Document:

Loan Agreement

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

This Loan and Security Agreement (the “Agreement”), dated as of June 28, 2010, is entered into by and between
Viking International Limited, a Bermuda limited company, with an address of Canon’s Court 22 Victoria Street, Hamilton HM 12, Bermuda (“Borrower”) and Dalea Partners, LP, an Oklahoma limited partnership, with its principal
place of business located at 4801 Gaillardia, Suite 350, Oklahoma City, Oklahoma 73142 (“Lender”). 

Recitals 

A. Borrower has requested Lender to make available to Borrower a loan or loans up to an aggregate principal amount of Thirty Million
Dollars ($30,000,000) (as the same may from time to time be amended, modified, supplemented or restated, individually or collectively referred to as the “Loan”), which would be evidenced by a Promissory Note executed by Borrower
substantially in the form of Exhibit A hereto (as the same may from time to time be amended, modified, supplemented or restated, the “Note”); and 

B. Lender is willing to make the Loan on the terms and conditions set forth in this Agreement. 

Terms and Conditions 

In consideration of the premises and the mutual agreements contained herein, Borrower and Lender hereby agree as follows: 

Section 1. 

DEFINITIONS 

Unless otherwise defined herein, the following capitalized terms shall have the following meanings (such meanings being equally
applicable to both the singular and plural form of the terms defined); 
 1.1 “Account” means any
“account” as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest and, in any event, shall include, without limitation, all accounts receivable, book
debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper, Documents or Instruments) now owned or hereafter received or acquired by or belonging or owing to Borrower (including, without limitation, under any
trade name, style or division thereof) whether arising out of goods sold or services rendered by Borrower or from any other transaction, whether or not the same involves the sale of goods or services by Borrower (including, without limitation, any
such obligation which may be characterized as an account or contract right under the UCC) and all of Borrower’s rights in, to and under all purchase orders or receipts now owned or hereafter acquired by it for goods or services, and all of
Borrower’s rights to any goods represented by any of the foregoing (including, without limitation, unpaid seller’s rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods),
and all monies due or to become due to Borrower under all purchase orders and contracts for the sale of goods or the performance of services or both by Borrower (whether or not yet earned by performance on the part of Borrower or in connection with
any other transaction), now in existence or hereafter occurring, including, without limitation, the right to receive the proceeds of said purchase orders and contracts, and all collateral security and guarantees of any kind given by any Person with
respect to any of the foregoing. 

 1.2 “Advance” means each installment made by the Lender to Borrower
pursuant to the Loan to be evidenced by the Note secured by the Collateral. 
 1.3 “Advance Date” means the
funding date of any Advance of the Loan. 
 1.4 “Advance Request” means the request by Borrower for an Advance
under the Loan, each to be substantially in the form of Exhibit B attached hereto, as submitted by Borrower to the Lender from time to time. 

1.5 “Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with the Person specified. 
 1.6 “Chattel
Paper” means any “chattel paper”, as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

1.7 “Closing Date” means the date hereof. 

1.8 “Collateral” shall have the meaning assigned to such term in Section 3 of this Agreement. 

1.9 “Contracts” means all contracts, undertakings, franchise agreements or other agreements (other than rights evidenced
by Chattel Paper, Documents or Instruments) in or under which Borrower may now or hereafter have any right, title or interest, including, without limitation, with respect to an Account, any agreement relating to the terms of payment or the terms of
performance thereof. 
 1.10 “Documents” means any “documents,” as such term is defined in of the
UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 1.11
“Equipment” means the line of equipment described on Exhibit C attached hereto, and any and all additions, substitutions and replacements of any of the foregoing, and any additional line or lines of equipment which may be set forth
on an amendment to Exhibit C, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

1.12 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or
not included as indebtedness or liabilities in accordance with generally accepted accounting principles: 
 (a) all obligations
of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
  

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 (b) all direct or contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts, and other accrued liabilities arising in the ordinary course of business and, in each case, not past due for more than 60 days after
the date on which such trade account payable was created); 
 (d) indebtedness (excluding prepaid interest thereon) secured by a
Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 (e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
equity interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference, plus accrued and unpaid dividends; and 

(f) all guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. 

1.13 “Instruments” means any “instrument,” as such term is defined in the UCC, now owned or hereafter acquired
by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 1.14 “Lien” means any
mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any
conditional sale or other title retention agreement, any lease in the nature of a security interest, and the filing of any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a
security interest) under the UCC or comparable law of any jurisdiction. 
 1.15 “Loan Documents” shall mean and
include this Agreement, the Note, and any other documents executed in connection with the Loan Obligations or the transactions contemplated hereby, as the same may from time to time be amended, modified, supplemented or restated. 

1.16 “Loan Obligations” shall mean and include all principal, interest, fees, costs, or other liabilities or obligations
for monetary amounts owed by Borrower to Lender, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent, and all covenants and duties regarding such amounts, of any kind of nature, present or
future, arising under this Agreement, the Note, or any of the other Loan Documents, whether or not evidenced by any Note, Agreement or other instrument, as the same may from time to time be amended, modified, supplemented or restated. 

 

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 1.17 “Material Adverse Effect” means a material adverse effect upon:
(a) the business, operations, properties, prospects, assets or conditions (financial or otherwise) of Borrower; or (b) the ability of Borrower to perform under the Loan Obligations. 

1.18 “Maturity Date” means December 31, 2010. 

1.19 “Maximum Loan Amount” means Thirty Million and No/100 Dollars ($30,000,000.00). 

1.20 “Permitted Liens” means any and all of the following: 

(a) Liens in favor of the Lender; 

(b) Liens for taxes, assessments or governmental charges or claims, the payment of which are not, at the time, delinquent or are being
contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by generally accepted accounting principles shall have been made therefor; 

(c) Statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other liens imposed by law incurred
in the ordinary course of business for sums not yet delinquent or that are being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by generally accepted accounting principles shall have been made
therefor; 
 (d) Liens incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money
bonds and similar obligations (exclusive of obligations for the payment of borrowed money); 
 (e) Liens securing purchase money
debt if the only collateral for such purchase money debt is the assets acquired therewith; 
 (f) Leases or subleases granted to
others not interfering in any material respect with the ordinary conduct of business; 
 (g) Any interest or title of a lessor
or sublessor under any lease; 
 (h) Liens existing on the date of this Agreement, as disclosed to the Lender. 

1.21 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, governmental authority or other entity. 
 1.22 “Proceeds” means “proceeds,” as
such term is defined in the UCC and, in any event, shall include, without limitation, (a) any and all Accounts, Chattel Paper, Contracts, Instruments, cash or other forms of money or currency or other proceeds payable to Borrower from time to
time in respect of the Collateral, (b) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to Borrower from time to time with respect to any of the Collateral, (c) any and all payments (in any form whatsoever)
made or due and payable to Borrower from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority (or any Person acting under color of
governmental authority), and (d) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 
  

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 1.23 “UCC” shall mean the Uniform Commercial Code as the same may, from
time to time, be in effect in the State of Oklahoma. Unless otherwise defined herein, terms that are defined in the UCC and used herein shall have the meanings given to them in the UCC. 

Section 2. 

THE LOANS 

2.1 Commitment. Lender agrees to lend to Borrower a principal amount not to exceed the Maximum Loan Amount in the aggregate at any
one time outstanding for the purposes and upon the terms and subject to the conditions contained in this Agreement. Notwithstanding any term hereof to the contrary, Lender reserves the right to make any Advance in its sole and absolute discretion.
It is expressly understood and agreed by Borrower and each of its successors and permitted assigns that nothing herein creates any liability on Lender, its successors and permitted assigns to make any Advance. 

