Document:

Intercreditor Agreement, entered into as of December 24, 2010

 Exhibit 4.11 
 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT
(this “Agreement”) is entered into as of December 24, 2010 by and among BP CORPORATION NORTH AMERICA INC., an Indiana corporation (“Swap Counterparty”), BLACK ELK OFFSHORE OPERATIONS,
LLC, a Texas limited liability company (“Borrower”), and CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent for itself and the Lenders (the “Lenders”)
party to the Credit Agreement referred to below (the “Administrative Agent” or the “Collateral Agent”). 
 RECITALS: 
 A. Borrower, the Lenders and the Administrative
Agent entered into that certain Credit Agreement dated as of December 24, 2010, (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) pursuant to which the Lenders have
agreed to make loans to Borrower in an amount not to exceed $35,000,000. 
 B. Borrower and Swap Counterparty
have entered into that certain ISDA Master Agreement dated as of October 1, 2009 and have entered into and will enter into one or more transaction confirmations thereunder (such ISDA Master Agreement as amended by the Amended and Restated
Schedule to Master Agreement dated November 23, 2010 and as amended, supplemented, restated or otherwise modified from time to time and transaction confirmations, collectively, the “BP ISDA”). 

C. Administrative Agent, Swap Counterparty and Borrower desire to enter into this Agreement to (i) establish their
relative priorities with respect to payment of the Loan Obligations (defined below) owed by Borrower to the Lenders and the Swap Obligations (defined below) owed by Borrower to Swap Counterparty, (ii) agree to the exercise of certain remedies,
and (iii) to have Swap Counterparty appoint, and Administrative Agent agree to serve, as Collateral Agent (defined below) for Swap Counterparty for the purposes of the holding of and the enforcement of Liens (defined below) created by and
existing under the Security Instruments (defined below) to secure the Swap Obligations and the apportioning of Proceeds (defined below) between the Lenders and Swap Counterparty and for the other purposes set forth herein. 

AGREEMENTS: 
 In consideration of the mutual covenants and promises of this Agreement, and for other consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Swap Counterparty, and
Administrative Agent agree as follows: 
  

	1.	 Definitions. As used in this Agreement, 

“Business Day” means any day other than a Saturday, Sunday or other day in which
banking institutions in Dallas, Texas are authorized or obligated by law or executive order to close. 

 “Collateral” means, collectively,
all property and Rights of Borrower described in and subject to the Security Instruments. 

“Collateral Agent” has the meaning assigned to such term in Section 3 below.

 “Creditors” means the Lenders and Swap Counterparty collectively.

 “Crude Oil” means all crude oil and condensate. 

“Debtor Relief Law” means any applicable liquidation, conservatorship, bankruptcy,
insolvency, rearrangement, receivership, moratorium, reorganization, or similar debtor relief laws affecting the rights of creditors generally from time to time in effect. 

“Escrow Intercreditor Agreement” means that certain Intercreditor Agreement
(Escrow Agreements) dated of even date herewith by and among Capital One, N.A., in its capacity as agent for the Lenders under the Credit Agreement and Swap Counterparty, Borrower and W&T Offshore, Inc. 

“Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government over Borrower, any affiliate, or any of their properties. 
 “Hydrocarbons” means all Crude Oil, Natural Gas, distillate and sulphur, natural gas liquids and all products recovered in the processing of natural gas liquids, including, without
limitation, natural gasoline, isobutane, normal butane, propane and ethane (including such methane allowable in commercial ethane), produced from or attributable to the leases comprising the Collateral. 

“Intercreditor Agreements” means collectively, the Second Lien Intercreditor
Agreement, the Escrow Intercreditor Agreement and the Non-Operated Properties Intercreditor Agreement. 
 “Lien” has the meaning assigned to such term in the Credit Agreement. 
 “Loan Documents” means the Credit Agreement, the Note (as defined in the Credit Agreement), the Security Instruments. 

“Loan Obligations” means (a) the “Obligations” as defined in the
Credit Agreement, and (b) all other amounts due to the Administrative Agent, the Collateral Agent or any Lender under any of the Loan Documents, in each case whether now existing or hereafter incurred, whether direct, indirect, fixed,
contingent, liquidated, unliquidated, joint, several, or joint and several, now or hereafter existing, due or to become due whether evidenced in writing or not, 

 
together with all costs, expenses, and attorneys’ fees incurred in the enforcement or collection thereof, and including, but not limited to, interest thereon after the commencement of any
proceedings under any Debtor Relief Laws. 
 “Natural Gas” means all
natural gas, and any natural gas liquids and all products recovered in the processing of natural gas (other than condensate) including, without limitation, natural gasoline, casinghead gas, iso-butane, normal butane, propane and ethane (including
such methane allowable in commercial ethane) produced from or attributable to the Collateral. 

“Non-Operated Properties Intercreditor Agreement” means that certain Intercreditor
Agreement (Non-Operated Properties) dated of even date herewith by and among Capital One, N.A., in its capacity as agent for the Lenders under the Credit Agreement and for Swap Counterparty, Borrower and W&T Offshore, Inc. 

“Person” means any individual, partnership, limited partnership, corporation,
limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, syndicate, Governmental Authority or other entity or organization. 

“Principal Agreements” means the Loan Documents and the Swap Documents,
collectively. 
 “Proceeds” means any and all proceeds from any sale,
exchange, destruction, condemnation, foreclosure, liquidation or distribution under any Debtor Relief Law, dissolution or other winding up of Borrower or Borrower’s business, or other disposition of any of the Collateral under the Security
Instruments, and includes any such payment or distribution of any kind or character, either in cash or other property, payable or deliverable upon or with respect to any of the Collateral in any such event including, but not limited to, under any
Debtor Relief Law; provided, however, that such term will not include sales of any Hydrocarbons produced from or attributable to the Collateral in the ordinary course of the Borrower’s business. 

“Ratably” or “Ratable “means, with respect to any amount
to be allocated between the Lenders and Swap Counterparty at any time, the allocation of a portion of such amount to (a) the Lenders such that the ratio that the amount allocated to the Lenders bears to the total amount to be so allocated
equals the ratio of the Loan Obligations at such time to the Total Obligations at such time and (b) Swap Counterparty such that the ratio that the amount allocated to Swap Counterparty bears to the total amount to be so allocated equals the
ratio of the Swap Obligations at such time to the Total Obligations at such time. 

“Right” or “Rights” means rights, remedies, powers,
privileges and benefits. 

 “Security Instruments” has the
meaning set forth in the Credit Agreement and includes, but is not limited to, those documents listed in Schedule 1 attached hereto and incorporated by this reference. 

“Second Lien Intercreditor Agreement” means that certain Intercreditor Agreement
dated of even date herewith by and among Administrative Agent in its capacity as agent for the Lenders and Swap Counterparty, The Bank of New York Mellon Trust Company, N.A., in its capacity as Indenture Trustee, the Borrower and Black Elk Energy
Finance Corp., the form of which is attached hereto as Exhibit A. 
 “Swap
Documents” means the BP ISDA, including, but not limited to, each confirmation of trade entered into from time to time thereunder. 
 “Swap Obligations” means all amounts owed or to become owing by Borrower to Swap Counterparty under the Swap Documents, together with all costs, expenses, including, but not
limited to, attorneys’ fees incurred in the enforcement or collection thereof, and interest thereon after the commencement of any proceedings under any Debtor Relief Laws and any expenses or other amounts paid by Swap Counterparty to which it
is entitled to reimbursement by Borrower, Lenders, or Collateral Agent under Sections 6 or 7 hereof. 
 “Total Obligations” means, as of the date of determination, an amount equal to the Loan Obligations plus the Swap Obligations. 

“Triggering Event” shall mean either of the following: 

(i) The Collateral Agent or Borrower shall have received from Swap Counterparty written notice that
(A) either an event of default or a termination event has occurred and is continuing under one or more of the Swap Documents, (B) an early termination date has been designated as a result thereof, (C) specifies the sum of all unpaid
amounts and settlement payments then due as the result of the designation of such early termination date and the amount of interest and other amounts then due and payable by Borrower in respect thereof, and (D) the amount set forth in clause
(C) has not been paid in full or discharged to the satisfaction of Swap Counterparty; or 

(ii) Swap Counterparty or Borrower shall have received from Administrative Agent or any Lender written
notice that (A) an Event of Default (as defined in the Credit Agreement) has occurred and is continuing and (B) the unpaid principal amount of the Note and all other Obligations (as each is defined in the Credit Agreement) under the Credit
Agreement and the other Loan Documents and all interest accrued and unpaid thereon have been declared to be then due and payable. 
 “UCC” means the Uniform Commercial Code as adopted and in effect in Texas from time to time. 

	2.	 Obligations and Liens Pari Passu. 

(a) Subject to the other terms and conditions of this Agreement, the Loan Obligations shall be pari passu
with the Swap Obligations and the Loan Obligations and the Swap Obligations shall be secured, Ratably, by the Liens granted to or for the benefit of Collateral Agent under the Security Instruments. As soon as is practicable following execution of
this Agreement and to the extent requested by Swap Counterparty, Borrower and Lenders shall execute amendments to the Security Instruments in effect at the time of execution of this Agreement reasonably satisfactory to the Collateral Agent causing
the Liens granted to or for the benefit of Collateral Agent under such Security Instruments to secure, Ratably, the Loan Obligations and the Swap Obligations. 

(b) Swap Counterparty agrees that, without the prior written consent of Administrative Agent, Swap
Counterparty will not seek or accept credit support for any Swap Obligation other than the Rights of Swap Counterparty under the Security Instruments. Notwithstanding the preceding sentence, to the extent that Swap Counterparty, hereafter obtains
any Lien on any assets of the Borrower to secure all or any portion of the Swap Obligations, the Lien held by Administrative Agent on such assets to secure the Loan Obligations shall be pari passu with any Lien now or hereafter existing in
favor of Swap Counterparty to secure all or any part of the Swap Obligations, notwithstanding (i) the date, manner, or order of any grant, attachment, or perfection of any such Lien, (ii) any provision of the UCC, other applicable law, the
Loan Documents, or the Swap Documents or (iii) any manner of enforcement of any Lien or other Rights. 
 (c) The Liens under the Security Instruments securing, Ratably, the Loan Obligations and the Swap Obligations shall be Liens expressly permitted under Section 9.03 of the Credit Agreement. Swap
Counterparty hereby expressly consents to Borrower’s granting Liens under the Security Documents in and to the Borrower’s interest in the Swap Documents as Collateral. 

(d) Without waiving Borrower’s obligations to comply with the limitations on Swap Agreements (as
defined in the Credit Agreement) provided in the Credit Agreement on the date on which a relevant confirmation of trade under a Swap Document is entered into, the Lenders consent to Swap Counterparty’s entering into the Swap Documents that are
permitted under the Credit Agreement and, without waiving any Default or Event of Default (as defined in the Credit Agreement) arising as a result of a violation by Borrower of the Credit Agreement, the Lenders agree that the Swap Agreements under
the Swap Documents that are permitted by the terms of the Credit Agreement shall be secured by the Collateral and entitled to the benefits of this Agreement. The Swap Counterparty further agrees in favor of the Administrative Agent and the Lenders
that, notwithstanding any provision in any Swap Documents to the contrary, liabilities thereunder which do not meet the requirements and definitions in the Credit Agreement for the creation of a permitted Swap Agreements shall not be secured by the
Security Instruments. 
 (e) The amounts payable by Borrower to each Creditor at any time under
any of the Principal Agreements to which such Creditor is a party shall be separate and 

 
independent debts, and each Creditor shall be entitled to enforce any right arising out of the applicable Principal Agreement to which it is a party, subject to the terms thereof and of this
Agreement and the Intercreditor Agreements. Each Creditor hereby agrees that no Creditor other than the Collateral Agent under the Security Instruments shall have any right individually to realize upon any Liens granted under the Security
Instruments, it being understood and agreed that such remedies may be exercised only by the Collateral Agent under the Security Instruments for the Ratable benefit of the Creditors. Each Creditor agrees that it will not take any of the following
actions under the Security Instruments: 
 (i) Seize, foreclose on or otherwise realize upon or
sell any Collateral; 
 (ii) Notify any account debtor or other Person who is an obligor of the
Borrower with respect to accounts, general intangibles, or other obligations included within the Collateral to make payments directly to such Creditor; 

(iii) Collect by legal proceedings or otherwise any payments or other sums and property now or hereafter
payable on account of Collateral; or 
 (iv) Make any compromise or settlement or enter into any
extension agreement with any Person who is an obligor of the Borrower with respect to accounts, general intangibles or other obligations included within the Collateral. 

