Document:

mrd-ex105_51.htm

 

Exhibit 10.5

 

Execution version

AMENDMENT NO. 1 TO

AMENDED AND RESTATED GAS PROCESSING AGREEMENT

This Amendment No. 1 to Amended and Restated Gas Processing Agreement, dated as of May 20, 2015 (this “Amendment”), is entered into by and among PennTex North Louisiana, LL C, a Delaware company and successor in interest to PennTex North Louisiana Operating, LLC (“Processor”), and MRD Operating LLC, a Delaware limited liability company (“Customer”). Processor and Customer are each referred to herein as a “Party,” and collectively as, the “Parties.” Defined terms used but not defined herein have the meaning given to them in the Agreement (as defined below).

WHEREAS, the Parties entered into that certain Amended and Restated Gas Processing Agreement, dated as of April 14, 2015 (the “Agreement”), pursuant to which Processor agreed to provide certain processing services for Customer; and

WHEREAS, the Parties desire to amend the Agreement in accordance with Section 19.20 thereof as set forth herein.

NOW THEREFORE, in consideration of the premises of this Amendment and the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

1. Amendment to Article I. Article I of the Agreement is hereby amended by adding thereto in alphabetical order each of the following definitions, which shall read in full as follows:

“GPM” means the quantity of Gallons of theoretically recoverable NGL Components contained in an Mcf of Gas, as calculated from chromatographic analysis or other method acceptable in the industry”

“NGL Components” means the individual hydrocarbon components of NGL’s including ethane, propane, iso butane, normal butane and natural gasoline (pentanes and heavier hydrocarbons).”

2. Amendment to Section 3.1(e). Section 3.l(e) of the Agreement is hereby amended by adding the following sentence to the end of such Section:

Notwithstanding the foregoing, the Parties acknowledge and agree that each Plant will be designed to accept a maximum volume of Gas equal to 230,000 MMBtu per Day, assuming a Gross Heating Value of 1,150 Btu per cubic foot or minimum NGL Components of 2.6 GPM.”

3. Governing Law. This Amendment shall be government, interpreted and construed in accordance with the laws of the State of Texas without regard to the conflicts of laws provisions thereof.

4. Counterpart Execution. This Amendment may be executed in any number of counterparts, each of which shall be considered an original, and all of which shall be considered one and the same instrument. Any signature delivered by a Party by facsimile transmission or electronically shall be deemed an original signature.

5. Integration with Agreement. This Amendment shall be and hereby is incorporated into and forms a part of the Agreement. Except as expressly provided herein, all terms and conditions of the Agreement shall remain in full force and effect.

[signature page follows]

 

 

 

 

 

IN WITNESS WHEREOF, each of the Parties has duly executed this Amendment as of the date first written above.

 

	
 
	
MRD Operating LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
Memorial Resource Development Corp.,
its sole member

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
/s/ Kyle N. Roane

	
 
	
Name:
	
 
	
Kyle N. Roane

	
 
	
Title:
	
 
	
Senior Vice President

	
 
	
 

	
 
	
PcnnTex North Louisiana, LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
  
	
/s/ Robert O. Bond

	
 
	
Name:
	
 
	
Robert O. Bond

	
 
	
Title:
	
 
	
Chief Operating Officer

 

[Signature Page to Amendment No. 1 to Amended and Rcstated Gas Processing Agreement]mrd-ex107_52.htm

 

Exhibit 10.7

 

Execution version

AMENDMENT NO. 1 TO

GAS GATHERING AGREEMENT

This Amendment No. 1 to Gas Gathering Agreement, dated as of May 20, 2015 (this “Amendment”), is entered into by and among PennTex North Louisiana, LLC, a Delaware company and successor in interest to PennTex North Louisiana Operating, LLC (“Gatherer”), and MRD Operating LLC, a Delaware limited liability company (“Customer”). Gatherer and Customer are each referred to herein as a “Party,” and collectively as, the “Parties” Defined terms used but not defined herein have the meaning given to them in the Agreement (as defined below).

WHEREAS, the Parties entered into that certain Gas Gathering Agreement, dated as of April 14, 2015 (the “Agreement”), to provide for the gathering, compression, dehydration and/or treating of Customer’s Gas on Gatherer’s natural gas gathering system and related facilities; and

WHEREAS, the Parties desire to amend the Agreement in accordance with Article XV thereof as set forth herein.