2.2 Borrowings; Advances. The Loan shall be available in minimum Advances of One Hundred Thousand Dollars ($100,000). The initial
Advance made by the Lender shall not exceed the amount of Eighteen Million Five Hundred Thousand Dollars ($18,500,000) and shall be secured by the Equipment and Proceeds therefrom. Each Advance thereafter made by Lender to Borrower shall be
evidenced by the Note and secured by such additional line of equipment as is acceptable to Lender and set forth in an amendment to Exhibit C hereto, which shall then become part of the Collateral. Interest shall accrue on the outstanding balance of
the Note at the annual rate equal to 10.0%. Borrower shall make monthly principal payments in the amount of Eight Hundred Thirty-three Thousand, Three Hundred Thirty-three Dollars and 33/100 ($833,333.33), together with a payment of all accrued
interest monthly in arrears on the last day of each month beginning October 31, 2010. The aggregate unpaid principal amount of the Note, together with all accrued but unpaid interest and other costs, expenses or charges payable hereunder from
time to time shall be due and payable by Borrower to Lender immediately on the earlier of (i) the Maturity Date, and (ii) the occurrence of an Event of Default pursuant to Section 8. 

2.3 Procedure for Advance Requests. To obtain an Advance under the Loan, Borrower shall complete, sign and deliver an Advance
Request to Lender. Each Advance Request shall identify an Advance Date which is no less than five business days from the date of such notice and the collateral offered to secure such Advance. Upon receipt of an Advance Request, Lender shall verify
the information contained in the Advance Request and determine if such collateral is acceptable to Lender. If Lender determines to fund such Advance it shall deliver notice together with any necessary documents to Borrower for signature. 

2.4 Computation of Interest. 

(a) Interest shall be calculated on the basis of a year of 360 days and charged for the actual number of days elapsed. 

 

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 (b) Notwithstanding any provision in this Agreement, the Note, or any other Loan Document,
it is not the parties’ intent to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law which a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State
of Oklahoma shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If Borrower actually pays Lender an amount of interest, chargeable on the total aggregate principal Loan
Obligations of Borrower under this Agreement and the Note (as said rate is calculated over a period of time from the date of this Agreement through the end of time that any principal is outstanding on the Note), which amount of interest exceeds
interest calculated at the Maximum Rate on said principal chargeable over said period of time, then such excess interest actually paid by Borrower shall be applied first, to the payment of principal outstanding on the Note; second, after all
principal is repaid, to the payment of Lender’s out of pocket costs, expenses, and professional fees which are owed by Borrower to Lender under this Agreement or the Loan Documents; and third, after all principal, costs, expenses, and
professional fees owed by Borrower to Lender are repaid, the excess (if any) shall be refunded to Borrower, and the effective rate of interest will be automatically reduced to the Maximum Rate. 

(c) Upon and during the continuation of an Event of Default hereunder, all Loan Obligations, including principal, interest, compounded
interest, and professional fees, shall bear interest at a rate per annum equal to 15% per annum (“Default Rate”). 

2.5 Prepayments. Borrower may, upon notice to Lender, at any time or from time to time voluntarily prepay the Loan Obligations in
whole or in part without premium or penalty. Borrower shall give Lender written notice not later than three business days before any date of prepayment. Borrower’s notice shall specify the date and amount of the prepayment. 

Section 3. 

SECURITY INTEREST 

As security for the prompt, complete and indefeasible payment when due (whether at the Maturity Date or otherwise) of all the Loan
Obligations and to induce Lender to make the Loan upon the terms and subject to the conditions of the Note, Borrower hereby conveys, mortgages, pledges, hypothecates and transfers to Lender for security purposes only, and hereby grants to Lender a
first priority perfected security interest in all of Borrower’s right, title and interest in, to and under each of the following (all of which being hereinafter collectively called the “Collateral”): 

(a) Any and all Equipment, and 

(b) To the extent not otherwise included, all Proceeds of the Equipment and all accessions to, substitutions and replacements for, and
rents, profits and products of each of the foregoing. 
  

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 Section 4. 

CONDITIONS PRECEDENT TO LOAN 

The making of the Loan hereunder is subject to the satisfaction by Borrower of the following conditions: 

4.1 Conditions to Initial Advance. Borrower, on or before the Closing Date, shall have delivered to the Lender the following:

 (a) Executed originals of the Agreement, the Note and any other documents reasonably required by the Lender to evidence the
Loan Obligations; 
 (b) Certified copy of resolutions of Borrower’s board of directors evidencing approval of the
borrowing and other transactions evidenced by the Loan Documents, and any other documents evidencing any other necessary approvals; 

(c) Such other documents as the Lender may reasonably request in writing before the Closing Date. 

4.2 Conditions to All Borrowings. On or before each Advance Date: 

(a) The Lender shall have received (i) an Advance Request for such Advance as required by Section 2.3, and (ii) any other
documents the Lender may reasonably request in writing before such Advance Date. 
 (b) The representations and warranties set
forth in Section 5 hereof shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to
an earlier date. 
 (c) Borrower shall be in material compliance with all the terms and provisions set forth herein and in each
other Loan Document on its part to be observed or performed, and, at the time of and immediately after such Advance, no Event of Default shall have occurred and be continuing. 

Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the Advance Date as to the matters
specified in paragraphs (b) and (c) of this Section 4.2. 
 4.3 Perfection of Security Interests. Borrower
shall have taken or caused to be taken such actions requested by the Lender to grant Lender a first priority perfected security interest in the Collateral, subject only to Permitted Liens. Such actions shall include, without limitation, the delivery
to the Lender of all appropriate financing statements, executed by Borrower, as to the Collateral granted by Borrower for all jurisdictions as may be necessary or desirable to perfect the security interest of Lender in such Collateral. 

4.4 Absence of Events of Defaults. As of the Closing Date or the Advance Date, as applicable, no fact or condition exists that
would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default under this Agreement or any of the Loan Documents. 
  

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 4.5 Material Adverse Effect. As of the Closing Date or the Advance Date, as
applicable, no event which has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 

4.6 Termination Date. Notwithstanding anything in this Agreement to the contrary, Lender’s obligations to provide the Loan
shall terminate on the earlier of (a) the Maturity Date, or (b) the occurrence of an Event of Default pursuant to Section 8, and no Advance Requests shall be accepted after such date. 

Section 5. 

REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents, warrants and agrees that: 

5.1 Ownership of Property; Liens. Borrower owns all right, title and interest in and to the Collateral, free of all liens,
security interests, encumbrances and claims whatsoever, except for Permitted Liens. 
 5.2 Authority to Grant Security
Interest. Borrower has the full power and authority to, and does hereby grant and convey to Lender, (and when the appropriate UCC Financing Statements are properly filed) a perfected first priority security interest in the Collateral as security
for the Loan Obligations, free of all liens, security interests, encumbrances and claims, other than Permitted Liens, and shall execute such UCC financing statements in connection herewith as the Lender may reasonably request. Except for Permitted
Liens, no other lien, security interest, adverse claim or encumbrance has been created by Borrower or is known by Borrower to exist with respect to any Collateral. 

5.3 Existence, Qualification. Borrower is a limited company duly formed, legally existing and in good standing under the laws of
Bermuda, and is duly qualified in all other jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified would have a Material Adverse Effect. 

5.4 Authorization. Borrower’s execution, delivery and performance of the Note, this Agreement, all financing statements, all
other Loan Documents, required to be delivered or executed in connection herewith, have been duly authorized by all necessary corporate action of Borrower, the individual or individuals executing the Loan Documents were duly authorized to do so; and
the Loan Documents constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization or other similar laws generally affecting the
enforcement of the rights of creditors (and rules of law concerning equitable remedies). 
 5.5 No Contravention. This
Agreement and the other Loan Documents do not and will not violate any provisions of Borrower’s organization documents, or any material contract, material agreement, law, regulation, order, injunction, judgment, decree or writ to which Borrower
is subject, or result in the creation or imposition of any lien, security interest or other encumbrance upon the Collateral, other than those created by this Agreement. 
  

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 5.6 No Approvals. The execution, delivery and performance of this Agreement and the
other Loan Documents do not require the consent or approval of any other Person including, without limitation, any governmental authority. 

