Document:

Amended and Restated Purchase and Sale Agreement

 EXHIBIT 10.11 
 Execution Version 
  

 AMENDED AND RESTATED 
 PURCHASE AND SALE AGREEMENT 
 by and between 
 SALTY’S
MANUFACTURING, LTD. 
 SALTY’S WELL SERVICE, LTD. 
 SALTY’S WELL JOHNSON NO. 1, LTD. 
 SALTY’S WELL JOHNSON NO. 2, LTD. 
 SALTY’S WELL JOHNSON NO. 3, LTD. 
 SALTY’S WELL NACOGDOCHES 1, LTD. 
 SALTY’S WELL PANOLA 1, LTD. 
 SALTY’S WELL SHELBY NO. 1, LTD. 
 SALTY’S WELL HILL NO. 1, LTD. 
 SALTY’S WELL PARKER NO. 1, LTD. 
 SALTY’S MANAGEMENT, LLC. 
 BENJAMIN D. WINSTON and 
 TERRY G. BAILEY 
 (“Seller Parties”) 
 and 
 STALLION OILFIELD SERVICES, LTD. 
 (“Buyer”) 
 dated effective as of 
 June 1, 2007 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	DEFINITIONS AND RULES OF CONSTRUCTION
			
	Section 1.1	 	Definitions	  	1
	Section 1.2	 	Rules of Construction	  	8
	
	ARTICLE II
	PURCHASE AND SALE
			
	Section 2.1	 	Acquired Assets	  	8
	Section 2.2	 	Excluded Assets	  	10
	
	ARTICLE III
	PURCHASE PRICE; CLOSING
			
	Section 3.1	 	Purchase Price	  	11
	Section 3.2	 	The Closing	  	11
	Section 3.3	 	Allocation of Consideration	  	13
	Section 3.4	 	Post Closing Adjustment Procedures.	  	13
	
	ARTICLE IV
	ASSUMED LIABILITIES; RETAINED LIABILITIES
			
	Section 4.1	 	Assumed Liabilities	  	14
	Section 4.2	 	Retained Liabilities	  	15
	
	ARTICLE V
	REPRESENTATIONS AND WARRANTIES BY SELLER PARTIES
			
	Section 5.1	 	Organization of Sellers	  	15
	Section 5.2	 	Authorization; Enforceability	  	16
	Section 5.3	 	Title to Acquired Assets.	  	16
	Section 5.4	 	No Conflict	  	16
	Section 5.5	 	Equity Interests	  	16
	Section 5.6	 	Financial Statements	  	16
	Section 5.7	 	Absence of Changes	  	17
	Section 5.8	 	Contracts	  	17
	Section 5.9	 	Intellectual Property	  	19
	Section 5.10	 	Litigation	  	20
	Section 5.11	 	Employee Benefit Plans	  	20
	Section 5.12	 	Taxes	  	20
	Section 5.13	 	Employees; Employee Relations	  	20
	Section 5.14	 	Environmental Matters	  	21
	Section 5.15	 	Customers, Vendors and Suppliers	  	22
	Section 5.16	 	Insurance	  	22
	Section 5.17	 	Books and Records	  	23
	Section 5.18	 	Inventories	  	23
	Section 5.19	 	Assets Necessary to the Business	  	23
	Section 5.20	 	Conformity to Law	  	23

  

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	Section 5.21	 	Absence of Certain Business Practices	  	23
	Section 5.22	 	Permits	  	24
	Section 5.23	 	Personal Property	  	24
	Section 5.24	 	Disposal Wells	  	24
	Section 5.25	 	Real Properties	  	25
	Section 5.26	 	No Brokers	  	26
	Section 5.27	 	Accounts Receivable	  	26
	Section 5.28	 	Ownership of Acquired Assets by Individuals	  	26
	
	ARTICLE VI
	REPRESENTATIONS AND WARRANTIES BY BUYER
			
	Section 6.1	 	Organization of Buyer	  	26
	Section 6.2	 	Authorization; Enforceability	  	26
	Section 6.3	 	No Conflict	  	26
	Section 6.4	 	Litigation	  	27
	Section 6.5	 	Brokers’ Fees	  	27
	
	ARTICLE VII
	COVENANTS
			
	Section 7.1	 	Conduct of Business	  	27
	Section 7.2	 	Access	  	28
	Section 7.3	 	Third Party Approvals	  	28
	Section 7.4	 	Regulatory Filings	  	28
	Section 7.5	 	Update Information	  	29
	Section 7.6	 	Non-Competition	  	29
	Section 7.7	 	Employees	  	30
	Section 7.8	 	Financial Statements	  	30
	Section 7.9	 	Deposit	  	30
	Section 7.10	 	Permit Transfers	  	31
	Section 7.11	 	Completion of Disposal Well Projects	  	31
	Section 7.12	 	Title Commitments/Surveys.	  	32
	Section 7.13	 	Change of Name	  	32
	
	ARTICLE VIII
	TAX MATTERS
			
	Section 8.1	 	Transfer Taxes	  	33
	Section 8.2	 	Tax Indemnity	  	33
	Section 8.3	 	Scope	  	33
	Section 8.4	 	Allocation of Property Taxes	  	34
	
	ARTICLE IX
	CONDITIONS TO OBLIGATIONS
			
	Section 9.1	 	Conditions to Obligations of Buyer	  	34
	Section 9.2	 	Conditions to the Obligations of the Seller Parties	  	35

  

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	ARTICLE X
	INDEMNIFICATION
			
	Section 10.1	 	Survival	  	36
	Section 10.2	 	Indemnification	  	37
	Section 10.3	 	Indemnification Procedures	  	38
	Section 10.4	 	Limitations on Liability of the Seller Parties	  	39
	Section 10.5	 	Purchase Price Adjustment	  	39
	Section 10.6	 	Exclusive Remedy	  	39
	
	ARTICLE XI
	TERMINATION
			
	Section 11.1	 	Termination	  	39
	Section 11.2	 	Effect of Termination	  	40
	
	ARTICLE XII
	MISCELLANEOUS
			
	Section 12.1	 	Notices	  	40
	Section 12.2	 	Assignment	  	41
	Section 12.3	 	Rights of Third Parties	  	41
	Section 12.4	 	Expenses	  	41
	Section 12.5	 	Counterparts	  	42
	Section 12.6	 	Entire Agreement	  	42
	Section 12.7	 	Amendments	  	42
	Section 12.8	 	Publicity	  	42
	Section 12.9	 	Severability	  	42
	Section 12.10	 	Governing Law; Jurisdiction	  	42

 Disclosure Schedules 
  

					
	Schedule 1.1(a)	  	-	  	Approved Capital Expenditures
	Schedule 1.1(b)	  	-	  	Knowledge of Buyer
	Schedule 1.1(c)	  	-	  	Knowledge of Seller Parties
	Schedule 1.1(d)	  	-	  	Indebtedness
	Schedule 1.1(e)	  	-	  	Permitted Liens
	Schedule 1.1(f)	  	-	  	Net Working Capital
	Schedule 1.1(g)	  	-	  	Title Insurance Policies
	Schedule 2.1(a)	  	-	  	Equipment
	Schedule 2.1(b)	  	-	  	Scheduled Contracts
	Schedule 2.1(h)	  	-	  	Scheduled Permits
	Schedule 2.1(i)	  	-	  	Scheduled Real Property – Disposal Well Sites
	Schedule 2.1(m)	  	-	  	Prepaid, Deposits, etc.
	Schedule 2.2(j)	  	-	  	Excluded Assets
	Schedule 3.1(b)	  	-	  	Wiring Instructions
	Schedule 3.3	  	-	  	Allocation of Consideration
	Schedule 4.1	  	-	  	Assumed Liabilities
	Schedule 5.4	  	-	  	Seller Approvals
	Schedule 5.5	  	-	  	Equity Interests
	Schedule 5.6	  	-	  	Financial Statements

  

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	Schedule 5.7	  	-	  	Absence of Changes
	Schedule 5.8(a)	  	-	  	Scheduled Contracts
	Schedule 5.8(c)	  	-	  	Material Contracts
	Schedule 5.9(a)	  	-	  	Intellectual Property
	Schedule 5.9(b)	  	-	  	Intellectual Property Filings
	Schedule 5.10	  	-	  	Litigation
	Schedule 5.11(a)	  	-	  	Employee Benefit Plans
	Schedule 5.12	  	-	  	Taxes
	Schedule 5.13(c)	  		  	Business Employees
	Schedule 5.13(e)	  	-	  	Payments or Distributions
	Schedule 5.14	  	-	  	Environmental Matters
	Schedule 5.15(a)	  	-	  	Departing Customers, Vendors and Suppliers
	Schedule 5.15(b)	  	-	  	Top 15 Customers, Vendors, and Suppliers
	Schedule 5.16	  	-	  	Insurance Policies
	Schedule 5.18	  	-	  	Inventories
	Schedule 5.22	  	-	  	Permit Exceptions
	Schedule 5.24(a)	  	-	  	Disposal Wells
	Schedule 5.24(c)	  	-	  	Permits Applicable to Disposal Wells
	Schedule 5.25	  	-	  	Real Properties Owned & Leased
	Schedule 5.25(e)	  	-	  	Lease Agreements in Effect at Closing
	Schedule 5.28	  	-	  	Ownership by Individuals
	Schedule 6.3	  	-	  	Buyer Approvals
	Schedule 7.1	  	-	  	Conduct of Business
	Schedule 7.6	  	-	  	Noncompete – Exceptions
	Schedule 7.11	  	-	  	Completion of Disposal Well Projects
	Schedule 9.1(a)	  	-	  	Buyer Approvals
	Schedule 9.1(f)	  	-	  	Parties Executing Employment Agreements
	Schedule 9.1(h)	  	-	  	Scheduled Real Estate Office Building
	Schedule 9.1(i)	  	-	  	Office Building Lease Terms
	Schedule 9.1(k)	  	-	  	Salty’s Johnson Well No. 4 Purchase Agreement Terms
			
	Exhibits	  		  	
			
	Exhibit 3.1(c)	  	-	  	Form of Master Escrow Agreement
	Exhibit 3.2(b)(i)	  	-	  	Form of Bill of Sale
	Exhibit 3.2(b)(ii)	  	-	  	Form of Assignment Agreement
	Exhibit 3.2(b)(iii)	  	-	  	Form of General Warranty Deed
	Exhibit 3.2(b)(v)	  	-	  	Form of Omnibus Agreement
	Exhibit 7.9	  	-	  	Form of Deposit Escrow Agreement
	Exhibit 9.1(f)	  	-	  	Form of Employment Agreement
	Exhibit 9.1(o)	  	-	  	Form of Environmental Remediation and Indemnity Agreement

  

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 AMENDED AND RESTATED 
 PURCHASE AND SALE AGREEMENT 
 THIS AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT, dated as of
August 1, 2007 but effective for all purposes as of June 1, 2007 (this “Agreement”), is entered into by and between Salty’s Manufacturing, Ltd., a limited partnership organized under the Laws of Texas,
Salty’s Well Service, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Well Johnson No. 1, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Well Johnson No. 2, Ltd., a limited
partnership organized under the Laws of Texas, Salty’s Well Johnson No. 3, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Well Nacogdoches 1, Ltd., a limited partnership organized under the Laws of Texas,
Salty’s Well Panola 1, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Well Shelby No. 1, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Well Hill No. 1, Ltd., a limited
partnership organized under the Laws of Texas, Salty’s Well Parker No. 1, Ltd., a limited partnership organized under the Laws of Texas, Salty’s Management, LLC, a limited liability company organized under the Laws of Texas, (each a
“Seller” and collectively, “Sellers”), Benjamin D. Winston (“Winston”) and Terry G. Bailey (“Bailey”) and Stallion Oilfield Services, Ltd., a limited
partnership organized under the Laws of Texas (“Buyer”). Sellers, along with Winston and Bailey, are sometimes referred to individually as a “Seller Party” and collectively as the “Seller
Parties.” 
 RECITALS 
 WHEREAS, Sellers desire to sell to Buyer, and Buyer desires to purchase from Sellers, on the terms and subject to the conditions set forth herein certain assets comprising Sellers’ businesses of (i) owning
and operating saltwater disposal wells in the Barnett Shale and East Texas, (ii) owning and operating a fleet of vacuum trucks and frac tanks and (iii) manufacturing oilfield equipment including frac tanks, which are referenced as Acquired
Assets in Section 2.1 below (the “Business”); 
 Buyer and the Seller Parties have heretofore entered into that
certain Purchase and Sale Agreement dated June 1, 2007 respecting the purchase of the foregoing referenced assets (the “Original Purchase Agreement”) and have entered into this Agreement to amend and restate the Original
Purchase Agreement in its entirety. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1 Definitions. As used herein, the following terms shall have the following meanings: 
 “Accountant” has the meaning provided such term in Section 3.4(d). 
 “Accounts
Receivable” has the meaning provided such term in Section 2.1(l). 

 “Acquired Assets” has the meaning provided such term in Section 2.1.

 “Adjustment Date” means 90 days following the Closing. 
 “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, controls, is controlled by or is
under common control with, such specified Person through one or more intermediaries or otherwise. For the purposes of this definition, “control” means, where used with respect to any Person, the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative
meanings. 
 “Agreement” has the meaning provided such term in the preamble to this Agreement. 
 “Approved Capital Expenditures” means (a) the growth-related (but not maintenance) capital expenditures incurred and paid by
Sellers from April 4, 2007 through the date hereof, as reflected on Schedule 1.1(a) attached hereto and (b) any growth-related (but not maintenance) capital expenditures for fixed assets to be included in the Acquired Assets
incurred and paid by Sellers in the ordinary course of business after the date hereof through the Closing Date as permitted by Section 7.1 and approved by Buyer in writing, which shall not be unreasonably withheld. The Parties acknowledge that
capital expenditures which are referenced on Schedule 7.11 as being the responsibility of the Sellers will not be considered “Approved Capital Expenditures” which are reimbursable to Sellers. 
 “Assumed Liabilities” means the liabilities of Sellers which are expressly assumed by Buyer pursuant to this Agreement.

 “Balance Sheet Date” means December 31, 2006. 
 “Benefit Plan” means (a) each “employee benefit plan,” as such term is defined in Section 3(3) of ERISA,
(b) each plan that would be an employee benefit plan if it was subject to ERISA, such as plans for directors, (c) each stock bonus, stock ownership, stock option, stock purchase, stock appreciation rights, phantom stock, other stock plan,
and (d) each bonus, deferred compensation, severance, change of control, employment, consulting, collective bargaining, compensation or incentive compensation plan, arrangement or contract. 
 “Business” has the meaning provided such term in the recitals to this Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or legal holiday in the State of Texas or a federal holiday in the
United States. 
 “Business Employee” has the meaning provided such term in Section 5.13. 
 “Buyer” has the meaning provided such term in the preamble to this Agreement. 
 “Buyer Approvals” has the meaning provided such term in Section 6.3. 
 “Buyer Indemnified Parties” has the meaning provided such term in Section 10.2(a). 
  

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 “Cash Consideration” has the meaning provided such term in Section 3.1(a).

 “Claim Notice” has the meaning provided such term in Section 10.3(a). 
 “Closing” has the meaning provided such term in Section 3.2(a). 
 “Closing Date” has the meaning provided such term in Section 3.2(a). 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commonly Controlled Entity” means any trade or business, whether or not incorporated, that together with Sellers would be a
“single employer” within the meaning of Section 414 of the Code or Section 4001(b) of ERISA. 
 “Company
Plan” means each Benefit Plan that is sponsored, maintained or contributed to by Sellers or a Commonly Controlled Entity or with respect to which Sellers or a Commonly Controlled Entity has any obligations or liabilities (contingent,
secondary or otherwise). 
 “Competing Business” has the meaning provided such term in Section 7.6(a)(i).

 “Confidentiality Agreement” means that certain confidentiality agreement between Buyer and Sellers dated
April 1, 2007. 
 “Contract” means any legally binding agreement, commitment, lease, license or contract, but
excluding Benefit Plans. 
 “Creditors’ Rights” has the meaning provided such term in Section 5.2.

 “Deposit” means the $10,000,000 deposit heretofore delivered by Buyer to Sellers as referenced in
Section 7.9. 
 “Disclosure Schedule(s)” means the schedules attached hereto. 
 “Dollars” and “$” mean the lawful currency of the United States. 
 “Environmental Law” means any applicable Law relating to the environment, natural resources, or the protection thereof, including
any applicable provisions of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. § 6901 et seq., the Clean Water Act, 33 U.S.C. § 1251 et seq., the Clean Air Act, 42 U.S.C. § 7401 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Federal Insecticide, Fungicide, and
Rodenticide Act, 7 U.S.C. § 136 et seq., and the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq., and all analogous state or local statutes, and the regulations promulgated pursuant thereto. 
 “Equipment” has the meaning provided such term in Section 2.1(a). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  

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 “Escrow Agent” means the banking institution designated as escrow agent in the
Master Escrow Agreement. 
 “Escrow Amount” has the meaning provided such term in Section 3.1(c). 
 “Escrow Payment” has the meaning provided such term in Section 3.1(c). 
 “Excluded Assets” has the meaning provided such term in Section 2.2. 
 “Final Buyer Working Capital Payment” has the meaning provided such term in Section 3.4(e). 
 “Final Closing Date Balance Sheet” has the meaning provided such term in Section 3.4(a). 
 “Final Sellers Working Capital Payment” has the meaning provided such term in Section 3.4(f). 
 “Financial Statements” has the meaning provided such term in Section 5.6. 
 “GAAP” means generally accepted accounting principles of the United States, consistently applied. 
 “Governmental Authority” means any federal, state, municipal, local or similar governmental authority, regulatory or
administrative agency, court or arbitral body. 
 “Hazardous Materials” means chemicals, pollutants, contaminants,
wastes and toxic substances, including: (a) “solid or hazardous wastes”, “hazardous substances”, “toxic substances”, and “insecticides, fungicides or rodenticides” as defined in any Environmental Law and
(b) gasoline or any other petroleum product or byproduct, polychlorinated biphenyls, asbestos, urea formaldehyde and NORM waste. 
 “Indebtedness for Borrowed Money” means all obligations to any Person for borrowed money, including all obligations under capital leases and including, but not limited to, the obligations identified on
Schedule 1.1(d), but excluding all obligations under operating leases. 
 “Indemnified Party” has the
meaning provided such term in Section 10.3(a). 
 “Indemnified Tax Claim” has the meaning provided such term in
Section 8.2(b). 
 “Indemnifying Party” has the meaning provided such term in Section 10.3(a). 

“Insurance Policies” has the meaning provided such term in Section 5.16. 
 “Intellectual Property” means intellectual property rights, statutory or common law, worldwide, including (a) trademarks,
trade names, service marks, trade dress, slogans, logos and all goodwill associated therewith, and any applications or registrations for any of the foregoing; (b) copyrights and any applications or registrations for any of the foregoing; and
(c) patents, licenses, all confidential know-how, trade secrets and similar proprietary rights in confidential 
  

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 inventions, discoveries, improvements, processes, techniques, devices, methods, patterns, formulae, technology, data
specifications, and lists of suppliers, vendors, customers, and distributors. 
 “Interest” means (a) capital
stock, member interests, partnership interests, other equity interests, rights to profits or revenue and any other similar interest, (b) any security or other interest convertible into or exchangeable or exercisable for any of the foregoing and
(c) any right (contingent or otherwise) to acquire any of the foregoing. 
 “Inventories” has the meaning provided such
term in Section 2.1(d). 
 “Knowledge” as to Buyer means the knowledge of those persons listed in
Schedule 1.1 (b), after due inquiry, and as to the Seller Parties means the knowledge of those persons listed in Schedule 1.1(c), after due inquiry. 
 “Law” means any applicable law, rule, regulation, ordinance, order, judgment or decree of a Governmental Authority, in each case as in effect on and as interpreted on the date of this
Agreement. 
 “Lien(s)” means any charges, pledges, options, mortgages, deeds of trust, hypothecations, or security
interests. 
 “Losses” means all liabilities, losses, damages (including consequential damages), fines, penalties,
judgments, settlements, awards, costs and expenses (including reasonable fees and expenses of counsel, consultants, experts and other professional fees). 
 “Master Escrow Agreement” has the meaning provided such term in Section 3.1(c). 
 “Material Adverse Effect” means, with respect to any Person, any circumstance, change or effect that (a) is materially adverse to the business, operations (including results of operation), assets, liabilities,
condition (financial or otherwise) or prospects of such Person, or (b) that materially impedes the ability of such Person to complete the transactions contemplated herein. 
 “Material Contracts” has the meaning provided such term in Section 5.8(a). 
 “Net Working Capital” which may be positive or negative, means an amount equal to the total current assets of the Company which
are included in the Acquired Assets, minus the total current liabilities of the Company which are Assumed Liabilities minus shareholder and employee advances incurred in the ordinary course of business as of the
measurement date minus current assets (other than Accounts Receivable) identified by Buyer as of the Closing Date and prior to the Adjustment Date as not usable by Buyer or readily convertible into cash using normal commercial
standards, such amount being determined (a) in accordance with GAAP and the accounting policies, principles and methods applied in preparation of the Financial Statements, and (b) without giving effect to the transactions contemplated
hereby. Buyer and Sellers also agree that all Accounts Receivable that remain uncollected as of the Adjustment Date shall be excluded in determining Net Working Capital and the Final Buyer Working Capital Payment and Final Seller Working Capital
Payment. For illustrative purposes only, the Net Working Capital as of the Balance Sheet Date would be calculated as reflected on 
  

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 Schedule 1.1(f) attached hereto. Sellers and Buyer acknowledge that related party receivables to and from
Sellers and their Affiliates are not being transferred to Buyer and related party payables to and from Sellers and their respective Affiliates are not being assumed by Buyer. Accordingly, no related party receivables or related party payables will
be included in the calculations of “Net Working Capital.” 
 “NORM” means naturally occurring radioactive
materials. 
 “Omnibus Agreement” has the meaning provided such term in Section 3.2(b)(v). 
 “Original Purchase Agreement” has the meaning provided in the recitals to this Agreement. 
 “Organizational Documents” means any charter, certificate of incorporation, articles of association, bylaws, operating agreement
or similar formation or governing documents and instruments. 
 “Parties” means the Seller Parties and Buyer.

 “Permits” means authorizations, licenses, permits or certificates issued by Governmental Authorities. 

“Permitted Liens” means (i) Liens for Taxes, impositions, assessments, fees, rents or other governmental charges levied
or assessed or imposed not yet delinquent or being contested in good faith by appropriate proceedings (such proceedings being described in Schedule 1.1(e)), (ii) statutory Liens (including materialmen’s, warehousemen’s,
mechanic’s, repairmen’s, landlord’s, and other similar Liens) arising in the ordinary course of business securing payments not yet delinquent or being contested in good faith by appropriate proceedings (such proceedings being
described in Schedule 1.1(e)), (iii) restrictions on transfer with respect to which consents or waivers are obtained for this transaction (iv) all easements, rights of way, utility agreements and mineral leases expressly disclosed
in policies of title insurance listed on Schedule 1.1(g) none of which adversely impact the ability of the Sellers to conduct the Business, (v) any agreement, contract, lease, easement, instrument, lien, permit, extension, amendment or
other matter entered into in accordance with the terms of this Agreement or in compliance with the approval or direction of the Buyer made pursuant to this Agreement, (vi) zoning regulations by any Governmental Authority, provided that such
regulations have not been violated, and (vii) Liens listed in Schedule 1.1(e). 
 “Person” means any
individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind. 
 “Personal Property” has the meaning provided such term in Section 5.23(a). 
 “Prohibited Period” has the meaning provided such term in Section 7.6(a)(i). 
 “Purchase Price” has the meaning provided such term in Section 3.1(a). 
  

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 “Real Property” has the meaning provided such term in Section 2.1(i).