NOW THEREFORE, in consideration of the premises of this Amendment and the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

1. Amendment to Article I. Article I of the Agreement is hereby amended by adding thereto in alphabetical order each of the following definitions, which shall read in full as follows:

“Modification Final AFE” shall mean, with respect to a Modification undertaken by Gatherer at Customer’s expense pursuant to Article II, an amount equal to the lesser of (i) 110% of Gatherer’s actual, out of pocket costs to install any facilities required as part of the Modification, including but not limited to Measurement Facilities, hot taps, valving, etc., and (ii) the total amount of the AFE for such Modification.

“Modification Surcharge” shall mean, with respect to a Modification undertaken by Gatherer at Customer’s expense pursuant to Article II, an amount, expressed in cents per MMBtu, equal to quotient of (i) the Modification Final AFE for such Modification, divided by (ii) the product of (x) twelve (12) multiplied by (y) the total volume of Customer Gas (expressed in MMBtu) forecasted to be received at the Point of Receipt to which such Modification relates in the Month immediately following the Month in which such Modification is completed and made available to Customer (such forecasted volume shall be the volume agreed to by the Parties in preparing the AFE applicable to such Modification).

“Receipt Point Gathering Fee” shall have the meaning given such term in Article II.

2. Amendment and Restatement of Article II. Article II is hereby amended by deleting the second sentence of subsection (c) of the section titled “Post-Commencement Date Point of Receipt Facilities” in its entirety and replace it with the following:

“If Customer elects the foregoing option (y) with respect to a Modification, commencing on the first day of the Month immediately following the Month in which such Modification is completed and available for service to Customer, Customer shall pay Gatherer a fee each Month (the “Receipt Point Gathering Fee”) equal to the product of (i) the Modification Surcharge per MMBtu applicable to such Modification, and (ii) the volume of Customer Gas (in MMBtu) received by Gatherer during such Month at the Point of Receipt to which such Modification relates. Customer shall pay the Receipt Point Gathering Fee with respect to a Modification until the aggregate amount of all such fees paid by Customer for such Modification equals the Modification Final AFE for such Modification”

3. Amendments to Article VIII.

	
(i)
	
The Section titled “Fees” in Article VIII of the Agreement is hereby amended by adding thereto a new clause (e), which shall read in full as follows:

	
“(e)
	
Receipt Point Gathering Fee. To the extent applicable, Customer shall pay Gatherer the Receipt Point Gathering Fee with respect to Modifications as required pursuant to Article II(c) of the section titled “Post-Commencement Date Point of Receipt Facilities.”

 

 

 

 

	
(ii)
	
The Section titled “Invoices and Statements” in Article VIII of the Agreement is hereby amended by adding a sentence to end thereof to read as follows:

“If any Receipt Point Gathering Fees are incurred during a Month, Gatherer’s statement for such Month shall include a breakdown of each Receipt Point to which such fees applied during such Month and the aggregate amount of the Receipt Point Gathering Fees applicable to such Receipt Point for such Month.”

4. Governing Law. This Amendment shall be governed, interpreted and construed in accordance with the laws of the State of Texas without regard to the conflicts of laws provisions thereof.

5.Counterpart Execution. This Amendment may be executed in any number of counterparts, each of which shall be considered an original, and all of which shall be considered one and the same instrument. Any signature delivered by a Party by facsimile transmission or electronically shall be deemed an original signature.

6. Integration with Agreement. This Amendment shall be and hereby is incorporated into and forms a part of the Agreement. Except as expressly provided herein, all terms and conditions of the Agreement shall remain in full force and effect.

[signature page follows]

 

2

 

IN WITNESS WHEREOF, each of the Parties has duly executed this Amendment as of the date first written above.

 

	
 
	
MRD Operating LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
Memorial Resource Development Corp.,
its sole member

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Kyle N. Roane

	
 
	
Name:
	
 
	
Kyle N. Roane

	
 
	
Title:
	
 
	
Senior Vice President

	
 
	
 
	
 
	
 

	
 
	
PennTex North Louisiana, LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Robert O. Bond

	
 
	
Name:
	
 
	
Robert O. Bond

	
 
	
Title:
	
 
	
Chief Operating Officer

	
 
	
 
	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Amendment No. 1 to Gas Gathering Agreement]Exhibit 10.18

 

FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT

 

This First Amendment to
Securities Purchase Agreement (hereinafter referred to as the “Amendment”), is entered into as of this
4th day of August, 2015, by and among Virtus Oil and Gas Corp., (“Company”) and Himmil Investments,
Ltd. (“Investor”).

