Document:

Exhibit 10.1 

 

AMENDED AND RESTATED SUBSCRIPTION ESCROW
AGREEMENT

 

THIS AMENDED AND RESTATED
SUBSCRIPTION ESCROW AGREEMENT dated as of June 16, 2014 (this “Agreement”), is entered into among Realty Capital
Securities, LLC (the “Dealer Manager”), American Energy Capital Partners, LP (the “Company”)
and UMB Bank, N.A., as escrow agent (the “Escrow Agent”). This Agreement supersedes and replaces the original
Subscription Escrow Agreement, dated as of May 8, 2014, by and between the Dealer Manager, the Company and the Escrow Agent, in
its entirety.

 

WHEREAS, the Company intends to raise
funds from Investors (as defined below) pursuant to a public offering (the “Offering”) for gross proceeds of
not less than $2,000,000 (the “Minimum Amount”) from the sale of limited partner interests of the
Company (the “Securities”), pursuant to the registration statement on Form S-1 of the Company (No. 333-192852)
(as amended, the “Offering Document”) a copy of which is attached as Exhibit A hereto.

 

WHEREAS, the Company desires to establish
an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent in accordance with the Offering
Document, to be held for the benefit of the Investors and the Company until such time as: (i) in the case of subscriptions received
from residents of Pennsylvania (“Pennsylvania Investors”), Securities sold in the Offering to all Investors
equal, in the aggregate, to $100,000,000 (the “Pennsylvania Minimum Amount”); (ii) in the case of subscriptions
received from residents of Arizona (“Arizona Investors”), Securities sold in the Offering to all Investors equal,
in the aggregate, to $10,000,000 (the “Arizona Minimum Amount”); and (iii) in the case of subscriptions received
from all other Investors, Securities sold in the Offering equal the Minimum Amount, in each case in accordance with the terms and
subject to the conditions of this Agreement.

 

WHEREAS, the Escrow
Agent is willing to accept appointment as escrow agent only for the express duties set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be
legally bound, hereby agree as follows:

 

1.          Proceeds
to be Escrowed. On or before the first date of the Offering, the Company shall establish an escrow account with the Escrow
Agent to be invested in accordance with Section 6 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF
UNITS OF AMERICAN ENERGY CAPITAL PARTNERS, LP.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities
(“Investors”, which term shall also include Arizona Investors and Pennsylvania Investors unless the context
otherwise requires) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within
one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon
receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement,
the Company or its agents shall cause all checks received by and made payable to it in payment for the Securities to be endorsed
for favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account.

 

The Company shall,
and shall cause its agents to, cooperate with the Escrow Agent in separately accounting for Investor Funds from Arizona Investors
and Pennsylvania Investors in the Escrow Account, and the Escrow Agent shall be entitled to rely upon information provided by the
Company or its agents in this regard.

 

The Escrow Agent shall
have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds.
If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been
released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such,
upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend
or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable
laws or to eliminate practices that are not consistent with the purposes of the Offering.

 

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2.          Investors.
Investors will be instructed by the Dealer Manager or any soliciting dealers retained by the Dealer Manager in connection with
the Offering (the “Soliciting Dealers”) to remit the purchase price in the form of checks (hereinafter “instruments
of payment”) payable to the order of, or funds wired in favor of, “UMB BANK, N.A., ESCROW AGENT FOR AMERICAN ENERGY
CAPITAL PARTNERS, LP.” Any checks made payable to a party other than the Escrow Agent shall be returned to the Dealer Manager
or Soliciting Dealer that submitted the check. By 12:00 p.m. (EST) the next business day after receipt of instruments of payment
from the Offering, the Company or the Dealer Manager shall furnish the Escrow Agent with a list of the Investors who have paid
for the Securities showing the name, address, tax identification number, the amount of Securities subscribed for purchase, the
amount paid and whether such Investors are Arizona Investors or Pennsylvania Investors. The information comprising the identity
of Investors shall be provided to the Escrow Agent in substantially the format set forth in the list of investors attached hereto
as Exhibit B (the “List of Investors”). The Escrow Agent shall be entitled to conclusively rely upon
the List of Investors in determining whether Investors are Arizona Investors and Pennsylvania Investors, and shall have no duty
to independently determine or verify the same. 

 

When a Soliciting Dealer’s
internal supervisory procedures are conducted at the site at which the subscription agreement and the check for the purchase of
Securities were initially received by Soliciting Dealer from the subscriber, such Soliciting Dealer shall transmit the subscription
agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check for the purchase
of Securities and subscription agreement. When, pursuant to such Soliciting Dealer’s internal supervisory procedures, such
Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review
Office”), such Soliciting Dealer shall transmit the check for the purchase of Securities and subscription agreement to
the Final Review Office by the end of the next business day following Soliciting Dealer’s receipt of the subscription agreement
and the check for the purchase of Securities. The Final Review Office will, by the end of the next business day following its receipt
of the subscription agreement and the check for the purchase of Securities, forward both the subscription agreement and such check
to the Escrow Agent. If any subscription agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company,
then the subscription agreement and check for the purchase of Securities will be returned to the rejected subscriber within ten
(10) business days from the date of rejection.

  

All Investor Funds
deposited in the Escrow Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or
creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands
and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow Account and no such funds shall
become the property of the Company, or any other entity except as released to the Company pursuant to Sections 3 or 4
hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose other than to fulfill its obligations
as Escrow Agent hereunder. The Company and the Escrow Agent will treat all Investor information as confidential. The Escrow Agent
shall not be required to accept any Investor Funds which are not accompanied by the information on the List of Investors.

 

3.          Disbursement
of Funds. Once proceeds from the sale of Securities equal the Minimum Amount (excluding Securities sold to Arizona Investors
and Pennsylvania Investors), the Company shall notify the Escrow Agent of the same in writing. Further, if the Minimum Amount has
not been sold on or prior to the Termination Date, the Company shall notify the Escrow Agent in writing of such. At the end of
the third business day following the Termination Date (as defined in Section 5), the Escrow Agent shall notify the Company
of the amount of the Investor Funds received. If the Minimum Amount has been obtained on or before the Termination Date, the Escrow
Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s
Chief Executive Officer, President or Chief Financial Officer to disburse the Investor Funds, subject to Sections 3 or 4,
the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account, except for amounts
payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent
agrees that funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written
instructions to release the funds from the Company’s Chief Executive Officer, President or Chief Financial Officer.

 

If the Company notifies
the Escrow Agent in writing that the Minimum Amount has not been obtained prior to the Termination Date, the Escrow Agent shall,
promptly following the Termination Date, but in no event more than ten (10) business days after the Termination Date, refund to
each Investor by check, funds deposited in

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the Escrow Account, or shall return the
instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection prior to such time,
directly to each Investor at the address provided on the List of Investors. Included in the remittance shall be a proportionate
share of the income earned in the account allocable to each Investor’s investment in accordance with the terms and conditions
specified herein, except that in the case of Investors who have not provided an executed Form W-9 or substitute Form W-9 (or the
applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage of the earnings
attributable to those Investors in accordance with Internal Revenue Service (“IRS”) regulations. Notwithstanding
the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been
collected by the Escrow Agent. 

  

If the Escrow Agent
receives written notice from the Company that the Company intends to reject an Investor’s subscription, the Escrow Agent
shall pay to the applicable Investor(s), within a reasonable time not to exceed ten (10) business days after receiving notice of
the rejection, by first class United States Mail at the address provided on the List of Investors, or at such other address as
shall be furnished to the Escrow Agent by the Investor in writing, all collected sums paid by the Investor for Securities and received
by the Escrow Agent, together with the interest earned on such Investor Funds (determined in accordance with the terms and conditions
specified herein).

 

4(a).          Disbursement
of Proceeds for Arizona Investors and Pennsylvania Investors. Notwithstanding the foregoing, proceeds from sales of Securities
to Arizona Investors and Pennsylvania Investors will not count towards meeting the Minimum Amount for purposes of Section 3.
Proceeds received from sales of Securities to Arizona Investors and Pennsylvania Investors will not be released from the Escrow
Account until the Arizona Minimum Amount or the Pennsylvania Minimum Amount, respectively, is obtained. If the Arizona Minimum
Amount or the Pennsylvania Minimum Amount is obtained at any time prior to the Termination Date, the Escrow Agent shall promptly
notify the Company and, upon receiving acknowledgement of such notice and written instructions from the Company’s Chief Executive
Officer, President or Chief Financial Officer, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds
in the Escrow Account representing proceeds from Arizona Investors or Pennsylvania Investors, as the case may be, except for amounts
payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent
agrees that the Arizona Minimum Amount and the Pennsylvania Minimum Amount in the Escrow Account shall not be released to the Company
until and unless the Escrow Agent receives written instructions to release the respective funds from the Company’s Chief
Executive Officer, President or Chief Financial Officer.

 

If the Arizona Minimum
Amount or the Pennsylvania Minimum Amount has not been obtained prior to the Termination Date, upon written instructions from the
Chief Executive Officer, President or Chief Financial Officer of American Energy Capital Partners GP, LLC (the “Managing
GP”), the Company’s general partner, the Escrow Agent shall promptly refund to each Arizona Investor or Pennsylvania
Investor, as the case may be, by check funds deposited in the Escrow Account, or shall return the instruments of payment delivered
to Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each Arizona Investor
or Pennsylvania Investor, as the case may be, at the address provided on the List of Investors. Included in the remittance shall
be a proportionate share of the income earned in the account allocable to each Arizona Investor’s or Pennsylvania Investor’s
investment, as the case may be, in accordance with the terms and conditions specified herein, except that in the case of Investors
who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of
the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent
shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent.

  

4(b).       Additional
Instructions Regarding Pennsylvania Investors. If the Escrow Agent is not in receipt of evidence of subscriptions accepted
on or before the close of business on such date that is 120 days after the initial effective date of the Offering Document by the
Securities and Exchange Commission (the “SEC”) (the “Initial Escrow Period”), and instruments
of payment dated not later than that date, for the purchase of Securities providing for total purchase proceeds from all nonaffiliated
sources that equal or exceed the Pennsylvania Minimum Amount, the Escrow Agent shall promptly notify the Company. Thereafter, the
Company or its agents shall send to each Pennsylvania Investor by certified mail within ten (10) calendar days after the end of
the Initial Escrow Period a notification substantially in the form of Exhibit E. If, pursuant to such notification, a Pennsylvania
Investor requests the return of his or her Investor Funds within ten (10) calendar days after receipt of the notification (the
“Request Period”), the Escrow Agent shall promptly refund directly to each Pennsylvania Investor the collected

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funds deposited in the Escrow Account on
behalf of such Pennsylvania Investor or shall return the instruments of payment delivered, but not yet processed for collection
prior to such time, to the address provided on the List of Investors, upon which the Escrow Agent shall be entitled to rely, together
with interest income earned as determined in accordance with the terms and conditions specified herein (which interest shall be
paid within five business days after the first business day of the succeeding month). Notwithstanding the above, if the Escrow
Agent has not received an executed Form W-9 or substitute Form W-9 for such Pennsylvania Investor, the Escrow Agent shall thereupon
remit an amount to such Pennsylvania Investor in accordance with the provisions hereof, withholding the applicable percentage for
backup withholding in accordance with IRS regulations, as then in effect, from any interest income earned on Investor Funds (determined
in accordance with the terms and conditions specified herein) attributable to such Pennsylvania Investor. However, the Escrow Agent
shall not be required to remit such payments until the Escrow Agent has collected funds represented by such payments. 

 

The Investor Funds
of Pennsylvania Investors who do not request the return of their Investor Funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically
upon the termination of the prior Successive Escrow Period, and the Company and Escrow Agent shall follow the notification and
payment procedure set forth above with respect to the Initial Escrow Period for each Successive Escrow Period until the occurrence
of the earliest of (i) the Termination Date, (ii) the receipt and acceptance by the Company of subscriptions for the purchase of
Securities with total purchase proceeds that equal or exceed the Pennsylvania Minimum Amount and the disbursement of the Escrow
Account on the terms specified herein, and (iii) all funds held in the Escrow Account having been returned to the Pennsylvania
Investors in accordance with the provisions hereof.

 

5.          Term
of Escrow. The “Termination Date” shall be the earliest of: (i) May 8, 2015, the one year anniversary of
the date the Offering Document was initially declared effective by the SEC, if the Minimum Amount has not been obtained prior to
such date; (ii) the close of business on May 8, 2016, the two year anniversary of the date the Offering Document was initially
declared effective by the SEC; (iii) the date on which all funds held in the Escrow Account are distributed to the Company or to
Investors pursuant to Section 3 and for Arizona Investors and Pennsylvania Investors, Section 4, and the Company
has informed the Escrow Agent in writing to close the Escrow Account; (iv) the date the Escrow Agent receives written notice from
the Company that it is abandoning the sale of the Securities; and (v) the date the Escrow Agent receives notice from the SEC or
any other federal regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has
remained in effect for at least twenty (20) days. After the Termination Date, the Company and its agents shall not deposit, and
the Escrow Agent shall not accept, any additional amounts representing payments by prospective Investors.

  

6.          Duty
and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and hold them subject
to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or the Dealer
Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering the
Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered as
adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to
herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation,
the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto),
and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not
be responsible for or be required to enforce any of the terms or conditions of the Offering Document or any other document related
to the Offering (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other
party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request,
consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or
other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. Concurrent with the
execution of this Agreement, the Company and the Dealer Manager shall each deliver to the Escrow Agent an authorized signers form
in the form of Exhibit C or Exhibit C-1 to this Agreement, as applicable. The Escrow Agent shall be under no obligation
to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction.
The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement and the Escrow
Agent shall not be liable for any action taken or omitted in good faith upon advice of such counsel. The Escrow Agent shall not
be liable for any

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action taken or omitted by it in good faith
except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful
misconduct was the primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants
or obligations, fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and
no implied duties, covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent.
If any disagreement between any of the parties to this Agreement, or between any of them and any other person, including any Investor,
resulting in adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent
is in doubt as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or
demands on it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in
any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and
the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have
been fully and finally adjudicated by a court of competent jurisdiction, or (ii) all differences shall have been adjudged and all
doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof in writing
signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment, decree
or levy of any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to
comply with and obey any such orders, judgments, decrees or levies. If any controversy should arise with respect to this Agreement,
the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction
to determine the rights of the parties. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL,
INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW
AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. The parties hereto agree
that the Escrow Agent has no role in the preparation of the Offering Document or any other document related to the Offering (including
the subscription agreement and exhibits thereto) and makes no representations or warranties with respect to the information contained
therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance with any
federal or state securities, disclosure or tax laws concerning the Offering Document or any other document related to the Offering
(including the subscription agreement and exhibits thereto) or the issuance, offering or sale of the Securities. The Escrow Agent
shall have no duty or obligation to monitor the application and use of the Investor Funds once transferred to the Company, that
being the sole obligation and responsibility of the Company. 

  

7.          Escrow
Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached
hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder
is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however,
that if (i) the conditions for the disbursement of funds under this Agreement are not fulfilled, (ii) the Escrow Agent renders
any material service not contemplated in this Agreement, (iii) there is any assignment of interest in the subject matter of this
Agreement, (iv) there is any material modification hereof, (v) if any material controversy arises hereunder, or (vi) the Escrow
Agent is made a party to any litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall
be reasonably compensated for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s
fees, occasioned by any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s
obligations under this Section 7 shall survive the resignation or removal of the Escrow Agent and the assignment or termination
of this Agreement.

 

8.          Investment
of Investor Funds. The Investor Funds shall be deposited in the Escrow Account in accordance with Section 1. The Escrow
Agent is hereby directed to invest all funds received under this Agreement, including principal and interest in a UMB Bank Money
Market Deposit Account. In the absence of written investment instructions from the Company to the contrary, the Escrow Agent is
hereby directed to invest the Investor Funds in UMB Money Market Special, a UMB Bank Money Market Deposit Account. Notwithstanding
the foregoing, Investor Funds shall not be invested in anything other than “Short Term Investments” in compliance with
Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The following are not permissible investments: (a) money market
mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s acceptance; (e) commercial
paper; and (f) municipal securities. Any interest received by the Escrow Agent with respect to the Investor Funds, including reinvested
interest shall become part of the Investor Funds, and shall be disbursed pursuant to Section 3 and for Arizona Investors
and Pennsylvania Investors, Section 4.

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The Escrow Agent shall
be entitled to sell or redeem any such investments as necessary to make any payments or distributions required under this Agreement.
The Escrow Agent shall have no responsibility or liability for any loss which may result from any investment made pursuant to this
Agreement, or for any loss resulting from the sale of such investment. The parties acknowledge that the Escrow Agent is not providing
investment supervision, recommendations, or advice. 

 

On or prior to the
date of this Agreement, the Company shall provide the Escrow Agent with a certified tax identification number by furnishing an
appropriate IRS form W-9 or W-8 (or substitute Form W-9 or W-8) and other forms and documents that the Escrow Agent may reasonably
request, including without limitation a tax form for each Investor. The Company understands that if such tax reporting documentation
is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to
withhold a portion of any interest or other income earned on the Investor Funds pursuant to this Agreement. For tax reporting purposes,
all interest and other income from investment of the Investor Funds shall, as of the end of each calendar year and to the extent
required by the IRS, be reported as having been earned by the party to whom such interest or other income is distributed, in the
year in which it is distributed.

 

The Company agrees
to indemnify and hold the Escrow Agent harmless from and against any taxes, additions for late payment, interest, penalties and
other expenses that may be assessed against the Escrow Agent on or with respect to any payment or other activities under this Agreement
unless any such tax, addition for late payment, interest, penalties and other expenses shall be determined by a court of competent
jurisdiction to have been caused by the Escrow Agent’s gross negligence or willful misconduct. The terms of this Section
shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. 

 

9.          Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission
if sent by facsimile/email transmission bearing an authorized signature to the facsimile number/email address given below, and
written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal
Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the
fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage
prepaid, and properly addressed, return receipt requested, to the party as follows:

 

If to the Company:

 

American Energy Capital

Partners, LP

405 Park Avenue

New York, New York 10022

Fax: (212) 421-5799

Attention: Edward M. Weil, Jr.

 

with a copy to:

 

Kunzman & Bollinger, Inc.

5100 N. Brookline, Suite 600

Oklahoma City, Oklahoma 73112

Telephone: (405) 942-3501

Fax: (405) 942-3527

Attention: Gerald A. Bollinger, Esq.

 

If to the Dealer Manager:

 

Realty Capital Securities, LLC

One Beacon Street

    	6

    	 

    

 

 

14th Floor

Boston, Massachusetts 02108

Attention: Louisa H. Quarto, President

  

with a copy to:

 

Kunzman & Bollinger, Inc.

5100 N. Brookline, Suite 600

Oklahoma City, Oklahoma 73112

Telephone: (405) 942-3501

Fax: (405) 942-3527

Attention: Gerald A. Bollinger, Esq.

 

and:

 

American Energy Capital Partners, LP

405 Park Avenue

New York, New York 10022

Fax: (212) 421-5799

Attention: Edward M. Weil, Jr.

 

If to Escrow Agent:

 

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention: Lara L. Stevens, Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

Email: lara.stevens@umb.com

 

Any party may change its address for purposes
of this Section by giving the other party written notice of the new address in the manner set forth above.