 “Reasonable Efforts” means efforts in accordance with reasonable commercial practice and without the incurrence of
unreasonable expense. 
 “Representatives” means, as to any Person, its officers, directors, employees, counsel,
accountants, financial advisers and consultants. 
 “Retained Liabilities” has the meaning provided such term in
Section 4.2. 
 “Scheduled Contracts” has the meaning provided such term in Section 2.1(b). 
 “Scheduled Permits” has the meaning provided such term in Section 5.22. 
 “Seller” or “Sellers” has the meaning provided such term in the preamble to this Agreement. 

“Seller Approvals” has the meaning provided such term in Section 5.4. 
 “Seller Indemnified Parties” has the meaning provided such term in Section 10.2(b). 
 “Seller Intellectual Property” has the meaning provided such term in Section 5.9. 
 “Seller Party” or “Seller Parties” has the meaning provided such term in the preamble to this Agreement.

 “Seller Real Property” means all real property owned by Sellers or any of their respective Affiliates
(beneficially or of record) and used in connection with the ownership and operation of the Business. 
 “Tax
Authority” means any Governmental Authority having jurisdiction over the assessment, determination, collection or imposition of any Tax. 
 “Tax Proceeding” has the meaning provided such term in Section 8.2(c). 
 “Tax Returns” means any report, return, election, document, estimated tax filing, declaration or other filing provided to any Tax Authority including any amendments thereto. 
 “Taxes” means all taxes, assessments, charges, duties, fees, levies, imposts or other similar charges imposed by a Governmental
Authority, including all income, franchise, profits, capital gains, capital stock, transfer, gross receipts, sales, use, transfer, service, occupation, ad valorem, property, excise, severance, windfall profits, premium, stamp, license, payroll,
employment, social security, unemployment, disability, environmental (including taxes under Code Section 59A), alternative minimum, add-on, value-added, withholding and other taxes, assessments, charges, duties, fees, levies, imposts or other
similar charges of any kind whatsoever (whether payable directly or by withholding and whether or not requiring the filing of a Tax Return), and all estimated taxes, deficiency assessments, additions to tax, additional amounts imposed by any
Governmental Authority, penalties and interest. 
  

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 “Third Party Claim” has the meaning provided such term in Section 10.3(a).

 “Title Company” means Security and Guaranty Abstract or such other title company as may be agreed between Buyer
and Sellers. 
 “Unaudited Financial Statements” has the meaning provided such term in Section 5.6. 

“United States” means United States of America. 
 “Vehicles” has the meaning provided such term in Section 2.1(c) 
 Section 1.2 Rules of Construction. 
 (a) All article, section, schedule and exhibit references used in this
Agreement are to articles, sections, schedules and exhibits to this Agreement unless otherwise specified. The schedules and exhibits attached to this Agreement constitute a part of this Agreement and are incorporated herein for all purposes.

 (b) If a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech
(such as a verb). Terms defined in the singular have the corresponding meanings in the plural, and vice versa. Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include the feminine and
neutral genders and vice versa. The term “includes” or “including” shall mean “including without limitation.” The words “hereof,” “hereto,” “hereby,” “herein,”
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular section or article in which such words appear. 
 (c) The Parties acknowledge that each Party and its attorney has reviewed this Agreement and that any rule of construction to the effect that any
ambiguities are to be resolved against the drafting Party, or any similar rule operating against the drafter of an agreement, shall not be applicable to the construction or interpretation of this Agreement. 
 (d) The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any
provision of this Agreement. 
 (e) All references to currency herein shall be to, and all payments required hereunder shall be paid in,
Dollars. 
 (f) All accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP.

 ARTICLE II 
 PURCHASE
AND SALE 
 Section 2.1 Acquired Assets. Subject to the terms and conditions set forth in this Agreement, at the
Closing referred to in Article III hereof, Sellers shall sell, assign, transfer, and deliver to Buyer, and Buyer shall purchase, acquire, and take assignment and delivery of all of 
  

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 the assets of Sellers excluding the Excluded Assets and including, but not limited to, the following assets (all of which
assets are hereinafter referred to collectively as the “Acquired Assets”): 
 (a) all right, title and interest in and
to the equipment, machinery, furniture and furnishings, computers and computer hardware (including processing units, passwords, terminals, disk drives, tape drives, printers, keyboards, screens, and peripherals), trailers, frac tanks, apparatus,
tools, dies, appliances, implements, spare parts, supplies and other tangible personal property used or usable in the Business including the personal property listed on Schedule 2.1(a) hereto (the “Equipment”);

 (b) all right, title and interest in, to and under the contracts and agreements described on Schedule 2.1(b) hereto (the
“Scheduled Contracts”) and all rights (including rights of refund and offset), privileges, deposits, claims, causes of action and options relating or pertaining to any of the Scheduled Contracts; 
 (c) all motor vehicles and other transportation equipment used or held for use in the Business (“Vehicles”) including those
listed on Schedule 2.1(a) hereto; 
 (d) all right, title and interest in and to inventories, including parts and spare parts
inventories, chemicals, lubricants, fuels, supplies, finished goods, products, work-in-progress, raw materials and other inventories (“Inventories”) used or usable in the Business; 
 (e) all of Sellers’ books, records, papers and instruments of whatever nature and wherever located that relate to the Acquired Assets or which are
required or necessary in order for Buyer to conduct the Business from and after Closing in the manner in which it is presently being conducted, including, without limitation, specifications, blue prints, drawings, designs, sales, promotional and
marketing literature, accounting and financial records, personnel and labor records, sales and property tax records and returns, sales records, but excluding income tax records and returns and corporate minute book and stock records provided that
copies of such books and records may be furnished by Sellers to Buyer except where originals are required to establish title or provide rights or benefits to Buyer; 
 (f) all right, title and interest of Sellers in and to all Seller Intellectual Property used or usable in the conduct of the Business, including, without limitation, all software, all of Sellers’ rights under any
licenses related to Sellers’ use, at any time, of computer equipment, hardware or software; 
 (g) any lists in the possession that
identify customers to whom sales have been made in connection with the operation of the Business and vendors from whom supplies are purchased in connection with the operation of the Business; 
 (h) all right, title and interest in and to Permits used or usable in the conduct of the Business, to the extent assignable, including the Scheduled
Permits listed on Schedule 2.1(h); 
 (i) all right, title and interest in and to the real property listed on
Schedule 2.1(i) (“Real Property”) and all of the related disposal wells located on such real property including those wellbores described on Schedule 2.1(i), and including all facilities, fixtures,
pipelines and 
  

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 any other improvements to the well, and all personal property situated thereon or used or obtained in connection
therewith, and all easements, rights of way or use, privileges, appurtenances and rights relating to such Real Property as the same thereunto belonging or appertaining; 
 (j) all right, title and interest in and to all structures, fixtures, construction in progress, improvements, betterments, installation and additions constructed, erected or located on or attached or affixed to the
Real Property included in the Acquired Assets; 
 (k) all right, title and interest of Sellers in and to all adjacent streets, alleys,
strips, gores or rights-of-way pertaining to the Real Property; 
 (l) all accounts receivable of the Business other than related party
receivables which are being retained by Sellers (the “Accounts Receivable”); 
 (m) all prepaid expenses, deposits,
warranties, bonds, deposits and financial sureties relating to the Business including those referenced on Schedule 2.1(m); and 
 (n) all of Sellers’ right, title and interest in and to the name “Salty’s”, and all rights in internet web sites and internet domain names used, reserved or owned by the Sellers that relate to the Business, and any
derivative thereof used in the Business including the following names: Salty’s Manufacturing, Ltd., Salty’s Well Service, Ltd., Salty’s Well Johnson No. 1, Ltd., Salty’s Well Johnson No. 2, Ltd., Salty’s Well
Johnson No. 3, Ltd., Salty’s Well Nacogdoches 1, Ltd., Salty’s Well Panola 1, Ltd., Salty’s Well Shelby No. 1, Ltd., Salty’s Well Hill No. 1, Ltd., Salty’s Well Parker No. 1, Ltd. and Salty’s
Management, LLC. 
 Section 2.2 Excluded Assets. Notwithstanding the foregoing, Sellers are not selling, and Buyer is not
purchasing pursuant to this Agreement, any of the following assets (the “Excluded Assets”) of Sellers, and the term “Acquired Assets” shall not include: 
 (a) all cash on hand and cash in banks and depository accounts, and negotiable instruments, notes receivable and securities of the Business; 

(b) any Company Plan or part thereof, including any trust, contract or assets thereof; 
 (c) all intercompany receivables; 
 (d) all
claims and litigation rights under all contracts, agreements and arrangements, except under the Scheduled Contracts; 
 (e) proceeds of
insurance received or receivable whether prior to or after the Closing Date in respect of any Retained Liability; 
 (f) those Permits that
are not transferable; 
 (g) any Tax refunds or portions therefore with respect to periods ending on or before the Closing Date; 

 

 10 

 (h) all personnel records or other records that Sellers are required by law to retain in their
possession; 
 (i) all rights of Sellers under this Agreement and ancillary transaction documents; and 
 (j) the assets listed on Schedule 2.2(j). 
 ARTICLE III 
 PURCHASE PRICE; CLOSING 
 Section 3.1 Purchase Price. 
 (a) The aggregate consideration payable by Buyer to Sellers
for the Acquired Assets shall consist of (i) a cash payment of ONE HUNDRED TWENTY SEVEN MILLION THREE HUNDRED FORTY SEVEN THOUSAND FIVE HUNDRED dollars ($127,347,500) minus all Indebtedness for Borrowed Money of Sellers existing
at or otherwise paid off by Buyer at Closing plus Approved Capital Expenditures (the “Cash Consideration”), plus (ii) the Escrow Amount referred to in 3.1(c) below. The Cash Consideration and
Escrow Amount comprise the “Purchase Price”. The Purchase Price shall be subject to post closing adjustment pursuant to Section 3.4 below. 
 (b) The Cash Consideration shall be payable at Closing by delivery by Buyer of cash via wire transfer of immediately available funds to Sellers in accordance with the wiring instructions set forth on
Schedule 3.1(b). 
 (c) At the Closing, a $6,702,500 payment (the “Escrow Amount”) shall be made by Buyer
to the Escrow Agent under the Master Escrow Agreement. Such $6,702,500 payment to the Escrow Agent shall be held by the Escrow Agent pursuant to and distributed (along with interest earned thereon) to Buyer or Sellers as the case may be in
accordance with the terms and provisions of the Master Escrow Agreement in substantially the form attached thereto as Exhibit 3.1(c) among Sellers, Buyer and the Escrow Agent (the “Master Escrow Agreement”). The Escrow
Amount shall, in accordance with the terms of the Master Escrow Agreement, be released to Sellers one hundred and eighty (180) days after Closing and when the following conditions are met: (a) no uncured breaches of the Agreement exist;
(b) all proof of ownership documents have been obtained by and/or assigned to Buyer such as titles and related UCC filings to remove any Liens, etc.; and (c) verification of the existence of all assets by physical inspection by
Buyer’s personnel, but not later than 180 days after Closing provided that any amounts subject to indemnification claims made by Buyer which claims have not been resolved as of the 180th day following Closing shall remain in escrow until
resolution of such claims pursuant to the Master Escrow Agreement. The payments, if any, made by the Escrow Agent to Sellers pursuant to the terms and provisions of the Master Escrow Agreement are herein referred to as the “Escrow
Payment.” 
 Section 3.2 The Closing. 
 (a) The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of
Vinson & Elkins L.L.P., 1001 Fannin, Houston, Texas 77002, 
  

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 commencing at 10:00 a.m. local time on the third Business Day following the satisfaction or waiver of all conditions to
the obligations of the Parties to consummate the transactions contemplated hereby (other than conditions with respect to actions the Parties shall take at the Closing itself) but not earlier than August 1, 2007 or such other date as Buyer and
the Seller Parties may mutually determine (the “Closing Date”). The Closing shall be deemed to have been consummated at 9:00 a.m. Houston time on the Closing Date. 
 (b) At the Closing, the Seller Parties, as applicable, will deliver the following documents and deliverables to Buyer: 
 (i) A Bill of Sale in the form of Exhibit 3.2(b)(i) effecting the transfer to Buyer of the Acquired Assets; 
 (ii) Assignment Agreement in the form of Exhibit 3.2(b)(ii) providing for the assignment to Buyer of (A) all of the Scheduled
Permits used or held by Sellers, as indicated on Schedule 2.1(h) (B) all of the Scheduled Contracts to which Sellers are a party, as indicated on Schedule 2.1(b), (iii) all of the Seller Intellectual Property owned or used by
Sellers, as indicated on Schedule 5.9(a), and (iv) all other intangible personal property of Sellers that constitutes a portion of the Acquired Assets; 
 (iii) A General Warranty Deed in the form of Exhibit 3.2(b)(iii) effecting the transfer of the scheduled Real Property referenced
in Schedule 2.1(i) and Schedule 2.1(j); 
 (iv) An executed Master Escrow Agreement; 
 (v) An executed Omnibus Agreement in the form of Exhibit 3.2(b)(v) (“Omnibus Agreement”); and 

(vi) Such other certificates, instruments of conveyance, and documents as may be reasonably requested by Buyer and agreed to by Sellers
prior to the Closing Date to carry out the intent and purposes of this Agreement. 
 (c) At the Closing, Buyer will deliver the following
documents and deliverables to Sellers or the Escrow Agent, as applicable: 
 (i) A Bill of Sale in the form of Exhibit
3.2(b)(i) effecting the transfer to Buyer of the Acquired Assets; 
 (ii) Assignment Agreement in the form of Exhibit
3.2(b)(ii); 
 (iii) An amount equal to the Cash Consideration in accordance with Section 3.1 by wire transfer of
immediately available funds in accordance with the wiring instructions set forth on Schedule 3.1(b); 
 (iv) An
executed Master Escrow Agreement along with the Escrow Amount; 
 (v) An executed Omnibus Agreement; and 
  

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 (vi) Such other certificates, instruments, and documents as may be reasonably requested
by Sellers and agreed to by Buyer prior to the Closing Date to carry out the intent and purposes of this Agreement. 
 Section 3.3
Allocation of Consideration. The Purchase Price shall be allocated in the manner set forth on Schedule 3.3. Buyer and Seller Parties shall use such allocations as the basis for reporting asset values and other items for purposes
of all tax returns. Buyer and Seller Parties agree to treat and report (and, if necessary, to cause each of its Affiliates to treat and report) the transactions provided for in this Agreement in a manner consistent with Schedule 3.3.

 Section 3.4 Post Closing Adjustment Procedures. 
 (a) The parties hereto acknowledge that the Purchase Price has been based in part on Sellers having and transferring to Buyer a zero Net Working Capital
as of the Closing Date. The Purchase Price paid at the Closing pursuant to Section 3.1(a) shall be adjusted in accordance with the following procedures. The Buyer shall on or before the Adjustment Date prepare in good faith a balance sheet
reflecting the Acquired Assets and Assumed Liabilities as of the Closing Date, which balance sheet will be prepared in accordance with the procedures described in the definition of Net Working Capital and shall not take into account the transactions
contemplated hereby. The balance sheet prepared in accordance with the foregoing is referred to as the “Final Closing Date Balance Sheet.” 
 (b) During the calculation of Net Working Capital and after the delivery of the Final Closing Date Balance Sheet, Buyer shall provide Sellers and their Representatives reasonable access to the records and employees of
Buyer and shall cause the employees of Buyer to cooperate in all reasonable respects with Sellers in connection with their review of such work papers and other documents and information relating to the calculation of Net Working Capital as of the
Closing as Sellers shall reasonably request and that are available to Buyer. 
 (c) Within 30 days after Sellers’ receipt of the Final
Closing Date Balance Sheet, Sellers shall notify Buyer as to whether Sellers agree or disagree with the Final Closing Date Balance Sheet and, if Sellers disagree, such notice shall set forth in reasonable detail the particulars of such disagreement.
If Sellers provide a notice of agreement or do not provide a notice of disagreement within such 30 day period, then Sellers shall be deemed to have accepted the calculations and the amounts set forth in the Final Closing Date Balance Sheet delivered
by Buyer, which shall then be final, binding and conclusive for all purposes hereunder. If any such notice of disagreement is timely provided, then Buyer and Sellers shall each use Reasonable Efforts for a period of 30 days thereafter to resolve any
disagreements with respect to the calculations in the Final Closing Date Balance Sheet. 
 (d) If, at the end of the 30-day resolution
period, the Parties are unable to resolve any disagreements as to items in the Final Closing Date Balance Sheet, then Price Waterhouse Coopers, LLP (or such other independent accounting firm of recognized national standing as may be mutually
selected by Buyer and Sellers) shall resolve any remaining disagreements. If 
  

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 Price Waterhouse Coopers, LLP is unwilling or unable to serve in such capacity then Deloitte & Touche LLP shall
be engaged to serve in such capacity. If Deloitte & Touche LLP is not willing or able to serve in such capacity, then Sellers shall within 10 days deliver to Buyer a listing of three other accounting firms of recognized national or regional
standing and Buyer shall within 10 days after receipt of such list, select one of such three accounting firms (such firm as is ultimately selected pursuant to the aforementioned procedures being the “Accountant”). The
Accountant shall be charged with determining as promptly as practicable, but in any event within 30 days after the date on which such dispute is referred to the Accountant any disputed items required to determine the Net Working Capital as of the
Closing Date. The costs and expenses of the Accountant shall be borne 50% by the Seller Parties and 50% by Buyer. The determination of the Accountant shall be final, binding and conclusive for all purposes hereunder. Should the Accountant fail to
make a final determination to resolve any and all disputes in accordance with the requirements of this process the Parties will agree to arbitration procedures in accordance with the rules of the American Arbitration Association to definitively
determine the Final Sellers Working Capital Payment or the Final Buyer Working Capital Payment. 
 (e) Following the final determination of
the Net Working Capital as of the Closing Date on the Final Closing Date Balance Sheet pursuant to this Section 3.4, if the Net Working Capital is positive (such amount, the “Final Buyer Working Capital Payment”), the
Buyer shall promptly (but in any event within five Business Days) wire transfer in immediately available funds to Sellers, to an account designated by Sellers, an amount equal to the Final Buyer Working Capital Payment. 
 (f) Following the final determination of the Net Working Capital as of the Closing Date on the Final Closing Date Balance Sheet pursuant to this
Section 3.4, if the Net Working Capital as of the Closing Date is negative (such nominal deficiency amount, the “Final Sellers Working Capital Payment”), Sellers shall promptly (but in any event within five Business
Days) wire transfer in immediately available funds to Buyer, an amount equal to the Final Sellers Working Capital Payment. 
 (g) Any
liabilities which are included and taken into consideration in the calculation of the Final Working Capital Payment pursuant to this Section 3.4 will not give Buyer the basis for any indemnification claim under Article X. 
 Section 3.5 Accounts Receivable. All rights and interest in and to any uncollected Accounts Receivable as of the Adjustment Date which
are reduced to zero for purposes of calculating the Final Working Capital Payment shall be assigned back to Sellers. 
 ARTICLE IV 

 ASSUMED LIABILITIES; RETAINED LIABILITIES 
 Section 4.1 Assumed Liabilities. Except for those liabilities specifically listed on Schedule 4.1, Buyer shall not assume, and shall not be deemed to have assumed, any liability or obligation
of Sellers whatsoever, including any liability or obligation relating to the Acquired Assets or any liability or obligation arising under, related to or based upon any Company Plan or 
  

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 any current or former employee, director or consultant of Sellers or any Commonly Controlled Entity except for
liabilities which are expressly assumed by Buyer under the terms of this Agreement. 
 Section 4.2 Retained Liabilities.
Seller Parties acknowledge and agree that they are responsible for and shall indemnify and hold harmless Buyer and its Affiliates from and against any and all claims, liabilities, losses or obligations arising out of or relating to the Business and
the Acquired Assets other than liabilities expressly assumed by Buyer under the terms of this Agreement (“Retained Liabilities”) including claims, liabilities, losses or obligations arising out of our relating to the
following: 
 (a) any Company Benefit Plan or any current or former employees, directors or consultants of Sellers or any Commonly Controlled
Entity; 
 (b) obligations of Seller Parties under this Agreement; 
 (c) Taxes with respect to the ownership of the Acquired Assets or conduct of the Business prior to the Closing; 
 (d) fees and expenses, if any, owed to third parties incurred in connection with the sale of the Acquired Assets, except as otherwise provided in this
Agreement; 
 (e) any contracts, agreements or instruments to which Sellers are a party or any of the Acquired Assets are bound, whether or
not relating to the Business other than liabilities arising after the Closing under Scheduled Contracts to the extent expressly assumed by Buyer; 
 (f) the Excluded Assets; and 
 (g) the ownership, business, operations or activities conducted by Sellers in connection with the
Business or Acquired Assets prior to the Closing, including without limitation, (i) the handling of Hazardous Materials (ii) the receipt of substances at disposal sites and injection of substances into the various disposal wells which
Sellers were not authorized to accept or inject into the respective disposal wells and (iii) the disposal of Hazardous Materials by or on behalf of Sellers at any off-site disposal facilities. 
 ARTICLE V 
 REPRESENTATIONS AND
WARRANTIES BY SELLER PARTIES 
 Except as disclosed in the Disclosure Schedule, the Seller Parties hereby, jointly and severally,
represent and warrant to Buyer as follows: 
 Section 5.1 Organization of Sellers. Each Seller is duly organized, validly
existing and in good standing under the Laws of the State of Texas and has the requisite power and authority to own or lease the Acquired Assets and to conduct the Business as it is now being conducted. Each Seller is duly licensed or qualified in
each jurisdiction wherein the failure to be so qualified would result in a Material Adverse Effect. Each Seller has made available to Buyer true copies of all of its existing Organizational Documents. 
  