5.7 No Material Adverse Effect. No event which has had a Material Adverse Effect has occurred and is continuing. 

5.8 No Legal Proceedings; Compliance with Laws. 

(a) There are no actions, suits or proceedings at law or in equity or by or before any governmental authority now pending or, to the
knowledge of Borrower, threatened against or affecting Borrower or any business, property or rights of Borrower (i) which involve any Loan Document or (ii) as to which there is a reasonable possibility of an adverse determination and
which, if adversely determined, could, individually or in the aggregate, result in a Material Adverse Effect. 
 (b) Borrower is
not in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default could result in a Material Adverse Effect. 

5.9 No Breaches. 

(a) Borrower is not a party to any agreement or instrument or subject to any corporate restriction that has resulted in a Material
Adverse Effect. 
 (b) Borrower is not in default in any manner under any provision of any material agreement or instrument to
which it is a party or by which it or any of its properties or assets are or may be bound, where such default could result in a Material Adverse Effect. 

5.10 Disclosures. No information, report, financial statement, exhibit or schedule furnished by or on behalf of Borrower to Lender
in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto contained or contains any material misstatement of fact or omitted or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were or are made, not misleading. 
 5.11 Taxes. Borrower has
filed and will file all tax returns, federal, state and local, which it is required to file and has duly paid or fully reserved for all taxes or installments thereof (including any interest or penalties) as and when due, which have or may become due
pursuant to such returns or pursuant to any assessment received by Borrower for the three years preceding the Closing Date, if any (including any taxes being contested in good faith and by appropriate proceedings). 

Section 6. 

AFFIRMATIVE COVENANTS 

Unless waived by the Lender, Borrower covenants and agrees as follows at all times while any of the Loan Obligations remain outstanding:

 6.1 Transfer of Collateral. Borrower will not sell, transfer, convey or assign the Collateral to any person or entity
without the prior written consent of Lender. Borrower will not move or transport the Collateral outside the countries of Turkey, Morocco, Romania or the United States without the prior written consent of Lender. 

 

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 6.2 Inspection Rights. Borrower will permit any authorized representative of either
Lender and its attorneys and accountants on reasonable notice to inspect, examine and make copies and abstracts of the books of account and records of Borrower reasonably related to Lender’s security interest in the Collateral at reasonable
times during normal business hours. In addition, Lender and its representatives, attorneys and accountants shall have the right to meet with management and officers of Borrower at reasonable times during normal business hours to discuss such books
of account and records. 
 6.3 Notices. Borrower will promptly notify the Lender: 

(a) Of the occurrence of any Default; and 

(b) Of any matter including (i) breach or non-performance of, or any default under, a contractual obligations of Borrower;
(ii) any dispute, litigation, investigation, proceeding or suspension between Borrower; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting Borrower that has resulted or could reasonably be
expected to result in a Material Adverse Effect. 
 Each notice pursuant to Section 6.3(a) and (b) shall be
accompanied by a statement of an officer of Borrower setting forth details of the occurrence and stating what action Borrower has taken and proposes to take to cure the matter. Each notice pursuant to Section 6.3(a) shall describe with
particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 
 6.4 Protection
of Interest. Borrower shall protect and defend its title to the Collateral as well as the interest of Lender against all Persons claiming any interest adverse to Borrower or Lender and shall at all times keep the Collateral free and clear from
any legal process, liens or encumbrances whatsoever (except any placed thereon by Lender and Permitted Liens) and shall give the Lender immediate written notice thereof. 

6.5 Maintenance of Properties. Borrower will maintain and protect the Collateral, in good order and working repair and condition
(taking into consideration ordinary wear and tear) and from time to time make or cause to be made all necessary and proper repairs, renewals and replacements thereto and shall competently manage and care for the Collateral in accordance with prudent
industry practices. 
 6.6 Maintenance of Insurance. Borrower will cause to be carried and maintained commercial general
liability insurance against risks customarily insured against in Borrower’s line of business. Such risks shall include, without limitation, the risks of death, bodily injury and property damage. Borrower shall also cause to be carried and
maintained insurance upon the Collateral and Borrower’s business, covering casualty, hazard and such other property risks in amounts equal to the full replacement cost of the Collateral. Borrower shall deliver to the Lender lender’s loss
payable endorsements, naming Lender as loss payee and additional insured. Borrower shall use commercially reasonable efforts to cause all policies evidencing such insurance to provide for at least 30 days prior written notice by the underwriter or
insurance company to the Lender in the event of cancellation or expiration. Such policies shall be issued by such insurers and in such amounts as are reasonably acceptable to the Lender. 

 

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 6.7 Payment of Taxes. Borrower covenants and agrees to pay when due, all taxes, fees
or similar charges of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower or Lender with respect to or the Collateral or upon Borrower’s ownership, possession, use,
operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all personal property tax returns in respect of the Collateral. Notwithstanding the
foregoing, Borrower may contest, in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves therefor. 

6.8 Indemnification. Borrower shall and does hereby indemnify and hold Lender, and each of its agents, and representatives
harmless from and against any and all claims, costs, expenses, damages and liabilities (including, without limitation, such claims, costs, expenses, damages and liabilities based on liability in tort, including without limitation, strict liability
in tort), including reasonable attorneys’ fees, arising out of the disposition or utilization of the Collateral by Borrower, other than claims arising out of or caused by Lender’s gross negligence or willful misconduct. 

6.9 Further Assurances. Borrower will from time to time execute, deliver and file, alone or with the Lender, any financing
statements, security agreements or other documents reasonably requested by the Lender; procure any instruments or documents as may be reasonably requested by the Lender; and take all further action that may be necessary or desirable that the Lender
may reasonably request, to confirm, perfect, preserve and protect the security interests intended to be granted hereby, and in addition, and for such purposes only, Borrower hereby authorizes the Lender to execute and deliver on behalf of Borrower
and to file such financing statements, security agreement and other documents without the signature of Borrower either in Lender’s name or in the name of Borrower as agent and attorney-in-fact for Borrower. The parties agree that a carbon,
photographic or other reproduction of this Agreement shall be sufficient as a financing statement and may be filed in any appropriate office in lieu thereof. 

Section 7. 

NEGATIVE COVENANTS 

Unless waived by the Lender, Borrower covenants and agrees as follows at all times while any of the Loan Obligations remain outstanding:

 7.1 Indebtedness. Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except:
(a) Indebtedness under the Loan Documents, (b) Indebtedness outstanding on the date hereof, and (c) without the prior written consent of Lender, unsecured Indebtedness in an aggregate principal amount not to exceed $500,000 at any
time outstanding. 
 7.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien upon the Collateral,
whether now owned or hereafter acquired, other than Permitted Liens. 
  

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 7.3 Fundamental Changes. Borrower shall not merge, dissolve, liquidate, consolidate
with or into another Person, or dispose of all or substantially all of its assets. 
 7.4 Change in Nature of Business.
Borrower shall not engage in any business outside the ordinary course of the business in which Borrower is currently engaged. 

7.5 Use of Proceeds. Borrower shall not use the proceeds of any Loan for purposes other than as described in the Advance Request.

 Section 8. 

DEFAULT 

The occurrence of any one or more of the following events (“Defaults” or “Events of Default”) shall
constitute a default hereunder and under the Note and other Loan Documents: 
 (a) Borrower defaults in the payment of any
principal, interest or other Loan Obligation involving the payment of money under this Agreement, the Note or any of the other Loan Documents, and such default continues for more than five days after the due date thereof; or 

(b) Borrower defaults in the performance of any other covenant or Loan Obligation of Borrower hereunder or under the Note or any of the
other Loan Documents, and such default continues for more than 30 days without cure; or 
 (c) Any representation or warranty
made herein by Borrower shall prove to have been false or misleading in any material respect; or 
 (d) Borrower shall make an
assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition in bankruptcy, or shall file any petition or answer seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances, or shall seek or consent to or acquiesce in the appointment of any trustee,
receiver, or liquidator of Borrower or of all or any substantial part (10% or more) of the properties of Borrower; or Borrower or its directors or majority shareholders shall take any action initiating the dissolution or liquidation of Borrower; or

 (e) Thirty days shall have expired after the commencement of an action by or against Borrower seeking reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the
business of Borrower being stayed; or a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or Borrower shall file any answer admitting or not contesting the material
allegations of a petition filed against Borrower in any such proceedings; or the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or 

(f) Thirty days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or
liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment being vacated; or 
  

 12 

 (g) The material default by Borrower under any other promissory note or agreement for
borrowed money, or any other agreement between Borrower and Lender; or 
 (h) The occurrence of any (i) default in a
material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default could result in a Material Adverse Effect, or (ii) event that has had or would likely have with
the passage of time a Material Adverse Effect. 
 Section 9. 

