Document:

EX-10.4

 Exhibit 10.4 

Warrant Indenture 

CLAUSES 
 FIRST.- DEFINED
TERMS. 
 Terms defined below will have the following meanings: 

“Affiliate” means (i) regarding persons that are not individuals, all persons that directly or indirectly through one or more agents, who
control, are controlled or are otherwise under the common control of the first person (as the term “control” is defined in the LMV), and (ii) regarding any individual, means any past, present or future spouse and any direct or
indirect ancestor or descendant, including parents, grandparents, children, grandchildren and siblings, as well as any trust or equivalent agreement executed with the purpose of benefiting any of such individuals. 

“Vista Oil & Gas Series “A” Shares” means the Series “A”
ordinary shares, with no expression of their par value, representing the variable portion of the capital stock of the Issuer, registered before the RNV, which depends of the CNBV and listed in the BMV with ticker symbol “VTW408A-EC001”.

 “Underlying Shares” means Vista Oil & Gas Series “A” Shares. 

“Issuance Indenture” means this issuance indenture by means of which the Warrants are issued. 

“Warrant Holders Meeting” has the meaning ascribed to such term in paragraph (a) of Clause Nineteenth of this
Issuance Indenture. 
 “BMV” or “Mexican Stock Exchange” means the Mexican Stock
Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). 
 “CNBV” means the National Banking and Securities
Commission (Comisión Nacional Bancaria y de Valores). 
 “Initial Business Combination” means any
merger, asset acquisition, stock purchase, participation or interests purchase, reorganization or similar business combinations with one or more businesses and with all types of commercial or civil corporations, associations, companies, trusts or
any other entities, effected by the Issuer, and if applicable, announced by the Issuer through EMISNET. 
 “Condition for Early
Termination” means the condition that shall be satisfied if, once the Exercise Period has commenced, the US$ Closing Price of the Underlying Shares for any 20 of the last 30 Trading Days, commencing on (and including) the third
Business Day prior to the occurrence of the Early Termination Notice Date, is equal or greater than the US$ Price Limit. 

 “Escrow Account” means the U.K.-based escrow account into which the
gross proceeds that we receive from the Initial Offering will be deposited, with Citibank N.A. London Branch acting as escrow agent. 

“Trading Day” means each Business Day on which the Underlying Shares were or could have been negotiated in the BMV. 

“Business Day” means any day on which the BMV operates. 

“Dollars” or “US$” means dollars, the legal currency of the United States of
America. 
 “Cashless Exercise” has the meaning ascribed to such term in Clause Ninth, paragraph (c), of this Issuance
Indenture. 
 “EMISNET” means the Electronic System for the Delivery and Dissemination of Information (Sistema
Electrónico de Envío y Difusión de Información) authorized by the CNBV to the BMV. 

“Issuer” means Vista Oil & Gas, S.A.B. de C.V. 

“Peso Equivalent of the Exercise Price” means, for any Exercise Date, the Peso equivalent of the Exercise Price, which
shall be determined by applying the fix exchange rate (tipo de cambio fix) published by Banco de México in the Official Gazette of the Federation on the Business Day prior to such Exercise Date. 

“Early Termination Notice Date” has the meaning ascribed to such term in Clause Ninth, paragraph (b), of this Issuance
Indenture. 
 “Underlying Shares Cancelation Date” means the Business Day on which all, and no less than all, of the
Underlying Shares are canceled as a consequence of a reduction in the variable portion of the capital stock of the Issuer effected through cash reimbursement as resolved by the Issuer pursuant to the unanimous resolutions adopted outside of the
shareholders’ meeting dated July 28, 2017, as announced, as the case may be, by the Issuer through EMISNET. 
 “Initial Business
Combination Closing Date” means the date on which the Initial Business Combination becomes effective, which may be the same date on which all agreements regarding such Initial Business Combination are executed or, in the event
that such agreements included conditions precedent or other similar provision, the date on which the last of such conditions has been satisfied or waived, or in which the parties agreed that such Initial Business Combination will be in force,
pursuant to the terms of the relevant agreement, as announced, as the case may be, by the Issuer through EMISNET. 
 “Exercise
Date” means the Business Day on which any Holder exercises the rights arising from the Warrants he holds to acquire the Underlying Shares pursuant to the terms of this Warrant’s Issuance Indenture; provided, however,
that such Business Day shall occur within the Exercise Period. 

  
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 “Automatic Exercise Date” has the meaning ascribed to such term in
Clause Ninth, paragraph (d), of this Issuance Indenture. 
 “Offering Settlement Date” means the Business Day on which
the proceeds corresponding to the Initial Offering of Underlying Shares are settled through the BMV. 
 “Early Termination
Date” has the meaning ascribed to such term in Clause Ninth, paragraph (b), of this Issuance Indenture. 

“Indeval” means the Institute for the Deposit of Securities (S.D. Indeval Institución para el Depósito
de Valores, S.A. de C.V.). 
 “Underwriters” means the entities acting as such in accordance with the documents of the Initial
Offering. 
 “Deferment Choice Investors” has the meaning ascribed to such term in Clause Third of this Issuance
Indenture. 
 “LMV” means the Mexican Securities Law (Ley del Mercado de Valores). 

“Lot” has the meaning ascribed to such term in Clause Eleventh of this Issuance Indenture. 

“Mexico” means the United Mexican States. 

“Initial Offering” means the initial public offering in Mexico of Vista Oil & Gas Series “A” Shares
and Warrants, as authorized by the CNBV through authorization number 153/10612/2017, dated August 4, 2017 and the simultaneous international offering of Vista Oil & Gas Series “A” Shares and Warrants in the United States of
America and in other foreign markets. 
 “Exercise Period” means the period (i) commencing on the later of
(a) the 30th calendar day following the Initial Business Combination Closing Date, and (b) the date on which 12 months after the Offering Settlement Date have elapsed; and
(ii) ending at 12:00 hours (Mexico City time) on the earlier of (a) the Early Termination Date, and (b) the fifth anniversary of the Initial Business Combination Closing Date; provided that if any of such days or dates occur in
a non-Business Day, then the Exercise Period shall commence or finalize, as the case may be, on the immediate following Business Day. 

“Cashless Exercise Period” has the meaning ascribed to such term in Clause Ninth, paragraph (c), of this Issuance
Indenture. 
 “Pesos” or “$” means pesos, the legal currency of Mexico. 

  
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 “Closing Price” has the meaning ascribed to such term in the Internal
Regulation. 
 “US$ Closing Price of the Series A Shares” means, for any Trading Day, the Dollar equivalent of the Closing Price of
Series A Shares for such Trading Day, which shall be determined applying the fix exchange rate (tipo de cambio fix) published by Banco de México on its webpage on such Trading Day. 

“Exercise Price” means US$11.5 per Underlying Share. Exclusively for purposes of Article 66 of the LMV, this price would
be deemed express in national currency (moneda nacional), being the Peso Equivalent of the Exercise Price. 
 “US$ Fair Market
Price of the Underlying Shares” means the average of the US$ Closing Price of the Series A Shares during the last 10 Trading Days, counted as of (and including) the third Trading Day prior to the occurrence of the Early
Termination Notice Date. 
 “US$ Price Limit” means US$18.00 per Underlying Share. 

“Sponsor” means the reference to Vista Sponsor Holdings, L.P., Miguel Galuccio, Pablo Vera Pinto, Juan Garoby and/or
Alejandro Cherñacov, in their capacity as “Sponsor” in the Initial Offering, or their respective Affiliates. 
 “Internal
Regulation” means the regulation issued by the Mexican Stock Exchange duly authorized by CNBV on September 27, 1999, through official notice number 601-I-CGN-78755/99, including its amendments or any regulation that may replace it. 

“Common Representative” means Monex Casa de Bolsa, S.A. de C.V., Monex Grupo Financiero, its assignees or whom may
replace on its duties. 
 “RNV” means the National Securities Registry (Registro Nacional de Valores). 

“Holders” or “Warrant Holders” means the Mexican or foreign individuals or
entities, when their investment regime expressly contemplates it, that own the Warrants. 
 “Global Certificate” means
the document subscribed by the Issuer and representing the entirety of the Warrants issued by means of this Issuance Indenture and to be kept in deposit with Indeval. 

“Warrants” has the meaning ascribed to such term in Clause Third of this Issuance Indenture. 

“Warrants in Treasury” has the meaning ascribed to such term in Clause Third of this Issuance Indenture. 

  
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 SECOND.- ISSUER’S CORPORATE NAME, PURPOSE AND DOMICILE. 