All of the foregoing actions may be exercised only by the Collateral Agent for the Ratable benefit of the Creditors. For
the avoidance of doubt, if Collateral Agent fails to take any requested action under the Security Instruments with respect to a Default under the Loan Documents or a Triggering Event, Swap Counterparty may, subject to the terms of the Intercreditor
Agreements, proceed to protect and enforce its rights under this Agreement and the BP ISDA and the Lenders may, subject to the terms of the Intercreditor Agreements, proceed to protect and enforce their rights under this Agreement and the Loan
Documents by an action at law, suit in equity or other appropriate proceeding, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 (f) Upon the occurrence and during the continuance of any Triggering Event, Collateral Agent
under the Security Instruments shall, upon the request of either the Swap Counterparty or the Administrative Agent, and subject to this Agreement and the Intercreditor Agreements and applicable law, take any and all actions provided for in the
Security Instruments relating to the pursuit of remedies, including the foreclosure of Liens or other disposition of the Collateral. 
 (g) The Administrative Agent and the Swap Counterparty each agrees: (i) to deliver to the other, at the same time it makes delivery to Borrower, a copy of any notice of default, notice of intent to
accelerate or notice of acceleration with respect to any of the Loan Obligations or the Swap Obligations, as applicable, subject to this Agreement and the Second Lien Intercreditor Agreement and (ii) to deliver to the other, at the same

 
time it makes delivery to any other Person, a copy of any notice of the commencement of any judicial proceeding and a copy of any other notice with respect to the exercise of remedies with
respect to any of the Loan Obligations or the Swap Obligations, as applicable, subject to this Agreement and the Second Lien Intercreditor Agreement. Notwithstanding the foregoing sentence, neither the Administrative Agent nor the Swap Counterparty
shall have any greater rights to notice, if any, than the right of the Borrower under such documents governing the Loan Obligations or the Swap Obligations, as applicable. 

(h) Each of Swap Counterparty and the Collateral Agent hereby agrees that it shall endeavor to furnish
Borrower and Administrative Agent with a copy of any notice provided or received, as applicable, by it pursuant to clause (i) of the definition of Triggering Event in Section 1 above. Each of Borrower and Administrative Agent hereby agrees
that it shall endeavor to furnish Borrower and Swap Counterparty with a copy of any notice received or provided, as applicable, by it pursuant to clause (ii) of the definition of Triggering Event in Section 1 above. Any failure by a party
hereto to furnish a copy under this Section 2(h) shall not limit or affect the rights and obligations hereunder. 
 (i) No amendment to any of the Security Instruments, or to the provisions of the Credit Agreement pertaining to permitted Swap Agreements (as defined in the Credit Agreement), in either case that may have
any material detrimental effect, as determined in the sole discretion of Swap Counterparty, on Swap Counterparty’s rights and obligations under this Agreement or which could reduce or diminish materially the benefits of the security thereunder
may be affected without the prior written consent of Swap Counterparty, such consent not to be unreasonably withheld or delayed. Any such amendment made without such consent shall be null and void. Administrative Agent (on its own behalf or in its
capacity as Collateral Agent) may not release any Collateral under any of the Security Instruments prior to the payment in full and termination of the Swap Obligations, except (i) to the extent that Borrower has provided replacement Collateral
for the benefit of Swap Counterparty as support for the Swap Obligations that is acceptable to Swap Counterparty in its sole discretion, (ii) sales of items of equipment which are obsolete or otherwise no longer used or useful for
Borrower’s operations, and sales of items of equipment to the extent the proceeds of such sale are promptly reinvested in the acquisition of replacement equipment, in each case in the ordinary course of business, and (iii) releases, in any
twelve-month period, of Collateral with aggregate fair market value not in excess of ten percent (10%) of the average Borrowing Base (as defined in the Credit Agreement) in effect during the relevant twelve-month period. 

(j) Administrative Agent hereby agrees to provide written notice to Swap Counterparty no less than seven
(7) days prior to the earlier of the date of signing or the effective date of any amendment to the Credit Agreement, including with such notice a copy of the proposed amendment. Borrower hereby agrees to provide written notice to Swap
Counterparty no less than seven (7) days prior to the earliest to occur of (i) the date of (a) signing or (b) closing of any replacement financing or any refinancing of the Credit Agreement, or (ii) the date of any payment
in full and retirement of the Credit Agreement, including with such notice a copy of the proposed replacement financing, refinancing, or retirement of the Credit Agreement, as applicable. 

 (k) Borrower hereby agrees that Swap Counterparty may
provide to Administrative Agent, and Swap Counterparty hereby agrees to provide to Administrative Agent, within a commercially reasonable time following Swap Counterparty’s receipt of a written request therefor from Administrative Agent,
(i) a report of the marked-to-market positions of the various transactions in effect from time to time under the Swap Documents, and (ii) a copy of any trade confirmation pursuant to the BP ISDA not previously provided to Administrative
Agent. 
  

	3.	 Appointment of Administrative Agent as Collateral Agent. Swap Counterparty hereby appoints Administrative Agent to act as its Collateral
Agent, in its name and on its behalf, in and under the Security Instruments; to hold the Lien on the Collateral, with power of sale, in its name for the benefit and security of Administrative Agent, the Lenders and Swap Counterparty and for
enforcement and payment of the Loan Obligations and the Swap Obligations, respectively; to take such action on behalf of Administrative Agent, the Lenders and Swap Counterparty under the terms and provisions of the Security Instruments and to
exercise such rights and remedies under the Security Instruments as are specifically delegated to or required of Administrative Agent, in its capacity as the Collateral Agent, under the terms and provisions of this Agreement and subject to the terms
of an restrictions in the Second Lien Intercreditor Agreement. The Collateral Agent shall promptly distribute to the Creditors their Ratable share of all Proceeds in accordance with Section 5 below. Swap Counterparty acknowledges and agrees to
the terms and conditions of the Intercreditor Agreements and consents and authorizes Collateral Agent to enter into such Intercreditor Agreements for and on behalf of Swap Counterparty. 

 

	4.	 Termination of Collateral Agent’s Authority. If Collateral Agent fails to take any reasonably requested action under the Security
Instruments following a Default under the Loan Documents or a Triggering Event, and within a reasonable time after being requested to do so by Swap Counterparty, or if Collateral Agent fails to diligently pursue such action, Collateral Agent’s
authority to act on behalf of Swap Counterparty may be terminated by Swap Counterparty upon 30 days’ written notice to Collateral Agent; provided, however, that the Collateral Agent shall not be required to take any action which
exposes the Collateral Agent to personal liability or which is contrary to this Agreement, the Credit Agreement, the Intercreditor Agreements or applicable law. After any such termination (but not before), Swap Counterparty may file such Liens or
take an action at law, suit in equity or other appropriate proceeding with respect to the Security Instruments as it may deem necessary or advisable to secure and enforce the Swap Obligations subject to the terms of the Intercreditor Agreements.

  

	5.	 Proceeds. 

 (a) The Creditors hereby agree among themselves that (i) prior to the occurrence of a Triggering Event, each Creditor shall be entitled to receive and retain for its own account, and shall never be
required to disgorge to the Collateral Agent or any 

 
other Creditor hereunder or acquire direct or participating interests in the Loan Obligations or the Swap Obligations, as the case may be, owing to such Creditor, scheduled payments or voluntary
prepayments, payments for the redemption or purchase of principal, interest, fees and premium, if any, settlement payments and any other payments in respect of the Principal Agreements, but expressly excluding Proceeds, all in compliance with the
terms thereof, and (ii) after the occurrence and during the continuance of a Triggering Event, all Proceeds shall be shared by the Creditors Ratably and in accordance with Section 5(b) below. 

(b) All Proceeds received by Swap Counterparty or Administrative Agent, individually or in its capacity as
Collateral Agent under this Agreement, shall be applied in accordance with this Section 5(b). To the extent either Administrative Agent on behalf of the Lenders or Swap Counterparty ever receives any portion of such Proceeds in excess of its
Ratable share (or to the extent Administrative Agent, in its capacity as Collateral Agent, receives reimbursement in excess of expenses actually incurred), the party receiving those excess Proceeds agrees to promptly make all necessary transfers to
the other so as to give full effect to this Section 5(b) provided, however, Swap Counterparty shall not be obligated to hold in trust, pay over, or share with Administrative Agent, individually or as Collateral Agent under this
Agreement, Lenders or any other party, as applicable, any portion of the proceeds of any letter of credit (“Exempt LC”), if any, which may be issued to Swap Counterparty to remedy an Additional Termination Event (as defined
in and in accordance with Part 1(h) of the Schedule to the BP ISDA). All Proceeds received by Administrative Agent, individually or as Collateral Agent under this Agreement following the occurrence and during the continuation of a Triggering Event,
shall be applied in the following order: 
 (i) First, to reimburse Collateral
Agent for expenses in accordance with Section 6 below; 
 (ii) Second, Ratably
to the Lenders and Swap Counterparty; provided, however, in determining the amount of Swap Obligations for purposes of such Ratable application Swap Obligations are first netted against any Exempt LC that may be issued to Swap
Counterparty to remedy an Additional Termination Event as described in this Section 5(b); 

(iii) Third, to the extent that any Proceeds remain after the full and indefeasible payment
of all of the Loan Obligations and the Swap Obligations, to Borrower or such other person (as defined in the Credit Agreement) as may be entitled thereto, subject to the Intercreditor Agreements; and 

(iv) Fourth, to the Lenders in satisfaction of any indebtedness of Borrower, other than the
Loan Obligations, secured by the Security Instruments 
  

	6.	 Expenses. The Lenders and Swap Counterparty shall each bear their Ratable share of any reasonable expenses (including without limitation
reasonable attorneys’ fees and expenses) incurred by Collateral Agent in taking action on behalf of the Lenders and Swap Counterparty in connection with its investigation, evaluation or enforcement of any

 
Rights under the Security Instruments, but only to the extent Collateral Agent does not receive reimbursement for such expenses from any other source(s) (excluding Administrative Agent) within a
reasonable time after such expenses are incurred; provided that, to the extent Swap Counterparty reimburses Collateral Agent for such expenses, Swap Counterparty will be entitled to receive its ratable share of any reimbursement subsequently
received by Collateral Agent from any other source(s) (excluding Administrative Agent). 
  

