Document:

First Amendment to Purchase and Sale Agreement

 Exhibit 10.15 
 FIRST AMENDMENT TO 
 PURCHASE AND SALE AGREEMENT 
 WHEREAS, Castex Energy, Inc., Castex Energy 1995, L.P., Browning Oil Company, Inc., Flare Resources Inc., J&S Oil and Gas, LLC, Kitty Hawk
Energy, L.L.C. and Rabbit Island, L.P., (hereafter collectively referred to as “Sellers”) and Energy XXI Gulf Coast, Inc. (hereafter referred to as “Buyer” and all of the above hereafter referred to as “Parties”) did
enter into that certain Purchase and Sale Agreement dated June 6, 2006, but effective June 1, 2006, as it may have been amended (the “Purchase and Sale Agreement”), and 
 WHEREAS, the Purchase and Sale Agreement provides for Buyer and Castex Energy, Inc., Castex Energy 1995, L.P. and Lake Salvador, L.P.
(collectively the “Participating Sellers”) to enter into agreements to be executed as Closing (as defined in the Purchase and Sale Agreement), including but not limited to (1) Exploration Agreement attached as Exhibit “X” to
the Purchase and Sale Agreement (the “Exploration Agreement”) and (2) Participation Agreement attached as Exhibit “Y” to the Purchase and Sale Agreement, (the “Participation Agreement” and together with the
Exploration Agreement the “Agreements”), and 
 WHEREAS, the Exploration Agreement provides for the conduct of operations
within an area of mutual interest and the Participation Agreement provides for the conduct of operations within the Lake Salvador prospect area and the term of each agreement is two (2) years from the Closing Date as defined in the Purchase and
Sale Agreement, and 
 WHEREAS, it is the desire of the Parties to amend the Purchase and Sale Agreement to reflect the Parties’
mutual agreement to create an additional obligation unto Buyer and to alter the purchase price set forth therein, and 
 NOW, THEREFORE,
in consideration of the mutual benefits and consideration set forth herein, the Parties enter into this agreement (“First Amendment”) and hereby agree as follows: 
 I. To amend the Purchase and Sale Agreement as well as each of the Agreements as follows: 
  

	 	1.	Section 2.01(a) of the Purchase and Sale Agreement is deleted and replaced with the following: 

 The purchase price for the Properties shall be Three Hundred Five Million United States Dollars ($305,000,000) (the “Purchase Price”), which
shall be subject to adjustment as set forth in Section 2.03. 
  

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	 	2.	Upon Closing, Buyer shall be obligated to expend on behalf of and/or deliver to the Participating Sellers a certain amount of money, as follows: 

 (a) Buyer shall pay on behalf of the Participating Sellers during the term of either Agreement and/or pay to such parties (at the
termination of the Agreements) an amount equal to the total sum of Thirty One Million United States Dollars ($31,000,000) (the “Carry”). 
 (b) The Carry shall apply to (i) drilling costs and any other costs that constitute intangible drilling costs for purposes of the Internal Revenue Code of 1986, as amended, and regulations there under, and
(ii) seismic expenditures (collectively an “Activity”) conducted pursuant to either of the Agreements with the Carry to be applied at the Participating Sellers’ discretion to selected Activities, subject to the limitations set
forth below. 
  

	 	i.	The amount of the Carry shall be limited to $4,000,000 per accounting month (the “Monthly Limit”) for Activity attributable to the Participating Sellers’ working
interests. Any expenditure attributable to the Participating Sellers’ interests that exceed the Monthly Limit shall be borne by the applicable Participating Seller(s) in accordance with the terms of the Agreements. 

  

	 	ii.	The Participating Sellers shall designate the Activity to which the Carry shall apply by providing written notice to Buyer at least fifteen (15) days prior to the commencement
of such Activity, provided that the Participating Sellers received the needed information regarding such Activity as least four business days prior to such fifteen day period. 

  

	 	iii.	Activity may be any and/or all of drilling or seismic expenditures, subject to the Monthly Limit. 

  

	 	iv.	For any selected Activity which is operated by a Participating Seller, the Participating Sellers shall provide an accurate monthly accounting of expenditures related to the Activity
and shall invoice Buyer for Buyer’s working interest share (if any) and for the Participating Sellers’ working interest share subject to the Monthly Limit. Buyer shall pay such invoice pursuant to terms and conditions of the Operating
Agreement attached to the applicable Agreement. 

  

	 	v.	 For any selected Activity which is operated by the Buyer, Buyer shall provide an accurate monthly accounting of expenditures related to the Activity 

  

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and shall invoice the applicable Participating Seller(s) for such Participating Seller’s working interest share to the extent that the working interest
share of all Participating Sellers exceeds the Monthly Limit. 

  

	 	vi.	At the termination of both Agreements, if the $31,000,000 Carry obligation has not been completely met, Buyer shall pay to the Participating Sellers any remaining balance.