(a) The corporate name of the Issuer is Vista Oil & Gas, S.A.B. de C.V., and pursuant to its By-laws, its
corporate purpose is the following: 
  

	 	1)	 acquire, by any legal means, any type of assets, stock, partnership interests, equity interests or interests in
any kind of commercial or civil companies, associations, partnerships, trusts or any kind of entities within the energy sector, whether such entities are Mexican or foreign, at the time of their inception or at a later time as well as sell, assign,
transfer, negotiate, encumber or otherwise dispose of or pledge such assets, stocks, equity interests or interests; 

  

	 	2)	 participate as a partner, shareholder or investor in all kinds of businesses or entities, whether commercial or
civil, associations, partnerships, trusts, or of any other nature, whether Mexican or foreign, from their inception or by acquiring shares, equity interests or other kind of interests, regardless of the name they are given, in all kind of
incorporated companies, as well as to exercise the corporate and economic rights derived from such participation and to buy, vote, sell, transfer, subscribe, hold, use, encumber, dispose, modify or auction under any title, such shares, equity
interests or other kind of interests, as well as participations of all kind in entities subject to applicable law, as it is necessary or convenient; 

  

	 	3)	 issue and place shares representing the capital stock of the Company, publicly or privately, having obtained
the previous authorization by the competent authorities or institutions when needed and in accordance with the Mexican Securities Market Law, the General Law on Commercial Companies, the Negotiable Instruments and Credit Transactions Law, the
general provisions that the National Banking and Securities Commission issued for such purposes and/or other applicable legal provisions, as requested, in national or foreign securities markets; 

 

	 	4)	 issue and place warrants as referred in articles 65, 66 section I, 67 and other applicable of the Securities
Market Law, publicly or privately and on shares representing the Company’s capital stock or any other kind of securities, having obtained the previous authorization by the competent authorities or institutions when needed and in accordance with
the Mexican Securities Market Law, the General Law on Commercial Companies, the Negotiable Instruments and Credit Transactions Law, the general provisions that the National Banking and Securities Commission issued for such purposes and/or other
applicable legal provisions, as requested, in national or foreign securities markets; 

  

	 	5)	 issue and place negotiable credit instruments, debt instruments or any other security, be it public or private,
having obtained the previous authorization by the competent authorities when needed or institutions and in accordance with the Mexican Securities Market Law, the General Law on Commercial Companies, the Negotiable Instruments and Credit Transactions
Law the general provisions that the National Banking and Securities Commission issued for such purposes and/or other applicable legal provisions, as requested, in national or foreign securities markets; 

  
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	 	6)	 issue any unsubscribed shares, held in treasury, for their subsequent placement in accordance article 53 of the
Securities Market Law and with the applicable legal provisions; 

  

	 	7)	 acquire its own shares, in accordance with applicable legislation; 

 

	 	8)	 make any cash reimbursements for the benefit of Series “A” Shares shareholders resulting from
(i) reductions in the variable portion of the capital stock of the Company, (ii) refunds on any contributions to future capital increases, regardless of the manner in which such contribution is documented, and (iii) payments in
connection with any exchange rate hedging, regardless of the manner in which it is documented, entered by the Company, as determined by the General Shareholders’ Meeting; 

 

	 	9)	 enter into all kinds of agreements, contracts and documents, including without limitation, credit, broker,
purchase and sale, supply, distribution, consignment, agency, trust, commission, mortgage, bailment, deposit, lease, sublease, management, services, technical assistance, consulting, commercialization, joint venture or
co-investment, association and other agreements, as may be necessary or appropriate, pursuant to the laws of any jurisdiction and regardless of the name they are given, in order for the Company to carry-out its corporate purpose; 

  

	 	10)	 grant, manage, acquire, and sell all types of credit rights in favor of any individual or legal entity;

  

	 	11)	 render and receive any kind of services directly or indirectly through third parties, to and with any kind of
persons, individuals or legal entities, including governmental agencies within Mexico or abroad, including without limitation, professional services related to activities such as: sales, engineering, repair and/or maintenance, inspection, technical
support, management, consultancy, supervision, control, health, security, accounting, finance, training, research, operation, development and courier services; 

 

	 	12)	 acquire, sell, lease, rent, sublease, use, enjoy, possess, license and dispose of, under any legal form, all
types of real estate, immovable and personal properties, equipment and goods, including as depositary and depositor, and to hold rights over such properties, including all types of machinery, equipment, accessories, offices and other supplies
necessary or convenient; 

  
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	 	13)	 carry out by itself or on behalf of third parties, training, research and development programs of any kind
necessary or convenient; 

  

	 	14)	 receive and grant any kind of guaranties, personal and/or in rem, as a result of any loans or financing granted
by the Company and/or as deemed necessary or convenient, as well as grant deposits or any other kind of guaranties; 

  

	 	15)	 incur and assume obligations of any nature under the capacity as joint and several obligor (obligado
solidario); 

  

	 	16)	 issue, execute, accept, endorse, certify, acquire, sell, exchange, guarantee and, in general, subscribe and
manage all kinds of negotiable instruments, including bonds, notes, commercial papers, debentures, participation certificates, promissory notes, regardless of the name they are given and of the laws to which they are subject, with the authority to
obligate itself for the benefit of third parties in connection with negotiable instruments and carry out all kinds of credit transactions and guaranties; 

  

	 	17)	 execute any type of derivative transactions of any nature in accordance with applicable law;

  

	 	18)	 open, manage and cancel bank accounts and any other accounts; 

 

	 	19)	 acquire, possess, use, register, renew, assign, and dispose of any kind of patents, brands, commercial names,
franchises and any and all types of intellectual or industrial property rights; 

  

	 	20)	 request, obtain, license, assign, use, exploit and dispose of any type of permit, license, concession,
franchise and/or authorization issued by federal, state or municipal authorities, both Mexican and foreign, and to carry out acts relating thereto; 

  

	 	21)	 act as representative agent, intermediary, beneficiary, commission agent, mediator, advisor or in any other
capacity in favor of any type of person, individual or legal entity; 

  

	 	22)	 in general, execute and carry out, within Mexico or abroad, on its own behalf or on behalf of third parties,
with individuals or entities, including any governmental agency, any kind of contracts, agreements or acts, whether principal or accessory, civil or commercial, or of any other nature, as necessary or convenient to accomplish the corporate purpose
of the Company; and 

  

	 	23)	 carry-out any acts required or permitted by applicable legislation for
the fulfillment of its corporate purpose. 

 (b) The corporate domicile of the Issuer is Mexico City, Mexico. 

  
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 THIRD.- CORPORATE AUTHORIZATION AND ISSUANCE; ADDITIONAL ISSUANCES. 

(a) The Issuer’s shareholders, pursuant to the unanimous resolutions adopted outside of shareholders’ meeting dated July 28, 2017, approved the
issuance of the Warrants, formalized through public deed number 80,566 dated July 28, 2017, Carlos Alberto Sotelo Regil Hernández, acting in its capacity as interim of Notary protocol number 1 granted before Mr. Roberto Nuñez
y Bandera. 
 (b) Based on the approval referred to in the previous paragraph, hereby the Issuer unilaterally issues 104,912,000 warrants in terms of Article
65, 66 and 67 of the LMV, to be purchased, on bearer form, referred to the Underlying Shares (the “Warrants”), which will be offered and placed: (i) simultaneously through the Initial Offering; and (ii) in one or more
private placements; in both cases, pursuant to applicable law and the approval referred to in the previous paragraph. Likewise, based on the approval referred to in paragraph (a) above and pursuant to the terms resolved by the Boards of
Directors and subject to the approval of the Warrant Holders Meeting, the Issuer may issue additional Warrants from time to time; provided that, for such purposes, the Issuer shall conduct all necessary or convenient acts for such purposes
and submit any applicable request for the authorization with any relevant governmental authority or entity, including the CNBV, BMV or Indeval to exchange the global certificate representing the Warrants accordingly. 

(c) The Warrants offered in the Initial Offering with respect to which the relevant investors notified to the Issuer and the Underwriters in writing of their
choice of receiving for such Warrants on a later date, precisely pursuant to the terms described in the relevant prospectus and offering notice (aviso de oferta) (such investors, the “Deferment Choice Investors”), will be
kept in the Issuer’s treasury until such investors notify to the Issuer in writing the date on which they desire to receive them (such Warrants kept in treasury for the benefit of the Deferment Choice Investors, the “Warrants in
Treasury”). 
 FOURTH.- CURRENCY OF THE ISSUANCE. 

The Warrants will be denominated in national currency (moneda nacional) pursuant to Article 66 of the LMV; provided that the Exercise Price may be paid
in Pesos or in Dollars as provided herein. 
 FIFTH.- PRICE. 

(a) Investors that acquire Warrants in the Initial Offering (as consequence of the acquisition of the Underlying Shares) shall pay a price of $0.00 per
Warrant, or any different amount provided in the public offering notice (aviso de oferta pública) of the Initial Offering. 

