Document:

EX-10.45

SECOND AMENDMENT TO LOAN AGREEMENT

This Second Amendment to Loan Agreement (this “Amendment”) is entered into as of the 30th day
of September, 2009, by and among BASELINE CAPITAL, INC. (“Lender”), PERMIAN LEGEND PETROLEUM LP
(“Borrower”) and PERMIAN LEGEND LLC (“Guarantor”), with reference to the following facts:

A. Borrower, Lender and Guarantor entered into that certain Loan Agreement dated August 1,
2007, as amended by that certain Consent and First Amendment to Loan Agreement dated October 31,
2008 (collectively, the “Loan Agreement”).

B. Borrower and Lender have agreed to amend certain provisions of the Loan Agreement, subject
to the terms and conditions contained herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and
other good and valuable consideration, it is hereby agreed between Lender and Borrower as follows:

Agreement

1. Definitions. Capitalized terms used but not defined herein shall have the
respective meanings ascribed thereto in the Loan Agreement.

2. Amendment to Sections 4 and 4A. Sections 4 and 4A of the Loan Agreement are hereby
amended to change 20% to 25% in each instance where it appears.

3. Amendment of Exhibits. Exhibits B and D attached to the Loan Agreement are hereby
amended to change 20% to 25% in each instance where it appears. Borrower shall execute and deliver
to Lender together with this Amendment a replacement Assignment and a replacement Limited Power of
Attorney based upon such amendment to those Exhibits.

4. Representations and Warranties of Borrower. Each of Borrower and Guarantor
represents and warrants to Lender as follows:

(a) The representations and warranties contained in Section 7 of the Loan Agreement are
true and correct on and as of the date hereof as though made on and as of the date hereof,
except for those representations and warranties which address matters only as of a
particular date (which remain true and correct as of such date).

(b) Borrower and Guarantor acknowledge that one or more Events of Default or default
have occurred and are continuing under the Loan Agreement and the other Loan Documents, and
that Lender has not consented to any actions relating to, and has not waived, any such
Events of Default and nothing set forth herein constitutes such consent or waiver.

(c) The execution, delivery and performance by Borrower and Guarantor of this
Amendment are within Borrower’s and Guarantor’s partnership and company powers, as
applicable, have been duly authorized by all necessary action, require no action by or in
respect of, or filing with, any governmental body, agency or official and do not violate or
constitute a default under any provisions of applicable law or any material agreement
binding upon Borrower or Guarantor or result in the creation or imposition of any lien upon
any of the assets of Borrower or Guarantor.

(d) This Amendment constitutes the valid and binding obligation of Borrower and
Guarantor enforceable in accordance with its terms except as (i) the enforceability thereof
may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights
generally, and (ii) the availability of equitable remedies may be limited by equitable
principles of general application.

5. Conditions Precedent. This Amendment shall be effective upon satisfaction of all of
the following conditions:

(a) Lender shall have received counterparts of this Amendment duly executed by
Borrower, Guarantor and the Bank;

(b) Lender shall have received multiple original executed counterparts satisfactory to
Lender of the replacement Assignment and the replacement Limited Power of Attorney; and

(c) Lender shall have received any other documents, certificates and opinions in
connection with this Amendment that may be requested by Lender, in form and substance
satisfactory to Lender.

6. Ratification of Loan Agreement and Other Loan Documents. Except as expressly
amended hereby, the Loan Agreement and all of the other Loan Documents are and shall be unchanged
and all of the terms, provisions, covenants, conditions, schedules and exhibits thereof shall
remain and continue in full force and effect and, as amended hereby, are hereby ratified and
confirmed by Borrower, Guarantor and Lender as of the date of this Amendment as if the Loan
Agreement and the other Loan Documents, as amended hereby, were executed by Borrower and the other
parties thereto as of the date of this Amendment. The amendments contemplated hereby shall not
limit or impair any liens or security interests securing the obligations under the Loan Documents,
all of which are hereby ratified, affirmed and extended to secure the obligations under the Loan
Documents as they may be increased pursuant hereto.

7. No Waiver. Neither the execution by Lender of this Amendment nor anything contained
herein shall in anywise be construed or operate as a waiver by Lender of any default or Event of
Default (whether now existing or that may occur hereafter) or of any of Lender’s rights under the
Loan Agreement as amended hereby or under any of the other Loan Documents.

8. Miscellaneous.

(a) Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees and
expenses of counsel to the Lender incurred by the Lender in connection with the preparation,
negotiation and execution of this Amendment and all related documents.

(b) Multiple Counterparts. This Amendment and all related documents may be executed in
a number of identical separate counterparts (including by facsimile transmission), each of
which for all purposes is to be deemed an original but all of which shall constitute,
collectively, one agreement.