 

10.         Indemnification
of Escrow Agent. The Company and the Dealer Manager hereby agree to, jointly and severally, indemnify, defend and hold harmless
the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable
counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against
the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates unless
such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily
caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination
of this Agreement and the resignation or removal of the Escrow Agent.

 

11.         Successors
and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors
and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged,
or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business
and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this
Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution
or filing of any instrument or paper or the performance of any further act.

 

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12.         Governing
Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal
laws of the State of New York, without giving effect to the principles of conflicts of laws thereof. 

 

13.         Severability.
If any provision of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable,
said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain
in full force and effect.

 

14.         Amendments;
Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions
hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving
compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or warranty
contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver
of any such condition, or of the breach of any other provision, term, covenant, representation, or warranty of this Agreement.
The Company and the Dealer Manager agree that any requested waiver, modification or amendment of this Agreement shall be consistent
with the terms of the Offering.

  

15.         Entire
Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the escrow
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with
regard to such escrow.

 

16.         Section
Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

 

17.         Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in counterparts, each
of which shall be deemed an original, but all of which shall constitute the same instrument. Copies, telecopies, facsimiles, electronic
files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts of such original
documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law.

 

18.         Resignation.
The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor escrow agent is not
appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction
to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon the Escrow Agent’s duties
hereunder shall terminate.

 

19.         References
to Escrow Agent. Other than the Offering Document, any of the other documents related to the Offering (including the subscription
agreement and exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including,
without limitation, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers,
or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s
behalf, unless the Escrow Agent shall first have given its specific written consent thereto. Notwithstanding the foregoing, any
amendment or supplement to the Offering Document or any other document related to the Offering (including the subscription agreement
and exhibits thereto) that revises, alters, modifies, changes or adds to the description of the Escrow Agent or its rights, powers
or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or Dealer Manager’s
behalf, unless the Escrow Agent has first given specific written consent thereto.

 

20.         Patriot
Act Compliance; OFAC Search Duties. The Company shall provide to the Escrow Agent upon the execution of this Agreement any
documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001,
as amended from time to time. The Escrow Agent, or its agent, shall complete a search with the Office of Foreign Assets Control
(“OFAC Search”), in compliance with its policy and procedures, of each subscription check for the purchase of
Securities and shall inform the Company if a subscription check for the purchase of Securities fails the OFAC Search.

 

    	8

    	 

    

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Amended and Restated Subscription Escrow Agreement to be executed the date and year first set forth above.

 

 

AMERICAN ENERGY CAPITAL PARTNERS, LP

 

By: American Energy Capital Partners GP,
LLC

 

 

	By:	 /s/ Edward M. Weil, Jr.	 
	 	Name: Edward M. Weil, Jr.	 
	 	Title: Chief Executive Officer and President
	
         

         
	 	 
	REALTY CAPITAL SECURITIES, LLC	 
	 	 	 
	By:	 /s/Louisa H. Quarto	 
	 	Name: Louisa H. Quarto	 
	 	Title: President	 
	
         

         
	 	 
	 	 
	UMB BANK, N.A., as Escrow Agent	 
	 	 	 
	By:	 /s/ Lara L. Stevens	 
	 	Name: Lara L. Stevens	 
	 	Title: Vice President	 

 

 

    	9

    	 

    

 

 

Exhibit A

 

Copy of Offering Document

 

 

    	10

    	 

    

 

 

Exhibit B

 

List of Investors

 

Pursuant to the Amended and Restated Subscription
Escrow Agreement dated as of June 16, 2014, among Realty Capital Securities, LLC, American Energy Capital Partners, LP (the “Company”),
and UMB Bank, N.A. (the “Escrow Agent”), the Company or its agents hereby certifies that the following Investors
have paid money for the purchase of limited partner interests of the Company (“Securities”), and the money has
been deposited with the Escrow Agent:

 

	 	1.	
        Name of Investor

        Address

        Tax Identification Number

        Amount of Securities subscribed for

        Amount of money paid and deposited with Escrow Agent

        Is Investor a resident of Arizona (Yes or No)?

        Is Investor a resident of Pennsylvania (Yes or No)?

 

 

	 	2.	
        Name of Investor

        Address

        Tax Identification Number

        Amount of Securities subscribed for

        Amount of money paid and deposited with Escrow Agent

        Is Investor a resident of Arizona (Yes or No)?

        Is Investor a resident of Pennsylvania (Yes or No)?

 

 

 

	Dated:	 	 

 

REALTY CAPITAL SECURITIES, LLC

 

	By:	 	 
	 	Name: Louisa H. Quarto	 
	 	Title: President	 

 

	 
	 

 

    	11

    	 

    

 

 

Exhibit C

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of American Energy Capital Partners
GP, LLC, the general partner of American Energy Capital Partners, LP, and are authorized to initiate and approve transactions of
all types for the above-mentioned account on behalf of American Energy Capital Partners, LP.

 

	Name/Title	Specimen Signature
	 	 
	
        Edward M. Weil, Jr.

        Chief Executive Officer and President
	/s/Edward M. Weil, Jr. 
	Signature
	 	 
	
        Nicholas Radesca

        Chief Financial Officer and Treasurer
	/s/ Nicholas Radesca
	Signature
	 	 
	
        Peter M. Budko

        Executive Vice President and Secretary
	/s/Peter M. Budko 
	Signature

 

	 
	 

 

    	12

    	 

    

 

 

Exhibit C-1

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of Realty Capital Securities,
LLC and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Realty Capital
Securities, LLC.

 

	Name/Title	Specimen Signature
	 	 
	
        Edward M. Weil, Jr.

        Chairman
	/s/Edward M. Weil, Jr 
	Signature
	 	 
	
        Louisa H. Quarto

        President
	/s/ Louisa H. Quarto 
	Signature
	 	 
	
        John H. Grady

        Chief Operating Officer
	/s/ John H. Grady 
	Signature

 

	 
	 

 

    	13

    	 

    

 

 

Exhibit D

 

ESCROW FEES AND EXPENSES

 

Acceptance Fee

 

Review escrow agreement, establish account $3,000

DST Agency Engagement (if applicable) $250

 

Annual Fees

 

Annual Escrow Agent $2,500

Outgoing Wire Transfer $15 each

Daily Recon File to Transfer Agent $2.50 per Bus. Day

Web Exchange Access $15 per month

Overnight Delivery/Mailings $16.50 each

IRS Tax Reporting $10 per 1099

 

Fees specified are for the regular, routine
services contemplated by the Amended and Restated Subscription Escrow Agreement, and any additional or extraordinary services,
including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy
or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. In addition to the
specified fees, all expenses related to the administration of the Amended and Restated Subscription Escrow Agreement (other than
normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile,
supplies, legal fees, accounting fees, etc., will be reimbursable.

 

Acceptance fee and first year Annual Escrow
Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be billed in advance and
transactional fees will be billed in arrears. Other fees and expenses will be billed as incurred.

 

	 
	 

 

    	14

    	 

    

 

 

Exhibit E

 

[Form of Notice to Pennsylvania Investors]

 

You have tendered a subscription to purchase
shares of limited partner interests of American Energy Capital Partners, LP (the “Company”). Your subscription
is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept
subscriptions from Pennsylvania residents until an aggregate of $100,000,000 of gross offering proceeds have been received by the
Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every
120 days during the offering period Pennsylvania Investors may request that their subscription be returned. If you wish to continue
your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required.

 

If you wish to terminate your subscription
for the Company’s limited partner interests and have your subscription returned please so indicate below, sign, date, and
return to the Escrow Agent, UMB Bank, N.A. at 1010 Grand Blvd., 4th Floor, Mail Stop: 1020409, Kansas City, Missouri 64106, Attn:
Lara L. Stevens, Corporate Trust.

 

I hereby terminate my prior subscription
to purchase limited partner interests of the Company and request the return of my subscription funds. I certify to the Company
that I am a resident of Pennsylvania.

 

	Signature:	 
	 	 
	Name:	 
	 	(please print)
	 	 
	Date:	 

 

Please send the subscription refund to:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	15Exhibit 10.2

 

Execution Version

 

 

MANAGEMENT SERVICES AGREEMENT

 

 

 

BY AND AMONG

 

 

 

AECP MANAGEMENT, LLC,

an Oklahoma Limited Liability Company

 

 

 

AMERICAN ENERGY CAPITAL PARTNERS, LP

a Delaware Limited Partnership

 

 

 

AND

 

 

 

AECP OPERATING COMPANY, LLC

a Delaware Limited Liability Company and

Wholly Owned Subsidiary of AECP LP

 

 

 

Dated June 16, 2014

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

	ARTICLE I Defined Terms, Interpretation 	 	 	1	 
	 	 	 	 	 	 	 
	Section 1.1	 	Defined Terms	 	 	1	 
	 	 	 	 	 	 	 
	Section 1.2	 	References and Titles	 	 	13	 
	 	 	 	 	 	 	 
	ARTICLE II Management Services 	 	 	13	 
	 	 	 	 	 	 	 
	Section 2.1	 	Engagement of Manager	 	 	13	 
	 	 	 	 	 	 	 
	Section 2.2	 	Direction of Result of
    Management Services	 	 	13	 
	 	 	 	 	 	 	 
	Section 2.3	 	Management Standards	 	 	14	 
	 	 	 	 	 	 	 
	Section 2.4	 	Records; Financial Reports;
    Instruments of Service	 	 	14	 
	 	 	 	 	 	 	 
	Section 2.5	 	Certain Limitations on
    Management Services	 	 	14	 
	 	 	 	 	 	 	 
	Section 2.6	 	Well Operations	 	 	15	 
	 	 	 	 	 	 	 
	Section 2.7	 	Limitations on Farmouts
    to Affiliates of the Manager	 	 	15	 
	 	 	 	 	 	 	 
	Section 2.8	 	Limitation on Rendering
    Certain Oilfield Equipment, Supplies and Services	 	 	16	 
	 	 	 	 	 	 	 
	ARTICLE III Financial Administration 	 	 	17	 
	 	 	 	 	 	 	 
	Section 3.1	 	Budget.	 	 	17	 
	 	 	 	 	 	 	 
	Section 3.2	 	Cash Management	 	 	18	 
	 	 	 	 	 	 	 
	Section 3.3	 	Revenues and Joint Interest
    Billings	 	 	19	 
	 	 	 	 	 	 	 
	Section 3.4	 	Manager Payments	 	 	19	 
	 	 	 	 	 	 	 
	Section 3.5	 	Payment to Owner	 	 	19	 
	 	 	 	 	 	 	 
	ARTICLE IV Contract Administration; Power of Attorney 	 	 	19	 
	 	 	 	 	 	 	 
	Section 4.1	 	Contract Administration	 	 	19	 
	 	 	 	 	 	 	 
	Section 4.2	 	Purchases for the Owner	 	 	19	 
	 	 	 	 	 	 	 
	Section 4.3	 	Affiliate Transactions	 	 	20	 
	 	 	 	 	 	 	 
	Section 4.4	 	Power of Attorney	 	 	20	 
	 	 	 	 	 	 	 
	ARTICLE V Compensation and Expenses 	 	 	20	 
	 	 	 	 	 	 	 
	Section 5.1	 	Management Fee	 	 	20	 
	 	 	 	 	 	 	 
	Section 5.2	 	Reimbursement of Organization
    and Offering Expenses; Reimbursement of Out-of-Pocket Expenses	 	 	21	 
	 	 	 	 	 	 	 
	Section 5.3	 	Acquisition Fee and Acquisition
    Expenses	 	 	23	 
	 	 	 	 	 	 	 
	Section 5.4	 	Disposition Fee and Disposition
    Expenses	 	 	24	 
	 	 	 	 	 	 	 
	Section 5.5	 	Financing Coordination
    Fee	 	 	25	 
	 	 	 	 	 	 	 
	Section 5.6	 	Direct Expenses	 	 	26	 
	 	 	 	 	 	 	 
	ARTICLE VI Representations, Warranties and Covenants 	 	 	26	 

 

    	i

    	 

    

	 	 	 	 	 	 	 
	ARTICLE VII Additional Agreements of Manager; Restrictions on Manager 	 	 	27	 
	 	 	 	 	 	 	 
	Section 7.1	 	Compliance with Laws	 	 	27	 
	 	 	 	 	 	 	 
	Section 7.2	 	Compliance with Obligations	 	 	27	 
	 	 	 	 	 	 	 
	Section 7.3	 	Prohibited Acts	 	 	27	 
	 	 	 	 	 	 	 
	Section 7.4	 	Emergencies	 	 	30	 
	 	 	 	 	 	 	 
	Section 7.5	 	Manager’s Insurance	 	 	31	 
	 	 	 	 	 	 	 
	ARTICLE VIII Personnel Administration 	 	 	31	 
	 	 	 	 	 	 	 
	Section 8.1	 	General	 	 	31	 
	 	 	 	 	 	 	 
	Section 8.2	 	Responsibility	 	 	31	 
	 	 	 	 	 	 	 
	ARTICLE IX Investment Opportunities 	 	 	31	 
	 	 	 	 	 	 	 
	Section 9.1	 	Investment Opportunities.	 	 	31	 
	 	 	 	 	 	 	 
	Section 9.2	 	Initial Budget; Revisions
    to Budget.	 	 	33	 
	 	 	 	 	 	 	 
	ARTICLE X Term; Termination 	 	 	33	 
	 	 	 	 	 	 	 
	Section 10.1	 	Term	 	 	33	 
	 	 	 	 	 	 	 
	Section 10.2	 	Termination	 	 	34	 
	 	 	 	 	 	 	 
	Section 10.3	 	Transition Services	 	 	35	 
	 	 	 	 	 	 	 
	Section 10.4	 	Effect of Termination	 	 	35	 
	 	 	 	 	 	 	 
	ARTICLE XI Indemnification; Liability of the Parties 	 	 	35	 
	 	 	 	 	 	 	 
	Section 11.1	 	Indemnification	 	 	35	 
	 	 	 	 	 	 	 
	Section 11.2	 		 	 	37	 
	 	 	 	 	 	 	 
	Section 11.3	 	Indemnification Procedure	 	 	37	 
	 	 	 	 	 	 	 
	Section 11.4	 	Limitation on Consequential
    and Other Damages	 	 	38	 
	 	 	 	 	 	 	 
	Section 11.5	 	Manager Liability	 	 	38	 
	 	 	 	 	 	 	 
	Section 11.6	 	Conspicuous	 	 	39	 
	 	 	 	 	 	 	 
	ARTICLE XII Force Majeure 	 	 	39	 
	 	 	 	 	 	 	 
	ARTICLE XIII Miscellaneous 	 	 	39	 
	 	 	 	 	 	 	 
	Section 13.1	 	Time	 	 	39	 
	 	 	 	 	 	 	 
	Section 13.2	 	Independent Contractor	 	 	39	 
	 	 	 	 	 	 	 
	Section 13.3	 	Notices	 	 	39	 
	 	 	 	 	 	 	 
	Section 13.4	 	Cooperation	 	 	41	 
	 	 	 	 	 	 	 
	Section 13.5	 	No Third Party Beneficiaries	 	 	41	 
	 	 	 	 	 	 	 
	Section 13.6	 	Cumulative Remedies	 	 	41	 
	 	 	 	 	 	 	 
	Section 13.7	 	Governing Law; Jurisdiction;
    Waiver of Jury Trial	 	 	41	 
	 	 	 	 	 	 	 
	Section 13.8	 	Entire Agreement	 	 	42	 

 

    	ii

    	 

    

	 	 	 	 	 	 	 
	Section 13.9	 	Assignment	 	 	42	 
	 	 	 	 	 	 	 
	Section 13.10	 	Amendment	 	 	42	 
	 	 	 	 	 	 	 
	Section 13.11	 	Severability	 	 	42	 
	 	 	 	 	 	 	 
	Section 13.12	 	Waiver	 	 	43	 
	 	 	 	 	 	 	 
	Section 13.13	 	Counterparts; Facsimiles;
    Electronic Transmission	 	 	43	 
	 	 	 	 	 	 	 
	Section 13.14	 	Corporate Opportunity	 	 	43	 
	 	 	 	 	 	 	 
	Section 13.15	 	Joint Acknowledgement	 	 	43	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	EXHIBITS:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Exhibit
    A	 	Scope of Services	 	 	A-1	 
	 	 	 	 	 	 	 
	Exhibit
    B	 	Insurance	 	 	B-1	 
	 	 	 	 	 	 	 
	Exhibit
    C	 	Cost Reimbursement	 	 	C-1	 
	 	 	 	 	 	 	 
	Exhibit
    D	 	Operating Agreement	 	 	D-1	 
	 	 	 	 	 	 	 

 

    	iii

    	 

    

 

MANAGEMENT SERVICES AGREEMENT

 

This MANAGEMENT SERVICES
AGREEMENT (this “Agreement”), dated as of June 16, 2014 and effective for all purposes as of the 16th
day of June, 2014 (the “Effective Date”), is by and among AECP
MANAGEMENT, LLC, an Oklahoma limited liability company (the “Manager”), American
Energy CAPITAL PARTNERS, LP, a Delaware limited partnership (“AECP LP”), and AECp
OPERATING COMPANY, LLC, a Delaware limited liability company and a wholly owned subsidiary of AECP LP (the “Owner”).
The Manager, AECP LP and Owner are referred to herein individually as a “Party,” and collectively as
the “Parties.” Capitalized terms used but not defined herein shall have the meanings assigned to such
terms in Article I.

 

BACKGROUND:

 

A.AECP GP is the
sole general partner of AECP LP; and

 

B.The Owner is
engaged in the Business; and

 

C.The Manager is
experienced and skilled in the conduct of business in the oil and gas acquisition, exploration, development and production industry,
and has the ability to provide technical, commercial, financing and management services that may be necessary or useful to the
Owner; and

 

D.The Owner desires
to engage the Manager to perform and provide, and the Manager desires to perform and provide for and on behalf of the Owner, the
Services as set forth herein and in accordance with the terms and conditions hereof.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
I

Defined Terms, Interpretation

 

Section 1.1Defined
Terms. As used in this Agreement, each of the following terms has the meaning given in this Section 1 as follows:

 

“Acquisition
Expenses” means any and all expenses, including but not limited to legal fees and expenses, travel, lodging and communications
expenses, financial advisory fees, brokerage fees, costs of appraisals, engineering fees and expenses, third party consultant fees
and expenses, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums and
the costs of performing due diligence (including, without limitation, title, environmental, general land services and similar due
diligence), but excluding Acquisition Fees, in each case incurred by AECP LP, the Owner, the Manager or any of their Affiliates
in connection with the selection,

 

    	 

    	 

    

 

evaluation, acquisition, origination,
making or development of any Property Acquisition, whether or not acquired.

 

“Acquisition
Fee” means the fee payable to the Manager pursuant to Section 5.3.

 

“AECP
GP” means American Energy Capital Partners, GP LLC, a Delaware limited liability company and the general partner
of AECP LP.

 

“AECP
LP” has the meaning specified in the introductory paragraph.

 

“Affiliate”
means, with respect to any Person, each other Person that directly or indirectly (through one or more intermediaries or otherwise)
controls, is controlled by, or is under common control with such Person, provided, however, that the Parties specifically
acknowledge and agree that for purposes of this Agreement none of AECP GP, AECP LP or the Owner is an Affiliate of the Manager.

 

“Agreement”
means this Agreement, as amended, supplemented or modified from time to time.