  
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 (b) Investors that acquire Warrants through private placements shall pay a price of $0.00 per Warrant or any
other amount provided in the documents of such private placements and that is informed to the general public. 
 (c) The payment of the price mentioned in
paragraph (a) above, shall be paid on the Offering Settlement Date, pursuant the terms described in the public offering notice (aviso de oferta pública) of the Initial Offering and in the prospectus; the payment of the price
mentioned in paragraph (b) above, shall be paid in the date and in the terms agreed by the Issuer and the investors of such private placements. 

SIXTH.- EXERCISE PRICE. 
 Holders of Warrants that
elect to exercise their purchase right with respect to the Underlying Shares shall deliver to the Issuer, on the Exercise Date, for each Lot in respect of which they are exercising their rights: (i) the Exercise Price of the Warrants comprising
such Lot, and (ii) the Warrants comprising such Lot; provided that, in case that the Issuer establishes the Cashless Exercise, then such Holders shall deliver only the Warrants of the Lots in respect of which the rights are being
exercised; in each case, pursuant to the mechanism provided in Clause Thirteenth of this Issuance Indenture. 
 SEVENTH.- DATE OF THE OFFERING.

 The Warrants of the Initial Offering will be offered on the date provided in the correspondent public offering notice of the Initial Offering. 

The Warrants of a private placement will be offered on any date selected by the Issuer and in the terms disclosed to the general public in accordance with
applicable law. 
 EIGHTH.- GLOBAL CERTIFICATE. 

The Warrants issued pursuant to the terms set forth in this Issuance Indenture, will be evidenced by one Global Certificate deposited in Indeval. Such Global
Certificate will be issued in accordance with the provisions of the LMV and any other applicable legal regulations. 
 The Holders of Warrants that require
physical delivery of the documents that certify the Warrants that they hold, shall request it in writing to the Issuer, through the brokerage house or intermediary acting on their behalf, with at least 30 calendar days prior to the delivery date
requested, and shall pay at the time of delivery the costs incurred by the Issuer for the issuance of such certificates. 
 The Global Certificate shall be
signed by legal representatives or attorneys-in-fact of the Issuer and the Common Representative. 

  
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 NINTH.- TENOR, EARLY TERMINATION AND AUTOMATIC EXERCISE. 

(a) This issuance of Warrants will be effective from the date of issuance provided in the Global Certificate until the Business Day following the earlier of:
(i) Early Termination Date, (ii) the Underlying Shares Cancelation Date, and (iii) the fifth anniversary of the Initial Business Combination Closing Date. 

(b) As long as the Condition for Early Termination is satisfied, the Issuer will be entitled to cause the early termination of all, and not less than all, the
Warrants, on any Business Day after the Exercise Period has commenced, by means of a notice published through EMISNET providing for the Business Day on which such early termination will take place, provided that such notice will also be given by
written notice to the CNBV and Indeval, with copy to the Common Representative; provided that the Early Termination Date shall occur at least 30 calendar days after the Business Day on which the early termination notice is published. The date
of publication of the early termination notice will be referred as the “Early Termination Notice Date”, and the date on which early termination of the Warrants occurs will be referred as the “Early Termination
Date”. 
 (c) If the Issuer causes the early termination of the Warrants as set forth in paragraph (b) above, the Issuer shall also have the
right to determine, at its sole discretion, that the exercise of the Warrants that occurs during the period starting on the Business Day following the Early Termination Notice Date and finalizing precisely on the Early Termination Date (such period,
the “Cashless Exercise Period”), could be carried out without cash payment (the “Cashless Exercise”). If the Issuer so determines the Cashless Exercise, Holders electing to exercise their rights under the Warrants
they own and by Lots, shall do it exchanging their Warrants for Underlying Shares as provided in Clause Thirteenth, paragraph (d), of this Issuance Indenture. In the event that the Issuer exercises the right provided in this paragraph, it shall
notify the Holders through the notice of early termination published precisely on the Early Termination Notice Date through EMISNET, and in such notice the US$ Fair Market Price of the Underlying Shares for purposes of the calculation provided in
Clause Thirteenth, paragraph (d), of this Issuance Indenture shall be disclosed. 
 (d) In the event that the Issuer keeps one or more Warrants in Treasury
on the Business Day prior to the expiration of the Exercise Period (such Business Day, the “Automatic Exercise Date”), then such Warrants in Treasury will be automatically exercised without need of any prior request, notice or
communication and without the prior request of any person, under the Cashless Exercise basis and following the mechanism provided in paragraph (d) of Clause Thirteenth for such purposes; provided that the following items shall be
considered for purposes of effecting the relevant calculation for the automatic exercise of such Warrants in Treasury: (i) the “Exercise Date” will be the Automatic Exercise Date and (ii) the “US$ Fair Market Price of the
Underlying Shares” will be the average of the US$ Closing Price of the Series A Shares of the last 10 Trading Days, commencing on (and including) the Automatic Exercise Date; except if the Automatic Exercise Date occurs after the Issuer
has declared the Cashless Exercise as provided herein, in which case the “US$ Fair Market Price of the Underlying Shares” will be the amount resulting from the calculation set forth in such defined term. 

  
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 (e) The Underlying Shares resulting from the automatic exercise described in paragraph (d) above will
be delivered to the Deferment Choice Investors to whom the Warrants in Treasury would have corresponded and who were subject to such automatic exercise, in the date and in the Indeval account instructed in writing to the Issuer by such Deferment
Choice Investors; provided that, in the event that the Deferment Choice Investors have not delivered such instruction in writing to the Issuer, the Undelaying Shares resulting from the automatic exercise of the Warrants in Treasury under such
assumption, will be kept in treasury by the Issuer, until the Issuer receives such written instruction. 
 TENTH.- EXERCISE DATE.  

Holders may exercise their right granted under the Warrants to acquire the Underlying Shares pursuant to the terms provided in this Warrant’s Issuance
Indenture on any Business Day within the Exercise Period. 
 ELEVENTH.- MINIMUM AMOUNT. 

(a) Each Warrant entitles its Holder to acquire, pursuant to the terms provided below, 1/3 of an Underlying Share; provided that the Issuer shall
deliver only complete Underlying Shares. Consequently, each Holder will be entitled to exercise its rights under the Warrants in lots of 3 Warrants and its multiples (each of such lots of three Warrants, a “Lot”). 

(b) Each Holder acknowledges and agrees that no rights may be exercised over Warrants that are under the number required to be consider a Lot, and if exercised
the Issuer shall not be liable to accept them, in the understanding that such Warrants may expire without being exercised. 
 TWELFTH.- UNDERLYING
ASSETS AND COVERAGE. 
 The underlying assets of the Warrants are the Underlying Shares; that is, the Series “A” ordinary shares, without
expression of their par value, representing the variable portion of the capital stock of the Issuer, registered before the RNV, which depends of the CNBV and listed in the BMV with the ticker symbol “VTW408A-EC001”. 

(b) Pursuant to second paragraph of numeral 14 of Exhibit F to the General Provisions applicable to the Issuers and Other Stock Market Participants
(Disposiciones de Carácter General aplicables a las Emisoras de Valores y Otros Participantes del Mercado de Valores) issued by the CNBV, the Issuer hereby (i) represents and warrants that it holds 34,970,667 Underlying Shares in
its treasury to cover the exercises made by the Holders of Warrants (including, the Warrants in Treasury) when appropriate, as the case may be, free of any preferred subscription rights and of any lien, ownership restriction, and

  
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(ii) agrees that, if for any reason the Issuer does not hold enough Underlying Shares in its treasury required for the exercise of the Warrants (including, the Warrants in Treasury) by the
Holders, the Issuer will issue the necessary Underlying Shares in order for the Holders to be able to exercise their rights, which will be free of any preferred subscription rights and of any lien, ownership restriction. 

THIRTEENTH.- EXERCISE MECHANISM. 
 (a) The exercise
of the rights granted under the Warrants shall be made only during the Exercise Period and the Exercise Date shall occur within the Exercise Period. 
 (b)
In case that a Holder elects to exercise their rights under all or any of the Warrants it holds, such Holder shall notify by written notice its intention to exercise such rights to the Issuer, indicating: (i) the Exercise Date, (ii) the
number of Lots which rights intends to exercise, and (iii) the account in Indeval of the brokerage house or intermediaries of such Holder at which the related Underlying Shares shall be deposited, 3 Business Days in advance to the such Exercise
Date. After receiving such notice, the Issuer shall notify such electing Holder the banking accounts (in Dollars and Pesos) and the account at Indeval at which deliveries set forth in paragraph (c) shall be made. 