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 Section 5.2 Authorization; Enforceability. Each of the Seller Parties has all
requisite power and authority to execute and deliver this Agreement and to perform all obligations to be performed by such Seller Party hereunder. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized and approved by all requisite action on the part of the Seller Parties. This Agreement has been duly and validly executed and delivered by the Seller Parties, and this Agreement constitutes a valid and
binding obligation of such Seller Party, enforceable against such Seller Party in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar Laws affecting creditors’
rights generally and subject, as to enforceability, to general principles of equity (such laws and principles being referred to herein as “Creditors’ Rights”). All other documents required hereunder to be executed and
delivered by such Seller Party have been duly and validly authorized and approved by such Seller Party, and constitutes a valid and binding obligation of such Seller Party, enforceable against such Seller Party in accordance with its terms, subject
to the Creditors’ Rights. 
 Section 5.3 Title to Acquired Assets. Sellers are the lawful owners of, have good and
valid record and marketable title to, and have the full right to sell, convey, transfer, assign and deliver the Acquired Assets to Buyer, without any required approvals or any restrictions of any kind whatsoever. All of the Acquired Assets are held
by Sellers free and clear of all Liens, other than the Permitted Liens. At and as of the Closing, Sellers will convey the Acquired Assets to Buyer by deeds, bills of sale, certificates of title and instruments of assignment and transfer effective to
vest in Buyer, and Buyer will have good and valid title to all of the Acquired Assets, free and clear of all Liens, other than the Permitted Liens. 
 Section 5.4 No Conflict. The execution and delivery of this Agreement by the Seller Parties and the consummation of the transactions contemplated hereby by the Seller Parties (assuming all required filings, consents,
approvals, authorizations and notices set forth in Schedule 5.4 (collectively, the “Seller Approvals”) have been made, given or obtained) do not and shall not: 
 (a) violate any Law applicable to the Seller Parties or require any filing with, consent, approval or authorization of, or notice to, any Governmental
Authority; 
 (b) violate the Organizational Documents of Sellers; or 
 (c)(i) breach any Material Contract, (ii) result in the termination of any such Material Contract, (iii) result in the creation of any Lien
under any Material Contract, (iv) result in the creation of any Lien, other than the Permitted Liens, on any of the Acquired Assets, or (v) constitute an event which, after notice or lapse of time or both, would result in any such breach,
termination or creation of a Lien, other than the Permitted Liens. 
 Section 5.5 Equity Interests. Except as set forth in
Schedule 5.5, the Acquired Assets do not include any Interest, or any security convertible, exercisable or exchangeable into any Interest, in any Person. 
 Section 5.6 Financial Statements. Schedule 5.6 sets forth true and complete copies of the following financial statements (collectively, the “Financial Statements”):
(a) the compiled 
  

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 balance sheet of Sellers (with related statements of income, changes in capital and cash flows) as of, and for the year
ended, December 31, 2006, and (b) the compiled balance sheet of Sellers (with related statements of income, changes in capital and cash flows) as of, and for the three (3) months ended, March 31, 2007 (collectively the
“Unaudited Financial Statements”). Except as set forth on Schedule 5.6, (a) the Unaudited Financial Statements have been prepared in accordance with GAAP, and (b) the Financial Statements present fairly, the
financial position and the results of operations of Sellers as of, and for the periods ended on, such dates, except for the absence of footnotes with respect to the Unaudited Financial Statements. 
 Section 5.7 Absence of Changes. Except as set forth on Schedule 5.7, since the Balance Sheet Date: 
 (a) there has not been any occurrence or circumstance which could have a Material Adverse Effect on Sellers; 
 (b) the Business and the Acquired Assets have been operated and maintained in the ordinary course of business; 
 (c) there has not been any material damage, destruction or loss to any material portion of the Acquired Assets, whether covered by insurance or not;

 (d) neither Sellers nor any of their Affiliates has entered into any employment, consulting, severance or indemnification agreement or an
agreement with respect to a retention bonus with any of the employees of the Business, nor has Sellers or any of their Affiliates incurred or entered into any collective bargaining agreement or other obligation to any labor organization or employee;

 (e) Sellers have not entered into any contract with any director, officer, member, partner, employee or holder of any Interest in Sellers
or any Affiliate of the foregoing other than on an arms-length basis; 
 (f) there has been no actual, pending or, to the Knowledge of the
Seller Parties, threatened adverse change in the relationship of Sellers or any of their Affiliates with any material customer, supplier, distributor or sales representative of the Business; 
 (g) there has been no increase in the compensation or benefits of any officer or employee of the Business, except those which reflect nominal increases
in compensation of employees made necessary by recent wage increases instituted by competitors for their similarly situated employees; and 
 (h) there is no contract or agreement to do any of the foregoing, except as expressly permitted by this Agreement. 
 Section 5.8 Contracts. 
 (a) Schedule 5.8(a) contains a true and complete list of the following Contracts
to which Sellers are a party or the Acquired Assets are bound in effect on the date of this Agreement (“Material Contracts”): 
  

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 (i) any Contract relating to Indebtedness for Borrowed Money, any Contract creating a
capital lease obligation, any Contract constituting a guarantee of debt of any third person or any Contract requiring Sellers or any of their Affiliates to maintain the financial position of any other Person; 
 (ii) each Contract involving a remaining commitment by Sellers to pay capital expenditures for fixed assets with respect to its Business
in excess of $250,000; 
 (iii) each Contract for lease of real property; 
 (iv) each employment Contract and each Contract providing retention, severance or project bonus payments, in each case that have not been
paid in full as of the date of this Agreement; 
 (v) any Contract that provides for the payment by Sellers or any of their
Affiliates of more than $100,000 in any consecutive 12-month period or more than $250,000 over the remaining life of such Contract other than a Contract that (A) is terminable by any party thereto giving notice of termination to the other party
thereto not more than 30 days in advance of the proposed termination date and (B) even if so terminable, contains no post-termination obligations, termination penalties, buy-back obligations or similar obligations; 
 (vi) any Contract that constitutes a purchase order or other Contract relating to the sale, purchase, lease or provision by Sellers or
any of its Affiliates of goods or services in excess of $100,000 in any 12 month period; 
 (vii) any Contract constituting a
partnership, joint venture or other similar Contract; 
 (viii) any Contract in respect of software programs or packages or
other Intellectual Property rights granted to or by Sellers or any of their Affiliates (other than off the shelf software which is reasonably available in the marketplace to Buyer) which is used in the conduct of the Business; 
 (ix) any lease (including any master lease covering multiple items of personal property) of any item or items of personal property with a
rental expense under such lease (whether for a single item or multiple items) in excess of $50,000 in any consecutive 12-month period; 
 (x) any Contract providing for the deferred payment of any purchase price in excess of $25,000 including any “earn out” or other contingent fee arrangement; 
 (xi) any Contract with any Governmental Authority; 
 (xii) any Contract creating a Lien on any of the Acquired Assets that will not be discharged at or prior to the Closing; 
  

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 (xiii) any Contract involving long term fuel purchases or commodity or financial future
or option contracts or similar derivative or hedging Contracts; and 
 (xiv) each Contract that provides for a limit on the
ability of Sellers or their Affiliates to compete in any line of business or with any Person or in any geographic area during any period of time after the Closing which could restrict the use of the Acquired Assets or conduct of the Business by
Buyer. 
 (b) True and complete copies of all Material Contracts have been provided or made available to Buyer. 
 (c) Except as set forth in Schedule 5.8(c), each Material Contract (other than such Material Contracts with respect to which all performance and
payment obligations have been fully performed or otherwise discharged by all parties thereto prior to the Closing) (i) is in full force and effect and (ii) represents the legal, valid and binding obligation of Sellers and, to the Knowledge
of the Seller Parties, represents the legal, valid and binding obligation of the other parties thereto, in each case enforceable in accordance with its terms. Except as set forth in Schedule 5.8(c), neither Sellers and, to the Knowledge of
the Seller Parties, no other party is in material breach of any Material Contract, and none of the Seller Parties has received any written notice of termination or breach of any Material Contract. 
 Section 5.9 Intellectual Property. 
 (a) Schedule 5.9(a) identifies all material Intellectual Property rights owned or used by Sellers in the conduct of the Business (the “Seller Intellectual Property”). The Seller
Intellectual Property constitutes all Intellectual Property rights necessary for the continued operation of the Business consistent with the past practices of the Business since inception. 
 (b) Each Seller has ownership of, or valid licenses to use, all of the Seller Intellectual Property, free and clear of all Liens other than the Permitted
Liens. Upon the consummation of the transactions contemplated by this Agreement and Buyer filing any required filings as reflected on Schedule 5.9(b), Buyer will have good and marketable (subject to the terms of any applicable licenses) title
to the Seller Intellectual Property free and clear of all Liens other than the Permitted Liens. 
 (c) There is no pending or, to the Seller
Parties’ Knowledge, threatened judicial or administrative proceeding or third party claim alleging any infringement or misappropriation of any item of the Seller Intellectual Property, whether owned by Sellers or any other Person. There has
been no material infringement or misappropriation (or facts that are reasonably likely to give rise to a material infringement or misappropriation) by Sellers of any Intellectual Property Rights of third persons or of any continuing material
infringement or misappropriation (or facts that are reasonably likely to give rise to a material infringement or misappropriation) by any other Person of any of the Seller Intellectual Property which could have a material adverse impact on
Buyer’s ownership and use of the Acquired Assets or conduct of the Business. No Seller Intellectual Property owned (or, to the Knowledge of the Seller Parties, Seller Intellectual Property owned by third parties but used by Sellers in the
Business) is subject to any outstanding order, judgment, decree, stipulation or agreement restricting the use thereof. 
  

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 Section 5.10 Litigation. Except as set forth in Schedule 5.10, as of the date
of this Agreement, (i) there are no lawsuits, proceedings or actions before or by any Governmental Authority pending or, to the Knowledge of the Seller Parties, threatened in writing by any Person against, the Business or any of the Acquired
Assets and (ii) there is no injunction, order or unsatisfied judgment from any Governmental Authority adversely impacting the Business or any of the Acquired Assets. 
 Section 5.11 Employee Benefit Plans 
 (a) Schedule 5.11(a) contains a complete
list, as of the date of this Agreement, of each Company Plan. 
 (b) With respect to each Company Plan and except for matters which would not
have an adverse impact upon or impose any liability upon Buyer, Sellers have performed in all material respects all obligations, whether arising by operation of applicable Law or by contract, required to be performed by it, and no event has occurred
and there exists no condition or set of circumstances in connection with which Sellers or, to the Sellers’ Knowledge, any fiduciary of any Company Plan could be subject to any liability for failure to operate and administer such Company Plan in
accordance with its terms or any applicable Law. 
 Section 5.12 Taxes. Except as set forth on Schedule 5.12,
(a) all Tax Returns required to be filed by Sellers have been duly and timely filed with the appropriate Tax Authority and all such Tax Returns were true, correct and complete in all material respects, (b) all Taxes due and payable,
including Taxes shown as due on such Tax Returns, have been timely paid in full, (c) there are no Liens on any of the Acquired Assets that arose in connection with any failure (or alleged failure) to pay any Taxes, (d) there is no claim
pending, or to the Knowledge of the Seller Parties threatened, by any applicable Tax Authority in connection with any Taxes, (e) none of such Tax Returns are now under audit or examination by any Tax Authority, (f) there are no agreements
or waivers providing for an extension of time with respect to the filing of any such Tax Returns or the assessment or collection of any such Tax, (g) no written claim has been made by any Tax Authority in a jurisdiction where Sellers do not
file a Tax Return that it is or may be subject to taxation in that jurisdiction, and (h) Sellers are not a party to any Tax allocation or sharing arrangement. 
 Section 5.13 Employees; Employee Relations. 
 (a) Neither Sellers nor any of their
respective Affiliates is a party to or bound by any collective bargaining agreement applicable to any employee involved in the Company Business (“Business Employee”) and Sellers are unaware of any organizational efforts by
any Business Employees. 
 (b) No legal proceedings, charges, complaints, grievances or similar actions have been commenced and are
outstanding with respect to Sellers or any of their Affiliates under any laws or regulations affecting the employment relationship, and, to Sellers’ Knowledge, no proceedings, charges, or complaints are threatened under any such Laws or
regulations and no facts or circumstances exist which would give rise to any such proceedings, charges, complaints, or claims. Sellers and their Affiliates are not subject to any settlement or consent decree with 
  

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 any present or former employee, employee representative or any Governmental Authority relating to claims of
discrimination or other claims in respect to employment practices and policies. To the Knowledge of Sellers, no Governmental Authority has issued a judgment, order, decree or finding with respect to the labor and employment practices (including
practices relating to discrimination) of Sellers or any of their Affiliates. 
 (c) Schedule 5.13(c) sets forth a true, correct and
complete list, as of the Closing Date, of all Business Employees currently employed by Sellers. The list described in the preceding sentence shows each Business Employee’s name, job title, original hire date, bonus paid or payable for calendar
year 2006 and current base salary or base wages. Each Business Employee is an employee of Sellers as of the date of this Agreement, and no current or former Business Employee of Sellers is on a disability leave of absence, is receiving disability
benefits, or is in an elimination or other waiting period with respect to his or her receipt of disability benefits. There are no loans or other obligations payable or owing by Sellers or any of their respective Affiliates to any Business Employee,
except salaries, wages and salary advances and reimbursement of expenses incurred and accrued in the ordinary course of business, nor are any loans or debts payable or owing by any such individuals to Sellers or any of their respective Affiliates,
nor have Sellers or any of their Affiliates guaranteed any of such individual’s respective loans or obligations. 
 (d) Sellers are in
compliance, in all material respects, with all Laws, rules, regulations and orders relating to the employment of labor, including, without limitation, all such Laws, rules, regulations and orders relating to wages, hours, collective bargaining,
discrimination, civil rights, immigration, safety and health, workers’ compensation and the collection and payment of income withholding, social security taxes and other taxes. 
 (e) Except as set forth on Schedule 5.13(e), since the Balance Sheet Date there has been no payment or distribution by Sellers to any employee,
director, officer or equityholder except for regular compensation paid in the ordinary course of business consistent with prior practices. 
 Section 5.14 Environmental Matters. Except as otherwise disclosed in Schedule 5.14, 
 (a) Schedule
5.14 sets forth all environmental Permits required for operation of the Business. The environmental Permits described therein are in full force and effect. There are no proceedings pending or, to the Knowledge of the Seller Parties, threatened
which might affect (i) the validity of any environmental Permit described in Schedule 5.14, (ii) the ability of Sellers or Buyer to obtain prior to the Closing Date any environmental Permit described in Schedule 5.14 which
has not been obtained at the date of this Agreement, or (iii) the ability of Sellers to transfer within the time specified by applicable Environmental Law any environmental Permit described in Schedule 5.14, nor, to the Knowledge of the
Seller Parties, is there any basis for any such proceeding. 
 (b) None of the Acquired Assets are subject to any Lien imposed by or arising
under any Environmental Law, and there are no proceedings pending or, to the Knowledge of the Seller Parties, threatened for imposition of any such Lien, nor, to the Knowledge of the Seller Parties, is there any basis for any such Lien or
proceeding. 
  

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 (c) The Business and the Acquired Assets are currently, and have at all times in the past been operated,
in compliance, in all material respects, with the requirements of applicable Environmental Laws. Neither Sellers nor any of their Affiliates have received any communication in any form from any Governmental Authority or any other Person alleging
that Sellers are not in compliance with any Environmental Law. There are, to the Knowledge of the Seller Parties, no circumstances relating to the Business that may prevent or interfere with Buyer’s compliance with all Environmental Laws
applicable to the Business at the Closing Date. 
 (d) There are no present, past actions, activities, circumstances, conditions, events or
incidents, including, without limitation, any release of any Hazardous Materials, with respect to the Business or the Acquired Assets that could reasonably be expected to form the basis for assertion of any environmental liability against Sellers or
the Business. There has been no release of Hazardous Materials in connection with the Business for which all clean-up, remediation and restoration actions required under Environmental Laws have not been performed and completed to the satisfaction of
the relevant Governmental Authority. There is no asbestos contained in or forming part of any equipment, property, building, building component, structure or office space used in connection with the Business. 
 (e) There are no proceedings pending or, to the Knowledge of the Seller Parties, threatened against Sellers or any of their respective Affiliates or any
predecessor with respect to operation of the Business, against the Business itself or any Acquired Assets, in which any violation of any Environmental Law is alleged or any environmental liability is asserted, nor, to the Knowledge of the Seller
Parties, is there any basis for any such proceeding. 
 (f) Sellers have provided or made available to Buyer all internal and external
environmental audits, assessments, reports, studies, documents, and correspondence on environmental matters and compliance with Environmental Laws relating to the operation of the Business that are in the possession or control of or otherwise
available to Sellers. 
 (g) Sellers have disclosed to Buyer, and Buyer acknowledges that the various Disposal Well sites may contain NORM;
provided, however, Sellers herein represent and warrant to Buyer that Sellers are in compliance with applicable Environmental Laws with respect to NORM which is or has been present at such Disposal Well sites. 
 (h) Notwithstanding anything to the contrary herein, the Parties agree that the only representations and warranties in this Article V related to
compliance with or liabilities arising under Environmental Law are contained in this Section 5.14 and Section 5.24. 
 Section 5.15 Customers, Vendors and Suppliers. To the Knowledge of the Seller Parties and except as set forth in Schedule 5.15(a), there is no present intent of any significant customer, vendor or supplier of
Seller to discontinue or substantially alter its relationship as such with Seller or Buyer upon consummation of the transactions contemplated hereby. Schedule 5.15(b) sets forth a list of the top 15 customers and top 15 vendor/suppliers of
the Business for the fiscal year ending December 31, 2006. 
 Section 5.16 Insurance. Schedule 5.16 sets forth
a true and complete list of all policies, binders, and insurance contracts under which Sellers, the Business or any of the Acquired Assets 
  

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 is insured (the “Insurance Policies”). With respect to each Insurance Policy, Schedule
5.16 sets forth a true and correct description of (a) the scope of coverage, (b) the limits of liability, (c) deductibles and other similar amounts, and (d) the aggregate limits and available coverage (if less than the
aggregate limits) as of the date hereof. Each of the Insurance Policies is in full force and effect, and there has been no written notice of any cancellation or any threatened cancellation of any Insurance Policy. 
 Section 5.17 Books and Records. All books and records relating to the ownership and operation of the Business, and the Acquired Assets
are located at the premises of Sellers to which such books and records primarily relate, have been maintained substantially in accordance with applicable legal requirements, comprise all of the books and records relating to the ownership and
operation of the Business and the Acquired Assets. 
 Section 5.18 Inventories. Sellers own their Inventories (including
spare parts) free and clear of all Liens other than the Permitted Liens. Except as disclosed on Schedule 5.18, such Inventories were acquired for sale in the ordinary course of business and are in good and saleable condition and are not
obsolete, slow moving or damaged. None of such inventory is subject to any consignment, bailment, warehousing or similar arrangement. 
 Section 5.19 Assets Necessary to the Business. At and immediately following the Closing, the Acquired Assets transferred to Buyer pursuant hereto (a) will constitute all of the assets and properties necessary or
required to permit Buyer to carry on the Business in substantially the same manner as presently conducted and as conducted since December 31, 2004 and (b) constitute all of the assets and properties of Sellers and their Affiliates used in
the Business presently and as conducted since December 31, 2004, other than the Excluded Assets. 
 Section 5.20 Conformity
to Law. Sellers have complied in all material respects with, and are in material compliance with, (a) all Laws, statutes, governmental regulations, and all judicial or administrative tribunal orders, judgments, writs, injunctions,
decrees, or similar commands applicable to the Business or any of the Acquired Assets (including, without limitation, any labor, environmental, occupational health, zoning, or other law, regulation, or ordinance); (b) all unwaived terms and
provisions of all Contracts, and agreements to which Sellers are a party, or by which Sellers or any of the Acquired Assets are subject; and (c) their Organizational Documents, each as amended to date. Sellers have not committed, been charged
with, or to Sellers’ Knowledge, been under investigation with respect to, nor does there exist, any material violation of any provision of any Law or regulation in respect of the Business or any of the Acquired Assets. 
 Section 5.21 Absence of Certain Business Practices. Neither Sellers nor any officer, employee or agent of Sellers, nor to the
Knowledge of Sellers any other Person acting on its behalf, has, directly or indirectly, given or agreed to give any gift or similar benefit to any customer, supplier, government employee or other person who is or may be in a position to help or
hinder the Business (or to assist Sellers in connection with any actual or proposed transaction) which (a) might subject Sellers to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (b) if not given in
the past, might have had a material adverse impact on the Business, or (c) if not continued in the future, might materially adversely impact the Business. 
  

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 Section 5.22 Permits. Except as set forth on Schedule 5.22, Sellers possess all
material Permits necessary for it to conduct the Business and use the Acquired Assets and operate as currently conducted. All such Permits are and following consummation of the transactions contemplated under this Agreement will continue to be in
full force and effect. There are no lawsuits or other proceedings pending or, to the Seller Parties’ Knowledge, threatened before any Governmental Authority that seek the revocation, cancellation, suspension or adverse modification thereof.
Schedule 2.1(h) lists all material Permits granted by any governmental authority and used or held by Sellers or any of their Affiliates in connection with the ownership and operation of the Acquired Assets or conduct of the Business (the
“Scheduled Permits”). 
 Section 5.23 Personal Property. 
 (a) Schedule 2.1(a) lists each item of equipment, tools, machinery, parts, materials, supplies, furniture, cars, trucks, trailers and other rolling
stock and each other item of tangible personal property used or held for use by Sellers or any of their Affiliates in connection with the Business having a fair market value or book value of $5,000 or more individually or $50,000 or more in the
aggregate (the “Personal Property”). 
 (b) Sellers have good and marketable title to all of the Personal Property
and all other material personal property used in the ordinary course of business by Sellers or any of their Affiliates in connection with the Business free and clear of all Liens other than the Permitted Liens. Each item of the Personal Property and
any other material personal property used in the ordinary course of business by Sellers or any of their Affiliates in connection with the Business is in good working order and repair, has been operated and maintained in the ordinary course of
business and remains in suitable and adequate condition for use consistent with its primary use, in each case, taking into account the age of the asset and ordinary wear and tear. 
 (c) Schedule 2.1(a) identifies each personal property lease to which Sellers are a party. Each of the leasehold interests in personal property are
held under valid, binding and enforceable leases. 
 Section 5.24 Disposal Wells. 
 (a) Schedule 5.24(a) lists each disposal well and injection well (“Disposal Well”) owned or operated by Sellers including
(i) a physical description of such Disposal Well, (ii) description of the entity which owns such Disposal Well, (iii) the geographical location of such Disposal Well, (iv) a description of the operating permits held by Sellers
and required with respect to such Disposal Wells, (v) a description of all surety or performance bonds or other collateral in favor of a Governmental Authority or third party which have been provided or posted with respect to ownership or
operation such Disposal Well permitting, ownership or operation of and (vi) whether the land on which such Disposal Well is located is leased or owned. 
 (b) Each Disposal Well and Sellers’ ownership, use and maintenance of and reporting with respect to such Disposal Well is in compliance with all applicable Laws (including the Texas Water Code and the Natural
Resources Code) rules and regulations imposed by applicable Governmental Authorities (including the Railroad Commission of Texas). The only materials 
  

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 which have been injected into the Disposal Wells consist of oil field wastes, which may include NORM, and other
non-hazardous substances which are of the type and nature and in amounts allowed under applicable Law to be injected by Sellers into such Disposal Wells pursuant to the terms of the Permits governing their use. 
 (c) Schedule 5.24(c) lists each Permit applicable to the Sellers’ ownership or use of each Disposal Well. Such Permits are all of the Permits
necessary for the Sellers to own and operate the Disposal Wells and following the transfer and assignment of the Acquired Assets hereunder to Buyer such Permits, to the extent they are assignable, will continue to be in full force and effect with
respect to Buyer’s ownership and use of the Disposal Wells in substantially the same manner as used prior to the Closing. 
 Section 5.25 Real Properties. 
 (a) Schedule 5.25 lists and correctly describes: (i) all real
properties that Sellers own and, for each of those properties, the name of its owner, its address of each structure located thereon and the use thereof in the Business; (ii) all real properties of which a Seller is a lessee and, for each of
those properties, the name of its lessor, its address of each structure located thereon being so leased and the expiration date of that lease and the use thereof in the Business; and (iii) in the case of each real property listed as being
owned, whether it was previously owned, and in the case of each real property listed as being leased, whether it is presently owned, by any Seller or any of its Affiliates. The real property listed on Schedule 5.25 comprises all real
property interests used in connection with the Business as currently conducted. 
 (b) Sellers have provided Buyer with true, complete and
correct copies of all lease agreements under which all the properties described Schedule 5.25 lists as being leased are leased and except as set forth in Schedule 5.25, (i) each of those leases is valid and binding on the lessor
party thereto and (ii) the lessee party thereto has not sublet any of the leased space to any other Person. 
 (c) The fixed assets
which are affixed to, located upon, or used in connection with one or more of the real properties listed in Schedule 5.25 and, except as Schedule 5.25 sets forth, are well-maintained and adequate for the purposes for which they
presently are being used or held for use, ordinary wear and tear excepted. 
 (d) The buildings structures and fixtures listed on the Real
Property included in the Acquired Assets currently have (i) unencumbered rights of ingress and egress and (ii) access to water supply, storm and sanitary sewer facilities, gas and electrical connections, fire protection, drainage and other
public utilities as is necessary for the conduct of the Business. 
 (e) Except as set forth on Schedule 5.25(e), on the Closing Date,
no lease or use agreements, oral or written, will be in effect covering any portion of the Real Property, and that Sellers will not enter into any such lease or use agreements affecting the Real Property without the prior written consent of Buyer.

 (f) To the Knowledge of the Seller Parties, Sellers have not received notice, written or otherwise, from any governmental or municipal
agency requiring the correction of any material condition with respect to the Real Property, or any part thereof, by reason of a violation of any regulation or otherwise which remains uncured. 
  