REMEDIES 

9.1 Remedies upon Event of Default. 

(a) Upon the occurrence of any one or more Events of Default, the Lender, at its option, may declare the Note and all of the other Loan
Obligations to be accelerated and immediately due and payable, whereupon the unpaid principal of and accrued interest on such Note and all other outstanding Loan Obligations shall become immediately due and payable, and shall thereafter bear
interest at the Default Rate set forth in, and calculated according to, Section 2.4 (c) of this Agreement. The Lender may pursue all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it
under applicable law, including the right to release, hold or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. 

(b) Upon the occurrence of any one or more Events of Default, the Lender, at its option, may take immediate possession of all of the
Collateral in full satisfaction of the Loan Obligations. Title to the Collateral shall immediately be transferred and assigned to Lender by Borrower, and such Equipment may be managed by Borrower on the same terms and conditions set forth in that
certain Agreement for Management Services dated December 15, 2009, between Viking Drilling, LLC and Borrower. 
 9.2
Borrower Agreements. Upon the happening and during the continuance of any Event of Default, the Lender may then, or at any time thereafter and from time to time, apply, collect, sell in one or more sales, lease or otherwise dispose of, any or
all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as the Lender may elect, and any such sale may be made either at public or private sale at its place of business or
elsewhere. Borrower agrees that any such public or private sale may occur upon ten calendar days’ prior written notice to Borrower. The Lender may require Borrower to assemble the Collateral and make it available to the Lender at a place
designated by the Lender which is reasonably convenient to the Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by the Lender in the following order of
priorities: 
 First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and
advisors’ fees and expenses; 
  

 13 

 Second, to Lender in an amount equal to the then unpaid amount of the Loan Obligations in
such order and priority as the Lender may choose in its sole discretion; and 
 Finally, upon payment in full of all of the Loan
Obligations, to Borrower or its representatives or as a court of competent jurisdiction may direct. The Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the
obligations of a secured party under Section 9-207 of the UCC. 
 Section 10. 

MISCELLANEOUS 

10.1 Continuation and Termination of Security Interest. This is a continuing Agreement and the grant of a security interest
hereunder shall remain in full force and effect and all the rights, powers and remedies of Lender hereunder shall continue to exist until the Loan Obligations are paid in full as the same become due and payable and until the Lender has executed a
written termination statement (which the Lender shall execute within 30 days after full payment of the Loan Obligations hereunder or within 10 days upon request of Borrower), reassigning to Borrower, without recourse, the Collateral and all rights
conveyed hereby and returning possession of the Collateral to Borrower. The rights, powers and remedies of Lender hereunder shall be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The pursuit of
any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and remedies of Lender. When all Loan Obligations have been paid in full and
discharged, all security interests and other Liens granted to Lender under this Agreement will terminate. Upon the full and final discharge of all of the Loan Obligations, Lender will execute and deliver such documents as may be reasonably necessary
and requested by Borrower to release the Collateral from the security interest and Lien granted to Lender in this Agreement, and return (or cause to be returned) to Borrower any Collateral in the possession of Lender or its agents. 

10.2 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 10.3 Notice. Except as otherwise provided
herein, all notices and service of process required, contemplated, or permitted hereunder or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given or delivered upon the earlier of:
(i) the first business day after transmission by email or hand delivery or deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper
first class postage prepaid, and shall be addressed to the party to be notified as follows: 
 (a) If to Lender: 

Dalea Partners, LP 

N. Malone Mitchell,
3rd 

4801 Gaillardia Parkway, Suite 350 

Oklahoma City, OK 73142 
  

 14 

 With copy to: 

N. Janine Wheeler 

Riata Management, LLC 

4801 Gaillardia Parkway, Suite 350 

Oklahoma City, OK 73142 

Email: janine.wheeler@riatamanagement.com 

(b) If to Borrower: 

Viking International Limited 

Attention: Matthew McCann and Jeffrey Mecom 

5910 N. Central Expressway, Suite 1755 

Dallas, TX 75206 

or to such other address as each party may designate for itself by like notice. 

10.4 Entire Agreement; Amendments. This Agreement, the Note, and the other Loan Documents constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral,
with respect to the subject matter hereof or thereof, all of which are merged herein and therein. None of the terms of this Agreement, the Note or any of the other Loan Documents may be amended except by an instrument executed by each of the parties
hereto. 
 10.5 Headings. The various headings in this Agreement are inserted for convenience only and shall not affect
the meaning or interpretation of this Agreement or any provisions hereof. 
 10.6 No Waiver. The powers conferred upon
Lender by this Agreement are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon either Lender to exercise any such powers. No omission, or delay, by either Lender at any time to enforce any right or remedy
reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Lender is entitled, nor shall it in any way affect the right of
Lender to enforce such provisions thereafter. 
 10.7 Survival. All agreements, representations and warranties contained
in this Agreement, the Note and the other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Lender and shall survive the execution and delivery of this Agreement and the expiration or other
termination of this Agreement. 
  

 15 

 10.8 Successor and Assigns. The provisions of this Agreement and the other Loan
Documents shall inure to the benefit of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement, the Note or any of the other Loan Documents without Lender’s express written
consent, and any such attempted assignment shall be void and of no effect. Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall inure to the
benefit of Lender’s successors and assigns. 
 10.9 Further Indemnification. Borrower agrees to pay, and to save
Lender harmless from any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes which may be payable or determined to be payable with respect to any of the Collateral or in
connection with any of the transactions contemplated by this Agreement. 
 10.10 Governing Law. This Agreement, the Note
and the other Loan Documents have been negotiated and delivered to Lender in the State of Oklahoma, and shall not become effective until accepted by Lender in the State of Oklahoma. Payment to Lender by Borrower of the Loan Obligations is due in the
State of Oklahoma. This Agreement, the Note and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of Oklahoma, excluding conflict of laws principles that would cause the application
of laws of any other jurisdiction. 
 10.11 Consent to Jurisdiction and Venue. All judicial proceedings arising in or
under or related to this Agreement, the Note or any of the other Loan Documents may be brought in any state or federal court of competent jurisdiction located in the State of Oklahoma. By execution and delivery of this Agreement, each party hereto
generally and unconditionally: (a) consents to personal jurisdiction in Oklahoma County, State of Oklahoma; (b) waives any objection as to jurisdiction or venue in Oklahoma County, State of Oklahoma; (c) agrees not to assert any
defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement, the Note or the other Loan Documents. Service of process on any
party hereto in any action arising out of or relating to this agreement shall be effective if given in accordance with the requirements for notice set forth in Section 10.3, above and shall be deemed effective and received as set forth in
Section 10.3, above. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

10.12 Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF BORROWER AND LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER
AGAINST LENDER OR ITS ASSIGNEE AND/OR BY LENDER OR ITS ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including any other Claims that involve Borrower and Lender and additional Persons; Claims that arise out of or are in any way
related to the relationship between Borrower and Lender and other Persons or creditors under the Loan Documents; and any Claims for damages, breach of contract arising out of this Agreement, any other Loan Document specific performance, or any
equitable or legal relief of any kind. 
  