  

	 	vii.	If for federal income tax purposes there exist a need for a tax partnership, the form of tax partnership agreement attached hereto as Exhibit A shall be executed by the applicable
parties for operations pursuant to this First Amendment and the Agreements. 

  

	 	viii.	As among the Participating Sellers, Castex Energy Inc. has the discretion and responsibility for allocating the Carry and the Monthly Limit among the Participating Sellers and for
making the selections of Activities and notifying Buyer of same. 

  

	 	ix.	The payment of any Carry with respect to a selected Activity subject to the Participation Agreement shall be in accordance with the form of operating agreement attached as Exhibit
“E” to the Participating Agreement. The payment of any Carry with respect to a selected Activity subject to the Exploration Agreement shall be in accordance with the form of operating agreement attached as Exhibit “C” to the
Exploration Agreement. 

  

	 	x.	The lien and security interest provisions in article VII.B of the operating agreement attached to each of the Agreements shall apply equally to the Carry; nonetheless, the lien and
security interests with respect to the Carry shall be subordinated to any mortgage that Buyer executes at and in connection with the Closing. Exhibit “H” to each such operating agreement shall reference this paragraph II(B)(x) and more
generally this First Amendment. 

  

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	 	xi.	To the extent that any provision in the Agreements or in any such operating agreement conflicts with this First Amendment, then this First Amendment shall control.

 II. To amend the Agreements as needed to comply with the terms of this First Amendment. 
 All other terms and conditions of the Purchase and Sale Agreement remain as written and are incorporated herein by reference. 
 This instrument may be signed in any number of counterparts, each of which shall be binding upon the party or parties so signing. 
 IN WITNESS WHEREOF, each of Buyer and Sellers has executed this Agreement in the presence of the undersigned competent witnesses on the 5th day of
July, 2006. 
  

			
	SELLERS:
	
	CASTEX ENERGY, INC.
		
	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President

  

			
	CASTEX ENERGY 1995, L.P.
	 By Castex Energy Inc., its general partner

		
	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President

  

			
	 BROWNING OIL COMPANY, INC.,
 FLARE
RESOURCES INC.,
 J&S OIL AND GAS, LLC, and
 KITTY HAWK ENERGY, L.L.C.

	
	 By Castex Energy, Inc., their agent-in-fact

		
	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President

  

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	RABBIT ISLAND, L.P.
	 By Castex Energy Inc., its general partner

		
	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President

 WITNESSES TO ALL SIGNATURES ABOVE: 
  

					
			
	 /s/ Whitney B. King
	 		 	 /s/ L. Holeman

	 Name printed: Whitney B. King
	 		 	 Name printed: L. Holeman

  

					
			
	WITNESSES:	 		 	BUYER:
			
		 		 	ENERGY XXI GULF COAST, INC.
	 /s/ J. G. Ranson Anderson III
	 		 	
	 Print name: J. G. Ranson Anderson III
	 		 	

									
					
		 		 		 	 By:
	 	 /s/ John D. Schiller, Jr.

	 /s/ Glynx T. Broussard
	 		 		 	 John D. Schiller, Jr.

	 Print name: Glynx T. Broussard
	 		 		 	 Chairman & CEO

  

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 Acknowledgments 
 STATE OF TEXAS 
 COUNTY OF HARRIS 
 Before me, the undersigned Notary Public in and for the jurisdiction listed above, appeared John R. Stoika,
who, upon being duly sworn by me, did state that he is the duly authorized President of Castex Energy, Inc., a Texas corporation that is general partner of Castex Energy 1995, L.P., a Texas limited partnership, and Rabbit
Island, L.P., a Texas limited partnership, and also is agent and attorney-in-fact of Browning Oil Company, Inc., a Texas corporation; Flare Resources Inc., a Texas corporation; J&S Oil and Gas, L.L.C., a Texas
limited liability company; and Kitty Hawk Energy, L.L.C., a Louisiana limited liability company, and did sign the foregoing instrument on behalf of each such entity as the free act and deed of each such entity for the purpose and
consideration therein stated. 
 GIVEN MY HAND AND SEAL OF OFFICE this 5th day of July 2006 in the aforesaid jurisdiction. 
  

			
		
	/s/ Robbie Van	 	[SEAL]
	Notary Public in and for State of Texas	 	ROBBIE VAN
	 Full name printed:_____________________________________
	 	NOTARY PUBLIC
	 Notarial commission number ____________________________
	 	STATE OF TEXAS EXPIRES
	 My commission expires ________________________________
	 	06-18-2008

 STATE OF TEXAS 
 COUNTY OF HARRIS 
 Before me, the undersigned Notary Public in and for the jurisdiction listed above, appeared John D. Schiller, Jr., who, upon being duly sworn by
me, did state that he is the duly authorized Chairman and CEO of Energy XXI Gulf Coast, Inc., a Delaware corporation, and did sign the foregoing instrument on behalf of said corporation as the free act and deed of said corporation for the
purpose and consideration therein stated. 
 GIVEN MY HAND AND SEAL OF OFFICE this 5th day of July 2006 in the aforesaid jurisdiction.

