Document:

Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) dated as of May 8, 2012 is made and entered into by and between Pacific Coast Energy Company LP, a Delaware limited partnership (the “Company”), and Pacific Coast Oil Trust, a
statutory trust formed under the laws of the State of Delaware (the “Trust”). Unless expressly stated otherwise in this Agreement, as used in this Agreement, references to the “Trustee” mean The Bank of New York
Mellon Trust Company, N.A., in its capacity as trustee (in such capacity, or any successor trustee, the “Trustee”) of the Trust and not in its individual capacity. 

RECITALS 

WHEREAS, the Company and the Trust have entered into a Conveyance of Net Profits Interests and Overriding Royalty Interest of even date
herewith (the “Conveyance”); 
 WHEREAS, in connection with the execution and delivery of the
Conveyance, the Trust has issued to the Company 38,583,158 trust units representing beneficial interests in the Trust (“Trust Units”); 
 WHEREAS, in connection with the Initial Public Offering (as defined below), the Company is selling 18,500,000 Trust Units, and may sell up to 2,775,000 additional Trust Units if the underwriters of the
Initial Public Offering exercise their over-allotment option (the “Over-Allotment Option”); and 

WHEREAS, the Trust has agreed to file a registration statement or registration statements relating to the sale by the Company and its
Transferees (as defined below) of the 20,083,158 Trust Units held by the Company after the Initial Public Offering (or such number of Trust Units held by the Company after giving effect to the Over-Allotment Option, if applicable) (the
“Subject Units”). 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter
contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, it is agreed as follows: 

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

“Affiliate” means, for any specified Person, another Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, the specified Person. As used in this definition, the term “control” (and the correlative terms “controlling,” “controlled by,” and
“under common control”) shall mean the possession, directly or indirectly, of the right or power to direct or cause the direction of the management and policies of another Person, whether through ownership of voting securities, by contract
or otherwise. 
 “Agreement” has the meaning set forth in the preamble hereof. 

 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which national banking institutions in New York, New York are closed as authorized or required by law. 
 “Company” has the meaning set forth in the preamble hereof. 
 “Conveyance” has the meaning set forth in the recitals hereof. 
 “Deferral Notice” has the meaning set forth in Section 3(j) hereof. 
 “Deferral Period” has the meaning set forth in Section 3(j) hereof. 
 “Demand Notice” has the meaning set forth in Section 2(a) hereof. 
 “Demand Registration” has the meaning set forth in Section 2(a) hereof. 
 “Effective Period” means the period commencing on the 180th day after the date hereof and ending on the date that all Registrable Securities have ceased to be Registrable
Securities. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the SEC thereunder. 
 “Expenses” has the meaning set forth in
Section 6(a) hereof. 
 “Holder” shall mean the Company, its Affiliates that from time to
time hold Registrable Securities and any Transferee of the Company to whom Registrable Securities are transferred in accordance with the terms of this Agreement, and, in each case, who continues to be entitled to the rights of a Holder hereunder.

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

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

“Initial Public Offering” means the initial public offering of Trust Units registered with the SEC by a
registration statement on Form S-1 (Registration No. 333-178928). 
 “Material Event” has the
meaning set forth in Section 3(j) hereof. 
 “Over-Allotment Option” has the meaning set
forth in the recitals hereof. 
 “Person” shall mean any individual, partnership, limited liability
company, corporation, trust, unincorporated association, governmental agency, subdivision, or instrumentality, or other entity or association. 
 “Piggyback Registration” has the meaning set forth in Section 2(b) hereof. 
 “Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon Rule 430A, Rule 430B or Rule 

  
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430C promulgated under the Securities Act), as amended or supplemented by any amendment, prospectus supplement or free writing prospectus (as defined in Rule 405 promulgated under the Securities
Act), including post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus. 
 “Registrable Securities” means the Subject Units and any securities into or for which such Subject Units have been converted or exchanged, and any security issued with respect
thereto upon any dividend, split or similar event until, in the case of any such security, the earliest of (i) its effective registration under the Securities Act and resale in accordance with the Registration Statement covering it,
(ii) its disposal pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the Securities Act, (iii) its sale in a private transaction in which the transferor’s rights under this Agreement are not
assigned to the transferee of the securities, (iv) its being held by the Trust, (v) 10 years after the Company ceases to be an Affiliate of the Trust or (vi) if such security has been sold in a private transaction in which the
tranferor’s rights under this Agreement are assigned to the Transferee and such Transferee is not an Affiliate of the Trust, one year following the transfer of such security to such Transferee. 

“Registration Statement” means any registration statement of the Trust, including any Shelf Registration
Statement, that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
materials incorporated by reference or explicitly deemed to be incorporated by reference in such registration statement. 

“Required Information” has the meaning set forth in Section 4(a) hereof. 

“Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC. 
 “Rule 144A” means Rule 144A under the Securities
Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the
SEC thereunder. 
 “Shelf Registration Statement” means a Registration Statement for an offering to be
made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act registering the resale of Registrable Securities from time to time by Holders thereof. 
 “Special Counsel” means Latham & Watkins LLP or such other successor counsel as shall be specified in writing by the Holders of a majority of all Registrable Securities.

 “Subject Units” has the meaning set forth in the recitals hereof. 

“Transferee” has the meaning set forth in Section 9(d) hereof. 

  
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 “Trust” has the meaning set forth in the preamble hereof.

 “Trust Units” has the meaning set forth in the recitals hereof. 

“Trustee” has the meaning set forth in the preamble hereof. 

Section 2. Demand Registration Rights. 
 (a) During the Effective Period, the Holders representing a majority of the then outstanding Registrable Securities may request, by written notice to the Trust (the “Demand
Notice”), that the Trust effect the registration under the Securities Act of the number of Registrable Securities requested to be so registered pursuant to the terms and conditions set forth in this Agreement (each a “Demand
Registration”). Following receipt of a Demand Notice for a Demand Registration, the Trust shall use its reasonable best efforts to file a Registration Statement as promptly as practicable and shall use its commercially reasonable
efforts to cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. All Demand Notices made pursuant to this Section 2 will specify the number of Registrable
Securities to be registered, whether or not such Registration Statement should be a Shelf Registration Statement, and the intended methods of disposition thereof. 
 The Holders shall be entitled to a maximum of five Demand Registrations, which shall include (i) any Demand Registrations for registration pursuant to a Shelf Registration Statement and (ii) any
Demand Registrations that are transferred to a Transferee in accordance with Section 9(d) hereof. No Demand Registration shall be deemed to have occurred for purposes of this Section 2(a) if the Registration Statement
relating thereto does not become effective or is not maintained effective for the period required pursuant to Section 2(d). 
 (b) Within ten days after receipt by the Trust of a Demand Notice, the Trust will give notice to the other Holders of such Demand Registration. Such notice shall describe such securities and specify the
form, manner and other relevant aspects of such proposed registration. Each Holder may, by written response delivered to the Trust within twenty days after the receipt by such Holder of any such notice, request that all or a specified part of the
Registrable Securities held by such Holder be included in such Demand Registration (a “Piggyback Registration”). Such response shall also specify the intended method of disposition of such Registrable Securities. The Trust
thereupon will use commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which the Trust has been so requested to register by the Holders to the extent required to permit the disposition
(in accordance with the intended methods thereof as aforesaid) of the Registrable Securities to be so registered. No registration of Registrable Securities of the Holders effected by Piggyback Registration under this Section 2(b) shall
relieve the Trust of any of its obligations to effect registrations of Registrable Securities of the Holders pursuant to, or reduce the total number of Demand Registrations to which the Holders continue to remain entitled under,
Section 2(a) hereof. 