	7.	 Limitation of Liability – Collateral Agent. Neither Collateral Agent nor any of its officers, directors, employees, agents or
representatives shall be liable for any action taken or omitted to be taken by it or them hereunder or under the Security Instruments in good faith and reasonably believed by it or them to be within the discretion or power conferred upon it or them
by this Agreement and the Security Instruments or be responsible for the consequences of any error of judgment, except to the extent arising solely from its or their bad faith, gross negligence or willful misconduct. Collateral Agent shall not be
responsible in any manner to any other person or entity for the effectiveness, enforceability, genuineness, validity or the due execution of the Security Instruments or for any representation, warranty, document, certificate, report or statement
made in or in connection with the Security Instruments or be under any obligation to any other party to ascertain or inquire as to the performance or observation of any of the terms, covenants or conditions of any of the Loan Documents or the Swap
Documents on the part of Borrower or to inspect any property (including the books and records of the Borrower). THE COLLATERAL AGENT SHALL NOT HAVE A
FIDUCIARY RELATIONSHIP IN RESPECT OF THE SWAP COUNTERPARTY BY REASON OF
THIS AGREEMENT. THE COLLATERAL AGENT SHALL NOT HAVE ANY IMPLIED DUTIES
TO THE SWAP COUNTERPARTY, OR ANY OBLIGATION TO THE SWAP COUNTERPARTY
TO TAKE ANY ACTION UNDER THIS AGREEMENT OR THE SECURITY INSTRUMENTS
EXCEPT ANY ACTIONS SPECIFICALLY PROVIDED BY SUCH DOCUMENTS TO BE TAKEN
BY IT. EACH LENDER AND SWAP COUNTERPARTY AGREES TO RATABLY INDEMNIFY
COLLATERAL AGENT AND HOLD IT HARMLESS FROM AND AGAINST ANY AND ALL
LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PENALTIES, CLAIMS (WHETHER GROUNDLESS OR OTHERWISE),
ACTIONS, JUDGMENTS, SUITS, COSTS, REASONABLE EXPENSES, AND/OR REASONABLE DISBURSEMENTS
OF ANY KIND OR NATURE WHATSOEVER WHICH MAY BE IMPOSED ON, ASSERTED
AGAINST OR INCURRED BY COLLATERAL AGENT IN ANY WAY RELATING TO OR
ARISING OUT OF THE SECURITY INSTRUMENTS OR ANY ACTION TAKEN OR
OMITTED BY COLLATERAL AGENT UNDER THIS AGREEMENT OR THE SECURITY INSTRUMENTS,
EXCEPT TO THE EXTENT THE SAME RESULTS SOLELY FROM THE BAD FAITH,
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF COLLATERAL AGENT. 

 

	8.	 Limitation of Liability – Administrative Agent and Swap Counterparty. Neither Swap Counterparty, nor any Lender, nor Administrative
Agent (nor any individual officer, director, employee or agent of either), acting in its individual capacity, shall incur any liability to the other except for acts or omissions in bad faith. Neither Swap Counterparty, nor any Lender, nor
Administrative Agent (nor any individual officer, director, employee or agent of either), acting as Collateral Agent or in its individual capacity, shall have any liability to Borrower or any other Person for any act or omission of any person or
entity other than for its own acts and omissions. 

	9.	 Term. Subject to Section 21 below, this Agreement shall terminate upon (i) the full and indefeasible payment of the Loan
Obligations and the Swap Obligations and (ii) termination of the Swap Documents. 

  

	10.	 Removal of Collateral Agent. Administrative Agent shall not be removed as Collateral Agent except pursuant to Section 4 of this
Agreement; provided, that Administrative Agent may resign as Collateral Agent upon sixty (60) days prior written notice to the Swap Counterparty and the Lenders. Upon such resignation by Collateral Agent, Collateral Agent agrees to
execute and deliver assignments, in form and substance mutually satisfactory to Administrative Agent, the Lenders and Swap Counterparty, to a successor Collateral Agent designated by Swap Counterparty and the Required Lenders (as defined in the
Credit Agreement) and approved by Borrower (which approval shall not be withheld or delayed unreasonably) of the rights of the mortgagee or the secured party, as the case may be, under the Security Instruments. Such assignments shall be prepared at
the expense of Borrower. Borrower hereby consents to such assignments. Following such resignation by Collateral Agent and execution and delivery of such assignments, Collateral Agent shall have no further duties, responsibilities or liabilities
under this Agreement, but shall remain entitled to the benefit of the indemnification of the Collateral Agent provided in this Agreement and to reimbursement, in accordance with applicable provisions of this Agreement, of expenses incurred in the
discharge of the duties of the Collateral Agent prior to the effective date of such resignation. Administrative Agent and Swap Counterparty agree to promptly notify Borrower of any removal of Collateral Agent. 

 

	11.	 Survival of Rights. All of the respective rights and interests of Administrative Agent, the Lenders and Swap Counterparty under this
Agreement (and the respective obligations and agreements of Swap Counterparty, the Lenders and Administrative Agent under this Agreement), shall remain in full force and effect regardless of: 

(a) any lack of validity or enforceability of any of the Loan Documents, the Swap Documents or any other
agreement or instrument related thereto; or 
 (b) any other circumstance which might otherwise
constitute a defense available to, or discharge of, Borrower with respect to the Loan Obligations or the Swap Obligations (other than the defense that such obligations have been fully satisfied). 

 

	12.	 Representations and Warranties. Administrative Agent and Swap Counterparty each represent and warrant to the other that:

 (a) neither the execution and delivery of this Agreement nor its performance
of or compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, any other agreement to which it is now subject; 

(b) it has all requisite authority to execute, deliver and perform its obligations under this Agreement;
and 

 (c) this Agreement constitutes its legal, valid, and binding
obligation, enforceable against it in accordance with its terms, subject only to applicable bankruptcy, insolvency or similar laws and general principles of equity. 
  

	13.	 Further Assurances. Administrative Agent and Swap Counterparty each covenant that, as long as this Agreement remains in effect, it will
execute and deliver any and all other instruments reasonably requested by the other to give effect to the terms and conditions of this Agreement. 

  

	14.	 Assignment; Agreement Binding on Successors and Assigns. As long as this Agreement remains in effect, no Lender or Swap Counterparty will
sell, assign, or otherwise transfer all or any part of the Loan Obligations or Swap Obligations, respectively, unless such sale, assignment or transfer is made expressly subject to the terms and conditions of this Agreement. This Agreement shall
inure to the benefit of, and shall be binding upon and enforceable against Administrative Agent, the Lenders and Swap Counterparty and their respective successors and assigns. The Borrower acknowledges and consents to all the terms of this Agreement
but is not a beneficiary hereof and does not have any rights hereunder other than the rights to receive copies of notices pursuant to Section 2(h) and Section 10 and the right to approve the Collateral Agent pursuant to Section 10.

  

	15.	 Notice. Unless otherwise provided, any consent, request, notice, or other communication under or in connection with this Agreement must be in
writing to be effective and shall be deemed to have been given (a) if by mail, on the third (3rd)Business Day after it is enclosed in an envelope and properly addressed, stamped, sealed, certified return receipt requested, and deposited in the appropriate official postal service, or (b) if by
courier, electronic transmissions, or facsimile transmission, when actually delivered. Until changed by a subsequent notice delivered in accordance with this Section 15, notices for each party are to be directed to:

 For delivery to Swap Counterparty: 

BP Corporation North America Inc. 

201 Helios Way 
 Houston, Texas 77079 
 Attn: BPCNA Contracts Dept. 

Telephone: (713) 323-2000 
 Telecopy: (713) 323-0203 
 For delivery to
Borrower: 
 Black Elk Energy Offshore Operations, LLC 

Attn: James Hagemeier 
 11451 Katy Freeway, Suite 500 
 Houston, Texas 77079 

Telephone: (281) 598-8622 
 Telecopy: (281) 598-8601 

 For delivery to Administrative Agent: 

Capital One, National Association 

Attn: Eric Broussard 
 Suite 1430 
 5718 Westheimer 

Houston, Texas 77057 
 Telephone: (713) 435-7461 
 Telecopy: (713) 435-7106

  

	16.	 Amendment. This Agreement may only be waived, amended, modified, or terminated by a written agreement signed by the party against whom
enforcement of any such waiver, amendment, modification, or termination is sought. 

  

	17.	 Governing Law. THIS AGREEMENT MUST BE CONSTRUED,
AND ITS PERFORMANCE ENFORCED, UNDER TEXAS LAW, WITHOUT REGARD TO THE
LAWS OF TEXAS AS TO CONFLICTS OF LAWS. 

 

	18.	 Invalid Provisions. If any part of this Agreement is for any reason found to be unenforceable, all other portions nevertheless remain
enforceable. However, if the provision held to be unenforceable is a material part of the Agreement, such unenforceable provision may, to the extent permitted by law, be replaced by a clause or provision judicially construed and interpreted to be as
similar in substance and content to the original terms of such provision as the context would reasonably allow, so that such clause or provision would thereafter be enforceable. 

 

	19.	 Multiple Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the
same document and will be effective upon the execution of one or more counterparts hereof by each of the parties hereto. In this regard, each of the parties hereto acknowledges that a counterpart of this Agreement containing a set of counterpart
execution pages reflecting the execution of each party hereto shall be sufficient to reflect the execution of this Agreement by each party hereto. All counterparts will, taken together, constitute one and the same instrument.

  

	20.	 Jury Waiver. EACH OF ADMINISTRATIVE AGENT, SWAP
COUNTERPARTY AND BORROWER HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) AMONG ADMINISTRATIVE AGENT, SWAP
COUNTERPARTY AND BORROWER (OR ANY OF THEM) ARISING OUT OF OR IN
ANY WAY RELATED TO THIS AGREEMENT. 

  

	21.	 Reinstatement; Termination. If at any time any payment of the Loan Obligations or Swap Obligations is rescinded or must be restored or
returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, the obligations of Borrower, any Lender, Administrative Agent and Swap Counterparty under this Agreement, with respect to that payment, shall be reinstated as
though the payment had been due but not made at that 

	 	 
time. This Agreement shall remain in full force and effect notwithstanding any filing of a petition for relief by or against the Borrower under any Debtor Relief Law and shall apply with full
force and effect with respect to all Collateral covered by the Security Instruments acquired by the Borrower after the date of such petition and all Loan Obligations and Swap Obligations incurred after the date of such petition.

  

	22.	 Controlling Agreement. To the extent the terms of this Agreement directly conflict with a provision in either the Loan Documents or the Swap
Documents, the terms of this Agreement shall control. To the extent the terms of this Agreement, with respect to the rights, duties and obligations of the parties hereto, directly conflict with a provision in the Intercreditor Agreements, the terms
of this Agreement shall control. 

  

	23.	 Integration. THIS AGREEMENT AND ALL DOCUMENTS
AND INSTRUMENTS REFERENCED HEREIN REPRESENT THE FINAL AGREEMENT AMONG ADMINISTRATIVE
AGENT, SWAP COUNTERPARTY AND BORROWER WITH RESPECT TO THE SUBJECT MATTER
HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

 [SIGNATURES APPEAR ON FOLLOWING PAGE] 

 IN WITNESS WHEREOF, the parties have executed this Intercreditor Agreement
as of the date first hereinabove written. 
 SWAP COUNTERPARTY: 

BP CORPORATION NORTH AMERICA INC., 

an Indiana corporation 
 By:    /s/ Herbert
Vogel                                        
   
 Name:    Herbert
Vogel                                        
   
 Title:    Vice
President                                        
     
 [SIGNATURES CONTINUE ON FOLLOWING PAGES] 

 
			
	 BORROWER: 

	
	 BLACK ELK ENERGY OFFSHORE
 OPERATIONS, LLC, a Texas limited liability
 company

		
	By:	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice Presiden

[SIGNATURES CONTINUE ON FOLLOWING PAGES] 

 ADMINISTRATIVE AGENT: 

CAPITAL ONE, NATIONAL ASSOCIATION, 

a national banking association 

By:    /s/ Eric
Broussard                                        
 
 Name:    Eric
Broussard                                        
 
 Title:    Senior Vice
PresidentAmended and Restated Second Lien Intercreditor Agreement

 Exhibit 4.12 
 AMENDED AND RESTATED SECOND LIEN 
 INTERCREDITOR AGREEMENT 

This AMENDED AND RESTATED SECOND LIEN INTERCREDITOR AGREEMENT (this “Agreement”), is dated as of
December 24, 2010, and entered into by and among CAPITAL ONE, N.A. (“Capital One”), in its capacity as First Lien Agent for the First Lien Creditors, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its
capacity as Indenture Trustee (in such capacity, with its successors and assigns, the “Trustee”) and in its capacity as Collateral Agent (in such capacity, with its successors and assigns, the “Collateral
Agent” and together with the Trustee, the “Second Lien Trustee”) for, on behalf of and in the stead of, the Second Lien Creditors, BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC (“BEEOO”) and
BLACK ELK ENERGY FINANCE CORP. (“BEEFC”) and each of the other Loan Parties from time to time party hereto. Defined terms used in this preamble and the recitals below shall have the meanings set forth in Section 1 below.