 

RECITALS

 

WHEREAS,
the Company and Investor executed that certain Securities Purchase Agreement, dated effective as of May 22, 2015 (the “Agreement”);
and

WHEREAS,
the Company and Investor desire to amend the Agreement to remove the Investor’s right to waive the satisfaction of certain
closing conditions relating to the purchase and sale of the Second Additional Note;

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, it is hereby agreed among the parties hereto as follows:

1.Defined Terms.
The defined terms set forth in this Amendment shall have the same meanings as set forth in the Agreement.

 

2.Amendment of Section
1.2(b) of the Agreement. Section 1.2(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

Section 1.2(b)Purchase
and Sale of Second Additional Note. Subject to the satisfaction of the conditions set forth in Sections 1.5(c)(ii) and 5.3
below, the Company shall issue and sell to the Investor, and the Investor shall purchase from the Company on the Second Additional
Closing Date (as defined below), an Additional Note in the aggregate original principal amount as set forth in column (5) on Schedule
I hereto (the “Second Additional Note” and, together with the First Additional Note, the “Additional
Notes”)with respect to such Second Additional Closing Date (the “Second Additional Closing”
and, collectively with the First Additional Closing, the “Additional Closings” and each an “Additional
Closing”).

 

3.Amendment
of Section 1.5(c)(ii) of the Agreement. Section 1.5(c)(ii) of the Agreement is hereby amended and restated in its entirety
as follows:

 

Section
1.5(c)(ii)Purchase and Sale of Second Additional Note. Subject to the satisfaction of the conditions set forth in this
Section 1.5(c)(ii) and Section 5.3 below, the Company shall have the right to require the Investor to purchase the Second Additional
Note on the Second Additional Closing Date by delivering to the Investor on the Effective Date, by facsimile and overnight courier
at its address set forth in Section 8.4 hereof, an irrevocable written notice that the Company has exercised its right to require
the Investor to purchase the Second Additional Note (the “Second Additional Closing Notice”
and, together with the First Additional Closing Notice, the “Additional Closing Notices” and each an
“Additional Closing Notice,” and such date, the “Second Additional Closing
Notice Date” and together with the First Additional Closing Notice Date, the “Additional Closing Notice
Dates” and each an “Additional Closing Notice Date”). For the avoidance of doubt, the Company
shall not be entitled to effect the Second Additional Closing if there shall exist an Additional Note Conditions Failure (as defined
below).

 

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4.Amendment of Section
5.3(b) of the Agreement. Section 5.3(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

Section 5.3(b)Conditions
of the Investor to Second Additional Closing. The obligation of the Investor to purchase the Second Additional Note to be issued
to the Investor at the Second Additional Closing is subject to the satisfaction of each of the following conditions:

 

5.Amendment of Section
8.5 of the Agreement. Section 8.5 of the Agreement is hereby amended and restated in its entirety as follows:

 

Section 8.5Amendments
and Waivers. No provision of this Agreement may be amended other than by a written instrument signed by both parties hereto.
No provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of
such waiver is sought; notwithstanding the above, the failure of the Company to satisfy the closing conditions set forth in Section
5.3(b) may not be waived by the Investor. No failure or delay in the exercise of any power, right or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercises thereof or of any other right, power or privilege.

 

6.No Other Amendments.
Except as set forth in this Amendment, the Agreement shall remain in full force and effect as currently in effect.

 

7.Counterparts.
This Amendment may be executed in multiple counterparts with the same effect as if all parties had signed the same document. All
such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY
BEEN LEFT BLANK.]

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their respective officers, hereunto duly authorized, as of the
date first above-written.

 

 

Virtus Oil and Gas Corp.

 

 

By:     /s/ M.
Rupert Ireland

Name:   M. Rupert Ireland

Title:     President and Chief Executive Officer

 

 

 

Himmil Investments, Ltd.

 

 

By:     /s/
Peter Poole

Name:   Peter Poole

Title:     Authorized
Agent

 

 

 

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