Document:

FOURTH AMENDMENT TO

AMENDED
AND RESTATED CREDIT AGREEMENT

 

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

 

RECITALS

 

A.           Borrowers,
Administrative Agent, L/C Issuer and Banks previously entered into that certain Amended and Restated Credit Agreement dated as
of October 3, 2011 (as amended by the First Amendment thereto dated December 14, 2011 (the “First Amendment”),
the Second Amendment thereto dated August 31, 2012, the Third Amendment thereto dated November 2, 2012 and as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

B.           Pursuant
to the Credit Agreement, Borrowers previously executed and delivered an Amended and Restated Note dated October 3, 2011, payable
to the order of each Bank in the face principal amount of Fifty Million and No/100 Dollars ($50,000,000) and certain other Loan
Documents.

 

C.           Parent
previously entered into the Contribution Agreement by and among Rantoul, Parent and the Rantoul Investors, pursuant to which EnerJex
Kansas contributed the Rantoul Project Assets to Rantoul in order to enable Rantoul to develop such Rantoul Project Assets.

 

D.           In
accordance with the Contribution Agreement, EnerJex Kansas previously assigned, conveyed, transferred and contributed all of its
right, title and interest in and to the Rantoul Project Assets to Rantoul (the “Rantoul Assignment”).

 

E.           In
consideration of the Rantoul Assignment, Rantoul issued certain partnership interests to EnerJex Kansas which were immediately
thereafter assigned to Parent such that (a) Rantoul became a Subsidiary of Parent and (b) Parent became Rantoul’s managing
partner.

 

F.           Pursuant
to the First Amendment and other Loan Documents executed and delivered in connection therewith, (a) Rantoul became a Guarantor
pursuant to a Limited Guaranty, (b) Rantoul granted Liens (and assumed, ratified and confirmed the existing Liens on the Rantoul
Project Assets) to the extent of Parent’s Beneficial Interest, and (c) Parent granted a Lien on all of Parent’s Rantoul
partnership interests.

 

    	 

    	 

    

 

G.           In accordance with the Rantoul GP Agreement, the Rantoul Partners desire to (a) dissolve Rantoul (the “Rantoul Dissolution”)
and (b) distribute (or cause the distribution of) the Rantoul Assets to each Rantoul Partner (or its designee) (the “Rantoul
Distribution”) in accordance with each Rantoul Investors’ Final Beneficial Interest Percentage (as defined
below).

 

H.           In
connection with the Rantoul Distribution, Parent desires to assign, convey and transfer Parent’s Final Beneficial Interest
(as defined below) to Working Interest pursuant to that certain Assignment of Assets dated as of the Fourth Amendment Closing Date
(the “Working Interest Assignment”).

 

I.           Borrowers
have requested that Administrative Agent and Banks consent to the Rantoul Dissolution, the Rantoul Distribution and the Working
Interest Assignment.

 

J.           Administrative
Agent and Banks desire to consent to the Rantoul Dissolution, the Rantoul Distribution and the Working Interest Assignment (such
transactions, collectively, the “Restructuring Transactions”) subject to Working Interest granting Liens
to the extent of Parent’s Final Beneficial Interest in and to the assets under the Working Interest Assignment.

 

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

 

AGREEMENT

 

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

 

I.            Specific
Amendments to Credit Agreement.

 

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

 

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

 

“Fourth
Amendment Closing Date” means December __, 2012.

 

“Parent’s
Final Beneficial Interest” means Parent’s beneficial ownership of the Rantoul Assets calculated based on Parent’s
Final Beneficial Interest Percentage.

 

“Parent’s
Final Beneficial Interest Percentage” means seventy-five percent (75%).

 

“Rantoul
Dissolution” is defined in Recital G to the Fourth Amendment.

 

“Rantoul
Distribution” is defined in Recital G to the Fourth Amendment.

 

    	2

    	 

    

 

“Rantoul
Investors’ Final Beneficial Interest” means the Rantoul Investors’ Beneficial Interest calculated based
on the Rantoul Investors’ Final Beneficial Interest Percentage.

 

“Rantoul
Investors’ Final Beneficial Interest Percentage” means twenty-five percent (25%).