(c) Except for the case provided in paragraph (d) immediately below, the Holder that notified its intention of exercise its rights from any of the Lots
shall deliver to the Issuer, precisely on the Exercise Date (i) an amount in Dollars equivalent to the result of multiplying the Exercise Price by the number Underlying Shares represented by the Lots of Warrants which rights are being
exercised, or an amount in Pesos equivalent to the result of multiplying the Peso Equivalent of the Exercise Price by the number Underlying Shares represented by the Lots of Warrants which rights are being exercised, in each case, to the Dollar or
Peso banking account notified by the Issuer, as applicable; and (ii) the Warrants that comprise each of such Lots to the account at Indeval notified by the Issuer (or physically to the offices of the Issuer, if the Warrants forming such Lots
are physically held by such Holders); and immediately after such delivery, the Issuer shall credit to the account of the brokerage house or intermediaries of such Holder at Indeval, an Underlying Share for each of such Lots. For the avoidance of
doubt, the Issuer shall have no obligation to deliver fractional Underlying Shares. 
 (d) If the Issuer declares a Cashless Exercise of the Warrants, the
Holder that notified its intent of exercise its rights from any of the Lots shall deliver to the Issuer, precisely on the Exercise Date (which shall occur within the Cashless Exercise Period) and to the account at Indeval notified by the Issuer (or
physically to the offices of the Issuer, if the Warrants forming such Lots are physically held by such Holders), the Warrants comprising the Lots which rights are being exercised; and immediately after such delivery, the Issuer shall credit to the
account of the brokerage house or intermediaries of such Holder in Indeval, the number of Underlying Shares that results from the following formula: 

  
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 X = Y (A-B)/A 

Where: 
  

	X      =	 Number of Underlying Shares to be delivered. 

 

	Y      =	 Number of Underlying Shares that shall be delivered pursuant to the Lots which rights are being exercised. For
the avoidance of doubt, 1 Underlying Share shall be delivered for each 3 exercised Warrants. 

  

	A      =	 US$ Fair Market Price of the Underlying Shares. 

 

	B      =	 Exercise Price. 

(e) Notwithstanding that the execution of the exercise of the rights granted under the Warrants will be carried out of the BMV, it will be deemed as carried
out inside it, as long as it is registered and disclosed by the Issuer to the public pursuant to the provisions of the Internal Regulation. 
 (f) For the
avoidance of doubt, the acquisition of Underlying Shares by the Warrants’ Holders from the Issuer shall be deemed as a subscription (suscripción) of shares representing the capital stock of the Issuer. 

(g) Indeval will perform the activities outlined in this Clause pursuant to the provisions contained in the internal regulation and operational manual
applicable to such institution for the deposit of securities. Likewise, all the notices that shall be delivered to Indeval pursuant to this Clause shall be made in writing sending a copy to the Common Representative or through the means that such
determines. 
 FOURTEENTH.- TECHNICAL ADJUSTMENTS. 

(a) Pursuant to provision 4.007.00 of the Internal Regulation, technical adjustments for the situations described below shall be carried out pursuant to the
proceedings provided by the BMV in its Internal Regulation and the corresponding Mexican Stock Exchange’s operational manual: 
  

	 	(i)	 Payment of dividends in shares. 

 

	 	(ii)	 Subscription. 

  

	 	(iii)	 Exchange of certificates. 

 

	 	(iv)	 Split. 

  

	 	(v)	 Reverse Split. 

  

	 	(vi)	 Reimbursement. 

  

	 	(vii)	 Split-off. 

 

	 	(viii)	 Merger. 

  

	 	(ix)	 Distribution of shares. 

 

	 	(x)	 Reciprocal purchase and subscription of shares. 

  
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 (b) The Holders, by the acquisition of the Warrants they hold, agree and accept that the Issuer does not
have any duty to pay fractions of the Underlying Shares generated as a consequence of technical adjustments, and they expressly waive any right that may have in connection with such fractions. 

FIFTEENTH.- EXCHANGE CONDITIONS IN CASE OF EXTRAORDINARY EVENTS. 

In the event that the BMV suspends the trading of the Underlying Shares, by its own decision or at Issuer’s request, the trading of the Warrants will be
also suspended by consequence. 
 SIXTEENTH.- CORPORATE AND ECONOMIC RIGHTS. 

The Warrants do not grant any corporate, ownership, economic or any other kind of rights over the Underlying Shares. 

SEVENTEENTH.- APPOINTMENT OF THE COMMON REPRESENTATIVE OF THE WARRANTS. 

To represent the entirety of the Warrants’ Holders, the Issuer appoints Monex Casa de Bolsa, S.A. de C.V., Monex Grupo Financiero, who hereby accepts its
appointment as the common representative, and the rights and obligations arising from such appointment by means of its signature on this Issuance Indenture. 

EIGHTEENTH.- AUTHORITIES OF THE COMMON REPRESENTATIVE. 

(a) The Common Representative will have the rights and obligations provided in the General Law of Negotiable Instruments and Credit Transaction (Ley General
de Títulos y Operaciones de Crédito), the LMV and the General Provisions applicable to the Issuers and Other Stock Market Participants (Disposiciones de Carácter General aplicables a las Emisoras de Valores y Otros
Participantes del Mercado de Valores) issued by the CNBV, as well as in this Issuance Indenture. For all matters not expressly provided in this Issuance Indenture, the Common Representative shall have the right to call for a Warrant Holders
Meeting pursuant to Clause Nineteenth below. 
 (b) The Common Representative will have the following authorities and obligations: 

(i) Subscribe this Issuance Indenture and the Global Certificate; 

(ii) Exercise all the actions and rights that correspond to the entirety of the Holders of Warrants, as well as those required for the
performance of its functions and duties, and carry out the acts of preservation it deems convenient to defend the interests of the Holders of Warrants; 

  
 14 

 (iii) Call and chair the Warrant Holders Meetings and carry out its resolutions or call to a
Warrant Holders Meeting by request of the Issuer; 
 (iv) Attend to the general shareholder’s meetings of the Issuer and collect from
the directors, managers and officers of the Issuer, all the reports and information necessary for the performance of its authorities, including those relating to the Issuer’s financial situation; 

(v) Grant and execute in the name of the Holders all the documents and agreements that shall be executed with the Issuer, as the case may be;

 (vi) Keep the Warrant Holders Meetings’ minutes, which may be reviewed at any time by the Holders, and, as the case may be, and at
the expense of the Holder that may request it, issue certified copies of such minutes; 
 (vii) Perform those other functions and obligations
arising from this Issuance Indenture or that are compatible with the nature of the charge as Common Representative; 
 (viii) Verify, through
the information delivered for such purposes, the due fulfillment of the obligations provided in this Issuance Indenture and the Global Certificate to the Issuer (except for any accountable, taxable, employment or administrative obligations of the
Issuer that are not directly related to the payment of the Warrants); 
 (ix) The Common Representative may request the Issuer and the
persons that render services in connection with the Warrants, to deliver the information and documentation, reasonably necessary to verify the fulfillment of the obligations referred above. The Issuer and such persons that render services shall
deliver and assist to deliver the information in the dates and form required by the Common Representative, including the condition of the Underlying Shares, financial statement, determination of forex hedging and any other information requested in
the understanding that the Common Representative may inform such information with the Holders, without being consider a bound of its confidentiality duties, in the understanding that the Holders shall keep such information as confidential; 

(x) The Common Representative could carry out, visits and annual reviews, as it deems necessary, and in any other moment as it deems necessary
with prior written notification to the Issuer of at least 10 Business Days in advance, to the date in which the reviews are intended to take place; 

  
 15 

 (xi) If the Common Representative does not receive the information requested in paragraphs
(viii) and (ix) above in timely manner or has knowledge of any breach of the Issuer obligations set forth in this Issuance Indenture or in the Global Certificate, it shall immediately request the Issuer to disclose to the Holder, through the
publication of a “material event”, any breach to the obligations arising from this Issuance Indenture or the Global Certificate; provided that in the event that the Issuer does not publish such “material event” within the
2 Business Days following the Common Representative’s request, the Common Representative will be obliged to publish it within the 2 Business Days following the acknowledgment of such omission; 

(xii) When requested by the Warrant Holders Meeting, the Common Representative shall give a report on the performance of its duties and, in the
event such report is not requested, the Common Representative shall give it at the conclusion of its duties; and 
 (xiii) In order to
fulfill with the above, could request the Warrant Holders Meeting or such could request, to subcontract specialized third parties, at the Holders expense, as it deems convenient or necessary for the fulfilment by the Common Representative of its
review obligations mentioned above pursuant to the applicable law. In such situation, the Common Representative will be subject to the responsibility established by such Warrant Holders Meeting, and therefore it will be able to trust, perform
activities or abstain from performing activities in accordance with the resolution issued by such specialists, as approved by the Warrant Holders Meeting. If the Warrant Holders Meetings does not approve such subcontracting, the Common
Representative will only be responsible for the activities attributable directly to the Common Representative pursuant to this Issuance Indenture and the Global Certificate and the applicable law. In the understanding that if the Warrant Holders
Meeting authorizes the subcontracting of such third parties and does not provide to the Common Representative sufficient funding for such subcontracting Article 281 of Commerce Code (Código de Comercio) and 2577 of the Civil Code of
Federal District (Codigo Civil para el Distrito Federal) and its correlative provisions regarding of attorney-in-fact pursuant to Article 217 of the General Law
on Negotiable Instruments and Credit Transactions shall apply, in the understanding that the Common Representative shall not be bound to pay the necessary amounts for the subcontracting of such third parties and it will not be liable for any delay
in the subcontracting and/or by the lack of resources in order to perform the subcontracting and/or because such resources were not provided. 
 (c) The
Holders of the Warrants, through a resolution adopted in a Warrant Holders Meeting called for such purposes pursuant to Clause Nineteenth of this Issuance Indenture, may, at any time replace the Common Representative. 

