Document:

December 2004 Agreement

 Exhibit 10.12 
 EXHIBIT A 
 EXPLORATION AGREEMENT 

This agreement (“December 2004 Agreement”) is made and entered into this 1st day of December 2004, and effective December 1, 2004, between
RAAM Global Energy Company (“RAAM Global”), a Delaware corporation, whose address is 1537 Bull Lea Road, Suite 200, Lexington, Kentucky 40511, and RAAM Exploration, LLC (“RAAM Exploration”), a Kentucky Limited Liability Company,
whose address is 1537 Bull Lea Road, Suite 200, Lexington, Kentucky 40511. 
 RECITALS 

WHEREAS, on September 22, 2003, Century Exploration Company entered into an agreement (“September 2003 Agreement”) with RAAM
Exploration, whereby RAAM Exploration had a contractual right to participate, as a working interest participant in prospects in which Century Exploration Company owned greater than a 50% working interest; 

WHEREAS, Century Exploration Company subsequently reorganized as RAAM Global and formed two domestic subsidiaries, Century Exploration New
Orleans, Inc. and Century Exploration Houston, Inc., collectively known as (“Century”); 
 WHEREAS, RAAM Exploration
voluntarily relinquished its participation right in certain wells in the Breton Sound area in the state waters of Louisiana in order to facilitate Century gaining a favorable contractual agreement with LLOG Exploration Company, LLC
(“LLOG”), one of Century’s industry partners; 
 WHEREAS, Century was successful in negotiating a favorable contractual
agreement with LLOG; 
 WHEREAS, RAAM Exploration has entered into a contract with an investment manager to raise a minimum of $25
million for oil and gas exploration; 
 WHEREAS, it is a significant benefit to Century to eliminate the process of selling prospects on
a case-by-case basis, and Century desires to have a promoted working interest participant with sufficient capital to share in Century’s expanded exploration program, including all of Century’s future prospects; 

WHEREAS, RAAM Exploration desires to have the right to participate in all future wells in which Century participates either as an operator or as a
non-operator; 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each party
hereunder, and intending to be legally bound, the parties hereby agree as follows: 
  

	1.	Beginning December 1, 2004, RAAM Exploration will have the right, but not the obligation, to participate in every prospect drilled by Century. The first well to be
covered by this agreement will be the OCS-G 4910 # 3 to be drilled in Main Pass Block 100 (“Main Pass 100”); 

  

	2.	For all prospects for which RAAM Exploration elects to participate, the proportional ownership interest of the parties will be: 

					
	 Century
	  	 	57.5	% 
	 RAAM Exploration
	  	 	42.5	% 

  

	3.	RAAM Exploration will have the right to assign any or all of its interest in any prospect to its financial partner or to any other party designated by RAAM;

  

	4.	For all prospects generated by Century; 

  

	 	a.	RAAM Exploration will have the right to participate in any well to be drilled by Century. RAAM Exploration will not have an obligation to participate nor will RAAM
Exploration be obligated to take all of the working interest available. This right of participation will extend to all prospects without regard to the working interest retained by Century. The available working interest will be divided in accordance
with paragraph (2) above; and 

  

	 	b.	For each prospect for which RAAM Exploration elects to participate: 

  

	 	i.	RAAM Exploration will pay a prospect fee of $200,000 per prospect on an 8/8ths basis to be reduced proportionately to the percentage of working interest taken;

  

	 	ii.	RAAM Exploration will pay its proportionate share of any lease and lease bonus costs; 

 

	 	iii.	RAAM Exploration will pay a promoted interest on the initial well of each prospect to the casing point equal to 133.34% times the actual cost (1/3 for a1/4 to the
casing point); 

  

	 	iv.	On all costs subsequent to the casing point of the initial well RAAM Exploration will pay its proportionate share; 

 

	 	v.	All costs for drilling, development, completion, hookup and operations will be billed to RAAM Exploration through a monthly joint interest bill (“JIB”);

  

	 	vi.	RAAM Exploration and Century will enter into a standard Joint Operating Agreement that will provide among other provisions that Century shall deduct any operating costs
from the revenues that are derived from the wells in which RAAM Exploration has participated; and 

  

	 	vii.	RAAM Exploration will bear its proportional share of the Century overriding royalty, as long as the royalty does not exceed 2% of 8/8ths. 