 

“Restructuring
Transactions” is defined in Recital J to the Fourth Amendment.

 

“Working
Interest Assignment” is defined in Recital H to the Fourth Amendment.

 

II.           Schedule
5.13. Upon satisfaction of all conditions precedent set forth in Article IV of this Fourth Amendment, Schedule 5.13 attached
to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 5.13 attached to this Fourth Amendment and
each reference in the Loan Documents to such Schedule 5.13 shall be deemed to refer to Schedule 5.13 attached to this Fourth Amendment.

 

III.          Consent
to Certain Transactions. Subject to the terms of this Fourth Amendment, Administrative Agent and Banks hereby consent to (a)
the Restructuring Transactions, including, without limitation, the Rantoul Dissolution, the Rantoul Distribution, and the Working
Interest Assignment and (b) the termination of the Limited Guaranty executed by Rantoul in favor of Administrative Agent and Banks.

 

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

 

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

 

(b)          Working
Interest shall have executed and delivered an amendment to the Collateral Documents granting a Lien in and to the Rantoul Assets
assigned to Working Interest pursuant to the Working Interest Assignment and any other Collateral Documents that Administrative
Agent may reasonably request;

 

(c)          Borrowers
shall have delivered executed copies of the Working Interest Assignment and evidence of the Rantoul Dissolution, each in form and
content satisfactory to Administrative Agent;

 

(d)          Borrowers
shall have delivered to Administrative Agent such other documents as Administrative Agent may request, including without limitation,
partnership resolutions of Rantoul authorizing and acknowledging the Restructuring Transaction, in each case, in form and content
satisfactory to Administrative Agent; and

 

    	3

    	 

    

 

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

 

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

 

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

 

    	4

    	 

    

 

VII.       Miscellaneous.

 

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

 

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

 

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

 

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

 

(e)          Successors
and Assigns. This Fourth Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective
successors and permitted assigns.

 

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

 

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

 

(h)          Entirety.
The Loan Documents (as amended hereby) Represent
the Final Agreement By and Among Borrowers, Administrative Agent, L/C Issuer and Banks and May Not Be Contradicted by Evidence
of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties. There Are No Unwritten Oral Agreements between the Parties.

 

(Signature pages follow)

 

    	5

    	 

    

 

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

  

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

 

Signature Page to Fourth Amendment

 

    	 

    	 

    

 

	 	 	ADMINISTATIVE AGENT, L/C ISSUER 

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

  

Signature Page to Fourth Amendment

 

    	 

    	 

    
 

SCHEDULE 5.13

 

SUBSIDIARIES

 

Subsidiaries of EnerJex Resources, Inc.

 

		1.	EnerJex Kansas, Inc.

		2.	DD Energy, Inc.

		3.	Working Interest, LLC

		4.	Black Sable Energy, LLC

 

Subsidiaries of EnerJex Kansas, Inc.

 

None.

 

Subsidiaries of DD Energy, Inc.

 

None.

 

Subsidiaries of Working Interest, LLC

 

None.

 

Subsidiaries of Black Sable Energy,
LLC

 

None.

 

Schedule 5.13FIRST AMENDMENT TO AMENDED AND RESTATED
MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF PRODUCTION AND REVENUES

 

Among

 

working
interest, llc

(Mortgagor and Debtor)

 

And

 

texas capital
bank, n.a.

 (Mortgagee and Secured Party)

 

For
purposes of filing this instrument as a financing statement, the mailing address of Mortgagor/Debtor is 4040 broadway, suite 305,
san antonio, texas 78209; the mailing address of Mortgagee/Secured Party is ONE RIVERWAY, SUITE 2100, HOUSTON, TEXAS 77056.

 

THIS INSTRUMENT AND/OR THE MORTGAGE INSTRUMENT
IT AMENDS CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS, AND COVERS FUTURE ADVANCES AND PROCEEDS. INTERESTS IN OIL, GAS, MINERALS
AND OTHER AS-EXTRACTED COLLATERAL OR IN ACCOUNTS RESULTING FROM THE SALE THEREOF, WHICH ARE INCLUDED IN THE MORTGAGED PROPERTY,
WILL BE FINANCED AT WELLHEADS LOCATED ON THE LANDS OR LANDS ASSOCIATED WITH PIPELINE DESCRIBED OR REFERRED TO IN EXHIBIT “A”
HERETO.