 16 

 10.13 Counterparts. This Agreement and any amendments, waivers, consents or
supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the
same instrument. 
 [Remainder of Page Left Intentionally Blank] 

 

 17 

 In Witness Whereof, Borrower and Lender have duly executed and delivered this Agreement as
of the day and year first above written. 
  

							
	BORROWER:	 	VIKING INTERNATIONAL LIMITED
			
		 	By:	 	     /s/ Scott C. Larsen

		 		 	Scott C. Larsen, President
		
	LENDER:	 	Dalea Partners, LP
		 		 	By	 	Dalea Management, LLC
		 		 	    Its General Partner
			
		 	By:	 	     /s/ N. Malone Mitchell,
3rd

		 		 	N. Malone Mitchell,
3rd, Manager

 

 18Credit Agreement

 Exhibit 10.1 

CREDIT AGREEMENT 
 THIS
AGREEMENT dated as of June 28, 2010 is between: 
 DALEA PARTNERS, LP, an Oklahoma limited partnership, having an
office at 4801 Gaillardia Parkway, Suite 225, Oklahoma City, Oklahoma 73142 
 (the
“Lender”)             
 AND: 

TRANSATLANTIC PETROLEUM LTD., a limited exempted company incorporated in the Islands of Bermuda having an office at 5910 N. Central
Expressway, Suite 1755 Dallas, Texas 75206 
 (the
“Borrower”)             
 RECITALS 

 A. The Borrower has entered into that certain Memorandum of Understanding dated May 4, 2010, (the
“MOU”), with Zorlu Enerji Elektrik Uretim A.S. (“Zorlu”) setting forth the principles of agreements of the parties with respect to the proposed acquisition by the Borrower
or one or more of its subsidiaries of the shares of (i) Amity Oil International Pty. Ltd. (“Amity”), and (ii) Zorlu Petrogas Petrol Gaz ve Petrokimya Urunleri Insaat Sanayi ve Ticaret A.S.
(“Petrogas” and together with Amity, the “Targets”).  

B. To facilitate the consummation of the acquisitions that are the subject of the MOU (the
“Transaction”) and to further the general corporate purposes of the Borrower, the Lender has agreed to lend to the Borrower and the Borrower has agreed to borrow from the Lender in multiple advances the
aggregate principal amount of up to the Committed Amount (as defined below), on the terms and subject to the conditions of this Agreement. 

AGREEMENTS 
 For good and
valuable consideration, the receipt and sufficiency of which each party acknowledges, the parties agree as follows: 
 1.
Definitions. In this Agreement: 
 (a) Adjustment Date has the meaning set forth in
paragraph 5. 
 (b) Amity has the meaning set forth in recital A; 

 (c) Business Day means a day which is not a Saturday, Sunday
or a day on which commercial banks in the State of Texas are authorized or required to be closed; 
 (d)
Committed Amount means USD $100,000,000; 
 (e) Commitment Termination Date means
September 1, 2010. 
 (f) Disclosure Record has the meaning set forth in clause (g) of
paragraph 8; 
 (g) Event of Default has the meaning set forth in paragraph 11; 

(h) Ex-Im Financing means all debt and obligations of the Borrower or any of its Subsidiaries under a loan
or credit facility guaranteed by The Export-Import Bank of the United States of America. 
 (i) Exchanges
means the Toronto Stock Exchange and the NYSE Amex exchange. 
 (j) LIBOR Rate means a rate
of interest equal to the three month London interbank offered rate as published in the “Money Rates” section of The Wall Street Journal on the Business Day immediately preceding (i) the date of the Initial Advance, and
(ii) each Adjustment Date (or, if such source is not available, such alternate third party reporting source as reasonably determined by the Lender). 

(k) Maturity Date has the meaning set forth in paragraph 4; 

(l) Mitchell Family means N. Malone Mitchell,
3rd or his immediate family members, and entities owned
and controlled by N. Malone Mitchell, 3rd and his
immediate family members. 
 (m) MOU has the meaning set forth in recital A; 

(n) Indemnitee has the meaning set forth in paragraph 14; 

(o) Initial Advance has the meaning set forth in paragraph 2; 

(p) Loan means the loan to be made by the Lender to the Borrower pursuant to paragraph 2; 

(q) Maximum Rate has the meaning set forth in paragraph 23; 

(r) Note has the meaning set forth in paragraph 2; 

(s) Outstanding Balance has the meaning set forth in paragraph 4(a); 

(t) Petrogas has the meaning set forth in recital A; 

 

 2 

 (u) Senior Debt means all debt and obligations incurred by the
Borrower and its Subsidiaries under than certain $250,000,000 Credit Agreement dated December 21, 2009, among DMLP, Ltd., Talon Exploration, Ltd., TransAtlantic Turkey, Ltd., and Petroleum Exploration Mediterranean International Pty. Ltd., as
borrowers, and Incremental Petroleum (Selmo) Pty. Ltd., TA-Worldwide, TransAtlantic Petroleum (USA) Corp., and the Borrower, as guarantors, Standard Bank PLC, as LC Issuer, Administrative Agent, Collateral Agent, and Technical Agent, and the lenders
party thereto (as amended, restated, increased, extended or replaced from time to time). 
 (v) Subsequent
Advance has the meaning set forth in paragraph 2; 
 (w) Subsidiaries means, with respect
to the Borrower, any corporation of which at least a majority of the outstanding shares to which there is attached voting power under ordinary circumstances to elect a majority of the board of directors of such corporation, shall at the relevant
time be owned directly or indirectly by the Borrower, one or more Subsidiaries of the Borrower, or any combination thereof, and “Subsidiary” shall mean any one of them; 

(x) TA-Worldwide means TransAtlantic Worldwide, Ltd., a company incorporated in the Commonwealth of the
Bahamas, and a Subsidiary of the Borrower; 
 (y) Transaction has the meaning set forth in recital
B; and 
 (z) Zorlu has the meaning set forth in recital A. 

2. The Loan. Subject to and upon the fulfilment of the conditions precedent contained in paragraph 7 of this Agreement, the Lender
will advance to the Borrower in multiple advances the aggregate principal amount of up to the Committed Amount. Notwithstanding anything to the contrary, the Loan shall be denominated (and deemed made) in U.S. Dollars and the Outstanding Balance
shall be denominated, calculated and determined in U.S. Dollars, and shall be prepaid or paid when due in U.S. Dollars. The initial advance under the Loan (the “Initial Advance”) shall be no less than $50,000,000. Further
advances under the Loan (each, a “Subsequent Advance”) shall be in multiples of $5,000,000. For any such advance, the Borrower shall provide written notice to the Lender and the Lender shall, if satisfied that all conditions
hereunder have been met, provide the Borrower with such advance within three (3) Business Days. The Lender’s commitment to make the Loan shall expire at 5:00 pm Dallas, Texas time on the Commitment Termination Date. The Initial Advance and
each Subsequent Advance will be evidenced by the promissory note in the form attached hereto as Exhibit A (the “Note”). 

3. Use of Proceeds. The Borrower covenants and agrees with the Lender that the proceeds of the Loan will be used by the Borrower
to fund the consummation of the Transaction (in one or more series of closings) by the Borrower and by TA-Worldwide, and to fund the costs and expenses associated therewith, and for general corporate purposes of the Borrower and its Subsidiaries.

  

 3 

 4. Term, Prepayment and Payments Generally 

(a) The aggregate unpaid principal amount of the Loan, together with all accrued but unpaid interest and other costs,
expenses or charges payable hereunder from time to time (collectively the “Outstanding Balance”), will be immediately due and payable by the Borrower to the Lender on the earliest of: 

 

	 	(i)	the date that is one year from the date of the Initial Advance (the “Maturity Date”); and 

 

	 	(ii)	the occurrence of an Event of Default and a demand for payment by the Lender pursuant to paragraph 12 below. 