 

	5.	For all prospects generated by third parties, but for which Century has acquired rights to participate: 

 

	 	a.	RAAM Exploration will have the right to participate, but not the obligation to participate, in any third party prospect in the same ratio as set out in Paragraph
(2) above; and 

  
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	 	b.	For each third party prospect for which RAAM Exploration elects to participate, the following terms shall apply: 

 

	 	i.	RAAM Exploration will pay a prospect evaluation fee of $100,000 per prospect on an 8/8ths basis to be reduced proportionately to the percentage of working interest
taken; 

  

	 	ii.	RAAM Exploration will pay its proportional share of any lease and lease bonus costs; 

 

	 	iii	RAAM Exploration will pay his proportionate share of drilling development, completion, and hookup and will be billed in accordance with the third party agreements or
through the monthly JIB’s; and 

  

	 	iv	RAAM Exploration will bear his proportional share of the Century overriding royalty which will be determined on a case by case basis, but under no circumstances will
the royalty exceed 2% of 8/8ths. 

  

	6.	Modification of Agreement. This Advance Agreement may be modified by the parties hereto only by a written supplemental agreement executed by both parties;

  

	7.	Notices. Any notice required or permitted to be given hereunder shall be sufficient if in writing, and if sent by certified mail, overnight delivery service or
by facsimile with an acknowledgement of receipt at the addresses above, or to such address as the parties may specify, in writing, from time to time; 

  

	8.	Waiver of Contractual Right. The failure of either party to enforce any provision of this Advance Agreement shall not be construed as a waiver or limitation of
that party’s right to subsequently enforce and compel strict compliance with every provision of this Advance Agreement; 

  

	9.	Titles. The titles of the sections herein are for convenience of reference only and are not to be considered in construing this Advance Agreement;

  

	10.	Severability. If any provision of this Advance Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to
be valid and enforceable; 

  

	11.	Entire Agreement. This Advance Agreement contains the entire agreement of the parties in regard to the subject matter contained herein, and supersedes any prior
verbal or written agreement between the parties; and 

  

	12.	Applicable Law. This Advance Agreement shall be construed with and governed by the laws of the State of Kentucky. 

IN WITNESS WHEREOF, the parties have executed this Exploration Agreement as of the day and year first set forth above.

  
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 RAAM Global Energy Company and its Subsidiaries 

Century Exploration New Orleans, Inc. and Century Exploration Houston, Inc 

 

			
	By:	 	 /s/ Howard A. Settle

	Title:	 	President and CEO
	
	RAAM Exploration, LLC
		
	By:	 	 /s/ Howard A. Settle

	Title:	 	Manager

  
 4 

 EXHIBIT B 
 EXPLORATION AGREEMENT 
 This Exploration Agreement (“RAM Development 2008
Agreement”) is made and entered into this 1st day of July 2008, and effective January 1, 2008, between RAAM Global Energy Company (“RAAM Global”), a Delaware corporation, whose address is 1537 Bull Lea Road, Suite 200, Lexington,
Kentucky 40511, and RAM Development, LLC (“RAM Development”), a Kentucky Limited Liability Company, whose address is 1537 Bull Lea Road, Suite 200, Lexington, Kentucky 40511. 

RECITALS 

WHEREAS, RAAM Global entered into an Exploration Agreement with RAAM Exploration LLC (“RAAM Exploration”) dated December 1, 2004
(“December 2004 Agreement”) in which RAAM Exploration acquired a participation right to acquire a 42.5% working interest in all wells developed by RAAM Global and its Subsidiaries, Century Exploration New Orleans Inc, and Century
Exploration Houston Inc. (hereinafter referred to as (“Century N.O.”) and (“Century Houston”) or collectively as (the “RAAM Subsidiaries”) such right to be proportionately reduced to the actual working interest owned by
The RAAM Subsidiaries; and 
 WHEREAS, RAAM Exploration has assigned all of its rights including, but not limited to the participation
rights set forth under Paragraphs 1, 4 and 5 (the “ Participation Rights”), under the December 2004 Agreement to RAM Development effective on and after January 1, 2008 as allowed and provided for in Paragraph (3) of the December
2004 Agreement; and 
 WHEREAS, RAAM Global, to the extent necessary or required, consents and approves of the aforesaid assignment of
rights under the December 2004 Agreement by RAAM Exploration to RAM Development; and 
 WHEREAS, RAAM Global and RAM Development for the
mutual benefits to be derived thereby and for other good and valuable consideration, the adequacy and sufficiency are hereby acknowledged by RAAM Global and RAM Development, desire to amend the terms of the Participation Rights to include:
(1) the cost of seismic purchases made by Century N.O.; and (2) to reduce the Working Interest percentage available to be taken by RAM Development so that the RAAM Subsidiaries may enter into an exploration agreement with a new working
interest participant; and 
 WHEREAS, RAAM Global and RAM Development desire that RAM Development shall have the right to participate in
all future wells in which the RAAM Subsidiaries participate as a working interest owner either in the capacity as an operator or as a non-operator. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder, and intending to be legally bound, the parties hereby agree to amend,
revise and restate the following provisions of the December 2004 Agreement as follows: 