 

“Approved
Credit Facility” means a revolving or other credit facility entered into by AECP LP, the Owner or a Subsidiary of
the Owner.

 

“Assets”
means (a) the Leases; (b) the Wells; (c) all royalty, overriding royalty, production payments, net profits interests and other
interests in oil and gas properties owned by the Owner and its Subsidiaries; (d) all tangible personal property, equipment,
machinery, inventory, supplies, spare parts, fixtures and improvements that are a part of any Lease or Well or are owned by or
in the possession of the Owner and its Subsidiaries; and (e) all files, records and business data that relate to any Lease or Well
or any of the business of the Owner and its Subsidiaries.

 

“Bankruptcy”
means, with respect to any Person, the occurrence of any of the following events, conditions or circumstances: (i) such Person
shall file a voluntary petition in bankruptcy or shall be adjudicated as bankrupt or insolvent, or shall file any petition or answer
or consent seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself
under the United States Bankruptcy Reform Act of 1978 (the “Bankruptcy Code”) or any present or future
applicable federal, state or other statute or Law relating to bankruptcy, insolvency, reorganization or other relief for debtors,
or shall seek or consent to, or acquiesce in, the appointment of any trustee, receiver, conservator or liquidator of such Person
or of all or any substantial part of its properties (the term “acquiesce,” as used in this definition, includes the
failure to file a petition or motion to vacate or discharge any order, judgment or decree within 20 days, after entry of such order,
judgment or decree); (ii) an involuntary case or other proceeding shall be commenced against such Person seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief with respect to such Person or its debts under
the Bankruptcy Code or any present or future applicable federal, state or other statute or Law relating to bankruptcy, insolvency,
reorganization or other relief for debtors, or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of it or any substantial part

 

    	2

    	 

    

 

of its property, and such involuntary
case or other proceeding shall remain undismissed or unstayed for a period of 90 consecutive days, (iii) a court of competent jurisdiction
shall enter an order, judgment or decree approving a petition filed against such Person seeking a reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under the Bankruptcy Code, or any other present or future
applicable federal, state or other statute or law relating to bankruptcy, insolvency, reorganization or other relief for debtors,
and such Person shall acquiesce in the entry of such order, judgment or decree or such order, judgment or decree shall remain unvacated
and unstayed for an aggregate of 90 days (whether or not consecutive) from the date of entry thereof, or any trustee, receiver,
conservator or liquidator of such Person or of all or any substantial part of its property shall be appointed without the consent
or acquiescence of such Person and such appointment shall remain unvacated and unstayed for an aggregate of 90 days (whether or
not consecutive); (iv) such Person shall admit in writing its inability to pay its debts as they mature or shall generally not
be paying its debts as they become due; or (v) such Person shall make a general assignment for the benefit of creditors or take
any other similar action for the protection or benefit of creditors.

 

“Basket
Amount” means the following: (i) prior to 90 days following the second Fiscal Year after the occurrence of the Full
Investment Date, 2.0% of the aggregate capital contributions to AECP LP made on or before such date, and (ii) beginning on the
90th day following the second Fiscal Year after the occurrence of the Full Investment Date, 2.0% of the after tax present value,
discounted at 10%, of the cash flows attributable to AECP LP’s consolidated estimated net proved reserves as set forth in
AECP LP’s financial statements filed with the Securities and Exchange Commission (or, if at any time after the second Fiscal
Year after the Full Investment Date AECP LP shall no longer be required to file its financial statements with the Securities and
Exchange Commission, then as set forth in AECP LP’s consolidated financial statements prepared in accordance with GAAP).

 

“Budget”
means the budget approved pursuant to Section 3.1(a), as amended and revised from time to time in accordance with Section
3.1(b).

 

“Business”
of the Owner and its subsidiaries is (a) to acquire, hold, maintain, renew, drill, develop, operate and sell working interests,
net profits interests, leasehold interests, royalties, and other types of oil and gas interests and/or equity interests in corporate,
limited liability company or partnership entities owning oil and gas interests; (b) to produce, collect, store, treat, deliver,
market, sell, farm-out or otherwise dispose of oil, gas and related hydrocarbons and minerals from its properties and interests;
and (c) to take all such other actions incidental to any of the foregoing as may be necessary or desirable.

 

“Business
Day” means any day other than Saturday or Sunday or any day on which commercial banks in Oklahoma City, Oklahoma
or New York, New York are authorized or required by law to close.

 

“Calendar
Month” means any of the months in the Gregorian calendar.

 

    	3

    	 

    

 

“Calendar
Quarter” means the calendar quarter of each Calendar Year ending March 31, June 30, September 30 and December
31.

 

“Calendar
Year” means a 12 consecutive Calendar Month period commencing on January 1, but the first Calendar Year will begin
on the Effective Date and the last Calendar Year will end on the date Owner is dissolved.

 

“Common
Units” means common units consisting of limited partner interests of AECP LP issued by AECP LP to Investors in the
Offering.

 

“Company
Agreement” means the First Amended and Restated Limited Liability Company Agreement of AECP GP, as same may be amended,
supplemented or restated during the term of this Agreement.

 

“Contract
Purchase Price” means the total consideration, including any “carried interest” consideration or deferred
or “earn-out” payments when paid by AECP LP or the Owner in connection with the acquisition from any seller(s) of any
Property Acquisition. With respect to any acquisition that consists, in whole or in part, of the contribution to AECP LP or the
Owner by the owner(s) of the property Acquisition in consideration for equity interests of AECP LP, such equity interests shall
be determined to have the fair market value mutually agreed by AECP GP and the Manager.

 

“Contract
Sales Price” means the total consideration, including any “carried interest” consideration or deferred
or “earn-out” payments when received by AECP LP or the Owner for the sale or other disposition of any Assets (other
than sales of oil, gas and other hydrocarbons produced from the Assets in the ordinary course of business). With respect to any
sale or disposition of Assets that consists, in whole or in part, of the receipt by AECP LP or the Owner of non-cash consideration,
such non-cash consideration shall be determined to have the fair market value mutually agreed by AECP GP and the Manager.

 

“Control”
(including collective meanings, “controlling,” “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 

“Dealer
Manager” means Realty Capital Securities, LLC, or such other Person selected by AECP GP to act as the dealer manager
of the Offering.

 

“Dealer
Manager Fee” means a fee of three percent (3.0%) of the Gross Proceeds that is payable to the Dealer Manager for
serving as the dealer manager of the Offering.

 

“Default
Amount” has the meaning specified in Section 5.3.

 

“Default
Rate” means, on the date of determination, the Prime Rate (as published in the “Money Rates” table of
the Wall Street Journal, eastern edition) plus an additional 2.0 percentage points (that is, 200 basis points; or, if such rate
is at any time contrary to

 

    	4

    	 

    

 

any applicable Law, then “Default
Rate” shall be reduced to mean the maximum rate permitted by applicable Law).

 

“Development
Activities” means all operations and activities related to the development of the Assets, including the drilling
of any Development Wells, recompletions, workovers and operations subsequent to a well reaching its objective depth on any Lease
or other prospect held by the Owner or its subsidiaries and related proposals, activities and operations required to commence and
sustain production from such well(s), including the design, fabrication or other acquisition, and installation, of a related development
system.

 

“Development
Well” means a well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon
known to be productive.

 

“Disposition
Expenses” means any and all expenses, exclusive of Disposition Fees, incurred by AECP LP, the Owner, the Manager
or any of their Affiliates in connection with the sale or other disposition, or proposed sale or other disposition, of all or any
portion of the Assets (other than the sale of oil, gas or other hydrocarbons produced from the Assets), whether or not sold or
otherwise disposed of, including, without limitation, legal fees and expenses, travel, lodging and communications expenses, brokerage
fees, costs of appraisals, engineering fees and expenses, third party consultant fees and expenses, accounting fees and expenses,
title insurance premiums and the costs of performing engineering, environmental, title, general land services and other due diligence.

 

“Disposition
Fee” means the fee payable to the Manager pursuant to Section 5.4.

 

“Draft
Budget” has the meaning specified in Section 3.1(a).

 

“DRULPA”
means the Delaware Revised Uniform Limited Partnership Act or any successor statute, as amended from time to time.

 

“Economic
Run” means data and other information, delivered in written or electronic formats, necessary to present a base case,
an upside case and a downside case economic analysis of a Property Acquisition, including, at a minimum and without limitation,
the following:

 

(a)Cash
flow financial model analysis, including:

 

(i)a calculation
of the Property Acquisition internal rate of return using such assumptions with respect to leverage, debt amortization and general
and administrative expenses and management fees as Manager and Owner mutually agree at any time and from time to time are appropriate
for financial modeling purposes with respect to Property Acquisitions; and

 

(ii)projected
financial results from the Property Acquisition;

 

    	5

    	 

    

 

(b)supporting
property-level reserve reports prepared by either qualified internal or independent reserve engineers as determined by the Manager
in its discretion; and

 

(c)a
cash flow analysis showing the projected impact of the Property Acquisition on the projected cash flow of the Owner.

 

“Effective
Date” has the meaning specified in the introductory paragraph of this Agreement.

 

“Emergency”
means any sudden or unexpected event which causes, or risks causing, (a) substantial damage to any Asset or the property of a Third
Party, or (b) death of or injury to any Person, (c) damage or substantial risk of damage to natural resources (including wildlife)
or the environment, (d) safety concerns associated with continued operations or (e) non-compliance with applicable Law, in each
case which event is of such a nature that a response cannot, in the reasonable discretion of Manager, await the decision of Owner.
For the avoidance of doubt, an “Emergency” shall include any release or threatened release of Hazardous Substances
into the environment that requires notification to any Governmental Authority under applicable Law.

 

“Employee”
means each employee or individual independent contractor of Manager.

 

“Excluded
Area” means the Utica Shale area in Ohio, West Virginia and Pennsylvania, the Woodford Shale area in Central Northern
Oklahoma, the Wolfcamp play area of the southern Permian Basin in West Texas and the core of the liquids rich portion of the Marcellus
Shale play in Northern West Virginia.

 

“Excluded
Assets” means leasehold interests, working interests, royalty, overriding royalty, production payments, net profits
interests and other interests in developed and undeveloped oil and gas properties, including, without limitation, Leases and Wells,
in the Excluded Area.

 

“Expense
Cap” has the meaning specified in Section 5.2(a).

 

“Farmout”
means an agreement whereby the owner of the leasehold or working interest agrees to assign its interest in certain specific acreage
to the assignee, while retaining an interest such as an overriding royalty interest, an oil and gas payment, offset acreage or
other type of interest, subject to the drilling of one or more specific wells or other performance as a condition of the assignment.

 

“Financing
Coordination Fee” has the meaning specified in Section 5.5.

 

“Force
Majeure Event” means any cause or event not reasonably within the control of the Party whose performance is sought
to be excused thereby including the following causes and events (solely to the extent such causes and events are not reasonably
within the control of the Party claiming suspension), which list of events is not exhaustive: acts of God, strikes, lockouts, or
other industrial disputes or disturbances,

 

    	6

    	 

    

 

acts of the public enemy, wars,
blockades, insurrections, civil disturbances and riots, epidemics, landslides, lightning, earthquakes, fires, tornadoes, hurricanes,
storms, floods, washouts, excessive rainfall and warnings for any of the foregoing which may necessitate the precautionary shut-down
of wells, plants, pipelines, gathering systems, or other related facilities; arrests, orders, directives, restraints and requirements
of governments and government agencies, either federal or state, civil and military; outages (shutdown) for the making of repairs,
alterations, relocations or inspections; inability to secure labor or materials, inclement weather that necessitates extraordinary
measures and expense to construct facilities or maintain operations, or any other causes, whether of the kind enumerated herein
or otherwise, not reasonably within the control of the Party claiming suspension. Such term shall likewise include, in those instances
where either Party is required to obtain servitudes, rights-of-way, grants, permits, or licenses to enable such Party to fulfill
its obligations hereunder, the inability of such Party to acquire, or delays on the part of such Party in acquiring, at reasonable
cost and after the exercise of reasonable diligence, such servitudes, rights-of-way, grants, permits or licenses, and in those
instances where either Party hereto is required to secured permits or permissions from any Governmental Authority to enable such
Party to fulfill its obligations hereunder, the inability of such Party to acquire, or delays on the part of such Party in acquiring,
at reasonable cost and after the exercise of reasonable diligence, such permits and permissions.

 

“Full
Investment Date” means the date on which AECP LP has invested, committed for investment or otherwise spent 90% or
more of the aggregate capital contributions (net of the Dealer Manager Fee, Selling Commissioners, volume discounts, any marketing
expenses, due diligence expenses and Organization and Offering Expenses) received by AECP LP from the Offering.

 

“FWPP”
means the Chesapeake Energy Corporation Founders Well Participation Program, dated as of June 10, 2005.

 

“FWPP
Assets” shall mean any assets or properties acquired by Aubrey K. McClendon, directly or through any of his Affiliates
or by his spouse, in connection with or pursuant to the FWPP.

 

“FWPP
Opportunity” shall mean any right of Aubrey K. McClendon or any entity of which he is an Affiliate to acquire a working
interest in any oil and gas property pursuant to the FWPP.

 

“GAAP”
means generally accepted accounting principles, as recognized by the U.S. Financial Accounting Standards Board (or any generally
recognized successor).

 

“General
Parameters” means the general parameters for a Property Acquisition as the Manager and Owner may mutually agree at
any time and as same may thereafter be amended, modified or superseded by mutual agreement of the Manager and Owner, which general
parameters shall include, without limitation, general parameters for terms and conditions of Property Acquisitions with respect
to title, environmental, other

 

    	7

    	 

    

 

liabilities, indemnification,
gas imbalances, conditions to closing and other matters mutually determined to be appropriate.

 

“General
Partner” means AECP GP, in its capacity as the general partner of AECP LP.

 

“Governmental
Authority” means any federal, national, regional, state, municipal or local government, any political subdivision
or any governmental, judicial, public or statutory instrumentality, tribunal, court, arbitral panel, or other regulatory bureau,
authority, body or entity having legal jurisdiction over the matter or Person in question.

 

“Gross
Proceeds” means the aggregate sales price of all Common Units issued by AECP LP to Investors in the Offering, without
deduction for the Dealer Manager Fee, Selling Commissions, volume discounts, any marketing expense and due diligence expense reimbursement
or Organization and Offering Expenses.

 

“Hazardous
Substances” means any pollutants, contaminants, toxic or hazardous substances, materials, wastes, constituents, compounds
or chemicals that are regulated by, or may form the basis of liability under any environmental Laws, including asbestos-containing
materials (but excluding any NORM).

 

“Hedging
Policy” means a policy or policy with respect to Hedges that Owner approves as the Hedging Policy of the Owner from
time to time.

 

“Hedges”
means any commodity futures contract, commodity swap, commodity option, commodity forward sale, commodity put, call or collar or
other similar agreement or arrangement designed to protect against fluctuations in the price of oil, gas or other hydrocarbons
used, sold or produced by a person.

 

“Holdings”
means AECP Holdings, LLC, an affiliate of the Manager.

 

“Initial
Closing” means the initial closing of the purchase of Common Units from AECP LP by Investors pursuant to the Offering.

 

“Initial
Purchase Price” means $20.00, the amount paid by the Investors to AECP LP to purchase Common Units in the Offering.

 

“Initial
Term” has the meaning specified in Section 10.1.

 

“Insured”
has the meaning specified in Section 7.5.

 

“Investors”
means Purchasers of Common Units from AECP LP pursuant to the Offering.

 

“Invoice”
has the meaning specified in Section 5.1.

 

“Joint
Venture” means any partnership, limited partnership or other arrangements with a Person(s) other than AECP LP or
the Owner in which AECP LP or the Owner is a

 

    	8

    	 

    

 

member, partner or co-venturer
and which is established to own, operate or develop Property Acquisitions.

 

“Law”
means any and all applicable laws, statutes, ordinances, permits, decrees, rulings, writs, injunctions, orders, codes, judgments,
principles of common law, rules or regulations which are promulgated, issued or enacted by a Governmental Authority having jurisdiction.

 

“Lease
Operations” means all necessary or useful lease and land administration services and maintaining all land, lease
and other related records (including title to the Owner’s Assets and the maintenance and curing of the same) and all technical,
regulatory, permitting and marketing supervision and oversight determined by the Manager to be necessary or appropriate to assure
that the Owner’s Assets are being explored, developed, produced, gathered and operated in accordance with this Agreement,
including the Exhibits hereto, and applicable contracts and agreements.

 

“Leases”
means the oil, gas and mineral leases and operating rights now owned or hereafter participated in or acquired by the Owner as of
the date of determination.

 

“Listing
Date” has the meaning assigned to such term in the Partnership Agreement.

 

“Loan(s)”
means any indebtedness or obligation in respect of borrowed money or evidenced by bonds, notes, debentures, deeds of trust, letters
of credit, volumetric production payments, or similar instruments, including secured loans and mezzanine loans.

 

“Management
Services” has the meaning specified in Exhibit A.

 

“Manager”
has the meaning specified in the introductory paragraph of this Agreement.

 

“Manager
Indemnified Parties” has the meaning specified in Section 11.1.

 

“Manager
Personnel” means the officers and employees of the Manager, the officers and employees of Affiliates of the Manager,
and all other persons otherwise engaged by the Manager for the provision of the Management Services hereunder.

 

“Material
Adverse Effect” shall mean any event, circumstance, change or effect (a) that is material and adverse to the business,
assets, properties, liabilities, financial condition or results of operations of AECP, the Owner and any subsidiaries thereof,
determined on a consolidated basis, if applicable.

 

“Material
Commitment” means any agreement, contract or other arrangement binding on Owner or any of its subsidiaries which
could reasonably be expected to result in payments by the Owner or any of its subsidiaries of more than the Basket Amount then
in effect or that AECP GP or Owner advises the Manager would otherwise qualify as a material contract under Regulation S-K of the
Securities Act of 1933.

 

    	9

    	 

    

 

“Monthly
Management Fee” has the meaning specified in Section 5.1.

 

“NASAA
Guidelines” means the guidelines adopted September 22, 1976 by the North American Securities Administrators Association,
Inc. relating to the registration of Oil and Gas Programs, as amended and in effect at the time the determination is made pursuant
to this Agreement.

 

“Offering”
means the best efforts registered public offering of Common Units consisting of (i) a minimum offering of 100,000 Common Units
at the Initial Purchase Price per Common Unit for Gross Proceeds of $2.0 million at the Initial Purchase and (ii) a maximum
offering of 100.0 million Common Units for Gross Proceeds of up to $2.0 billion.

 

“Offering
Termination Date” has the meaning assigned to such term in the Partnership Agreement.

 

“Operating
Agreement” means (i) the operating agreements, gas balancing agreements, and participation agreements (including
the applicable Accounting Procedures) which relate to the Assets or any of the Leases and other agreements governing the drilling
and operation of and accounting for the Leases, and (ii) with respect to Leases owned entirely by the Owner and not already subject
to an operating agreement at the time of acquisition by the Owner, the form of operating agreement attached as Exhibit D
with such additions or modifications thereto as the Manager determines to be necessary or appropriate for the particular Assets
to be subject thereto or for the operations to be conducted thereon.

 

“Operator”
means the person appointed as Operator of any Asset owned by Owner pursuant to an Operating Agreement, which shall be (a) the Manager
or an Affiliate of the Manager with respect to Assets operated by the Manager or an Affiliate of Manager pursuant to Section
2.7 and (b) the Third Party designated as operator with respect to Assets not operated by the Manager or an Affiliate of the
Manager.