  
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 (c) If any of the Registrable Securities registered pursuant to a Demand Registration are to
be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the Holders of such securities in writing that in its view the total number or dollar amount of Registrable Securities proposed to be sold in
such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be included by other Holders of Registrable Securities entitled to include securities in such Registration Statement
pursuant to incidental or piggyback registration rights), then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter can be sold
without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows: 
 (i) first, the securities for which inclusion in such Demand Registration for which the Demand Notice was submitted; and 

(ii) second, the securities for which inclusion in any Piggyback Registration for which a notice was submitted in
accordance with this Agreement pro rata among the Registrable Securities requested to be included in such Piggyback Registration. 
 (d) The Trust shall use commercially reasonable efforts to maintain the effectiveness of the Registration Statement with respect to any Demand Registration for a period of at least ninety days (or three
years if a Shelf Registration Statement is requested) after the effective date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold or all Registrable Securities have
ceased to be Registrable Securities; provided, however, that such period shall be extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such registration
at the request of the Trust pursuant to this Agreement, except that with respect to a Shelf Registration Statement on Form S-3 that becomes effective automatically pursuant to Rule 462(e) under the Securities Act, such period may not be extended
beyond three years after the effective date thereof or such shorter or longer period as may be subsequently permitted by the SEC. 
 (e) Notwithstanding the foregoing, if the Trust shall furnish to the Holders requesting a registration pursuant to this Section 2 within 30 days of receiving such request a certificate signed
by the Trust stating that in the good faith judgment of the Trustee it would be detrimental to the Trust and its unitholders for such Registration Statement to be filed and it is therefore beneficial to defer the filing of such Registration
Statement, the Trust shall have the right to defer such filing for up to two periods of not more than 30 days each after receipt of each request of the Holders; provided, however, that the Trust may not use this right more than once
(for a total of up to 60 days) in any 12-month period. If the Trust shall so postpone the filing of a Registration Statement, the demanding Holders shall have the right to withdraw the request for registration by giving written notice to the Trust
within 20 days of the anticipated termination date of the postponement period, as provided in the certificate delivered by the Trust, and in the event of such withdrawal, such request shall not reduce the number of available registrations with
respect to the Holders under this Section 2 

  
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 Section 3. Registration Procedures. In connection with the registration obligations
of the Trust under Section 2 hereof, during the Effective Period, the Trust shall: 
 (a) Prepare and file with the
SEC, no later than 45 days after receiving the Demand Notice, a Registration Statement or Registration Statements, including, if so requested by the applicable Holders, a Shelf Registration Statement, on any appropriate form under the Securities Act
available for the sale of the Registrable Securities by the Holders thereof in accordance with the intended method or methods of distribution thereof, and use commercially reasonable efforts to cause each such Registration Statement to become
effective as promptly as practicable after filing and remain effective as provided herein; provided that before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC (but excluding reports filed
with the SEC under the Exchange Act), furnish to the Holders, the Special Counsel and the managing underwriter or underwriters, if any, copies of all such documents proposed to be filed at least five Business Days prior to the filing of such
Registration Statement or amendment thereto or Prospectus or supplement thereto. 
 (b) Subject to Section 3(j),
prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein with respect to the
disposition of all securities covered by such Registration Statement; cause the related Prospectus to be supplemented by any required prospectus supplement or free writing prospectus, and as so supplemented to be filed pursuant to Rule 424 (or any
similar provisions then in force) under the Securities Act; and use commercially reasonable efforts to comply with the provisions of the Securities Act applicable to the Trust with respect to the disposition of all securities covered by such
Registration Statement during the period provided herein with respect to the disposition of all securities covered by such Registration Statement in accordance with the intended methods of disposition by the sellers thereof set forth in such
Registration Statement as so amended or such Prospectus as so supplemented. 
 (c) Subject to Section 3(j), from and
after the date a Registration Statement is declared effective, the Trust shall, as promptly as practicable after the date the Required Information is delivered pursuant to Section 4 hereof and in accordance with this
Section 3(c): 
 (i) if required by applicable law, file with the SEC a post-effective amendment to
the Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that the
Holder delivering such Required Information is named as a selling securityholder in the Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable
Securities in accordance with applicable law and, if the Trust shall file a post-effective amendment to the Registration Statement, use commercially reasonable efforts to cause such post-effective amendment to be declared effective under the
Securities Act as promptly as is practicable; and 
 (ii) provide such Holder copies of any documents filed
pursuant to Section 3(c)(i); 

  
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 provided, that, if the Required Information is delivered during a Deferral Period, the Trust shall so
inform the Holder delivering such Required Information. The Trust shall notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 3(c)(i).
Notwithstanding anything contained herein to the contrary, the Trust shall be under no obligation to name any Holder that has failed to deliver the Required Information in the manner set forth in Section 4 hereof as a selling
securityholder in any Registration Statement or related Prospectus. 
 (d) As promptly as practicable, give notice to the
Holders, the Special Counsel and the managing underwriter or underwriters, if any, (i) when any Prospectus, Registration Statement or post-effective amendment to a Registration Statement has been filed with the SEC and, with respect to a
Registration Statement or any post-effective amendment thereto, when the same has been declared effective, (ii) of any request, following the effectiveness of any Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to any Registration Statement or related Prospectus, (iii) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the
effectiveness of any Registration Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the receipt by the Trust of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (v) of the occurrence of, but not the nature of or details concerning, a Material Event and
(vi) of the determination by the Trust that a post-effective amendment to a Registration Statement will be filed with the SEC, which notice may, at the discretion of the Trust (or as required pursuant to Section 3(j)), state that it
constitutes a Deferral Notice, in which event the provisions of Section 3(j) shall apply. 
 (e) Use commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction in which they have been qualified for sale, in either case as promptly as practicable, and provide prompt notice to each Holder of the withdrawal of any such order. 

