to repay the principal sum nor
alter or impair any of the other obligations of Maker hereunder.

The aggregate amount of all principal advances shall not exceed Ninety-Four Million Dollars
($94,000,000.00), plus the amounts of any interest paid with additional borrowings under this Note.
This Note may be prepaid in whole or in part, without penalty or premium; provided, however, that
Maker shall pay contemporaneously therewith all accrued and unpaid interest on the principal amount
so prepaid. Subject to the other terms and conditions herein, any principal amount so prepaid may
be reborrowed by Maker.

Maker hereby agrees to make all payments due on this Note without reduction, offset or
counterclaim.

This Note, and the indebtedness evidenced hereby (the “Subordinated Debt”), including
principal and interest, is expressly subordinate and junior to all of the Senior Debt of Maker, to
the extent set forth in subparagraphs (i) through (vi), inclusive, below (the “Subordination
Subparagraphs”).

(i) If a Default or an Event of Default (as such terms are defined in the Credit
Agreement or the Indenture) or a Termination Event or Event of Default (as defined under the
J. Aron Swap) shall exist or would result from any payment of principal or interest on this
Note, then, unless and until such Default, Event of Default or Termination Event shall have
been remedied by indefeasible payment in full of all Senior Debt in cash or otherwise cured,
or expressly waived in writing by all affected holders of Senior Debt, the Maker shall not
make and the Holder shall not accept or receive, any direct or indirect payment of or on
account of any Subordinated Debt;

(ii) In the event of any insolvency, bankruptcy, liquidation, reorganization or
other similar proceedings, or any receivership proceedings in connection therewith, relative
to the Maker, and in the event of any proceedings for voluntary liquidation, dissolution or
other winding up of the Maker, whether or not involving insolvency or bankruptcy
proceedings, then all Senior Debt shall first be indefeasibly paid in full and in cash
before any payment is made of or on account of any Subordinated Debt;

(iii) In any of the proceedings referred to in subparagraph (ii) above, any payment or
distribution of any kind or character whether in cash, property, stock or obligations, which
may be payable or deliverable by the Maker in respect of this Note shall be paid or
delivered directly to the holders of Senior Debt for the payment thereof in accordance with
the priorities then existing among such holders, unless and until all Senior Debt shall have
been indefeasibly paid in full and in cash.

(iv) If any payment or distribution of any character, whether in cash, securities or
other property, shall be received by the Holder in contravention of any of the terms of this
Note and before all the Senior Debt shall have been indefeasibly paid in full and in cash,
such payment or distribution shall be received in trust for the benefit of the holders of
the Senior Debt at the time outstanding and shall forthwith be paid over or delivered and
transferred to the holders of the Senior Debt for the ratable application in payment thereof
in accordance with the priorities then existing among such holders.

(v) The Holder will not commence any action or proceeding (other than filing of
appropriate proofs of claim and other similar material actions to preserve and protect
Holder’s rights and remedies with respect to the indebtedness evidenced by this Note),
including, without limitation, an action to recover on a right of set-off or similar right
or remedy, against the Maker to recover all or any part of the Subordinated Debt or join
with any creditor in bringing any proceedings against the Maker under any bankruptcy,
reorganization, readjustment of debt, arrangement of debt, receivership, liquidation or
insolvency law or statute of the Federal or any state government unless and until all Senior
Debt shall be indefeasibly paid in full and in cash.

(vi) The maximum principal amount, the rate of interest charged, or the time, place,
manner, terms or amount of principal or interest payments of this Note, may not be modified
or amended without, in each instance, the prior express written consent of the holder(s) of
the Senior Debt unless all Senior Debt has been indefeasibly paid in full and in cash.

The subordination provisions of this Note shall be deemed a continuing offer to all holders of
Senior Debt to act in reliance on such provisions (but no such reliance shall be required to be
proven to receive the benefits hereof) and may be enforced by such holders, and no right of any
present or future holder of any Senior Debt to enforce subordination as provided in this Note shall
at any time in any way be prejudiced or impaired by any act or failure to act on the part of the
Maker or by any act or failure to act by any such holder, or by any non-compliance by the Maker
with the terms, provisions and covenants of this Note.

As used herein, the following terms have the meanings set forth below:

“Credit Agreement” means the First Amended and Restated Credit and Guaranty Agreement dated as
of August 16, 2005 among Belden & Blake Corporation, as Borrower, Certain Subsidiaries of Belden &
Blake Corporation, as Guarantors, various lenders, and BNP Paribas, as Sole Lead Arranger, Sole
Bookrunner, Sole Syndication Agent and Administrative Agent, as such Credit Agreement may be
amended, modified, supplemented, extended, restated, replaced, renewed or refinanced from time to
time.

“Indenture” means the Indenture, dated as of July 7, 2004, among Belden & Blake Corporation
and each of the guarantors party thereto, and BNY Midwest Trust Company, as Trustee, as such
Indenture may be amended, modified, supplemented, extended, restated, replaced, renewed or
refinanced from time to time.

“J. Aron Swap” shall have the meaning set forth in the Credit Agreement, as such J. Aron Swap
may be amended, modified, supplemented, extended, restated, replaced, renewed or refinanced from
time to time.

“Senior Debt” means any amounts outstanding from time to time with respect to, or other
obligations or amounts owed under, the Credit Agreement, the Indenture, the BNPP Swap or the J.
Aron Swap.