(b) If after the making of the Loan, or any portion thereof, the Borrower or any of its Subsidiaries close one or more
debt financings (other than the Senior Debt, any Ex-Im Bank Financing, any loans obtained in the ordinary course of business and secured by a purchase money security interest, or any equipment leases entered into in the ordinary course of business),
the Borrower will promptly pay or cause to be paid to the Lender all proceeds from such financing, net of reasonable transaction and financing costs, up to the full amount of the Outstanding Balance, to be applied to the repayment of the Loan. If
after the making of the Loan, or any portion thereof, the Borrower issues additional equity interests, the Borrower will promptly pay or cause to be paid to the Lender (i) all proceeds of any equity issuance received from the Mitchell Family,
and (ii) all proceeds of any equity issuance in excess of $75,000,000 (excluding any proceeds received from the Mitchell Family), net of reasonable transaction costs in each case, up to the full amount of the Outstanding Balance, to be applied
to the repayment of the Loan. 
 (c) The Borrower may prepay the Loan in whole at any time before maturity,
without penalty. 
 (d) All payments to be made by the Borrower will be made without deduction for any
counterclaim, defence, recoupment or setoff and free and clear, and without deduction for, or withholding of any and all taxes (other than taxes upon net income of the Lender imposed by the United States of America and the State of Oklahoma). If the
Borrower is required by law to deduct or withhold any taxes (other than taxes upon the net income of the Lender imposed by the United States of America or the State of Oklahoma) from payments due hereunder, the amount payable by the Borrower to the
Lender shall be increased as necessary so that after making all required deductions and withholdings, the Lender receives the amount it would have received had there been no deduction or withholding, and the Borrower shall pay the full amount
required to be deducted or withheld to the appropriate taxing authority. 
 (e) Amounts prepaid or repaid under
this Credit Agreement may not be re-borrowed. 
  

 4 

 5. Interest. Interest will accrue on the Outstanding Balance from time-to-time
outstanding during the period from the date the Initial Advance is made to the date the entire Outstanding Balance is repaid, at the LIBOR Rate plus 2.50% per annum (the “Contract Rate”). The Contract Rate will be
adjusted on the first day of each month (the “Adjustment Date”) and remain fixed until the next Adjustment Date. The Borrower will pay all accrued interest monthly in arrears on the last day of each month, and at any time
principal is due and payable as provided in paragraph 4(a). 
 6. Warrants. For each $1,000,000 in principal amount
advanced under the Loan, the Borrower will issue to the Lender 100,000 common share purchase warrants to acquire the Borrower’s common shares. All warrants will be issued on the earlier to occur of (a) the date that the Committed
Amount is fully advanced by the Lender, and (b) the Commitment Termination Date. The warrants will have an expiration of three years from the date of issuance with a strike price of $6.00 per share. The warrants shall be issued to Lender in
substantially the form attached hereto as Exhibit B. 
 7. Conditions Precedent.  

(a) Conditions Precedent to Making of the Initial Advance. As conditions precedent to the making of the Initial
Advance by the Lender: 
  

	 	(i)	the Borrower shall have delivered a certified copy of its directors’ resolutions authorizing the borrowing contemplated by this Agreement and the execution and
delivery of this Agreement, and all agreements, documents and instruments referred to herein, together with an officer’s certificate, certifying certain factual matters, in form and terms satisfactory to the Lender; 

 

	 	(ii)	the Borrower shall have executed and delivered or caused to be executed and delivered the Note; 

 

	 	(iii)	the Borrower shall have executed and delivered to the Lender an officer’s certificate and other supporting documents satisfactory to Lender that the conditions to
closing the Transaction (or any part thereof) have been satisfied and that the proceeds of the Initial Advance shall be used by the Borrower to consummate the closing of the acquisition of Amity and/or Petrogas, as contemplated by the terms of the
MOU; 

  

	 	(iv)	the representations and warranties of the Borrower contained in paragraph 8 will be true and correct in all material respects and the Borrower will have complied with
all covenants required to be complied with by it under this Agreement and all other documents delivered hereunder, prior to the making of the Loan by the Lender; 

 

	 	(v)	the Lender will have completed and, in its sole and absolute discretion, be satisfied with its due diligence review of the Borrower and its respective properties and
assets and will have received the approval of the Lender’s general partner; and 

  

 5 

	 	(vi)	the Lender will, in its sole and absolute discretion, be satisfied as to the creditworthiness of the Borrower and its Subsidiaries. 

(b) Conditions Precedent to the Making of any Subsequent Advance. As conditions precedent to the making of any
Subsequent Advance by the Lender: 
  

	 	(i)	the representations and warranties of the Borrower contained in paragraph 8 will be true and correct in all material respects and the Borrower will have complied with
all covenants required to be complied with by it under this Agreement and all other documents delivered hereunder, prior to the making of the Subsequent Advance by the Lender; 

 

	 	(ii)	if the Subsequent Advance is to be used to consummate the Transaction, the Borrower shall have executed and delivered to the Lender an officer’s certificate and
other supporting documents satisfactory to the Lender that the conditions to closing the Transaction (or any part thereof) have been satisfied and that the proceeds of the Subsequent Advance shall be used by the Borrower to consummate the closing of
the acquisition of Amity and/or Petrogas, as contemplated by the terms of the MOU; and 

  

	 	(iii)	there shall have been no adverse material change in the business, operations, assets or ownership of the Borrower since the Initial Advance. 

The Lender’s commitment to make the Initial Advance or any Subsequent Advance shall automatically terminate on the Commitment Termination Date
regardless of whether the above conditions precedent have not been satisfied or waived, and no further amounts may be advanced by the Lender in respect of the Loan after the Commitment Termination Date. 

8. Representations and Warranties of the Borrower. The Borrower represents and warrants to the Lender as follows: 

(a) the Borrower exists as a corporation under the laws of the Islands of Bermuda, and has not discontinued or been
dissolved under any applicable laws and is in good standing with respect to the filing of annual reports and all other such requirements pursuant to the laws thereof; 

(b) the Borrower has the power and authority to (i) carry on its businesses as now being conducted and is licensed or
registered or otherwise qualified in all jurisdictions wherein the nature of its assets or the business transacted by it makes such licensing, registration or qualification necessary, (ii) acquire, own, hold, lease and mortgage or grant
security in its assets including real property and personal property and (iii) enter into and perform its obligations under this Agreement and all other documents or instruments delivered hereunder; 

(c) this Agreement and all ancillary instruments or documents issued, executed and delivered hereunder by the Borrower
have been duly authorized by all necessary action of the Borrower and each constitutes or will constitute a legal, valid and binding obligation of the Borrower, enforceable against the Borrower, in accordance with their terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights and remedies of creditors and to the general principles of equity; 

 

 6 

 (d) neither the Borrower nor any Subsidiary is in breach of or in default
under any obligation in respect of borrowed money, and the execution and delivery of this Agreement and all ancillary instruments or documents issued and delivered hereunder or thereunder, and the performance of the terms hereof and thereof will not
be, or result in, a violation or breach of, or default under, the Borrower’s or any Subsidiary’s charter documents, any law, judgment, agreement or instrument to which they are a party or may be bound; 

(e) execution, delivery and performance of this Agreement and all other documents and instruments contemplated hereby,
including the documents to be entered into pursuant to paragraph 6 of this Agreement, will not constitute a breach or default under or in respect of any agreement to which the Borrower is bound, and no consent, filing, authorization, approval or
other action is prudent or necessary under the terms of any such agreement to proceed with the transactions contemplated herein; 