 WHEREAS, BEEOO, the First Lien Agent and certain financial institutions from time to time party thereto (with
their respective successors and assigns, the “First Lien Lenders”) are parties to a Credit Agreement, dated as of December 24, 2010 (as amended, supplemented, amended and restated or otherwise modified from time to time
prior to the date hereof, the “First Lien Agreement”); and 
 WHEREAS, BEEOO and BP
Corporation North America Inc. (“BP”) have entered into that certain ISDA Master Agreement, dated October 1, 2009, together with that certain Amended and Restated Schedule of even date herewith and one or more
transaction confirmations thereunder (as amended, supplemented, amended and restated, or otherwise modified from time to time, collectively, the “BP Swap Agreement”); and 

WHEREAS, pursuant to the First Lien Security Documents, BEEOO and the other Loan Parties have granted security interests
in the Collateral in favor of the First Lien Creditors as security for the payment and performance of the First Lien Obligations (the “Senior Liens”); and 

WHEREAS, BEEOO, BEEFC, the Second Lien Trustee and the Collateral Agent have entered into that certain Indenture dated
November 23, 2010 (the “Existing Second Lien Indenture”), pursuant to which BEEOO and BEEFC issued Second Lien Notes (the “Second Lien Notes”); and 

WHEREAS, certain Persons (with their respective successors and assigns, the “Second Lien Note
Holders”) entered into that certain Purchase Agreement dated November 23, 2010 (the “Second Lien Note Purchase Agreement”), pursuant to which the Second Lien Note Holders purchased the Second Lien Notes; and

 WHEREAS, pursuant to the Second Lien Security Documents, BEEOO, BEEFC and the other Loan Parties granted and
will grant security interests in the Collateral in favor of the Second Lien Trustee for the benefit of the Second Lien Creditors as security for the payment and performance of the Second Lien Obligations (the “Junior Liens”),
which will be junior to the Senior Liens as set forth herein. 
  
 [INTERCREDITOR AGREEMENT] 

  

 WHEREAS, in connection with the Existing Second Lien Indenture, the Second
Lien Trustee and the Collateral Agent on behalf of the Second Lien Note Holders, BEEOO, BEEFC and PPVA Black Elk Cayman LTD, as the prior collateral agent for BP (in such capacity, “PPVA”), entered into an intercreditor
agreement dated November 23, 2010 (“the Prior Agreement”) setting forth the rights and priorities of the parties thereto; and 
 WHEREAS, PPVA no longer has any liens on Collateral and has been replaced by Capital One as the collateral agent for BP under the terms of the Capital One/BP Intercreditor Agreement and as such the
parties hereto desire to amend and restate the Prior Agreement to set forth the rights and priorities of the parties hereto. 
 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good and valuable consideration, the existence and sufficiency of which is expressly recognized by all
of the parties hereto, the parties agree as follows: 
 SECTION 1 Definitions. 

The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as
amended from time to time. 
 “Collateral” means all First Lien Collateral and Second
Lien Collateral. 
 “Comparable Second Lien Security Document” means, in relation to any
Collateral subject to any First Lien Security Document, that Second Lien Security Document that creates a security interest in the same Collateral, granted by the same Loan Party, as applicable. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Creditor” means, as the context may require, the First Lien Creditors and the Second Lien
Creditors. 
 “Enforcement Action” means, with respect to the First Lien Obligations or
the Second Lien Obligations, the exercise of any rights and remedies with respect to any Collateral securing such obligations or the commencement or prosecution of enforcement of any of the rights and remedies under, as applicable, the First Lien
Documents or the Second Lien Documents, or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a secured creditor under the Uniform Commercial Code of an
applicable jurisdiction or under the Bankruptcy Code. 
  

[INTERCREDITOR AGREEMENT] 

  
 2 

 “First Lien Agent” means Capital One, N.A.

 “First Lien Agreement” means (i) the First Lien Agreement, as
amended, supplemented, amended and restated or otherwise modified in accordance with the terms of this Agreement and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument
evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the First Lien
Agreement or any other agreement or instrument referred to in this clause (ii) in accordance with this Agreement, in each case as amended, supplemented, amended and restated or otherwise modified in accordance with the terms of this Agreement;
provided that in no event shall the application of the proceeds of the notes issued under the Existing Second Lien Indenture to repay indebtedness under the First Lien Agreement qualify the Existing Second Lien Indenture as a First Lien Agreement.
Any reference to the First Lien Agreement hereunder shall be deemed a reference to any First Lien Agreement then extant. 
 “First Lien Cap” means the aggregate amount of the First Lien Obligations, including all Swap Obligations; provided that the principal amount of all loans made pursuant to the
First Lien Agreement constituting First Lien Obligations (including the drawn and undrawn amount of all letters of credit constituting First Lien Obligations) shall not exceed an amount equal to (a) (i) the greater of (x) $35,000,000
and (y) 10% of ACNTA (as defined in the Second Lien Indenture) as of the date of determination, minus (ii) the sum of all principal payments on the term loans (including voluntary and mandatory prepayments of the term loans), if any, and
permanent reductions in revolving loan commitment amounts constituting First Lien Obligations plus (b) 15% of the amount in clause (a) as of the date of determination. 

“First Lien Collateral” means all assets, whether now owned or hereafter acquired by any Loan
Party, in which a Lien is granted or purported to be granted in favor of the First Lien Agent or First Lien Creditors as security for any First Lien Obligation. 

“First Lien Creditor” means the First Lien Agent, the First Lien Lenders, and any other holders
of First Lien Obligations, including replacement First Lien Lenders and BP. 
 “First Lien
Documents” means the First Lien Agreement, the notes from time to time issued thereunder, letters of credit and letter of credit applications with respect thereto, Swap Agreements between any First Lien Creditor and any Loan Party,
including the BP Swap Agreement, the First Lien Security Documents and all other agreements, certificates, documents, instruments and writings at any time delivered by any Loan Party in connection therewith. 

“First Lien Discharge Date” means the date on which (i) all First Lien Obligations
(excluding the First Lien Excess Obligations) have been paid in cash in full (or, with respect to Swap Agreements, cash collateral in an amount equal to obligations has been posted) and (ii) all commitments to extend credit under the First Lien
Documents have been terminated and (iii) there are no outstanding letters of credit or similar instruments issued under the First Lien Documents (other than such as have been cash collateralized or defeased in accordance with the terms of the
First Lien Security Documents). 
  

[INTERCREDITOR AGREEMENT] 

  
 3 

 “First Lien Excess Obligations” means, as of any
date of determination, the result of the aggregate principal amount of all loans made and letters of credit issued pursuant to the First Lien Agreement constituting First Lien Obligations minus the then First Lien Cap. 

“First Lien Obligations” means (i) all principal of and interest (including without
limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the First Lien Agreement, (ii) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with
respect to any letter of credit or similar instruments issued pursuant to the First Lien Agreement, (iii) all Swap Obligations of any Loan Party, and (iv) all fees, expenses and other amounts payable from time to time pursuant to the First
Lien Documents, in each of the foregoing cases whether or not allowed or allowable against any Loan Party or their estates in an Insolvency Proceeding. To the extent any payment with respect to any First Lien Obligation (whether by or on behalf of
any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Second Lien Creditor,
receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Lien Creditors and the Second Lien Creditors, be deemed to be
reinstated and outstanding as if such payment had not occurred. 
 “First Lien Security
Documents” means the “Security Instruments” as defined in the First Lien Agreement, and any other instruments, agreements and documents that grant or purport to grant a Lien in favor of First Lien Creditors to secure First
Lien Obligations. 
 “Insolvency Proceeding” means any proceeding in respect of
bankruptcy, insolvency, winding up, receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency,
reorganization, receivership or similar law. 
 “Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation, assignment, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset, and (c) in the case of securities, any purchase option, call or similar right of a
third party with respect to such securities. 
 “Loan Party” means BEEOO, BEEFC and each
direct or indirect Affiliate or shareholder (or equivalent) of any of BEEOO, BEEFC or any of their respective Affiliates that is now or hereafter becomes a party to any First Lien Document or Second Lien Document. 

“Person” means, any person, individual, sole proprietorship, partnership, joint venture,
corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or instrumentality thereof. 

“Post-Petition Interest” means any interest or entitlement to fees or expenses that accrues after
the commencement of any Insolvency Proceeding, whether or not allowed or allowable in any such Insolvency Proceeding. 
  

[INTERCREDITOR AGREEMENT] 

  
 4 

 “Second Lien Cap” means the aggregate amount of all
Second Lien Obligations; provided that the principal amount of the Second Lien Notes constituting Second Lien Obligations shall not exceed $150,000,000 minus the sum of all principal payments (including voluntary and mandatory prepayments) made with
respect thereto prior to the date of determination. 
 “Second Lien Collateral” means
all assets, whether now owned or hereafter acquired by any Loan Party, in which a Lien is granted or purported to be granted in favor of Second Lien Creditors as security for any Second Lien Obligation. 

“Second Lien Creditor” means the Second Lien Trustee, the Collateral Agent, the Second Lien Note
Holders, and any other holders of Second Lien Obligations. 
 “Second Lien Documents”
means the Second Lien Indenture, the Second Lien Notes, the Second Lien Note Purchase Agreement, each Second Lien Security Document, and all other agreements, certificates, documents, instruments and writings at any time delivered by any Loan Party
in connection therewith. 
 “Second Lien Excess Obligations” means, as of any date of
determination, the result of the aggregate principal amount of then Second Lien Obligations minus the then Second Lien Cap. 
 “Second Lien Indenture” means (i) the Existing Second Lien Indenture, as amended, supplemented, amended and restated or otherwise modified in accordance with the terms of this
Agreement and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been
incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing Second Lien Indenture or any other agreement or instrument referred to in this clause (ii) in accordance
with this Agreement, in each case as amended, supplemented, amended and restated or otherwise modified in accordance with the terms of this Agreement. Any reference to the Second Lien Indenture hereunder shall be deemed a reference to any Second
Lien Indenture then extant. 
 “Second Lien Obligations” means (i) all principal of
and interest (including without limitation any Post-Petition Interest) and premium (if any) on the Second Lien Notes and any other indebtedness or obligations under the Second Lien Indenture and the Second Lien Notes, and (ii) all fees,
expenses and other amounts payable from time to time pursuant to the Second Lien Documents, in each case whether or not allowed or allowable against any Loan Party or their estates in an Insolvency Proceeding. To the extent any payment with respect
to any Second Lien Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be
paid to a debtor in possession, any First Lien Creditor, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Lien
Creditors and the Second Lien Creditors, be deemed to be reinstated and outstanding as if such payment had not occurred. 
  

[INTERCREDITOR AGREEMENT] 

  
 5 

 “Second Lien Security Documents” means the
“Collateral Agreements” as defined in the Second Lien Indenture, and any mortgages, instruments, agreements and documents that grant or purport to grant a Lien in favor of Second Lien Creditors to secure Second Lien Obligations.

 “Standstill Period” has the meaning given it in Section 3.1(b). 

“Swap Agreement” means any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement, whether exchange traded, “over-the- counter” or otherwise, involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or
economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Loan Parties shall be a Swap Agreement. 
 “Swap Obligations” means, relative to any Person, any obligations of such Person under a Swap Agreement. 

“Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the
State of New York; provided that, if, relative to any financing statement or by reason of applicable law, the perfection or the effect of perfection or non-perfection of the security interests granted pursuant to the applicable First Lien Documents
or Second Lien Documents is governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, then, “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time
in such other jurisdiction for purposes of this Agreement and the provisions of each First Lien Document and Second Lien Document and any financing statement relating to such perfection or effect of perfection or non-perfection. 