(f) If requested by the managing underwriters, if any, or the Holders of the Registrable Securities being sold in connection with an
underwritten offering, promptly include in a prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such Holders may reasonably request in order to permit the intended method of distribution of
such securities and make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Trust has received such request; provided, however, that the Trust shall not be required to
take any actions under this Section 3(f) that are not, in the opinion of counsel for the Trust, in compliance with applicable law. 
 (g) As promptly as practicable furnish to each Holder, the Special Counsel and each managing underwriter, if any, upon request, at least one conformed copy of the Registration Statement and any amendment
thereto, including exhibits and, if requested, all documents incorporated or deemed to be incorporated therein by reference. 

  
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 (h) Deliver to each Holder, the Special Counsel and each managing underwriter, if any, in
connection with any sale of Registrable Securities pursuant to a Registration Statement as many copies of the Prospectus relating to such Registrable Securities (including each preliminary Prospectus) and any amendment or supplement thereto as such
Persons may reasonably request; and the Trust hereby consents (except during such periods that a Deferral Notice is outstanding and has not been revoked and subject to Section 3(j)(ii) hereof) to the use of such Prospectus or each
amendment or supplement thereto by each Holder and the underwriters, if any, in connection with any offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto in the manner set forth therein.

 (i) Prior to any public offering of the Registrable Securities pursuant to a Registration Statement, use commercially
reasonable efforts to register or qualify or cooperate with the Holders, the Special Counsel and the underwriters, if any, in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder or underwriter reasonably requests in writing (which request may be included with the Required Information);
prior to any public offering of the Registrable Securities pursuant to the Registration Statement, use commercially reasonable efforts to keep each such registration or qualification (or exemption therefrom) effective during the period provided
herein with respect to the disposition of all securities covered by such Registration Statement in connection with such Holder’s offer and sale of Registrable Securities pursuant to such registration or qualification (or exemption therefrom)
and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the relevant Registration Statement and the related Prospectus;
provided that neither the Trust nor the Trustee will be required to (i) qualify as a foreign entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Agreement or
(ii) take any action that would subject it to general service of process or to taxation in any such jurisdiction where it is not then so subject. 
 (j) Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of any Registration Statement or the initiation of proceedings with respect to any Registration Statement under
Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact as a result of which (x) any Registration Statement shall contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, or (y) any Prospectus shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (a “Material Event”), or (C) the occurrence or existence of any pending corporate
development of the Trust that, in the reasonable discretion of the Trustee, makes it appropriate to suspend the availability of any Registration Statement and the related Prospectus, the Trust shall: 

(i) in the case of clause (B) above, subject to clause (ii) below, as promptly as practicable prepare and file,
if necessary pursuant to applicable law, a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference or file any other required document that would be
incorporated by reference into such Registration Statement and Prospectus so 

  
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that such Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and such Prospectus does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to a Registration Statement, subject to clause
(ii) below, use commercially reasonable efforts to cause it to be declared effective as promptly as practicable; and 
 (ii) give notice to the Holders and the Special Counsel, if any, that the availability of any Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any
Deferral Notice, each Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus provided for in clause (i) above, or until it
is advised in writing by the Trust that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus, in which case such Holder will use
the Prospectus as so supplemented or amended in connection with any offering and sale of Registrable Securities covered thereby. 
 The Trust
shall use commercially reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as is practicable, (y) in the case of clause (B) above, as soon as, in the sole
judgment of the Trustee, public disclosure of such Material Event would not be prejudicial to or contrary to the interests of the Trust or, if necessary to avoid unreasonable burden or expense, as soon as practicable thereafter, and (z) in the
case of clause (C) above, as soon as, in the reasonable discretion of the Trustee, such suspension is no longer appropriate. The Trust shall be entitled to exercise its right under this Section 3(j) to suspend the availability of
any Registration Statement or any Prospectus (the “Deferral Period”) for use by any Holder. 
 (k) If
reasonably requested by a Holder or any underwriter participating in any disposition of Registrable Securities, if any, in writing in connection with a disposition by such Holder of Registrable Securities pursuant to a Registration Statement, make
reasonably available for inspection during normal business hours by a representative for such Holder(s) of such Registrable Securities, any broker-dealers, underwriters, attorneys and accountants retained by such Holder(s), and any attorneys or
other agents retained by a broker-dealer or underwriter engaged by such Holder(s), all relevant financial and other records and pertinent corporate documents and properties of the Trust, and cause the appropriate officers, directors and employees of
the Trustee to make reasonably available for inspection during normal business hours on reasonable notice all relevant information reasonably requested by such representative for the Holder(s), or any such broker-dealers, underwriters, attorneys or
accountants in connection with such disposition, in each case as is customary for similar “due diligence” examinations; provided that (i) the Trustee shall not be obligated to make available for inspection any information that,
based on the reasonable advice of counsel to the Trustee, could subject the Trustee to the loss of attorney-client privilege with respect thereto and (ii) such Persons shall first agree in writing with the Trustee that all information shall be
kept confidential by such 

  
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Persons and shall be used solely for the purposes of exercising rights under this Agreement, unless (a) disclosure of such information is required by court or administrative order or is
necessary to respond to inquiries of regulatory authorities, (b) disclosure of such information is required by law (including any disclosure requirements pursuant to federal securities laws in connection with the filing of any Registration
Statement or the use of any Prospectus referred to in this Agreement) or (c) such information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by any such Person; and provided
further that the foregoing inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Holders and the other parties entitled thereto by Special Counsel, if any, or another representative
selected by the Holders of a majority of Registrable Securities being registered pursuant to such Registration Statement. Any Person legally compelled or required by administrative or court order or by a regulatory authority to disclose any such
confidential information made available for inspection shall provide the Trustee with prompt prior written notice of such requirement so that the Trustee may seek a protective order or other appropriate remedy. 