 

“Operating
Services” has the meaning specified in Exhibit A.

 

“Organization
and Offering Expenses” means all costs and expenses of organizing and selling the Offering (other than the Selling
Commissions and the Dealer Manager Fees) paid by AECP LP, AECP GP or the Manager in connection with the Offering, including, but
not limited to, travel and lodging costs, fees of the underwriters' attorneys, expenses for printing, engraving, mailing, filing,
salaries of employees while engaged in sales activity, costs of Investor meetings, charges of transfer agents, registrars, trustees,
escrow holders or escrow agent, depositaries, engineers and their experts, expenses of qualification of the sale of the Common
Units under Federal and State law, including taxes and fees, accountants' and attorneys' fees and other front-end fees, charges
incurred by or on behalf of AECP GP or the Manager in connection with the formation of AECP LP, the Owner and the Manager, the
preparation, negotiation, and execution of the Partnership Agreement, this Agreement, any dealer manager or soliciting dealer agreement,
escrow agent agreement subscription agreement and any other

 

    	10

    	 

    

 

agreement in connection with
or relating to the Offering, issuance of Common Units in the Offering and reimbursement of AECP LP, AECP GP or the Manager for
costs in connection with preparing supplemental sales materials.

 

“OrgOff
Reimbursement Amount” has the meaning specified in Section 5.2(a).

 

“Out-of-Pocket
Expenses” has the meaning specified in Section 5.2(c).

 

“Owner”
has the meaning specified in the introductory paragraph of this Agreement and, unless the context otherwise requires, includes
the subsidiaries of the Owner.

 

“Owner
Agreement” means the First Amended and Restated Limited Liability Company Agreement of Owner, as same may be amended,
supplemented or restated during the term of this Agreement.

 

“Owner
Indemnified Parties” has the meaning specified in Section 11.2.

 

“Parties”
has the meaning specified in the introductory paragraph.

 

“Partnership
Agreement” means the First Amended and Restated Agreement of Limited Partnership of AECP LP, as same may be amended,
supplemented or restated during the term of this Agreement.

 

“Permitted
Investment” means (a) any evidence of indebtedness, maturing not more than one (1) year after the date of issuance,
issued or guaranteed by the United States Government, (b) commercial paper, maturing not more than nine (9) months from the
date of issue, which is issued by a corporation (other than an Affiliate of the Manager) organized under the laws of any state
of the United States or of the District of Columbia and rated A-l by Standard & Poor's Ratings Group, or any successor thereto,
or P-l by Moody's Investors Service, Inc., (c) any certificate of deposit or bankers acceptance, maturing not more than one
(1) year after the date of issuance, which is issued by a commercial banking institution that is a member of the U.S. Federal Reserve
System and has a combined capital and surplus and undivided profits of not less than $500,000,000, or (d) any repurchase agreement
entered into with any commercial banking institution of the stature referred to in clause (c) which (i) is secured
by a fully perfected security interest in any obligation of the type described in any of clauses (a) through (c),
and (ii) has a market value at the time such repurchase agreement is entered into of not less than 100% of the repurchase obligation
of such commercial banking institution thereunder.

 

“Permits”
has the meaning specified in Exhibit A.

 

“Person”
(whether or not capitalized) means any natural person, corporation, company, limited or general partnership, joint stock company,
joint venture, association, limited liability company, trust, bank, trust company, land trust, business trust or other entity or
organization, whether or not a Governmental Authority.

 

    	11

    	 

    

 

“Property
Acquisition” means any acquisition or proposed acquisition of developed and undeveloped producing or non-producing
oil and gas properties (generally consisting of Leases and Wells) where such properties are located onshore in the United States,
but excluding any Excluded Assets and any FWPP Opportunity.

 

“Proposal”
has the meaning specified in Section 9.1(c).

 

‘‘Prospect’’
means an area covering lands which are believed by the Owner to contain subsurface structural or stratigraphic conditions making
it susceptible to the accumulations of hydrocarbons in commercially productive quantities at one or more Horizons. The area, which
may be different for different Horizons, shall be designated by the General Partner in writing prior to the conduct of Partnership
operations and shall be enlarged or contracted from time to time on the basis of subsequently acquired information to define the
anticipated limits of the associated hydrocarbon reserves and to include all acreage encompassed therein. A ‘‘Prospect’’
with respect to a particular Horizon may be limited to the minimum area permitted by state law or local practice, whichever is
applicable, to protect against drainage from adjacent wells if the well to be drilled by AECP LP is to a Horizon containing Proved
Reserves. As used in this definition, the term “Horizon” means with respect to a zone of a particular formation, that
part of a formation of sufficient porosity and permeability to form a petroleum reservoir.

 

“Reasonably
Prudent Operator” means conducting the applicable activities as a reasonably prudent operator, in a good and workmanlike
manner, with due diligence and dispatch, in accordance with good oilfield practice, and in compliance with applicable law and regulation,
but with no liability for losses sustained or liabilities incurred, except as such may result from gross negligence or willful
misconduct.

 

“Records”
has the meaning specified in Section 2.4.

 

“Rejected
Proposal” has the meaning specified in Section 9.1(b).

 

“Selling
Commission(s)” means the fee(s) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect
to Common Units sold by them in the Offering.

 

“Services”
has the meaning set forth in Section 2.1.

 

“Soliciting
Dealers” means broker-dealers that are members of the Financial Industry Regulatory Authority Inc., or that are exempt
from broker-dealer registration, and that, in either case, have executed soliciting dealer or other agreements with the Dealer
Manager to sell Common Units in the Offering.

 

“Term”
has the meaning specified in Section 10.1.

 

“Third
Party” means any Person other than a Party to this Agreement or any Affiliate of a Party to this Agreement.

 

    	12

    	 

    

 

“Wells”
means all oil, gas and other hydrocarbon wells now owned or hereafter participated in or acquired by the Owner.

 

Section 1.2References
and Titles. All references in this Agreement to Exhibits, Schedules, Sections, paragraphs, subsections and other subdivisions
refer to the corresponding Exhibits, Schedules, Sections, paragraphs, subsections and other subdivisions of or to this Agreement
unless expressly provided otherwise. The words “this Agreement,” “herein,” “hereby,” “hereunder”
and “hereof,” and words of similar import, refer to this Agreement as a whole and not to any particular Section, subsection
or other subdivision unless expressly so limited. The word “including” (in its various forms) means including without
limitation. All references to “$” or “dollars” shall be deemed references to United States Dollars. Titles
appearing at the beginning of any Sections, subsections or other subdivisions of this Agreement are for convenience only, do not
constitute any part of this Agreement, and shall be disregarded in construing the language hereof. The words “this Agreement,”
“here,” “hereby,” “hereunder’’ and “hereof,” and words of similar import,
refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The words “this Section”
and “this subsection,” and words of similar import, refer only to Section or subsection hereof in which such words
occur. The word “or” is not exclusive. Each accounting term not defined herein, and each accounting term partly defined
herein to the extent not defined, will have the meaning given to it under GAAP. Exhibits and Schedules referred to herein are attached
to and by this reference incorporated herein for all purposes. Pronouns in masculine, feminine or neuter genders shall be construed
to state and include any other gender, and words, terms and titles (including terms defined herein) in the singular form shall
be construed to include the plural and vice versa, unless the context otherwise requires. References to any Law or agreement (or
contract) means such Law or agreement (or contract) as it may be amended from time-to-time. If an ambiguity, question of intent
or question of interpretation arises, this Agreement must be construed as if drafted jointly, and there must not be any presumption,
inference or conclusion drawn against either Party by virtue of the fact that its representatives have authored this Agreement
or any of its terms. Any reference to an agreement or contract herein shall include any amendment, modification or replacement
thereof that is in accordance with the provisions of this Agreement.

 

ARTICLE
II

Management Services

 

Section 2.1Engagement
of Manager. Commencing on the Effective Date, the Owner hereby appoints, retains and authorizes the Manager, and the Manager
hereby accepts and agrees, to perform the Management Services and Operating Services (collectively, the “Services”)
during the Term at all times in accordance with the terms and conditions set forth in this Agreement.

 

Section 2.2Direction
of Result of Management Services. Except with respect to the means or method by which the Manager performs the Services (which
shall be subject to the good faith direction or control of the Manager), the provision of the Services hereunder shall at all times
be subject to the direction of the Owner, including, without limitation, the Owner’s right, subject to Section 3.5,
to direct the Manager with respect to funds held in any Owner’s account(s) managed by the Manager. The Parties acknowledge
that the Owner’s need for and

 

    	13

    	 

    

 

scope of the Services may change from time to time depending on the nature, number and size
of the interests comprising the Assets held by the Owner at any given time, and Owner reserves the right to change the scope of
the Services consistent with Exhibit A from time to time by mutual agreement with the Manager.

 

Section 2.3Management
Standards. Subject to the terms hereof, the Manager will act in compliance with the provisions of this Agreement and, where
this Agreement does not specifically establish a particular obligation or standard, (a) with respect to Assets subject to an Operating
Agreement of which Manager or an Affiliate of the Manager is the Operator (and if the Owner or any of its subsidiaries is designated
as the Operator of any Assets Owner shall take such actions as are necessary or appropriate to cause the Manager (or its designated
Affiliate) to be designated as the Operator of same), in compliance with the terms of such Operating Agreement as they apply to
the Assets; (b) with respect to Assets subject to an operating agreement of which the Manager (or its designated Affiliate)
is not the Operator, as a Reasonably Prudent Operator consistent with generally acceptable standards for non-operated properties
in the oil and gas business based on information regarding such operations furnished or otherwise obtained by the Manager and (c)
with respect to Assets or business of the Owner not subject to an Operating Agreement, in a manner consistent with generally acceptable
standards in the oil and gas business. The Manager shall have no obligation to advance funds for the account of the Owner or to
pay any sums of its own in connection with the performance of the actions which it is authorized or required to take on behalf
of the Owner hereunder.

 

Section 2.4Records;
Financial Reports; Instruments of Service. At all times during the Term, the Manager shall maintain complete books of account,
receipts, disbursements, Permits and all other records relating to the Services performed hereunder (the “Records”),
and all accounting Records shall be maintained in accordance with GAAP. The Manager shall deliver (i) monthly financial and operating
reports to Owner in respect of the most recently ended Calendar Month in a form requested and as may be required by Owner, but
in any event no later than 30 days after the end of each Calendar Month, and (ii) quarterly cash flow forecasts for Owner as may
be required by Owner, but in any event no later than 15 days prior to the start of the applicable Calendar Quarter. Further, the
Manager shall prepare and submit to Owner a monthly management report in respect of the most recently ended Calendar Month with
such information as Owner may request, as well as any other information (without regard to whether relating to such Calendar Month)
that Owner may request. Owner and/or any representatives designated by Owner may at any time during normal business hours, upon
not less than two (2) Business Days’ advance notice, examine and/or make and retain copies of said Records. Upon the request
from Owner to the Manager given at any time or from time to time, the Manager shall furnish to Owner a report setting forth the
borrowing, hedging transactions and intangible drilling costs made or incurred during the preceding six-month period and such other
information as Owner may reasonably request and as is available to the Manager in order to permit Owner to comply with the reporting
requirements of the NASAA Guidelines as then in effect.

 

Section 2.5Certain
Limitations on Management Services. It is the intent of Owner and the Manager to maintain the separate corporate existence
of both entities, to hold themselves out to others as separate corporate entities and to conduct their respective businesses in
a manner which respects and preserves their separate identities. Owner and the Manager also acknowledge and agree that AECP LP,
as the sole member of Owner, is relying on the establishment and

 

    	14

    	 

    

 

maintenance of the separate corporate entity of Owner. Accordingly,
the Manager will provide the Management Services, and the Owner will operate its business, consistent with this intent. Without
limiting the foregoing, the Manager, to the extent applicable when providing Management Services on behalf of Owner, shall (i)
maintain proper books and records that show the assets, liabilities, and transactions of the Owner separate from those of any other
person and prepare financial statements for Owner in the same manner, (ii) not commingle the funds received by the Manager on behalf
of the Owner with any other person’s funds, including those of the Manager, (iii) pay liabilities and expenses invoiced directly
to the Owner or its Assets only out of the Owner’s own funds maintained by or on behalf of Owner, and (iv) maintain separate
bank accounts belonging only to, or maintained by the Owner. Nothing in this Agreement shall prohibit the Manager and Owner from
acknowledging to third parties their status as parties to this Agreement.

 

Section 2.6Well
Operations. If the interest of the Owner in a Lease (together with any interest owned by the Manager and its Affiliates) entitles
the Owner to appoint the Operator of the property, then Owner shall take such actions as are necessary to designate the Manager
(or its designated Affiliate) as the Operator and the Manager (or its designated Affiliate) shall use its reasonable commercial
efforts to assist the Owner to take such actions as are necessary to designate the Manager (or its designated Affiliate) as the
Operator of such property, which designation shall be pursuant to either (i) the operating agreement currently in effect with respect
to a property acquired by the Owner or (ii) if any of such properties are not currently operated pursuant to an operating agreement,
an operating agreement (which is based on a modified form of operating agreement issued by the American Association of Petroleum
Landmen), including COPAS (which is based on a form issued by the Counsel for Petroleum Accountants Societies of North America),
in the form attached hereto as Exhibit D, with such additions or modifications thereto as the Manager determines to be necessary
or appropriate for the particular Assets to be subject thereto or for the operations to be conducted thereon, and provided that
the consideration payable to the Manager (or its designated Affiliate) pursuant to such operating agreement shall not exceed the
compensation determined by the General Partner to be payable to third parties for similar operator services in the applicable geographic
area of the applicable Assets subject to the operating agreement. To the extent any of the Services described herein are duplicative
of services to be provided by the Manager or any of its Affiliates under any joint operating agreement or other agreement, then
the Manager shall so advise Owner of such duplicative services, and, unless Owner and the Manager otherwise mutually agree, no
additional obligations will be incurred or implied by any of the terms of this Agreement, and such joint operating agreements or
other agreement (and not this Agreement) will govern the terms of such services. Neither the Manager nor any designated Affiliate
will act as drilling contractor and provide contract drilling operations for any Wells on behalf of Owner.

 

Section 2.7Limitations
on Farmouts to Affiliates of the Manager. The Manager shall not cause the Owner to enter into a Farmout of an undeveloped Lease
or Well activity to the Manager or an Affiliate(s) of the Manager (pursuant to which the Manager or such Affiliate(s) is the assignee
from Owner) unless (a) the General Partner has determined that the price the Owner receives from the Manager or such Affiliate,
as the case may be, is not less than the higher of (i) the Owner’s costs for the interests assigned in such Farmout
to the Manager or such Affiliate, as the case may be, and (ii) the fair market value of such interests as determined by the Owner
in such manner as it determines to be appropriate and the other terms and conditions are determined

 

    	15

    	 

    

 

by the Owner to be fair and
reasonable, and (b) the General Partner exercising the standard of a prudent operator, has determined the following:

 

		(i)	the Owner lacks the funds to complete the oil and gas operations on the Lease or Well and cannot
obtain suitable financing therefor;

 

		(ii)	drilling on the Lease or the intended Well activity would concentrate excessive funds in a single
location, creating undue risks to the Owner;

 

		(iii)	the Lease(s) or Well activity has been downgraded by events occurring after assignment to or acquisition
by Owner so that development of the Leases or Well activity would not be desirable; or

 

		(iv)	the best interests of AECP LP would be served by such a Farmout.

 

If the Owner assigns by Farmout a Lease
or Well activity to the Manager or an Affiliate of the Manager, the Manager acknowledges and agrees that Owner must retain the
economic interests and concessions as the General Partner determines to be appropriate and consistent with the General Partner’s
determination of those items that a reasonably prudent operator would or could retain under the circumstances prevailing at the
time, consistent with industry practices.

 

Section 2.8Limitation
on Rendering Certain Oilfield Equipment, Supplies and Services. (a) Except for services to be rendered by the Manager or any
of its Affiliates pursuant to this Agreement or any operating agreement referred to in Section 2.6, neither the Manager
nor any of its Affiliates shall (i) render to Owner any oilfield equipment, supplies or services or (ii) sell or lease
to Owner any oilfield equipment or related supplies unless:

 

(A)the
Person to render or provide same is engaged, independently of Owner and as an ordinary and ongoing business, in the business of
rendering similar equipment, supplies or services or selling or leasing similar equipment and supplies to Persons in the oil and
natural gas industry other than to any oil and gas drilling programs sponsored by the General Partner or any Affiliate of the General
Partner and in which the General Partner or any Affiliate of the General Partner has an interest; and

 

(B)the
compensation, purchase price or rental for any such equipment or supplies is determined by the General Partner to be competitive
with the compensation, purchase price or rental of other persons in the geographic area engaged in the business of rendering comparable
services or selling or leasing comparable equipment and supplies which could reasonably be made available to the Partnership.

 

If the Manager or any of its Affiliates
that is to render oilfield equipment, supplies or services does not satisfy the condition set forth in sub-clause (A) of the preceding
sentence, then the compensation, purchase price or rental therefor shall be the lesser of (i) the cost of the equipment, supplies
or services incurred by the Manager or such Affiliate for same, and (ii) the competitive rate which could be obtained by Owner
in the geographic area as determined by the General Partner.

 

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(b)Any services for which the Manager
or any of its Affiliates is to receive compensation from Owner that do not constitute Services to be rendered pursuant to this
Agreement or any operating agreement contemplated by Section 2.6, shall be set forth in a written contract which describes
the services to be rendered and all compensation to be paid. Any written contract referred to in this Section 2.8(b) shall
be terminable without penalty by Owner upon the approval at a special meeting of the holders of Common Units called for the purpose
of voting to terminate this Agreement, which approval is by the holders of not less than a majority of the Common Units outstanding
as of the record date established for such special meeting excluding for purposes of such determination Common Units and any vote
in respect thereof owned by the General Partner or its sponsor or any Affiliate(s) thereof, except that upon any such termination
Owner shall pay Manager or such Affiliate all unpaid amounts due thereunder, Owner shall reimburse the Manager or its Affiliate
for any restocking expenses specified in such terminated contract to the extent applicable and Owner shall reimburse the Manager
or its Affiliate for all such other reasonably documented costs and expenses incurred as a result of such termination.

 

ARTICLE
III

Financial Administration

 

Section 3.1Budget.

 

(A)Annual
Budget Process. The Manager shall prepare and submit to Owner at least 45 days before the beginning of each Calendar Year after
the first Property Acquisition by Owner, a budget (“Draft Budget”) detailing the Development Activities
planned to be commenced during the relevant Calendar Year, which shall specify the amounts expected to be spent by the Owner during
such Calendar Year to conduct such Development Activities, and to otherwise own its Assets and conduct the Business during such
Calendar Year; provided that in connection with the first acquisition made by the Owner, the Manager shall deliver a Draft Budget
to Owner in connection with such acquisition as contemplated by Section 9.2(a). The Owner shall approve or disapprove the
Draft Budget no later than 15 days prior to the start of the Calendar Year; provided that the first Draft Budget shall be approved
as provided in Section 9.2(a). If the Owner approves the Draft Budget, the Draft Budget shall be deemed the Budget
for purposes of this Agreement, until revised in accordance with Section 3.1(b) below. If the Owner fails to approve a Draft
Budget by the commencement of a Calendar Year, then until a Draft Budget for such Calendar Year is approved, the Manager is authorized
to pay from the Owner’s account the costs and expenses incurred in the ordinary course of business in amounts materially
consistent with, and for Development Activities and other activities set forth in, the prior Calendar Year’s Budget as adjusted
for supplements to such Budget attributable to any subsequent Property Acquisition(s), including in respect of costs and expenses
to the extent incurred pursuant to the contractual obligations of the Owner, including any Material Commitments, and other costs
and expenses approved as provided in this Agreement.