  

	
	
	/s/ Kari A. Hlavinka
	Notary Public in and for State of Texas
	 Full name printed: Kari A. Hlavinka

	 Notarial commission number ____________________________

	 My commission expires October 23, 2008

	
	[SEAL]

  

 Page 6 of 6Second Amendment to Purchase and Sale Agreement

 Exhibit 10.16 
 SECOND AMENDMENT TO 
 PURCHASE AND SALE AGREEMENT 
 WHEREAS Castex Energy, Inc., Castex Energy 1995, L.P., Browning Oil Company, Inc., Flare Resources Inc., J&S Oil and Gas, LLC, Kitty Hawk
Energy, L.L.C. and Rabbit Island, L.P. (collectively, “Sellers” and Energy XXI Gulf Coast, Inc. (“Buyer”; and with Sellers, the “Parties”) did enter into that certain Purchase and Sale Agreement
dated June 6, 2006, but effective June 1, 2006, as previously amended (collectively, the “Purchase and Sale Agreement”); and 
 WHEREAS it is the desire of the Parties to amend and clarify the Purchase and Sale Agreement, the form of Transition Agreement attached as Exhibit “W” to the Purchase and Sale Agreement (the
“Transition Agreement”) and the form of Participation Agreement attached as Exhibit “Y” to the Purchase and Sale Agreement (the “Participation Agreement”) as set forth below and the rights and
obligations of the Parties with respect thereto; 
 NOW, THEREFORE, in consideration of the mutual benefits and consideration set
forth herein and other valuable cause and consideration, the Parties hereby agree as follows: 
 1. The Defect Deadline (as defined in
Section 5.03(b) of the Purchase and Sale Agreement) is hereby extended to noon Houston Time on Thursday, July 13, 2006. Except for the Special Limited Warranty (as defined in Section 8.10(c) of the Purchase and Sale
Agreement), Buyer waives all Defects (as defined in Section 5.03(a) of the Purchase and Sale Agreement) not identified in Buyer’s Defect Notice letter dated July 13, 2006 (which Sellers acknowledge was received before the
Defect Deadline). 
 2. The time of the Closing (as defined in Section 7.01 of the Purchase and Sale Agreement) is hereby
extended to Thursday, July 27, 2006 at 10:00 a.m. 
 3. The wire transfer referenced in Section 7.04(b)(1) of the Purchase
and Sale Agreement shall be timely if made and confirmed at or before 2:00 P.M. Houston Time on Friday, July 28, 2006. Sellers’ obligations under Section 7.04(a) of the Purchase and Sale Agreement are conditioned upon (among
other things as provided in the Purchase and Sale Agreement) the confirmation of Sellers’ receipt of such wire transfer at or before this same time. 
 4. The Parties acknowledge that a successor-in-interest of Castex Energy, Inc. and Castex Energy 1995, L.P. as to the leases at Lake Boudreaux listed in Part II of Exhibit A to the Purchase and Sale Agreement
has not yet recorded certain assignments so that the public records may still reflect one or more of these Castex entities as owning in an interest in some or all of such leases. Accordingly, Exhibit H to the Purchase and Sale Agreement is
hereby amended to add the following paragraph (j): 
 (j) the right, title and interest (if any) of Castex Inc. or Castex 1995
in and to those Property Instruments, ROWs, Wells, Equipment and Contracts described under Part II on Exhibit A, Exhibit B, Exhibit C, Exhibit D or Exhibit E or any right, title or interest of Castex Inc. or Castex
1995 therein or in the property covered thereby or subject thereto. 
  

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 5. Exhibit E to the Purchase and Sale Agreement is hereby replaced with Exhibit 2 attached
hereto (which adds certain voluntary unit agreements and a JOA). 
 6. The percentage under the column “retained percentage” for
the Sunrise Field in the table under item (g) of Exhibit H to the Purchase and Sale Agreement is amended to read 72.222222%. The percentage under the column “Applicable Percentage” for the Sunrise Field in the table under item
(2) of Exhibit U to the Purchase and Sale Agreement is amended to read 27.777778%. 
 7. The various footnotes “*”in
Exhibit J to the Purchase and Sale Agreement are each changed to reference Section 5.08(c) of the Purchase and Sale Agreement (instead of Section 3.09(c) or 5.09(c), which do not exist). 
 8. The form of Transition Agreement to be executed at the closing under the Purchase and Sale Agreement shall be amended to clarify and provide in
Section 3(b) that the Operating Services (as defined therein) may also include without limitation the drilling, sidetracking, deepening, re-working, shutting-in and plugging of wells (whether existing or not yet spud) on or allocated (in whole
or in part) to the Properties (as defined in the Transition Agreement). 
 9. It is the intent of the Parties that, between the Purchase and
Sale Agreement and the Participation Agreement, Buyer be conveyed only an undivided one-half interest in the agreements listed on Exhibit “C” to the Participation Agreement. Accordingly, the form of Participation Agreement attached as
Exhibit “Y” to the Purchase and Sale Agreement is hereby substituted with the form attached hereto as Exhibit 1. 
 10. All other terms and conditions of the Purchase and Sale Agreement and of the Participation Agreement remain as written and are incorporated herein by reference. 
 [Remainder of page intentionally black; signature page follows] 
  

