Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of February 19, 2013, by and among Emerald Oil, Inc.,
a Montana corporation (together with any successor entity thereto, the “Corporation”), WDE Emerald Holdings
LLC, a Delaware limited liability company (“WD Investor I”), and White Deer Energy FI L.P., a Cayman Islands
exempted limited partnership (together with WD Investor I, the “Investors” and each, an “Investor”).

 

RECITALS

 

WHEREAS,
pursuant to the Securities Purchase Agreement, dated February 1, 2013, between the Corporation and the Investors (the “Purchase
Agreement”), the Corporation agreed to issue and sell to the Investors and the Investors agreed to purchase from the
Corporation, 500,000 shares of Series A Perpetual Preferred Stock (the “Series A Shares”), 5,114,633 shares
of Series B Voting Preferred Stock (the “Series B Shares”) and warrants (the “Warrants” and,
together with the Series A Shares and Series B Shares, the “Purchased Securities”) to purchase 5,114,633 shares
of common stock, par value $0.001 per share, of the Corporation (the “Common Stock”); and

 

WHEREAS,
to induce the Investors to enter into the Purchase Agreement and to consummate the transactions contemplated therein, the Corporation
agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Investors.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties and agreements contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

 

1.Definitions.

 

As used in this Agreement,
the following terms shall have the following meanings:

 

“Affiliate”
means, with respect to any specified Person, (a) any Person beneficially owning ten percent (10%) or more of the outstanding voting
securities of such other Person, (b) any Person ten percent (10%) or more of whose outstanding voting securities are beneficially
owned by such other Person, or (c) any Person directly or indirectly controlling, controlled by or under common control with such
other Person.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Business
Day” means, with respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized
or obligated by applicable law, regulation or executive order to close.

 

    	 

    	 

    
 

“Closing Date”
means February 19, 2013, the date on which the transactions contemplated by the Purchase Agreement are consummated.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
has the meaning set forth in the preamble hereto.

 

“Corporation”
has the meaning set forth in the preamble hereto.

 

“Controlling
Person” has the meaning set forth in Section 6(a).

 

“Conversion
Securities” has the meaning set forth in Section 8(e).

 

“Effectiveness
Period” has the meaning set forth in Section 2(a)(i).

 

“End of Suspension
Notice” has the meaning set forth in Section 5(b).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto.

 

“Holder”
means each Investor or assignee thereof in accordance with Section 8(d) who is a record owner of any Registrable Securities.

 

“Indemnified
Party” has the meaning set forth in Section 6(c).

 

“Indemnifying
Party” has the meaning set forth in Section 6(c).

 

“Investor”
or “Investors” has the meaning set forth in the preamble hereto.

 

“Issuer Free
Writing Prospectus” has the meaning set forth in Section 4(d).

 

“Liabilities”
has the meaning set forth in Section 6(a).

 

“Liquidated
Damages Amount” means, with respect to the shares of Common Stock underlying the Warrants, an amount equal to one quarter
of one percent (0.25%) of the product of the exercise price per share of Common Stock underlying the Warrants times the number
of shares of Common Stock, or Common Stock underlying the Warrants, held by such Holder per 30-day period for the first sixty (60)
days, with such payment amount increasing by an additional one quarter of one percent (0.25%) of the product of the exercise price
per share of Common Stock underlying the Warrants times the number of shares of Common Stock, or Common Stock underlying the Warrants,
held by such Holder per 30-day period for each subsequent sixty (60) days, up to a maximum of one percent (1.00%) of the product
of the exercise price per share of Common Stock underlying the Warrants times the number of shares of Common Stock, or Common Stock
underlying the Warrants, held by such Holder per 30-day period. The Liquidated Damages Amount for any period of less than thirty
(30) days shall be prorated by multiplying the Liquidated Damages Amount to be paid in a full 30-day period by a fraction, the
numerator of which is the number of days for which such liquidated damages are owed, and the denominator of which is 30. The value
per share of Common Stock as of the Closing Date is subject to appropriate adjustments for any subdivision or combination of Common
Stock after the date thereof.

 

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“Notice”
has the meaning set forth in Section 2(a)(i).

 

“Person”
means an individual, partnership, corporation, limited liability company, trust, unincorporated organization, government or agency
or political subdivision thereof, or any other legal entity.

 

“Piggyback
Registration Statement” has the meaning set forth in Section 2(c).

 

“Proceeding”
means an action, claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or, to the knowledge of the Person subject thereto, threatened.

 

“Prospectus”
means the prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and
supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference, if any, in such prospectus.

 

“Purchase
Agreement” has the meaning set forth in the preamble hereto.

 

“Purchaser
Indemnitee” has the meaning set forth in Section 6(a).

 

“Registrable
Securities” means the shares of Common Stock that may be issued to the Investors upon exercise of the Warrants (including
any PIK Warrants (as defined in the Purchase Agreement) issued pursuant to Section 1.4 thereof), and any securities issued in respect
of such Registrable Securities by reason of or in connection with any dividend, distribution, split, purchase in any rights offering
or in connection with any exchange for or replacement of such Registrable Securities or any combination of securities, recapitalization,
merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect
to the Registrable Securities until, with respect to such Registrable Security, the earliest to occur of (a) the date on which
it has been first registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement
relating to it, (b) the date on which either it is distributed to the public pursuant to Rule 144 (or any similar provision then
in effect) or, in the opinion of counsel to the Corporation, is eligible for sale pursuant to Rule 144 in a single sale without
any limitation as to volume, manner of sale or current public information with respect to the Corporation, (c) the date on which
the Holder of such Registrable Securities no longer beneficially owns at least one percent (1%) of the total number of shares of
Common Stock outstanding (or Warrants exercisable for such number of shares of Common Stock) or (d) the date on which such Registrable
Security is redeemed by the Corporation.

 

“Registration
Expenses” means any and all expenses incident to the performance of or compliance by the Corporation with this Agreement,
including, without limitation, (a) all Commission, securities exchange, listing, inclusion and filing fees, (b) all fees and expenses
incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation,
any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification
of any of the Registrable Securities and the preparation of a blue sky memorandum), (c) all expenses in preparing or assisting
in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents
relating to the performance under and compliance with this Agreement, (d) all fees and expenses incurred in connection with the
listing or inclusion of any of the Registrable Securities on any securities exchange or inter-dealer quotation system pursuant
to Section 4(a)(xi) of this Agreement, (e) the fees and disbursements of counsel for the Corporation and of the independent public
accountants of the Corporation (including, without limitation, the expenses of any special audit and “comfort” letters
required by or incident to such performance), and (f) all “road show” expenses; provided, however, that Registration
Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, fees and expenses of counsel for
the Holders, and all transfer taxes relating to the sale or disposition of Registrable Securities by a Holder.

 

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“Registration
Statement” means any registration statement of the Corporation that covers the resale of Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such registration statement.

 

“Resale Registration
Statement” has the meaning set forth in Section 2(a)(i).