SECTION 2 Obligations and Lien Priorities. 
 2.1 Subordination of Junior Liens. 
 (a) Until the First
Lien Discharge Date, any and all Liens now existing or hereafter created or arising in favor of any Second Lien Creditor securing the Second Lien Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation or
otherwise, are expressly subordinated and junior in priority, operation and effect to any and all Liens now existing or hereafter created or arising in favor of the First Lien Creditors securing the First Lien Obligations, notwithstanding
(i) anything to the contrary contained in any agreement or filing to which any Second Lien Creditor may now or hereafter be a party, and regardless of the time, order or method of grant, attachment, recording or perfection of any financing
statements or other Liens or any defect or deficiency or alleged defect or deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any First Lien Document or Second Lien Document or any
other circumstance whatsoever and (iii) the fact that any such Liens in favor of any First Lien Creditor securing any of the First Lien Obligations are (x) subordinated to any Lien securing any obligation of any Loan Party other than the
Second Lien Obligations or (y) otherwise subordinated, voided, avoided, invalidated or lapsed. Any and all such Liens securing the First Lien Obligations shall be and remain senior in right, priority,

  

[INTERCREDITOR AGREEMENT] 

  
 6 

 
operation and effect to any Liens securing Second Lien Obligations for all purposes, whether or not any such Liens securing First Lien Obligations are subordinated in any respect to any other
Liens securing other indebtedness of BEEOO, BEEFC or any other Loan Party. 
 (b) Each of the Second Lien
Trustee, for itself and on behalf of each Second Lien Creditor, and the First Lien Agent, for itself and on behalf of each First Lien Creditor, agrees that it shall not (and hereby waives any right to) contest or support any other Person in
contesting, in any proceeding (including any Insolvency Proceeding), the validity, extent, perfection, priority or enforceability of any Lien held by or on behalf of any of the First Lien Creditors in the Collateral or by or on behalf of any of the
Second Lien Creditors in the Collateral, respectively; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the First Lien Agent, any other First Lien Creditors, the Second Lien Trustee or any other Second
Lien Creditor to enforce this Agreement, including the priority of the Liens as provided herein. 
 (c) The
subordination of Liens securing the Second Lien Obligations described herein affects only the relative priority of those Liens, and does not subordinate the Second Lien Obligations in right of payment to the First Lien Obligations. Nothing in this
Agreement will affect the entitlement of any Second Lien Creditor to receive and retain required payments of interest, principal, and other amounts in respect of the Second Lien Obligations unless the receipt is expressly prohibited by, or results
from the Second Lien Creditor’s breach of, this Agreement. 
 (d) Except as expressly provided in Sections
2.6 and 5.1, the First Lien Agent agrees not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of the Loan Parties. 
 2.2 Nature of First Lien Obligations. The Second Lien Trustee on behalf of itself and the other Second Lien Creditors acknowledges that all or a portion of the First Lien Obligations are
revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the First Lien Obligations may be modified, extended or amended
from time to time, and that the aggregate amount of the First Lien Obligations may be increased, replaced or refinanced, in each event, in accordance with Section 6.1 and without affecting the provisions hereof. The First Lien Agent on behalf
of itself and the other First Lien Creditors acknowledges that the terms of the Second Lien Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the Second Lien Obligations may be replaced or
refinanced, in each event, in accordance with Section 6.2 and without affecting the provisions hereof. The Lien priorities provided in Section 2.1 (as modified by Section 2.4) shall not be altered or otherwise affected by any such
amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the First Lien Obligations or the Second Lien Obligations, or any part thereof. 

2.3 Agreements Regarding Actions to Perfect Liens. 

(a)(i) Pursuant to the terms of the Prior Agreement, BEEOO and BEEFC have previously caused each Second Lien Security
Document to include the following language, or language comparable thereto: 
  
 [INTERCREDITOR AGREEMENT] 

  
 7 

 ““Notwithstanding anything herein to the contrary, the Lien and security interest
granted to Second Lien Trustee pursuant to this Agreement and the exercise of any secured creditor right or remedy by Second Lien Trustee hereunder are subject to the provisions of the Second Lien Intercreditor Agreement, dated as of
November 23, 2010 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Second Lien Intercreditor Agreement”), among PPVA Black Elk (Cayman) Ltd., as First Lien Agent, The Bank of
New York Mellon Trust Company, N.A., as Second Lien Trustee, Black Elk Energy Offshore Operations, LLC, Black Elk Energy Finance Corp., and other persons party or that may become party thereto from time to time. If there is a conflict between the
terms of the Second Lien Intercreditor Agreement and this Agreement, the terms of the Second Lien Intercreditor Agreement will control.”” 
 (b) The First Lien Agent hereby acknowledges that, to the extent that it holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial
Code) over Collateral pursuant to the First Lien Security Documents, such possession or control is also for the benefit of the Second Lien Trustee and the other Second Lien Creditors for purposes of perfecting their security interest in such
Collateral to the extent any Loan Party has granted or purported to grant to the Second Lien Trustee a security interest in such Collateral. Nothing in the preceding sentence shall be construed to impose any duty on the First Lien Agent (or any
third party acting on its behalf) with respect to such Collateral or provide the Second Lien Trustee or any other Second Lien Creditor with any rights with respect to such Collateral beyond those specified in this Agreement and the Second Lien
Security Documents; provided that subsequent to the occurrence of the First Lien Discharge Date, the First Lien Agent shall within five Business Days (as defined in the First Lien Agreement) thereafter (x) deliver to the Second Lien
Trustee, at the Loan Parties’ sole cost and expense, the Collateral in its possession or control together with any necessary endorsements, or (y) direct and deliver such Collateral as a court of competent jurisdiction otherwise directs;
and provided further that the provisions of this Agreement are intended solely to govern the respective Lien priorities as between the First Lien Creditors and the Second Lien Creditors, and shall not impose on the First Lien Agent or
the First Lien Creditors any obligations in respect of the disposition of any Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person. 

2.4 Similar Liens and Agreements. The parties hereto agree that it is their intention that the First Lien
Collateral and the Second Lien Collateral be identical, except that the First Lien Collateral will include the assets described in items (4) and (6) of the definition of “Excluded Collateral” set forth in the Existing Second Lien
Indenture, and the Second Lien Collateral may not include such assets (the “Excluded Assets”). So long as the First Lien Discharge Date has not occurred, the parties hereto agree that (x) no Loan Party shall grant or
permit, and no Second Lien Creditor shall acquire or hold, any Lien on any assets of any Loan Party securing any Second Lien Obligation which assets are not also subject to a Lien granted pursuant to the First Lien Documents in favor of the First
Lien Agent for the benefit of the First Lien Creditors securing the First Lien Obligations and (y) no Loan Party shall grant or permit, and no First Lien Creditor shall acquire or hold, any Lien on any assets of any Loan Party (other than
Excluded Assets) securing any First Lien Obligation which assets are not also subject to a Lien granted pursuant to the Second Lien Documents in favor of the Second Lien Trustee for the 

 
 [INTERCREDITOR AGREEMENT]

  
 8 

 
benefit of the Second Lien Creditors securing the Second Lien Obligations. In furtherance of the foregoing, the parties hereto agree, subject to the other provisions of this Agreement:

 (a) upon reasonable request by either the First Lien Agent or Second Lien Trustee, as applicable, to cooperate
in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken to perfect their respective
Liens thereon and the identity of the respective parties obligated under the First Lien Documents and the Second Lien Documents; 
 (b) that the documents and agreements creating or evidencing the First Lien Collateral and the Second Lien Collateral and guarantees for the First Lien Obligations and the Second Lien Obligations shall be
in all material respects the same forms of documents, subject to document standard language with respect to the duties and liabilities of the Second Lien Trustee acting in its capacity as “Trustee” and “Collateral Agent” as
required by Second Lien Trustee, and other than with respect to the senior and subordinate nature of the obligations and Collateral thereunder; and 
 (c) that in the event (x) the First Lien Agent shall obtain or record any First Lien Documents in favor of the First Lien Agent granting Liens on Collateral to secure First Lien Obligations, then
First Lien Agent shall notify the Second Lien Trustee of such documentation and provide a copy thereof or (y) the Second Lien Trustee shall obtain or record any Second Lien Documents in favor of the Second Lien Trustee granting Liens on
Collateral to secure Second Lien Obligations, then Second Lien Trustee shall notify the First Lien Agent of such documentation and provide a copy thereof. 
 2.5 Intentionally Omitted. 
 2.6 Subordination of Liens
Securing; Excess First Lien Obligations. Notwithstanding anything to the contrary contained in this Agreement; 
 (a) all Liens securing Second Lien Obligations up to but not exceeding the Second Lien Cap will be senior in all respects and prior to any Lien on the Collateral securing any First Lien Excess
Obligations, and all Liens securing any First Lien Excess Obligations will be junior and subordinate in all respects to any Lien securing a Second Lien Obligation up to but not exceeding the Second Lien Cap; 

(b) all Liens securing First Lien Excess Obligations will be senior in all respects and prior to any Lien on the
Collateral securing any Second Lien Excess Obligations and all Liens securing any Second Lien Excess Obligations will be junior and subordinate in all respects and prior to any Lien securing First Lien Excess Obligations; and 

(c) with respect to the First Lien Excess Obligations and Collateral (including proceeds), 

(i) First Lien Creditors will have rights and obligations (other than obligations in respect to the
Standstill Period) analogous to the rights and obligations Second Lien Creditors have under this Agreement with respect to the Second Lien Obligations not in excess of the Second Lien Cap and the Collateral (including proceeds); and 

 
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 (ii) Second Lien Creditors will have rights and obligations
analogous to the rights and obligations First Lien Creditors have under this Agreement with respect to the First Lien Obligations that are not in excess of the First Lien Cap, and the Collateral (including proceeds). 

2.7 Purchase Option. The First Lien Agent, on behalf of itself and the First Lien Creditors, agrees that if
(i) an event of default under the First Lien Documents has occurred and is continuing, and as a result of such event of default under the First Lien Documents the First Lien Obligations have been accelerated, (ii) there is a payment
default with respect to the Second Lien Obligations, or (iii) any Insolvency Proceeding has been commenced (or is then continuing) with respect to any Loan Party under a First Lien Agreement, (each a “Trigger
Event”), then the Second Lien Note Holders shall have the right and option to purchase the entire aggregate amount (but not less than the entire aggregate amount) of outstanding First Lien Obligations (excluding First Lien Excess
Obligations) (including unfunded and unterminated commitments) at a price equal to par value of the outstanding principal amount thereof, plus all accrued and unpaid interest, fees and other amounts of First Lien Obligations, together with cash
collateral for all outstanding letters of credit in an amount equal to 105% of the undrawn and available amount of such letters of credit outstanding under the applicable First Lien Agreement, and cash collateral for then outstanding Swap
Obligations in an amount equal to unpaid amounts then due in respect of such Swap Obligations; provided that in no event will the calculation of the amount of such outstanding First Lien Obligations include any premiums (other than breakage costs).
In the event that the amount of cash collateral provided by the Second Lien Note Holders exceeds the actual obligations that such cash collateral is securing, the amount of such excess shall be returned to the Second Lien Note Holders promptly
following satisfaction in full of such obligations. Such sale shall be without warranty or representation or recourse other than as provided in standard Loan Syndication Trading Association documentation for par trades. To exercise the option
following any Trigger Event, the Second Lien Trustee upon receipt of indemnification in accordance with the Second Lien Indenture from the Purchasing Second Lien Note Holders, together with a written direction from the Second Lien Note Holders
holding at least 15% of the principal amount of Second Lien Notes then outstanding (the “Purchasing Second Lien Note Holders”) shall deliver a written notice prepared by and on behalf of such Purchasing Second Lien Note
Holders to the First Lien Agent, which notice must be given within 60 days after the occurrence of any such Trigger Event and shall be deemed an irrevocable exercise of its option to purchase the First Lien Obligations on the terms set forth in this
Section. Upon delivery of such notice, the Purchasing Second Lien Note Holders shall be obligated to purchase (on a pro rata basis), and the First Lien Creditors shall be obligated to sell, the entire aggregate amount of outstanding First Lien
Obligations for the purchase price described in this Section within fifteen (15) days after delivery of such notice, nor shall the Second Lien Notes Trustee have any responsibility to execute, or liability in connection with, the execution of
such purchase. Nothing contained in this Section 2.7 shall limit the ability of the First Lien Creditors to enforce any of their rights or remedies with respect to the First Lien Obligations at any time prior to the date of such purchase by the
Second Lien Noteholders of the First Lien Obligations in accordance with the terms of this Section 2.7. In no event shall the Second Lien Trustee be obligated to monitor any such Trigger Event. 