(d) The Common Representative will be entitled to resign to its charge only for material reasons that will be evaluated by the court that corresponds to the
Issuer’s domicile and in such case, the Common Representative shall continue performing its duties until the Warrant Holders Meeting has appointed its substitute. 

  
 16 

 (e) The Common Representative will not be liable to pay any costs or expenses associated, with its own
resources in order to perform any activity or its authorities, pursuant this Issuance Indenture, the Global Certificate or applicable law. 
 (f) All of the
activities carried out by the Common Representative, on its behalf or on behalf of the Holders, pursuant this Issuance Indenture, the Global Certificate or applicable law, shall be deemed as mandatory and will be deemed as accepted by the Holders.

 NINETEENTH.- WARRANT HOLDERS MEETINGS. 
 (a) The
Warrant Holders Meeting will represent all the Holders of outstanding Warrants, and their resolutions will be valid and binding with respect of and for all Holders, even those absent or dissident (the “Warrant Holders Meeting”).

 (b) The Warrant Holders Meeting will be held in the Common Representative’s domicile or if it was not possible in the place indicated for such
purposes in the correspondent call. 
 (c) The Issuer and the Holders that hold at least 10% of the outstanding Warrants, may request the Common
Representative to call for a Warrant Holders Meeting including the items of the agenda to be resolved in such Warrant Holders Meeting. The Common Representative shall issue the call in order for the Warrant Holders Meeting to be held as soon as
possible but within the 30 calendar days following the date in which the request is received. If the Common Representative does not fulfill this obligation, the judge from the Court of Primary Instance, where the Common Representative is domiciled,
as per the request of any Issuer or Holder, as applicable, shall issue the call for the Warrant Holders Meeting. 
 (d) Except as provided in this Issuance
Indenture, the Warrant Holders Meeting shall be called, installed and discussed, and its resolutions shall be adopted pursuant to the following: 

(i) The calls for each Warrant Holders Meetings shall be published only once, in any newspaper of broad national circulation in Mexico,
pursuant to Article 68 of the LMV, at least 10 days in advance of the date of the Warrant Holders Meeting; 
 (ii) The call shall contain the
date, time and venue of the Warrant Holders Meeting, the agenda that will be discussed and shall be signed by the Common Representative; 

(iii) Except in those cases referred to in the next subparagraph, in order for a Warrant Holders Meeting to be considered as installed by
virtue of the first call, the Holders that hold, individually or collectively, the half plus one of the 

  
 17 

 
outstanding Warrants shall be present, and its resolutions will be valid if approved by majority of the Warrants in the Warrant Holders Meeting. In case that a Warrant Holders Meeting is convened
by virtue of the second or ulterior call, it shall be deemed as legally installed regardless of the number of Warrants present, and its resolutions will be valid if approved by the majority of the Warrants in the Warrant Holders Meeting; 

(iv) It will be required in the Warrant Holders Meeting the presence of the Holders that individually or collectively hold, by virtue of the
first call, at least 75% of the Warrants entitled to vote, and that the resolutions are approved by the half plus one of the votes casted in such Warrant Holders Meeting, in the following cases: 

 

	 	(1)	 To revoke the appointment of the Common Representative or to appoint a new Common Representative;

  

	 	(2)	 To grant extensions (prórrogas o esperas) to the Issuer; and 

 

	 	(3)	 To modify the terms set forth in this Issuance Indenture or the Global Certificate. 

If the Warrant Holders Meeting is gathered to resolve any of the cases above by second or subsequent call, its resolutions shall be approved by
majority of votes casted in the Warrant Holders Meeting, regardless of the number of Warrants attending to such Warrant Holders Meeting. 

Notwithstanding anytime to the contrary herein, whenever the Sponsors are holders of Warrants, they shall not be entitle to vote the matters
set forth in this subparagraph (iv), and shall not be taken into account when determining the quorum thereof. 
 (v) In order to convene the
Warrant Holders Meetings, provisions contained in Article 290 and others of the LMV and the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito) shall apply. The Holders
of Warrants shall deliver to the Common Representative the certificate issued by Indeval and the list of holders issued by the intermediary, if applicable, in connection with the Warrants of which is holder, in the place that is established in the
call to the Warrant Holders Meeting at least one Business Day prior to the date in which the Warrant Holders Meeting may take place, provided that the Holders that physically possess the Warrants are able to prove the ownership of their Warrants as
provided by applicable law and as required in the call for the relevant Warrant Holders Meeting. The Holder may be represented in the Warrant Holders Meeting by an
attorney-in-fact, appointed through a proxy letter, executed before two witnesses or through a power of attorney granted pursuant to applicable law; 

  
 18 

 (vi) In no event the Warrants that are not in circulation or those acquired by the Issuer
could be represented in the Warrant Holders Meeting nor shall be taken into account for the calculation of the quorum for the convocation or voting of a Warrant Holders Meeting; 

(vii) Once a Warrant Holders Meeting is installed the Holders of the Warrants will not be able to avoid its execution by leaving the Warrant
Holders Meeting. If the Holders of the Warrants leave or not attend to the resumption of the Warrant Holders Meeting which has been delayed in accordance with the applicable law, will be consider that they abstain from delivering their vote, in
connection with the corresponding item. 
 (viii) From each Warrant Holders Meeting minutes of the meeting shall be prepared, which shall be
signed by those who acted as president and secretary. The attendance list, signed by the attendants and scrutineer, shall be annexed to the minutes. The minutes and other data and documents referring to the issuance of the Warrants, shall be kept by
the Common Representative and shall be available for review by the Holders of the Warrants at any time, who will be entitled to, at their expense, receive from the Common Representative certified copies of the aforementioned documents; and 

(ix) The Common Representative will act as president in the Warrant Holders Meeting and in such the Holders will have the number of votes that
correspond in connection with the Warrants that they hold, counting one vote from each of the outstanding Issuers’ Warrants, as applicable, except by such cases in which the applicable law limits such right. 

(e) The Holders of the Warrants will be entitled to individually exercise the following actions: 

(i) From the Issuer, the compliance with its obligations under this Issuance Indenture and the Global Certificate, which documents the
Warrants; 
 (ii) From the Common Representative, to carry out the acts in order to preserve the rights of the Holders of the Warrants or to
make such rights effective; and 
 (iii) The liability incurred by the Common Representative for gross negligence. 

(f) In addition, the unanimous resolution taken by Holders that represent all the Warrant Holders, who possess the entirety of the Warrants with voting rights,
will have the same validity as if they were taken in a Warrant Holders Meeting if they are confirmed in writing. 

  
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 TWENTIETH.- POTENTIAL INVESTORS. 

The Warrants issued pursuant to this Issuance Indenture may be acquired by individuals or entities, both of the Mexican or foreign origin, when their
investment regimen allows it. 
 TWENTY-FIRST.- APPLICABLE TAX REGIME. 

The investors, prior to investing in these Warrants, shall take into consideration the tax structure regarding the taxation or exemption from the proceeds
arising from the Warrants. Holders and possible investors shall consult with their tax advisors regarding the tax considerations of any transactions that they are planning to exercise, including the application of specific rules to its particular
status. 
 TWENTY-SECOND.- DOMICILES. 
 For all
matters relating to the Warrants, the Issuer and the Common Representative designate the following as their domiciles: 
 (a) Issuer: 

Vista Oil & Gas, Sociedad Anónima Bursátil de Capital Variable 

Javier Barros Sierra 540, Torre 2, 2 floor, 
 Colonia Lomas de
Santa Fe, C.P. 01210, Mexico City. 
 Tel: +52 (55) 9177 2038 

Attention: Javier Rodríguez Galli 
 e-mail: ir@vistaoilandgas.com 
 (b) Common Representative: 

Monex Casa de Bolsa, S.A. de C.V., Monex Grupo Financiero 
 Av.
Paseo de la Reforma 284, 9 floor, 
 Colonia Juárez, C.P. 06600, Mexico City. 