 

“Rule 144”
means Rule 144, and any of its referenced paragraphs, promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto
having substantially the same effect as such rule.

 

“Rule 158”
means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 457”
means Rule 457 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

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“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 

“Suspension
Event” has the meaning set forth in Section 5(b).

 

“Suspension
Notice” has the meaning set forth in Section 5(b).

 

“Underwritten
Offering” means a sale of securities of the Corporation to an underwriter or underwriters for reoffering to the public.

 

“WD Investor
I” has the meaning set forth in the preamble hereto.

 

“WKSI”
has the meaning set forth in Section 2(b)(iii).

 

2.Registration
Rights.

 

(a)Mandatory
Resale Registration.

 

(i)At
any time on or after the date that is ninety (90) days after the Closing Date, upon the written request (a “Notice”)
of any Holder or Holders holding individually or collectively at least a majority of the then outstanding Registrable Securities,
the Corporation shall file under the Securities Act, within thirty (30) days after receiving such Notice, a registration statement
on an appropriate form providing for the resale of any Registrable Securities pursuant to Rule 415 from time to time by the Holders
(a “Resale Registration Statement”). The Company shall use its commercially reasonable efforts to cause such
Resale Registration Statement to be declared effective by the Commission within one hundred twenty (120) days after the filing
thereof; provided that sales pursuant to the Resale Registration Statement shall be subject to the restrictions in Section
2(d)(iv) to the extent applicable. Any Resale Registration Statement shall provide for the resale from time to time, and pursuant
to any method or combination of methods legally available by the Holders of any and all Registrable Securities. Subject to the
other provisions of this Agreement, the Corporation shall cause the Resale Registration Statement filed pursuant to this Section
2(a)(i) to be continuously effective, supplemented and amended to the extent necessary to ensure that it is available for the resale
of all Registrable Securities by the Holders and that it conforms in all material respects to the requirements of the Securities
Act during the entire period beginning on the date the Resale Registration Statement is first declared effective under the Securities
Act and ending on the date on which all Registrable Securities have ceased to be Registrable Securities (the “Effectiveness
Period”).

 

(ii)Amendment
on Form S-3 to Registration Statement on Form S-1. If the Resale Registration Statement filed pursuant to Section 2(a)(i) is
on Form S-1, then the Corporation may, at any time it is eligible to do so, file a post-effective amendment on Form S-3 to the
Resale Registration Statement on Form S-1 for the resale of any then existing Registrable Securities or in any such other manner
as is preferred or permitted by the Commission to convert the Resale Registration Statement on Form S-1 to a Resale Registration
Statement on Form S-3. Upon the effectiveness of the Resale Registration Statement on Form S-3, all references to the Resale Registration
Statement in this Agreement shall then automatically be deemed to be a reference to the Resale Registration Statement on Form S-3.

 

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(b)Delay
in Filing or Effectiveness of Resale Registration Statement.

 

(i)If
the Company fails to file the Resale Registration Statement with the Commission within the period specified in Section 2(a)(i),
then each Holder will be entitled to a payment, as liquidated damages and not a penalty, of the Liquidated Damages Amount, but
only with respect to shares of Common Stock or Common Stock underlying the Warrants then held by such Holder and not included in
an effective Registration Statement, for a period beginning on the day after the deadline for filing the Resale Registration Statement
and lasting until such time as the Resale Registration Statement is filed.

 

(ii)If
the Resale Registration Statement does not become or is not declared effective within the period specified in Section 2(a)(i),
then each Holder will be entitled to a payment, as liquidated damages and not a penalty, of the Liquidated Damages Amount, but
only with respect to shares of Common Stock or Common Stock underlying the Warrants then held by such Holder and not included in
an effective Registration Statement, for the period beginning on the day after such deadline for effectiveness of the Resale Registration
Statement and lasting until such time as the Resale Registration Statement is declared effective.

 

(iii)The
aggregate Liquidated Damages Amount payable to each Holder shall be paid to each Holder in immediately available funds within ten
(10) Business Days after the end of each applicable 30-day period. Any payments pursuant to this Section 2(b) shall constitute
the Holders’ exclusive remedy for such events; provided, however, that if the Corporation certifies that it
is unable to pay aggregate Liquidated Damages Amount in cash or immediately available funds because such payment would result in
a breach under any of the Corporation’s credit facilities or other indebtedness filed as exhibits to the Corporation’s
reports filed under the Securities Act or the Exchange Act, then the Corporation may pay the aggregate Liquidated Damages Amount
in kind in the form of the issuance of additional shares of Common Stock. Upon any issuance of shares of Common Stock as liquidated
damages, the Corporation shall promptly prepare and file an amendment to the Resale Registration Statement prior to its effectiveness
to include such shares of Common Stock issued as liquidated damages as additional Registrable Securities. If shares of Common Stock
are issued as liquidated damages after the Resale Registration Statement has been declared effective, the Corporation shall have
no obligation to prepare and file a post-effective amendment to the Resale Registration Statement to include such shares nor shall
the Corporation be obligated in any way to file a new registration statement for such shares; however if the Corporation is a well-known
seasoned issuer (as defined in the rules and regulations of the Commission) (“WKSI”), the Corporation shall
be obligated to provide the Holder notice and offer to include such shares in any Piggyback Registration Statement. All shares
of Common Stock issued as Liquidated Damages Amounts shall be considered in the calculation of any subsequent Liquidated Damages
Amounts. The determination of the number of shares of Common Stock to be issued as the aggregate Liquidated
Damages Amount shall be equal to the aggregate Liquidated Damages Amount divided by the average of the closing sale price
per share for the Common Stock (or if the Common Stock is not listed or traded on a national securities exchange, the average of
the last reported bid and ask prices per share) for each of the ten (10) consecutive trading days ending on the trading day immediately
preceding such date of determination.

 

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(c)Public
Offering.

 

(i)If
the Corporation proposes to file:

 

(A)a
registration statement on Form S-1, or such other form under the Securities Act, providing for the public offering of Common Stock,
for its own account or for the account of a selling stockholder, for sale to the public in an Underwritten Offering, excluding
the Resale Registration Statement, a registration statement on Form S-4 or Form S-8 promulgated under the Securities Act (or any
successor forms thereto), a registration statement for the sale of Common Stock issued upon conversion of debt securities or any
other form not available for registering the Registrable Securities for sale to the public; or

 

(B)a
prospectus supplement to an effective shelf Registration Statement, so long as the Corporation is a WKSI at such time or, whether
or not the Corporation is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf Registration
Statement or are included on an effective Resale Registration Statement;

 

then, in each case with respect
to an Underwritten Offering of Common Stock, the Corporation will notify each Holder of the proposed filing and afford each Holder
an opportunity to include in such Registration Statement (the “Piggyback Registration Statement”) all or any
part of the shares of Common Stock that constitute Registrable Securities then held by such Holder that may properly be offered
on such Piggyback Registration Statement. Each Holder desiring to include in the Piggyback Registration Statement all or part of
such shares of Common Stock held by such Holder that may be included in the Piggyback Registration Statement shall, within ten
(10) days after receipt of the above-described notice from the Corporation in the case of a filing of a Registration Statement
and within two (2) Business Days after the day of receipt of the above-described notice from the Corporation in the case of a filing
of a prospectus supplement to an effective shelf Piggyback Registration Statement with respect to an Underwritten Offering, so
notify the Corporation in writing, and in such notice shall inform the Corporation of the number of shares of Common Stock such
Holder wishes to include in the Piggyback Registration Statement and provide the Corporation with such information with respect
to such Holder as shall be reasonably necessary in order to assure compliance with federal and applicable state securities laws.
Any election by any Holder to include any shares of Common Stock that constitute Registrable Securities in the Piggyback Registration
Statement will not affect the inclusion of such Registrable Securities in the Resale Registration Statement until such Registrable
Securities have been sold under the Piggyback Registration Statement.