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 IN WITNESS WHEREOF, each of Buyer and Sellers has executed this Second Amendment to Purchase and
Sale Agreement in the presence of the undersigned competent witnesses on the date(s) specified in the attached acknowledgments but effective as of July 10, 2006. 
  

	
	SELLERS:

  

									
	CASTEX ENERGY, INC.	 		 	 CASTEX ENERGY 1995, L.P.
 By Castex Energy Inc., its general partner

					
	 By:
	 	 /s/ John R. Stoika
	 		 	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President
	 		 		 	 John R. Stoika, President

  

									
	 BROWNING OIL COMPANY, INC.,
 FLARE
RESOURCES INC.,
 J&S OIL AND GAS, LLC and 
 KITTY HAWK ENERGY, L.L.C.
 By Castex Energy, Inc., their agent-in-fact
	 		 	 RABBIT ISLAND, L.P.
 By Castex Energy Inc., its general partner

					
	 By:
	 	 /s/ John R. Stoika
	 		 	 By:
	 	 /s/ John R. Stoika

		 	 John R. Stoika, President
	 		 		 	 John R. Stoika, President

 Witnesses to all signatures above: 
  

					
			
	 /s/ L. Holeman
	 		 	 /s/ Whitney B. King

	 Name printed: L. Holeman
	 		 	 Name printed: Whitney B. King

  

	
	BUYER:

  

									
	Witnesses to Buyer’s signature:	 		 		 	ENERGY XXI GULF COAST, INC.
				
	 /s/ Glynn P. Broussard
	 		 	 By:
	 	 /s/ J. Granger Anderson III

	 Name printed: Glynn P. Broussard
	 		 		 	 J. Granger Anderson III
 Vice President, Land

	 /s/ Amy McCall
	 		 		 	
	 Name printed: Amy McCall
	 		 		 	

  

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 Acknowledgments 
 STATE OF TEXAS 
 COUNTY OF HARRIS 
 Before me, the undersigned Notary Public in and for the jurisdiction listed above, appeared John R. Stoika, who, upon being duly sworn by me, did state that he is the duly authorized President of Castex
Energy, Inc., a Texas corporation that is general partner of Castex Energy 1995, L.P., a Texas limited partnership, and Rabbit Island, L.P., a Texas limited partnership, and also is agent and attorney-in-fact of Browning Oil
Company, Inc., a Texas corporation; Flare Resources Inc., a Texas corporation; J&S Oil and Gas, LLC, a Texas limited liability company; and Kitty Hawk Energy, L.L.C., a Louisiana limited liability company, and did sign
the foregoing instrument on behalf of each such entity as the free act and deed of each such entity for the purpose and consideration therein stated. 
 GIVEN MY HAND AND SEAL OF OFFICE this 18th day of July 2006 in the aforesaid
jurisdiction. 
  

			
		
	/s/ Robbie Van	 	[SEAL]
	Notary Public in and for State of Texas	 	ROBBIE VAN
	 Full name printed:_____________________________________
	 	NOTARY PUBLIC
	 Notarial commission number ____________________________
	 	STATE OF TEXAS EXPIRES
	 My commission expires ________________________________
	 	06-18-2008

 STATE OF TEXAS 
 COUNTY OF HARRIS 
 Before me, the undersigned Notary Public in and for the jurisdiction listed above, appeared J. Granger
Anderson, III, who, upon being duly sworn by me, did state that he is the duly authorized Vice President of Land of Energy XXI Gulf Coast, Inc., a Delaware corporation, and did sign the foregoing instrument on behalf of said corporation
as the free act and deed of said corporation for the purpose and consideration therein stated. 
 GIVEN MY HAND AND SEAL OF OFFICE
this 19th day of July 2006 in the aforesaid jurisdiction. 
  

	
	
	/s/ Kari A. Hlavinka
	Notary Public in and for State of Texas
	 Full name printed: Kari A. Hlavinka

	 Notarial commission number ____________________________

	 My commission expires October 23, 2008

	
	[SEAL]

  

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