Tel: +52 (55) 5231 0060 / +52 (55) 5231 0323/ +52 (55) 5230 0263 

Fax: +52 (55) 5231 0175 
 Attention: Claudia B. Zermeño
Inclán / Elena Rodríguez Moreno/ Claudia Alicia García Ramírez 
 e-mail:
czermeno@monex.com.mx / elenarodriguez@monex.com.mx / claudiagarcia@monex.com.mx 
 TWENTY-THIRD.- COMPETENT COURTS AND GOVERNING LAW.

 For the interpretation and fulfillment of this Issuance Indenture, the Issuer, the Common Representative and the Holders of the Warrants for the fact
of having such capacity, irrevocably submit to the jurisdiction and competence of the federal courts sitting in Mexico City, expressly waiving the right to any other jurisdiction to which they may be entitled by reason of their present of future
domiciles or for any other reason. 

  
 20 

 TWENTY-FOURTH.- REGISTRATION NUMBER BEFORE THE RNV AND NUMBER OF WRIT AND DATE OF REGISTRATION
AUTHORIZATION ISSUED BY THE CNBV. 
 The Warrants have been recorded before the RNV under number 3573-1.20-2017-001 ; likewise, the CNBV authorized their registration through writ number 153/10612/2017 dated August 4, 2017, which does not imply any
certification about the security’s value or the Issuer’s solvency. 
 TWENTY-FIFTH.- AMENDMENTS. 

Any amendment to this Issuance Indenture shall be agreed by the Issuer and the Common Representative, prior to the approval by the Warrant Holders Meeting,
pursuant to the provisions of Article 220, section III, of the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito). 

  
 21EX-10.5

 Exhibit 10.5 

MINUTES OF INVESTMENT AGREEMENT 

On November 22, 2018, in the City of Neuquén a meeting was held by the Province of Neuquén, herein represented by Accountant José
Gabriel López, in his capacity as Undersecretary of Energy, Mining and Hydrocarbons, domiciled at Rioja No. 229 of the City of Neuquén (the “PROVINCE”), party of the first part, and VISTA OIL & GAS ARGENTINA
S.A. and APCO OIL & GAS S.A.U., both domiciled at Av. Del Libertador 101, 12th floor, City of Buenos Aires, and both represented herein by Mr. Gastón Remy, in his capacity as attorney-in-fact, and both of them set up domicile for the purposes hereof a Humahuaca 685, 6th Floor, Paseo de la Costa,
Isla 132, City of Neuquén (hereinafter referred to as “VISTA” and “APCO”, and collectively referred to as the “CONCESSIONAIRES”), party of the second part, and both parties are collectively referred to as the
“PARTIES”, and: 
 WHEREAS pursuant to Section 1 of National Law No. 26741 on Sovereignty over Hydrocarbons in the Argentine Republic,
the achievement of hydrocarbon self-supply, and the exploration, exploitation, industrialization, transportation and commercialization of hydrocarbons were declared of national public interest and as an imperative goal. 

WHEREAS, on the other hand, certain principles of the hydrocarbon policy in Argentina were established, such as the promotion of use of hydrocarbons and by-products as a factor of development and higher competitiveness of the various economic segments and of the provinces and regions; the conversion of hydrocarbon resources into proven reserves and exploitation and
return of reserves; integration of both public and private capital, both national and international, into strategic alliances intended to explore and exploit conventional and unconventional hydrocarbons; and maximization of investments and resources
used in achieving self-supply of hydrocarbons in the short-, medium- and long term. 
 WHEREAS in this context, there is an imperative need for
strengthening the promotion of investments in exploitation of hydrocarbons. 
 WHEREAS on September 16, 2014, a Federal Agreement was executed for the
Self-supply of Hydrocarbons, and certain agreements were reached in relation to tax matters under Exhibit 1 thereto. 
 WHEREAS National Law No. 27007
adds to National Law No. 17319 the legal type of Unconventional Hydrocarbon Exploitation Concession, which consists in the extraction of liquid and/or gaseous hydrocarbons by using unconventional stimulation techniques implemented in fields
located on geological formations consisting of schist or shale rocks (shale gas or shale oil), compact sandstones (tightsands, tight gas, tightoil), coal layers (coalbedmethane) and/or generally characterized by the presence of low-permeability rocks. 
 WHEREAS Section 35(b) of Law No. 17319 establishes that the Unconventional
Hydrocarbon Exploitation Concession shall be in effect for thirty-five (35) years, including a Pilot Plan Period of up to five (5) years. 

WHEREAS Article 124 of the Argentine Constitution establishes that the provinces are entitled to ownership over natural resources existing in their
territories. 
 WHEREAS Laws No. 17319 and 26197 establish that the Provinces or the Nation shall be the Granting and Enforcement Authorities for such
purposes based on whether the gas or oil fields are located in provincial or national territories. 
 WHEREAS the CONCESSIONAIRES are holders of a
concession for exploitation of hydrocarbons over the Bajada del Palo Area (hereinafter the “AREA”), which was originally awarded pursuant to Executive Order No. 1769/90 and extended pursuant to Executive Order No. 1117/2009,
which approved the Minutes of Agreement executed on June 11, 2009 (the “Minutes of Renegotiation Agreement”) between the Technical Renegotiation Commission (Comisión Técnica de Renegociación) of the
PROVINCE and the CONCESSIONAIRES. 

 WHEREAS the PROVINCE believes that higher revenues should be obtained from oil and gas of its own, and that
reserves and production should be increased, all in accordance with Laws No. 17319, 24145, 26197 and 27007, whereas Section 6 of Law No. 26197 provides as follows: “After enactment of this law, the Provinces, as Enforcement
Authority, shall exercise the functions of a counterparty under exploration permits, concessions for exploitation and transportation of hydrocarbons subject to transfer, including the following powers, among other: 

 

	 	1.	 to fully and independently engage in control and supervision over such permits and concessions, and over any
other type of hydrocarbon exploration and/or exploitation contract awarded or approved by the National Government; 

  

	 	2.	 to require performance of statutory and/or contract obligations as regards investments, rational exploitation
of resources, information and payment of fees and royalties; 

  

	 	3.	 to provide for the extension of statutory and/or contract terms; and 

 

	 	4.	 to impose the penalties under Law No. 17319 and its regulations (fines, suspensions of registrations,
forfeiture and any other sanction set forth in the bidding terms and conditions of the contracts.)” 

 WHEREAS the foregoing powers
are not exclusive of any other powers derived from the granting authority under Law No. 17319 and its implementing regulations. 
 WHEREAS the
CONCESSIONAIRES have submitted to the PROVINCE a project for unconventional development of the AREA, which proposes the division thereof into two unconventional concession areas known as Bajada del Palo Oeste (BPO) and Bajada del Palo Este (BPE).

 WHEREAS the PROVINCE has reviewed the project submitted by the CONCESSIONAIRES and concluded that approval of such request is in the best interests of
the PROVINCE given that the investment and development of the entire AREA would be thus maximized. 
 WHEREAS in order to make the project viable, the
PROVINCE believes that an Unconventional Hydrocarbon Exploitation Concession should be awarded over Bajada del Palo Oeste and an Unconventional Hydrocarbon Exploitation Concession should be awarded over Bajada del Palo Este to the CONCESSIONAIRES,
both on the terms of Section 35 (b) of Law No. 17,319. 
 WHEREAS in the framework of applicable rules and regulations, it is the PARTIES’
intention to execute these “MINUTES OF AGREEMENT” subject to the following terms and conditions, pursuant to Laws No. 17319, 24145, 26197, 26741 and 27007 and national and provincial laws applicable to the subject matter hereof. 

Therefore, the PARTIES agree as follows: 
 SECTION 1:
SUBJECT-MATTER 
 The PROVINCE agrees to divide the AREA into two subareas and therefore create the areas known as Bajada del Palo Oeste and Bajada del
Paolo Este (hereinafter referred to as the “AREAS”) and to award to the CONCESSIONAIRES, on equal terms as to interest percentages as the exploitation concession currently in force over the AREA, an Unconventional Hydrocarbon Exploitation
Concession over Bajada del Palo Oeste (“BPO”) (hereinafter referred to as “UHEC BPO”) and an Unconventional Hydrocarbon Exploitation Concession over Bajada del Palo Este (“BPE”) (hereinafter referred to as “UHEC
BPE”), both for a term of 35 years, in accordance with the provisions of Sections 27 bis, 35 (b) and related sections of Law No. 17319, the surface area and coordinates of which are defined in Annex A to these MINUTES OF AGREEMENT. 