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 Section 5.26 No Brokers. No broker, finder, investment banker or other Person is
entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by this Agreement based upon arrangements made by Sellers or any of their Affiliates (including the Seller Parties). 
 Section 5.27 Accounts Receivable. The Accounts Receivable included in the Acquired Assets (i) all arise out of bona fide
transactions in the ordinary course of business, (ii) to the Knowledge of Sellers are not subject to any set off or valid counterclaim by the counterparty thereto and (iii) to the Knowledge of Sellers are fully collectible. 
 Section 5.28 Ownership of Acquired Assets by Individuals. Except as reflected on Schedule 5.28, and except through their
indirect ownership in the Sellers which are entities, neither Winston nor Bailey nor any of their respective Affiliates (other than the Sellers) have any ownership interest in the Acquired Assets. 
 ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES BY BUYER 
 Buyer hereby represents and warrants to the Seller Parties as follows: 
 Section 6.1 Organization of Buyer. Buyer is a limited partnership organized, validly existing and in good standing under the Laws of
the State of Texas. 
 Section 6.2 Authorization; Enforceability. Buyer has all requisite partnership power and authority
to execute and deliver this Agreement and to perform all obligations to be performed by it hereunder. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized and
approved by Buyer, and no other partnership proceeding on the part of Buyer is necessary to authorize this Agreement. This Agreement has been duly and validly executed and delivered by Buyer, and this Agreement constitutes a valid and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to Creditors’ Rights. 
 Section 6.3 No
Conflict. Except as would not reasonably be expected to materially and adversely impact the ability of Buyer to enter into and perform its obligations under this Agreement, the execution and delivery of this Agreement by Buyer and the
consummation of the transactions contemplated hereby by Buyer (assuming all required filings, consents, approvals authorizations and notices set forth in Schedule 6.3 (collectively, the “Buyer Approvals”) have been
made, given or obtained) does not and shall not: 
 (a) violate any Law applicable to Buyer or require any filing with, consent, approval or
authorization of, or, notice to, any Governmental Authority; 
 (b) violate any Organizational Document of Buyer; or 
  

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 (c)(i) breach any material Contract, to which Buyer is a party or by which Buyer may be bound,
(ii) result in the termination of any such material Contract or (iii) constitute an event which, after notice or lapse of time or both, would result in any such breach or termination. 
 Section 6.4 Litigation. As of the date of this Agreement (a) there are no lawsuits or actions before any Governmental Authority
pending or, to the Knowledge of Buyer, threatened in writing against Buyer that would reasonably be expected to materially and adversely impact the ability of Buyer to perform its obligations under this Agreement and (b) there are no orders or
unsatisfied judgments from any Governmental Authority binding upon Buyer that would reasonably be expected to materially and adversely impact on the ability of Buyer to perform its obligations under this Agreement. 
 Section 6.5 Brokers’ Fees. No broker, finder, investment banker or other Person is entitled to any brokerage fee, finders’
fee or other commission in connection with the transactions contemplated by this Agreement based upon arrangements made by Buyer or any of its Affiliates. 
 ARTICLE VII 
 COVENANTS 
 Section 7.1 Conduct of Business. From the date of this Agreement through the Closing, except as set forth on Schedule 7.1, as
expressly contemplated by this Agreement, or as consented to by Buyer in writing, (a) each Seller shall (x) operate its Business in the ordinary course and (y) use Reasonable Efforts to preserve intact its business and its
relationship with customers, suppliers and others having business relationships with Sellers and (b) each Seller shall not: 
 (i) amend its Organizational Documents; 
 (ii) liquidate, dissolve, recapitalize or otherwise wind up its business;

 (iii)(A) grant or increase any bonus, salary, severance, termination, change of control or other compensation or benefits
to any of its employees, directors or consultants or make any other enhancement to the terms or conditions of employment applicable to any of its employees, directors or consultants, (B) make any change in its key management employees or
structure, or (C) adopt, enter into or amend in any material respect any Benefit Plan; 
 (iv) change its accounting
methods, policies or practices, except as required by GAAP; 
 (v) sell, assign, transfer, lease or otherwise dispose of any
material assets except in the ordinary course of business or pursuant to the terms of a Material Contract existing on the date of this Agreement; 
 (vi) make any capital expenditure other than those capital expenditures reflected as proposed capital expenditures in Schedule 7.1 or other than reasonable capital expenditures in response to any emergency or
force majeure events affecting Sellers; 
  

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 (vii) make, amend or revoke any election with respect to Taxes relating to the Business
or the Acquired Assets other than in the ordinary course of business; 
 (viii) create any Liens on any of the Acquired Assets
other than the Permitted Liens; 
 (ix) change its material business policies or procedures including those relating to
collection of account receivables and timely payment of account payables; or 
 (x) agree, whether in writing or otherwise, to
do any of the foregoing. 
 Section 7.2 Access. From the date hereof through the Closing, the Seller Parties shall, and
shall cause Sellers to, afford to Buyer and its authorized Representatives reasonable access, during normal business hours and in such manner as not to unreasonably interfere with normal operation of the Business, to the Acquired Assets, books,
contracts, records and appropriate officers and employees of Sellers, and shall furnish such authorized Representatives with all financial and operating data and other information concerning the affairs of Sellers as Buyer and such Representatives
may reasonably request. 
 Section 7.3 Third Party Approvals. Buyer and the Seller Parties shall (and shall each cause
their respective Affiliates to) use Reasonable Efforts to obtain all material consents and approvals of third parties that any of Buyer, the Seller Parties or their respective Affiliates are required to obtain in order to consummate the transactions
contemplated hereby. 
 Section 7.4 Regulatory Filings. From the date of this Agreement until the Closing, each of Buyer
and the Seller Parties shall, and shall cause their respective Affiliates to (a) make or cause to be made the filings required of such party or any of its Affiliates under any Laws with respect to the transactions contemplated by this Agreement
and to pay any fees due of it in connection with such filings, as promptly as is reasonably practicable, and in any event within ten (10) Business Days after the date hereof, (b) cooperate with the other Party and furnish all information
in such Party’s possession that is necessary in connection with such other Party’s filings, (c) promptly inform the other Party of any communication from or to, and any proposed understanding or agreement with, any Governmental
Authority in respect of such filings, (d) consult and cooperate with the other Party in connection with any analyses, appearances, presentations, memoranda, briefs, arguments and opinions made or submitted by or on behalf of any Party in
connection with all meetings, actions and proceedings with Governmental Authorities relating to such filings, (e) comply, as promptly as is reasonably practicable, with any requests received by such Party or any of its Affiliates under any Laws
for additional information, documents or other materials, (f) use Reasonable Efforts to resolve any objections as may be asserted by any Governmental Authority with respect to the transactions contemplated by this Agreement, and (g) use
Reasonable Efforts to contest and resist any action or proceeding instituted (or threatened in writing to be instituted) by any Governmental Authority challenging the transactions contemplated by this Agreement as violative of any Law. If a Party
intends to participate in any meeting with any Governmental Authority with respect to such filings, it shall give the other Party reasonable prior notice of, and an opportunity to participate in, such meeting. 
  

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 Section 7.5 Update Information. Prior to the Closing, each of Buyer and the Seller
Parties shall give the other party prompt written notice of any development that is reasonably likely to result in a failure of a condition to the Closing. At any time prior to the Closing, the Seller Parties may correct and supplement in writing
any information furnished on the Disclosure Schedules based upon events, circumstances, conditions or information of which the Seller Parties first obtain Knowledge after the date hereof, by furnishing such corrected or supplemented information to
Buyer pursuant to the notice provisions hereof. If (a) the Seller Parties so furnish corrected or supplemental information, (b) the absence of such information would have resulted in a failure of the conditions to the Closing set forth in
Section 9.1(b) or the Seller Parties so state in their notice of such corrected or supplemental information and (c) the Closing occurs, then such information shall be deemed to amend this Agreement and the Disclosure Schedules for all
purposes hereunder. If the supplemental disclosures of the Seller Parties are material in any respect, then Buyer and the Seller Parties may mutually agree to a reduction in the Purchase Price or other agreeable allocation of responsibility for such
matters. 
 Section 7.6 Non-Competition. 
 (a) (i) except as set forth on Schedule 7.6, each Seller Party, in order to induce Buyer to enter into this Agreement, expressly covenants and agrees that during the Prohibited Period (as defined below), such
Seller Party will not, and such Seller Party will cause its Affiliates not to, directly or indirectly, own, manage, operate, join, control or participate in or be connected with, or loan money to or sell or lease equipment to, any business,
individual, partnership, firm, corporation or other entity, which engages in any business which involves owning and operating salt water disposal wells, owing or operating vacuum trucks and frac tanks or manufacturing frac tanks and competes with
the Business within a 300-mile radius of any operating location of the Sellers as of the Closing Date or other jurisdictions described or set forth on Schedule 7.6 hereto, which schedule will be updated at the Closing Date (a
“Competing Business”). Furthermore, if Buyer determines in its discretion, that the scope of Schedule 7.6 should be narrowed, then Buyer may so revise Schedule 7.6 by providing written notice and a
replacement schedule to Sellers on or prior to the Closing. “Prohibited Period” shall mean three (3) years from and after the Closing Date. 
 (ii) Each Seller Party further expressly covenants and agrees that during the Prohibited Period, such Seller Party will not, and such
Seller Party will cause its Affiliates not to (1) engage or employ, or solicit or contact with a view to the engagement or employment of any person who is an officer or employee of Sellers or Buyer or any of their Affiliates (including any
Business Employee); or (2) canvass, solicit, approach or entice away or cause to be canvassed, solicited, approached or enticed away from the Business any person who or which is a customer of Sellers or any of their Affiliates. 
 (iii) To the extent that any part of this Section 7.6(a) may be invalid, illegal or unenforceable for any reason, it is intended that
such part shall be enforceable to the extent that a court of competent jurisdiction shall determine that such part, if more limited in scope, would have been enforceable, and such part shall be deemed to have been so written and the remaining parts
shall as written be effective and enforceable in all events. 
  

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 (b) Each Seller Party and Buyer agree and acknowledge that the limitations as to time, geographical area
and scope of activity to be restrained as set forth in Section 7.6(a) are reasonable and do not impose any greater restraint than is necessary to protect the legitimate business interests of Buyer. Each Seller Party and Buyer further agree and
acknowledge that, in the event of a breach or threatened breach of any of the provisions of this Section 7.6, Buyer shall be entitled to immediate injunctive relief, as any such breach would cause Buyer irreparable injury for which they would
have no adequate remedy at law. Nothing herein shall be construed so as to prohibit Buyer from pursuing any other remedies available to it hereunder, at law or in equity for any such breach or threatened breach. 
 (c) Each Seller Party hereby represents to Buyer that it has read and understands, and agrees to be bound by, the terms of this Section 7.6. Each
Seller Party acknowledges that the geographic scope and duration of the covenants contained in this Section 7.6 are the result of arm’s-length bargaining and are fair and reasonable in light of (i) the nature and wide geographic scope
of the operations of the Business, (ii) the Seller Parties’ level of control over and contact with the Business in all jurisdictions in which it is conducted, (iii) the fact that the Business is conducted throughout the geographic
area where competition is restricted by this Agreement, and (iv) the amount of consideration that such Seller Party is receiving in connection with the transactions contemplated by this Agreement and the amount of goodwill for which Buyer is
paying. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permitted under applicable legal requirements, whether now or hereafter in effect and therefore, to the extent permitted by
applicable legal requirements, the parties hereto waive any provision of applicable legal requirements that would render any provision of this Section 7.6 invalid or unenforceable. 
 Section 7.7 Employees. Buyer will be permitted access to the employees of Sellers for purposes of making offers of employment to such
employees between signing and Closing on terms mutually acceptable to Buyer and Sellers. 
 Section 7.8 Financial
Statements. The Seller Parties shall assist Buyer in and use Reasonable Efforts to facilitate the preparation of (a) financial audits for the Business from inception through December 31, 2006, and (b) any other financial
statements required in connection with the financing efforts or capital markets transactions undertaken by Buyer or its Affiliates. The Seller Parties will provide such assistance in the preparation of such financial statements as may be reasonably
requested by Buyer, which assistance shall include providing access to information relating to the Company Business in the possession of or available to the Seller Parties and discussing the historical business and operations of Sellers and their
subsidiaries with Buyer and its auditors and other Representatives. All expenses incurred in connection with this paragraph shall be at Buyer’s sole expense. 
 Section 7.9 Deposit. Upon execution of this Agreement, the Buyer has delivered to Escrow Agent a $10,000,000 deposit (the “Deposit”) with respect to the transactions
contemplated by this Agreement, which Deposit is to be held by the Escrow Agent pursuant to and distributed (along with interest earned thereon) to Sellers or Buyer, as the case may be, in 
  

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 accordance with the terms and provisions of the Deposit Escrow Agreement attached hereto as Exhibit 7.9 among
Sellers, Buyer and the Escrow Agent (the “Deposit Escrow Agreement”). The Deposit shall be released in accordance with the terms of the Deposit Escrow Agreement as follows: (i) if Buyer’s conditions to Closing set
forth in Section 9.1 (other than those actions required to be taken at Closing) are satisfied and Sellers are ready and willing to close the transaction, but Buyer nonetheless fails to close the transaction, then the Deposit will be released by
the Escrow Agent to the Sellers as liquidated damages; or (ii) if Sellers’ conditions to Closing set forth in Section 9.2 (other than those actions required to be taken at Closing) are satisfied and Buyer is ready and willing to close
the transaction, but Sellers fail to proceed with the transaction, then the Escrow Agent shall return the Deposit to Buyer. In the event that the Closing occurs, then the Deposit will be released by the Escrow Agent to the Sellers and the amount of
Cash Consideration payable by Buyer at Closing will be reduced by the Deposit. 
 Section 7.10 Permit Transfers. The
Parties agree to cooperate in effecting the transfer from Sellers to Buyer, within the timeframes required under applicable Law, of all Permits required for operation of the Business both prior to and following the Closing to the extent such Permits
are transferable. To the extent such Permits are not transferable, Buyer shall use Reasonable Efforts to obtain all other Permits required to be obtained in order to consummate the transactions contemplated hereby. 
 Section 7.11 Completion of Disposal Well Projects. 
 (a) Sellers and Buyer acknowledge that several of the disposal well projects of the Sellers are under construction and in progress. The Seller Parties herein agree to take all actions required to complete such
disposal well projects and construct certain improvements associated with the disposal well projects as reflected on Schedule 7.11 attached hereto. Furthermore, the Seller Parties and Buyer have agreed that certain of the scheduled
improvements will be completed at the Seller Parties’ cost and expense and certain of the scheduled improvements will be reimbursed by Buyer, if Closing occurs each as more particularly reflected on Schedule 7.11. 
 (b) The Seller Parties agree to use Reasonable Efforts to obtain required approvals and complete the required improvements reflected on Schedule
7.11 prior to Closing. To the extent that such approvals and improvements have not been completed as of the Closing, the Seller Parties shall use Reasonable Efforts to obtain such approvals and complete such improvements as required under
Section 7.11 as soon as possible following Closing. All of the improvements described in Schedule 7.11 shall be completed by the Seller Parties in accordance with good industry practice and, upon completion, such improvements will be in
compliance with applicable regulations and Laws and will allow Buyer to conduct operations at such disposal well sites. 
 (c) The disposal
well sites and related assets reflected on Schedule 7.11 shall be transferred by Sellers to Buyer at Closing free and clear of all Liens other than the exceptions referenced on Schedule 7.11. 
  

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 Section 7.12 Title Commitments/Surveys. 
 (a) The Title Company shall furnish to Buyer a preliminary title commitment (the “Title Commitment”) for the Real Property
included in the Acquired Assets as soon as possible after execution of this Agreement, together with legible copies of all easements, restrictions and other encumbrances of record set forth as exceptions in said Title Commitment. 
 (b) Sellers shall furnish to Buyer, as soon as possible after execution of this Agreement, any existing surveys of the Real Property in their possession.
In addition, Buyer may obtain a current as-built survey (the “Survey”) for each tract of the Real Property made by a registered professional surveyor licensed by the State of Texas who is acceptable to said Title Company and
Buyer, together with a metes and bounds description thereof. The Survey shall (i) locate and show dimensions of all existing easements (setting forth book and page number), alleys, streets, roads, and rights-of-way located on or adjacent to the
Real Property; (ii) show any encroachments on the Real Property or protrusions from the Real Property; (iii) show all existing improvements (such as buildings, power lines, fences, etc.) located on the Real Property; (iv) show any
applicable setback requirements from the front, rear, and side boundary lines of the Real Property; (v) contain the certificate of the surveyor that there are no encroachments or protrusions affecting the Real Property, except as shown thereon;
(vi) contain the certificate of the surveyor that the Real Property does not lie within any flood prone area as designated by the U.S. Army Corps of Engineers or within any floodplain, except as shown thereon; and (vii) the surveyor’s
certification as to the number of “Square Feet” contained within the perimeter boundaries of the Real Property. 
 (c) The Title
Company shall furnish Buyer with a Texas standard form of Owner Policy of Title Insurance (“Owner’s Policy”) issued by Title Company, to be delivered at Closing, in the amount of Fifty-Two Million and No/100 Dollars
($52,000,000.00) or such lesser amount as may be agreed to by Buyer insuring Buyer’s fee simple title in the Real Property, and containing no exceptions other than as agreed to by and between Buyer and the Title Company and other than the
standard exceptions printed in the standard Texas Owner Policy of Title Insurance; provided, however: 
 (i) The exception as
to restrictive covenants shall be deleted, if applicable; 
 (ii) The exception as to discrepancies in boundaries shall be
modified and limited to “shortages in area”; and 
 (iii) The exception for taxes for the calendar year in which the
Closing occurs shall be endorsed “not yet due and payable,” or “taxes for the current year fully paid,” as the case may be. 
 (d) The costs of the Title Commitments, Surveys and Owner’s Policy of Title Insurance referenced above shall be borne 50% by Buyer and 50% by the Seller Parties. 
 Section 7.13 Change of Name. The Seller Parties agree, within ten days following Closing, to take any and all actions as may be
required to change the names of any businesses in which any of Seller Parties or their Affiliates are involved (including Salty’s Well Johnson No. 5, Ltd.) to eliminate all references to “Salty’s.” 
  

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 ARTICLE VIII 
 TAX MATTERS 
 Section 8.1 Transfer Taxes. Buyer shall be responsible for the
payment of all state and local transfer, sales, use, stamp, registration or other similar transfer Taxes resulting from the transfer and conveyance of the Acquired Assets as contemplated by this Agreement. 
 Section 8.2 Tax Indemnity. 
 (a) The Seller Parties shall be solely liable for, shall pay and shall protect, defend, indemnify and hold harmless Buyer and its Affiliates from any and all Taxes which relate to or result from the ownership or use of the Acquired Assets
or conduct of the Business prior to the Closing. The Buyer shall be solely liable for, shall pay and shall protect, defend, indemnify and hold harmless the Seller Parties and their Affiliates from any and all Taxes which relate to or result from the
ownership or use of the Acquired Assets or conduct of the Business after the Closing. 
 (b) If any claim (an “Indemnified Tax
Claim”) is made by any Tax Authority that, if successful, would result in indemnification of Buyer by the Seller Parties under this Section 8.2, Buyer shall promptly, but in no event later than the earlier of (i) 10 days after
receipt of notice from the Tax Authority of such claim or (ii) 15 days prior to the date required for the filing of any protest of such claim, notify the Seller Parties in writing of such fact. 
 (c) The Seller Parties shall control all decisions with respect to any audit, litigation or other proceeding (each a “Tax
Proceeding”) with respect to Taxes involving an Indemnified Tax Claim and Buyer shall take such action (including settlement with respect to such Tax Proceeding or the prosecution of such Tax Proceeding to a determination in a court or
other tribunal of initial or appellate jurisdiction) in connection with a Tax Proceeding involving an Indemnified Tax Claim as the Seller Parties shall reasonably request in writing from time to time, including the selection of counsel and experts
and the execution of powers of attorney; provided that (i) within thirty (30) days after the notice required by Section 8.2(b) has been delivered (or such earlier date that any payment of Taxes with respect to such claim is due but in
no event sooner than five (5) days after the Seller Parties’ receipt of such notice), the Seller Parties request that such claim be contested, and (ii) if Buyer is requested by the Seller Parties to pay the Tax claimed and sue for a
refund, the Seller Parties shall have advanced to Buyer, on an interest-free basis, the amount of such claim. Buyer shall not make any payment of an Indemnified Tax Claim for at least thirty (30) days (or such shorter period as may be required
by applicable law) after the giving of the notice required by Section 8.2(b) with respect to such claim, shall give to the Seller Parties any information requested related to such claim, and otherwise shall cooperate with the Seller Parties in
order to contest effectively any such claim. 
 Section 8.3 Scope. Notwithstanding anything to the contrary herein, this
Article VIII shall be the exclusive remedy for any claims relating to Taxes (including any claims relating to representations respecting Tax matters including Section 5.12. The rights hereunder relating to non-income Taxes shall survive the
Closing until thirty-six (36) months after the Closing, and the rights hereunder relating to income Taxes shall survive the Closing until thirty (30) days after the expiration of the statute of limitations (including extensions) applicable
to such Tax matter. 
  