 I. Century N. O. After Prospect Payout Right of Participation: 

 

	 	A.	For all wells drilled after January 1, 2008, RAM Development shall have the right to elect to participate in and acquire, on an after prospect payout (as such term
is more fully described in Sections I.B. and I.C. herein below), a 25% Working Interest proportionately reduced to the Working Interest owned by Century N.O. in and to any such wells and all leases within the prospect area designated by Century N.O.
for such wells (“RAM Development Proportionate Share”). 

  

	 	B.	For all prospects generated by Century N.O., the after payout prospect costs shall consist of the total of the following fees, costs and expenses:

  

	 	i.	A prospect fee of $200,000 per prospect on an 8/8ths basis to be reduced to the RAM Development Proportionate Share except for wells with a proposed total depth (TVD)
of less than 4,000 feet, in which case the prospect fee will be reduced to $50,000 on an 8/8ths basis to be reduced to the RAM Development Proportionate Share; 

 

	 	ii.	The RAM Development Proportionate Share of any lease and lease bonus costs including all leases acquired in State and Federal lease sales or from third parties;

  

	 	iii.	For all wells drilled including dry holes, a promoted interest on the initial well for each prospect to the casing point (casing point being that point in time that
either the decision is made to set production casing or to plug and abandon the well) equal to 133.34% times the actual cost (1/3 for a 1/4 to the casing point) reduced to the RAM Development Proportionate Share; 

 

	 	iv.	The RAM Development Proportionate Share of all costs of any type or character incurred subsequent to the casing point of the initial well for each prospect;

  

	 	v.	The RAM Development Proportionate Share of costs of any type or character incurred for operations for all other wells in a prospect (in addition to the initial well for
a prospect) in winch RAM Development participates as a working interest owner; 

  

	 	vi.	The RAM Development Proportionate Share of the costs for any seismic acquisition, costs for seismic reprocessing and related fees, costs and expenses; and

  

	 	vii.	The RAM Development Proportionate Share of the Century N.O. overriding royalty interest, as long as such overriding royalty interest does not exceed 3% of 8/8ths.

  
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	 	C.	For all prospects generated by third parties which Century N.O. has acquired rights to participate, the after payout prospect costs shall consist of the total of the
following fees, costs and expenses: 

  

	 	i.	A prospect evaluation fee of $100,000 per prospect on an 8/8ths basis to be reduced to the RAM Development Proportionate Share except for wells with a proposed total
depth (TVD) of less than 4,000 feet, in which case the prospect fee will be reduced to $25,000 on an 8/8ths basis to be reduced to the RAM Development Proportionate Share; 

 

	 	ii.	The RAM Development Proportional Share of any lease and lease bonus costs; 

 

	 	iii	The RAM Development Proportionate Share of all costs for the drilling, development, completion, equipping and hookup incurred in connection with any well which such
costs will be charged in accordance with the terms and provisions of third party agreements entered into for the operations and equipment resulting in such costs. 

 

	 	iv	The RAM Development Proportionate Share of the Century N.O. overriding royalty interest which will be determined on a case by case basis, but under no circumstances
will such overriding royalty interest exceed 3% of 8/8ths. 