 SECTION 2: TERMS AND CONDITIONS OF THIS AGREEMENT. 

The PARTIES, as to the award of the UHEC BPO and the UHEC BPE, further agree as follows: 

2.A) INVESTMENT COMMITMENT: As a condition precedent to the award of the UHEC BPO, the CONCESSIONAIRES agree to carry out a pilot program with a work
plan consisting in drilling eight (8) horizontal wells (in two pads of four (4) wells each) and associated facilities, for an investment amount of UNITED STATES DOLLARS one hundred and five million six hundred thousand
(USD 105,600,000) within 18 months of the effective date of the UHEC. In addition, as a condition precedent to the award of the UHEC BPE, the CONCESSIONAIRES agree to carry out a pilot program with a work plan consisting in drilling five
(5) horizontal wells and associated facilities, for an investment amount of UNITED STATES DOLLARS fifty-one million eight hundred thousand (USD 51,800,000) within 36 months of the effective date of
the UHEC; all in accordance with the Pilot Plan submitted along with the application for both UHECs. 
 2.B) COMPLIANCE: The investments set forth in
the foregoing paragraph for the UHEC BPO and for the UHEC BPE shall be deemed to have been made in each case, following certification by the PROVINCE, upon completion of the works set forth in Section 2.A above, in accordance with the
Preliminary Development Plan submitted along with the applications for the UHECs. 
 If the INVESTMENT COMMITMENT is not honored, the PROVINCE may, upon
giving 90 (ninety) business days’ notice to cure a potential event of default, take any actions required to revoke the UHEC BPO and/or the UHEC BPE, as the case may be. Revocation of the relevant UHEC by the PROVINCE shall cause forfeiture
thereof, and the Area shall thus be returned to the PROVINCE by the CONCESSIONAIRES. 
 2.C) COMPRE NEUQUINO: The CONCESSIONAIRES
agree, pursuant to current laws and regulations, to give priority to the hiring of labor, suppliers and services of Neuquén in order to foster continued permanent employment in the oil industry and consolidate a competitive local and regional
market, through the strengthening of small- and medium-sized companies based in Neuquén and a growing supply of products, goods and services, connecting the
oil-related workers, producers, industrial and professional workers, merchants, companies engaged in works and services, of all trades located in the PROVINCE. Notwithstanding the foregoing, this priority
shall not apply in the event that due to the specific nature and/or the characteristics and/or the burdensome nature of the works to be performed and/or the volume of operations, the hiring of labor, suppliers and services of Neuquén is not
feasible. In the exclusive context of this commitment, the CONCESSIONAIRE shall keep Centro PyME – ADENEU and other any successor authority informed about any engagement or changes of suppliers. 

2.D) USE OF WATER AND EFFLUENT DISCHARGES: In connection with the use of water and effluent discharges required for performance of the works and
operations described in the Project submitted for development of the UHEC BPO and the UHEC BPE, the CONCESSIONAIRES shall act in accordance with current rules and regulations. Accordingly, the CONCESSIONAIRES shall carry out their activities in
relation to the UHEC BPO and the UHEC BPE, by engaging in a rational and efficient use of provincial water resources, and they shall make attempts to minimize generation of effluents and provide for reuse, if possible. 

The permits for water extraction, performance of works in a public water area -or water irrigation zones- performance
of drilling works for withdrawal of water, effluent treatment and discharges, monitoring network development, environmental remediation, pipeline laying and facilities, etc. shall be in accordance with the provisions of the Water Code of the
Province of Neuquén -Law No. 899-, its Implementing Decree No. 790/99, Executive Order No. 1483/82 and other implementing and supplementary rules
and regulations passed by the Undersecretariat of Water Resources (Subsecretaría de Recursos Hídricos) or any such entity as may replace it in the future. 

 2.E INSPECTION: The CONCESSIONAIRE shall permit follow-up on
works, expenditures and investments to be made within the UHEC BPO and the UHEC BPE to be inspected and certified as often as required by the Enforcement Authority and other provincial agencies, where applicable, in accordance with current rules and
regulations, for which purposes the formation of a work team with the participation of the PARTIES may be required for the Enforcement Authority’s works to be more efficient. 

2.F EXPLOITATION FEE: The CONCESSIONAIRES shall pay to the PROVINCE an Exploitation Fee for the UHEC BPO in the amount of UNITED STATES DOLLARS seven
hundred and forty-one thousand nine hundred and thirty-one (USD 741,931) and for the UHEC BPE in the amount of UNITED STATES DOLLARS four hundred and twenty-four
thousand nine hundred and ninety-five (USD 424,995), which shall be paid in a lump sum within ten (10) business days of the effective date of these MINUTES OF AGREEMENT. 

2.G HYDROCARBON ROYALTIES: The hydrocarbon royalties shall be paid in accordance with current rules and regulations by each of the CONCESSIONAIRES in
consideration for production of hydrocarbons in the AREAS held by each of them, in proportion to their interests in the UHEC BPO and the UHEC PBE on the following terms: 
  

	 	a)	 On production of unconventional shale (shale or schist rocks), for the term of the UHECs awarded over the BPO
and BPE areas, hydrocarbon royalties shall be payable at the rate of 12% (twelve percent). 

  

	 	b)	 On production of unconventional tight (compact sandstones), in the event of discovery for the term of the UHECs
awarded over the BPO and BPE areas, the companies shall agree with the Enforcement Authority on the scheme of payment of hydrocarbon royalties and on measurement conditions as to such production. 

 

	 	c)	 On the shale production until the effective date of the UHEC BPO and the UHEC BPE and on Conventional
production, the terms of the Minutes of Agreement executed on June 11, 2009 shall continue to apply. On and after September 6, 2025, the highest rate of 18% shall be paid for such production. 

2.H. STAMP TAX: For calculation of the Stamp Tax to be paid on these MINUTES OF AGREEMENT and the UHEC BPO and the UHEC BPE, the taxable base shall be
UNITED STATES DOLLARS one hundred and fifty-seven million, four hundred thousand (USD 157,400,000) and the applicable tax rate shall be fourteen per one thousand (14 ‰), which shall be paid by the PARTIES in accordance with the provisions
of the current Tax Law, taking into account that the Provincial Government is exempt as set forth in Section 236 (1) and subject to Section 233 of the current Provincial Tax Code. Therefore, the CONCESSIONAIRES shall pay stamp tax in the
amount of UNITED STATES DOLLARS one million one hundred and one thousand eight hundred (USD 1,101,800). Any other public or private document, agreement or financial and/or corporate agreement or instrument among all or any of the
CONCESSIONAIRES or with third parties required for performance of the project, execution of collaboration agreements between the CONCESSIONAIRES, including those related to project funding through indebtedness or third-party partners’
contributions, and allocation or assignment of any rights thereunder shall be exempt from payment stamp tax as set forth in Section 238 of the current Provincial Tax Code. 

For purposes of the foregoing provisions, note that acts required for performance of the project shall not include any such instruments executed for
performance of operational services at the UHEC BPO and the UHEC BPE. 
 2.I. TAX STABILITY: For the entire term of the UHEC BPO and the UHEC BPE,
the PROVINCE agrees to afford a consistent and stable tax treatment and full application of Section 56 (a) of Law No. 17319 as well as to provide tax stability as to all taxes and/or royalties established by the PROVINCE. Therefore, the
PROVINCE agrees not to levy new taxes and/or royalties or to increase those existing as of the date of execution of these MINUTES OF AGREEMENT with 

 
regard to the activities to be performed at the UHEC BPO and the UHEC BPE (either directly or indirectly, through changes to applicable rates or the taxable base or the form of calculation
thereof, or by means of new interpretations or new criteria applied by the PROVINCE), or to levy new taxes and/or royalties in substitution for or that may supplement those in effect as of the date of execution of these MINUTES OF AGREEMENT. In the
event of replacement of the turnover tax with other provincial tax, the PROVINCE agrees not to increase the tax burden existing prior to such substitution. 