 
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 SECTION 3 Enforcement Rights. 

3.1 Enforcement. Until the occurrence of the First Lien Discharge Date, whether or not an Insolvency Proceeding has been
commenced by or against any Loan Party: 
 (a) The Second Lien Trustee and the Second Lien Creditors: 

(i) shall not take any Enforcement Action with respect to any Collateral or exercise rights with respect
to a Lien securing a Second Lien Obligation, 
 (ii) will not contest, protest or object to, or
take any other action that may impair, any collection or foreclosure proceeding or action with respect to the Collateral brought by the First Lien Agent or any First Lien Creditor or any other exercise by the First Lien Agent or any First Lien
Creditor, of any secured creditor rights and remedies under the First Lien Documents or otherwise, and 
 (iii) will not object to the forbearance by the First Lien Agent or the First Lien Creditors from bringing or pursuing any collection or foreclosure proceeding or action or any other exercise of any
rights or remedies relating to the Collateral. 
 (b) The First Lien Creditors shall have the exclusive right to
take and continue any Enforcement Action with respect to the Collateral, without any notification to, consultation with or consent of the Second Lien Trustee or any other Second Lien Creditor. Upon the occurrence and during the continuance of an
event of default under the First Lien Documents, subject to the provisions of this Agreement and applicable law, the First Lien Agent and the other First Lien Creditors may take and continue any Enforcement Action with respect to the Collateral in
such order and manner as they may determine in their sole discretion. 
 (c) Notwithstanding the preceding
section 3.1(a) or (b), Second Lien Creditors may: 
 (i) commence an Enforcement Action and
exercise rights with respect to the Collateral or a Lien securing a Second Lien Obligation if: 

(A) 120 days have elapsed since Second Lien Trustee notified First Lien Agent that either (x) the
Second Lien Obligations have become due in full as a result of acceleration or otherwise (and such acceleration of the Second Lien Obligations has not been rescinded) or (y) any payment or insolvency event of default has occurred and is then
continuing under the Second Lien Documents (the “Standstill Period”), and 
 (B) First Lien Creditors are not then diligently pursuing an Enforcement Action with respect to all or a material portion of the Collateral or diligently attempting to vacate any stay or prohibition
against such exercise; 
 (ii) file a proof of claim or statement of interest, vote on a plan of
reorganization (including a vote to accept or reject a plan of reorganization (including a vote to accept or reject a plan of partial or complete liquidation, reorganization, arrangement, composition or extension)), and make other filings,
arguments, and 
  
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motions, with respect to the Second Lien Obligations and the Collateral in any insolvency proceeding commenced by or against any grantor, in each case in accordance with this Agreement;

 (iii) take action to create, perfect, preserve or protect its Lien on the Collateral, so long
as such actions are not adverse to the priority status in accordance with this Agreement of Liens on the Collateral securing the First Lien Obligations or the First Lien Creditors’ rights to exercise remedies; 

(iv) file necessary pleadings in opposition to a claim objecting to or otherwise seeking disallowance of a
Second Lien Obligation or a Lien securing the Second Lien Obligations; 
 (v) join (but not
exercise any control over) a judicial foreclosure or Lien enforcement proceeding with respect to the Collateral initiated by the any First Lien Creditor, to the extent that such action could not reasonably be expected to interfere materially with
the Enforcement Actions of the First Lien Creditors, but no Second Lien Creditor may receive any proceeds thereof unless expressly permitted in this Agreement; and 

(vi) bid for or purchase Collateral at any public, private or judicial foreclosure upon such Collateral
initiated by any First Lien Creditor or any sale of Collateral during an insolvency proceeding; provided that such bid may not include a “credit bid” in respect of any Second Lien Obligations unless the proceeds of such bid are otherwise
sufficient to cause the discharge of the First Lien Obligations up to the First Lien Cap. 
 (d) Subject to
compliance with applicable law and regulations (including the Uniform Commercial Code), no Second Lien Creditor will contest, protest or object to, or take any action to hinder, and each waives any and all claims with respect to, any Enforcement
Action by a First Lien Creditor. 
 (e) Except as expressly provided in Section 2.3(b) hereof, First Lien
Agent shall have no implied duty to Second Lien Creditors or any Loan Party as to any property belonging to any Loan Party (whether or not the same constitutes Collateral) in its possession or control or in the possession or control of any of its
agents or nominees, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. 
 3.2 Second Lien Creditors’ Rights as Unsecured Creditor. The Second Lien Trustee and the other Second Lien Creditors may, in accordance with the terms of the Second Lien Documents and
applicable law, enforce rights and exercise remedies that could be exercised by an unsecured creditor prior to the end of the Standstill Period; provided that no such action is otherwise inconsistent with the terms of this Agreement.

 3.3 Judgment Creditors. 

(a) In the event that any Second Lien Creditor becomes a judgment Lien creditor in respect of Collateral as a result of
its enforcement of its rights as an unsecured creditor, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in 

 
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relation to the Senior Liens and the First Lien Obligations) to the same extent as all other Liens securing the Second Lien Obligations (created pursuant to the Second Lien Security Documents)
subject to this Agreement. 
 (b) In the event that any First Lien Creditor becomes a judgment Lien creditor in
respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Junior Liens and the Second Lien
Obligations) to the same extent as all other Liens securing the First Lien Obligations (created pursuant to the First Lien Security Documents) subject to this Agreement. 

3.4 No Additional Rights For Loan Parties Hereunder. Except as provided in Section 3.5, if either any First
Lien Creditor or Second Lien Creditor shall enforce its rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense, to any action by such party, nor to assert such violation as
a counterclaim or basis for set off or recoupment against any First Lien Creditor or Second Lien Creditor, as applicable. 
 3.5 Actions Upon Breach. 
 (a) If any: 

(i) Second Lien Creditor, in violation of this Agreement, commences or participates in any action or
proceeding against any Loan Party or the Collateral, such Loan Party, with the prior written consent of the First Lien Agent, may interpose as a defense or dilatory plea the making of this Agreement, and any First Lien Creditor may intervene and
interpose such defense or plea in its or their name or in the name of any of such Loan Party. 

(ii) First Lien Creditor, in violation of this Agreement, commences or participates in any action or
proceeding against any Loan Party or the Collateral, such Loan Party, with the prior written consent of the Second Lien Trustee, may interpose as a defense or dilatory plea the making of this Agreement, and any Second Lien Creditor may intervene and
interpose such defense or plea in its or their name or in the name of such Loan Party. 
 (b) Should any:

 (i) Second Lien Creditor, contrary to this Agreement, in any way take, attempt to or threaten
to take any action with respect to the Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any First Lien Creditor (in
its or their own name or in the name of the relevant Loan Party) or the relevant Loan Party may obtain relief against such Second Lien Creditor by injunction, specific performance and/or other appropriate equitable relief, it being understood and
agreed by the Second Lien Trustee on behalf of each Second Lien Creditor that (A) the First Lien Creditors’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (B) each Second Lien Creditor
waives any defense that the Loan Parties and/or the First Lien Creditors cannot demonstrate damage and/or be made whole by the awarding of damages. 
  

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 (ii) First Lien Creditor, contrary to this Agreement, in any
way take, attempt to or threaten to take any action with respect to the Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this
Agreement, any Second Lien Creditor (in its or their own name or in the name of the relevant Loan Party) or the relevant Loan Party may obtain relief against such First Lien Creditor by injunction, specific performance and/or other appropriate
equitable relief, it being understood and agreed by the First Lien Agent on behalf of each First Lien Creditor that (A) the Second Lien Creditors’ damages from its actions may at that time be difficult to ascertain and may be irreparable,
and (B) each First Lien Creditor waives any defense that the Loan Parties and/or the Second Lien Creditors cannot demonstrate damage and/or be made whole by the awarding of damages. 
 SECTION 4 Application Of Proceeds Of Collateral; Dispositions And Releases Of Collateral; Insurance. 

4.1 Application of Proceeds, Turnover Provisions. 

(a) All proceeds of Collateral (including without limitation any interest earned thereon) resulting from the sale,
collection or other disposition of Collateral in connection with or resulting from any Enforcement Action with respect to the Collateral, and whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows: 

(i) first to the relevant First Lien Agent or Second Lien Trustee for the payment of costs and
expenses of such Creditors in connection with such Enforcement Actions, 
 (ii) second to
the First Lien Agent in an amount not to exceed the First Lien Cap for application to the First Lien Obligations in accordance with the terms of the First Lien Documents and permanently reduce the commitments, 

(iii) third to the Second Lien Trustee in an amount not to exceed the Second Lien Cap for
application to the Second Lien Obligations in accordance with the terms of the Second Lien Documents and permanently reduce the commitments, 
 (iv) fourth to the First Lien Agent for application to the First Lien Obligations in accordance with the terms of the First Lien Documents, until the First Lien Discharge Date has occurred and
permanently reduce the commitments, 
 (v) fifth to the Second Lien Trustee for
application to the Second Lien Obligations in accordance with the terms of the Second Lien Documents, until the Second Lien Obligations have been indefeasibly paid in full, 

(vi) thereafter, after the First Lien Discharge Date and the date that all Second Lien Obligations
have been satisfied and paid in full in cash, to the Loan Parties or to whomever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 

 
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 (b) Until the occurrence of the First Lien Discharge Date, any Collateral,
including without limitation any such Collateral constituting proceeds, that may be received by any Second Lien Creditor in violation of this Agreement shall be segregated and held in trust and promptly paid over to the First Lien Agent, for the
benefit of the First Lien Creditors for application in accordance with clause (a) above, in the same form as received, with any necessary endorsements, and each Second Lien Creditor hereby authorizes the First Lien Agent to make any such
endorsements as agent for the Second Lien Trustee (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Releases of Junior Liens. 
 (a) If, in connection with
(i) any disposition of any Collateral permitted under the terms of the First Lien Documents or (ii) the enforcement or exercise of any rights or remedies with respect to the Collateral, including any disposition of any Collateral or
(iii) an Insolvency Proceeding and the entry of an order by the bankruptcy court authorizing any disposition of any Collateral, the First Lien Agent, for itself and on behalf of the other First Lien Creditors, (x) releases any of the Liens
securing First Lien Obligations, or (y) releases any guarantor from its obligations under its guarantee of the First Lien Obligations (in each case, a “Release”), other than any such Release granted following the First
Lien Discharge Date, then the Liens securing the Second Lien Obligations on such Collateral, and the obligations of such guarantor under its guarantee, will be automatically, unconditionally and simultaneously released; provided that,
(x) in the case of a disposition of Collateral in accordance with clause (i) above (or a Release of a guarantor from its guarantee in connection therewith), the Liens securing Second Lien Obligations may not be so Released and such
guarantor may not be so Released if such disposition or such Release of such guarantor from its guarantee is not permitted under the terms of the Second Lien Documents and (y) in the case of a disposition of Collateral in accordance with
clauses (ii) or (iii) above, the Liens securing Second Lien Obligations may not be so Released if the proceeds of such disposition are not applied to repay the First Lien Obligations and permanently reduce any commitments thereunder by a
corresponding amount in accordance with Section 4.1(a). The Second Lien Trustee and Collateral Agent will be entitled to receive and rely on opinions of counsel and officers’ certificates provided by the Loan Parties stating that all
conditions precedent to such Release have been satisfied in accordance with Section 4.1(a). 
 (b) The
Second Lien Trustee and the Second Lien Creditors shall promptly execute and deliver such release documents and instruments and shall take such further actions as the First Lien Agent shall reasonably request to evidence any release of the Junior
Liens or the guaranty described in paragraph (a). The Second Lien Trustee, for itself and on behalf of Second Lien Creditors, hereby appoints the First Lien Agent and any officer or duly authorized person of the First Lien Agent, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Lien Trustee and in the name of the Second Lien Trustee or in the First Lien Agent’s own name, from time to time,
in the First Lien Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all 

 
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documents and instruments as may be necessary or desirable to accomplish the purpose of this paragraph, including, without limitation, any financing statements, endorsements, assignments,
releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). Notwithstanding anything herein to the contrary, no provision of this Section 4.2(b) shall have any effect on the
obligations of any Loan Party under the Second Lien Documents with respect to any such release of such Collateral. 
 4.3 Insurance. Until the First Lien Discharge Date has occurred, the First Lien Agent, for the benefit of First Lien Creditors, will (i) be named as additional insured and loss payee under any
insurance policies maintained from time to time by any Loan Party that names Second Lien Trustee as additional insured and loss payee and (ii) have the sole and exclusive right (A) to adjust or settle any insurance policy or claim covering
the Collateral in the event of any loss thereunder, (B) to approve any award granted in any condemnation or similar proceeding affecting the Collateral and (C) of control over any deposit accounts of any Loan Party. 