(l) Use its best efforts to comply with all applicable rules and regulations of the SEC and make generally available to the Trust’s
securityholders earnings statements (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for a 12-month period commencing
on the first day of the first fiscal quarter of the Trust commencing after the effective date of a Registration Statement, which statements shall be made available no later than the next succeeding Business Day after such statements are required to
be filed with the SEC. 
 (m) Cooperate with each Holder and the managing underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities sold or to be sold pursuant to a Registration Statement, which certificates shall not bear any restrictive legends stating that the Registrable Securities evidenced by the
certificates are “restricted securities” (as defined by Rule 144), and cause such Registrable Securities to be registered in such names as such Holder or the managing underwriters, if any, may request in writing at least two Business Days
prior to any sale of such Registrable Securities. 
 (n) Provide a CUSIP number for all Registrable Securities covered by each
Registration Statement not later than the effective date of such Registration Statement. 
 (o) Cooperate with and assist each
Holder, the Special Counsel and any underwriters participating in any disposition of Registrable Securities in any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”) in connection with the
filing or effectiveness of any Registration Statement, any post-effective amendment thereto or any offer or sale of Trust Units thereunder. 
 (p) In the case of a proposed sale pursuant to a Registration Statement involving an underwritten offering, the Trust shall enter into such customary agreements on behalf of the Trust (including, if
requested, an underwriting agreement in reasonably customary form containing standard representations and warranties, covenants and indemnities of the Trust similar to those representations and warranties, covenants and indemnities given by issuers
of securities in underwritten offerings of securities) and take all such other action, if any, as Holders 

  
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of a majority of the Registrable Securities being sold or any managing underwriters reasonably shall request in order to facilitate any disposition of the Registrable Securities pursuant to such
Registration Statement, including, without limitation, (i) using commercially reasonable efforts to cause its counsel to deliver an opinion or opinions in reasonably customary form, (ii) using its reasonable best efforts to cause its
officers to execute and deliver all customary documents and certificates on behalf of the Trust and (iii) using its reasonable best efforts to cause the Trust’s independent public accountants to provide a comfort letter or letters in
reasonably customary form. 
 (q) Use reasonable best efforts to support the marketing of the Registrable Securities covered by
the Registration Statement. 
 (r) Upon (i) the filing of any Registration Statement and (ii) the effectiveness of any
Registration Statement, announce the same, in each case by press release to Reuters Economic Services and Bloomberg Business News. 
 (s) Use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or quotation system on which similar securities issued by the Trust are listed or
traded. 
 Section 4. Holder’s Obligations. 

(a) Each Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a Registration Statement and related
Prospectus, it will do so only in accordance with this Section 4 and Section 3(j) hereof. The Trust may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Trust in
writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Trust may, from time to time, reasonably request in writing (the “Required
Information”) and the Trust may exclude from such registration the Registrable Securities of any seller who fails to furnish such information within a reasonable time after receiving such request. In addition, following the date that a
Registration Statement is declared effective, each Holder wishing to sell Registrable Securities pursuant to a Registration Statement and related Prospectus agrees to deliver, at least seven Business Days prior to any intended distribution of
Registrable Securities under the Registration Statement, to the Trust any additional Required Information as the Trust may reasonably request so that the Trust may complete or amend the information required by any Registration Statement. 

(b) Each Holder agrees, by acquisition of the Registrable Securities, that no Holder shall be entitled to sell any of such Registrable
Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto unless such Holder has furnished the Trust with the Required Information as required pursuant to this Section 4 and the information set forth in
the next sentence. Each Holder agrees promptly to furnish to the Trust all information required to be disclosed in order to make the information previously furnished to the Trust by such Holder not misleading and any other information regarding such
Holder and the distribution of such Registrable Securities as the Trust may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the information
relating to such Holder and its plan of distribution is as set forth in 

  
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the Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to
or provided by such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary in order to make the
statements in such Prospectus relating to or provided by such Holder, in the light of the circumstances under which they were made, not misleading. 
 Section 5. Registration Expenses. Subject to the last sentence of this Section 5, the Company shall bear all out-of-pocket fees and expenses incurred in connection with the performance
by the Trust of its obligations under this Agreement whether or not any Registration Statement is declared effective. Such fees and expenses shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (x) with respect to filings required to be made with FINRA and (y) of compliance with federal and state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of the Special Counsel,
if any, in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as Holders of a majority of the Registrable Securities being sold pursuant to a Registration Statement may designate)),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company), (iii) duplication expenses relating to copies of any
Registration Statement or Prospectus delivered to any Holders hereunder, (iv) fees and disbursements of counsel for the Trust and the Special Counsel, if any, in connection with any Registration Statement, (v) fees of accountants and
reserve engineers for consents and cold comfort and (vi) the fees and expenses incurred in connection with the listing by the Trust of the Registrable Securities on any securities exchange on which similar securities of the Trust are then
listed. However, the Trust shall pay the internal expenses of the Trustee (including, without limitation, all salaries and expenses of officers and employees performing legal or accounting duties), the expense of any annual audit and annual reserve
report and the other fees and expenses of the accountants and independent reserve engineers for the Trust not covered by clause (v) of the preceding sentence, the fees and expenses of any Person, including special experts, retained by the Trust
and the fees and expenses of any transfer agent for the Registrable Securities. Notwithstanding the provisions of this Section 5, each seller of Registrable Securities shall pay its own selling expenses, including any underwriting
discounts and commissions, all registration expenses to the extent required by applicable law and, except as otherwise provided herein, fees and expenses of such seller’s counsel. 

Section 6. Indemnification and Contribution. 
 (a) Indemnification by the Trust. The Trust shall indemnify and hold harmless the Company, each Holder and each Person, if any, who controls the Company or any Holder within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, any reasonable legal or other expenses reasonably incurred in
connection with defending or 

  
 12 

 
investigating any such action or claim) (“Expenses”) to which the Company, any Holder or any controlling Person of the Company or any Holder may become subject, under or
with respect to the Securities Act, the Exchange Act, any other federal or state securities law or otherwise, insofar as such Expenses are caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement at the date and time as of which such Registration Statement was declared effective by the SEC, any preliminary Prospectus or the Prospectus, or caused by any omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein (in the case of a preliminary Prospectus or Prospectus, in light of the circumstances under which they were made), not misleading, but in each case only with respect to written
information relating to the Trust furnished by or on behalf of the Trust specifically for inclusion in the documents referred to in the foregoing indemnity. Subject to Section 6(e) of this Agreement, the Trust shall reimburse the
Company, the Holders and any controlling Persons thereof for any legal or other expenses reasonably incurred by the Company, the Holders or any controlling Persons thereof in connection with the investigation or defense of any Expenses with respect
to which the Company and the Holders or any controlling Persons thereof is entitled to indemnity by the Trust under this Agreement. The Trustee shall have no indemnification obligations under this Agreement, or any liability for failure of the Trust
to satisfy its obligations under this Agreement. 
 (b) Indemnification by the Company. The Company shall indemnify and
hold harmless each Holder (other than the Company), the Trust and the Trustee and any agents thereof, individually and as trustee, as the case may be, and each Person, if any, who controls such Holder, the Trust or the Trustee within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any Expenses to which such Holder, the Trust, the Trustee or any agent thereof or any controlling Person of such Holder, the Trust or the Trustee
may become subject, under or with respect to the Securities Act, the Exchange Act, any other federal or state securities law or otherwise, insofar as such Expenses are caused by (i) an untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or an omission or alleged omission to state a material fact required to be stated in or necessary to make the statements therein not misleading at the date and time as of which such Registration Statement
was declared effective by the SEC, (ii) an untrue statement or alleged untrue statement of a material fact contained in any preliminary Prospectus or any Prospectus or an omission or alleged omission to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading as of the date of such preliminary Prospectus or Prospectus and as of the closing of the sale of Trust Units sold thereunder or
(iii) any untrue statement or alleged untrue statement of a material fact contained in any other filing, report or other action taken with respect to the Securities Act, the Exchange Act or any other federal or state securities law, the listing
of the Trust Units on the New York Stock Exchange or another national securities exchange or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company shall not be liable to and shall not indemnify the Holders (other than the Company), the Trustee or any agents or controlling Persons thereof, individually or as trustee, as the case may be, in any
such case under the preceding clauses (i) and (ii) of this Section 6(b) to the extent that any such Expense arises out of, is based upon or is connected with information relating to (a) the Trustee in its individual
capacity or (b) such Holder, in either case prepared or furnished by the Trustee or such Holder, as the case may be, expressly for use in any Registration Statement, any preliminary Prospectus