2.J. USE AND ENJOYMENT OF THE AREA: The PROVINCE shall use its best efforts to ensure that the CONCESSIONAIRES may use and quietly enjoy the
AREA of the UHEC BPO and the UHEC BPE in furtherance of a regular development of hydrocarbon activities. Upon occurrence of any event that is beyond the CONCESSIONAIRES’ reasonable control preventing them to carry out their operation on a
regular basis, the PARTIES shall discuss the taking of any such mitigation and/or facilitating actions as may enable performance of the obligations and potential suspension of the respective terms of these MINUTES OF AGREEMENT or the UHEC BPO or the
UHEC BPE. 
 2.K. CONCESSIONAIRES’ CONTRIBUTIONS: The CONCESSIONAIRES shall only pay, in addition to any such commitments further undertaken
herein, an Infrastructure Fee, for the UHEC BPO in the amount of UNITED STATES DOLLARS one million eight hundred and seventy-six thousand twenty-six (USD
1,876,026) and for the UHEC BPE in the amount of UNITED STATES DOLLARS nine hundred and twenty thousand two hundred and forty-eight (USD 920,248), which add up to UNITED STATES DOLLARS two million seven hundred and ninety-six thousand two hundred and seventy-four (USD 2,796,274). The Parties agree that the amount of UNITED STATES DOLLARS one million seven hundred and ninety-six
thousand two hundred and seventy-four (USD 1,796,274) shall be payable within ten (10) business days of the effective date of the MINUTES OF AGREEMENT and the amount of UNITED STATES DOLLARS one million (USD 1,000,000) shall be payable on
March 29, 2019. 
 2.L. CORPORATE SOCIAL RESPONSIBILITY: The CONCESSIONAIRES have offered cooperation with the PROVINCE by making contributions
of resources on account of Corporate Social Responsibility. For such purposes, the CONCESSIONAIRES shall pay to the PROVINCE as Corporate Social Responsibility for the UHEC BPO the amount of UNITED STATES DOLLARS two million six hundred and forty
thousand (USD 2,640,000) and for the UHEC BPE the amount of UNITED STATES DOLLARS one million two hundred and ninety-five thousand (USD 1,295,000), which amounts shall be payable in a lump sum within ten (10) business days of the
effective date of the MINUTES OF AGREEMENT. 
 SECTION 3: ENVIRONMENT. 

These MINUTES OF AGREEMENT are subject to National Laws No. 17319, 26197,27007 as amended, and their implementing decrees and applicable resolutions
governing hydrocarbon activities, and all environmental laws and regulations, including National Laws No. 25,675 -General Environmental Law-; 25841 on adhesion to the MERCOSUR’s Master Environmental
Agreement, which adheres to the International Conference on Environment and Development held at Rio de Janeiro in 1992; 24051, on Hazardous Wastes; 25612 on Comprehensive Industrial Waste Management; 25670, on Minimum Requirements for PBC Management
and Disposal; 25688 on Environmental Water Management Regime, and Provincial Laws 899; 1875; 2205; 2175; 2183 and 2600, as amended, their implementing decrees and applicable resolutions governing the preservation of the environment and the
respective enforcement authorities, who retain all authority and powers conferred under such laws and regulations, and they are subject to inspection, control, reporting requirements, resolutions and sanctions imposed thereby under such laws and
regulations. 

 SECTION 4: INFORMATION TO BE PROVIDED TO THE ENFORCEMENT AUTHORITY. 

For the term of these MINUTES OF AGREEMENT, the CONCESSIONAIRES shall deliver to the Enforcement Authority, as and when required, technical documents,
information and schedules, as set forth in national and provincial laws and regulations in effect. 
 SECTION 5: CURRENCY AND FORM OF PAYMENT 

Payments set forth in Section 2 (2.F, 2.K and 2.L) of these Minutes of Agreement denominated in US Dollars shall be made in Argentine Pesos at the offer
exchange rate posted by Banco de la Nación Argentina as of the close of business on the third business day prior to the date of payment and transfer thereof shall be made to the Checking Account held with Banco de la Provincia del
Neuquén S.A. No. 100/21 – PCIA DEL NQN – ADMINISTRACIÓN CENTRAL, CBU 09700222-11000001000212, held by Provincia del Neuquén (CUIT
30-99906894-0). 
 Payment of the Stamp Tax set forth in Section 2.H of
these Minutes of Agreement shall be transferred to the Checking Account held with Banco Provincia del Neuquén S.A. – DPR IMP AL SELLO, CBU 09700222-11000001050262, held by Ministerio de Economía de la Provincia del Neuquén
(CUIT 30-70751909-2). 
 The Hydrocarbon Royalties shall be paid in
accordance with the provisions of Section 2.G of these Minutes of Agreement and payment thereof shall be transferred to the Checking Account held with Banco de la Provincia del Neuquén S.A. No. 100/21 – PCIA DEL NQN
-ADMINISTRACIÓN CENTRAL, CBU 09700222-11000001000212, held by Provincia del Neuquén (CUIT 30-99906894-0) and/or the account(s) designated from time to time
by the General Office of Royalties (Dirección General de Regalías) of the Provincie of Neuquén. 
 SECTION 6: EFFECTIVE TERM
OF THE MINUTES OF AGREEMENT AND THE UHEC. 
 The representatives of the CONCESSIONAIRES execute these MINUTES OF AGREEMENT with sufficient powers for
these purposes. On the other hand, the representative of the PROVINCE executes these MINUTES OF AGREEMENT subject to approval from the Executive Branch of Government of the Province. 

These MINUTES OF AGREEMENT shall be documented and become effective upon notice to the CONCESSIONAIRES of the Executive Order issued by the Executive Branch
of Government of the Province whereby the MINUTES OF AGREEMENT are approved and the UHEC BPO and the UHEC BPE are awarded. 
 The UHEC BPO and the UHEC BPE
shall become effective on the date of such Executive Order. 
 The PARTIES represent that the authorization for the assignment from the company Pampa
Energía Sociedad Anónima, as holder of the Exploitation Concession over the area known as Bajada del Palo, of three point eighty-five percent (3.85%) of its interest in such Concession to the company Vista Oil & Gas Argentina
Sociedad Anónima is pending; and they establish that until consummation thereof pursuant to delivery of the relevant deed to the PROVINCE is not notified by any sufficient means, these MINUTES OF AGREEMENT shall not be approved by the
Executive Branch of Government of the Province. 
 If upon expiration of a ninety(90)-day term from execution
hereof, the Executive Branch of Government of the Province fails to issue the Executive Order that approves the MINUTES OF AGREEMENT and awards the UHEC BPO and the UHEC BPE above, any of the PARTIES may terminate these MINUTES OF AGREEMENT upon
notice to the other PARTY of its intention in such regard. 

 SECTION 7: EVENTS OF DEFAULT. 

Events of default incurred by the CONCESSIONAIRES: Upon occurrence of an event of default, the provisions of Sections 80, 87 et seq. and related sections of
Law 17319 shall apply. 
 The PARTIES expressly agree not to make any claims against each other for any damages or interest arising from failure to perform
the obligations hereunder if caused by an act of God or a force majeure event. (Sections 1730 and 1733 of the Argentine Civil and Commercial Code). 

SECTION 8: SUPPLEMENTARY PROVISIONS 
 a) Assignment. The
rights and obligations established in these MINUTES OF AGREEMENT may be assigned in whole or in part by the CONCESSIONAIRES, upon obtaining Authorization from the Enforcement Authority and shall be then applicable to any assignee (and its
successors) provided that an assignment of the exploitation concession is made pursuant to Section 72 of Law No. 17319. 
 b) Governing Law and
Dispute Resolution. The laws of the Argentine Republic shall be the governing law hereof. Any disputes among the PARTIES arising from or in connection with the MINUTES OF AGREEMENT and/or the UHEC BPO and/or the UHEC BPE shall be settled by
arbitration at law pursuant to the Arbitration Rules of the International Chamber of Commerce (ICC), before an arbitration panel consisting of three arbitrators designated in accordance with such rules. 

The arbitration shall be conducted in Spanish language in the City of Buenos Aires. The arbitration award shall final and unappealable. 

c) Amendment. These MINUTES OF AGREEMENT shall only be amended upon the express written consent of the Parties. 

d) Liability. The CONCESSIONAIRES undertake their respective obligations to the extent of their interests held in the UHEC BPO and the UHEC BPE and on a
joint basis. Upon occurrence of a full or partial breach of Section 2.K CONCESSIONAIRES’ CONTRIBUTIONS and 2.L. CORPORATE SOCIAL RESPONSIBILITY by any of the CONCESSIONAIRES, the PROVINCE, upon five (5) business days’ notice to
the breaching CONCESSIONAIRE to cure the potential default, shall have a right to impose a fine on such breaching CONCESSIONAIRE equal to 10% (ten percent) per month on the unpaid amount due. 

e) Costs. Each CONCESSIONAIRE shall pay its costs, expenses and taxes resulting from negotiation and performance of these MINUTES OF AGREEMENT. 

The PARTIES have executed these minutes of agreement in three counterparts, each of which shall be deemed an original and all of which taken together shall
constitute one and the same instrument, on the date and at the place first above written. 
  

	
	/s/
	Province of Neuquén
	
	/s/
	Apco Oil & Gas S.A.U.
	Gastón Remy
	Attorney-in-Fact
	
	/s/
	Vista Oil & Gas Argentina S.A.
	Gastón Remy
	Attorney-in-Fact

 EXHIBIT A

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