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 No claim may be made or brought by Buyer after the expiration of the applicable survival period unless such claim has
been asserted by written notice specifying the details supporting the claim on or prior to the expiration of the applicable survival period. 
 Section 8.4 Allocation of Property Taxes. For taxable periods that begin before and end after the Closing Date, ad valorem, personal property taxes and similar taxes and assessments relating to the Acquired Assets shall
be prorated between Sellers, on the one hand, and Buyer, on the other hand, as of the Closing Date based upon estimates of the amount of such Taxes and assessments that are due and payable on the Acquired Assets during the year in which the Closing
Date occurs. As soon as the amount of such actual Taxes and assessments is known, Sellers and Buyer shall reassess the amounts to be paid by each party with the result that Seller Parties shall be liable for those Taxes and assessments attributable
to the time period up to and including the Closing Date, and Buyer shall be liable for and pay for those Taxes and assessments attributable to the period thereafter, calculated based on the number of days in the Tax period ending on or before the
Closing Date and the number of days in the Tax period ending after the Closing Date (as the case may be) as compared to the total number of days in the Tax period. 
 ARTICLE IX 
 CONDITIONS TO OBLIGATIONS 
 Section 9.1 Conditions to Obligations of Buyer. The obligation of Buyer to consummate the transactions contemplated by this Agreement
is subject to the satisfaction of the following conditions, any one or more of which may be waived in writing by Buyer: 
 (a) The Buyer
Approvals and other consents and approvals referenced in Schedule 9.1(a) shall have been duly made, given or obtained and shall be in full force and effect; 
 (b) Each of the representations and warranties of the Seller Parties contained in this Agreement shall be true as of the date of this Agreement and as of the Closing, as if made at and as of that time (other than such
representations and warranties that expressly address matters only as of a certain date, which need only be true as of such certain date); 
 (c) The Seller Parties shall have performed or complied with all of the covenants and agreements required by this Agreement to be performed or complied with by them at or before the Closing; 
 (d) The Seller Parties shall have delivered to Buyer a certificate dated the Closing Date, certifying that the conditions specified in Sections 9.1(b)
and 9.1(c) have been fulfilled; 
 (e) The Seller Parties shall have delivered to Buyer a copy of resolutions of Sellers’ general and
limited partners or directors and shareholders, as the case may be, approving the transactions; 
 (f) Each of the parties listed in
Schedule 9.1(f) shall have entered into an employment agreement with Buyer or one of Buyer’s subsidiaries substantially in the form attached hereto as Exhibit 9.1(f); 
  

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 (g) Buyer shall have received title policies with respect to all Real Property included in the Acquired
Assets insuring the Buyer’s fee simple title to each property or a valid and enforceable leasehold interest in such property as of the Closing Date in accordance with Section 7.12; 
 (h) Buyer, EnviroVac, Ltd., and Bailey shall have entered into an agreement with respect to the sale of all right, title and interest in and to the real
property located on Schedule 9.1(h) and the office building located therein commonly referred to as 701 North First Street, Lufkin, Texas containing the terms reflected on Schedule 9.1(h) and shall contemporaneously with the
Closing under this Agreement shall have closed the purchase of such office building; 
 (i) Subject to the terms and conditions of this
Agreement, Buyer shall have entered into two separate leases with each of Winston and Bailey containing the material terms reflected on Schedule 9.1(i) for office space in the building located at 701 North First Street, Lufkin, Texas;

 (j) Buyer shall have received all material Permits required to operate the Business (including each disposal well site and facility);

 (k) Buyer and Salty’s Well Johnson No. 4, Ltd., Salty’s Management, LLC, Winston and Bailey shall have entered into a
Purchase and Sale Agreement with respect to the purchase by Buyer of substantially all of the assets of Salty’s Well Johnson No. 4, Ltd. containing the material terms reflected on Schedule 9.1(k) attached hereto; 
 (l) Buyer and Winston, EnviroVac, Ltd. and Bailey shall have entered into a Right of First Refusal with respect to a purchase right in favor of Buyer to
acquire the interest in Salty’s Johnson Well No. 5, Ltd. owned by them and their respective Affiliates upon a proposed transfer of such interests; 
 (m) Winston, Bailey, EnviroVac, Ltd. and their respective Affiliates shall have entered into such bill of sale, assignments and transfer documents as may be reasonably requested by Buyer to transfer their respective
rights and interests in and to any and all Acquired Assets used in the Business other than Excluded Assets; 
 (n) There shall not be in
force any Law restraining or prohibiting the consummation of the transactions contemplated by this Agreement; and 
 (o) Buyer, Winston and
Bailey shall have entered into that certain Environmental Remediation and Indemnity Agreement in substantially the form of Exhibit 9.1(o). 
 Section 9.2 Conditions to the Obligations of the Seller Parties. The obligation of the Seller Parties to consummate the transactions contemplated by this Agreement is subject to the satisfaction of
the following conditions, any one or more of which may be waived in writing by such Seller Parties: 
 (a) The Seller Approvals shall have
been duly made, given or obtained and shall be in full force and effect; 
  

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 (b) Each of the representations and warranties of Buyer contained in this Agreement shall be true as of
the date of this Agreement and as of the Closing, as if made at and as of that time (other than such representations and warranties that expressly address matters only as of a certain date, which need only be true as of such certain date);

 (c) Buyer shall have performed or complied with all of the covenants and agreements required by this Agreement to be performed or complied
with by Buyer on or before the Closing; 
 (d) Buyer shall have delivered to the Seller Parties a certificate, dated the Closing Date,
certifying that the conditions specified in Sections 9.2(b) and 9.2(c) have been fulfilled; 
 (e) There shall not be in force any Law
restraining or prohibiting the consummation of the transactions contemplated by this Agreement; 
 (f) The Buyers shall have delivered to
each of the Seller Parties a copy of the resolutions of the Buyer’s board of directors and, if required, a copy of the resolutions of the Buyer’s equity partners, Riverstone and/or the Carlyle Group, each approving the transactions;

 (g) Buyer, EnviroVac, Ltd., Winston and Bailey shall have entered into an agreement with respect to the sale of all right, title and
interest in and to the real property located on Schedule 9.1(h) and the office building located therein commonly referred to as 701 North First Street, Lufkin, Texas containing the material terms reflected on Schedule 9.1(h) and
contemporaneously with the Closing under this Agreement shall have closed the purchase of such office building; 
 (h) Subject to the terms
and conditions of this Agreement, Buyer shall have entered into two separate leases with each of Winston and Bailey containing the material terms reflected on Schedule 9.1(i) for office space in the building located at 701 North First
Street, Lufkin, Texas; 
 (i) Buyer and Salty’s Well Johnson No. 4, Ltd., Salty’s Management, LLC, Winston and Bailey, shall
have entered into a Purchase and Sale Agreement with respect to the purchase by Buyer of substantially all of the assets of Salty’s Well Johnson No. 4 Ltd. containing the material terms reflected on Schedule 9.1(k); 
 (j) Buyer and EnviroVac, Ltd. and Winston and Bailey shall have entered into a Right of First Refusal with respect to a purchase right in favor of the
Buyer to acquire all of the interest of Winston, Bailey and their respective Affiliates in Salty’s Johnson Well No. 5, Ltd. upon a proposed transfer of such interests; and 
 (k) Buyer, Winston and Bailey shall have entered into that certain Environmental Remediation and Indemnity Agreement in substantially the form of
Exhibit 9.1(o). 
 ARTICLE X 
 INDEMNIFICATION 
 Section 10.1 Survival. Subject to Article VIII relating to
Taxes, all representations and warranties of the Parties contained in this Agreement shall survive the Closing until twelve (12)
  

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 months after the Closing Date, except that the representations and warranties contained in Sections 5.1, 5.2, 5.3, 5.4
and 5.5 shall survive indefinitely and the representations and warranties in Sections 5.12 and 5.14 shall survive for the greater of the applicable statute of limitations and the fourth anniversary of the Closing Date. No Party shall have any
liability for indemnification claims made under this Article X with respect to any such representation or warranty unless a Claim Notice is provided by the non-breaching Party to the other Party prior to the expiration of the applicable survival
period for such representation, warranty or covenant. If a Claim Notice has been timely given in accordance with this Agreement prior to the expiration of the applicable survival period for such representation or warranty, then the applicable
representation or warranty shall survive as to such claim, until such claim has been finally resolved. 
 Section 10.2
Indemnification. 
 (a) Subject to Article VIII relating to Taxes and the provisions of this Article X, from and after the
Closing, the Seller Parties shall, jointly and severally, indemnify and hold harmless Buyer, Buyer’s Affiliates and their respective Representatives (the “Buyer Indemnified Parties”) from and against all Losses that the
Buyer Indemnified Parties incur arising out of, relating to or resulting from (i) any inaccuracies in any representation or warranty made by the Seller Parties in or pursuant to this Agreement; (ii) any failure or breach by the Seller
Parties of any covenant/obligation or undertaking made by the Seller Parties in this Agreement; (iii) any and all claims, liabilities and obligations arising out of the operation of the Acquired Assets or the Business on or prior to the Closing
Date; and (iv) any claim or liability arising out of or with respect to the Retained Liabilities and Excluded Assets. 
 (b) Subject to
the provisions of this Article X, from and after the Closing, Buyer shall indemnify and hold harmless the Seller Parties and their respective Representatives, (the “Seller Indemnified Parties”) from and against all Losses
that the Seller Indemnified Parties incur arising out of, relating to or resulting from (i) any inaccuracies in any representation or warranty made by Buyer in or pursuant to this Agreement and (ii) any failure or breach by Buyer of any
covenant/obligation or undertaking made by Buyer in this Agreement. 
 (c) Notwithstanding anything in this Article X to the contrary, all
Losses relating to Taxes which are the subject of Article VIII shall only be subject to indemnification under Section 8.3. 
 (d) The
Parties hereby acknowledge and agree that the phrases “in all material respects,” “material,” “material adverse effect” and other materiality qualifiers as used in Article V shall be applicable and recognized for
purposes of Closing and satisfaction of the condition in Section 8.1(b) but that from and after the Closing the representations and warranties in Article V shall be read without any regard to the phrases “in all material respects,”
“material,” “material adverse effect” and other materiality qualifiers and liability of Seller Parties, under Section 10.2(a)(i) for a breach of any such representation or warranty shall be determined as though such phrases
or materiality qualifiers were not included in the original language. 
  

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 Section 10.3 Indemnification Procedures. Claims for indemnification under this
Agreement (other than claims involving a Tax Proceeding, the procedures for which are set forth in Article VIII) shall be asserted and resolved as follows: 
 (a) Any Buyer Indemnified Party or Seller Indemnified Party claiming indemnification under this Agreement (an “Indemnified Party”) with respect to any claim asserted against the Indemnified
Party by a third party (“Third Party Claim”) in respect of any matter that is subject to indemnification under Section 10.2 shall promptly (1) notify the other Party (the “Indemnifying
Party”) of the Third Party Claim and (2) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served
with respect to such claim (if any), the Indemnified Party’s best estimate of the amount of Losses attributable to the Third Party Claim and the basis of the Indemnified Party’s request for indemnification under this Agreement. Failure to
timely provide such notice shall not affect the right of the Indemnified Party’s indemnification hereunder, except to the extent the Indemnifying Party is prejudiced by such delay or omission. 
 (b) The Indemnifying Party shall have the right to defend the Indemnified Party against such Third Party Claim. If the Indemnifying Party notifies the
Indemnified Party that the Indemnifying Party elects to assume the defense of the Third Party Claim (such election to be without prejudice to the right of the Indemnified Party to dispute whether such claim is an identifiable Loss under this Article
X), then the Indemnifying Party shall have the right to defend such Third Party Claim with counsel selected by the Indemnifying Party (who shall be reasonably satisfactory to the Indemnified Party), by all appropriate proceedings, to a final
conclusion or settlement at the discretion of the Indemnifying Party in accordance with this Section 10.3(b). The Indemnifying Party shall have control of such defense and proceedings, including any compromise or settlement thereof;
provided that the Indemnifying Party shall not enter into any settlement agreement without the written consent of the Indemnified Party; provided further, that such consent shall not be required if (i) the compromise or settlement
agreement contains a complete and unconditional general release by the third party asserting the claim to all Indemnified Parties affected by the claim and (ii) the compromise or settlement agreement does not contain any sanction or restriction
upon the conduct of any business by the Indemnified Party or its Affiliates. If requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and expense of the Indemnifying Party, to cooperate with the Indemnifying Party and
its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the Person asserting the Third Party Claim or any cross complaint against any Person. The
Indemnified Party may participate in, but not control, any defense or settlement of any Third Party Claim controlled by the Indemnifying Party pursuant to this Section 10.3(b), and the Indemnified Party shall bear its own costs and expenses
with respect to such participation. 
 (c) If the Indemnifying Party does not notify the Indemnified Party that the Indemnifying Party elects
to defend the Indemnified Party pursuant to Section 10.3(b), then the Indemnified Party shall have the right to defend, and be reimbursed for its reasonable cost and expense (but only if the Indemnified Party is actually entitled to
indemnification hereunder) in regard to the Third Party Claim with counsel selected by the Indemnified Party by all appropriate proceedings. In such circumstances, the Indemnified Party shall defend any such Third Party Claim in good faith and have
full control of such defense and proceedings; and the Indemnified 
  

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 Party may enter into any compromise or settlement of such Third Party Claim, without the Indemnifying Party’s
consent. The Indemnifying Party may participate in, but not control, any defense or settlement controlled by the Indemnified Party pursuant to this Section 10.3(c), and the Indemnifying Party shall bear its own costs and expenses with respect
to such participation. 
 (d) Subject to the other provisions of this Article X, a claim for indemnification for any matter not involving a
Third Party Claim may be asserted by notice to the Party from whom indemnification is sought. 
 (e) In the event an Indemnified Party shall
recover Losses in respect of a claim of indemnification under this Article X, no other Indemnified Party shall be entitled to recover the same Losses in respect of a claim for indemnification. 
 (f) Notwithstanding anything to the contrary in this Section 10.3, the indemnification procedures set forth in Article VIII shall control any
indemnities relating to Taxes. 
 Section 10.4 Limitations on Liability of the Seller Parties. The Seller Parties’
liability under this Agreement shall be limited by the provisions of the Omnibus Agreement. 
 Section 10.5 Purchase Price
Adjustment. The Parties agree to treat all payments made pursuant to this Article X as adjustments to the Purchase Price for Tax purposes. 
 Section 10.6 Exclusive Remedy. The Parties acknowledge and agree that their sole and exclusive remedy for any and all Losses for which a claim for indemnification could be asserted under Section 10.2 shall be
pursuant to the indemnification provisions set forth in this Article X and the Omnibus Agreement. Notwithstanding the foregoing, nothing in this Agreement shall be deemed a waiver by any Party to this Agreement of any right or remedy which such
Party may have at law or in equity based on any claim based on fraud or the provisions of Article VIII with respect to Taxes. 
 ARTICLE XI

 TERMINATION 
 Section 11.1 Termination. At any time prior to the Closing, this Agreement may be terminated and the transactions contemplated hereby abandoned: 
 (a) by the mutual consent of Buyer and the Seller Parties as evidenced in writing signed by each of Buyer and the Seller Parties; 
 (b) by Buyer, if there has been a material breach by the Seller Parties of any representation, warranty or covenant contained in this Agreement which has
prevented the satisfaction of any condition to the obligations of Buyer at the Closing and, if such breach is of a character that it is capable of being cured, such breach has not been cured by the Seller Parties within 30 days after written notice
thereof from Buyer; 
 (c) by the Seller Parties, if there has been a material breach by Buyer of any representation, warranty or covenant
contained in this Agreement which has prevented the satisfaction of any condition to the obligations of the Seller Parties at the Closing and, if such breach is of a character that it is capable of being cured, such breach has not been cured by
Buyer within 30 days after written notice thereof from the Seller Parties; 
  

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 (d) by either Buyer or the Seller Parties if any Governmental Authority having competent jurisdiction has
issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement; or

 (e) by either Buyer or the Seller Parties, if the Closing has not occurred on or before August 15, 2007 or such later date as the
Parties may agree upon. 
 Section 11.2 Effect of Termination. In the event of termination and abandonment of this
Agreement pursuant to Section 11.1, this Agreement shall forthwith become void and have no effect, without any liability on the part of any Party hereto; provided, however, that if this Agreement is validly terminated by a Party
as a result of an intentional, material breach of this Agreement by the non-terminating Party, then the terminating Party shall be entitled to all rights and remedies available under Law or equity. The provisions of Sections 7.9, 12.3 and 12.4
hereof shall survive any termination of this Agreement. The Confidentiality Agreement shall not be affected by a termination of this Agreement. 
 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.1 Notices. All notices and other communications between the Parties shall be in writing and shall be deemed to have been duly given when (a) delivered in person, (b) five days
after posting in the United States mail having been sent registered or certified mail return receipt requested or (c) delivered by telecopy and promptly confirmed by delivery in person or post as aforesaid in each case, with postage prepaid,
addressed as follows: 
 If to Buyer, to: 
 Stallion Oilfield Services, Ltd. 
 410 Roberts 
 Houston, Texas 77003 
 Attention: Craig M. Johnson 
 Telecopy: 713.528.1276 
 with a copy (which will not
constitute notice) to: 
 Vinson & Elkins L.L.P. 
 First City Tower, 1001 Fannin, Suite 2300 
 Houston, Texas 77002 
 Attention: T. Mark Kelly 
 Telecopy:
713.615.5531 
  

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 If to any of the Seller Parties, to: 
 Benjamin D. Winston 
 P.O. Box 2359 
 Lufkin, Texas 75901 
 Phone: 936.639.8802

 Telecopy: 936.639.8804 
 and

 Terry G. Bailey 
 1008
Southview Circle 
 Center, Texas 75935 
 Phone: 936.598.8587 
 Telecopy: 936.598.7998 
 with a copy (which will not constitute notice) to: 
 Haynes and Boone, LLP 
 901 Main Street, Suite 3100 
 Dallas, Texas
75202 
 Attention: Darrel A. Rice 
 Telecopy: 214.200.0664 
 or to such other address or addresses as the Parties may from time to time designate in writing. 
 Section 12.2 Assignment. 
 (a) No Party shall assign this Agreement or any part hereof without the prior written consent of the other Party. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective
permitted successors and assigns. 
 (b) Notwithstanding the foregoing, Seller Parties acknowledge that it is the intent of Buyer to cause
record title to different types of assets included in the Acquired Assets to be held by various Affiliates of Buyer from and after the Closing. Accordingly, Seller Parties acknowledge and agree that the Acquired Assets and the associated rights
under this Agreement may be assigned by Buyer to Buyer’s designated Affiliates. 
 Section 12.3 Rights of Third
Parties. Except for the provisions of Section 10.2 which are intended to be enforceable by the Persons respectively referred to therein, nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or
give any Person, other than the Parties, any right or remedies under or by reason of this Agreement. 
 Section 12.4
Expenses. Except as otherwise provided herein, each Party shall bear its own expenses incurred in connection with this Agreement and the transactions herein contemplated hereby whether or not such transactions shall be consummated,
including all fees of its legal counsel, financial advisers and accountants. 
  

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 Section 12.5 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Any facsimile copies hereof or signature hereon shall, for all purposes, be deemed originals. 
 Section 12.6 Entire Agreement. This Agreement (together with the Disclosure Schedule and exhibits to this Agreement) constitute the
entire agreement among the Parties and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or any of their respective Affiliates relating to the transactions contemplated
hereby. No representations, warranties, covenants, understandings or agreements, oral or otherwise, relating to the transactions contemplated by this Agreement exist between Buyer, on the one hand, and, the Seller Parties or any of their respective
Affiliates, on the other hand, except as expressly set forth in this Agreement. 
 Section 12.7 Amendments. This Agreement
may be amended or modified in whole or in part, and terms and conditions may be waived, only by a duly authorized agreement in writing which makes reference to this Agreement executed by each Party. 
 Section 12.8 Publicity. All press releases or other public communications of any nature whatsoever relating to the transactions
contemplated by this Agreement, and the method of the release for publication thereof, shall be subject to the prior written consent of Buyer and Sellers, which, prior to Closing shall be at the sole discretion of Sellers, and which after the
Closing, consent shall not be unreasonably withheld, conditioned or delayed by any Party; provided, however, that nothing herein shall prevent a Party from publishing such press releases or other public communications as such Party may consider
necessary in order to satisfy such Party’s obligations at Law or under the rules of any stock or commodities exchange after consultation with the other Party as is reasonable under the circumstances. 
 Section 12.9 Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect under the Laws governing this Agreement,
they shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or otherwise modify this Agreement to replace any
provision contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the Parties to the greatest extent legally permissible. 
 Section 12.10 Governing Law; Jurisdiction. 
 (a) This Agreement shall be governed and construed in accordance with the Laws of the State of Texas without regard to the Laws that might be applicable under conflicts of laws principles. 
 (b) The Parties agree that the appropriate, exclusive and convenient forum for any disputes between any of the Parties hereto arising out of this
Agreement or the transactions contemplated hereby shall be in any state or federal court in the State of Texas, and each of the 
  

 42 

 Parties hereto irrevocably submits to the jurisdiction of such courts solely in respect of any legal proceeding arising
out of or related to this Agreement. The Parties further agree that the Parties shall not bring suit with respect to any disputes arising out of this Agreement or the transactions contemplated hereby in any court or jurisdiction other than the above
specified courts; provided, however, that the foregoing shall not limit the rights of the Parties to obtain execution of judgment in any other jurisdiction. The Parties further agree, to the extent permitted by Law, that a final and unappealable
judgment against a Party in any action or proceeding contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified or exemplified copy of which shall be
conclusive evidence of the fact and amount of such judgment. Except to the extent that a different determination or finding is mandated due to the applicable law being that of a different jurisdiction, the Parties agree that all judicial
determinations or findings by a state or federal court in the State of Texas with respect to any matter under this Agreement shall be binding. 
 (c) To the extent that any Party hereto has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its property, each such party hereby irrevocably (i) waives such immunity in respect of its obligations with respect to this Agreement and (ii) submits to the personal jurisdiction of any
court described in Section 12.10(b). 
 [Signature page follows] 
  

 43 

 IN WITNESS WHEREOF this Agreement has been duly executed and delivered by each Party as of the date first
above written. 
  

			
	SELLER PARTIES:
	
	 /s/ Benjamin D. Winston

	Benjamin D. Winston, individually
	
	 /s/ Terry G. Bailey

	Terry G. Bailey, individually
	
	SALTY’S MANUFACTURING, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL SERVICE, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL JOHNSON NO. 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member

 Signature Page to Amended and Restated 
 Purchase and Sale Agreement 

			
	SALTY’S WELL JOHNSON NO. 2, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL JOHNSON NO. 3, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL NACOGDOCHES 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL PANOLA 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member

 Signature Page to Amended and Restated 
 Purchase and Sale Agreement 

			
	SALTY’S WELL SHELBY NO. 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL HILL NO. 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S WELL PARKER NO. 1, LTD.
	
	By: Salty’s Management, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member
	
	SALTY’S MANAGEMENT, LLC
		
	By:	 	 /s/ Benjamin D. Winston

	Name:	 	Benjamin D. Winston
	Title:	 	Managing Member

 Signature Page to Amended and Restated 
 Purchase and Sale Agreement 

			
	BUYER:
	
	STALLION OILFIELD SERVICES, LTD.
	By: Stallion Interests LLC, its general partner
		
	By:	 	 /s/ Hill Dishman

	Name:	 	Hill Dishman
	Title:	 	Vice President and Chief Operating Officer

 Signature Page to Amended and Restated 
 Purchase and Sale AgreementAsset Purchase Agreement

 Exhibit 10.12 
 ASSET PURCHASE AGREEMENT 
 by and among 
 BAYOU TANK SERVICES, LTD., 
 A Texas
limited partnership 
 And 
 BAYOU TANK COMPANY, 
 A Texas corporation 
 (collectively, the “SELLER”) 
 and 
 STALLION PRODUCTION SERVICES, LP 
 (“BUYER”) 
 dated 
 May 17, 2007 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I PURCHASE AND SALE
	  	1
	 Section 1.01
	  	 Acquired Assets
	  	1
	 Section 1.02
	  	 Excluded Assets
	  	2
		
	 ARTICLE II PURCHASE PRICE
	  	2
	 Section 2.01
	  	 Purchase Price
	  	2
	 Section 2.02
	  	 Payment of Purchase Price
	  	2
	 Section 2.03
	  	 Prorations; Adjustments
	  	3
	 Section 2.04
	  	 Allocation of Consideration
	  	4
	 Section 2.05
	  	 Escrow Deposit
	  	4
		
	 ARTICLE III ASSUMED LIABILITIES; RETAINED LIABILITIES
	  	5
	 Section 3.01
	  	 Assumed Liabilities
	  	5
	 Section 3.02
	  	 Retained Liabilities
	  	5
		
	 ARTICLE IV THE CLOSING
	  	6
	 Section 4.01
	  	 Time and Place
	  	6
	 Section 4.02
	  	 Documents to be Delivered By Seller
	  	6
	 Section 4.03
	  	 Documents to be Delivered by Buyer
	  	7
		
	 ARTICLE V CONDITIONS TO CLOSING
	  	8
	 Section 5.01
	  	 Buyer’s Conditions to Closing
	  	8
	 Section 5.02
	  	 Seller’s Conditions to Closing
	  	8
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF SELLER
	  	9
	 Section 6.01
	  	 Organization of Seller; Authority
	  	9
	 Section 6.02
	  	 Noncontravention
	  	9
	 Section 6.03
	  	 Title to Acquired Assets
	  	9
	 Section 6.04
	  	 No Equity Interests
	  	10
	 Section 6.05
	  	 Absence of Changes
	  	10
	 Section 6.06
	  	 Personal Property
	  	11
	 Section 6.07
	  	 Permits
	  	11
	 Section 6.08
	  	 Contracts
	  	11
	 Section 6.09
	  	 Intellectual Property
	  	13
	 Section 6.10
	  	 Brokers’ Fees
	  	14
	 Section 6.11
	  	 Taxes
	  	14
	 Section 6.12
	  	 Product and Service Warranty
	  	15
	 Section 6.13
	  	 Employees; Employee Relations
	  	15
	 Section 6.14
	  	 Environmental Matters
	  	16
	 Section 6.15
	  	 Customers, Vendors and Suppliers
	  	17
	 Section 6.16
	  	 Insurance
	  	17
	 Section 6.17
	  	 Books and Records
	  	18
	 Section 6.18
	  	 Inventories
	  	18
	 Section 6.19
	  	 Assets Necessary to the Business
	  	18
	 Section 6.20
	  	 Conformity to Law
	  	18
	 Section 6.21
	  	 Commissions
	  	18
	 Section 6.22
	  	 Absence of Certain Business Practices
	  	18

					
	 Section 6.23
	  	 Disclosure
	  	19
	 Section 6.24
	  	 Financial Statements
	  	19
		