 

(B)Approval
of Additional Activities. From time to time prior to the termination of this Agreement, the Manager may present to Owner supplemental
Development Activities or other activities that the Manager proposes to be undertaken by

 

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the Owner and that are not included
in the applicable approved Budget for such Calendar Year, and revisions to a previously approved Budget that the Manager recommends
be adopted by Owner. If Owner approves such revised Budget, the revised Budget shall be deemed the Budget as used in this Agreement.
In addition, the Budget shall be deemed to be amended as provided in Section 9.2(b).

 

(C)Cooperation.
Prior to and in respect of any proposals made by the Manager to Owner pursuant to Section 3.1(b), the Manager and Owner
agree to use good faith efforts (1) to exchange information regarding such proposals and proposed activities to be undertaken in
connection with any such proposal or potential alternatives to any such proposal and (2) to ensure an efficient and expedient review
and decision-making process in respect of such proposals. In addition, upon the reasonable request of Owner to the Manager, which
may be submitted no more frequently than once each Calendar Quarter, the Owner will have the right to review with the Manager the
current year’s Budget against expenditures incurred to date during the Calendar Year covered by such Budget.

 

(D)Permitted
Overruns. Whenever any provision of this Agreement permits the Manager to make an expenditure or conduct a Development Activity
or other operation as provided in the Budget, the Manager will be deemed to have made such expenditure or conducted such Development
Activity or other operation as contemplated by the Budget if (1) the aggregate expenditures during any Budget period do not
exceed the amount set forth in the approved Budget for such Budget period for such Development Activity or other operation by more
than 10.0% (provided that the Manager shall advise Owner of such excess(es) within ten (10) Business Days after it is incurred)
or (2) the expenditure(s) are determined by the Manager to be required in connection with an Emergency.

 

Section 3.2Cash
Management. The Manager shall have a fiduciary responsibility to the Owner for the safekeeping and use of all Owner’s
funds and, subject to the limitation below with respect to operations on Owner’s Leases, Wells and other oil and gas properties,
other Assets whether or not in the Manager’s possession or control, the Manager shall not employ, or permit any other Person
to employ, such funds or Assets in any manner except for the exclusive benefit of the Owner, and the Manager shall not use the
Owner’s funds as a compensating balance for the Manager’s benefit; provided, however, that the Manager’s
responsibility with respect to operations on Owner’s Leases, Wells and other oil and gas properties shall be as set forth
in Section 2.6 and under the defined term “Operating Services” in Exhibit A. The Manager shall implement
a cash management system for the cash and cash equivalents of the Owner, the Manager shall not commingle Owner’s funds with
those of the Manager or its Affiliates, and funds of the Owner held by the Manager shall be employed or applied for the exclusive
benefit of Owner. The Manager shall invest any cash held on behalf of the Owner only in Permitted Investments and shall hold all
such Permitted Investments and any cash in trust on behalf of the Owner. The Manager shall as promptly as commercially practicable
deposit all cash and Permitted Investments held on behalf of Owner in excess of 50% of the then remaining unexpended portion of
the approved Budget as directed by Owner in one or more accounts of Owner.

 

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Section 3.3Revenues
and Joint Interest Billings. The Manager shall receive all revenues and joint interest billings for the account of the Owner
and promptly credit or charge, as the case may be, the Owner with the Owner’s net revenue and joint interest billings with
respect to its properties, on a property-by-property basis.

 

Section 3.4Manager
Payments. From time to time, Manager shall pay, unless otherwise instructed by Owner, from the Owner’s funds administered
by the Manager, as and to the extent required by any applicable contract, or Law and, to the Manager’s knowledge, to the
extent not previously paid by any purchaser, operator or Third Party, in each case to the extent such liability is attributable
to the Owner’s interest in a property or otherwise an obligation of Owner, all taxes, royalties, overriding royalties, delay
rentals, operating expenses and other charges under operating agreements, debt service on the Owner’s debts, the OrgOff Reimbursement
Amount, the Monthly Management Fee, Acquisition Fee, Disposition Fee, Financing Fee and Incentive Performance Fee (which shall
be paid to the Manager in accordance with Article V) and other debts and obligations of the Owner (including the costs to
be reimbursed to the Manager pursuant to Section 5.2).

 

Section 3.5Payment
to Owner. As contemplated pursuant to Section 2.2, the Owner may, from time to time, direct the Manager to transfer
to an account specified by the Owner funds in accounts maintained for Owner by the Manager that the Owner and the Manager mutually
agree either (a) are not necessary for the conduct of the Owner’s business as contemplated by the Budget then in effect (for
purposes of determining the funds necessary to be retained, taking into account, among other items, funds required in accordance
with the Budget then in effect for working capital purposes, reserves for capital expenditures, reserves for payments due to the
Manager pursuant to Article V and reserves for an approved Property Acquisition; provided, however, that if
in accordance with the direction by Owner of the Manager in accordance with Section 2.2 or Section 3.4 or otherwise
an activity contemplated in the Budget then in effect and for which funds are retained is not consummated, then any remaining funds
reserved therefor will then be transferred to the Owner pursuant to this Section 3.5); or (b) constitute proceeds from
the sale of Common Units in the Offering that prior to the first anniversary of the Offering Termination Date have not been used
or committed for use in the acquisition, development or operation of Assets or in the operation of Owner’s business and are
determined not to be necessary to fund the operating or working capital necessary for the Owner’s operations, including operations
by the Manager and its Affiliates pursuant to this Agreement.

 

ARTICLE
IV

Contract Administration; Power of Attorney

 

Section 4.1Contract
Administration. The Services shall include negotiating, administering and terminating contracts, by and on behalf of the Owner,
in the ordinary course of Business, but in all cases in compliance with the Budget. All such contracts shall be executed by the
Manager in the name of the Owner, pursuant to the power of attorney granted herein.

 

Section 4.2Purchases
for the Owner. The day-to-day operations and management of the Owner’s Business shall include the purchase (or lease)
of such equipment, supplies and other

 

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goods necessary for the efficient operation of the Owner’s Business and as shall be
consistent with the Budget. Purchases shall be made only at reasonable costs.

 

Section 4.3Affiliate
Transactions. The Manager shall not make or cause the Owner to make any contract (other than an Operating Agreement as provided
herein) with or purchase or sell goods or services from or to the Manager or any Affiliate of the Manager, unless such contract
or purchase or sale is specifically identified as an Affiliate transaction in the Budget, or with the prior written approval of
Owner. Nothing in this Section 4.3 shall be construed to limit or restrict the right of the Manager to engage, or require
Owner’s prior approval of the engagement by Manager of, any Affiliate of Manager to perform any of the Services on behalf
of the Manager so long as the Affiliate of Manager is not entitled to any payment by Owner for providing such Services.

 

Section 4.4Power
of Attorney. (a) By execution of this Agreement, the Owner does hereby make, constitute and appoint the Manager, and its successors,
with full power of substitution, as its true and lawful attorney and agent with full power and authority in its name, place and
stead to execute, swear to, acknowledge, deliver, file, record in the appropriate public offices and publish any and all contracts,
agreements, instruments, conveyances, mortgages, deeds, notes and other documents of any kind or nature related to, arising out
of or in connection with the Manager's performance of this Agreement.

 

(b)During the Term
of this Agreement, the power of attorney granted in this Section 4.4 shall survive the Bankruptcy, dissolution or other
termination of the Owner, shall extend and be binding upon the Owner's successors and assigns and shall continue in full force
and effect regardless of the occurrence of any of the foregoing. The Owner hereby agrees to be bound by any such contracts, agreements,
instruments, conveyances, mortgages, deeds, notes and other documents executed or otherwise entered into by the attorney and agent
acting in good faith pursuant hereto and pursuant to such power of attorney, and hereby waives any and all defenses that may be
available to contest, negate, or disaffirm any action of the attorney and agent taken under such power of attorney, except in cases
of bad faith, gross negligence, willful misconduct or material breach of this Agreement.

 

ARTICLE
V

Compensation and Expenses

 

Section 5.1Management
Fee. In consideration for the performance by the Manager of Management Services, Owner shall pay to the Manager monthly, in
advance, an amount rounded to the nearest $10.00 (such amount, the “Monthly Management Fee”), which amount
is equal to the product of (a) until and including the Calendar Month of termination of the Offering, 0.291667%, and thereafter,
0.333333%, times (b) the sum of (i) the Gross Proceeds determined as of the last day of the preceding Calendar Month and (ii) the
average outstanding indebtedness of AECP LP (determined on a consolidated basis) during the preceding Calendar Month. A Monthly
Management Fee shall not be payable for any period prior to the Initial Closing. On or before the 20th day of the Calendar Month
immediately preceding the Calendar Month in which the Management Services are to be provided, the Manager shall furnish to Owner
in writing its calculation of the Monthly Management Fee that is payable in respect of the next succeeding Calendar Month. The
Monthly Management Fee payable to the Manager by Owner will be in

 

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addition to all fixed rate charges under any joint operating
agreements in which the Manager or its Affiliates act as operator and the Owner owns a working interest. Each Calendar Month after
the Initial Closing and prior to the end of the Term, the Manager will deliver, together with its calculation of the Monthly Management
Fee to be paid by Owner for the succeeding Calendar Month as provided in the second preceding sentence, a summary of the costs
and expenses to be reimbursed to the Manager in accordance with the immediately preceding sentence (each such written calculation
and summary, an “Invoice”). At any time that is not less than ten (10) days following the date that Owner
receives an Invoice, the Manager may apply any funds that it holds on behalf of Owner to payment of the amount specified in the
Invoice less any amount(s) to which Owner has reasonably objected in writing during such 10-day period. If the Owner timely objects
in a notice received by the Manager to any amount in an Invoice, Owner and Manager shall use their reasonable commercial efforts
to resolve such dispute amicably, and promptly after the resolution of such matter Manager may apply any funds that it holds on
behalf of Owner to payment of the amount determined to be owing to the Manager. If the funds that the Manager holds on behalf of
Owner are insufficient to pay in full when due the amounts due to the Manager pursuant to this Section 5.1, then Owner
will promptly make payment to the Manager of the amount due and unpaid in immediately available funds by wire transfer to an account
specified by the Manager to Owner. Pursuant to Section 7.2(i) of the AECP LP Agreement, AECP LP will pay to AECP GP a management
fee commencing with a payment for the first Calendar Month after termination of the Offering, which fee shall be payable in cash
monthly after termination of the Offering concurrently with payment by Owner to the Manager of the Monthly Management Fee pursuant
to this Section 5.1 and shall be in an amount equal to the product of (a) 0.083333% times (b) the sum of (i) (b) the Gross
Proceeds determined as of the last day of the preceding Calendar Month and (ii) the average outstanding indebtedness of AECP LP
(determined on a consolidated basis) during the preceding Calendar Month. The Manager acknowledges and agrees that the Monthly
Management Fee shall be the sole source of reimbursement to the Manager of the expenses specified in Part I of Exhibit
C.

 

Section 5.2Reimbursement
of Organization and Offering Expenses; Reimbursement of Out-of-Pocket Expenses. \l 3i) The Manager and the General Partner
expect that Organization and Offering Expenses, including Organization and Offering Expenses consisting of fees and expenses paid
to third parties, that they incur on behalf of AECP LP and the Owner will be incurred in a ratio approximately one-third (1/3rd)
by the Manager and two-thirds (2/3rds) by the General Partner, and if such ratio is not maintained then the Manager and the General
Partner will take such actions prior to the Initial Closing or any subsequent closing of the Offering, as the case may be, as may
be necessary to return to such ratio with respect to the Organization and Offering Expenses as of each of the Initial Closing and
each subsequent closing. At or promptly after (in any event not later than five (5) Business Days after) the Initial Closing and
each subsequent closing of the issuance of Common Units in the Offering, (i) the Manager will determine the total Organization
and Offering Expenses it has incurred prior to such closing that have not been previously reimbursed by AECP LP or the Owner and
will prepare and submit to AECP LP an invoice therefor accompanied by reasonable supporting documentation; and (ii) AECP LP
or the Owner will promptly reimburse the Manager for the amount specified in such invoice subject to a maximum reimbursement amount
of one-half percent (0.5%) of the Gross Proceeds for all Common Units issued in the Initial Closing and each such subsequent closing
of the Offering. The Organization and Offering Expenses to be reimbursed by AECP LP or the Owner to the Manager shall not exceed
one-half percent (0.5%) of the aggregate Gross

 

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Proceeds raised in the Offering (such maximum amount, the “Expense Cap”).
To the extent that the Manager incurs Organization and Offering Expenses in excess of the Expense, the Manager shall not be reimbursed
for such expenses. Amounts required to be paid by AECP LP and the Owner pursuant to this Section 5.2(a) at the Initial Closing
and each subsequent closing of the Offering are referred to as the “OrgOff Reimbursement Amount”.

 

(B)Except
as set forth in this Section 5.2, in no event will the Manager be entitled to reimbursement from AECP LP or the Owner, nor
will AECP LP or the Owner be obligated to reimburse the Manager, for any Organization and Offering Expenses incurred by the Manager
and its Affiliates. The Manager may apply any funds that it holds on behalf of AECP LP or the Owner to payment of the OrgOff Reimbursement
Amount then due to the Manager pursuant to this Section 5.2(a), but if the funds that the Manager holds on behalf of AECP
LP or the Owner are insufficient to pay in full when due the amounts due to the Manager pursuant to this Section 5.2,
then AECP LP or the Owner will promptly make payment to the Manager of the amount due and unpaid in immediately available funds
by wire transfer to an account specified by the Manager to AECP LP or the Owner. The OrgOff Reimbursement Amount that is payable
to the Manager by AECP LP or the Owner pursuant to Section 5.2(a) will be in addition to all fixed rate charges under any
joint operating agreements in which the Manager or its Affiliates act as operator and the Owner owns a working interest. Pursuant
to the Partnership Agreement, AECP LP will reimburse AECP GP at or promptly after the Initial Closing and each subsequent closing
of the issuance of Common Units in the Offering for the Organization and Offering Expenses it incurs up to a maximum of one percent
(1.0%) of the Gross Proceeds raised in the Offering, which reimbursement shall be made concurrently with each payment to the Manager
of the OrgOff Reimbursement Amount.

 

(C)The
Manager shall pay all reasonable out-of-pocket expenses (excluding for purposes of this Section 5.2 Organization and Offering
Expenses, Acquisition Expenses and Disposition Expenses) of the Manager and its Affiliates, agents and consultants (“Out-of-Pocket
Expenses”), pursuant to the policies and procedures established by the Manager and approved by the Owner and in accordance
with the Budget, and consistent with the allocations set forth in Part II of Exhibit C hereto, for the payment or
reimbursement of such costs with respect to activities conducted for the Owner pursuant to this Agreement. The Owner shall reimburse
the Manager for all such Out-of-Pocket Expenses paid by the Manager on behalf of the Owner or in connection with the Business of
the Owner and for which the Manager has not been previously reimbursed, and on or before the 20th day after each Calendar Month
in which the Manager incurs Out-of Pocket Expenses the Manager will invoice the Owner for such Out-of Pocket Expenses incurred
during the preceding month accompanied by reasonable supporting detail. At any time that is not less than ten (10) days following
the date that Owner receives an invoice for Out-of-Pocket Expenses pursuant to this Section 5.2(b), the Manager may apply
any funds that it holds on behalf of Owner to payment of the amount specified in such invoice less any amount(s) to which Owner
has reasonably objected in writing during such 10-day period. If the Owner timely objects in a notice received by the Manager to
any amount in any such invoice, Owner and Manager shall use their reasonable commercial efforts to resolve such dispute amicably,
and promptly after the resolution of such matter the Manager may apply any funds that it holds on

 

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behalf of Owner to payment of
the amount determined to be owing to the Manager. If the funds that the Manager holds on behalf of Owner are insufficient to pay
in full when due the amounts due to the Manager pursuant to this Section 5.2(b), then Owner will promptly make payment to
the Manager of the amount due and unpaid in immediately available funds by wire transfer to an account specified by the Manager
to Owner. Any amounts payable to the Manager by Owner pursuant to this Section 5.2(b) will be in addition to all fixed rate
charges under any joint operating agreements in which the Manager or its Affiliates act as operator and the Owner owns a working
interest.

 

Section 5.3Acquisition
Fee and Acquisition Expenses. The Owner shall pay an Acquisition Fee to the Manager as compensation for its Management Services
rendered in connection with the investigation, selection and acquisition (by purchase, contribution, investment or exchange) of
any Property Acquisition. The Manager shall be entitled to an Acquisition Fee for any Property Acquisition acquired after the termination
of this Agreement for which a contract for any such Property Acquisition had been entered into at or prior to such termination.
The total acquisition fee (the “Acquisition Fee”) payable to the Manager for each Property Acquisition
(other than a Property Acquisition from the Manager or any of its Affiliates) shall equal two percent (2.0%) of the Contract Purchase
Price of each Property Acquisition, payable in cash. The purchase price allocable for an Investment held through a Joint Venture
shall equal the product of (i) the Contract Purchase Price of the Property Acquisition and (ii) the direct or indirect ownership
percentage in the Joint Venture held directly or indirectly by AECP LP or the Owner. For purposes of this Section 5.3, “ownership
percentage” shall be the percentage of capital stock, membership interest, partnership interest or other equity interests
held by the AECP LP or the Owner, without regard to classification of such equity interests. Owner shall pay to the Manager the
Acquisition Fee promptly upon the closing of each Property Acquisition (other than a Property Acquisition from the Manager or any
of its Affiliates), unless Owner and the Manger mutually agree the defer payment of such Acquisition Fee in respect of any Property
Acquisition, in which event it shall be paid in accordance with such mutual agreement. In addition to the Acquisition Fee payable
to the Manager pursuant to this Section 5.3, AECP LP or the Owner shall pay directly or reimburse the Manager for all Acquisition
Expenses incurred in connection with the selection, evaluation, acquisition, origination, making or development of any Property
Acquisition; provided, however, in no event shall the sum of the Acquisition Fee and the Acquisition Expenses required
to be paid or reimbursed by AECP LP or the Owner pursuant to this Section 5.3 in respect of any Property Acquisition exceed
three percent (3.0%) of the Contract Purchase Price of such Property Acquisition. AECP LP or the Owner shall pay the Acquisition
Fee and reimburse the Manager for Acquisition Expenses payable pursuant to this Section 5.3 within ten (10) days following
each date AECP LP or the Owner receives an invoice for the amount of the Acquisition Fee payable and Acquisition Expenses reimbursable
to the Manager pursuant to this Section 5.3, provided that such invoice shall be furnished no earlier than two (2) Business
Days before the closing of any Property Acquisition or, in the case of Acquisition Expenses in respect of any proposed acquisition
that has been unsuccessful, the cessation of the efforts by AECP LP or the Owner to acquire such Property Acquisition; subject,
however, to any mutual agreement by Owner and the Manager to defer payment of the Acquisition Fee in respect of any Property Acquisition.
The Manager may apply any funds that it holds on behalf of the Owner to payment of the amount specified in such invoice less any
amount(s) to which the Owner has reasonably objected in writing during the 10-day period commencing on receipt of such invoice.
If the

 

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Owner timely objects in a notice received by the Manager to any amount in any such invoice, the Owner and the Manager shall
use their reasonable commercial efforts to resolve such dispute amicably, and promptly after the resolution of such matter the
Manager may apply any funds that it holds on behalf of the Owner to payment of the amount determined to be owing to the Manager.
If the funds that the Manager holds on behalf of the Owner are insufficient to pay in full when due the amounts due to the Manager
pursuant to this Section 5.3, then the Owner will promptly make payment to the Manager of the amount due and unpaid
in immediately available funds by wire transfer to an account specified by the Manager to the Owner. Any amounts payable to the
Manager by the Owner pursuant to this Section 5.3 will be in addition to all fixed rate charges under any joint operating
agreements in which the Manager or its Affiliates act as operator and the Owner owns a working interest. For the avoidance of doubt,
the Manager and Owner agree that the Manager shall not be entitled to an Acquisition Fee for any Property Acquisition from the
Manager or any of its Affiliates.