 

PERSONAL PROPERTY CONSTITUTING A PORTION
OF THE MORTGAGED PROPERTY MAY BE OR MAY IN THE FUTURE BECOME AFFIXED TO THE LANDS OR LANDS ASOCIATED WITH PIPELINE DESCRIBED OR
REFERRED TO IN EXHIBIT “A” HERETO.

 

A POWER OF SALE HAS BEEN GRANTED
IN THIS INSTRUMENT, OR TO THE INSTRUMENT IT AMENDS, TO THE EXTENT PERMITTED UNDER KANSAS LAW. A POWER OF SALE MAY ALLOW THE MORTGAGEE
TO TAKE THE MORTGAGED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE MORTGAGOR UNDER THIS
INSTRUMENT.

 

THIS FINANCING STATEMENT IS TO BE FILED,
AMONG OTHER PLACES, IN THE REAL ESTATE RECORDS AND INDEXED AS BOTH A MORTGAGE AND A FINANCING STATEMENT.

 

*********************************

 

This instrument was prepared by Matthew
D. Lea, PORTER HEDGES LLP, 1000 Main Street, 36th Floor, Houston, Texas 77002.

 

    	 

    	 

    

 

ATTENTION OF RECORDING OFFICER:
This instrument and/or the mortgage instrument it amends is a mortgage of both real and personal property and is, among other things,
a Security Agreement and Financing Statement under the Uniform Commercial Code. This instrument creates a lien on rights in or
relating to lands of Mortgagor which are described, referred to, or referred to in the documents described in Exhibit “A”
hereto and/or Exhibit “A” to the Mortgage (as defined below).

 

RECORDED DOCUMENT SHOULD BE RETURNED TO:

 

PORTER HEDGES LLP

1000 Main Street, 36th Floor

Houston, Texas 77002

Attn: Ephraim del Pozo

 

    	 

    	 

    

 

FIRST AMENDMENT TO AMENDED AND RESTATED
MORTGAGE,

SECURITY AGREEMENT,
FINANCING STATEMENT AND ASSIGNMENT OF 

PRODUCTION AND REVENUES 

 

This FIRST AMENDMENT
TO AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF PRODUCTION AND REVENUES (this “First
Amendment”) is executed as of the ___ day of December, 2012 (the “Effective Date”) by WORKING
INTEREST, LLC, a Kansas limited liability company, whose mailing address is 4040 Broadway, Suite 305, San Antonio, Texas 78209
(“Mortgagor”), and TEXAS CAPITAL BANK, N.A., a national banking association, the banking
quarters for which are in Texas, and the mailing address for which is One Riverway, Suite 2100, Houston, Texas 77056, as Collateral
Agent (“Mortgagee”).

 

RECITALS

 

WHEREAS, Mortgagor, EnerJex
Resources, Inc., EnerJex Kansas, Inc., DD Energy, Inc., EnerJex Resources, Inc., and Black Sable Energy, LLC, as Borrowers, and
Mortgagee, as Administrative Agent, LC Issuer and a Bank, entered into that certain Amended and Restated Credit Agreement dated
as of October 3, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”;
capitalized terms used but not defined herein shall have the meanings given such terms in the Credit Agreement);

 

WHEREAS, in connection
with the Credit Agreement, Mortgagor executed and delivered that certain Amended and Restated Mortgage, Security Agreement, Financing
Statement and Assignment of Production and Revenues (“Original Mortgage”) dated October 3, 2011
in favor of Mortgagee, which Original Mortgage, has been recorded, among other places, as set forth on Exhibit “B”
attached hereto; and

 

WHEREAS, Mortgagor and
Mortgagee desire to amend the Original Mortgage to, among other things, (i) secure the payment of indebtedness owed or to be owing
to Mortgagee by Mortgagor pursuant to the terms of the Credit Agreement, and (ii) amend Exhibit “A-1” to the Original
Mortgage and thereby supplement the Original Mortgage by the inclusion of additional properties, all such properties to be a part
of the Mortgaged Property (as defined in the Original Mortgage).