	 ARTICLE VII REPRESENTATIONS AND WARRANTIES OF BUYER
	  	19
	 Section 7.01
	  	 Organization and Standing of Buyer; Authority
	  	19
	 Section 7.02
	  	 Noncontravention
	  	19
	 Section 7.03
	  	 Permits
	  	19
	 Section 7.04
	  	 Brokers
	  	19
		
	 ARTICLE VIII COVENANTS
	  	20
	 Section 8.01
	  	 Conduct of Business
	  	20
	 Section 8.02
	  	 Access
	  	20
	 Section 8.03
	  	 Third Party Approvals
	  	21
	 Section 8.04
	  	 Non-Competition
	  	21
	 Section 8.05
	  	 Use of Name
	  	22
	 Section 8.06
	  	 Further Assurances
	  	22
	 Section 8.07
	  	 Confidentiality
	  	22
	 Section 8.08
	  	 Exclusivity
	  	23
		
	 ARTICLE IX INDEMNIFICATION
	  	23
	 Section 9.01
	  	 Survival
	  	23
	 Section 9.02
	  	 Seller Indemnity
	  	23
	 Section 9.03
	  	 Claims
	  	24
	 Section 9.04
	  	 Buyer Indemnity
	  	25
		
	 ARTICLE X TERMINATION
	  	25
	 Section 10.01
	  	 Termination
	  	25
	 Section 10.02
	  	 Effect of Termination
	  	26
		
	 ARTICLE XI GENERAL
	  	26
	 Section 11.01
	  	 Expenses
	  	26
	 Section 11.02
	  	 Notices
	  	26
	 Section 11.03
	  	 Entire Agreement
	  	27
	 Section 11.04
	  	 Governing Law
	  	27
	 Section 11.05
	  	 Sections and Section Headings
	  	27
	 Section 11.06
	  	 Assigns
	  	27
	 Section 11.07
	  	 No Third Party Rights or Remedies
	  	27
	 Section 11.08
	  	 Rules of Construction
	  	27
	 Section 11.09
	  	 Counterparts
	  	28

			
	 Exhibit A
	  	Assignment and Bill of Sale
	 Exhibit B
	  	Escrow Agreement-Closing
	 Exhibit C
	  	Escrow Agreement – Earnest Money
	 Exhibit D
	  	Employment Agreement
	 Exhibit E
	  	Special Warranty Deed
	 Exhibit F
	  	Special Power of Attorney
	 Exhibit G
	  	Assumption Agreement
		
	 Schedule 1.01(a)
	  	Equipment
	 Schedule 1.01(b)
	  	Scheduled Contracts
	 Schedule 1.01(g)
	  	Permits
	 Schedule 1.01(h)
	  	Real Property
	 Schedule 1.02(a)
	  	Excluded Assets
	 Schedule 2.01
	  	Capital Expenditures Adjustment
	 Schedule 2.02(b)
	  	Seller’s Long Term Debt
	 Schedule 2.04
	  	Purchase Price Allocation
	 Schedule 3.01
	  	Assumed Liabilities
	 Schedule 3.02
	  	Retained Liabilities
	 Schedule 4.02(e)
	  	Persons to sign Employment Agreements
	 Schedule 6.05
	  	Absence of Changes
	 Schedule 6.07
	  	Scheduled Permits
	 Schedule 6.09
	  	Seller Intellectual Property
	 Schedule 6.13
	  	Business Employees
	 Schedule 6.14
	  	Environmental Permits
	 Schedule 6.15
	  	Major Customers, Vendors/Suppliers
	 Schedule 6.16
	  	Insurance Policies
	 Schedule 6.18
	  	Inventories
	 Schedule 6.24
	  	Financial Statements
	 Schedule 8.01
	  	Conduct of Business

 ASSET PURCHASE AGREEMENT 
 This ASSET PURCHASE AGREEMENT (this “Agreement”) is dated as of the 17th day of May, 2007, by and among STALLION PRODUCTION SERVICES, LP
a Texas limited partnership (the “Buyer”), and BAYOU TANK SERVICES, LTD., a Texas limited partnership, and its General Partner, BAYOU TANK COMPANY, a Texas corporation (collectively, the “Seller”) as follows.

 WHEREAS, Seller desires to sell and Buyer desires to purchase certain assets comprising Seller’s the frac tank rental and fluid
transportation business (the “Business”), which are referenced as Acquired Assets in Section 1.01 below. 
 WHEREAS, the
Principal, for purposes of this Agreement is Richard E. Agee, and is the individual who has substantial knowledge and experience with respect to all aspects of Seller and the Business. 
 NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, Buyer and Seller agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE 

 Section 1.01 Acquired Assets. Subject to the terms and conditions set forth in this Agreement, at the Closing referred to in
Article IV hereof, Seller shall sell, assign, transfer, and deliver to Buyer, and Buyer shall purchase, acquire, and take assignment and delivery of all of the following assets (all of which assets are hereinafter referred to collectively as
the “Acquired Assets”): 
 (a) all right, title and interest of Seller in and to the equipment, machinery, furniture
and furnishings, computers and computer hardware (including processing units, terminals, disk drives, tape drives, passwords, printers, keyboards, screens, and peripherals), vehicles, trailers, apparatus, implements and other tangible personal
property used or usable by the Seller in the Business including, but not limited to, the personal property listed or described on Schedule 1.01(a) hereto (the “Equipment”); 
 (b) all right, title and interest of Seller in, to and under the contracts and agreements described on Schedule 1.01(b) hereto (the
“Scheduled Contracts”) and all rights (including rights of refund and offset), privileges, deposits, claims, causes of action and options relating or pertaining to any of the Scheduled Contracts; 
 (c) all right, title and interest of Seller in and to inventories, including parts and spare parts inventories, chemicals, finished goods,
products, work-in-progress, raw materials and other inventories (“Inventories”) used or usable in the Business; 
 (d) all of Seller’s books, records, papers and instruments of whatever nature and wherever located that relate to the Acquired Assets or which are required or necessary in order for Buyer to conduct the Business from and after Closing
in the manner in which it is presently being conducted, including, without limitation, specifications, blue prints, drawings, 

  

 1 

 
designs, sales, promotional and marketing literature, accounting and financial records, personnel and labor records, sales and property tax records and
returns, sales records, but excluding income tax records and returns and minute book and stock or other ownership records; 
 (e) all right, title and interest of Seller in all patents, trademarks, technology, know-how, data, copyrights, tradenames, service marks, licenses and other intellectual property (“Intellectual Property”) used or usable in the
conduct of the Business, including, without limitation, all software, all of Seller’s rights under any licenses related to Seller’s use, at any time, of computer equipment, hardware or software; 
 (f) any lists in the possession of Seller that identify customers to whom sales have been made in connection with the operation of the
Business and vendors from whom supplies are purchased in connection with the operation of the Business; 
 (g) all right,
title and interest of Seller in and to all permits, authorizations, certifications, approvals, ordinances, licenses and other similar rights (“Permits”) used or usable in the conduct of the Business, to the extent assignable, including the
Permits listed on Schedule 1.01(g); 
 (h) the real property as set forth and described in Schedule
1.01(h); and 
 (i) all right, title and interest in and to the name “Bayou Tank Services” and any derivative
thereof used or usable in the Business. 
 Section 1.02 Excluded Assets. Notwithstanding the foregoing, Seller is not selling, and
Buyer is not purchasing pursuant to this Agreement, any of the following assets of Seller, and the term “Acquired Assets” shall not include any cash of the Seller, and the Excluded Assets specifically listed on Schedule 1.02(a).

 ARTICLE II 
 PURCHASE
PRICE 
 Section 2.01 Purchase Price. Buyer shall pay to Seller, as the aggregate purchase price for the Acquired Assets, an
amount equal to (i) $72,000,000.00, plus (ii) 105% of the amounts expended by the Seller from December 1, 2006 until the Closing Date for the capital expenditures as listed on Schedule 2.01 hereof (which included the categories
of additional capital equipment as the projected amounts for such expenditures) (the “Permitted Capital Expenditures”), the rights to which are conveyed to Buyer at the Closing (the “Capital Expenditure Adjustment”), plus or
minus (iii) the Adjustment Amount, as defined in Section 2.03, below. Items (i), (ii) and (iii) are being collectively defined herein as the “Purchase Price”). The Purchase Price shall be subject to adjustment as
provided in Section 2.03. 
 Section 2.02 Payment of Purchase Price. The Purchase Price shall be payable on the Closing Date as
follows: 
 (a) Cash consideration equal to $72,000,000.00; and 
  

 2 

 (b) Seller will be required to repay all its long-term debt as listed on Schedule 2.02(b)
on or before the Closing, and to the extent that long-term debt exists on the Closing Date, it will direct a sufficient amount of the cash consideration payable to it in (b), above, to repay such long-term debt in full. 
 (c) Notwithstanding the foregoing, a portion of the Purchase Price, in the amount of $3,600,000 will be deposited on the Closing Date by
Buyer in, and subsequently distributed from, the Escrow Deposit, pursuant to the terms of Section 2.06 of this Agreement. 
 Section
2.03 Prorations; Adjustments. (i) Prorations: All personal property taxes with respect to the Acquired Assets and all rent and other payments under or pursuant to the Scheduled Contracts shall be apportioned and shall be adjusted, as
of the Closing Date, and the net amount thereof shall be added to or deducted from, as the case may be, that portion of the Purchase Price paid by Buyer on the Closing Date. If the amount of any item is not known at the time of Closing, it shall be
apportioned on a basis which is agreed to by Buyer and Seller prior to the payment of the Purchase Price with a reapportionment when definitive data is available. Seller shall pay all sales, use, and other transfer taxes with respect to the sale and
Buyer’s purchase of the Acquired Assets. 
 (ii) Working Capital Adjustment: (a) Formula for Adjustment. The
Purchase Price will be adjusted upward or downward by the amount that the Net Working Capital is different from $2,800,000. “Net Working Capital” shall be defined as (i) total current assets minus (ii) total current liabilities
minus (iii) cash balances, minus (iv) any current assets designated by the Parties as not readily convertible into cash using normal commercial means, minus (v) shareholder or employee advances or notes receivables, plus (vi) the
current portion of interest bearing debt, plus (vii) shareholder or employee advances or notes payable. Current assets and current liabilities excluded from the Net Working Capital, as defined above, will be treated as Retained Assets or
Retained Liabilities, as applicable, and current assets and current liabilities that are included in Net Working Capital, as defined above, will be treated as Acquired Assets and Assumed Liabilities. 
 (b) Estimated Net Working Capital and the Adjustment Amount. Ten (10) days prior to the Closing Date, or later if the Parties agree, the
Seller will provide its good faith estimate of the Seller’s Net Working Capital as of the Closing Date (the “Estimated Net Working Capital”). The Net Working Capital adjustment (the “Adjustment Amount”) will be calculated by
subtracting $2,800,000 from the Estimated Net Working Capital. If the Adjustment Amount is positive, then the Buyer will pay 75% that amount in cash as a portion of the Purchase Price, and if the Adjustment Amount is negative, then Buyer will deduct
75% that amount from the cash consideration due as part of the Purchase Price, all as set forth in Section 2.01, above. 
 (c) Final
Net Working Capital and Final Adjustment Amount. The final Adjustment Amount, if any, will be determined by the Buyer and submitted to the Seller for approval not later than sixty (60) days after the Closing. If within thirty (30) days
following delivery of the proposed final Adjustment Amount, the Seller has not given Buyer notice of its objection to the proposed Adjustment Amount (such notice must contain a statement of the basis of the Seller’s objection), then the
proposed Adjustment Amount will be accepted as the Adjustment Amount. If the Seller gives such notice of objection, Seller will, at the time of giving the notice of 

  

 3 

 
objection, submit to Buyer its alternative adjustment amount, with supporting documentation for such alternative adjustment amount. If Buyer fails to deliver
its proposed Final Adjustment Amount within such sixty (60) day period, Seller, at its option, may either propose a Final Adjustment Amount in the same manner as set forth in (d) below, or accept the estimated Adjustment Amount, with any
remaining balance pursuant to Section 2.03(b) either paid or deducted as the case may be. 
 (d) Resolution of Final Adjustment
Amount. If Seller does not accept Buyer’s alternative amount within ten (10) days after its submission to Seller, Seller and Buyer will have a thirty (30) day period in which to resolve the issues in dispute. If Seller and Buyer
are unable to resolve the dispute within such thirty (30) day period, then the issues in dispute will be submitted to an independent public accounting firm (the “Accountants”), acceptable to the parties for resolution. If issues in
dispute are submitted to the Accountants for resolution, (i) each party will furnish to the Accountants such work papers and other documents and information relating to the disputed issues as the Accountants may request and are available to
that party or its subsidiaries (or its independent public accountants), and will be afforded the opportunity to present to the Accountants any material relating to the determination and to discuss the determination with the Accountants;
(ii) the determination by the Accountants, as set forth in a notice delivered to both parties by the Accountants, will be binding and conclusive on the parties; and (iii) Buyer and Seller will each bear 50% of the fees of the Accountants
for such determination. 
 (e) Payment. On the tenth (10th) business day following the final determination of the Adjustment Amount, if the Purchase Price is greater than the payment made at Closing, Buyer will
pay the difference to the Seller, and if the Purchase Price is less than such aggregate amount, the Seller will pay the difference to the Buyer, such settlement to include, in all events, an accounting for the estimated 75% of the Adjustment Amount
that was paid at Closing. Payments must be made in immediately available funds, by wire transfer to such bank account as Seller or Buyer will specify. 
 (f) Accounting. All accounting determinations to be made pursuant to this Section 2.03 will be made according to GAAP, on a basis as consistently applied by Seller in its audited financial statements prior
to the Closing Date. 
 Section 2.04 Allocation of Consideration. The Purchase Price shall be allocated in the manner set forth on
Schedule 2.04. Buyer and Seller shall use such allocations as the basis for reporting asset values and other items for purposes of all tax returns. Buyer and Seller agree to treat and report (and, if necessary, to cause each of its affiliates
to treat and report) the transactions provided for in this Agreement in a manner consistent with Schedule 2.04. 
 Section 2.05
Escrow Deposit – Earnest Money. At the time of the execution of this Agreement by all the Parties, Buyer shall deposit in an interest bearing account with Wells Fargo Bank, N.A., (the “Escrow Agent”) the amount of $7,200,000 as
earnest money (the “Earnest Money Deposit”) for the purposes and in accordance with the provisions regarding distribution thereof set forth below, and pursuant to the Escrow Agreement-Earnest Money of even date herewith, by and among
Seller, Buyer and the Escrow Agent (the “Escrow Agreement-Earnest Money”). The Earnest Money Deposit will be held by Escrow Agent pursuant to the terms and conditions of the Escrow Agreement – Earnest Money, attached hereto in
substantially the form 

  

 4 

 
of Exhibit C until the earlier of its release in accordance with the Escrow Agreement or until the Closing Date. If held pursuant to the Escrow Agreement
until the Closing Date, and the Escrow Agreement – Earnest Money does not otherwise provide, the Earnest Money Deposit will be released to Seller in accordance with the terms and conditions hereof, and credited to the Purchase Price; provided,
however that the Escrow Agreement – Earnest Money will provide, in all events that in the event of termination of this Agreement in accordance with the provisions of Section 10.01 of this Agreement, the Earnest Money Deposit will be
distributed to the Seller as described in Section 10.02 of this Agreement. 
 Section 2.06 Escrow Deposit – Closing. At the
time of the Closing, Buyer shall deposit the amount of $3,600,000 in an interest bearing account to be maintained at the Escrow Agent (the “Escrow Deposit”), for the purposes and in accordance with the provisions regarding the distribution
as set forth below, and pursuant to the Escrow Agreement-Closing by and among Seller, Buyer and the Escrow Agent of even date herewith (“Escrow Agreement-Closing”) attached hereto in substantially the form of Exhibit B. The Escrow
Agreement-Closing will provided that if (i) Seller is not in current, existing and uncured default or breach of any of the terms and conditions of this Agreement, and (ii) all proof of ownership documents or documents of title have been
obtained by or assigned and transferred to Buyer, and (iii) Buyer has verified to Buyer’s satisfaction the location and existence of all Acquired Assets, then the Escrow Deposit and all accrued interest thereon will become payable to
Seller on October 31, 2007. The Escrow Agreement-Closing will further provide that in the event of a breach by Seller of the representations, warranties and covenants of Seller under this Agreement, Buyer shall notify Seller in writing of the
specific nature of such breach, and an estimate of the damage to Buyer caused by such alleged breach. If Seller is otherwise unable to remedy such breach, and subject to the threshold amounts as described in Section 9.03(b) hereof, Buyer shall
be entitled to disbursement of the damage amount from the Escrow Deposit. Seller shall be entitled to a disbursement of any undisputed portion of the Escrow Deposit, even during the pendency of an unresolved breach of this Agreement by the Seller.

 ARTICLE III 
 ASSUMED
LIABILITIES; RETAINED LIABILITIES 
 Section 3.01 Assumed Liabilities. Except as expressly referenced in Schedule 3.01
attached hereto, and expressly including the assumption by Buyer of the Scheduled Contracts (the “Assumed Liabilities”), Buyer shall not assume, and shall not be deemed to have assumed, any liability or obligation of Seller whatsoever,
including any liability or obligation relating to the Acquired Assets. 
 Section 3.02 Retained Liabilities. Except as expressly
referenced in Schedule 3.02 attached hereto (“Retained Liabilities”), Seller acknowledges and agrees that it is responsible for and shall indemnify and hold harmless Buyer from and against any and all claims, liabilities, losses or
obligations arising out of or relating to the following: 
 (a) any accrued salaries, bonuses or other accrued compensation or
employee benefits of any employees of Seller with respect to the period prior to the Closing Date; 
  

 5 

 (b) any obligations to employees or consultants of the Company under any employment,
consulting, change of control or severance agreements with respect to the period prior to and including the Closing Date; 
 (c) obligations of Seller under this Agreement; 
 (d) taxes with respect to the ownership of the Acquired Assets or
conduct of the Business prior to the Closing; and 
 (e) fees and expenses, if any, owed to third parties incurred in
connection with the sale of the Acquired Assets. 
 (f) any contracts, agreements or instruments to which Seller is a party or
any of the Acquired Assets are bound, whether or not relating to the Business other than liabilities arising after the Closing under Scheduled Contracts; and 
 (g) the business, operations or activities conducted by Seller in connection with the Business or Acquired Assets prior to the Closing
other than the Assumed Liabilities. 
 (h) the current liabilities that were excluded from the Net Working Capital Adjustment.

 ARTICLE IV 
 THE
CLOSING 
 Section 4.01 Time and Place. The execution and delivery of the documents and instruments necessary to consummate the
purchases and sales contemplated by this Agreement and payment of the consideration due hereunder (the “Closing”) shall be held at the offices of Bond & Smyser, L.L.P., at 5505 Jackson, Houston, Texas 77004 at 10:00 am on
July 31, 2007, or at such other time or place as Buyer and Seller may agree (the “Closing Date”). The effective date of the consummation of the sales and purchases herein contemplated shall be the Closing Date. 
 Section 4.02 Documents to be Delivered by Seller. At the Closing: 
 (a) Seller shall execute and deliver to Buyer an Assignment and Bill of Sale, substantially in the form attached hereto as Exhibit A,
conveying to Buyer (or such designee) good and marketable title to the Acquired Assets being purchased from Seller and the Escrow Agreement-Closing substantially in the form attached hereto as Exhibit B; 
 (b) Seller shall execute and deliver to Buyer (or its designee) such other instrument or instruments of sale, transfer and assignment
transferring, assigning and conveying the assets of Seller being purchased as shall be appropriate to vest in Buyer (or such designee) good and marketable title to the Acquired Assets; 
 (c) Seller shall deliver, or cause to be delivered the consideration required to repay its long-term debt and the documents to properly
evidence the repayment; 
  

 6 

 (d) Seller shall deliver a copy of the resolutions of the General Partner authorizing the
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, in each case duly certified as of the Closing Date by the Secretary or any Assistant Secretary of the General Partner of the Seller; 

(e) Seller will deliver a certified copy of the list of employees and the information required with respect thereto as described in
Section 6.13(c). 
 (f) To the extent any consents or approvals shall be necessary to any of the transactions, herein
contemplated, or to the effective transfer or assignment of any of the assets being purchased by Buyer from Seller, Buyer shall have obtained all such consents or approvals in writing in a form satisfactory to Buyer, including but not limited to,
the written consent of XTO Energy, Inc., to the assignment of the contracts between XTO Energy, Inc., and the Seller, identified in Schedule 1.01(b). 
 (g) Cause those persons listed on Schedule 4.02(e) to execute and deliver to Buyer an Employment Agreement in the form attached as
Exhibit D. 
 (h) Execute and deliver to Buyer a Special Warranty Deed in the form attached as Exhibit E.

 (i) Execute and deliver to Buyer a Special Power of Attorney in the form attached as Exhibit F. 
 Section 4.03 Documents to be Delivered by Buyer. At the Closing, Buyer shall: 
 (a) Pay the cash portion of the Purchase Price as described in Section 2.02(b), facilitate the retirement of the long term debt
identified in Schedule 2.02(a), execute the Escrow Agreement-Closing and make the Escrow Deposit; 
 (b) Deliver to
Seller a copy of the resolutions authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, in each case duly certified as of the Closing Date by the Secretary or any Assistant Secretary of
Buyer; 
 (c) Deliver to the Seller an Assumption Agreement to assume the Assumed Liabilities, in substantially the form
attached as Exhibit G. 
 (d) To the extent any consents or approvals shall be necessary to any of the transactions
herein contemplated, or to the effective transfer or assignment of any of the assets being purchased by Buyer from Seller, deliver to Seller copies of all such consents or approvals as obtained by Buyer in a form satisfactory to Seller. 

 

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 ARTICLE V 
 CONDITIONS TO CLOSING 
 Section 5.01 Buyer’s Conditions to Closing. The obligations of
Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment to Buyer’s satisfaction of each of the following conditions: 
 (a) The representations and warranties of Seller herein contained shall be true on and as of the Closing Date, except for any variations
permitted by this Agreement. 
 (b) Seller shall have performed all material covenants and obligations and complied with all
material conditions required by this Agreement to be performed or complied with by it on or prior to the Closing Date. 
 (c)
The Seller shall have secured in writing all consents and approvals that it is required to obtain pursuant to the express terms hereof, by and from all third parties whose consent and approval is required by contract for the consummation of the
transactions herein contemplated. 
 (d) Seller shall have delivered all documents required to be delivered by Seller at
Closing, as more specifically set forth in Article IV of this Agreement, in each case in form and substance reasonably satisfactory to Buyer. 
 (e) The Seller and Buyer shall have secured all appropriate orders, consents, approvals and clearances that it is required to obtain pursuant to the express terms hereof, and that may be obtained prior to the Closing
Date, in form and substance reasonably satisfactory to Buyer, by and from all parties, including any notice filings required by Hart Scott Rodino Act, or other regulatory agencies and other governmental authorities and agencies, whose order,
consent, approval or clearance is required by law for the consummation of the transactions herein contemplated. 
 Section 5.02
Seller’s Conditions to Closing. The obligation of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment to Seller’s satisfaction of the following conditions: 
 (a) The representations and warranties of Buyer herein contained shall be true on and as of the Closing Date with the same force and
effect as though made as of such date, except for any variations permitted by this Agreement. 
 (b) Buyer shall have
performed all material covenants and obligations and complied with all material conditions required by this Agreement to be performed or complied with by Buyer on or prior to the Closing Date. 
 (c) Buyer shall have delivered all documents required to be delivered by Buyer at Closing, as more specifically set forth in Article
IV hereof, in each case in form and substance reasonably satisfactory to Seller. 
  