 

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(ii)Right
to Terminate Registration. The Corporation shall have the right, in its sole discretion, to terminate or withdraw the Piggyback
Registration Statement initiated by it referred to in this Section 2(c) prior to the effectiveness of such registration (or pricing
in the event of an Underwritten Offering pursuant to an effective shelf Registration Statement) whether or not any Holder has elected
to include Registrable Securities in such registration.

 

(iii)Resale
Registration not Impacted by Piggyback Registration Statement. The Corporation’s obligation to file the Resale Registration
Statement pursuant to Section 2(a)(i) shall not be affected by the filing or effectiveness of the Piggyback Registration Statement.

 

(d)Underwriting.

 

(i)Resale
Registration. In the event that one or more Holders elect to dispose of shares of Common Stock that constitute Registrable
Securities under the Resale Registration Statement pursuant to an Underwritten Offering and such Holders reasonably anticipate
gross proceeds from such Underwritten Offering of at least $20,000,000, in the aggregate, the Corporation shall take all such reasonable
actions as are requested by the managing underwriter in order to expedite and facilitate the registration and disposition of such
shares of Common Stock, including the Corporation causing appropriate officers of the Corporation or its Affiliates to participate
in a targeted “road show” or similar limited marketing effort being conducted by such managing underwriter with respect
to such Underwritten Offering; provided that the Corporation shall not be required to cause appropriate officers of the
Corporation or its Affiliates to participate in a “road show” or similar marketing effort being conducted by such managing
underwriter with respect to such Underwritten Offering unless such Holders reasonably anticipate gross proceeds from such Underwritten
Offering of at least $30,000,000; and provided, further, that the Corporation shall not be required to cause appropriate
officers of the Corporation or its Affiliates to participate in a “road show” with respect to Underwritten Offerings
under Resale Registration Statements more than once in any six-month period.

 

(ii)Piggyback
Registration. If the Registration Statement (or prospectus supplement with respect to an Underwritten Offering pursuant to
an effective shelf Registration Statement) under which the Corporation gives notice under Section 2(b) is for an Underwritten
Offering, then the Corporation shall so advise the Holders of shares of Common Stock that constitute Registrable Securities. Notwithstanding
any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require
a limitation on the number of securities to be included, then the managing underwriter(s) may exclude securities (including such
shares of Common Stock) from the Piggyback Registration Statement and Underwritten Offering, and any securities included in such
Piggyback Registration Statement and Underwritten Offering shall be allocated first, to the Corporation, and second, to each of
the Holders requesting inclusion of their eligible shares of Common Stock in such Piggyback Registration Statement and other holders
of securities of the Corporation (on a pro rata basis based on the total number of shares of Common Stock then held by each
such Holder of Common Stock who is requesting inclusion).

 

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(iii)General
Procedures. Any Holder’s right to include its shares of Common Stock that constitute Registrable Securities in a Resale
Registration Statement pursuant to Section 2(a)(i) or a Piggyback Registration Statement pursuant to Section 2(b) shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s eligible shares of Common
Stock in the underwriting to the extent provided herein. All Holders proposing to distribute their eligible shares of Common Stock
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected
for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements
and other documents reasonably required under the terms of such underwriting, and furnish to the Corporation such information as
the Corporation may reasonably request in writing for inclusion in the Piggyback Registration Statement or Resale Registration
Statement, as the case may be; provided, however, that no Holder shall be required to make any representations or warranties
to or agreements with the Corporation or the underwriters other than representations, warranties or agreements regarding such Holder,
its holdings and such Holder’s intended method of distribution and any other representation required by law.

 

(iv)Market
Stand-Off. Regardless of whether a Holder elects to include shares of Common Stock that constitute Registrable Securities in
an Underwritten Offering, each Holder of Registrable Securities hereby agrees that it shall not, to the extent requested by the
Corporation or an underwriter of securities of the Corporation, directly or indirectly sell, offer to sell (including without limitation
any short sale or hedging or similar transaction with the same economic effect as a sale), grant any option or otherwise transfer
or dispose of any Registrable Securities or other securities of the Corporation or any securities convertible into or exchangeable
or exercisable for Common Stock of the Corporation then owned by such Holder (other than to donees, partners or members of the
Holder who agree to be similarly bound) for a period not to exceed ninety (90) days following the effective date of a registration
statement for an Underwritten Offering or the date of a prospectus supplement filed with the Commission with respect to the pricing
of an Underwritten Offering, other than the sale or distribution of shares of Common Stock that constitute Registrable Securities
in such Underwritten Offering; provided, however, that:

 

(A)such
period shall in no event be greater than that which applies to executive officers and directors of the Corporation;

 

(B)the
Holders shall be allowed any concession or proportionate release allowed to any of the Corporation’s officers or directors
that entered into similar agreements (with such proportion being determined by dividing the number of shares of Common Stock being
released with respect to such officer or director by the total number of issued and outstanding shares of Common Stock held by
such officer or director); and

 

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(C)this
Section 2(d)(iv) shall not apply to Underwritten Offerings solely for the account of another selling stockholder (other than a
Holder) or in the event the Corporation is not selling at least $20,000,000 worth of Common Stock.

 

In order to enforce the foregoing
covenant, the Corporation shall have the right to impose stop transfer instructions with respect to the Registrable Securities
and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until
the end of such period, and each Holder agrees, upon request by the managing underwriter of securities of the Company, to enter
into a written lock-up or similar agreement with the managing underwriter of securities of the Corporation for a period not to
exceed ninety (90) days following the effective date of a registration statement for an Underwritten Offering or the date of a
prospectus supplement filed with the Commission with respect to the pricing of an Underwritten Offering, other than the sale or
distribution of shares of Common Stock that constitute Registrable Securities in such Underwritten Offering.

 

(v)Withdrawal.
If any Holder disapproves of the terms of an Underwritten Offering, such Holder may elect to withdraw therefrom by written notice
to the Corporation and the managing underwriter delivered (A) prior to the commencement of any marketing efforts for the Underwritten
Offering or (B) at any time up to and including the time of pricing of the Underwritten Offering if the price to the public at
which the Registrable Securities are proposed to be sold is less than ninety-five percent (95%) of the average of the closing sale
price per share for the Common Stock (or if the Common Stock is not listed or traded on a national securities exchange, the average
of the last reported bid and ask prices per share) for each of the ten (10) consecutive trading days ending on the trading day
immediately preceding the fourth trading day prior to commencement of the marketing efforts for the Underwritten Offering.