SECTION 5 Insolvency Proceedings. 

5.1 Financing Matters. If any Loan Party becomes subject to any Insolvency Proceeding, and if the First Lien Agent
or the First Lien Creditors desire to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide financing to any Loan Party under the Bankruptcy Code or to consent (or not object) to the provision of such
financing to any Loan Party (“DIP Financing”), or the Liens securing any DIP Financing (“DIP Financing Liens”), then the Second Lien Trustee agrees, on behalf of itself and the other Second Lien
Creditors, that, until the First Lien Discharge Date, each Second Lien Creditor (i) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or to such DIP
Financing and DIP Financing Liens, unless (A) the First Lien Creditors, or a representative authorized by the First Lien Creditors (including, without limitation, the First Lien Agent), shall then oppose or object to such DIP Financing or DIP
Financing Liens, or (B) such DIP Financing Liens are not senior to, or do not rank pari passu with, the Liens securing the First Priority Liens, (ii) will not request or accept any form of adequate protection or any other relief in
connection with the sale, use or lease of such cash or other collateral or such DIP Financing except as set forth in paragraph 5.4 below, and (iii) will subordinate (and will be deemed hereunder to have subordinated) the Liens securing the
Second Priority Obligations (x) to such DIP Financing Liens with the same terms and conditions as the Liens securing the First Lien Obligations are subordinated thereto (and such subordination will not alter in any manner the terms of this
Agreement), (y) to any adequate protection provided to the First Lien Creditors and (z) to any “carve-out” for professional and United States Trustee fees agreed to by the First Lien Agent or the First Lien Creditors.
Notwithstanding the foregoing, this Section 5.1 will only be binding on the Second Lien Creditors with respect to any DIP Financing to the extent the principal amount of such DIP Financing, when taken together with the aggregate principal
amount of the First Priority Obligations (including drawn and undrawn amount of all outstanding letters of credit constituting First Lien Obligations) does not exceed the First Lien Cap. 

5.2 Relief From the Automatic Stay. The Second Lien Trustee agrees, on behalf of itself and the other Second Lien
Creditors, that none of them will, during any Standstill Period, seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of the Second Lien Obligations
or any Collateral, without the prior written consent of the First Lien Agent. 
  
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 5.3 Adequate Protection. 

(a) The Second Lien Trustee, on behalf of itself and the other Second Lien Creditors, agrees that none of them shall
object, contest, or support any other Person objecting to or contesting, (i) any request by the First Lien Agent or the First Lien Creditors for adequate protection or (ii) any objection by the First Lien Agent or any other First Lien
Creditors to any motion, relief, action or proceeding based on a claim of a lack of adequate protection. 
 (b)
The First Lien Creditors will not raise any objection to a request by the Second Lien Creditors (and the Second Lien Creditors may make requests) for (i) adequate protection payments in the form of the Second Lien Creditors retaining a Lien on
the Collateral (including proceeds thereof arising after the commencement of such proceeding) with the same priority in relation to the First Lien Creditors as existed prior to the commencement of the insolvency or liquidation proceedings as
contemplated by clause (a) above, (ii) the Second Lien Creditors receiving a replacement Lien on post-petition assets with the same priority relative to the Liens securing First Lien Obligations as existed immediately prior to the
commencement of the Insolvency proceeding, and (iii) a superpriority claim junior in all respects to the superpriority claims granted to the First Lien Creditors; provided that, (A) all such Liens, if granted, will be subordinate to
all Liens securing the First Lien Obligations (including, without limitation, the first lien adequate protection liens and any “carve-out” agreed to by the First Lien Agent) and any Liens securing DIP Financing) on the same basis as the
other Liens securing the Second Lien Obligations are so subordinated under this Agreement and (B) all such superpriority claims, if granted, are junior in all respects to the superpriority claims granted to the First Lien Creditors on account
of any of the First Lien Obligations or granted with respect to the DIP Financing or use of cash collateral on the same basis as the other Liens securing the Second Lien Obligations are so subordinated under this Agreement and the Second Lien
Creditors shall have irrevocably agreed that any such junior superpriority claims may be paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the
allowed amount of such junior superpriority claims. Notwithstanding anything contained in this Agreement to the contrary, if, in connection with any Insolvency Proceeding, (A) any First Lien Creditor seeks or requests adequate protection in the
form of a Lien on additional collateral, the Second Lien trustee may, for itself and on behalf of the other Second Lien Creditors, seek or request adequate protection in the form of a Lien on such additional collateral, which Lien will be
subordinated to the Liens securing First Priority Obligations and DIP Financing Liens on the same basis as the other Liens securing Second Priority Obligations are subordinated to the Liens securing First Priority Obligations under this Agreement or
(B) any Second Lien Creditor is granted adequate protection in the form of a Lien on additional collateral, the First Lien Agent will, for itself and on behalf of the other First Lien Creditors, be granted adequate protection in the form of a
Lien on such additional collateral that is senior to such Liens securing Second Lien Obligations as security for the First Lien Obligations. 
 5.4 Avoidance Issues. If any First Lien Creditor is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party,

  

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because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a
“Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Lien Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if
such payment had not occurred and the First Lien Discharge Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior
termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto until such time as the First Lien Discharge Date shall have fully and finally occurred with respect to all such reinstated First
Lien Obligations. The Second Lien Creditors agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by
preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

 5.5 Asset Dispositions in an Insolvency Proceeding. Neither the Second Lien Trustee nor any other
Second Lien Creditor shall, in an Insolvency Proceeding, oppose any sale or disposition of any assets of any Loan Party that is supported by the First Lien Creditors, and the Second Lien Trustee and each other Second Lien Creditor will be deemed to
have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale supported by the First Lien Creditors and to have released their Liens in such assets; provided that the Second Lien Trustee and the Second Lien Creditors shall
have the right to object to any such sale on the basis available to an unsecured creditor. 
 5.6 Grants of
Security and Separate Classification. Each Second Lien Creditor acknowledges and agrees that (i) the grants of Liens pursuant to the First Lien Security Documents and Second Lien Security Documents constitute two separate and distinct
grants of Liens, and (ii) among other things, because of their differing rights in the Collateral, the Second Lien Obligations are fundamentally different from the First Lien Obligations and must be separately classified in any plan of
reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the First Lien Creditors and Second Lien Creditors
constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Second Lien Creditors hereby acknowledge and agree that all distributions shall be made as if there were separate classes of senior and
junior secured claims against the Loan Parties in respect of the Collateral with the effect being that, to the extent that the aggregate distributions are sufficient (for this purpose ignoring all claims held by the Second Lien Creditors), the First
Lien Creditors shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claim, all amounts owing in respect of Post-Petition Interest before any distribution is made in respect
of the claims held by the Second Lien Creditors, with the Second Lien Creditors hereby acknowledging and agreeing to turn over to the First Lien Agent amounts otherwise received or receivable by them to the extent necessary to effectuate the intent
of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Lien Creditors. 
  

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 5.7 Plans of Reorganization. Each of the First Lien Agent, on behalf
of the First Lien Creditors, and the Second Lien Trustee, on behalf of the Second Lien Creditors, agrees that, without the written consent of the other, it will not seek to vote with the other as a single class in connection with any plan of
reorganization in any insolvency or liquidation proceeding. The Second Lien Creditors may vote on any plan of reorganization (including, without limitation, the right to vote to accept or reject any plan of partial or complete liquidation,
reorganization, arrangement, composition or extension) so long as such plan does not violate the terms of this Agreement. 
 5.8 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy Code,
shall be effective before, during and after the commencement of Insolvency Proceeding. All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any
Insolvency Proceeding. 
 5.9 Post-Petition Interest. 

(a) No Second Lien Creditor may oppose or seek to challenge any claim by a First Lien Creditor for allowance or payment
in any Insolvency Proceeding of First Lien Obligations consisting of Post-Petition Interest. 
 (b) No First
Lien Creditor may oppose or seek to challenge in an Insolvency Proceeding a claim by a Second Lien Creditor for allowance of Second Lien Obligations consisting of Post-Petition Interest; provided, however that if the First Lien
Creditors shall have made a claim for allowance or payment in such Insolvency Proceeding of First Lien Obligations consisting of Post-Petition Interest, such claim (1) shall also have been approved or (2) will be approved contemporaneously
with the approval of such claim by any Second Lien Creditor. 
 SECTION 6 First Lien Documents and Second Lien Documents.

 6.1 Amendments to First Lien Documents. Unless a similar amendment, supplement or modification to
the applicable Second Lien Document has been, or is concurrently being, made, without the prior written consent of the Second Lien Trustee, the First Lien Documents may not be amended, supplemented, modified, increased, restated, refinanced or
replaced to the extent such amendment, supplement, modification, restatement, refinancing or replacement, or the terms of any new First Lien Indenture, would (i) contravene the provisions of this Agreement, (ii) increase the outstanding
aggregate principal amount of the loans (and reimbursement obligations) under the First Lien Documents plus, if any, any undrawn portion of any commitment under the First Lien Documents, in excess of the First Lien Cap, (iii) increase any
applicable margin or similar component of interest or yield on the loans under the New Credit Facility by more than 200 basis points per annum, or impose any (or increase any) fee, original issue discount or similar payment (other than default
interest) in connection therewith that, together with all such fees, original issue discounts or similar payments imposed from the date first written above, would have a similar effect; (iv) extend the stated maturity of the loans thereunder
beyond the stated maturity of the Second Lien Notes; (v) change any representation, warranty, covenant, default or event of default thereunder in a manner materially adverse to the Loan Parties; (vi) change the redemption, prepayment or
defeasance provisions thereof in a 
  
 [INTERCREDITOR AGREEMENT] 

  
 19 

 
manner which would be materially adverse to the Second Lien Creditors; (vii) add Collateral (unless such Collateral is also provided to the Second Lien Trustee), or (viii) increase the
obligations thereunder of any Loan Party or confer any additional rights on the First Lien Creditors which would be materially adverse to the Second Lien Creditors. Notwithstanding the foregoing, the parties hereto (x) acknowledge that the Loan
Parties, or any one or more of them, expect to enter into a new credit facility (as amended, supplemented, amended and restated or otherwise modified, or replaced, in accordance with the terms of this Agreement “New Credit
Faculty”) within three months of the date first written above that is permitted by the terms of the Second Lien Indenture and (y) agree that the foregoing clauses (iii) and (v) through (viii) shall not apply to the
initial entry into such new credit facility, but will apply to all amendments, supplements, modifications and restatements thereto and all refinancings and replacements thereof. 