  

	 	D.	The wells that have been drilled prior to the execution date of this agreement, but which will be included in the After Prospect Payout Calculation (as hereinafter
defined) are as follows: 

  

					
	i.	  	Lima	  	- SL 19201
	ii.	  	Rio	  	- SL 19377
	iii.	  	Santos	  	- SL 19384
	iv.	  	Jupiter	  	- SL 19050
	v.	  	Mira	  	- SL 19166
	vi.	  	Spinel	  	- OCS-G-31304

 All wells drilled by
Century N.O. subsequent to the above-described wells will be included in the After Prospect Payout Calculation in accordance with the applicable payout prospect costs set forth above. 

 

	 	E.	 All applicable payout prospect costs as set forth above will be subtracted and setoff from the revenues that would have been received by RAM
Development if it had elected to participate in and had been assigned a 25% proportionately reduced working interest (“After Prospect Payout Calculation”). Upon all applicable payout prospect costs having been recovered from the aforesaid
revenues that would have been received by RAM Development, RAM Development will receive an assignment of a 25% working interest in the leases and wells for each 

  
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prospect proportionately reduced, and all future costs for drilling, completions, pipelines, equipping, hookup, development, operations of all wells, and seismic costs will be billed to the Joint
Interest Account for the appropriate prospect in accordance with a standard Joint Operating Agreement previously entered into or to be entered into (as the circumstances dictate) between the parties owning working interests at the time of the
assignment to RAM Development. To the extent that RAM Development is not already a party to any existing standard Joint Operating Agreement for a particular prospect then, in such event, such agreement shall be amended to include the working
interest of RAM Development and such amendment shall be executed by all parties to the existing operating agreement to be amended and RAM Development. RAM Development agrees to receive any revenues owed to it by RAAM Global or the RAAM Subsidiaries
in accordance with the policies and procedures established by RAAM Global and/or the RAAM Subsidiaries for revenue distributions. 

 II. Provision for early payout of After Prospect Payout Costs: 
 At any time after
January 1, 2009 but prior to total prospect payout, RAM Development may accelerate the date at which it receives an assignment of the proportionately reduced 25% working interest as to each Century N.O. well and associated leases by paying a
sum equal to the remaining outstanding balance of the applicable after prospect payout costs. 
 III. Century N.O. Participation Right
(Subsequent to Prospect Payout): 
  

	 	A.	After Prospect Payout for the Century N.O. prospects, which such prospects are described in Sections I.B. and I.C. above, RAM Development will have the right to
participate in any well to be drilled by Century N.O. for any such prospect. RAM Development will not have an obligation to participate nor will RAM Development be obligated to take all of the working interest available for it to acquire in such
well. This right of participation will extend to all prospects without regard to the working interest retained by Century. The maximum working interest available to RAM Development for all Century N.O. prospects, described in Sections I.B. and I.C.,
will be the RAM Development Proportionate Share as previously defined in Paragraph I.A. 

  

	 	B.	The terms of RAM Development’s participation, as set forth in Section III.A. above, will be identical to the terms as set forth in Section I.B.i.-vii. above for
wells drilled in the Century generated prospects and as set forth in Section I.C.i.-iv. above for wells drilled in third party generated prospects. 

 IV. Century Houston Participation Right: 
 For prospects generated by
Century Houston: 
  

	 	A.	 RAM Development will have the right to participate in any well to be drilled by Century Houston for any prospect designated by Century Houston with the

  
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specific exception for any wells drilled in the prospect area designated as the “Tuscaloosa Marine Shale” in Mississippi and Louisiana. RAM Development will not have any right with
respect to the Tuscaloosa Marine Shale prospect including lease acquisition, exploration, and development. For all other prospects, RAM Development will not have an obligation to participate nor will RAM Development be obligated to take all of the
working interest available for it to acquire. This right of participation will extend to all prospects without regard to the working interest retained by Century. The maximum working interest available to RAM Development for all Century Houston
prospects will be 23.4375% proportionately reduced by the Working Interest owned by Century Houston (“Houston Proportionate Share”). 