 

Section 5.4Disposition
Fee and Disposition Expenses. As compensation to the Manager for its Management Services rendered in connection with the sale
or other disposition by AECP LP or the Owner of all or any portion of the Assets (other than the sale or other disposition in the
ordinary course of business of oil, gas or other hydrocarbons produced from the Assets and other than a sale or other disposition
to the Manager or any of its Affiliates), the Owner shall pay to the Manager the Disposition Fee. The Manager shall be entitled
to a Disposition Fee for any Asset(s) (other than the sale or other disposition in the ordinary course of business of oil, gas
or other hydrocarbons produced from the Assets and other than a sale or other disposition to the Manager or any of its Affiliates)
sold or otherwise disposed of by AECP LP or the Owner after such termination for which the applicable contract(s) to sell or otherwise
dispose of such Asset had been entered into at or prior to such termination date. The total disposition fee (“Disposition
Fee”) payable in cash to the Manager shall equal one-half percent (0.5%) of the Contract Sales Price of such Asset(s).
In addition to the Disposition Fee payable to the Manager pursuant to this Section 5.4, AECP LP or the Owner shall pay directly
or reimburse the Manager for all Disposition Expenses incurred in connection with the any sale or other disposition or proposed
sale or other disposition (other than the sale or other disposition in the ordinary course of business of oil, gas or other hydrocarbons
produced from the Assets). AECP LP or the Owner shall pay the Disposition Fee and reimburse the Manager for the Disposition Expenses
payable pursuant to this Section 5.4 in connection with the sale or disposition of Assets within ten (10) days following
each date AECP LP or the Owner receives an invoice for the amount of the Disposition Fee so payable to the Manager pursuant to
this Section 5.4, which invoice shall be furnished in connection with the closing of any sale or other disposition or, in
the case of Disposition Expenses in respect of any sale or other disposition that has been unsuccessful, the cessation of the efforts
to sell or otherwise dispose of the applicable Asset(s); provided, however, that if Owner and the Manager mutually
agree to defer payment of the Disposition Fee in respect of the sale of any Assets such Disposition Fee shall be paid in accordance
with such mutual agreement. The Manager may apply any funds that it holds on behalf of the Owner to payment of the amount

 

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specified
in such invoice less any amount(s) to which the Owner has reasonably objected in writing during the 10-day period commencing on
receipt of such invoice. If the Owner timely objects in a notice received by the Manager to any amount in any such invoice, the
Owner and the Manager shall use their reasonable commercial efforts to resolve such dispute amicably, and promptly after the resolution
of such matter the Manager may apply any funds that it holds on behalf of the Owner to payment of the amount determined to be owing
to the Manager. If the funds that the Manager holds on behalf of the Owner are insufficient to pay in full when due the amounts
due to the Manager pursuant to this Section 5.4, then the Owner will promptly make payment to the Manager of the amount
due and unpaid in immediately available funds by wire transfer to an account specified by the Manager to the Owner. Any amounts
payable to the Manager by the Owner pursuant to this Section 5.4 will be in addition to all fixed rate charges under any
joint operating agreements in which the Manager or its Affiliates act as operator and the Owner owns a working interest. Notwithstanding
anything to the contrary in this Section 5.4, in no event shall any Disposition Fee be payable by AECP LP or the Owner pursuant
to this Section 5.4 in connection with the sale or exchange in the ordinary course of business by AECP LP or the Manager
of oil, natural gas or other hydrocarbons produced from the Assets. Pursuant to the Partnership Agreement, AECP LP will pay to
AECP GP a disposition fee in connection with the sale or other disposition by AECP LP or the Owner of all or any portion of the
Assets (other than the sale or other disposition in the ordinary course of business of oil, gas or other hydrocarbons produced
from the Assets), which fee shall be payable in cash concurrently with payment by the Owner to the Manager of the Disposition Fee
pursuant to this Section 5.4 in respect of such disposition of Asset(s) and shall be in an amount equal to one-half percent
(0.5%) of the Contract Sales Price of such Asset(s). For the avoidance of doubt, the Manager and Owner agree that the Manager shall
not be entitled to a Disposition Fee for any sale or other disposition of Assets to the Manager or any of its Affiliates.

 

Section 5.5Financing
Coordination Fee. As compensation to the Manager for its Management Services rendered in connection with the financing by AECP
LP or the Owner of any Property Acquisition or Asset, the assumption by AECP LP or the Owner of any Loan(s) with respect to any
Property Acquisition or Asset or refinancing by AECP LP or the Owner of any Loan, the Owner shall pay the Manager a fee, payable
in cash (the “Financing Coordination Fee”), equal to one-half percent (0.5%) of the principal account
incurred by AECP LP or the Owner, as the case may be, or outstanding under any such Loan. AECP LP or the Owner shall pay the Financing
Coordination Fee payable pursuant to this Section 5.5 at or promptly after (and in any event within two (2) Business Days
after) the closing of the Loan that is the subject of the Financing Coordination Fee then due or each draw down by AECP LP of any
principal amount of any Loan, as the case may be; provided, however, that if Owner and the Manager mutually agree
to defer payment of any Financing Coordination Fee, then such Financing Coordination Fee shall be paid in accordance with such
mutual agreement. The Manager may apply any funds that it holds on behalf of Owner to payment of the amount of any Financing Coordination
Fee then due and payable to the Manager pursuant to this Section 5.5 less any amount(s) to which Owner has reasonably
objected in writing prior to the closing of the Loan that is the subject of the applicable Financing Coordination Fee. If the Owner
timely objects in a notice received by the Manager to any amount of any Financing Coordination Fee, Owner and Manager shall use
their reasonable commercial efforts to resolve such dispute amicably, and promptly after the resolution of such matter the Manager
may apply any funds that it holds on behalf of Owner to payment of the amount determined to be owing to the Manager. If the funds
that the Manager holds on behalf of Owner are insufficient to pay in full when due the amounts due to the Manager pursuant to this
Section 5.5, then Owner will promptly make payment to the Manager of the amount due and unpaid in immediately available
funds by wire transfer to an account specified by the Manager to Owner. Any amounts payable to the Manager by Owner pursuant to
this Section 5.5 will be in addition to all fixed rate charges under any joint operating agreements

 

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in which the Manager
or its Affiliates act as operator and the Owner owns a working interest. Pursuant to the Partnership Agreement, AECP LP will pay
to AECP GP a financing coordination fee in connection with the financing by AECP LP or the Owner of any Property Acquisition or
Asset, the assumption by AECP LP or the Owner of any Loan(s) with respect to any Property Acquisition or Asset or refinancing by
AECP LP or the Owner of any Loan, which fee shall be payable in cash concurrently with payment by Owner to the Manager of the Financing
Coordination Fee pursuant to this Section 5.5 in respect of such financing transaction and shall be in an amount equal to
one-quarter percent (0.25%) of the principal account incurred by AECP LP or the Owner, as the case may be, or outstanding under
any such Loan.

 

Section 5.6Direct
Expenses. To the extent practicable, the Manager shall cause all direct expenses of Owner that are incurred in connection with
this Agreement or the Services rendered pursuant hereto to be billed directly to Owner, and to the extent the Manager incurs direct
expenses on behalf of Owner such direct expenses will be reimbursed to the Manager by Owner in accordance with Section 5.2(C),
or if such direct expenses constitute Acquisition Expenses, Disposition Expenses or Organization and Offering Expenses then in
accordance with Section 5.3, Section 5.4 or Section 5.2(A), as applicable.

 

ARTICLE
VI

Representations, Warranties and Covenants

 

The Manager represents,
warrants and covenants to the Owner and AECP LP as follows:

 

(A)Organization,
Good Standing, Etc. The Manager is a limited liability company duly formed, validly existing and in good standing under the
laws of the State of Oklahoma. Before commencing operations in any State where Leases are located the Manager will be duly qualified
and/or licensed to the extent and as may be required, and in good standing in such State.

 

(B)Authority;
Enforceable Agreement. The Manager has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and has adequate power, authority and legal right to enter into, execute, deliver and perform this Agreement. This Agreement
is legal, valid and binding with respect to the Manager and is enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally.

 

(C)Legal
Requirements. The Manager has, or before commencing activities in any State or other jurisdiction will have, all requisite
power, approvals, authorizations, consents, licenses, orders, franchises, rights, registrations and permits of all Governmental
Authorities of such State or other jurisdiction required for the Manager to provide the Management Services in such jurisdiction;
each of the foregoing is or will be in full force and effect and has been duly and validly issued; and at the time Management Services
are performed the Manager will be in compliance in all material respects with all terms and conditions of each of the foregoing.

 

(D)No
Consent. No permit, consent, approval, authorization or order of, and no notice to or filing with, any Governmental Authority
or third party is required in

 

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connection with the execution,
delivery or performance by the Manager of this Agreement or to consummate any transactions contemplated hereby and thereby.

 

(E)Manager’s
Activities During the Term. The Manager covenants and agrees that during the Term (excluding any period after a Termination
Notice has been received by Manager as contemplated by Section 10.2(a) during which the Manager performs transition services in
accordance with Section 10.3) the Manager’s business and activities will be limited to serving as the manager pursuant to
this Agreement and activities ancillary thereto; provided, however, that the foregoing covenant is not intended,
nor shall it be construed, to restrict or limit the Manager’s ability to serve as a manager or in a similar capacity pursuant
to a management services or similar agreement to one or more partnerships or other entities that may be formed after the Effective
Date by, or that is affiliated with, AR Capital, LLC, AR Capital Energy Holdings, LLC or any of their affiliates to acquire, own,
operate, develop, market or dispose of oil and gas properties. For the avoidance of doubt, the Manager will not own any oil, gas
or mineral leases or developed or undeveloped producing or non-producing oil and gas properties, and will not become the counterparty
to any Farmout by assignment from Owner, at any time during the Term; but the foregoing restriction is not intended, nor shall
it be construed, to apply to, or to restrict the activities or operations of, any Affiliate of the Manager. The Manager shall only
be required to devote such portion of its full productive time to the performance of the Services as is necessary to satisfy its
obligations under this Agreement.

 

ARTICLE
VII

Additional Agreements of Manager; Restrictions on Manager

 

Section 7.1Compliance
with Laws. In the performance of Services pursuant to this Agreement, the Manager shall comply in all material respects with
applicable Law relative to the use, operation, development and maintenance of the Business and the Assets. The Manager shall use
its reasonable commercial efforts to remedy any violation of any such applicable Law that comes to its attention. The Manager shall
promptly notify the Owner of any material violation of applicable Law in the performance of the Services pursuant to this Agreement,
and the Manager shall transmit promptly to the Owner a copy of any citation or other communication received by the Manager setting
forth any such violation.

 

Section 7.2Compliance
with Obligations. The Manager, to the extent such matters are reasonably within its control, shall use diligent and reasonable
efforts to cause compliance in all material respects with all terms and conditions contained in any contract, agreement, judicial,
administrative or governmental order, law or ruling, lease, mortgage, deed of trust or other contractual or security instrument
affecting the Business or any of the Assets; provided, however, that, except as otherwise set forth herein, the Manager
shall not be required to make any payment or incur any liability on account thereof. The Manager shall promptly notify the Owner
in writing of any material violation of any such instrument or agreement in any material respect.

 

Section 7.3Prohibited
Acts. Notwithstanding anything to the contrary, express or implied, in this Agreement, without the consent of Owner the Manager
shall not:

 

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(A)Affect
Title. Other than by way of a pledge, mortgage, deed of trust or trust indenture in connection with the terms of an Approved
Credit Facility or a Farmout, joint operating agreement, participation agreement or other similar arrangement, sell, assign, surrender
or relinquish, farm out, encumber, hypothecate, mortgage, burden, or otherwise alter or impair the Owner’s title in, to,
or under, or that may be derived from, any of the Assets, or take any act that has the natural and foreseeable consequence of causing
any of the foregoing. The prohibition in the immediately preceding sentence does not apply, however, to any loss, alteration, or
impairment of title resulting (i) from the abandonment of any well, cessation of operations, non-commencement of the drilling of
any well or any other operations, or non-payment of delay rentals, advance royalties, shut-in well payments, or any other payments
when done with the Owner’s written consent or in accordance with the other terms of this Agreement; (ii) by virtue of the
non-consent, non-participation, or non-performance of any Third Party under any Operating Agreement; (iii) from the pooling, unitization,
or communitization of all or any part of the Owner’s interest in a property; (iv) from the sale or disposition of worn out
or obsolete equipment or spare parts; (v) from the sale of natural gas, crude oil, natural gas liquids, condensate, other products
and other hydrocarbons produced from the Assets; or (vi) from causes or circumstances beyond Manager's reasonable control.
If the Owner sells any of its Asset(s) to the Manager or an Affiliate of the Manager (other than a Farmout to the Manager or an
Affiliate of the Manager which shall be subject to Section .7), then the Owner exercising the standard of a prudent
operator must determine that (i) the sales price received by the Owner from the Manager or such Affiliate, as the case may be,
shall not be less than the higher of (A) the costs incurred by the Owner for such Asset(s) and (B) the fair market value of such
Asset(s) as determined by the Owner, and (ii) the other terms and conditions of such sale must be fair and reasonable to Owner.

 

(B)Borrow
Funds. Borrow any funds or accept any loan from Owner or, except in accordance with Section 7.4, borrow any funds on
behalf of Owner (other than trade accounts payable in the ordinary course of business).

 

(C)Litigation
Matters. (i) Except for the filing or prosecution of any lawsuits for the collection of any monies owed to the Owner in the
ordinary course of business, file or prosecute any lawsuit, or (ii) confess any judgment or compromise or settle any pending,
threatened, or asserted claim or litigation, in each case with respect to or on behalf of the Owner or any of the Assets.

 

(D)Resign
as Operator. Resign as Operator of any operated Asset except in accordance with this Agreement.

 

(E)Tax
Status. Take any action which would cause the Owner not to be classified and treated as a partnership (and not as an association)
for federal income tax purposes.

 

(F)Approved
Credit Facility. Amend or waive any provision of the Approved Credit Facility or take any actions which would result in a default
by the Owner under an Approved Credit Facility (but the foregoing shall not be construed to require the expenditure of any funds
by the Manager).

 

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(G)Expenditures.
Except in accordance with Article III, Section 4.3, and Article V, Section 7.1, Section 7.2
or Section 7.4, make or approve any expenditure for the Owner’s account, or obligate the Owner to make any expenditure,
other than for operating expenses (including any Operating Agreement then in effect) made pursuant to operating agreements covering
the Owner’s Assets or as provided in the Budget.

 

(H)Activities;
Budget. Conduct for the Owner’s account, or consent to or obligate the Owner, to engage in any activity, other than an
activity provided for in the approved Budget or determined by the Manager to be required in connection with an Emergency.

 

(I)Acquisitions
and Joint Ventures. Cause or obligate the Owner to enter into any business combination transaction, including any merger, consolidation,
equity exchange, acquisition, sale, joint venture, partnership or similar arrangement, or acquire any assets (including any Property
Acquisition(s)), properties or rights, including leasehold and working interests.

 

(J)Hedging.
Cause the Owner to adopt, revise or waive compliance with, the Hedging Policy, or cause the Owner to enter into or become obligated
under any Hedges that are not in accordance with the Hedging Policy. None of the properties, or production attributable to properties,
owned by the Manager or any Affiliate of the Manager will benefit from any of Owner’s hedging or marketing arrangements,
and the Manager shall fairly apportion the benefits from any marketing or other arrangements jointly affecting property of the
Manager (or any Affiliate of the Manager) and Owner to the respective interests of the Manager or any Affiliate of the Manager,
on the one hand, and Owner, on the other hand.

 

(K)Material
Commitment. Enter into any contract or agreement on behalf the Owner, or otherwise obligate the Owner under any contract or
agreement, that would reasonably be expected to constitute a Material Commitment. The Manager shall not commit Owner’s future
production from any Well in which Owner owns an interest for Manager’s benefit.

 

(L)Affiliate
Transactions. Except in compliance with Section 4.3, cause the Owner to enter into any contract or other arrangement
or transaction with the Manager or an Affiliate of the Manager.

 

(M)Amendment
to Agreements; Waiver of Rights. Cause the Owner to enter into or replace or amend, modify or restate or supplement in a manner
adverse to the Owner in any material respect, or cause the Owner to waive or fail to enforce on behalf of the Owner any material
rights of the Owner under, any participation, joint venture, operating, area of mutual interest or other similar agreement to which
the Owner is a party (provided that the restriction set forth in this clause (m) shall not apply to any extension or termination
of any agreement in accordance with its terms).

 

(N)Certain
Non-Consent Activities. Cause the Owner to make any election or exercise any vote, or cause the Owner not to exercise any vote,
that has the effect of

 

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causing the Owner to not participate
in any Development Activities or other activities or operations under an Operating Agreement in which the Manager or an Affiliate
of the Manager owns a working interest, unless the Manager or such Affiliate also declines to participate in such activity or operations,
unless Owner’s election or exercise of, or failure to elect or exercise, any such vote is a result of Owner’s voluntary
election or Owner’s inability or refusal to fund the cost of the applicable Development Activities or other activities or
operation, as the case may be, in which event neither Manager nor any Affiliate shall be required to decline to participate in
such activity in respect of its working interest therein.

 

(O)Directed
Activities. Take on behalf of the Owner or cause the Owner to take any action or commit to any action that is contrary to the
good faith reasonable instructions of the Owner, provided that the foregoing shall not be construed to require the Manager to take
any action in violation of applicable Law or to incur any cost or liability that will not be reimbursed or assumed by the Owner.

 

(P)Actions
Not of Benefit to Owner. Prior to the Listing Date, take on behalf of Owner or cause Owner to take any action or commit to
any action which the Manager has determined will not primarily benefit Owner except as may be required by any contract or agreement
to which Owner may be subject or by applicable Law.

 

(Q)Prohibition
on Profit by Drilling in Breach of Agreement. Neither the Manager nor any Affiliate of the Manager shall profit by conducting
drilling operations on any of Owner’s Assets in breach or violation of this Agreement or the Operating Agreement applicable
to such Asset.