(f) no litigation or administrative proceedings before any court or governmental authority are presently ongoing, or have
been threatened in writing, or to the best of the Borrower’s knowledge are pending, against the Borrower, any Subsidiary or any of their respective properties or assets or affecting any of their respective properties or assets which could have
a material adverse effect on their respective business, properties or assets; 
 (g) the Borrower or each
Subsidiary, as the case may be, are the legal and beneficial owner of the interests in the properties, business and assets referred to in the information circulars, prospectuses, annual information forms, offering memoranda, financial statements,
material change reports and news releases filed with the Exchanges and the securities regulatory authority or commission in each of the jurisdictions in which the Borrower is a reporting issuer on or during the twelve (12) months preceding the
date hereof, and any other disclosure materials provided to the Lender and its advisers in conjunction with this transaction (collectively, the “Disclosure Record”), as being owned by the Borrower or such Subsidiary and has a
valid right to acquire all interests in properties, business and assets referred to in the Disclosure Record as being subject to options or other rights to acquire the same, and any and all agreements pursuant to which the Borrower and each
Subsidiary, as the case may be, holds or will hold any such interests, options or rights in property, business or assets are in good standing in all material respects under the applicable statutes and regulations of the jurisdictions in which they
are situated; 
 (h) except as disclosed to the Lender in writing prior to the date of this Agreement, there has
been no material adverse change (actual, contemplated or threatened) in the property, assets, business or operations of the Borrower or any Subsidiary within the past twelve (12) months, except as disclosed in the Disclosure Record and there
has been no such material adverse change since December 31, 2009; 
  

 7 

 (i) the Disclosure Record is complete and accurate in all material respects
and omits no facts, the omission of which makes the Disclosure Record, or any particulars therein, misleading, misrepresentative or incorrect in any material respect; 

(j) the Borrower and to the best of the Borrower’s knowledge each Subsidiary, has conducted and is conducting its
businesses in material compliance with all applicable laws, bylaws, rules and regulations of each jurisdiction in which its businesses are now carried on and hold all licenses, registrations, permits, consents or qualifications (whether
governmental, regulatory or otherwise) required in order to enable its businesses to be carried on as now conducted or as proposed to be conducted, and all such licenses, registrations, permits, consents and qualifications are valid and subsisting
and in good standing and neither the Borrower nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such licenses, registrations, permits, consents or qualifications which, if the subject of an
unfavourable decision, ruling or finding, would materially adversely affect the condition of such businesses, operations, condition (financial or otherwise) or income of the Borrower or any such Subsidiary, as the case may be; 

(k) no order ceasing or suspending trading in securities of the Borrower or prohibiting the sale or trading of securities
by the Borrower has been issued and no proceedings for this purpose have been instituted, are pending, contemplated or threatened; 

(l) no taxation authority has asserted or, to the best of the Borrower’s knowledge, has threatened to assert any
assessment, claim or liability for taxes due or to become due in connection with any review or examination of the tax returns of the Borrower or any Subsidiary filed for any year which would have material adverse effect on the assets, properties,
business, results of operations, prospects or condition (financial or otherwise) of the Borrower or any Subsidiary; 

(m) neither the Borrower nor any Subsidiary is a party to any material contract other than as disclosed in the Disclosure
Record; 
 (n) except as disclosed to the Lender in writing prior to the date of this Agreement, the Borrower and
each Subsidiary owns its business, operations and assets, as more particularly described in the Disclosure Record; 

(o) all factual information previously or contemporaneously furnished to the Lender by or on behalf of the Borrower for
purposes of or in connection with this Agreement or any transaction contemplated hereby, is true and accurate in every material respect and such information is not incomplete by the omission of any material fact necessary to make such information
not misleading; and 
 (p) after giving effect to the Transactions and the loans contemplated in this Agreement,
the Borrower and each Subsidiary are generally able to pay their debts as they come due. 
  

 8 

 9. Affirmative Covenants of the Borrower. The Borrower covenants and agrees that so
long as any monies will be outstanding under this Agreement, it shall: 
 (a) at all times maintain its existence
and the existence of all of its Subsidiaries, provided that Subsidiaries of the Borrower may enter into intercompany mergers with other Subsidiaries of the Borrower; 

(b) duly perform its obligations under this Agreement, and all other agreements and instruments executed and delivered
hereunder or thereunder; 
 (c) carry on and conduct its business in a proper business-like manner in accordance
with good business practice and will keep or cause to be kept proper books of account in accordance with generally accepted accounting principles; 

(d) at all times comply with all applicable laws, except such voluntary non-compliance as shall, in its good faith
business judgment, not have a material adverse effect on the business of the Borrower or any Subsidiary, taken as a whole; 

(e) at all times maintain any material contracts in good standing and fulfill all obligations thereunder, and immediately
notify the Lender of any facts or circumstances which may arise which could constitute a default thereunder and give rise to a right of termination under either such agreement, and take all steps as may be prudent or necessary to rectify or cure any
such default; 
 (f) pay and discharge promptly when due, all taxes, assessments and other governmental charges
or levies imposed upon it or upon its properties or assets or upon any part thereof, as well as all claims of any kind (including claims for labour, materials and supplies) which, if unpaid, would by law become a lien, charge, trust or other claims
upon any such properties or assets; provided, however, that the Borrower shall not be required to pay any such tax, assessment, charge or levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by
appropriate proceedings and if the Borrower shall have set aside on its books the reserve the extent required by generally accepted accounting principles in an amount which is reasonably adequate with respect thereto; 

(g) promptly furnish and give to the Lender such reports, certificates, financial statements, and such other information
with respect to the Borrower as the Lender may reasonably request from time to time during the term of this Agreement; 

(h) provide the Lender with written notice of any proposed financing made by or to the Borrower concurrently with, but not
prior to, public disclosure of such financing; and 
 (i) furnish and give to the Lender (if such is the case)
notice that an Event of Default has occurred and, if applicable, is continuing or notice in respect of any event which would constitute an Event of Default hereunder and specifying the nature of same. 

 

 9 

 10. Negative Covenants of the Borrower. The Borrower covenants and agrees with the
Lender that the Borrower will not, and it will not permit any Subsidiary to, without first obtaining the written consent of the Lender (which consent the Lender will be free to withhold in its sole and absolute discretion): 

(a) make, give, create or permit or attempt to make, give or create any mortgage, charge, lien or encumbrance over any
assets of the Borrower or any Subsidiary other than in connection with the Senior Debt, the Ex-Im Financing, or purchase money security interests and equipment leases entered into in the ordinary course of business; 

(b) change the name of the Borrower or its jurisdiction of organization; 

(c) in respect of itself, declare or provide for any dividends or other payments or distributions (whether in cash, assets
or indebtedness) based on share capital; 
 (d) redeem or purchase any of its shares; 

(e) make or permit any sale of or disposition of any substantial or material part of its business, assets or undertaking,
or that of any Subsidiary, including its interest in the shares or assets of any Subsidiary outside of the ordinary course of business; 

(f) save and except for purchase money security interests and equipment leases entered into in the ordinary course of
business, borrow or cause or permit any Subsidiary to borrow money from any person other than pursuant to the Senior Debt or any Ex-Im Financing, or in a financing with the Lender, without first obtaining and delivering to the Lender a duly signed
assignment and postponement of claim by such person in favour of the Lender, in form and terms satisfactory to the Lender; 

(g) in respect of itself or any Subsidiary, pay out or permit the payment out of any shareholders loans or other
indebtedness to non-arm’s length parties; or 
 (h) in respect of itself or any Subsidiary, guarantee or
permit the guarantee of the obligations of any other person, directly or indirectly, except in the ordinary course of business. 