  
 13 

 
or any Prospectus; and provided, further, that the Company shall not be liable to the Holders (other than the Company), the Trustee or any agents or controlling Persons thereof,
individually or as trustee, as the case may be, in any such case under the preceding clause (iii) of this Section 6(b) to the extent that any such Expense arises out of, is based upon or is connected with information relating to
(a) the Trustee in its individual capacity prepared or furnished by the Trustee and the Trustee is found liable or (b) such Holder prepared or furnished by such Holder and such Holder is found liable. Subject to Section 6(e) of
this Agreement, the Company shall reimburse the Holders (other than the Company), the Trust and the Trustee and any agents or controlling Persons thereof for any legal or other expenses reasonably incurred by the Holders (other than the Company),
the Trust and the Trustee or any agent or controlling Persons thereof in connection with the investigation or defense of any Expenses with respect to which the Holders (other than the Company), the Trust and the Trustee or any agent or controlling
Persons thereof is entitled to indemnity by the Company under this Agreement. 
 (c) Indemnification by Certain of the
Holders. Each Holder (other than the Company), severally and not jointly, shall indemnify and hold harmless the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, and any other Holder and each Person, if any,
who controls the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, or any other Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any
and all Expenses to which the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, any other Holder or any controlling Person of the Company, the Trust, the Trustee and any agents thereof, individually and as trustee,
or any other Holder may become subject, under or with respect to the Securities Act, the Exchange Act, any other federal or state securities law or otherwise, insofar as such Expenses are caused by any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement at the date and time as of which such Registration Statement was declared effective by the SEC, any preliminary Prospectus or the Prospectus, or caused by any omission or alleged omission to
state therein a material fact required to be stated therein or necessary in order to make the statements therein (in the case of a preliminary Prospectus or Prospectus, in light of the circumstances under which they were made), not misleading, but
in each case only with respect to written information relating to such Holder (other than the Company) furnished by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. Subject to
Section 6(e) of this Agreement, such Holder shall reimburse the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, the other Holders and any agents or controlling Persons thereof for any legal or other
expenses reasonably incurred by the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, the other Holders or any agent or controlling Persons thereof in connection with the investigation or defense of any Expenses
with respect to which the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, and the other Holders or any agent or controlling Persons thereof is entitled to indemnity by such Holder under this Agreement.

 (d) Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be
instituted involving any Person in respect of which indemnity may be sought pursuant to Section 6(a), 6(b) or 6(c) hereof, such Person (the “Indemnified Party”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party, upon request of the 

  
 14 

 
Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. 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 to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them, other than solely by virtue of the rights and obligations of the Indemnifying Party and the Indemnified Party under this Section 6. It is
understood that the Indemnifying Party shall not, in respect of the legal expenses of any Indemnified Party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by, in the case of parties indemnified pursuant
to Section 6(a), the Holders of a majority of the Registrable Securities covered by the Registration Statement held by Holders that are indemnified parties pursuant to Section 6(a) and, in the case of parties indemnified
pursuant to Section 6(b) or Section 6(c), the Trustee. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a
final, non-appealable judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party from and against any Expenses by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent
of the Indemnified Party, 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. 
 (e) Contribution. To the extent that the indemnification provided for in Section 6(a), 6(b) or 6(c) is unavailable to an Indemnified Party or insufficient in respect of
any Expenses referred to therein, then each Indemnifying Party under such paragraph, 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 Expenses
(i) in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Party or Indemnifying Parties on the one hand and the Indemnified Party or Indemnified Parties on the other hand 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 or Indemnifying Parties on the one hand and of the Indemnified Party or Indemnified Parties on the other hand in connection with the statements or omissions that resulted in such Expenses, as well as any other relevant equitable
considerations. The relative fault of the Company and the other Holders on the one hand and the Trust on the other hand 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 required to be stated or necessary in order to make the statements (in the case of a preliminary Prospectus or Prospectus, in light of the circumstances under which they were made) not
misleading, relates to information supplied by the Company, the other Holders or by the Trust, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The
Holders’ respective obligations to contribute pursuant to this Section 6 are several in proportion to the respective number of Registrable Securities they have sold pursuant to a Registration Statement, and not joint. 

  
 15 

 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 6(e) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by
an Indemnified Party as a result of the Expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any such action or claim. 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 remedies provided for in this Section 6 are not exclusive
and shall not limit any rights or remedies which may otherwise be available to an Indemnified Party at law or in equity, hereunder or otherwise. 
 (g) The indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement,
(ii) any investigation made by or on behalf of any Holder, any Person controlling the Company or any other Holder or any Affiliate of the Company or any other Holder or by or on behalf of the Trustee, its officers or directors or any Person
controlling the Trustee and (iii) the sale of any Registrable Securities by any Holder. 
 Section 7. Information
Requirements. The Trust covenants that, if at any time before the end of the Effective Period the Trust is not subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder and take such further reasonable action
as any Holder may reasonably request in writing (including, without limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 or Rule 144A under the Securities Act and customarily taken in connection with sales pursuant to such exemptions. Upon the written
request of any Holder, the Trust shall deliver to such Holder a written statement as to whether the Trust has complied with such filing requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the
Trust to register any of the Trust’s securities under any section of the Exchange Act. 
 Section 8. Underwritten
Registrations. The Holders of Registrable Securities covered by any Registration Statement who desire to do so may sell such Registrable Securities to an underwriter in an underwritten offering for reoffering to the public. If any of the
Registrable Securities covered by any Registration Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the

  
 16 

 
Holders of a majority of such Registrable Securities included in such offering, subject to the consent of the Trust (which shall not be unreasonably withheld or delayed), and such Holders shall
be responsible for all underwriting commissions and discounts and any transfer taxes in connection therewith. No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person’s
Registrable Securities on the basis reasonably provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