 

AGREEMENTS

 

NOW THEREFORE, in consideration
of the premises and for other good and valuable consideration received by each party hereto, the receipt and sufficiency of all
of which are hereby acknowledged, Mortgagor and Mortgagee hereby agree that the Mortgage is hereby amended as follows:

 

    	1

    	 

    

 

1.             Amendments.
Effective as of the Effective Date, Exhibit “A-1” to the Original Mortgage is hereby amended by adding thereto
the properties described on Exhibit “A-1” to this First Amendment, which, together with all related real, personal
and mixed property, shall become for all purposes part of the “Mortgaged Property” referred to in the Original Mortgage,
and, to secure payment and performance of the Secured Indebtedness (as defined in the Original Mortgage) and the performance of
the covenants and obligations contained therein and secured thereby, Mortgagor does hereby GRANT, BARGAIN, SELL, CONVEY, TRANSFER
AND ASSIGN to the Mortgagee all liens, security interests, assignments and other rights in and to the Mortgaged Property (as added
to the Original Mortgage by this First Amendment) to the fullest extent provided for in said Original Mortgage. The interests listed
on Exhibit “A-1” to this First Amendment are in addition to, and not inclusive of, the interests listed
on Exhibit “A-1” to the Original Mortgage.

 

2.             Restatement
of Grants. To secure payment and performance of the Secured Indebtedness (as defined in the Original Mortgage) and the performance
of the covenants and obligations contained therein and secured thereby, Mortgagor does hereby GRANT, BARGAIN, SELL, CONVEY, TRANSFER
AND ASSIGN to Mortgagee all liens, security interests, assignments and other rights in and to the Mortgaged Property added to the
Original Mortgage by this First Amendment to the fullest extent provided for in the Original Mortgage. In furtherance of this intent,
the terms and provisions of Article I of the Original Mortgage are hereby incorporated into this instrument as if set out in their
entirety herein, and are hereby ratified, confirmed and reasserted as to the Mortgaged Property described on Exhibit “A-1”
hereto as herein amended and supplemented. The grant and assignment made in this Section 2 is in addition and supplementary to
and not in lieu, derogation or replacement of the grant and assignment made in the Original Mortgage.

 

3.             Ratifications.
The terms and provisions set forth in this First Amendment shall modify and supersede all inconsistent terms and provisions set
forth in the Original Mortgage and, except as expressly modified and superseded by this First Amendment, the terms and provisions
of the Original Mortgage are ratified and confirmed and shall continue in full force and effect. By execution of this First Amendment,
Mortgagor does hereby adopt, ratify and reaffirm, as of the date hereof, all of Mortgagor’s warranties, representations,
and covenants set forth in the Original Mortgage and in the Credit Agreement. All representations, warranties and covenants of
Mortgagor in the Original Mortgage (as amended by this First Amendment) are hereby repeated, remade and incorporated herein by
this reference for the benefit of Mortgagee. All liens, security interests, assignments and other rights created by Mortgagor for
the benefit of Mortgagee in or under the Original Mortgage are hereby extended, renewed and carried forward by this First Amendment
and incorporated herein. Mortgagor and Mortgagee agree that the Original Mortgage, as modified hereby, shall continue to be legal,
valid, binding and enforceable in accordance with its terms. Mortgagor and Mortgagee further agree that this First Amendment is
not intended to be, nor shall it be construed to create, a novation or accord and satisfaction.

 

4.             Addresses.
For purposes of filing this First Amendment as an amendment to a financing statement, the addresses for Mortgagor, as the debtor,
and Mortgagee, as the secured party, are as set forth hereinabove.

 

5.             Successors
and Assigns. This First Amendment is binding upon Mortgagor and its successors and permitted assigns and shall inure to the benefit
of Mortgagee and its successors and assigns. For the avoidance of doubt, Mortgagor may not assign or transfer any of its rights
or obligations hereunder without the prior written consent of Mortgagee.