 

The
Holder may agree to waive this right to withdraw with the Corporation, the underwriters or any custodial agent in any custody agreement
and/or power of attorney executed by such Holder in connection with the underwriting. Any Registrable Securities excluded or withdrawn
from such underwriting shall be excluded and withdrawn from such Registration Statement. No such withdrawal shall affect the Corporation’s
obligation to pay all Registration Expenses, as described in Section 2(e) below.

 

(vi)Selection
of Underwriter. In connection with any Underwritten Offering under Section 2(c)(i), the Board of Directors of the Corporation
shall have the sole right to select the managing underwriter(s) for each Underwritten Offering, which shall all be nationally recognized
firms. Notwithstanding the above, if White Deer Energy L.P. or any of its Affiliates is the Holder and is selling shares of Common
Stock in such Underwritten Offering for its own account and such shares constitute sixty-six and two-thirds percent (662⁄3%)
of the shares sold in such Underwritten Offering, and so long as White Deer Energy L.P. or any of its Affiliates has a board designee
on the Board of Directors pursuant to Section 4.9 of the Purchase Agreement, then the Investor Director (as defined in the Purchase
Agreement) shall have the right to select the managing underwriter(s) in their sole discretion.

 

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(e)Expenses.
The Corporation shall pay all Registration Expenses in connection with the registration of the Registrable Securities pursuant
to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall pay all transfer taxes payable
by such Holder and bear such Holder’s proportionate share (based on the total number of Registrable Securities sold in such
registration) of all discounts and commissions payable to underwriters or brokers in connection with a registration of Registrable
Securities pursuant to this Agreement.

 

3.Rule
144 Reporting.

 

With a view to making
available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable
Securities to the public without registration, the Corporation agrees to:

 

(a)use
commercially reasonable efforts to make and keep available adequate current public information, as those terms are understood and
defined in Rule 144, at all times after the Closing Date;

 

(b)use
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed
by the Corporation under the Securities Act and the Exchange Act (at any time that it is subject to such reporting requirements);
and

 

(c)so
long as a Holder owns any Registrable Securities, to furnish to the Holder promptly upon request (i) a written statement by the
Corporation as to its compliance with the reporting requirements of Rule 144 (at any time ninety (90) days after the Closing Date)
and of the Securities Act and the Exchange Act, and (ii) such other reports and documents of the Corporation as a Holder may reasonably
request and that are not otherwise publicly filed with the Commission or available on the Corporation’s website in availing
itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Securities without registration.

 

4.Registration
Procedures.

 

(a)In
connection with the obligations of the Corporation with respect to any registration pursuant to this Agreement, (x) the Corporation
shall use its commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Securities
under the Securities Act to permit the sale of such Registrable Securities by the Holder or Holders in accordance with the Holder’s
or Holders’ intended method or methods of distribution, and (y) the Corporation shall:

 

(i)Prepare
and file with the Commission a Registration Statement and use its commercially reasonable efforts to cause such Registration Statement
to become effective as soon as practicable after filing and to remain effective, subject to Section 2(b)(ii) and Section 5, until
there are no Registrable Securities outstanding;

 

(ii)subject
to Section 4(a)(vii) and Section 5, (A) prepare and file with the Commission such amendments and post-effective amendments to each
such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section
4(a)(i), (B) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented
to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act, and (C) amend or supplement
each such Registration Statement to include the Corporation’s quarterly and annual financial information and other material
developments (until the Corporation is eligible to incorporate such information by reference into the Registration Statement),
during which time sales of the Registrable Securities under the Registration Statement will be suspended until such amendment or
supplement is filed and, in the case of an amendment, is effective;

 

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(iii)furnish
to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, if any, and any amendment
or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or
other disposition of the Registrable Securities;

 

(iv)use
its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable
Securities by the time the applicable Registration Statement is declared effective by the Commission under all applicable state
securities or blue sky laws of such jurisdictions in the United States as any Holder of Registrable Securities covered by a Registration
Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period
such Registration Statement is required to be kept effective pursuant to Section 4(a)(i) and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of
such Registrable Securities owned by such Holder; provided, however, that the Corporation shall not be required to (A) qualify
generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise
be required to qualify but for this Section 4(a)(iv) and except as may be required by the Securities Act, (B) subject itself to
taxation in any such jurisdiction, or (C) submit to the general service of process in any such jurisdiction;

 

(v)notify
each Holder promptly and, if requested by any Holder, confirm such advice in writing (A) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission
or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (C) of any request by the Commission or any other federal, state or foreign governmental authority
for amendments or supplements to a Registration Statement or related Prospectus or for additional information, and (D) of the happening
of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related
Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein not misleading (which notice may be
in the form of a Suspension Notice under Section 5(b));

 

    	12

    	 

    
 

(vi)except
as provided in Section 5, use commercially reasonable efforts to obtain the withdrawal of any order enjoining or suspending the
use or effectiveness of a Registration Statement or suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable;

 

(vii)except
as provided in Section 5, upon the occurrence of any event contemplated by Section 4(a)(v)(D), use its commercially reasonable
efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading;

 

(viii)in
the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters a signed counterpart,
addressed to the underwriters, of (A) an opinion of counsel for the Corporation, dated the date of each closing under the underwriting
agreement, in customary form and reasonably satisfactory to the underwriters, and (B) a “comfort” letter, dated the
date of the final prospectus supplement for such offering or, if there is no prospectus supplement, the effective date of such
Registration Statement and the date of each closing under the underwriting agreement, signed by the independent registered public
accounting firm that has certified the Corporation’s financial statements included in such Registration Statement, covering
substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect
to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered
to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably
request;

 

(ix)in
the case of an Underwritten Offering, enter into an underwriting agreement in customary form with the underwriters and take all
other action required thereunder in order to expedite or facilitate the distribution of the Registrable Securities included in
such Registration Statement and make representations and warranties to the underwriters in such form and scope as are customarily
made by issuers to underwriters in such underwritten offerings and confirm the same to the extent customary if and when requested;

 

(x)make
available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition
pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial
and other records, pertinent corporate documents and properties of the Corporation and cause the respective officers, directors
and employees of the Corporation to supply all information reasonably requested by any such representatives, the representative
of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that
such records, documents or information that the Corporation determines, in good faith, to be confidential and notifies such representatives,
representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by the representatives,
representative of the underwriters, counsel thereto or accountants unless (A) the disclosure of such records, documents or information
is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (B) the release of such
records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (C)
such records, documents or information have been generally made available to the public;

 

    	13

    	 

    
 