Section 9. Miscellaneous. 
 (a) 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 departures from the
provisions hereof may not be given, without the written consent of the Trust, the Company and the Holders of a majority of Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a
majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; 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. Notwithstanding the foregoing, this Agreement may be amended by written agreement signed by the Trust, without the consent of the Holders of Registrable Securities, to cure any ambiguity or to correct or
supplement any provision contained herein that may be defective or inconsistent with any other provision contained herein, or to make such other provisions in regard to matters or questions arising under this Agreement that shall not adversely
affect the interests of the Holders of Registrable Securities. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment,
modification, supplement, waiver or consent effected pursuant to this Section 9(a), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable
Securities or is delivered to such Holder. 
 (b) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by facsimile, (iii) one Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as
follows: 
  

	 	(i)	if to a Holder, at the most current address given by such Holder to the Trust; 

  
 17 

	 	(ii)	if to the Trust or the Trustee, to: 

 Pacific Coast Oil Trust 
 c/o The Bank of New York Mellon Trust
Company, N.A. 
 919 Congress Avenue, Suite 500 

Austin, Texas 78701 
 Attention: Michael J. Ulrich 
 Fax: (512) 479-2553

 with a copy to: 
 Bracewell & Giuliani LLP 
 111 Congress Avenue, Suite
2300 
 Austin, Texas 787801-4061 

Attention: Thomas W. Adkins 
 Fax: (512) 479-3940 
  

	 	(iii)	if to the Company, to: 

 Pacific Coast Energy Company LP 
 515 South Flower Street, Suite
4800 
 Los Angeles, California 90071 

Attention: Gregory C. Brown 
 Fax: (213) 225-5917 
 with a copy to: 

Latham & Watkins LLP 
 717 Texas Avenue, Suite 1600 
 Houston, Texas 77002 

Attention: Sean T. Wheeler 
 Fax: (713) 546-5401 
 or to such other address as such Person may have furnished to the other
Persons identified in this Section 9(b) in writing in accordance herewith. 
 (c) Approval of Holders.
Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Trust or its Affiliates (as such term is defined in Rule 405 under the Securities Act) (other
than the Company or subsequent Holders if such Holders are deemed to be such Affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders
of such required percentage. 
 (d) Successors and Transferees. Any Person or group of Persons who purchases any
Registrable Securities from the Company or otherwise holds any Registrable Securities as a result of any sale, liquidation, dividend or distribution by the Company or any of its Affiliates shall be deemed, for purposes of this Agreement, to be a
transferee of the Company, but if and 

  
 18 

 
only if such Person or group (i) agrees to be designated as a transferee, (ii) is specifically designated as a transferee in writing by the Company to the Trust and (iii) in the
case of a group, such group shall collectively constitute a Transferee for purposes of this Agreement (including without limitation, for purposes of exercising any Demand Registration right transferred by the Company to such group) (a
“Transferee”). This Agreement shall inure to the benefit of and be binding upon such Transferees, provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms thereof. If the Company designates any Person as a Transferee in accordance with this Section 9(d), then the Registrable Securities acquired by such Transferee shall be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled
to receive the benefits hereof. 
 (e) 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. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF DELAWARE. 
 (h) Severability. If any term, provision, covenant or restriction of this Agreement is held 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 thereby, and the parties
hereto shall use their reasonable best 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 being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 (i) Entire
Agreement. This Agreement is intended by the parties 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 and the registration rights granted by the Trust with respect to the Registrable Securities. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the
registration rights granted by the Trust with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. No party hereto shall have any rights,
duties or obligations other than those specifically set forth in this Agreement. 
 (j) Termination. This Agreement and
the obligations of the parties hereunder shall terminate upon the end of the Effective Period, except for any liabilities or obligations under Section 4, 5 or 6 hereof, each of which shall remain in effect in accordance
with its terms. 

  
 19 

 (k) Specific Enforcement; Venue. The parties hereto acknowledge and agree that each
would be irreparably damaged if any of the provisions of this Agreement are not performed by the other in accordance with their specific terms or are otherwise breached. It is accordingly agreed that each party shall be entitled to seek an
injunction or injunctions to prevent breaches of this Agreement by the other and to enforce this Agreement and the terms and provisions hereof specifically against the other, in addition to any other remedy to which such aggrieved party may be
entitled at law or in equity. Any action or proceeding seeking to enforce any provision of, or based on any rights arising out of, this Agreement may be brought against any of the parties in the FEDERAL AND STATE COURTS LOCATED WITHIN THE STATE OF
DELAWARE and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. Process in any action or proceeding referred to
in the preceding sentence may be served on any party anywhere in the world. 
 (l) Limitation of Liability. It is
expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by the Trustee not individually or personally, but solely as Trustee on behalf of the Trust and (ii) under no circumstances shall the
Trustee be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement. 
 [Signature page follows.] 

  
 20 

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

			
	PACIFIC COAST ENERGY COMPANY LP
		
	By:	 	PCEC (GP) LLC,
		 	its general partner
		
	By:	 	/s/ Randall H. Breitenbach
		 	Randall H. Breitenbach
		 	Chief Executive Officer
	
	 PACIFIC COAST OIL TRUST

		
	By:	 	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee of
 Pacific Coast
Oil Trust

		
	By:	 	/s/ Michael J. Ulrich
		 	Michael J. Ulrich
		 	Vice President

  
 21Operating and Services Agreement

 Exhibit 10.3 
 OPERATING AND SERVICES AGREEMENT 
 This OPERATING AND SERVICES AGREEMENT (this “Agreement”) is dated as of May 8, 2012 by and between Pacific Coast Energy Company LP, a limited partnership formed under the laws of the
State of Delaware (the “Partnership”), and Pacific Coast Oil Trust, a statutory trust formed under the laws of the State of Delaware (the “Trust”). 

WHEREAS, pursuant to the Conveyance of Net Profits Interests and Overriding Royalty Interest dated as of even date herewith (the
“Conveyance”), the Partnership has conveyed to the Trust net profits interests and an overriding royalty interest in certain oil and gas properties located in the State of California (the “Conveyed Interests”);

 WHEREAS, in connection with the conveyance of the Conveyed Interests, the Partnership has agreed to provide certain
administrative services for the Trust in exchange for an operating and services fee as described herein. 
 NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intended to be legally bound hereby, it is
agreed as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. As used in this
Agreement, the following terms have the respective meanings set forth below or set forth in the Sections referred to below: 

“Affiliate” means with respect to a specified Person, any Person that directly or indirectly controls, is controlled by,
or is under common control with, the specified Person. As used in this definition, the term “control” (and the correlative terms “controlling,” “controlled by,” and “under common control”) shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the introductory paragraph. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in Los Angeles, California or Austin, Texas are authorized or obligated by law or executive order to close. 