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 (d) The Buyer and Seller shall have secured all appropriate orders, consents, approvals
and clearances, in form and substance reasonably satisfactory to Seller, by and from all parties, including any notice filings required by the Hart Scott Rodino Act, or other regulatory agencies and other governmental authorities and agencies, whose
order, consent, approval or clearance is required by contract or law for the consummation of the transactions herein contemplated. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Section 6.01 Organization of Seller; Authority. Bayou Tank Services, Ltd is a limited partnership duly organized, validly existing, and in good
standing under the laws of the state of Texas; Bayou Tank Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Texas. Seller has all requisite power and authority to own and hold the Acquired
Assets owned or held by it, to carry on the Business, and to own or lease and operate its properties as such business is now conducted and such properties are now owned, leased, or operated. Seller has all requisite power, authority, and capacity to
execute and deliver this Agreement and all other agreements, documents, and instruments contemplated hereby and to carry out all actions required of it pursuant to the terms of this Agreement and such other agreements. This Agreement has been duly
executed and delivered by Seller and constitutes the legal, valid, and binding obligation of Seller, enforceable against Seller in accordance with its terms. All related agreements to be entered into by Seller at Closing will, at Closing, have been
duly executed and delivered by Seller and will constitute the legal, valid and binding obligations of Seller, enforceable against Seller in accordance with its terms. 
 Section 6.02 Noncontravention. Neither the execution and delivery of this Agreement by Seller nor the consummation by Seller of the transactions contemplated hereby will constitute a violation of, or be in
conflict with, or constitute or create a default under, or result in the creation or imposition of any Encumbrance (as defined in Section 6.03 below) upon the Acquired Assets pursuant to (a) the agreement of limited partnership, the
certificate of limited partnership, the charter documents, bylaws or other organizational documents of Seller, each as amended to date; (b) any contract, agreement or commitment (including the Scheduled Contracts) to which Seller is a party or
by which Seller or the Acquired Assets are bound, or to which Seller or any of the Acquired Assets are subject; or (c) any statute or any judgment, decree, order, regulation, or rule of any court or governmental authority. 
 Section 6.03 Title to Acquired Assets. Seller is the lawful owner of, has good and valid record and marketable title to, and has the full right to
sell, convey, transfer, assign, and deliver the Acquired Assets to Buyer. All of the Acquired Assets are held by Seller free and clear of any security interest, liens, claims, charges, options, mortgages, debts, leases (or subleases), conditional
sales agreements, title retention agreements, encumbrances of any kind, or restrictions against the transfer or assignment thereof (collectively, “Encumbrances”). At and as of the Closing, upon the repayment of the long term debt of Seller
as required by this Agreement, Seller will convey the Acquired Assets to Buyer by deeds, bills of sale, certificates of title, and instruments of assignment and transfer effective to vest in Buyer, and Buyer will have good and valid record and
marketable title to all of the Acquired Assets, free and clear of all Encumbrances. 
  

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 Section 6.04 No Equity Interests. The Acquired Assets do not include any equity interest, or any
security convertible, exercisable or exchangeable into any equity interest, in any person. 
 Section 6.05 Absence of Changes. Except
as set forth on Schedule 6.05, since December 31, 2006: 
 (a) up to and through the date of execution of this
Agreement, there has not been any occurrence or circumstance which could have a material adverse effect on the Business; 
 (b) the Business has been operated and maintained in the ordinary course of business, except as expressly described in Schedule 2.01 concerning Permitted Capital Expenditures of the Seller; 
 (c) up to and through the date of execution of this Agreement, there has not been any material damage, destruction or loss to any material
portion of the Acquired Assets, that has not been covered by insurance; 
 (d) there has been no merger or consolidation of
Seller with any other person or any agreement with respect thereto; 
 (e) neither Seller nor any of its affiliates has
entered into any employment, consulting, severance or indemnification agreement or an agreement with respect to a retention bonus with any of the employees of the Business, nor has the Seller or any of its affiliates incurred or entered into any
collective bargaining agreement or other obligation to any labor organization or employee; 
 (f) up to and through the date
of execution of this Agreement, there has been no actual, pending or, to the Knowledge of Seller, threatened adverse change in the relationship of the Seller or any of its affiliates with any material customer, supplier, distributor or sales
representative of the Business; 
 (g) there has been no increase in the compensation or benefits of any officer or employee
of the Business outside the ordinary course of business; and 
 (h) there is no contract or agreement to do any of the
foregoing, except as expressly permitted by this Agreement. 
  

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 Section 6.06 Personal Property. 
 (a) At Closing, Buyer intends to purchase and Seller intends to sell all or substantially all of the personal property of Seller related
to or used in the operation of the Business. Schedule 1.01(a) includes the items of Equipment required to be conveyed hereby, including, the equipment, tools, machinery, parts, materials, supplies, furniture, cars, trucks, trailers and other
rolling stock and each other item of tangible personal property used or held for use by Seller in connection with the Business. If any personal property related to or used in the operation of the Business is not transferred at Closing, other than
the Excluded Assets, then Seller shall hold such property in trust for the benefit of Buyer, and promptly after discovery shall assign or cause to be assigned to Buyer all rights which otherwise would have been transferred to Buyer at the Closing so
that Buyer has beneficial ownership of the property not so transferred until Seller’s right, title and interest in and to such property is transferred to Buyer. 
 (b) The Equipment included in the Acquired Assets constitutes all of the tangible personal property necessary for the continued ownership,
use and operation of the Business consistent with the past practices of Seller since December 31, 2005 and with the practices of Seller as of the date hereof. Seller has good and marketable title to such Equipment free and clear of all
Encumbrances, except to the extent any such Encumbrances are Assumed Liabilities hereunder. Upon the consummation of the transactions contemplated by this Agreement, Buyer will have good and marketable title to the Equipment free and clear of all
Encumbrances. Each item of Personal Property is in good working order and repair (taking its age and ordinary wear and tear into account, and to the extent those items needing repair are noted in Schedule 1.01(a)), has been operated and
maintained in the ordinary course of business and remains in suitable and adequate condition for use consistent with its primary use since December 31, 2005 (or later acquisition date). Seller has not deferred maintenance of any such item in
contemplation of the transactions contemplated by this Agreement. As of the date of execution hereof, the Equipment is in operable and/or ready to rent condition, consistent with Seller’s normal past practices. 
 Section 6.07 Permits. Schedule 1.01(g) lists all Permits granted by any governmental authority and used or held by Seller or any of its
affiliates in connection with the ownership and operation of the Acquired Assets or conduct of the Business. The Permits constitute all permits necessary for the ownership, use and operation of the Business consistent in all material respects with
the past practices of the Business since December 31, 2005, except that during 2006, the Seller obtained permits to operate a salt water disposal well. Except as set forth in Schedule 6.07, the Permits are valid and in full force and
effect and Seller and its affiliates are not in default, and no condition exists that with notice or lapse of time or both would constitute a default, under any of the Permits. 
 Section 6.08 Contracts. 
 (a) Schedule 1.01(b) identifies the Scheduled Contracts, including each of the following contracts, agreements, commitments or arrangements used or usable in connection with or relating to the Business to which Seller or any of its
affiliates is a party or by which it or its properties is bound: 
  

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 (i) any agreement that provides for the payment by Seller or any of its affiliates of
more than $100,000 in any consecutive 12-month period or more than $150,000 over the remaining life of such Contract other than a Contract that is terminable by any party thereto giving notice of termination to the other party thereto not more than
30 days in advance of the proposed termination date, provided that it contains no post-termination obligations, termination penalties, buy-back obligations or similar obligations; 
 (ii) any agreement that constitutes a purchase order or other agreement relating to the sale, purchase, lease or provision by Seller or
any of its affiliates of goods or services in excess of $100,000 in any 12 month period; 
 (iii) any agreement that grants
any person the exclusive right to sell products or provide services within any geographical region other than an agreement that is terminable by any party thereto giving notice of termination to the other party thereto not more than 30 days in
advance of the proposed termination date, provided that it contains no post-termination obligations, termination penalties, buy-back obligations or similar obligations; 
 (iv) any agreement that purports to limit the freedom of Seller or any of its affiliates to compete in any line of business or to conduct
business in any geographic location; 
 (v) any agreement that is for the sale of goods or services and has not been
substantially completed by Seller as of the Closing Date and which (A) was entered into by Seller on terms known at the time the agreement was entered into not to be commercially reasonable or (B) was entered into with the expectation that
Seller would incur a loss; 
 (vi) any agreement that was entered into outside of the ordinary course of business; 

(vii) any agreement constituting a partnership, joint venture or other similar arrangement; 
 (viii) any agreement relating to indebtedness for borrowed money, any agreement creating a capital lease obligation, any agreement for the
sale of accounts receivable, any agreement constituting a guarantee of debt of any third person or any agreement requiring Seller to maintain the financial position of any other person; 
 (ix) any agreement in respect of Intellectual Property Rights granted to or by Seller; 
 (x) any lease (including any master lease covering multiple items of personal property) of any item or items of personal property with a
rental expense under such lease (whether for a single item or multiple items) in excess of $10,000 in any consecutive 12-month period; 
  

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 (xi) any agreement providing for the deferred payment of any purchase price including any
“earn out” or other contingent fee arrangement; 
 (xii) any agreement between Seller, on the one hand, and any
affiliate of Seller, on the other hand (including any agreement providing for (i) compensation, the acceleration of benefits or the loss of any rights in connection with the consummation of the transactions contemplated by this Agreement or
(ii) the indemnification of such affiliate by Seller); 
 (xiii) any agreement with any governmental authority; and

 (xiv) any agreement involving interest rate swaps, cap or collar agreements, commodity or financial future or option
contracts or similar derivative or hedging agreement. 
 (b) True and complete copies (including all amendments) of each
Scheduled Contract have been provided to Buyer. Except as disclosed in Schedule 1.01(b): (i) each Scheduled Contract is the legal, valid obligation of Seller, and to the Knowledge of Seller, any other person party thereto, binding and
enforceable against Seller and, to the Knowledge of Seller, any other person party thereto, in accordance with its terms; (ii) each Scheduled Contract has not been terminated, and neither Seller nor, to the Knowledge of Seller, any other person
is in material breach or default thereunder, and to the Knowledge of Seller no event has occurred that with notice or lapse of time, or both, would constitute a material breach or default, or permit termination, modification in any manner adverse to
Seller or acceleration thereunder; (iii) no party has asserted or has any right to offset, discount or otherwise abate any amount owing under the Scheduled Contract except as expressly set forth in such Scheduled Contract; and (iv) neither
of Seller nor any of its affiliates is a party to any Scheduled Contract described in Section 1.01(b) that is not disclosed in Schedule 1.01(b). 
 Section 6.09 Intellectual Property. 
 (a) Schedule 6.09 identifies all
Intellectual Property Rights owned or used in the conduct of the Business (the “Seller Intellectual Property”). The Seller Intellectual Property constitutes all Intellectual Property Rights necessary for the continued operation of the
Business consistent with the past practices of the Business since December 31, 2005. 
 (b) Seller has ownership of, or
valid licenses to use, all of the Seller Intellectual Property, free and clear of all Encumbrances. All consents required under the Seller Intellectual Property in connection with the transactions contemplated by this Agreement have been obtained
and furnished in writing to Buyer. Upon the consummation of the transactions contemplated by this Agreement, Buyer will have good and marketable title to the Seller Intellectual Property free and clear of all Encumbrances. 
 (c) Except as disclosed on Schedule 6.09, during the three-year period preceding the date of this Agreement, none of Seller has
been a party to any judicial or administrative proceeding alleging, nor has Seller or any affiliate of Seller been notified during such three-year period of any allegation of, any infringement or misappropriation of any item of Seller Intellectual
Property, whether owned by Seller or any other person. To the 

  

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Knowledge of Seller, there has been no other material infringement or misappropriation (or facts that are reasonably likely to give rise to a material
infringement or misappropriation) by Seller of any Intellectual Property Rights of third persons or of any continuing material infringement or misappropriation (or facts that are reasonably likely to give rise to a material infringement or
misappropriation) by any other person of any of the Seller Intellectual Property. No Seller Intellectual Property is subject to any outstanding order, judgment, decree, stipulation or agreement restricting the use thereof. 
 (d) Except as set forth on Schedule 6.09, all statutory obligations and all fees, annuities and other payments which are due on or
before the Closing Date for any of the Seller Intellectual Property including, without limitation, all United States or foreign patents, patent applications, trademark registrations, service mark registrations, copyright registrations and any
applications for any of the preceding, have been met or paid in full. 
 Section 6.10 Brokers’ Fees. Neither Seller nor any of
its affiliates has any liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which Buyer or any of its affiliates could become liable or obligated.

 Section 6.11 Taxes. 
 (a) All tax returns required to be filed by Seller with respect to any of the Acquired Assets or the Business have been duly and timely filed with the appropriate governmental authority, (ii) all tax items
required to be included in each such tax return have been so included and all such tax items and any other information provided in each such tax return is true, correct and complete, (iii) all taxes owed by Seller with respect to any of the
Acquired Assets or the Business that are or have become due have been timely paid in full, (iv) no penalty, interest or other charge is or will become due with respect to the late filing of any such tax return or late payment of any such tax,
(v) all tax withholding and deposit requirements imposed with respect to any of the Acquired Assets or the Business have been satisfied in full in all respects, (vi) there are no Encumbrances on any of the Acquired Assets or the Business
that arose in connection with any failure (or alleged failure) to pay any tax, (vii) there is no claim pending or threatened by any governmental authority in connection with any such tax, (viii) none of such tax returns are now under audit
or examination by any governmental authority, (ix) there are no agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any such tax Return or the assessment or collection of any such tax, and
(x) Buyer will not be liable as a successor or transferee for any unpaid taxes related to the Business or the Acquired Assets. 
 (b) For purposes of this Section 6.11, the terms “taxes,” “tax Items” and “tax Returns” shall have the meanings prescribed below: 
 (i) “tax” or “taxes” means any taxes, assessments, fees and other governmental charges imposed by any governmental
authority, including without limitation income, profits, gross receipts, net proceeds, alternative or add-on minimum, ad valorem, value added, turnover, sales, use, property, personal property (tangible and intangible), environmental, stamp,
leasing, lease, user, excise, duty, franchise, capital 

  

 14 

 
stock, transfer, registration, license, withholding, social security (or similar), unemployment, disability, payroll, employment, fuel, excess profits,
occupational, premium, severance, estimated, or other charge of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not; 
 (ii) “tax items” means all items of income, gain, loss, deduction and credit and other tax items; and 
 (iii) “tax return” means any return, declaration, report, claim for refund, or information return or statement relating to
taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 Section 6.12 Product and Service
Warranty. No warranty claims have been asserted during the three year period prior to the date of execution hereof in connection with the Business from which Seller has incurred costs in excess of $75,000. 
 Section 6.13 Employees; Employee Relations. 
 (a) Seller is not a party to or bound by any collective bargaining agreement applicable to any employee involved in the Business (“Business Employee”), and Seller has not experienced any strikes, grievances,
claims of unfair labor practices, or other collective bargaining disputes with respect to any Business Employee during the three-year period prior to the date of this Agreement. Seller has not committed any unfair labor practice with respect to any
Business Employee during such three-year period. To the Knowledge of Seller, no organizational efforts are presently being made or threatened by or on behalf of any labor union with respect to any Business Employees. 
 (b) No legal proceedings, charges, complaints, grievances or similar actions have been commenced with respect to Seller under any laws or
regulations affecting the employment relationship, and, to the Knowledge of Seller, no proceedings, charges, or complaints are threatened under any such laws or regulations and no facts or circumstances exist which would give rise to any such
proceedings, charges, complaints, or claims. Seller is not subject to any settlement or consent decree with any present or former employee, employee representative or any governmental authority relating to claims of discrimination or other claims in
respect to employment practices and policies. No governmental authority has issued a judgment, order, decree or finding with respect to the labor and employment practices (including practices relating to discrimination) of Seller. 
 (c) Seller has provided to Buyer on or before the date of execution hereof, a true, correct and complete list of all Business Employees.
The list described in the preceding sentence shows each Business Employee’s name, job title, original hire date, bonus paid or payable for calendar year 2006 and current base salary or base wages. Except as otherwise disclosed to the Buyer in
Schedule 6.13, as of the date of this Agreement, no current or former Business Employee of Seller is on a disability leave of absence, is receiving disability benefits, or is in an elimination or other waiting period with respect to his or her
receipt of disability benefits. There are no loans or other obligations payable or owing by Seller any Business Employee, except salaries, wages and salary advances and reimbursement of 

  

 15 

 
expenses incurred and accrued in the ordinary course of business, nor are any loans or debts payable or owing by any such individuals to Seller, nor has
Seller guaranteed any of such individual’s respective loans or obligations. There are no contracts of employment with any of the Business Employees except as listed on Schedule 6.13. True and complete copies (including all amendments) of
each such contract of employment with any of the Business Employees have been provided to Buyer. 
 Section 6.14 Environmental
Matters. 
 (a) Schedule 6.14 sets forth all environmental Permits required for operation of the Business. No
additional environmental Permits are required for the operation of the Acquired Assets to Buyer or are required to be obtained by Buyer for the operation of the Business and use of the Acquired Assets by Buyer as of the Closing Date. Except as
otherwise disclosed in Schedule 6.14, the environmental Permits described therein are in full force and effect. There are no proceedings pending or threatened which might affect (i) the validity of any environmental Permits described in
Schedule 6.14, (ii) the ability of Seller or Buyer to obtain prior to the Closing Date any environmental Permit described in Schedule 6.14 which has not been obtained at the date of this Agreement, or (iii) the ability of
Buyer to obtain within the time specified by applicable Environmental Law any environmental Permit described in Schedule 6.14, nor is there any basis for any such proceeding. 
 (b) None of the Acquired Assets or other property used in the Business is subject to any Encumbrance imposed by or arising under any
Environmental Law, and there are no proceedings pending or threatened for imposition of any such Encumbrance, nor is there any basis for any such Encumbrance or proceeding. 
 (c) The Business and the Acquired Assets are currently, and have at all times in the past been operated, in compliance with the
requirements of applicable Environmental Laws. Neither Seller nor any of its affiliates have received any communication in any form from any governmental authority or any other person alleging that Seller is not in compliance with any Environmental
Law applicable to the Business. To the Knowledge of Seller, there are no circumstances relating to the Business that may prevent or interfere with Buyer’s compliance with all Environmental Laws applicable to the Business at the Closing Date.

 (d) There are no present or past actions, activities, circumstances, conditions, events or incidents, including, without
limitation, any release of any Hazardous Materials, with respect to the Business or the Acquired Assets that could reasonably be expected to form the basis for assertion of any environmental liability against any owner or operator of the Business or
the Acquired Assets. There has been no release of hazardous materials in connection with the Business for which all clean-up, remediation and restoration actions required under Environmental Laws have not been performed and completed to the
satisfaction of the relevant governmental authority. There is no asbestos contained in or forming part of any equipment, property, building, building component, structure or office space used in connection with the Business. 
 (e) There are no proceedings pending or threatened against Seller or any of its affiliates or any predecessor with respect to operation of
the Business, against the Business 

  

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itself or any property or assets used therein, in which any violation of any Environmental Law is alleged or any environmental liability is asserted, nor is
there any basis for any such proceeding. The matters described in Sections 6.14(a) through 6.14(e), above are hereinafter referred to as “Environmental Liabilities.” 
 (f) Seller has provided or made available to Buyer all internal and external environmental audits, assessments, reports, studies,
documents, and correspondence on environmental matters and compliance with Environmental Laws relating to the operation of the Business and use of the Acquired Assets that are in the possession or control of Seller. 
 (g) For purposes hereof, the following terms shall have the meaning prescribed herein: 
 (i) “Environmental Laws” means all federal, state, local and foreign laws and regulations relating to pollution or
protection of human health or the environment (including without limitation ambient air, surface, water, ground water, land surface or subsurface strata), including without limitation laws and regulations relating to emissions, discharges, releases
or threatened releases of Hazardous Materials or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials; 
 (ii) “Hazardous Materials” means chemicals, pollutants, contaminants, wastes and toxic substances, including without
limitation: (a) “solid or hazardous wastes”, “hazardous substances”, “toxic substances”, and “insecticides, fungicides or rodenticides” as defined in any Environmental Law and (b) gasoline or any
other petroleum product or byproduct, polychlorinated biphenyls, asbestos, urea formaldehyde and NORM waste. 
 Section 6.15 Customers,
Vendors and Suppliers. 
 (a) To the Knowledge of Seller, as of the date of execution hereof, there is no present intent
of any significant customer, vendor or supplier of the Business to discontinue or substantially alter its relationship as such with the Business or Buyer upon consummation of the transactions contemplated hereby that would have a material adverse
effect on the Seller or the Business. 
 (b) Schedule 6.15 sets forth a list of the top 10 customers and top 10
vendor/suppliers of the Business for the fiscal year ending December 31, 2006. 
 Section 6.16 Insurance. Schedule 6.16
sets forth a true and complete list of all policies, binders, and insurance contracts under which the Business or any of the Acquired Assets is insured (the “Insurance Policies”). With respect to each Insurance Policy, Schedule 6.16
sets forth a true and correct description of (a) the scope of coverage, (b) the limits of liability, (c) deductibles and other similar amounts, and (d) the aggregate limits and available coverage (if less than the aggregate
limits) as of the date hereof. Each of the Insurance Policies is in full force and effect, there has been no written notice of any cancellation or any threatened cancellation of any Insurance Policy, and Seller is a named insured or loss payee, as
applicable, under each Insurance Policy. 
  

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 Section 6.17 Books and Records. All books and records relating to the ownership and operation of
the Business and the Acquired Assets are located at the premises of the Business to which such books and records primarily relate, have been maintained substantially in accordance with applicable legal requirements, comprise all of the books and
records relating to the ownership and operation of the Business and the Acquired Assets. 
 Section 6.18 Inventories. Seller owns its
Inventories free and clear of all Encumbrances. Except as disclosed on Schedule 6.18, such Inventories were acquired for sale in the ordinary course of business and are in good and saleable condition and are not obsolete, slow moving or
damaged. None of such inventory is subject to any consignment, bailment, warehousing or similar arrangement. 
 Section 6.19 Assets
Necessary to the Business. At the execution of this Agreement, the Acquired Assets transferred to Buyer pursuant hereto (a) will constitute all of the assets necessary or required to permit Buyer to carry on the Business in substantially
the same manner as presently conducted and as conducted since December 31, 2005, except that during 2006, the Seller obtained permits to operate a salt water disposal well, and (b) subject to the agreements concerning Permitted Capital
Expenditures as set forth in Section 2.01, above, constitute all of the assets of Seller and its affiliates used in the Business presently and as conducted since December 31, 2005, other than the Excluded Assets. 
 Section 6.20 Conformity to Law. Seller has complied with, and is in compliance with, (a) all laws, statutes, governmental regulations, and
all judicial or administrative tribunal orders, judgments, writs, injunctions, decrees, or similar commands applicable to its Business or any of the Acquired Assets (including, without limitation, any labor, environmental, occupational health,
zoning, or other law, regulation, or ordinance), to the extent that any noncompliance would not cause a material adverse effect on the Business; (b) all unwaived terms and provisions of all contracts, and agreements to which Seller is a party,
or by which Seller or any of the Acquired Assets is subject, to the extent that any noncompliance would not cause a material adverse effect on the Business; and (c) its agreement of limited partnership, certificate of limited partnership,
charter documents and bylaws, each as amended to date. Seller has not committed, been charged with, or been under investigation with respect to, nor does there exist, any violation of any provision of any law or regulation in respect of its Business
or any of the Acquired Assets. 
 Section 6.21 Commissions. Seller does not and will not owe any commissions to any customer of
Seller, and Seller is not obligated to pay any other amounts to or perform other obligations (other than routine servicing of customer accounts) for any customer of the Business. 
 Section 6.22 Absence of Certain Business Practices. Neither Seller nor any officer, employee or agent of Seller, nor any other person acting on
its behalf, has, directly or indirectly, given or agreed to give any gift or similar benefit to any customer, supplier, government employee or other person who is or may be in a position to help or hinder the Business (or to assist Seller in
connection with any actual or proposed transaction) which (i) might subject Seller to any damage or penalty in any civil, criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a material adverse
effect on the Business or Acquired 

  

 18 

 
Assets, or (iii) if not continued in the future, might materially adversely effect the Business or Acquired Assets. 
 Section 6.23 Disclosure. No representation or warranty by Seller in this Agreement or in any exhibit, schedule, written statement, certificate, or
other document delivered or to be delivered to Buyer pursuant hereto, or in connection with the consummation of the transactions contemplated hereby, contains or will contain any untrue statement of a material fact, or omits or will omit to state a
material fact required to be stated therein or necessary to make the statements contained therein not misleading or necessary in order to provide a prospective purchaser of the businesses of Seller with proper and complete information as to Seller
and the identity, value, and usability of the Acquired Assets. 
 Section 6.24 Financial Statements. Schedule 6.24 shows
(i) the audited balance sheet and income statement for Seller for the period ending December 31, 2005; (ii) the audited balance sheet and income statement for the period ending December 31, 2006; and (iii) the unaudited
interim balance sheet and income statement for Seller for the two month period ending March 31, 2007. Such statements are true, complete and correct in all material respects and have been prepared in accordance GAAP standards in all material
respects, and present fairly the financial condition of the Seller. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller as follows: 
 Section 7.01 Organization and Standing of Buyer; Authority. Buyer is a
limited partnership duly organized, validly existing, and in good standing under the laws of the state of Texas. Buyer has full power and authority under its charter documents and bylaws and applicable laws to execute and deliver this Agreement and
to consummate the transactions contemplated hereby, and this Agreement has been duly executed and delivered by Buyer and constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms.