6.2 Restrictions on Second Lien Documents and Amendments to Second Lien Documents. Unless a similar amendment, supplement
or modification to the applicable First Lien Document has been, or is concurrently being, made, without the prior written consent of the First Lien Agent, the Second Lien Indenture may not be amended, supplemented, modified, increased, restated,
refinanced or replaced to the extent such amendment, supplement, modification, restatement, refinancing or replacement, or the terms of any new Second Lien Indenture, would (i) contravene the provisions of this Agreement, (ii) increase the
interest rate on the Second Lien Notes issued thereunder to a rate higher than fifteen and seventy five one hundredths percent (15.75%) per annum, or impose any fee, original issue discount or similar payment in connection therewith
that, together with all such fees, original issue discounts or similar payments (other than default interest) imposed from the date hereof, would exceed two percent (2.0%) of the amount of the Second Lien Notes, other than the initial fees or
original issue discount payable in connection with the initial issuance of the Second Lien Notes; (iii) change (to earlier dates) any dates upon which payments of principal or interest are due thereon; (iv) change any representation,
warranty, covenant, default or event of default thereunder in a manner materially adverse to the Loan Parties; (v) change the redemption, prepayment or defeasance provisions thereof in a manner which would be materially adverse to the First
Lien Creditors; (vi) add Collateral (unless such Collateral is also provided to the First Lien Agent), or (vii) increase the obligations thereunder of the Loan Parties or confer any additional rights on the Second Lien Creditors which
would be materially adverse to the First Lien Creditors. 
 SECTION 7 Reliance; Waivers; etc. 

7.1 Reliance. The First Lien Documents are deemed to have been executed and delivered, and all extensions of credit
thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The Second Lien Trustee, on behalf of it itself and the Second Lien Creditors, expressly waives all notice of the acceptance of and reliance on this Agreement by
the First Lien Creditors. 
 7.2 No Warranties or Liability. The Second Lien Trustee acknowledges and
agrees that neither the First Lien Agent nor any other First Lien Creditor has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any First Lien Document. Except
as otherwise provided in this Agreement, the First Lien Creditors will be entitled to manage and supervise their extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem
appropriate. 
  
 [INTERCREDITOR
AGREEMENT] 

  
 20 

 7.3 No Waivers. No right or benefit of any party hereunder shall at
any time in any way be prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the First Lien Documents or the Second
Lien Documents. 
 SECTION 8 Representations and Warranties. 

8.1 Representations and Warranties. By its signature hereto, each Person signing this Agreement on behalf of a party
hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 
 SECTION 9
Miscellaneous. 
 9.1 Conflicts. 

(a) Reference is made to that certain Intercreditor Agreement (Non-Operated Properties), dated as of the date hereof, by
and among the First Lien Agent and the Second Lien Trustee as “Senior Agents” for the Senior Creditors (as defined therein), W&T Offshore, Inc. as the “Junior Creditor”, BEEOO and the other Loan Parties party thereto (as
amended, supplemented, amended and restated or otherwise modified from time to time, the “Non- Operated Properties Intercreditor Agreement”) regarding the Non-Operated Properties (as defined therein). With respect to the
rights, duties and obligations as between the First Lien Agent, as a “Senior Agent” under the Non-Operated Properties Intercreditor Agreement, and the Second Lien Trustee, as a “Senior Agent” under the Non-Operated Properties
Intercreditor Agreement, the provisions of this Agreement shall govern. 
 (b) Notwithstanding the provisions of
Section 9.1(b), with respect to the rights, duties and obligations as between the Capital One, N.A, as Administrative Agent under the Second Lien Credit Agreement and the lenders party thereto on the one hand and BP on the other hand, the
provisions of that certain intercreditor agreement, dated as of the date hereof, by and between Capital One, N.A., as Administrative Agent for itself and the lenders under the Second Lien Credit Agreement and BP dated of even date herewith (as
amended, supplemented, amended and restated or otherwise modified from time to time, the “Capital One/BP Intercreditor Agreement”) shall govern. 

9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall not be revocable by
any party hereto, until the First Lien Discharge Date shall have occurred. This is a continuing agreement and the First Lien Creditors may continue, at any time and without notice to the other parties hereto, to extend credit and other financial
accommodations, lend monies and provide indebtedness to, or for the benefit of, any Loan Party on the faith hereof. 
 9.3 Amendments, Waivers. No amendment or modification of any of the provisions of this Agreement shall be effective unless the same shall be in writing and signed by each party hereto.
Notwithstanding the foregoing, no Loan Party will have a right to consent to or approve 
  

[INTERCREDITOR AGREEMENT] 

  
 21 

 
an amendment or modification of this Agreement except to the extent its rights are directly affected. Notwithstanding anything herein to the contrary, no provision of this Section 9.3 shall
have any effect on the obligations of the Loan Parties under the Second Lien Documents with respect to any such amendments. 
 9.4 Information Concerning Financial Condition of Loan Parties. First Lien Creditors and Second Lien Creditors hereby assume responsibility for keeping themselves informed of the financial
condition of the Loan Parties and all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. First Lien Creditors and Second Lien Creditors hereby agree that no party shall have any duty
to advise any other party of information known to it regarding such condition or any such circumstances. Other than as required by this Agreement, in the event the First Lien Agent or the Second Lien Trustee, each in its sole discretion,
respectively, undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be under no obligation (A) to provide any such information to such other party or any other party on any
subsequent occasion, (B) to undertake any investigation not a part of its regular business routine, or (C) to disclose any other information. 
 9.5 Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York, except as otherwise required by mandatory provisions of law and except to
the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such jurisdiction. 
 9.6 Submission to Jurisdiction; Waivers. 
 (a) Each of
Second Lien Trustee, for itself and each Second Lien Creditor, and First Lien Agent, for itself and each First Lien Creditor, hereby irrevocably and unconditionally submits, for itself, the Second Lien Creditors, the First Lien Creditors and their
property, to the non-exclusive jurisdiction of any United States Federal Court sitting in the State of New York or New York state court, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such United
States Federal Court or New York state court. Second Lien Trustee, First Lien Agent, each Second Lien Creditor and each First Lien Creditor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any First Lien Creditor or Second Lien Creditor may otherwise have to bring any action or proceeding relating
to this Agreement, any First Lien Documents against any Loan Party or its properties, or any Second Lien Documents against any Loan Party or its properties in the courts with subject matter jurisdiction of any other jurisdiction. 

(b) Each Loan Party, the Second Lien Creditors and the First Lien Creditors hereby irrevocably and unconditionally waive,
to the fullest extent they may legally and effectively do so (x) any objection they may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
paragraph (a) of this Section and (y) the defense of an inconvenient forum to the maintenance of such action or proceeding. 
  

[INTERCREDITOR AGREEMENT] 

  
 22 

 (c) Each party to this Agreement irrevocably consents to service of process
in the manner provided for notices in Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(d) Each party hereto knowingly, voluntarily and intentionally waives any right any of them may have to a trial by jury
in any litigation based upon or arising out of this Agreement or any related instrument or agreement or any of the transactions contemplated by this Agreement or any course of conduct, dealing, statements (whether oral or written) or action of any
of them. None of the parties hereto shall seek to consolidate, by counterclaim or otherwise, any such action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived. These provisions shall
not be deemed to have been modified in any respect or relinquished by any of the parties hereto except by a written instrument executed by all of them. 
 9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied,
or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five (5) days after deposit in the United States mail
(certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below each party’s name on
the signature pages hereof, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. The Second Lien Trustee agrees to accept and act upon instructions or directions pursuant to
this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Second Lien Trustee email or facsimile instructions (or instructions by a similar
electronic method) and the Second Lien Trustee in its discretion elects to act upon such instructions, the Second Lien Trustee’s understanding of such instructions shall be deemed controlling. 

9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties
hereto and each of the First Lien Creditors and Second Lien Creditors and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of
this Agreement or any Collateral. All references to any Loan Party shall include any Loan Party as debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 

9.9 Further Assurances. The Second Lien Trustee, on behalf of itself and the Second Lien Creditors under the
Second Lien Documents, and BEEOO and BEEFC, on behalf of the Loan Parties, agree that it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the First Lien
Agent or any other First Lien Creditor may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. 
  

[INTERCREDITOR AGREEMENT] 

  
 23 

 9.10 Subrogation. The Second Lien Trustee, on behalf of itself and
the Second Lien Creditors, hereby agrees that it shall not exercise any rights of subrogation they may acquire as a result of any payment hereunder prior to the occurrence of the First Lien Discharge Date. 

9.11 Application of Payments. Except as provided in this Agreement, all payments received by the First Lien Agent
or the First Lien Creditors may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Obligations provided for in the First Lien Documents. 

9.12 Specific Performance. The First Lien Agent, any other First Lien Creditor, the Second Lien Trustee and any
other Second Lien Creditor may demand specific performance of this Agreement. The Second Lien Trustee, on behalf of itself and the Second Lien Creditors, and the First Lien Agent, on behalf of itself and the First Lien Creditors, each hereby
irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First Lien Agent, any First Lien Creditor, the
Second Lien Trustee or any Second Lien Creditor, respectively. 
 9.13 Headings. Section headings used
herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting this Agreement. 

9.14 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.15 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterpart (and by different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. This
Agreement shall become effective when it shall have been executed by each party hereto. 
 9.16 WAIVER OF
JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SECOND LIEN NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 9.17 Rights of Second Lien Trustee. 

(a) With respect to the Loan Parties, in addition to the foregoing rights, in acting hereunder and by virtue of this
Agreement, the Second Lien Trustee shall have all of the rights, protections and immunities granted to it under the Existing Second Lien Indenture and the Second Lien Security Documents, all of which are incorporated by reference herein as they
relate to the Loan Parties and the Second Lien Trustee. 
  
 [INTERCREDITOR AGREEMENT] 

  
 24 

 (b) In no event shall the Second Lien Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Second Lien Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action. 
 (c) The Second Lien Trustee agrees to accept and act upon instructions or directions pursuant
to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files). If the party elects to give the Second Lien Trustee e-mail or facsimile instructions (or instructions by a
similar electronic method) and the Second Lien Trustee in its discretion elects to act upon such instructions, the Second Lien Trustee’s understanding of such instructions shall be deemed controlling. 

9.18 Prior Agreement. This Agreement supersedes and replaces the Prior Agreement and is intended by the parties as
a final expression of their agreement and is intended as a complete statement of the terms and conditions of their agreement. 

[Remainder of Page Intentionally Left Blank.] 

 
 [INTERCREDITOR AGREEMENT]

  
 25 

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

			
	 CAPITAL ONE, N.A., as First Lien Agent for and on behalf of the First Lien Creditors

		
	 By:
	 	 /s/ Eric Broussard

	 Name:
	 	 Eric Broussard

	 Title:
	 	 Senior Vice President

	
	 Address for Notices:

	
	 Eric Broussard
 Senior Vice President, Energy Banking Capital One, N.A.
 5718 Westheimer, Suite 1430

Houston, Texas 77057

  

[SIGNATURE PAGE TO 
 SECOND LIEN INTERCREDITOR AGREEMENT] 

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Second Lien Trustee and Second Lien Collateral Agent for and on behalf of the Second Lien
Creditors

		
	 By:
	 	 /s/ Kash Asghar

	 Name:
	 	 Kash Asghar

	 Title:
	 	 Senior Associate

	
	 Address for Notices:

	
	 601 Travis, 16th FL
 Houston, Texas,
 77002,
 USA

  
 [SIGNATURE PAGE TO 

SECOND LIEN INTERCREDITOR AGREEMENT] 

  

 
			
	 BLACK ELK ENERGY OFFSHORE
OPERATIONS, LLC, a Texas limited liability
company

		
	 By:
	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice President
	
	 BLACK ELK ENERGY FINANCE CORP., a Texas corporation

		
	 By:
	 	 /s/ James Hagemeier

		 	James Hagemeier
		 	Vice President

  

[SIGNATURE PAGE TO 
 SECOND LIEN INTERCREDITOR AGREEMENT]

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