“Conveyance” has the meaning set forth in the recitals. 

“Conveyed Interests” has the meaning set forth in the recitals. 

 “CPI” shall mean the year-over-year unadjusted percent change of the all
items index (as of December of the then-current calendar year) of the Consumer Price Index for All Urban Consumers (CPI-U) for the US City Average, 1982-1984 = 100, published by the United States Department of Labor, Bureau of Labor Statistics or,
if such index becomes unavailable, any successor or substitute index designated by the Partnership and reasonably acceptable to the Trustee. 
 “Developed Properties” has the meaning assigned to such term in the Trust Agreement. 
 “External Expenses” means the actual out-of-pocket fees, costs and expenses reasonably incurred by the Partnership in connection with the provision of the Services. 

“Force Majeure” shall mean any cause beyond the reasonable control of the Partnership, including the following causes:
acts of God; strikes; lockouts; acts of the public enemy, wars or warlike action (whether actual or impending); arrests and other restraints of government (civil or military); blockades; embargoes; insurrections; riots; epidemics or pandemics;
landslides; lightning; earthquakes; fires; sabotage; tornadoes; named tropical storms and hurricanes and floods; civil disturbances; terrorism; mechanical breakdown of machinery or equipment; explosions; confiscation or seizure by any government or
other public authority; any order of any court of competent jurisdiction, regulatory agency or governmental body having jurisdiction. 
 “Operating and Services Fee” has the meaning set forth in Section 3.01(a). 
 “Partnership” has the meaning set forth in the introductory paragraph. 
 “Person” shall mean any individual, partnership, limited liability company, corporation, trust, unincorporated association, governmental agency, subdivision, or instrumentality, or other
entity or association. 
 “Remaining Properties” has the meaning assigned to such term in the Trust Agreement.

 “Services” has the meaning set forth in Section 2.01. 

“Termination Date” means the date that is the earliest of (i) the date that all of the Conveyed Interests are
terminated or are no longer held by the Trust, (ii) the date that the Trust is finally wound up and liquidated in accordance with Section 9.03 of the Trust Agreement and (iii) the date that either the Partnership or the Trustee may
designate by delivering a written notice no less than 90 days prior to such date; provided, that the Partnership shall not terminate this Agreement except in connection with the Partnership’s transfer of some or all of the Subject Interests (as
defined in the Conveyance) and then only with respect to the Services to be provided with respect to the Subject Interests being transferred, and only upon the delivery to the Trustee of an agreement of the transferee of such Subject Interests,
reasonably satisfactory to the Trustee, in which such transferee assumes the responsibility to perform the Services relating to the Subject Interests being transferred. 
 “Trust” has the meaning set forth in the introductory paragraph. 

 “Trust Agreement” means that certain Amended and Restated Trust Agreement
of the Trust of even date herewith among the Partnership, the Trustee and Wilmington Trust, National Association, as the same may be amended from time to time. 
 “Trustee” means The Bank of New York Mellon Trust Company, N.A., in its capacity as trustee of the Trust. 
 Section 1.02 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms “include,” “includes,”
“including” or words of like import shall be deemed to be followed by the words “without limitation;” and (d) the terms “hereof,” “herein” or “hereunder” refer to this Agreement as a whole and
not to any particular provision of this Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. 

ARTICLE II 

SERVICES 

Section 2.01 Services. Subject to the terms of this Agreement and in exchange for the payment described in
Section 3.01, the Partnership hereby agrees to provide the Trust with such services as are necessary for the Trust and the Trustee to comply with the Trust Agreement and Article IV of the Conveyance and such other operating and
administrative services of similar character and scope to the foregoing that the Trustee may reasonably request the Partnership to provide during the term of this Agreement, including such accounting, bookkeeping and informational services and other
services as may be necessary for the preparation of reports the Trust is or may be required to prepare and/or file in accordance with applicable tax and securities laws, exchange listing rules and other requirements, including reserve reports and
tax returns (all of the foregoing being herein called the “Services”). 
 Section 2.02 Performance of
Services by Others. The parties hereby agree that in discharging the Partnership’s obligations under this Agreement, the Partnership may, in its sole discretion, engage any other Person, including its Affiliates, to perform the Services (or
any part of the Services) on its behalf and that the performance of the Services (or any part of the Services) by any such Person shall be treated as if the Partnership performed such Services itself. Notwithstanding the foregoing, nothing contained
herein shall relieve the Partnership of its obligations hereunder. 
 Section 2.03 Intellectual Property. Any
(i) inventions, whether patentable or not, developed or invented, or (ii) copyrightable material (and the intangible rights of copyright therein) developed, in each case by the Partnership, its Affiliates or its or their employees in
connection with the performance of the Services shall be the property of the Partnership; provided, however, that the Trust shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such
inventions or material; and provided further, however, that the Trust shall only be granted such a right and license to the extent such grant does not conflict with, or 

 
result in a breach, default, or violation of a right or license to use such inventions or material granted to the Partnership by any Person other than an Affiliate of the Partnership.
Notwithstanding the foregoing, the Partnership will use all commercially reasonable efforts to grant such right and license to the Trust. 
 Section 2.04 Independent Status. It is expressly acknowledged by the parties hereto that each party is an “independent contractor” and nothing in this Agreement is intended nor shall
be construed to create an employer/employee relationship, or a joint venture or partnership relationship, or to allow any party to exercise control or direction over the other party. Except as required in connection with the performance of the
Services, neither the Partnership nor any agent, employee, servant, contractor or subcontractor of the Partnership or any of its Affiliates shall have the authority to bind the Trust to any contract or arrangement. Neither the Trust nor the Trustee
shall be liable for the salary, wages or benefits, including workers’ compensation insurance and unemployment insurance, of any employee, agent, servant, contractor or subcontractor of the Partnership or its Affiliates by virtue of this
Agreement. 
 Section 2.05 Warranties; Limitation of Liability. The Partnership will use commercially reasonable
efforts to provide the Services in a good and workmanlike manner in accordance with the sound and prudent practices of providers of similar services. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, THE PARTNERSHIP MAKES NO (AND HEREBY DISCLAIMS AND
NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES. IN NO EVENT WILL THE PARTNERSHIP, THE TRUST, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES BE LIABLE TO ANY OTHER PERSON FOR ANY
EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, WHETHER RESULTING FROM ANY ERROR IN THE PERFORMANCE OF SERVICE, OR OTHERWISE, REGARDLESS OF WHETHER SUCH PERSON, ITS AFFILIATES OR OTHERS MAY BE WHOLLY,
CONCURRENTLY, PARTIALLY OR SOLELY NEGLIGENT OR OTHERWISE AT FAULT, EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A PERSON THAT IS NOT A
PARTY TO THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 2.05 WILL SURVIVE TERMINATION OF THIS AGREEMENT. 