(c) Reference to Agreement. Each of the Loan Documents is hereby amended so that any
reference in the Loan Documents to the Loan Agreement shall mean a reference to the Loan
Agreement as amended hereby.

(d) Governing Law. This Amendment is being executed and delivered, and is intended to
be performed, in Midland, Midland County, Texas, and the substantive laws of Texas shall
govern the validity, construction, enforcement and interpretation of this Amendment and all
other documents and instruments referred to herein, unless otherwise specified therein.

(e) Plural and Singular Forms. The definitions given to terms defined hereby shall be
equally applicable to both the singular and plural forms of such terms.

(f) Final Agreement. THIS AMENDMENT, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written.

LENDER:

BASELINE CAPITAL, INC.

By: /s/ Karl J. Reiter

Karl J. Reiter, President

BORROWER:

PERMIAN LEGEND PETROLEUM LP

By: Permian Legend LLC, its general partner

By: /s/ Ronnie L. Steinocher

	 	 	Ronnie L. Steinocher, Manager

By: /s/ Lisa P. Hamilton

	 	 	Lisa P. Hamilton, Manager

By: Permian -Hamilton Energy Partners, LP,

its Limited Partner

By: Muscoda Hill Energy LLC,

its general partner

By: /s/ Lisa P. Hamilton

Lisa P. Hamilton, President

By: /s/ Ronnie L. Steinocher

	 	 	Ronnie L. Steinocher, Limited Partner

[signatures continued on next page]

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GUARANTOR:

PREMIUM LEGEND LLC

By: /s/ Ronnie L. Steinocher

	 	 	Ronnie L. Steinocher, Member and Manager

By: /s/ Lisa P. Hamilton

	 	 	Lisa P. Hamilton, Manager

By: Pierce-Hamilton Energy Partners LP,

its Member

By: Muscoa Hill Energy LLC,

its general partner

By: /s/ Lisa P. Hamilton

	 	 	Lisa P. Hamilton, Manager

3EX-10.46

PROMISSORY NOTE

$500,000.00 Midland, Texas August 1, 2007

FOR VALUE RECEIVED, PERMIAN LEGEND PETROLEUM LP (the “Borrower”) whose principal address is
3327 W. Wadley Ave., Suite 3, #267, Midland, Texas 79707, promises to pay to the order of BASELINE
CAPITAL, INC. (the “Lender”) at 508 West Wall, Suite 775, Midland, Midland County, Texas 79701 the
sum of FIVE HUNDRED THOUSAND DOLLARS ($500,000.00), or so much thereof as has been advanced
hereunder from time to time, together with interest from date until maturity on the unpaid
principal balance thereof from time to time outstanding at the Stated Rate and with interest on all
past due amounts, both principal and accrued interest, at the Past Due Rate, provided, that for the
full term of this Note the interest rate produced by the aggregate of all sums paid or agreed to be
paid to the holder of this Note for the use, forbearance or detention of the debt evidenced hereby
shall not exceed the Ceiling Rate.

This Note is described in and is subject to the terms and provisions of that certain Loan
Agreement (the “Agreement”) dated as of the date of this Note by and among Borrower, Permian Legend
LLC, as guarantor, and Lender. This Note is subject to the terms and conditions of the Agreement.
Capitalized terms used but not defined herein shall have the meanings assigned thereto in the
Agreement. Advances under this Note shall be made in accordance with the Agreement.

This Note is subject to the terms and conditions of that certain Subordination Agreement of
even date herewith, by and among Borrower, Lender, as subordinated creditor, and Bank, as senior
creditor.

"Stated Rate” means, on any day, a rate per annum equal to twelve percent (12.0%) per annum;
provided, that if at any time the Stated Rate plus the aggregate of all other sums paid or agreed
to be paid to the Lender for the use forbearance or detention of the debt evidenced hereby shall
exceed the Ceiling Rate, then the Stated Rate shall be fixed at the Ceiling Rate.

"Past Due Rate” means, on any day, a rate per annum equal to eighteen percent (18.0%). All
past due payments shall bear interest from the due date thereof until paid at the Past Due Rate;
provided, that if at any time the Stated Rate plus the aggregate of all other sums paid or agreed
to be paid to the Lender for the use forbearance or detention of the debt evidenced hereby shall
exceed the Ceiling Rate, then the Stated Rate shall be fixed at the Ceiling Rate.

"Ceiling Rate” means, on any day, the maximum nonusurious rate of interest permitted for that
day by whichever of applicable federal or Texas law permits the higher interest rate, stated as a
rate per annum. Without notice to the Borrower or any other person or entity, the Ceiling Rate
shall automatically fluctuate upward and downward as and in the amount by which the maximum
nonusurious rate of interest fluctuates.

Interest on the amount of each advance against this Note shall be computed on the amount of
each advance and from the date of each advance. Interest shall be computed for the actual number of
days elapsed and on the basis of a year consisting of 365 or 366 days, as the case may be.