(xi)if
the Corporation is then publicly listed or traded, use its commercially reasonable efforts to list or include shares of Common
Stock that constitute Registrable Securities on the primary national securities exchange or inter-dealer quotation system on which
similar securities issued by the Corporation are then listed or traded, or if the Corporation is not then publicly listed but the
Corporation meets the criteria for listing on such exchange or market, use its commercially reasonable
efforts to list or include the Common Stock on the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select
Market or the NYSE MKT (as soon as practicable), as selected by the Corporation, including seeking to cure in its listing or inclusion
application any deficiencies cited by the exchange or market, and thereafter maintain the listing on such exchange;

 

(xii)prepare
and file all documents and reports required by the Exchange Act and, to the extent the Corporation’s obligation to file such
reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration
Statement as required by Section 4(a)(i), the Corporation shall voluntarily file such reports pursuant to Section 15(d) of the
Exchange Act through the effectiveness period required by Section 4(a)(i);

 

(xiii)provide
a CUSIP number for all Registrable Securities, not later than the effective date of the Registration Statement;

 

(xiv)(A)
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and (B)
make generally available to its securityholders, as soon as reasonably practicable, earnings statements covering at least twelve
(12) months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under
the Securities Act) thereunder;

 

(xv)provide
and cause to be maintained a registrar and transfer agent for all Registrable Securities; and

 

(xvi)in
connection with any sale or transfer of the Registrable Securities (whether or not pursuant to a Registration Statement) that will
result in the securities being delivered no longer being Registrable Securities, cooperate with the Holders and the representative
of the underwriters, if any, to facilitate the timely preparation and delivery of any certificates representing the Registrable
Securities to be sold and to enable such Registrable Securities to be in such denominations and registered in such names as the
representative of the underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the
Registrable Securities; provided that such Holder shall have provided the Corporation with any documents that are reasonably
requested by the Corporation.

 

    	14

    	 

    
 

(b)The
Corporation may require, and it shall be a condition precedent to the obligations of the Corporation to take any action pursuant
to Section 2, with respect to the Registrable Securities of any selling Holder, that each selling Holder furnish to the
Corporation such information regarding itself, the Registrable Securities held by it and the intended method of disposition of
such securities as shall be required to effect the registration of its Registrable Securities. In addition, if requested by the
Corporation or the representative of the underwriters of securities of the Corporation, each Holder shall provide, within ten (10)
days of such request, such information as may be required by the Corporation or such representative in connection with the completion
of any public offering of the Corporation’s securities pursuant to a Registration Statement filed under the Securities Act.
Each Holder further agrees to furnish promptly to the Corporation in writing all information required from time to time to make
the information previously furnished by such Holder not misleading. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation
or implementation of this Agreement.

 

(c)Each
Holder agrees that, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Sections
4(a)(v)(C) or 4(a)(v)(D), such Holder will immediately discontinue disposition of Registrable Securities pursuant to a Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by the Corporation,
such Holder will deliver to the Corporation (at the expense of the Corporation) all copies in its possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time
of receipt of such notice.

 

(d)The
Corporation agrees that, unless it obtains the prior consent of Holders of a majority of the Registrable Securities that are registered
under a Registration Statement at such time or the consent of the managing underwriter in connection with any Underwritten Offering
of shares of Common Stock that constitute Registrable Securities, it will not make any offer relating to the Common Stock that
would constitute an “issuer free writing prospectus,” as defined in Rule 433, or that would otherwise constitute
a “free writing prospectus,” as defined in Rule 405 (an “Issuer Free Writing Prospectus”),
required to be filed with the Commission. Each Holder represents and agrees that, unless it obtains the prior consent of the Corporation
and any such underwriter, it will not make any offer relating to the Registrable Securities that would constitute an Issuer Free
Writing Prospectus.

 

5.Black-Out
Period.

 

(a)Anything
in this Agreement to the contrary notwithstanding, subject to the provisions of this Section 5, following the effectiveness of
a Registration Statement, the Corporation may direct the Holders in accordance with Section 5(b) to suspend sales of the Registrable
Securities pursuant to a Registration Statement for such times as the Corporation reasonably may determine is necessary and advisable
(but for no more than an aggregate of one hundred (120) days in any rolling 12-month period commencing on the Closing Date (provided
that no more than sixty (60) days of such one hundred twenty (120) days may be as a result of the following events (after excluding
the days between the filing of any post-effective amendment to a registration statement with the Commission as a result of such
events through the day such post-effective amendment is declared effective)) or for more than sixty (60) days in any rolling 90-day
period as a result of such events (after excluding the days between the filing of any post-effective amendment to a registration
statement with the Commission as a result of such events through the day such post-effective amendment is declared effective),
if any of the following events shall occur: (i) a majority of the members of the Board of Directors of the Corporation shall have
determined in good faith that (A) the offer or sale of any Registrable Securities would materially impede, delay or interfere with
any proposed acquisition, merger, tender offer, business combination, corporate reorganization, consolidation or other significant
transaction involving the Corporation, (B) upon the advice of counsel, the sale of Registrable Securities pursuant to the Registration
Statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law,
and (C) either (1) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction, (2)
disclosure would have a material adverse effect on the Corporation or the Corporation’s ability to consummate such transaction,
or (3) the proposed transaction renders the Corporation unable to comply with Commission requirements; (ii) a majority of the members
of the Board of Directors of the Corporation shall have determined in good faith that (A) the Prospectus included in the Registration
Statement contains a material misstatement or omission as a result of an event that has occurred subsequent to the date of such
Prospectus and is continuing; and (B) the disclosure of this material non-public information would be detrimental to the Corporation;
(iii) a majority of the members of the Board of Directors of the Corporation shall have determined in good faith, upon the
advice of counsel, that it is required by law, rule or regulation to supplement the Registration Statement or file a post-effective
amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of
(A) including in the Registration Statement any Prospectus required under Section 10(a)(3) of the Securities Act, (B) reflecting
in the Prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration
Statement (or of the most-recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change
in the information set forth therein, or (C) including in the Prospectus included in the Registration Statement any material information
with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information;
or (iv) a majority of the members of the Board of Directors of the Corporation shall have determined to convert the Resale
Registration Statement on Form S-1 to a Resale Registration Statement on Form S-3. In addition, the Corporation may direct the
Holders in accordance with Section 5(b) to suspend sales of the Registrable Securities pursuant to a Registration Statement from
time to time under Section 4(a)(ii) and Section 4(c). Upon the occurrence of any such suspension under clauses (iii) or (iv), the
Corporation shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly
amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed
use of the Registration Statement compatible with the Corporation’s best interests, as applicable, so as to permit the Holders
to resume sales of the Registrable Securities as soon as reasonably practicable.