 Section 7.02 Noncontravention. Neither the execution and delivery of this Agreement by Buyer nor the consummation by Buyer of the
transactions contemplated hereby will constitute a violation of, or be in conflict with, constitute, or create a default under, or result in the creation or imposition of any liens upon any property of Buyer pursuant to (a) the charter
documents or bylaws of Buyer, each as amended to date; (b) any agreement or commitment to which Buyer is a party or by which Buyer or any of its properties is bound or to which Buyer or any of its properties is subject; or (c) any statute
or any judgment, decree, order, regulation, or rule of any court or governmental authority relating to Buyer. 
 Section 7.03
Permits. Buyer qualifies to assume all of the Permits, or if not assumable, qualifies to apply for and receive all of the governmental permits necessary or desirable in order to conduce the Business that is has agreed to purchase hereby.

 Section 7.04 Brokers. Buyer has not retained, utilized, or been represented by any broker or finder in connection with the
transactions contemplated by this Agreement. 
  

 19 

 ARTICLE VIII 
 COVENANTS 
 Section 8.01 Conduct of Business. From the date of this Agreement through the
Closing Date, except as set forth on Schedule 8.01, as contemplated by this Agreement, or as consented to by Buyer in writing, (a) Seller shall (x) operate the Business in the ordinary course of business and (y) use reasonable
efforts to preserve intact the Business and its relationship with customers, suppliers and others having relationships with the Business and (b) Seller shall not: 
 (i) except as required by law or in the ordinary course of business, (A) grant or increase any bonus, salary, severance, termination
or other compensation or benefits or other enhancement to the terms or conditions of employment to any of the Business Employees, (B) make any change in the Business’ key management structure or (C) adopt, enter into or amend in any
material respect any benefit plan covering Business Employees; 
 (ii) change its accounting methods, policies or practices
relating to the Business, except as required by GAAP; 
 (iii) make, amend or revoke any election with respect to taxes
relating to the Business or Acquired Assets; 
 (iv) sell, assign, transfer, lease or otherwise dispose of any assets used or
usable in the Business, except in the ordinary course of business; 
 (v) create any Encumbrances on any of the Acquired
Assets, except for any Encumbrances required to implement the Permitted Capital Expenditures as set forth on Schedule 2.01; 
 (vi) enter into any contractual commitment which is intended to become one of the Scheduled Contracts, or materially revise any of the Scheduled Contracts, without first obtaining the written consent of the Buyer; or 
 (vii) agree, whether in writing or otherwise, to do any of the foregoing. 
 Seller will give prompt written notice to the Buyer of any material adverse development that occurs after the execution of this Agreement, that if
occurring prior to the execution of this Agreement, would have been a breach of a representation or warranty hereunder, expressly provided that no disclosure hereunder will be deemed to amend or supplement any Disclosure Schedule. Notwithstanding
the above, Seller will be entitled to repay all or any part of its long-term debt any time prior to or concurrently with the Closing Date. 
 Section 8.02 Access. From the date hereof through the Closing Date, Seller shall afford to Buyer and its authorized representatives reasonable access, during normal business hours and in such manner as not to unreasonably interfere
with normal operation of the Business, to the properties, books, contracts, records and appropriate officers and employees of Seller to the extent related to the Business and Acquired Assets, and shall furnish such authorized representatives with
all financial and operating data and other information concerning the affairs 

  

 20 

 
of Seller to the extent related to the Business as Buyer and such representatives may reasonably request. Buyer will provide to the Seller copies of any
environmental assessments or reports by or on behalf of the Buyer with respect to the Business or Acquired Assets of the Seller. 
 Section
8.03 Third Party Approvals. Buyer and Seller shall (and shall each cause their respective affiliates to) use reasonable efforts to obtain all material consents and approvals of third parties that any of Buyer, Seller or their respective
affiliates are required to obtain in order to consummate the transactions contemplated hereby. 
 Section 8.04 Non-Competition.

 (a) (i) Seller, and the Designated Principals (as defined below) of Seller, in order to induce Buyer to enter into this
Agreement, expressly covenant and agree that during the Prohibited Period (as defined below), Seller and the Designated Principals will not, and Seller and the Designated Principals will cause their respective affiliates not to, directly or
indirectly, own, manage, operate, join, control or participate in or be connected with, or loan money to or sell or lease equipment to, any business, individual, partnership, firm, corporation or other entity, which wholly or in any significant
part, engages in a frac tank rental and fluid transportation business (a “Competing Business”) within an area comprised of a 300 mile radius of Dew, Texas. For purposes of this Section 8.04, any such business, individual, partnership,
firm, corporation or other entity shall be deemed to be engaged in significant part in a Competing Business if more than 5% of its gross revenues in any 12 month period are attributable to operations that compete with the Business of Seller.
“Prohibited Period” shall mean three (3) years from and after the Closing Date. “Designated Principals” shall mean Richard E. Agee, Nyron Devenish and Brett T. Agee. 
 (ii) Seller and Designated Principals further expressly covenant and agree that during the Prohibited Period, Seller and Designated
Principals will not, and Seller and the Designated Principals will cause their respective affiliates not to (1) engage or employ, or solicit or contact with a view to the engagement or employment of any person who was an officer or employee of
Seller or any of its affiliates (including any Business Employee); or (2) canvass, solicit, approach or entice away or cause to be canvassed, solicited, approached or enticed away from the Business any person who or which was a customer of
Seller or any of its affiliates. 
 (iii) To the extent that any part of this Section 8.04(a) may be invalid, illegal or
unenforceable for any reason, it is intended that such part shall be enforceable to the extent that a court of competent jurisdiction shall determine that such part, if more limited in scope, would have been enforceable, and such part shall be
deemed to have been so written and the remaining parts shall as written be effective and enforceable in all events. 
 (b)
Seller, the Designated Principals and Buyer agree and acknowledge that the limitations as to time, geographical area and scope of activity to be restrained as set forth in Section 8.04(a) are reasonable and do not impose any greater restraint
than is necessary to protect the legitimate business interests of Buyer. Seller, the Designated Principals and Buyer further agree and acknowledge that, in the event of a breach or threatened breach of any of the 

  

 21 

 
provisions of this Section 8.04, Buyer shall be entitled to immediate injunctive relief, as any such breach would cause Buyer irreparable injury for
which they would have no adequate remedy at law. Nothing herein shall be construed so as to prohibit Buyer from pursuing any other remedies available to it hereunder, at law or in equity for any such breach or threatened breach. 
 (c) Seller and the Designated Principals hereby represent to Buyer that they have read and understand and agree to be bound by, the terms
of this Section 8.04. Seller and the Designated Principals acknowledge that the geographic scope and duration of the covenants contained in this Section 8.04 are the result of arm’s-length bargaining and are fair and reasonable in
light of (i) the nature and wide geographic scope of the operations of the Business, (ii) Seller’s level of control over and contact with the Business in all jurisdictions in which it is conducted, (iii) the fact that the
Business is conducted throughout the geographic area where competition is restricted by this Agreement, and (iv) the amount of consideration that Seller and Designated Principals are Designated receiving, directly or indirectly, in connection
with the transactions contemplated by this Agreement and the amount of goodwill for which Buyer is paying. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent permitted under applicable
legal requirements, whether now or hereafter in effect and therefore, to the extent permitted by applicable legal requirements, the parties hereto waive any provision of applicable legal requirements that would render any provision of this
Section 8.04 invalid or unenforceable. 
 Section 8.05 Use of Name. From and after the Closing Date, neither Seller nor any of
its affiliates or the Designated Principals will directly or indirectly use in any manner the name “Bayou Tanks” or any derivative thereof or any other trade name, trademark, service mark or logo used by Seller, or any word or logo that is
similar in sound or appearance, in the Business. Within 60 days after the Closing Date, Seller shall provide Buyer with a certified copy of its relevant organizational documents indicating that it has changed its name in accordance with the
foregoing sentence. 
 Section 8.06 Further Assurances. Seller, the Principals and Buyer will, at the request of any other party
hereto, take such further actions as are requested and execute any additional documents, instruments or conveyances of any kind which may be reasonably necessary to further effect the transactions contemplated by this Agreement; provided, however,
that no such action, document, instrument or conveyance shall increase a party’s liability beyond that contemplated by this Agreement. 
 Section 8.07 Confidentiality. Seller and Buyer agree to maintain the fact of this Agreement and the information that they have shared prior to the date of this Agreement and any information either obtains up to and through the
Closing Date as confidential, and it will not be divulged by either of them to any party unless and until the Party that wishes to make the disclosure obtains written permission from the other Party. Seller agrees that from and after the Closing
Date through the Prohibited Period, any facts, information, know-how, processes, trade secrets, customer lists or confidential matters that relate in any way to the Business shall be maintained in confidence and shall not be divulged by the Seller
or any of its affiliates to any party unless and until they shall become public knowledge (other than by disclosure in breach of this Section 8.07) or as required by applicable legal requirements, including applicable securities 

  

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laws and regulations; provided, before the Seller or any of its affiliates discloses any of the foregoing as may be required by applicable legal
requirements, such person shall give Buyer reasonable advance notice and take such reasonable actions as Buyer may propose to minimize the required disclosure. 
 Section 8.08 Exclusivity. From the date of this Agreement through the earlier of the Closing Date or termination of this Agreement pursuant to Section 10.1, Seller will not (and Seller will not permit any
of its officers, directors, managers or advisors to), directly or indirectly, solicit, initiate, encourage, negotiate with, engage in discussions with, accept any proposal or offers for a, direct or indirect, acquisition of all or substantially all
of the Acquired Assets or Business by such person. 
 Section 8.09 Permits. Buyer will use its best efforts on or before the Closing
Date to apply for and receive all transfers of Permits, or if necessary, new governmental permits, necessary or desirable in order to continue to operate the Business, except to the extent that it is customary to transfer or apply for any such
Permits on or after the Closing Date. 
 Section 8.10 Covenants Concerning Employees. For the period of time up to and through
the Closing Date, Seller will not, and for the period of time after the Closing Date, Buyer will not implement any plant closing or any lay off of employees that could implicate the Worker Adjustment and Retraining Notification Act of 1988, or any
similar foreign, state or local law or regulation or ordinance (collectively, the “WARN Act”), and no such action will be implemented without the advance written notice to each of the Parties hereto. 
 ARTICLE IX 
 INDEMNIFICATION 

 Section 9.01 Survival. Except as expressly set forth below, all representations and warranties of the Seller contained in this
Agreement (expressly including any representations and warranties made with respect to the salt water disposal well (the “Disposal Well”) in Section 6.14 and all covenants contained in this Agreement that are to be performed prior to
the Closing shall survive the Closing until eighteen (18) months after the Closing Date, except that the representations and warranties in Sections 6.11 and 6.14 shall survive (i) with respect to Section 6.11, for the applicable
statute of limitations, and (ii) with respect to Section 6.14, except with respect to the Disposal Well as set forth above, for a period of five (5) years. 
 Section 9.02 Seller Indemnity. Seller and the Principal agree to indemnify and hold Buyer harmless from and with respect to any and all claims, liabilities, losses, damages, costs, and expenses, including, with
limitation, the fees and disbursements of counsel, related to or arising directly or indirectly out of any of the following: 
 (a) any inaccuracies in any representation or warranty made by Seller in or pursuant to this Agreement or any failure or breach by Seller of any pre-closing covenant, obligation, or undertaking made by Seller in this Agreement; 

(b) any failure or breach by Seller of any post-closing covenant/obligation or undertaking made by Seller in this Agreement;

  

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 (c) Except with respect to the Assumed Liabilities, any and all claims, liabilities, and
obligations arising out of the operation of the Acquired Assets or any business carried on by Seller on or prior to the Closing Date; and 
 (d) any claim or liability arising out of or with respect to Retained Liabilities. 
 Section 9.03
Claims. 
 (a) In the event that a party desires to make a claim against the other party under Section 9.02 or
9.04 hereof in connection with any action, suit, proceeding, or demand at any time instituted against or made upon that party (the “Indemnified Party”) for which that party may seek indemnification hereunder (a “Claim”), that
party shall notify the other party (the “Indemnifying Party”) of such Claim and of Indemnified Party’s claim of indemnification with respect thereto, provided that failure of Indemnified Party to give such notice shall not relieve the
Indemnifying Party of its obligations under this Article IX, except to the extent, if at all, that Indemnifying Party shall have been prejudiced thereby. Upon receipt of such notice from Indemnified Party, the Indemnifying Party shall be
entitled to participate in the defense of such Claim, and if and only if each of the following conditions is satisfied, Indemnifying Party may assume the defense of such Claim: 
 (i) Indemnifying Party confirms in writing that they are obligated hereunder to indemnify Indemnified Party with respect to such Claim;
and 
 (ii) Indemnified Party does not give Indemnifying Party written notice that it has determined, in the exercise of its
reasonable discretion, that matters of corporate or management policy or a conflict of interest make separate representation by Indemnified Party’s own counsel advisable. 
 Indemnified Party shall retain the right to employ its own counsel and to participate in the defense of any Claim, the defense of which has been assumed
by Indemnifying Party pursuant hereto, but Indemnified Party shall bear and shall be solely responsible for its own costs and expenses in connection with such participation. If Indemnifying Party assumes any defense, Indemnifying Party may not
settle the underlying dispute without the prior approval of Indemnified Party unless Indemnified Party receives a full release as a part of the settlement and such settlement does not adversely impact the assets or business of the Indemnified Party
from and after the Closing. 
 (b) In the event of any Claims under Section 9.02 or 9.04 hereof, Indemnified Party shall
advise Indemnifying Party, in writing, of the amount and circumstances surrounding such liquidated Claim. With respect to liquidated Claims, if within thirty (30) days Indemnifying Party has not contested such Claim in writing, Indemnifying
Party will pay the full amount thereof within ten (10) days after the expiration of such period. Notwithstanding anything to the contrary herein contained, Buyer shall not be entitled to indemnification for Claims under Section 9.02 except
to the extent the aggregate amount for all such Claims exceeds $250, 000. Once such threshold is satisfied, Seller shall be liable for all Claims of Buyer in excess of the $250,000 threshold; provided, however, that except for Claims under Sections
6.11 and 6.14, Seller shall not be liable for Claims which exceed the 

  

 24 

 
aggregate amount equal to $35.0 million, which obligation will only survive through the eighteenth (18th
) month after the Closing, as set forth in Section 9.01, above. With respect to those Claims that survive the Closing for more than eighteen months under Sections 6.11 and 6.14, (i) Seller
shall not be liable for Claims under Section 6.11 which exceed the aggregate Purchase Price, and (ii) Seller will not be liable for Claims under Section 6.14 that exceed the aggregate Purchase Price during the first twenty-four
(24) months after the Closing, and for the 25th through the 36th months after the Closing, Seller will not be liable for Claims under Section 6.14 that exceed $55 million, and for the 37th through the
48th months after Closing, Seller will not be liable for Claims under Section 6.14 that exceed $40 million, and for the 49th through the 60th month after Closing, Seller will not be liable for Claims under
Section 6.14 that exceed $20 million, and after the 60th month, Seller will not be liable to Buyer for Claims with respect to Section 6.14, as
provided in Section 9.01, above. 
 Section 9.04 Buyer Indemnity. Buyer
agrees to indemnify and hold Seller and Principal harmless from and with respect to any and all claims, liabilities, losses, damages, costs, and expenses, including, without limitation, the fees and disbursements of counsel, related to or arising
directly or indirectly out of any of the following: 
 (a) any inaccuracies in any representation or warranty made by Buyer in
or pursuant to this Agreement or any failure or breach by Buyer of any pre-closing covenant, obligation, or undertaking made by Buyer in this Agreement; 
 (b) any failure or breach by Buyer of any post-closing covenant/obligation or undertaking made by Buyer in this Agreement; 
 (c) any and all claims, liabilities, and obligations arising out of the operation of the Acquired Assets or any business carried on by Buyer after the Closing Date; 
 (d) any claim or liability arising out of or with respect to all Assumed Liabilities, including all liabilities for the express assumption
of the Scheduled Contracts. 
 ARTICLE X 
 TERMINATION 
 Section 10.01 Termination. At any time prior to the Closing Date, this Agreement
may be terminated and the transactions contemplated hereby abandoned: 
 (a) by the mutual consent of Buyer and Seller as
evidenced in writing signed by each of Buyer and Seller; 
 (b) by Buyer, if (i) there has been a material breach by
Seller of any representation, warranty or covenant contained in this Agreement which has prevented the satisfaction of any condition to the obligations of Buyer at the Closing and, if such breach is of a character that it is capable of being cured,
such breach has not been cured by Seller within 30 days after written notice thereof from Buyer. 
 (c) by Seller, if there
has been a material breach by Buyer of any representation, warranty or covenant contained in this Agreement which has prevented the 

  

 25 

 
satisfaction of any condition to the obligations of Seller at the Closing and, if such breach is of a character that it is capable of being cured, such
breach has not been cured by Buyer within 30 days after written notice thereof from Seller; or 
 (d) by either Buyer or
Seller if any governmental authority having competent jurisdiction has issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or taken any other action permanently restraining, enjoining or
otherwise prohibiting the transactions contemplated by this Agreement. 
 Section 10.02 Effect of Termination. In the event this
Agreement is terminated for any reason other than those conditions described in Sections 10.01(a), (b) or (d), or Buyer fails to comply with this Agreement for any other reason, Seller will be entitled to receive as liquidated damages, a sum
equal to $5,000,000 to be payable from the Earnest Money Deposit. Upon payment of the sum of $5,000,000 from the Earnest Money to the Seller pursuant to this Section 10.2, this Agreement shall forthwith become void and have no effect. Seller
and Buyer each agrees to execute and deliver to the Escrow Agent such documentation as Escrow Agent may require to obtain the release and refund of the amount of the Earnest Money Deposit as herein contemplated. In the event that Seller terminates
this Agreement for any reason other than those conditions described in Sections 10,01(a), (c) or (d), Buyer will be entitled to receive, as liquidated damages, a sum equal to $5,000,000 from the Seller. Upon payment of the liquidated damages
from Seller to Buyer pursuant to this Section 10.2, this Agreement shall forthwith become void and have no effect. If this Agreement is terminated for any reason, and if within ten (10) days after the termination the Seller sends written
notice to the Buyer, Buyer will reimburse Seller for all sums actually expended for capital expenditures pursuant to Schedule 2.01, and upon receipt of payment therefor, the Seller will deliver and convey to the Buyer all such equipment purchased
pursuant to Schedule 2.01. 
 ARTICLE XI 
 GENERAL 
 Section 11.01 Expenses. All expenses of the preparation, execution, and consummation
of this Agreement and of the transactions contemplated hereby, including, without limitation, attorneys’, accountants’, and outside advisers’ fees and disbursements, shall be borne by the party incurring such expenses. 
 Section 11.02 Notices. All notices, demands, and other communications hereunder shall be in writing or by written telecommunication, and shall be
deemed to have been duly given if delivered personally, or if mailed by certified mail, return receipt requested, postage prepaid, or sent by written telecommunication, as follows: 
 If to Seller, to: 
 Bayou Tank Services, Ltd.

 800 Gessner, Suite 1000 
 Houston, Texas, 77024 
 Attention: Richard E. Agee 
  

 26 

 If to Buyer, to: 
 410 Roberts, 
 Houston, TX 77003 
 Attention: Craig M. Johnson 
 Section 11.03
Entire Agreement. This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings relating to the subject matter hereof, and shall not be amended except by a written instrument hereafter
signed by all of the parties hereto. 
 Section 11.04 Governing Law. The validity and construction of this Agreement shall be governed
by the laws of the State of Texas. 
 Section 11.05 Sections and Section Headings. All enumerated subdivisions of this Agreement are
herein referred to as “section” or “subsection.” The headings of sections and subsections are for reference only and shall not limit or control the meaning thereof. 
 Section 11.06 Assigns. This Agreement shall be binding upon and inure to the benefit of the heirs and successors of each of the parties. Neither
this Agreement nor the obligations of any party hereunder shall be assignable or transferable by such party without the prior written consent of the other party hereto; provided, however, that nothing contained in this Section 11.06 shall
prevent Buyer, without the consent of Seller, from transferring or assigning this Agreement or its rights or obligations hereunder to another entity controlling, under the control of, or under common control with Buyer. 
 Section 11.07 No Third Party Rights or Remedies. Except as otherwise expressly provided herein, nothing herein expressed or implied is intended or
shall be construed to confer upon or to give any person, firm, or corporation, other than Seller and Buyer and their respective shareholders, any rights or remedies under or by reason of this Agreement. 
 Section 11.08 Rules of Construction. 
 (a) In this Agreement, unless the context otherwise requires, words in the singular number or in the plural number shall each include the singular number and the plural number and words of the masculine gender shall
include the feminine and the neuter, and, when the sense so indicates, words of the neuter gender may refer to any gender. 
 (b) The terms “affiliate” or “affiliates” as used in this Agreement shall mean with respect to any person, any person which, directly or indirectly, controls, is controlled by, or is under a common control with, such
person. The term “control” (including the terms “controlled by” and “under common control with”) as used in this definition means the possession, directly or indirectly, of the power to direct or cause the direction of
management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. 
  

 27 

 (c) The term “person” shall mean an individual, a corporation, a partnership,
an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 (d) The term “Knowledge” as to Seller shall mean the actual knowledge of the directors and officers of Seller, without any requirement for independent inquiry. 
 Section 11.09 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGE FOLLOWS 
  

 28 

 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective duly authorized officers as an instrument under seal as of the date and year first above written. 
  

			
	SELLER:
	
	Bayou Tank Services, Ltd.
	
	By: Bayou Tank Company, its General Partner
		
	By:	 	/s/ Richard E. Agee

			
	Name:	 	Richard E. Agee
	Title:	 	President

			
	
	Bayou Tank Company

			
		
	By:	 	/s/ Richard E. Agee

			
	Name:	 	Richard E. Agee
	Title:	 	President
	
	Executed solely for the purposes of Section 9.02
	
	PRINCIPAL:
	
	/s/ Richard E. Agee
	Richard E. Agee

  

 29 

			
	BUYER:
	
	Stallion Production Services, LP
	
	By: Stallion Acquisition, LLC, its general partner
		
	By: 	 	/s/ Craig M. Johnson

			
		
	Name: 	 	Craig M. Johnson

			
		
	Title: 	 	President

 Executed solely for the purposes of Section 8.04, by the Designated Principals:

  

			
	/s/ Brett Agee
	Brett Agee, Individually
	
	/s/ Richard E. Agee
	Richard E. Agee, Individually
	
	/s/ Nyron Devenish
	Nyron Devenish, Individually

  

 30

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