 

(R)Loans
from Manager to Owner. If the Manager or any Affiliate of the Manager elects in its sole discretion to make any loan or advance
any funds to Owner, the Manager or such Affiliate may not receive interest on the outstanding balance of such loan or advance in
excess of the amounts that would be charged Owner (without reference to the Manager’s or such Affiliate’s financial
abilities or guarantees) by unrelated banks on comparable loans for the same purpose. In addition, neither the Manager nor any
Affiliate of the Manager shall receive points or other financing charges or fees for any loan or advance made to Owner by the Manager
or such Affiliate, regardless of the amount of such loan or advance.

 

(S)Prohibition
On Rebates and Give Ups. Neither the Manager nor any Affiliate of the Manager may receive from Owner or any third party any
rebate(s) or give up(s) in respect of any acquisition or disposition by Owner or the operations by Owner of its business, or in
any reciprocal business arrangement, that would constitute a circumvention of Article VI.C.8 of the NASAA Oil and Gas Guidelines
as in effect on the Effective Date.

 

Section 7.4Emergencies.
Notwithstanding anything to the contrary in this Agreement, if Manager reasonably believes there is any Emergency, Manager may,
in the sole exercise of its discretion and at Owner’s expense, act for and on behalf of Owner in any manner reasonably necessary
or useful under the circumstances without the necessity of giving prior

 

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notice to the Owner or receiving any approval or consent
from the Owner. If Manager takes any such action pursuant to this Section 7.4, Manager shall promptly notify the Owner of
such Emergency and of the actions and/or expenditures approved by Manager as soon thereafter as is reasonably practicable.

 

Section 7.5Manager’s
Insurance. The Manager shall at all times maintain the insurance coverage described on Exhibit B with financially sound
and reputable insurance companies, together with any other insurance that the Manager generally provides or extends to its subsidiaries.
During the Term of this Agreement, the Manager will, subject to reimbursement by the Owner for the incremental cost thereof, take
the actions necessary to cause the Owner to be Insured, under the insurance policies described, and as indicated, in Exhibit
B. As used herein, the term “Insured” means the Owner will be (i) named an insured to the extent
possible, (ii) in the case of workers’ compensation and employers’ liability, named as an alternate employer, or (iii)
an additional insured in all other cases; provided, however, that the Manager will take reasonable commercial efforts
to provide for endorsement of the Owner as an insured under each policy described in Exhibit B.

 

ARTICLE
VIII

Personnel Administration

 

Section 8.1General.
The Manager shall have in its employ or available to it during the Term a sufficient number of qualified technical, operating,
land, financial, marketing, accounting, clerical, administrative and field Employees, and other personnel to enable it to supply
all the services as herein provided.

 

Section 8.2Responsibility.
All matters pertaining to the employment, supervision compensation, promotion and discharge of any Employees or personnel of the
Manager or its Affiliates are the responsibility of the Manager, which is (or its Affiliate is) in all respects the
employer of any such Employees. All such employment arrangements are solely the concern of the Manager and, if applicable, its
Affiliate(s) and, other than as expressly set forth in Exhibit B hereto, the Owner shall have no liability with respect
thereto.

 

ARTICLE
IX

Investment Opportunities

 

Section 9.1Investment
Opportunities.

 

(A)Commensurate
with the Gross Proceeds raised by AECP LP from time to time that have not been previously invested in Property Acquisitions or
reserved for Development Activities or other investment in any of the Assets or the payment of fees or expenses pursuant to this
Agreement or the Partnership Agreement, the Manager shall offer to Owner the right to purchase any Property Acquisition that (i)
the Manager identifies in accordance with the performance of Item 14 of its Management Services as described in Exhibit
A or that otherwise becomes available to the Manager and (ii) which the Manager believes may be appropriate for the Owner.

 

(B)The
Manager shall offer to the Owner any Property Acquisition referred to in Section 9.1(a) in accordance with the terms of
Section 9.1(c). Upon receipt of any

 

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Proposal, Owner shall decide
in accordance with Section 9.1(d) whether or not to approve the Property Acquisition that is the subject of such Proposal.
If Owner determines not to approve or otherwise fails to approve such Property Acquisition within five (5) Business Days after
the Owner’s receipt of a Proposal (a “Rejected Proposal”), then the Manager or any of its Affiliates
may pursue and, if successful in such pursuit, participate in such Property Acquisition.

 

(C)If
the Manager proposes to refer a Property Acquisition or other acquisition of oil and gas properties to the Owner, the Manager shall
submit a written report (“Proposal”) to Owner for its consideration. Such Proposal shall be in the form
or format that the Manager generally uses, or will have used when presenting any such Property Acquisition or other acquisition
of oil and gas properties to Owner and shall contain the Economic Run for the Property Acquisition or other acquisition of oil
and gas properties, the initial Budget or any revisions to the Budget as provided in Section 9.2, and all other information
determined by the Manager or requested by Owner as necessary or appropriate to describe the terms, economics, oil and gas reserve
information, and other information requested by Owner as necessary or appropriate to evaluate and consider the Proposal. Additionally,
if the Manager or an Affiliate of the Manager has an existing economic interest in more than 5% of the properties that are the
subject of the Proposal, the Manager shall disclose this fact to Owner in the Proposal. Information submitted to Owner in the Proposal
shall include, without limitation, the Economic Run data with respect to the acquisition that is the subject of the Proposal authorization(s)
for expenditure, budgeting information, a recommendation with respect to the amount of indebtedness to be incurred pursuant to
the Approved Credit Facility, key terms related to such Proposal, including, without limitation, whether such terms deviate or,
to Manager’s knowledge, are expected to deviate from the General Parameters, if applicable, and any other available information
determined by the Manager to be relevant to Owner’s investment decision or requested by Owner. In addition, if the Seller
of a proposed Property Acquisition that is the subject of a Proposal is the Manager or an Affiliate(s) of the Manager, then the
Owner, exercising the standard of a prudent operator, must determine that (i) the price paid by Owner to the Manager or such Affiliate(s),
as the case may be, for such Property Acquisition from the Manager or such Affiliate(s), as the case may be, does not exceed the
lesser of (A) the costs incurred by the Manager or such Affiliate(s), as the case may be, to acquire, own, operate and develop
such Property Acquisition (which shall be supported by reasonable documentation included in the Proposal) and (B) the fair market
value of such Property Acquisition as determined by mutual agreement of the Manager or such Affiliate(s), as the case may be, and
Owner, the Owner exercising the standard of a prudent operator, must determine that in such manner as the Manager and Owner determine
to be appropriate under the circumstances, (ii) at the time of any such Property Acquisition from the Manager or any of its
Affiliates, as the case may be, the Owner must acquire an equal proportionate interest in the Manager’s or such Affiliate’s,
as the case may be, other ownership interests in the same Prospect and (iii) the other terms and conditions of such acquisition
are fair and reasonable to Owner. For purposes of the preceding sentence, a Prospect will be limited to the minimum area permitted
by state law or local practice, whichever is applicable, if the following two conditions are met: (i) the well is being drilled
to a geological feature which contains proved reserves as defined below and (ii) the limitation protects the well against drainage.

 

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In areas where the Prospect is
not limited as provided in the immediately preceding sentence and the area constituting the Prospect that is the subject of this
Section is subsequently enlarged based on geological information which is later acquired, then if the Prospect includes an interest
acquired by Owner from the Manager or an Affiliate of the Manager and such Prospect is subsequently enlarged to cover an area in
which the Manager (if an interest was previously acquired from the Manager) or such Affiliate of the Manager (if an interest was
previously acquired from such Affiliate), as the case may be, owns a separate property interest and the Owner’s activities
were material in establishing the existence of proved undeveloped reserves which are attributable to the separate property interest
(and, in the case of the Manager or such an Affiliate of the Manager, the activities of the Manager or such Affiliate of the Manager,
as applicable, were not material in so establishing the existence of such proved undeveloped reserves), then the separate property
interest or a portion thereof must be sold to AECP LP by the Manager or such Affiliate of the Manager, as the case may be, on terms
and conditions conforming to the requirements of the fourth sentence of this Section 9.1(c).

 

(D)Upon
receipt of a Proposal, Owner shall have five (5) Business Days to notify the Manager of Owner’s intent to make the Property
Acquisition as described in the Proposal. If Owner does not provide such notice to the Manager within such time, Owner shall be
deemed to have rejected the Property Acquisition that is the subject of the Proposal and such Proposal shall thereafter constitute
a Rejected Proposal.

 

Section 9.2Initial
Budget; Revisions to Budget.

 

(A)Initial
Budget. In connection with the first Property Acquisition, the Manager shall prepare a Draft Budget for operation of the properties
proposed to be acquired and submit such Draft Budget to Owner with the Proposal as contemplated by Section 9.1. If the Owner
approves the Property Acquisition, Owner shall be deemed to have approved the Draft Budget and such Draft Budget shall then constitute
the approved Budget as contemplated by Section 3.1.

 

(B)Revised
Budgets. In connection with each Property Acquisition following the first Property Acquisition, the Manager may prepare an
amendment to the then existing approved Budget to reflect the additional costs and expenses associated with the ownership of the
Assets proposed to be acquired and submit such proposed revision to the Owner as contemplated by Section 9.1. If the Owner
approves the Property Acquisition, Owner shall be deemed to have approved the revision to the Budget and such revised Budget shall
then constitute the approved Budget as contemplated by Section 3.2.

 

ARTICLE
X

Term; Termination

 

Section 10.1Term.
The initial term of this Agreement will begin on the Effective Date and, subject to earlier termination in accordance with Section
10.2, shall continue for so long as the Owner holds any Assets (the “Initial Term”), and thereafter,
until this Agreement is terminated by the Manager or Owner upon not less than 30 days’ prior written notice to the other
(the Initial Term together with any such extension thereafter, the “Term”). Except as expressly

 

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provided
herein, the expiration or earlier termination of this Agreement shall not relieve any Party of any obligation or liability arising
prior to such expiration or termination.

 

Section 10.2Termination.

 

(A)This
Agreement shall terminate (the “Termination Date”) on the first to occur of (i) the date on which
the Parties mutually agree to terminate this Agreement and (ii) the termination date set forth on any notice given in accordance
with Section 10.2(b) or Section 10.2(c) (each, a “Termination Notice”). Each Termination
Notice shall be provided in writing and set forth in reasonable detail the basis for the termination and the Termination Date.
If requested by Owner, the Manager, following its receipt of a Termination Notice, shall continue to perform the Services in accordance
with this Agreement for a period not to exceed 120 days of such notice and, in such event, the date on which such continued Services
are no longer necessary (as specified by Owner in the Termination Notice) will be considered the Termination Date for purposes
hereof.

 

(B)Owner
may terminate this Agreement by delivery of a Termination Notice to the Manager following the occurrence of any of the following
events:

 

		(i)	the dissolution and liquidation of AECP LP in connection with the sale of all or substantially
all of the Owner’s assets;

 

		(ii)	during the Bankruptcy of the Manager;

 

		(iii)	at any time during the 30 days after a breach by the Manager of its obligations hereunder that
has had or, if continued, is reasonably likely to have a Material Adverse Effect, which breach remains uncured 60 days following
the receipt by the Manager of written notice of such breach by the Owner;

 

		(iv)	at any time within 15 Business Days following (A) the determination by a court of competent jurisdiction
that the Manager has defrauded AECP LP or Owner or stolen or misappropriated any of the Assets or funds of Owner and (B) such circumstances
have not been cured or remedied (which may include a cash payment) by Manager within 30 days following such judicial determination;

 

		(v)	the General Partner is removed as the general partner of AECP LP by the majority vote of the Common
Units and the General Partner did not vote in favor of or otherwise approve such removal; or

 

		(vi)	upon the approval at a special meeting of the holders of Common Units called for the purpose of
voting to terminate this Agreement, which approval is by the holders of not less than a majority of the Common Units outstanding
as of the record date established for such special meeting excluding for purposes of such determination Common Units and any vote
in respect thereof) owned by the General Partner or its sponsor or any Affiliate(s) thereof.

 

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(C)The
Manager may terminate this Agreement by delivery of a Termination Notice to Owner (i) during or following the Bankruptcy of the
Owner or (ii) upon a material breach by Owner of its obligations hereunder that remains uncured 60 days following the receipt by
Owner of notice of such breach by the Manager.

 

Section 10.3Transition
Services. The Manager shall, until the Termination Date, continue to provide the Management Services in accordance with this
Agreement and upon request from Owner will reasonably cooperate with Owner in the transition of such services to a new manager
appointed by Owner by (i) turning over Owner’s books and records and any other relevant information reasonably requested
of the Manager, (ii) if applicable, assigning to Owner all of the Manager’s rights under subcontracts and other contractual
arrangements entered into by the Manager in connection with the performance of the Services and (iii) facilitating the transfer
of Well operations and the management of the Owner’s Assets to the successor manager. At the end of the Term, the Manager
shall deliver to Owner the Records. Following the termination of this Agreement, Owner shall have the right to appoint any other
Person as manager to perform the Management Services by whatever method Owner may deem expedient or appropriate. Following the
termination of this Agreement, the Manager shall have no further rights under this Agreement (except as provided in Section
10.4) and shall not be entitled to receive any further payments under this Agreement.

 

Section 10.4Effect
of Termination. The termination of this Agreement shall not relieve any Party from any expense, liability or other obligation
or remedy therefor that has accrued or attached prior to the Termination Date and the following provisions of this Agreement shall
survive such termination: this Section 10.4, each of the indemnity obligations, the limitation on consequential and other
damages under this Section 12.4 and the provisions of Article XII, which provisions shall survive indefinitely. To
the extent this Agreement is terminated by the Owner pursuant to Section 10.2(b)(iv) hereof, then pursuant to Section 5.8 of the
Partnership Agreement, Holdings shall forfeit any incentive distribution rights it holds as of the date of such termination. To
the extent this Agreement is terminated pursuant to Section 10.2(b)(v) or Section 10.2(b)(vi) hereof, then Owner
shall promptly reimburse to the Manager the severance costs and expenses incurred directly or indirectly by the Manager as a result
of any such termination, such reimbursement to be paid within 10 Business Days after the receipt by Owner from the Manager of an
invoice therefor accompanied by reasonable documentation in support of such invoice. The Manager acknowledges and agrees that if
any distributions are made by AECP LP to Holdings in respect of the incentive distribution rights held by Holdings, then the amount
of such distributions will be made only after giving effect to a reduction for the direct costs and administrative costs of AECP
LP.

 

ARTICLE
XI

Indemnification; Liability of the Parties

 

Section 11.1Indemnification.
From and after the Effective Date, the Parties will indemnify each other as follows:

 

(A)Owner
Indemnification. (i) The Owner shall indemnify, defend, reimburse and hold harmless the Manager and its Affiliates and their
respective officers, managers, representatives, agents, members, employees (together with the Manager, the “Manager

 

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Indemnified Parties”)
from and against and in respect of any and all claims, liabilities, losses, costs, expenses (including reasonable attorneys’
fees and costs of investigation), judgments, fines, penalties, interest, settlements or damages (collectively, “Liabilities”)
incurred or suffered by a Manager Indemnified Party in connection with, arising out of, or relating to, directly or indirectly,
its performance of the Management Services and or Operating Services hereunder; provided, however, that Owner will not be required
to so indemnify, defend, reimburse and hold harmless any of the Manager Indemnified Parties (A) from any Liabilities in respect
of any decision by or on behalf of the Manager in connection with any Property Acquisition, Asset disposition or operation of
Assets with respect to due diligence, waiver or deemed waiver of title defects mistakes in title or environmental review or similar
actions or omissions, and (B) from any other Liabilities unless the following standards are satisfied:

 

I.the
Manager has made a good faith determination that the Manager’s course of conduct which caused or resulted, or allegedly caused
or resulted in, the Liabilities for which such Manager Indemnified Party seeks indemnification or advancement of expenses pursuant
to this Section 11.1(A) was in the best interests of AECP LP or the Owner;

 

II.at
the time the conduct was performed that caused or resulted, or allegedly caused or resulted in the Liabilities for which the Manager
Indemnified Party seeks indemnification or advancement of expenses, the Manager was acting on behalf of or performing services
for AECP LP or Owner;

 

III.there
has not been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the
matter for which such Manager Indemnified Party is seeking indemnification pursuant to this Section 11.1(a), such Manager
Indemnified Party engaged in negligence or misconduct, or in the case of a criminal matter, acted with knowledge that such Manager
Indemnified Party’s conduct was unlawful; and

 

IV.with
respect to Liabilities arising from or out of an alleged violation of federal or state securities laws,

 

A.there
has been a successful adjudication on the merits of each count of such alleged violation of securities laws;

 

B.such
claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or

 

C.a court
of competent jurisdiction approves a settlement of the claims against the Manager or such Manager Indemnified Party and finds that
indemnification of the settlement and the related costs should be made, and the court has been advised of the position of the Securities
and Exchange Commission and the position of any state securities regulatory authority in which securities of AECP LP were offered
or sold as to indemnification of violations of securities laws.

 

    	36

    	 

    

 

Any indemnification pursuant
to this Section 11.1(A) shall be made only out of the consolidated tangible net assets of AECP LP and Owner.

 

(ii)To the fullest
extent permitted by applicable Law and subject to AECP LP and Owner having sufficient funds available, expenses (including legal
fees and expenses) incurred by a Manager Indemnified Party who is indemnified pursuant to Section 11.1(A) in defending any
claim, demand, action, suit or proceeding relating to acts or omissions with respect to the performance of duties or services pursuant
to this Agreement, from time to time, may be advanced by AECP LP prior to a determination that the Indemnitee is not entitled to
be indemnified; provided, that (a) such legal action is initiated by a third party who is not a unitholder of equity interests
in AECP LP or, if such legal action is initiated by such a unitholder, a court of competent jurisdiction shall have approved such
advancement and (b) upon receipt by AECP LP of an undertaking by or on behalf of the Manager Indemnified Party to repay such amount
together with the applicable legal rate of interest thereon if it shall be determined that the Manager Indemnified Party is not
entitled to be indemnified as authorized in Section 11.1(A).

 

(iii)The indemnification
provided by this Section 11.1(A) shall be in addition to any other rights to which a Manager Indemnified Party may be entitled
under any agreement, pursuant to any approval by AECP LP, as a matter of law or otherwise, both as to actions in the Manager Indemnified
Party’s capacity as a Manager Indemnified Party and as to actions in any other capacity and shall continue as to a Manager
Indemnified Party who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and
administrators of the Manager.

 

(B)Manager
Indemnification. The Manager shall indemnify, defend and hold harmless AECP LP, the Owner, its Subsidiaries and Affiliates
and their respective officers, directors, representatives, agents, members and employees (collectively, “Owner Indemnified
Parties”) from and against and in respect of any and all Liabilities incurred or suffered by an Owner Indemnified
Party in connection with, arising out of, or relating to, the negligence or misconduct of the Manager or another Manager Indemnified
Party in the Manager’s performance of the Management Services.

 

[Intentionally
Omitted].