 

    	15

    	 

    
 

(b)In
the case of an event that causes the Corporation to suspend the use of a Registration Statement (a “Suspension Event”),
the Corporation shall give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable
Securities. The Holders shall not effect any sales of the Registrable Securities pursuant to such Registration Statement (or such
filings) at any time after they have received a Suspension Notice from the Corporation and prior to receipt of an End of Suspension
Notice (as defined below). If so directed by the Corporation, each Holder will deliver to the Corporation (at the expense of the
Corporation) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the
Registrable Securities at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable
Securities pursuant to the Registration Statement (or such filings) following further notice to such effect (an “End of
Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders
in the manner described above promptly following the conclusion of any Suspension Event and its effect. The Corporation shall not
be required to specify in the written notice to the Holders the nature of the event giving rise to the suspension period. Holders
hereby agree to hold in confidence any communications in response to a notice of, or the existence of any fact or any event giving
rise to the suspension period.

 

(c)Notwithstanding
any provision herein to the contrary, if the Corporation shall give a Suspension Notice pursuant to this Section 5, the Corporation
agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice
to and including the date of receipt by the Holders of the End of Suspension Notice and copies of the supplemented and amended
Prospectus necessary to resume sales.

 

6.Indemnification
and Contribution.

 

(a)The
Corporation agrees to indemnify and hold harmless (i) each Holder of Registrable Securities and any underwriter (as determined
in the Securities Act) for such Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any of the Persons referred to in this clause
(ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors,
partners, members, employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in
clause (i), (ii) or (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent
lawful, from and against any and all losses, claims, damages, judgments, actions, reasonable out-of-pocket expenses, and other
liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable
out-of-pocket costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser
Indemnitee to the extent provided herein, joint or several, directly or indirectly related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or
Prospectus (as amended or supplemented if the Corporation shall have furnished to such Purchaser Indemnitee any amendments or supplements
thereto), or any Issuer Free Writing Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus or any
other document prepared by or with the Corporation for use in selling the securities, or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon (x) any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser
Indemnitee furnished to the Corporation or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, (y)
any sales by any Holder after the delivery by the Corporation to such Holder of a Suspension Notice and before the delivery by
the Corporation of an End of Suspension Notice, or (z) the failure by a Purchaser Indemnitee to deliver a Prospectus, if delivery
is otherwise required. The Corporation shall notify the Holders promptly of the institution, threat or assertion of any claim,
proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the
matters addressed by this Agreement which involves the Corporation or a Purchaser Indemnitee. The indemnity provided for herein
shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee.

 

    	16

    	 

    
 

(b)In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder agrees, severally
and not jointly, to indemnify and hold harmless the Corporation, each Person who controls the Corporation within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective officers, directors, partners, members,
employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the
Corporation to each Purchaser Indemnitee, but only with reference to (i) untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the
Corporation in writing by such Holder expressly for use in any Registration Statement or Prospectus, any amendment or supplement
thereto, any Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus, (ii) any
sales by such Holder after the delivery by the Corporation to such Holder of a Suspension Notice and before the delivery by the
Corporation of an End of Suspension Notice, or (iii) the failure by a Purchaser Indemnitee to deliver a Prospectus, if required.
The liability of any Holder pursuant to this subsection shall in no event exceed the gross proceeds received by such Holder from
sales of Registrable Securities giving rise to such obligations.

 

(c)If
any Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnity may be sought pursuant to subsection (a) or (b) above, such Person (the “Indemnified
Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”),
in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability
which it may have under this Section 6, except to the extent the Indemnifying Party is materially prejudiced by the failure to
give notice), and the Indemnifying Party shall be entitled to assume the defense thereof and retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such
proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding. Notwithstanding
the foregoing, in any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party
shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice
of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii)
the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties
to any such action (including any impleaded parties), include both such Indemnified Party and the Indemnifying Party, or any Affiliate
of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may
be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party
or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party
or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct
the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
(in addition to any local counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified
Parties who sold a majority of the Registrable Securities sold by all such Indemnified Parties and any such separate firm for the
Corporation, the directors, the officers and such control Persons of the Corporation as shall be designated in writing by the Corporation).
The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent
shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying
Party agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, which consent shall not be unreasonably
withheld, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding.

 

    	17

    	 

    
 

(d)If
the indemnification provided for in subsections (a) and (b) of this Section 6 is for any reason held to be unavailable to an Indemnified
Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient
to hold harmless a party indemnified thereunder, then each Indemnifying Party under such subsections, in lieu of indemnifying such
Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities
(i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying
Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party,
as well as any other relevant equitable considerations. The relative fault of the Corporation on the one hand and any Purchaser
Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Corporation
or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.

 

    	18

    	 

    
 

(e)The
parties agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation
that does not take account of the equitable considerations referred to in Section 6(d). The amount paid or payable by an Indemnified
Party as a result of any Liabilities referred to in Section 6(d) shall be deemed to include, subject to the limitations set forth
above, any reasonable out-of-pocket legal or other expenses actually incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee
be required to contribute any amount in excess of the amount by which proceeds received by such Purchaser Indemnitee from sales
of Registrable Securities exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each Person,
if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) a Holder of
Registrable Securities shall have the same rights to contribution as such Holder, as the case may be, and each Person, if any,
who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Corporation, and
each officer, director, partner, member, employee, representative and agent of the Corporation shall have the same rights to contribution
as the Corporation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any Proceeding
against such party in respect of which a claim for contribution may be made against another party or parties, notify each party
or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party
or parties from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except
to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation.

 

(f)The
indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying Parties
may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitees’ obligations to contribute pursuant
to this Section 6 are several in proportion to the respective number of securities sold by each of the Purchaser Indemnitees hereunder
and not joint.

 

7.Limitations
on Subsequent Registration Rights.

 

From and after the
date of this Agreement, the Corporation shall not, without the prior written consent of Holders beneficially owning not less than
two-thirds (2/3) of the then outstanding Registrable Securities, enter into any agreement with any holder or prospective holder
of any securities of the Corporation that would grant such holder registration rights senior to those granted to the Holders hereunder
with respect to Section 2(c).

 

    	19

    	 

    
 

8.Miscellaneous.

 

(a)Remedies.
In the event of a breach by the Corporation of any of its obligations under this Agreement, each Holder, in addition to being entitled
to exercise all rights provided herein, or granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Agreement. Subject to Section 6, the Corporation agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in
the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would
be adequate.

 

(b)Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Corporation
and Holders beneficially owning not less than two-thirds (2/3) of the then outstanding Registrable Securities. No amendment shall
be deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure
from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified
or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(c)Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing and delivered by facsimile (with
receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or e-mail (if an e-mail address
is provided by a Holder):

 

(i)if
to an Investor, to:

 

c/o White Deer Energy L.P.

667 Madison Ave., 4th Floor

New York, New York 10065

Attention: Thomas J. Edelman

Telephone: (212) 371-1117

Facsimile: (212) 888-6877

 

and

 

c/o White Deer Energy L.P.

700 Louisiana, Suite 4770

Houston, Texas 77002

Attention: James E. Saxton

Telephone: (713) 581-6906

Facsimile: (713) 581-6901

 

(ii)if
to the Corporation, to:

 

Emerald Oil, Inc.