If, for any reason whatever, the interest and any and all other amounts paid or agreed to be
paid to Lender during the full term of this Note and for any time thereafter shall produce a rate
which exceeds the Ceiling Rate, Lender shall, at the Lender’s option, credit against the principal
of this Note and any other amounts owed by Borrower to Lender such portion of said interest and/or
other payments as shall be necessary to cause the interest and/or other amounts paid on this Note
to produce a rate equal to the Ceiling Rate, or refund any excess amount to Borrower. All interest
paid or agreed to be paid to Lender shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full period until payment in full of all obligations
of Borrower to Lender (including the period of any renewal or extension).

The above sum and accrued interest shall be due and payable as follows:

(a) Interest only payments shall be due and payable in monthly installments for two (2) months
from the date of this Note, on September 1, 2007 and October 1, 2007.

(b) Principal and interest shall be due and payable in thirty-three (33) monthly installments,
each in an amount of principal equal to one thirty-fourth (1/34th) of the outstanding principal
balance on October 31, 2007, plus accrued and unpaid interest thereon, beginning November 1, 2007
and continuing on the 1st day of each month thereafter until and including July 1, 2010, and a
final payment of the remaining balance of this Note on August 1, 2010; provided, that if an Advance
is made after October 31, 2007, the amount of the monthly principal payment shall be modified to
equal the result of (i) the outstanding principal balance at the time of such determination,
divided by (ii) the number of months until the Maturity Date (as defined below).

(c) On August 1, 2010 (the “Maturity Date”), the remaining balance, including principal and
accrued and unpaid interest, then remaining unpaid on this Note shall be due and payable.

The unpaid principal balance of this Note at any time shall be the total of all amounts loaned
or advanced by the holder hereof less the amount of all payments or prepayments of principal made
hereon by or for Borrower. Notwithstanding anything hereto to the contrary, the entire remaining
principal balance of this Note, plus all accrued unpaid interest, shall be due and payable in its
entirety on the Maturity Date, unless such maturity is accelerated in accordance with the Agreement
and the other Loan Documents.

Unless otherwise agreed to, in writing, or otherwise required by applicable law, payments will
be applied first to accrued, unpaid interest, then to current principal due and owing, and any
remaining amount to any unpaid collection costs, late charges and other charges and the balance to
the principal in inverse order of maturity; provided, however, upon delinquency or other

default, Lender reserves the right to apply payments among principal, interest, late charges,
collection costs and other charges at its discretion. The Borrower may at any time pay the full
amount or any part of this Note without the payment of any premium or fee except as provided in the
Agreement.

In addition to all principal and accrued interest on this Note, the Borrower agrees to pay (a)
all reasonable costs and expenses actually incurred by Lender in any probate, reorganization,
bankruptcy or any other proceedings for the establishment or collection or any amount hereunder, or
in collecting this Note through any such proceedings, and (b) reasonable attorney’s fees when and
if this Note is placed in the hands of an attorney for collection after default.

The Borrower and all co-borrowers, sureties and guarantors severally waive notice (including,
but not limited to, notice of intent to accelerate and notice of acceleration), demand, presentment
for payment, protest and the filing of suit for the purpose of fixing liability and consent that
the time of payment hereof may be extended and re-extended from time to time without notice to it,
and agree that its liability on or with respect to this Note shall not be affected by any release
of or change in any security at any time existing or by any failure to perfect or to maintain
perfection of any lien on or security interest in any such security.

Lender reserves the right, exercisable in Lender’s sole discretion and without notice to
Borrower or any other person, to sell participations, to assign its interest or both, in all or any
part of this Note or the debt evidenced by this Note.

This Note shall be construed under and governed by the laws of the State of Texas.

THE AGREEMENT, THIS NOTE, THE SECURITY DOCUMENTS, THE GUARANTY AND/OR ANY AND ALL OTHER
DOCUMENTS EXECUTED AT OR NEAR THE TIME OF EXECUTION OF THIS DOCUMENT CONSTITUTE A “LOAN AGREEMENT”
AS DEFINED IN SECTION 26.02(a) OF THE TEXAS BUSINESS & COMMERCE CODE, AND REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

[Remainder of Page Intentionally Left Blank]

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DATED the 1st day of August, 2007.

PERMIAN LEGEND PETROLEUM LP

By: Permian Legend LLC, its general partner

By: /s/ Ronnie L. Steinocher

	 	 	Ronnie L. Steinocher, Manager

By: /s/ Lisa Hamilton

	 	 	Lisa P. Hamilton, Manager

THE LENDER: (The Lender’s signature is provided as
its acknowledgment of the above as the final written
agreement between the parties.)

BASELINE CAPITAL, INC.

By: /s/ Karl J. Ruler

Karl J. Ruler, President

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