Section 2.06 Disputes. Should there be a dispute over the nature or quality of the Services or the calculation or allocation
of the Operating and Services Fee, the Partnership and the Trustee, on behalf of the Trust, shall first attempt to resolve such dispute, acting diligently and in good faith, using the past practices of the Partnership and the Trustee as guidelines
for such resolution. If the Partnership and the Trustee are unable to resolve any such dispute within thirty days, or such additional time as may be reasonable under the circumstances, the dispute shall be resolved by arbitration in accordance with
the provisions of Article XI of the Trust Agreement. The provisions of this Section 2.06 will survive termination of this Agreement. 

 ARTICLE III 
 OPERATING AND SERVICES FEE 
 Section 3.01 Operating and Services
Fee. 
 (a) The Trust shall pay to the Partnership a monthly operating and services fee of $83,333.33, subject to the
adjustments described in clause (b) below (the “Operating and Services Fee”). The Operating and Services Fee shall be paid in immediately available funds, on or before the end of the following month, with the first payment
being made on or about May 30, 2012. In the event that this Agreement is terminated during a month pursuant to Section 5.01, the amount of the Operating and Services Fee for such month shall be based upon the pro rata portion of the
Operating and Services Fee that shall have accrued during such month up to and including the date of termination of this Agreement. In addition to the Operating and Services Fee, the Trust shall reimburse the Partnership on or before the end of the
following month for all reasonable and necessary External Expenses associated with the provision of Services in the preceding month as set forth in a reasonably detailed invoice provided by the Partnership to the Trust on or before the 15th day of
the following month. 
 (b) Beginning April 1, 2013 and on April 1 of each year thereafter, the Operating and
Services Fee payable in each month through March of the following year shall increase or decrease, as applicable, by an amount equal to the product of (x) the then-current Operating and Services Fee and (y) the CPI. 

Section 3.02 Set-Off. In the event that the Partnership owes the Trust a sum certain in an uncontested amount under any other
agreement, then any such amounts may, in the sole discretion of the Partnership, be aggregated and the Trust and the Partnership shall discharge their obligations by netting those amounts against any amounts owed by the Trust to the Partnership
under this Agreement. 
 ARTICLE IV 
 FORCE MAJEURE 
 Section 4.01 Force Majeure. The
Partnership’s obligation under this Agreement shall be excused when and to the extent its performance of that obligation is prevented due to Force Majeure. The Partnership shall promptly notify the Trustee that it is prevented from performing
its obligations by reason of Force Majeure and shall exercise due diligence to end its inability to perform as promptly as practicable. Notwithstanding the foregoing, the Partnership shall not be required to settle any strike, lockout or other labor
dispute in which it or any of its Affiliates may be involved. 
 ARTICLE V 

MISCELLANEOUS 
 Section 5.01 Term and Termination. This Agreement shall become effective on the date of this Agreement and shall continue until the Termination Date unless earlier terminated by mutual
agreement of the parties to this Agreement. Upon termination of this Agreement in accordance with this Section 5.01, all rights and obligations under this Agreement shall cease except for
(i)

 
obligations that expressly survive termination of this Agreement, (ii) liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts
that have become due and payable prior to such termination, and (iii) the obligation to pay any portion of the Operating and Services Fee that has accrued prior to such termination, even if such portion has not become due and payable at the
time of termination. 
 Section 5.02 Notice. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by facsimile, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties
as follows: 
  

	 	(a)	if to the Trust or the Trustee, to: 

 Pacific Coast Oil Trust 
 c/o The Bank of New York Mellon Trust Company

 919 Congress Avenue, Suite 500 
 Austin, Texas 78701 
 Attention: Michael J. Ulrich 

Fax: (512) 479-2253 
 with a copy to: 
 Bracewell & Giuliani LLP 

111 Congress Avenue, Suite 2300 
 Austin, Texas 78701 
 Attention: Thomas W. Adkins 

Fax: (512) 479-3940 
  

	 	(b)	if to the Partnership, to: 

Pacific Coast Energy Company LP 
 515 South Flower Street, Suite 4800 
 Los Angeles, California 90071 

Attention: Gregory C. Brown 
 Fax: (213) 225-5916 
 with a copy to: 

Latham & Watkins LLP 
 811 Main Street, Suite 3700 
 Houston, Texas 77002 

Attention: Sean T. Wheeler 
 Fax: (713) 546-5401 
 or to such other address as such Person may have furnished to the other
Persons identified in this Section 5.02 in writing in accordance herewith. 

 Section 5.03 Entire Agreement; Supersedure. This Agreement constitutes the
entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether written or oral, relating to the matters contained herein. 

Section 5.04 Effect of Waiver or Consent. Except as otherwise provided in this Agreement, a waiver or consent, express or
implied, to or of any breach or default by any party in the performance by that party of its obligations under this Agreement is not a consent or waiver to or of any other breach or default in the performance by that party of the same or any other
obligations of that party under this Agreement. 
 Section 5.05 Amendment or Modification. This Agreement may be
amended or modified from time to time only by a written instrument executed by each of the parties to this Agreement. 

Section 5.06 Assignment. Except as provided in Section 2.02, and except for any transfer of rights of the Trustee
hereunder to a successor trustee of the Trust, no party to this Agreement shall have the right to assign its rights or obligations under this Agreement without the consent of the other party to this Agreement. 

Section 5.07 Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all
parties to this Agreement had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 Section 5.08 Severability. If any provision of this Agreement or the application thereof to any party to this Agreement or circumstance shall be held invalid or unenforceable to any extent,
the remainder of this Agreement and the application of such provision to the other party to this Agreement or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

Section 5.09 Further Assurances. In connection with this Agreement and all transactions contemplated by this Agreement, each
party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this
Agreement and all such transactions. 
 Section 5.10 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF THE LAWS OF ANY OTHER JURISDICTION. 

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

					
	PACIFIC COAST ENERGY COMPANY LP
	
	By:  PCEC (GP) LLC, its general partner
			
		 	By:	 	/s/ Randall H. Breitenbach
		 		 	Name:   Randall H. Breitenbach
		 		 	Title:   Chief Executive Officer
	
	PACIFIC COAST OIL TRUST
		
	By:	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee of Pacific Coast Oil Trust
		
	By:	 	/s/ Michael Ulrich
		 	Name:   Michael Ulrich
		 	Title:   Vice President

 [Signature Page to Operating and Services Agreement]

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