  

	 	B.	For each prospect for which RAM Development elects to participate therein as a Working Interest Owner: 

 

	 	i.	RAM Development will pay a prospect fee of $200,000 per prospect on an 8/8ths basis to be reduced proportionately to the Houston Proportionate Share except for wells
with a proposed total depth (TVD) of less than 4,000 feet, in which case the prospect fee will be reduced to $50,000 on an 8/8ths basis to be reduced to the RAM Development Proportionate Share; 

 

	 	ii.	RAM Development will pay the Houston Proportionate Share of any lease and lease bonus costs; 

 

	 	iii.	RAM Development will pay the Houston Proportionate Share of a promoted interest on the initial well for each prospect to the casing point (casing point being that point
in time that either the decision is made to set production casing or to plug and abandon the well) equal to 133.34% times the actual cost (1/3 for a1/4 to the casing point); 

 

	 	iv.	RAM Development will pay the Houston Proportionate Share of all costs incurred subsequent to the casing point of the initial well for each prospect;

  

	 	v.	The Houston Proportionate Share of all costs for drilling, development, completion, equipping, hookup and operations, for each prospect that RAM Development
participates, will be billed to RAM Development by Century Houston by a monthly joint interest bill (“JIB”); 

  

	 	vi.	RAM Development and Century Houston for each prospect will enter into a standard Joint Operating Agreement that will provide, among other provisions, that Century
Houston shall deduct any operating costs and setoff from the revenues that are derived from the wells in which RAM Development has participated as a working interest owner for its Houston Proportionate Share; and 

  
 5 

	 	vii.	RAM Development will bear its Houston Proportionate Share of the Century Houston overriding royalty interest, as long as such overriding royalty interest does not
exceed 3% of 8/8ths. 

  

	 	C.	For all prospects generated by third parties, but for which Century Houston has acquired rights to participate: 

 

	 	i.	RAM Development will have the right to participate, but not the obligation to participate, in any third party prospect in the same ratio as set out in Section IV.A.
above; and 

  

	 	ii.	For each third party prospect for which RAM Development elects to participate as a Working Interest Owner, the following terms shall apply: 

 

	 	a.	RAM Development will pay a prospect evaluation fee of $100,000 per prospect on an 8/8ths basis to be reduced proportionately to the Houston Proportionate Share except
for wells with a proposed total depth (TVD) of less than 4,000 feet, in which case the prospect fee will be reduced to $25,000 on an 8/8ths basis to be reduced to the RAM Development Proportionate Share; 

 

	 	b.	RAM Development will pay the Houston Proportional Share of any lease and lease bonus costs; 

 

	 	c.	RAM Development will pay the Houston Proportionate Share of all costs for the drilling, development, completion, equipping and hookup of all wells associated with the
prospects that it participates in as a Working Interest Owner incurred in connection with any such well or wells which such costs will be charged in accordance with the terms and provisions of third party agreements entered into for the operations
and equipment resulting in such costs or through the monthly JIB’s; and 

  

	 	d.	RAM Development will bear the Houston Proportionate Share of the Century Houston overriding royalty interest which will be determined on a case by case basis, but under
no circumstances will the aforesaid overriding royalty interest exceed 3% of 8/8ths. 

 V. Miscellaneous Terms:

  

	 	A.	Modification of Agreement. This RAM Development 2008 Agreement may be modified by the parties hereto only by a written supplemental agreement executed by both
parties. 

  

	 	B.	 Notices. Any notice required or permitted to be given hereunder shall be sufficient if in writing, and if sent by certified mail, overnight
delivery service or 

  
 6 

	 	 
by facsimile with an acknowledgement of receipt at the addresses above, or to such address as the parries may specify, in writing, from time to time. 

 

	 	C.	Waiver of Contractual Right. The failure of either party to enforce any provision of this RAM Development 2008 Agreement shall not be construed as a waiver or
limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this RAM Development 2008 Agreement. 

  

	 	D.	Titles. The titles of the sections herein are for convenience of reference only and are not to be considered in construing this RAM Development 2008 Agreement.

  

	 	E.	Severability. If any provision of this RAM Development 2008 Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall
continue to be valid and enforceable. 

  

	 	F.	Entire Agreement. This RAM Development 2008 contains the entire agreement of the parties in regard to the subject matter contained herein, and supersedes any
prior verbal or written agreement between the parties. 

  

	 	G.	Applicable Law. This RAM Development 2008 shall be construed with and governed by the laws of the State of Kentucky. 

 

	 	H.	Conflict between Agreements. To the extent that there is a conflict between the terms and provisions of the RAM Development 2008 Agreement and the terms and
conditions of the December 2004 Agreement, the terms and provisions of the Ram Development 2008 Agreement shall govern, supersede and control. 