 

    	2

    	 

    

  

6.             Final
Agreement. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF
AND 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.

 

7.             Governing
Law. THE SUBSTANTIVE LAWS OF THE STATE OF KANSAS (AND WHERE APPLICABLE, THE UNITED STATES OF AMERICA) SHALL GOVERN THE VALIDITY,
CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS FIRST AMENDMENT, UNLESS OTHERWISE SPECIFIED HEREIN OR UNLESS THE LAWS OF ANOTHER
STATE SHALL MANDATORILY APPLY

 

8.             Multiple
Counterparts. For the convenience of the parties, this First Amendment may be executed in multiple counterparts. Each of the
counterparts hereof so executed shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same First Amendment.

 

[Signature and Acknowledgment Pages Follow]

 

    	3

    	 

    

 

Executed as of the date
set forth in the notary block below but effective as of the Effective Date.

 

	 	MORTGAGOR/DEBTOR:
	 	 
	 	WORKING INTEREST, LLC,
	 	a Kansas limited liability company
	 	 	 
	 	By:	 
	 	 	Robert G. Watson, Jr.
	 	 	Chief Executive Officer

 

ACKNOWLEDGMENT

 

	THE STATE OF TEXAS	§	 
	 	§	 
	COUNTY OF BEXAR	§	 

 

The foregoing instrument
was acknowledged before me on this ____________ day of December, 2012 by Robert G. Watson, Jr., as Chief Executive Officer of Working Interest,
LLC, a Kansas limited liability company, on behalf of said limited liability company.

 

	 	 
	 	NOTARY PUBLIC, STATE OF TEXAS

  

Signature
and Acknowledgment Page to First Amendment to to Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment
of Production and Revenues

 

    	 

    	 

    

 

	 	MORTGAGEE/SECURED PARTY:
	 	 
	 	TEXAS CAPITAL BANK, N.A.,
	 	a national banking association,
	 	as Collateral Agent for the Secured Parties
	 	 	 
	 	By:	 
	 	 	W. David McCarver IV
	 	 	Senior Vice President

 

ACKNOWLEDGMENT

 

	THE STATE OF TEXAS	§	 
	 	§	 
	COUNTY OF HARRIS	§	 

 

This foregoing
instrument was acknowledged before me on this  ____________ day of December, 2012 by W. David McCarver IV, as
Senior Vice President of Texas Capital Bank, N.A., a national banking association, on behalf of said banking association.

 

	 	 
	 	NOTARY PUBLIC, STATE OF TEXAS

 

Signature
and Acknowledgment Page to First Amendment to to Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment
of Production and Revenues

 

    	 

    	 

    

 

EXHIBIT
“A”

TO

first AMENDMENT
TO amended and restated MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF PRODUCTION AND REVENUES

(Oil and Gas Properties)

 

    	A-1

    	 

    

 

EXHIBIT
“B”

TO

first AMENDMENT
TO amended and restated MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF PRODUCTION AND REVENUES

 

RECORDING
SCHEDULE

 

	STATE	 	
        COUNTY/

        PARISH
	 	DOCUMENT	 	RECORDING 

DATA
	Kansas	 	Anderson	 	Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest, LLC to Texas Capital Bank, N.A. dated 10/3/11	 	
        10/11/11

        Book 245/Page 28

	 	 	 	 	 	 	 
	 	 	Douglas	 	Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest, LLC to Texas Capital Bank, N.A. dated 10/3/11	 	
        10/13/11

        Book 1079/Page 797

	 	 	 	 	 	 	 
	 	 	Franklin	 	Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest, LLC to Texas Capital Bank, N.A. dated 10/3/11	 	
        10/13/11 #3451

        Book 507/Page 665

	 	 	 	 	 	 	 
	 	 	Johnson	 	Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest, LLC to Texas Capital Bank, N.A. dated 10/3/11	 	
        10/27/11

        #20111027-0009408

	 	 	 	 	 	 	 
	 	 	Linn	 	Amended and Restated Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues from Working Interest, LLC to Texas Capital Bank, N.A. dated 10/3/11	 	
        10/13/11

        Book 431/Page 596

  

[End of
Exhibit “B”]

 

    	B-1

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