Without in any way limiting the generality of the foregoing, the holders of Senior Debt may,
at any time and from time to time, without the consent of or notice to the Holder, and without
impairing or releasing the subordination provided in this Note or the obligations hereunder of the
Holder to the holders of Senior Debt, do any one or more of the following: (i) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter, or waive defaults
under Senior Debt, or otherwise amend or supplement in any manner Senior Debt or any instrument
evidencing the same or any agreement under which Senior Debt is outstanding; (ii) release any
person liable in any manner for the payment or collection of Senior Debt; (iii) sell, exchange,
release or otherwise deal with all or any part of the property by whomsoever at any time pledged or
mortgaged to secure, or howsoever securing, Senior Debt; (iv) exercise or refrain from exercising
any rights against the Maker and any other person, including any guarantor or surety; and (v) apply
any sums, by whomsoever paid or however realized, to Senior Debt.

If payment hereunder becomes due and payable on a Saturday, Sunday, or legal holiday under the
laws of the State of Texas, the due date thereof shall be extended to the next succeeding business
day, and interest shall be payable thereon during such extension at the rate specified herein.

Regardless of any provision contained in this Note, Holder is not entitled to contract for,
charge, take, reserve, receive, or apply, as interest on all or any part of the principal balance
of this Note, any amount in excess of the Maximum Rate, and, if Holder ever does so, then any
excess shall be treated as a partial prepayment of principal and any remaining excess shall be
refunded to Maker. In determining if the interest paid or payable exceeds the Maximum Rate, Maker
and Holder shall, to the maximum extent permitted under applicable law, (a) characterize any
nonprincipal payment as an expense, fee, or premium rather than as interest, (b) exclude voluntary
prepayments and their effects, and (c) amortize, prorate, allocate, and spread the total amount of
interest throughout the entire contemplated term of the Note. However, if the Note is paid in full
before the Maturity Date, and if the interest received for its actual period of existence exceeds
the Maximum Amount, Holder shall refund any excess (and Holder may not, to the extent permitted by
law, be subject to any penalties provided by any laws for contracting for, charging, taking,
reserving, or receiving interest in excess of the Maximum Amount). For purposes of determining the
“Maximum Rate” or the “Maximum Amount”, those terms mean the “weekly rate ceiling” from time to
time in effect under Chapter 303 of the Texas Finance Code, as amended. As used herein, “Maximum
Amount” and “Maximum Rate” respectively mean, the maximum non-usurious amount and the maximum
non-usurious rate of interest that, under applicable law, Holder is permitted to contract for,
charge, take, reserve, or receive on the indebtedness evidenced by this Note.

No delay on the part of Holder or any other holder of this Note in the exercise of any right,
power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or remedy preclude other or further exercise thereof, or the exercise of any other
right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any
provision of this Note shall in any event be effective unless the same shall be in writing and
signed and delivered by Holder or any subsequent holder hereof.

All parties hereto, whether as makers, endorsers, or otherwise, severally waive presentment
for payment, demand, protest, and notice of dishonor.

In addition to and not in limitation of the foregoing, the undersigned further agrees, subject
only to any limitation imposed by applicable law, that should the indebtedness represented by this
Note or any part thereof be collected at law or in equity or in bankruptcy, receivership or other
court proceedings, or this Note be placed in the hands of attorneys for collection, the undersigned
agrees to pay, in addition to the principal and interest due and payable hereon, all expenses,
including reasonable attorneys’ fees and legal expenses, incurred by the holder of this Note in
endeavoring to collect any amounts payable hereunder which are not paid when due.

The undersigned agrees that if default shall be made in the payment when due of any
principal of or interest on this Note, then the entire principal balance hereof and the interest
accrued hereon may be declared to be immediately forthwith due and payable by the holder hereof;
however, Holder shall not be entitled to exercise any offset or collection remedies without the
consent of the holder of the Senior Debt except under the circumstances specified in the
“Subordination Subparagraphs”.

This Note has been delivered at and shall be deemed to have been made at Houston, Texas and
shall be interpreted and the rights and liabilities of the parties hereto determined in accordance
with the internal laws (as opposed to conflicts of law provisions) and decisions of the State of
Texas. Whenever possible each provision of this Note shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provisions of this Note shall be prohibited by
or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note.

BELDEN & BLAKE CORPORATION

By: /s/ James M. Vanderhider

Name: James M. Vanderhider

Title: President and COO

CAPITAL C ENERGY OPERATIONS, LP

	 	 	 	 	 	 	 
	By:	 	ENERVEST BB GP, LLC,
	 	 
	 
	 	 	 	 	 	 
	 	 	its general partner
	 	 
	 
	 	 	 	 	 	 
	
 
	 	By:
	 	 	 	ENERVEST MANAGEMENT PARTNERS, LTD.,

its sole member
	 
	 	 	 	 	 	 
	
 
	 	 	 	By:
	 	ENERVEST MANAGEMENT GP, L.C.,

its general partner
	 
	 	 	 	 	 	 
	
 
	 	 	 	 	 	By: /s/ James M. Vanderhider
	
 
	 	 	 	 	 	 

	 	 	 	James M. Vanderhider,

Executive Vice President and

Chief Financial Officer

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