11. Events of Default. Each and every one of the events set forth in this paragraph will be an event of default (“Event
of Default”): 
 (a) if the Borrower fails to make any payment of principal or interest when due
hereunder, and such failure continues for two (2) Business Days; 
  

 10 

 (b) if the Borrower or any Subsidiary defaults in observing or performing
any term, covenant or condition of this Agreement, the warrants contemplated by paragraph 6 or any other loan document delivered hereunder or in connection herewith, other than the payment of monies as provided for in subparagraph (a) hereof,
on its part to be observed or performed and such failure continues for ten (10) Business Days; 
 (c) if any
of the Borrower’s or any Subsidiary’s representations, warranties or other statements in this Agreement or any other document delivered hereunder or in connection with the Loan were at the time given false or misleading in any material
respect; 
 (d) if the Borrower or any Subsidiary, either directly or indirectly through any Subsidiary, ceases
or threatens to cease to carry on business; 
 (e) if any order is made or issued by a competent regulatory
authority prohibiting the trading in shares of the Borrower or any successor thereof, or if the Borrower’s common shares are suspended or de-listed from trading on any stock exchange; 

(f) if, in the reasonable opinion of the Lender, an adverse material change occurs in the financial condition of the
Borrower and its Subsidiaries, taken as a whole; 
 (g) if the Lender in good faith and on commercially
reasonable grounds believes that the ability of the Borrower to pay any of the Outstanding Balance to the Lender or to perform any of the covenants contained in this Agreement is impaired in any material respect; 

(h) if the Borrower or any Subsidiary petitions or applies to any tribunal for the appointment of a trustee, receiver or
liquidator or commences any proceedings under any bankruptcy, insolvency, readjustment of debt or liquidation law of any jurisdiction, whether now or hereafter in effect; 

(i) if any petition or application for appointment of a trustee, receiver or liquidator is filed, or any proceedings under
any bankruptcy, insolvency, readjustment of debt or liquidation law are commenced, against the Borrower or any Subsidiary which is not opposed by the Borrower or any such Subsidiary in good faith, or an order, judgment or decree is entered
appointing any such trustee, receiver, or liquidator, or approving the petition in any such proceeding; or 
 (j)
if there is any change of control of the Borrower (“control” being defined as ownership of or control or direction over, directly or indirectly, 20% or more of the outstanding voting securities of the Borrower). 

12. Effect of Event of Default. If any one or more of the Events of Default occur or occurs and is or are continuing, the Lender
may, without limitation in respect of any other rights it may have in law or pursuant to this Agreement or any other document or instrument delivered hereunder, demand immediate payment of all monies owing hereunder; provided, however, that in the
event an Event of Default of the type referred to in clause (h) or clause (i) occurs, all monies due hereunder shall automatically, without any demand or any other action by the Lender or any other person or entity, become due and payable.

  

 11 

 13. Legal Fees. The Borrower shall pay the legal fees and other costs, charges and
expenses (including due diligence expenses) of and incidental to the preparation, execution and completion of this Agreement and the warrant documents executed pursuant hereto. 

14. Indemnity. The Borrower agrees to indemnify and save harmless the Lender and each of its directors, officers, employees,
attorneys and agents (each being referred to as an “Indemnitee”) from and against all liabilities, claims, losses, damages and expenses including the fees, charges and disbursements of any counsel for any Indemnitee),
incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement and any other agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Loan or the use of proposed use of
the proceeds thereof, (iii) any actual or alleged presence or release of hazardous materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any environmental liability related in any way to the Borrower
or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the
Borrower or any of the Borrower’s Subsidiaries, directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE
COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) results from a claim brought by the Borrower against an Indemnitee
for breach in bad faith of such Indemnitee’s obligations hereunder or under any other document executed pursuant hereto, if the Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. All amounts due pursuant to this paragraph 14 shall be payable upon demand. 
 15. Further
Assurances. The Borrower will do, whether before or after the occurrence of an Event of Default, all such acts and things and execute and deliver all such documents, deeds, transfers, assignments and instruments as the Lender may require
(a) to correct any material defect or error that may be discovered in this Agreement or any other document or instrument executed or to be executed pursuant hereto or in the execution, acknowledgement, filing or recordation thereof, and
(b) to do, execute, acknowledge, deliver, record, file, and register or to take any and all such further acts, deeds, certificates, assurances and other instruments as the Lender may reasonably require from time to time in order to carry out
more effectively the purposes of this Agreement. 
  

 12 

 16. Notices. In this Agreement: 

(a) any notice or communication required or permitted to be given under this Agreement will be in writing and will be
considered to have been given if delivered by hand, transmitted by facsimile transmission or mailed by prepaid registered post to the address or facsimile transmission number of each party set out below: 

 

	 	(i)	if to the Lender: 

 Dalea
Partners, LP 
 4801 Gaillardia Parkway, Suite 225 

Oklahoma City, Oklahoma 73142 

Attention: Mike Burnett 

Fax No: (405) 286-1393 
  

	 	(ii)	if to the Borrower: 

TransAtlantic Petroleum Ltd. 

5910 N. Central Expressway, Suite 1755 

Dallas, Texas 75206 

Attention: Jeffrey S. Mecom 

Fax No: (214) 265-4711 

or to such other address or facsimile transmission number as any party may designate in the manner set out above; and 

(b) notice or communication will be considered to have been received: 

 

	 	(i)	if delivered by hand during business hours on a Business Day, upon receipt by a responsible representative of the receiver, and if not delivered during business hours,
upon the commencement of business on the next Business Day; 

  

	 	(ii)	if sent by facsimile transmission during business hours on a Business Day, upon the sender receiving confirmation of the transmission, and if not transmitted during
business hours, upon the commencement of business on the next Business Day; and 

  

	 	(iii)	 if mailed by prepaid registered post upon the
fifth (5th) Business Day following posting; except
that, in the case of a disruption or an impending or threatened disruption in postal services every notice or communication will be delivered by hand or sent by facsimile transmission. 

17. Assignment. The Borrower acknowledges and agrees that the Lender may assign all or part of the Loan, this Agreement and all
agreements, documents or instruments delivered hereunder to one or more assignees, free from any right of set-off or counterclaim or equity, subject only to the Lender’s notification of such assignment or assignments being given in writing to
the Borrower. 
  

 13 

 18. Agreement to Pay. Upon receipt of written notice and direction from the Lender,
the Borrower covenants and agrees to make all payments of interest, principal and structuring fees due under this Agreement to the Lender or any assignee, pro rata in accordance with their respective proportionate interests in the Loan as set out in
such written notice and direction, absent which all such payments may be made to the Lender. 
 19. Enurement. This
Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 

20. Waivers. No failure or delay on the Lender’s part in exercising any power or right hereunder will operate as a waiver
thereof. 
 21. Remedies are Cumulative. The Lender’s rights and remedies hereunder are cumulative and not exclusive
of any rights or remedies at law or in equity. 
 22. Time. Time is of the essence of this Agreement and all documents or
instruments delivered hereunder. 
 23. Interest Rate Limitation. Notwithstanding anything to the contrary contained in
this Agreement, the Note or any other documents as instrument executed pursuant to this Agreement, the interest paid or agreed to be paid hereunder or thereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable law
(the “Maximum Rate”). If the Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loan or, if it exceeds such unpaid principal, refunded to the
Borrower. In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate, the Lender may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the obligations thereunder. 
 24. Invalidity. If at any time any one or more of the provisions hereof is or
becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof will not in any way be affected or impaired thereby to the fullest extent possible by law.

 25. Governing Laws. This Agreement will be governed by and interpreted in accordance with the laws of the State of
Texas. The Borrower submits to the non-exclusive jurisdiction of the Courts of the State of Texas and agrees to be bound by any suit, action or proceeding commenced in such Courts and by any order or judgment resulting from such suit, action or
proceeding, but the foregoing will in no way limit the right of the Lender to commence suits, actions or proceedings based on this Agreement in any jurisdiction it may deem appropriate. 

26. Amendment. This Agreement supersedes all prior agreements and discussions between the parties with respect to the subject
matter set forth herein. This Agreement may be varied or amended only by or pursuant to an agreement in writing signed by the parties hereto. 
  

 14 

 27. Exhibits. All Exhibits attached hereto will be deemed fully a part of this
Agreement. 
 28. Counterparts. This Agreement may be signed in one or more counterparts, originally or by facsimile,
each such counterpart taken together will form one and the same agreement. 
 [Signatures on following page.] 

 

 15 

 TO EVIDENCE THEIR AGREEMENT each of the parties has executed this Agreement as of the date first above
written. 
  

			
	DALEA PARTNERS, LP
		
	By:	 	 /s/ N. Malone Mitchell,
3rd

		 	N. Malone Mitchell,
3rd, Manager
	
	TRANSATLANTIC PETROLEUM LTD.
		
	By:	 	 /s/ Scott C. Larsen

		 	Scott C. Larsen, Executive Vice President

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