1600 Broadway, Suite
1360

Denver, Colorado 80202

Attention: McAndrew
Rudisill

Telephone: (303) 323-0008

Facsimile: (303) 323-0008

 

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(d)Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties hereto. The rights to cause the Corporation to register Registrable Securities pursuant to this Agreement may be
assigned by a Holder to a transferee or assignee of Registrable Securities that (i) is a subsidiary, parent, general partner,
limited partner, member, or shareholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual
Holder, (iii) together with its Affiliates, acquires in excess of 1,000,000 shares of Common Stock (as adjusted for splits and
combinations) (or Warrants exercisable for such number of shares of Common Stock), or (iv) is an Affiliate of such Holder; provided,
however, that such transfer shall not be effective for purposes of this Agreement until (A) the transferor shall furnish to
the Corporation written notice of the name and address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned and (B) such transferee shall agree to be subject to all restrictions set forth in
this Agreement. Each Holder agrees that any transferee of any Registrable Securities shall be bound by Section 4(b) and Section
7, whether or not such transferee expressly agrees to be bound.

 

(e)Merger,
Amalgamation, Consolidation, Etc. of the Corporation. If the Corporation is a party to any merger, amalgamation, consolidation,
recapitalization, reorganization or otherwise pursuant to which the Registrable Securities are converted into or exchanged for
securities or the right to receive securities of any other person (“Conversion Securities”), the issuer of such
Conversion Securities shall assume (in a writing delivered to all Holders) all obligations of the Corporation hereunder. The Corporation
will not effect any merger, amalgamation, consolidation, recapitalization, reorganization or otherwise described in the immediately
preceding sentence unless the issuer of the Conversion Securities complies with this Section 8(e).

 

(f)Aggregation
of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement.

 

(g)Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    	21

    	 

    
 

(i)GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

(j)Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto
that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

 

(k)Entire
Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement, and is intended to be
a complete and exclusive statement of the agreement and understanding of the parties hereto, in respect of the subject matter contained
herein.

 

(l)Registrable
Securities Held by the Corporation. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities
is required hereunder, Registrable Securities held by the Corporation shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

 

(m)Adjustment
for Splits, etc. Wherever in this Agreement there is a reference to a specific number of securities with respect to any Registrable
Securities, then upon the occurrence of any subdivision, combination, or security dividend of such securities, the specific number
of securities with respect to any Registrable Securities so referenced in this Agreement shall automatically be proportionally
adjusted to reflect the effect on the outstanding securities of such class or series by such subdivision, combination, or security
dividend.

 

(n)Survival.
The indemnification and contribution obligations under Section 6 of this Agreement shall survive the termination of the Corporation’s
obligations under Section 2 of this Agreement.

 

(o)Attorneys’
Fees. In any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly
asserted as a defense, the prevailing party, as determined by the court or arbitrator(s), as the case may be, shall be entitled
to recover its reasonable attorneys’ fees in addition to any other available remedy.

 

[Signature Page Follows.]

 

    	22

    	 

    

 

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

 

 

 

 

	 	Emerald Oil, Inc.
	 	 
	 	By: 	/s/ McAndrew Rudisill
	 	 	Name:McAndrew Rudisill

Title:President

 

 

	 	WDE Emerald Holdings LLC
	 	 
	 	By: 	/s/ Thomas J. Edelman
	 	 	Name:Thomas J. Edelman

Title:President

 

 

	 	White Deer Energy FI L.P.
	 	 
	 	By: 	Edelman & Guill Energy L.P., its general partner
	 	 	 
	 	By:	Edelman & Guill Energy Ltd., its general partner
	 	 	 
	 	By:	/s/ Thomas J. Edelman
	 	 	Name:Thomas J. Edelman

Title:Director

 

 

Signature Page
to Registration Rights AgreementINDEMNIFICATION AGREEMENT

 

This INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of [●], 2013, by and between Emerald Oil, Inc.,
a Montana corporation (together with any successor entity thereto, the “Corporation”), and [●] (“Indemnitee”).

 

RECITALS

 

WHEREAS, it is essential
to the Corporation and its mission to retain and attract as officers and directors the most capable persons available;

 

WHEREAS, the Corporation
has requested that Indemnitee serve as a director of the Corporation;

 

WHEREAS, both the Corporation
and Indemnitee recognize the omnipresent risk of litigation and other claims that are routinely asserted against officers and directors
of companies operating in the public arena in today’s environment, and the attendant costs of defending even wholly frivolous
claims;

 

WHEREAS, it has become
increasingly difficult to obtain insurance against the risk of personal liability of officers and directors on terms providing
reasonable protection to the individual at reasonable cost to the companies;

 

WHEREAS, the Corporation’s
Articles of Incorporation and Bylaws provide certain indemnification rights to officers and directors of the Corporation, as provided
by Montana law; and

 

WHEREAS, in recognition
of Indemnitee’s need for substantial protection against personal liability in order to ensure Indemnitee’s effective
service to the Corporation, the increasing difficulty in obtaining and maintaining satisfactory insurance coverage and Indemnitee’s
reliance on the Corporation’s assurance of indemnification, the Corporation wishes to provide in this Agreement for the indemnification
of and the advancement of expenses to Indemnitee to the fullest extent permitted by law (whether partial or complete) and as set
forth in this Agreement and, to the extent insurance is maintained, for the coverage of Indemnitee under the Corporation’s
directors’ and officers’ liability insurance policies.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises, the mutual covenants and agreements contained herein and Indemnitee’s continuing service as
a director of the Corporation, the parties hereto agree as follows:

 

1.             Certain Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

(a)               
“Agreement” has the meaning set forth in the preamble hereto.

 

(b)              
“Board of Directors” means the board of directors of the Corporation.

 

    	  

    	 

    
 

(c)               
“Change in Control” means (i) the occurrence of an event that is or would be required to be reported
with respect to the Corporation in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item
on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
if the Corporation is or was subject to such reporting requirement; (ii) that any “person” (as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) shall have become the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Corporation representing 40% or more of the combined voting
power of the Corporation’s then outstanding voting securities without the prior approval of at least two-thirds of the members
of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (iii) that
the Corporation is a party to a merger, consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence
of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority
of the Board of Directors thereafter; or (iv) that during any period of two consecutive years, individuals who at the beginning
of such period constituted the Board of Directors (including, for this purpose, any new director whose election or nomination for
election by the Corporation’s stockholders was approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors.

 

(d)              
“Claim” means any threatened, pending or completed action, suit or proceeding (including any mediation,
arbitration or other alternative dispute resolution proceeding), whether instituted by or in the right of the Corporation or by
any other party, or any inquiry or investigation that Indemnitee in good faith believes might lead to the institution of any such
action, suit or proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative, investigative
or otherwise.

 

(e)               
“Corporation” has the meaning set forth in the preamble hereto.

 

(f)               
“Expense Advance” has the meaning set forth in Section 2(a) of this Agreement.

 

(g)              
“Expenses” means attorneys’ fees and all other costs, expenses and obligations paid or incurred
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness in or participate in any Claim relating to any Indemnifiable Event.