 IN WITNESS WHEREOF, the parties have executed this RAM Development 2008 Agreement as of the day and year first set forth above. 

 

			
	RAAM Global Energy Company
		
	By:	 	 /s/ Howard A. Settle

	Title:	 	President and CEO
	
	RAM Development, LLC
		
	By:	 	 /s/ Howard A. Settle

	Title:	 	Manager

  
 7Termination of the December 2004 Agreement

 Exhibit 10.13 
 TERMINATION AGREEMENT 
 This Termination Agreement (the
“Agreement”) is made and entered into this 30th
day of June 2009, effective March 31, 2009 (the “Effective Date”), between RAAM Global Energy Company (“RAAM Global”), a Delaware Corporation whose address is 1537 Bull Lea Road, Suite 200, Lexington, Kentucky 40511 and Ram
Development, LLC (“Ram Development”) a Delaware Limited Liability Company whose address is 1537 Bull Lea Road, Suite 200, Lexington, Kentucky 40511 (RAAM Global and Ram Development are hereby sometimes hereinafter referred to individually
as a “Party” and collectively as the “Parties.” RAAM Exploration LLC (“RAAM Exploration”) shall be a party to the Agreement solely for the purpose of acknowledging the termination of the December 2004 Agreement (as
hereinafter defined). 
 RECITALS 
 WHEREAS, RAAM Global entered into an Exploration Agreement with RAAM Exploration dated December 1, 2004 (“December 2004 Agreement”) in which RAAM Exploration acquired certain
participation rights to acquire working interests in prospects developed by RAAM Global’s two operating subsidiaries, Century Exploration New Orleans Inc, and Century Exploration Houston Inc. (hereinafter referred to together as the “RAAM
Subsidiaries”). A copy of the December 2004 Agreement is attached hereto as Exhibit “A”; 
 WHEREAS, on
July 1, 2008, RAAM Exploration assigned its rights pursuant to the December 2004 Agreement to RAM Development effective January 1, 2008; 
 WHEREAS, simultaneous with such assignment, RAAM Global and RAM Development entered into a new and revised Exploration Agreement dated July 1, 2008, effective January 1, 2008 (“Ram
Development 2008 Agreement”), the intention of which was to supersede the December 2004 Agreement. A copy of the Ram Development 2008 Agreement is attached hereto as Exhibit “B”; and 

WHEREAS, to accomplish certain business objectives, the Parties now desire to terminate the Ram Development 2008 Agreement.

 NOW, THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each Party
hereunder, and intending to be legally bound, the Parties hereby agree as follows: 

  
 Page 1 of 5

	 	I.	TERMINATION OF EXPLORATION AGREEMENTS AND THE RELINQUISHMENT OF WORKING INTEREST 

As of the Effective Date, the Ram Development 2008 Agreement shall be terminated and of no further affect. 

As a consequence of such termination, Ram Development shall relinquish its participation rights in the following properties and prospects
as of the Effective Date: 
  

							
	 	  	 PROSPECT
	  	 LOCATION
	  	 LEASE

		
	 a)
	  	Proved Producing Properties:
				
		  	Lima	  	Lake Salvador	  	SL-19201
		  	Spinel	  	West Cameron Block 366	  	OCS-G-31304
		  	Ruby	  	West Cameron Block 366	  	OCS-G-31304
		  	Jupiter	  	Breton Sound Block 45	  	SL 19050
		
	 b)
	  	Proved Undeveloped Properties:
				
		  	Flatt’s Guitar	  	Ewing Banks Block 920	  	OCS-G-32293
		
	 c)
	  	Exploration Prospects:
				
		  	Heron	  	Ship Shoal Block 150	  	OCS-G-0419
		  	Beryl	  	Vermillion Block 44	  	OCS-G-33078
		  	Zircon	  	West Cameron Block 260, 261	  	OCS-G 33049
		  		  		  	OCS-G 33050
		  	Chickory	  	West Cameron Block 64	  	OCS-G-32101
		  	Fluorite	  	West Cameron Block 352	  	OCS-G 33054
		  	Coffee	  	West Cameron Block 101	  	OCS-G-32105
		  	Oyster	  	Vermillion Blocks 79, 80	  	OCS-G-32137
		  		  		  	OCS-G-32138