 

(h)              
“Indemnifiable Event” means any event or occurrence related to the fact that Indemnitee is or was a director,
officer, employee, agent or fiduciary of the Corporation, or is or was serving at the request of the Corporation as a director,
officer, employee, trustee, agent, fiduciary or other legal representative of another corporation, partnership, limited liability
company, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything done or not done by Indemnitee
in any such capacity.

 

(i)                
“Indemnitee” has the meaning set forth in the preamble hereto.

 

    	2

    	 

    
 

(j)                
“Independent Legal Counsel” means an attorney or firm of attorneys, selected in accordance with the provisions
of Section 3 of this Agreement, who shall not have otherwise performed services for the Corporation or Indemnitee within the
last five years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements).

 

(k)              
“Reviewing Party” means any appropriate person or body consisting of a member or members of the Board
of Directors or any other person or body appointed by the Board of Directors who is not a party to the particular Claim for which
Indemnitee is seeking indemnification, or Independent Legal Counsel.

 

2.             Basic Indemnification Arrangement.

 

(a)               
In the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a
party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Corporation
shall indemnify Indemnitee to the fullest extent permitted by law as soon as practicable but in any event no later than 30 days
after written demand is presented to the Corporation, against any and all Expenses, judgments, fines, penalties, excise taxes assessed
with respect to an employee benefit plan and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, excise taxes or amounts paid in
settlement) of such Claim, or any other cost, expense or liability incurred in connection with such Claim. If so requested by Indemnitee,
the Corporation shall advance (within 30 days of such request) any and all Expenses to Indemnitee (an “Expense Advance”).

 

(b)              
Notwithstanding the foregoing, (i) the obligations of the Corporation under Section 2(a) of this Agreement shall
be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the
Independent Legal Counsel referred to in Section 3 of this Agreement is involved) that Indemnitee would not be permitted to
be indemnified under applicable law, and (ii) the obligation of the Corporation to make an Expense Advance pursuant to Section 2(a)
of this Agreement shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee
would not be permitted to be so indemnified under applicable law, the Corporation shall be entitled to be reimbursed by Indemnitee
(who hereby agrees to reimburse the Corporation) for all such amounts theretofore paid; provided, however, that if Indemnitee
has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee
should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted
to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Corporation for
any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom
have been exhausted or lapsed). If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of
Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority
of the Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent
Legal Counsel referred to in Section 3 of this Agreement. If there has been no determination by the Reviewing Party or if
the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under
applicable law, Indemnitee shall have the right to commence litigation in any court in the State of Montana having subject matter
jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination
by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Corporation hereby consents
to service of process and agrees to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Corporation and Indemnitee.

 

    	3

    	 

    
 

3.                 
Change in Control. The Corporation agrees that if there is a Change in Control (other than a Change in Control which
has been approved by a majority of the Board of Directors who were directors immediately prior to such Change in Control), then
with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense Advances under
this Agreement or any other agreement or the Corporation’s Articles of Incorporation or Bylaws now or hereafter in effect
relating to Claims for Indemnifiable Events, the Corporation shall seek legal advice only from Independent Legal Counsel selected
by Indemnitee and approved by the Corporation (which approval shall not be unreasonably withheld). Such counsel, among other things,
shall render its written opinion to the Corporation and Indemnitee as to whether and to what extent Indemnitee would be permitted
to be indemnified under applicable law. The Corporation agrees to pay the reasonable fees and expenses of the Independent Legal
Counsel referred to above and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

4.                 
Indemnification for Additional Expenses. The Corporation shall indemnify Indemnitee against any and all expenses
(including attorneys’ fees) and, if requested by Indemnitee, shall (within 30 days of such request) advance such expenses
to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee (whether pursuant to Section 17
of this Agreement or otherwise) for (a) indemnification or advance payment of Expenses by the Corporation under this Agreement
or any other agreement or the Corporation’s Articles of Incorporation or Bylaws now or hereafter in effect relating to Claims
for Indemnifiable Events or (b) recovery under any directors’ and officers’ liability insurance policies maintained
by the Corporation, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense
payment or insurance recovery, as the case may be.

 

5.                 
Partial Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation
for some or a portion of the Expenses, judgments, fines, penalties, excise taxes assessed with respect to an employee benefit plan
and amounts paid in settlement of a Claim, or any other cost, expense or liability incurred in connection with a Claim, but not,
however, for all of the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has
been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event
or in defense of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all
Expenses incurred in connection therewith.

 

    	4

    	 

    
 

6.                 
Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee
is entitled to be indemnified hereunder, the burden of proof shall be on the Corporation to establish that Indemnitee is not so
entitled.

 

7.                 
No Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment,
order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing
Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief,
nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified
under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief.

 

8.                 
Nonexclusivity; Subsequent Change in Law. The rights of Indemnitee hereunder shall be in addition to any other rights
Indemnitee may have under the Corporation’s Articles of Incorporation or Bylaws or under Montana law, or otherwise. To the
extent that a change in Montana law (whether by statute or judicial decision) permits greater indemnification by agreement than
would be afforded currently under the Corporation’s Articles of Incorporation or Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent
the rights of Indemnitee hereunder shall conflict with the Corporation’s Articles of Incorporation or Bylaws or Montana or
other applicable law, such conflict shall, to the fullest extent permitted by applicable law, be resolved in favor of Indemnitee.

 

9.                 
Liability Insurance. To the extent the Corporation maintains an insurance policy or policies providing directors’
and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any Corporation director or officer.

 

10.             
Amendments; Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in
writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

11.             
Subrogation. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may
be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively to
bring suit to enforce such rights.

 

    	5

    	 

    
 

12.             
No Duplication of Payments. The Corporation shall not be liable under this Agreement to make any payment in connection
with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy,
the Corporation’s Articles of Incorporation or Bylaws or otherwise) of the amounts otherwise indemnifiable hereunder.

 

13.             
Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Corporation), assigns, spouses, heirs, executors and personal and
legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director
of the Corporation or as a legal representative of any other enterprise at the Corporation’s request.

 

14.             
Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof
(including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid,
void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect
and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted
by law.

 

15.             
Effective Date. This Agreement shall be effective as of the date hereof and shall apply to any claim for indemnification
by Indemnitee on or after such date.

 

16.             
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Montana applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts
of laws that would require the application of the laws of another jurisdiction.

 

17.             
Injunctive Relief. The parties hereto agree that Indemnitee may enforce this Agreement by seeking specific performance
hereof, without any necessity of showing irreparable harm or posting a bond, which requirements are hereby waived, and that by
seeking specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.

 

[Signature Page Follows.]

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the parties hereto as of the date first herein above written.

 

	 	EMERALD OIL, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	By: 	 
	 	 	Name:	McAndrew Rudisill
	 	 	Title:	President
	 	 	 	 	 
	 	 	 	 	 
	 	 

 

Signature Page to Indemnification Agreement

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