  

	 	II.	RAM DEVELOPMENT CARRIED INTEREST 

 The RAAM Subsidiaries shall pay for all the costs (including drilling, completion, hook-up and development) attributable to a twenty five percent (25%) working interest to be assigned to Ram
Development in those prospects and wells set forth below. The decision to drill a well(s) on each prospect and the timing of the drilling and development shall be at the sole discretion of RAAM Global. If, for any reason, one or more of the
prospects set forth below are not drilled or developed, the RAAM Subsidiaries shall not be obligated to drill or develop additional prospects for the benefit of RAM Development. 

  
 Page 2 of 5

					
	 PROSPECT
	  	 LOCATION
	  	 LEASE

			
	Emerald	  	West Cameron Block 350, 351, 345	  	OCS-G 33052
		  		  	OCS-G 33053
		  		  	OCS-G 33051
	Amber	  	West Cameron Block 371, 380	  	OCS-G 33055
		  		  	OCS-G 33056
	Akula (Water Flood)	  	Jasper County, TX	  	
	Dory	  	Jasper County, TX	  	
	Nemo	  	Jasper and Hardin Counties, TX	  	
	Oscar	  	Jasper County, TX	  	

 RAM Development shall pay its proportional share of operating costs (including non-geologic workovers) and
abandonment costs of each well and production facility, which cost shall be billed monthly through the normal joint interest billing processes established by RAAM Global. 

 

	 	III.	MISCELLANOUS TERMS AND PROVISIONS 

 A. Modification of Agreement. This Agreement may be modified by the Parties hereto only by a written supplemental agreement executed by all appropriate Parties. 

B. Notices. Any notice required or permitted to be given hereunder shall be sufficient if in writing, and if sent by certified
mail, overnight delivery service or by facsimile with an acknowledgement of receipt at the addresses above, or to such address as the parties may specify, in writing, from time to time. 

C. Waiver of Contractual Right. The failure of any Party to enforce any provision of this Agreement shall not be construed as a
waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement. 
 D. Titles. The titles of the sections herein are for convenience of reference only and are not to be considered in construing this Agreement. 

E. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining
provisions shall continue to be valid and enforceable. 
 F. Entire Agreement. This Agreement contains the entire
agreement of the Parties in regard to the subject matter contained herein, and supersedes any prior written agreements between the Parties. 

  
 Page 3 of 5

 G. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 H. Applicable Law.
Notwithstanding the effect of any conflicts of laws principles, this Agreement shall be construed with and governed by the laws and jurisprudence of the State of Kentucky. 
 I. Power and Authority to Enter into this Agreement. Each of the Parties warrants and represents to each of the other Parties as follows: 

(i) that it has the power and is authorized to enter into and perform this Agreement and the transactions contemplated by this Agreement;

 (ii) the execution, delivery and performance of this Agreement by it, and the transactions contemplated by this Agreement,
will not violate (i) any provision of its organizational documents; (ii) any material agreement or instrument to which it is a party or by which it or any of the leases or wells are bound; (iii) any judgment, order, ruling, or decree
applicable to it as a party in interest; and/or (iv) any law, rule or regulation applicable to it relating to the Leases; 

(iii) this Agreement constitutes a legal, valid and binding obligation of it, enforceable in accordance with its terms and provisions and
all applicable laws, rules and regulations; 
 (iv) the person executing this Agreement on its behalf has the legal and required
authority to execute this Agreement. 
 J. RAAM Exploration Acknowledgement. RAAM Exploration acknowledges that the
December 2004 Agreement has been terminated and is no longer in force or effect. 
 IN WITNESS WHEREOF, the Parties have
executed this Agreement as of the day and year first set forth above. 
  

			
	RAAM Global Energy Company
		
	By:	 	 /s/ Jeff Craycraft

		 	Jeff Craycraft
		 	Chief Financial Officer

  
 Page 4 of 5

			
	RAM Development, LLC
		
	By:	 	 /s/ Howard A. Settle

		 	Howard A. Settle
		 	Manager/President
	
	RAAM Exploration, LLC
		
	By:	 	 /s/ David Stetson

		 	David Stetson
		 	Manager/President

  
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