 

Section 11.3Indemnification
Procedure. If any indemnified party discovers or otherwise becomes aware of an indemnification claim arising under this Agreement,
such party will give written notice to the indemnifying Party, specifying such claim, and may thereafter exercise any remedies
available to such indemnified party under this Agreement; provided, however, the failure of any indemnified party
to give notice as provided herein will not relieve the indemnifying Party of any obligations hereunder, to the extent the indemnifying
Party is not materially prejudiced thereby. Further, promptly after receipt by an indemnified party hereunder of written notice
of the commencement of any action or proceeding with respect to which a claim for indemnification may be made against the indemnifying
Party, the indemnified party will give written notice to the indemnifying Party of the commencement of such action, accompanied
by a copy of all papers, if any, served with respect to the action or proceeding; provided, however, the failure
of any indemnified party to give notice as provided herein will not relieve the

 

    	37

    	 

    

 

indemnifying Party of any obligations hereunder,
to the extent the indemnifying Party is not materially prejudiced thereby.

 

Section 11.4Limitation
on Consequential and Other Damages.

 

(a)NEITHER
PARTY shall be entitled to recover from THE OTHER Party, or such Party’s respective Affiliates any indirect, consequential,
punitive or exemplary damages or damages for lost profits of any kind arising under or in connection with this Agreement or the
transactions contemplated hereby, except to the extent any such Party suffers such damages (including costs of defense and reasonable
attorney’s fees incurred in connection with defending AGAINST such damages) to a Third Party, which damages (including costs
of defense and reasonable attorneys’ fees incurred in connection with defending against such damages) shall not be excluded
by this provision as to recovery hereunder. Subject to the preceding sentence, each Party, on behalf of itself and each of its
Affiliates waives any right to recover punitive, special, exemplary and consequential damages, including damages for lost profits,
arising in connection with or with respect to this Agreement or the transactions contemplated hereby.

 

(B)The
amount of damages for which an indemnified Party is entitled to indemnity under this Article XI shall be reduced by the
amount of insurance proceeds received by the indemnified Party or its Affiliates with respect to such damages (net of any collection
costs and net of any increase in premiums resulting from claims with respect to such damages), and, to the extent insurance coverage
for such damages is available under insurance policies of the indemnified Party and not under the insurance policies of the indemnifying
Party, the indemnified Party will use commercially reasonable efforts to assert claims under such insurance coverage with respect
to such damages.

 

Section 11.5Manager
Liability. Subject to the rights of the Owner to terminate this Agreement, in no event shall the Manager or its Affiliates
have any liability under this Agreement or applicable Law, with respect to the provision of the Services under this Agreement for
any claim, damage, loss or liability sustained or incurred in connection with its operations with respect to the Assets or the
provision of the Services or any breach of any provision of this Agreement regarding the standard of performance of the Manager
in performing the Services or operations under this Agreement (including any breach of Section 3.2) except with respect
to liability arising under this Agreement to the extent (and only to the extent) such liability is attributable to or arises from
the negligence or misconduct of any Manager Indemnified Party, and the Owner, on its own behalf and on behalf of its Affiliates,
releases the Manager and its Affiliates from such liability, except to the extent (and only to the extent) such liability is attributable
to or arises from the negligence or misconduct of any Manager Indemnified Party. Nothing in this Section 11.5 shall
be deemed to be a release by the Owner or any of its Affiliates of any claims against the Manager arising from a breach by the
Manager of its obligation to pay amounts owing to the Owner pursuant to the terms hereof.

 

    	38

    	 

    

 

Section 11.6Conspicuous.
THE PARTIES AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LAW TO BE EFFECTIVE OR ENFORCEABLE, THE PROVISIONS IN THIS AGREEMENT
IN ALL-CAPS FONT ARE “CONSPICUOUS” FOR THE PURPOSE OF ANY APPLICABLE LAW.

 

ARTICLE
XII

Force Majeure

 

If a Party is rendered
unable, wholly or in part, by reason of a Force Majeure Event to perform its obligations under this Agreement, other than obligations
to make payments or provide indemnification or defense when due hereunder, then such Party’s obligations shall be suspended
to the extent affected by the Force Majeure Event. Any Party claiming any Force Majeure Event shall provide prompt written notice
thereof to the other Party including full particulars of such Force Majeure Event.

 

ARTICLE
XIII

Miscellaneous

 

Section 13.1Time.
The Parties agree that time is of the essence in the performance of this Agreement.

 

Section 13.2Independent
Contractor. The Manager and the Owner are independent contractors and this Agreement shall not be construed as one of partnership,
agency, joint venture, or employment between the Manager and the Owner, and the rights, duties, obligations and liabilities of
each of the Parties under this Agreement shall be individual, not collective or joint. As between the Parties, (a) it is not the
intention of the Parties to create, nor shall this Agreement be deemed or construed to create, a mining or other partnership, joint
venture, association or trust, (b) the Manager is not the actual or implied agent for Owner, and (c) subject to the other express
provisions of this Agreement and the right of the Owner to direct the Manager with respect to the ends to be accomplished, the
Manager shall have the exclusive (i) authority to control and direct the specific means, method and manner of performance
of the details of the Management Services to be provided hereunder, and (ii) responsibility and liability for (A) the direction
and supervision of its personnel, (B) the salary, employee benefits, other compensation and related costs of such Manager
personnel and (C) the collection and payment of any payroll taxes or contributions or taxes for unemployment insurance, workers’
compensation, pensions and social security for the Manager personnel that are imposed by any Governmental Authority.

 

Section 13.3Notices.
All notices and communications required or permitted under this Agreement shall be in writing addressed as indicated below, and
any communication or delivery hereunder shall be deemed to have been duly delivered upon the earliest of: (a) actual receipt by
the Party to be notified; (b) if sent by U.S. certified mail, postage prepaid, return receipt requested, then the date shown as
received on the return notice; (c) if by facsimile transmission, then upon confirmation by the recipient of receipt; (d) if by
email, then upon an affirmative reply by email by the intended recipient that such email was received (provided that, for the avoidance
of doubt, an automated response from the e-mail account or server of the intended recipient shall constitute an affirmative reply);
or (e) if by Federal Express overnight delivery (or other

 

    	39

    	 

    

 

reputable overnight delivery service), the date shown on the notice of
delivery. Addresses for all such notices and communication shall be as follows:

 

	To the Manager:	
        AECP Management,
        LLC

        301 N.W.
        63rd Street

        Suite 600

        Oklahoma
        City, Oklahoma 73116

        Attention:Robert
        W. Kelly II

           General
        Counsel

        Phone: (405)
        818-8000

        Fax: (405)
        818-8040

        Email: bob.kelly@aep-lp.com

	 	 
	With a copy to:	
        AECP Management,
        LLC

        301 N.W.
        63rd Street

        Suite 600

        Oklahoma
        City, Oklahoma 73116

        Attention:Scott
        R. Mueller

        Phone: (405)
        818-8000

        Fax: (405)
        818-8040

        Email: scott.mueller@aep-lp.com

	 	 
	To AECP LP:	
        American Energy Capital Partners,
        LP

        c/o AECP GP LLC

        405 Park Avenue

        New York, NY 10022

        Attention:James A. Tanaka

        Phone: (212) 415-6592

        Fax: (646) 861-7743

        Email: jtanaka@rcscapital.com

	 	 
	With a copy to:	
        Kunzman & Bollinger, Inc.

        5100 N. Brookline

        Suite 600

        Oklahoma City, Oklahoma 73112

        Attention:Gerald Bollinger

        Phone: (405) 942-3501

        Fax: (405) 942-3527

        E-mail: gbollinger@kunzboll.com

	 	 

 

    	40

    	 

    

 

	To Owner:	
        AECP Operating Company, LLC

        405 Park Avenue

        New York, NY 10022

        Attention:James A. Tanaka

        Phone: (212) 415-6592

        Fax: (646) 861-7743

        Email: jtanaka@rcscapital.com

	 	 
	With a copy to:	
        Kunzman & Bollinger, Inc.

        5100 N. Brookline

        Suite 600

        Oklahoma City, Oklahoma 73112

        Attention:Gerald Bollinger

        Phone: (405) 942-3501

        Fax: (405) 942-3527

        E-mail: gbollinger@kunzboll.com

 

Either Party may, upon written notice to
the other Party, change the address(es) and person(s) to whom such communications are to be directed.

 

Section 13.4Cooperation.
Prior to termination of this Agreement and at all times following the consummation of this Agreement, the Parties agree to execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered, such documents and instruments and do, or cause to
be done, such other acts and things as may reasonably be requested by any Party to this Agreement, or are otherwise necessary or
advisable, to assure that the benefits of this Agreement are realized by the Parties and that the Parties carry out their obligations
under this Agreement and any document or other instrument delivered pursuant hereto.

 

Section 13.5No
Third Party Beneficiaries. Except for the indemnification rights under Article XI, nothing in this Agreement, express
or implied, is intended to confer upon anyone, other than the Parties hereto and their respective successors and assigns, any rights
or remedies under or by reason of this Agreement or to constitute any Person a Third Party beneficiary of this Agreement.

 

Section 13.6Cumulative
Remedies. Subject to the other provisions hereof, no failure on the part of any Party to this Agreement to exercise and no
delay in exercising any right hereunder will operate as a waiver thereof, nor will any single or partial exercise by any Party
hereto of any right hereunder preclude any other or further right of exercise thereof or the exercise of any other right.

 

Section 13.7Governing
Law; Jurisdiction; Waiver of Jury Trial. THE VALIDITY, CONSTRUCTION, INTERPRETATION AND EFFECT OF THIS AGREEMENT SHALL BE GOVERNED
BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICTS RULES WHICH WOULD OTHERWISE APPLY
THE LAWS OF ANOTHER JURISDICTION. EACH PARTY AGREES THAT IT SHALL BRING ANY ACTION OR PROCEEDING IN RESPECT OF ANY CLAIM ARISING
OUT OF OR RELATED TO THIS AGREEMENT, WHETHER IN

 

    	41

    	 

    

 

TORT OR CONTRACT OR AT LAW OR IN EQUITY, EXCLUSIVELY IN ANY U.S. FEDERAL OR STATE
COURT IN THE STATE OF TEXAS AND (A) IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS, (B) WAIVES ANY OBJECTION TO LAYING
VENUE IN ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, (C) WAIVES ANY OBJECTION THAT SUCH COURTS ARE AN INCONVENIENT FORUM
OR DO NOT HAVE JURISDICTION OVER IT AND (D) AGREES THAT SERVICE OF PROCESS UPON IT MAY BE EFFECTED BY MAILING A COPY THEREOF POSTAGE
PREPAID, REGISTERED OR CERTIFIED WITH RETURN RECEIPT REQUESTED AT THE ADDRESS SPECIFIED IN SECTION 13.3. THE FOREGOING CONSENTS
TO JURISDICTION AND SERVICE OF PROCESS SHALL NOT CONSTITUTE GENERAL CONSENTS TO SERVICE OF PROCESS IN THE STATE OF TEXAS FOR ANY
PURPOSE EXCEPT AS PROVIDED HEREIN AND SHALL NOT BE DEEMED TO CONFER RIGHTS ON ANY PERSON OTHER THAN THE PARTIES. FURTHER, EACH
PARTY HEREBY KNOWINGLY AND INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
UNDER, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

Section 13.8Entire
Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, supersedes
any prior agreements with respect to the subject matter hereof and there are no agreements, understandings, warranties or representations
except as set forth herein.

 

Section 13.9Assignment.
Neither Party may assign any of its rights or delegate any of its duties under this Agreement without the express written consent
of the other Party, except that the Manager may assign any such rights or delegate any such duties to any of its Affiliates. Any
assignment of rights or delegation of duties under this Agreement in violation of this section shall be void ab initio.

 

Section 13.10Amendment.
Neither this Agreement, nor any of the provisions hereof can be changed, waived, discharged or terminated, except by an instrument
in writing hand-signed by the Party against whom enforcement of the change, waiver, discharge or termination is sought. In addition,
each of AECP LP and AECP GP covenant and agree that, without the prior written consent of the Manager, it shall not amend, modify
or restate the Partnership Agreement if the effect thereof would be likely to adversely affect the Manager or any of its Affiliates
or the rights of the Manager or any such Affiliate under this Agreement or the Partnership Agreement and any amendment, modification
or restatement effected without such prior written consent of the Manager shall be void and of no force or effect with respect
to the Manager; provided, however, that the prior written consent of the Manager shall not be required in respect
of any amendment made to the Partnership Agreement (even if it would be likely to adversely affect the Manager or any of its Affiliates)
pursuant to Section 13.13(vi) of the Partnership Agreement that is made without the approval of AECP GP and is effected by approval
of a majority in interest of the holders of Common Units.

 

Section 13.11Severability.
If any clause or provision of this Agreement is illegal, invalid or unenforceable under any present or future law, the remainder
of this Agreement will not be affected thereby. It is the intention of the Parties that if any such provision is held to be

 

    	42

    	 

    

 

illegal,
invalid or unenforceable, there will be added in lieu thereof a provision as similar in terms to such provisions as is possible
to make such provision legal, valid and enforceable.

 

Section 13.12Waiver.
Waiver of performance of any obligation or term contained in this Agreement by any Party, or waiver by one Party of the other’s
default hereunder, will not operate as a waiver of performance of any other obligation or term of this Agreement or a future waiver
of the same obligation or a waiver of any future default.

 

Section 13.13Counterparts;
Facsimiles; Electronic Transmission. This Agreement may be executed in multiple counterparts, each of which will be an original
instrument, but all of which will constitute one agreement. The execution and delivery of this Agreement by any Party may be evidenced
by facsimile or other electronic transmission (including scanned documents delivered by email), which shall be binding upon all
Parties.

 

Section 13.14Corporate
Opportunity. AECP LP and the Owner acknowledge and agree that the Manager and its Affiliates engage and intend to continue
to engage in the exploration, development, production, acquisition and disposition of oil and gas properties in North America and
the marketing of production from such properties, which activities may be in competition with the Business of AECP LP and the Owner.
AECP LP and the Owner acknowledge, covenant and agree that except for the obligation set forth in Article IX of this Agreement,
notwithstanding anything to the contrary in this Agreement or any implied duty under applicable Law, in equity or otherwise, (a)
none of the Manager or any of its Affiliates that acquire knowledge of a potential oil and gas lease, acquisition, or investment
opportunity, or exploration or development transaction involving oil and gas properties and that may be an opportunity for AECP
LP or the Owner shall have any duty to communicate or offer such opportunity to AECP LP or the Owner, (b) it shall be deemed not
to be breach of any duty or any other obligation of any type whatsoever, express or implied, under this Agreement or applicable
Law, of the Manager or any of its Affiliates to not communicate or offer such opportunity to AECP LP or the Owner, and (c) none
of the Manager or any of its Affiliates shall be liable to AECP LP or the Owner or any other Person by reason of the fact that
the Manager or any of its Affiliates pursues or acquires for itself or its Affiliates, or otherwise directs, any such opportunity
to another Person or does not communicate such opportunity or information to AECP LP or the Owner.

 

Section 13.15Joint
Acknowledgement. This written Agreement represents the final agreement between the Parties and may not be contradicted by evidence
of prior, contemporaneous or subsequent oral agreements of the Parties. There are no unwritten oral agreements between the Parties.

 

[Remainder of Page Intentionally Left
Blank

Signature Pages Follow]

 

    	43

    	 

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the Effective Date.

 

MANAGER:

 

AECP Management, LLC

an Oklahoma limited liability company

 

By:/s/ Scott R. Mueller

Scott R. Mueller

Chief Financial Officer

 

AECP LP

 

American Energy Capital Partners,
LP

a Delaware limited partnership

 

By:American Energy Capital Partners
GP, LLC

its General Partner

 

By: /s/Edward M. Weil, Jr.

Edward M. Weil, Jr.

Chief Executive Officer and President

 

OWNER:

 

AECP Operating Company, LLC

a Delaware limited liability company

 

 

By:American Energy Capital Partners,
LP

its Sole Member

 

By:American Energy Capital Partners
GP, LLC

its General Partner

 

By:/s/Edward M. Weil, Jr.

Edward M. Weil, Jr.

Chief Executive
Officer and President

    	 

    	 

    

 

EXHIBIT A

SCOPE OF SERVICES

 

The “Services”
shall mean general management, administrative and operating services reasonably requested by and at the direction of Owner and
shall include, collectively, the Management Services and the Operating Services performed on behalf of the Owner and any Subsidiary,
and other service or activity agreed by Owner and the Manager. At all times, the Manager’s provision of the Management Services
and Operating Services shall be subject to the limitations set forth in this Agreement, and any other limits or restrictions mutually
agreed by Owner and the Manager.

 

The following services
shall constitute “Management Services”:

 

1.General.
The Manager shall (a) execute and carry out any lawful decisions or courses of action that have been approved by Owner in writing,
(b) maintain the files and records for engineering, design, accounting, tax, regulatory, land and such other matters as are generally
necessary for the conduct of the business of the Owner, (c) assist and support Owner in general planning and budgeting activities
and (d) coordinate and manage the Owner’s reporting requirements for regulatory, tax, environmental or local compliance purposes.

 

2.Overhead Services.
Manager will provide all general and administrative overhead services required for the Owner to conduct their respective business
and operations.

 

3.Management.
The Manager shall provide services in respect of the management of the Owner’s business and its Assets as may be requested
by Owner, including (a) services necessary to satisfy the Owner’s contractual obligations and obligations under applicable
Law and permits and Annual Budgets, (b) making recommendations relating to the improvement of the Owner’s operations and
maintenance (including major maintenance) of its assets and (c) the management and administration of the Owner’s contracts
and liaising with any Person that is party to a material contract with the Owner.

 

4.Liens.
The Manager shall assist Owner in keeping the Owner’s Assets free and clear of all liens and encumbrances excluding liens
and encumbrances arising in the ordinary course of business.

 

5.Funds and
Funds Management. The Manager shall (a) supervise all disbursements from, and to the extent of the availability of, funds provided
by the Owner necessary to pay its debts and obligations and (b) open accounts in the name of the Owner and deposit, withdraw and
maintain funds provided by Owner or its members, in banks, savings and loan associations or other financial institutions. The Manager
shall not under any circumstances commingle any funds received for the Owner or held for the account of the Owner with the Manager’s
or any other Person’s funds.

 

6.Tax and Accounting
Services. The Manager shall (a) provide and oversee financial and tax reporting (including all tax work necessary for Grant
Thornton LLP to fulfill its obligations as “tax matters partner” under the Company Agreement or the Partnership Agreement)
and cash management services, (b) monitor the Owner’s compliance with its debt

 

    	Exhibit A-1

    	 

    

 

and financing documents and (c) perform
such other accounting services as Owner may reasonably request.

 

7.IT Services.
The Manager shall provide (or cause to be provided) information technology services that are necessary for the Owner to perform
and otherwise complete its business activities, including services for (a) the management and maintenance of computer networks
and databases, technology systems, and phone networks and plans, (b) the development and implementation of plans and standards
relating to information technology and procurement, (c) the development and implementation of security policies and systems for
the computer databases and technology systems of the Owner and (d) the procurement and acquisition of any other information technology
services requested by Owner.

 

8.Third Party
Services. The Manager shall (a) engage and manage outside legal, accounting and tax services for the Owner including, at Owner’s
request and direction, providing Owner with legal, accounting or tax counseling or recordkeeping as to the Owner’s business
activities, and at Owner’s request and direction, initiating, maintaining, investigating and defending any claims, actions
or proceedings to which the Owner is a party, (b) engage and manage engineering, operations and other technical consulting services
as required in connection with the Owner’s business and (c) engage environmental consulting services, including services
(i) advising and counseling Owner with respect to environmental compliance issues, including researching applicable environmental
Laws and (ii) assisting Owner in obtaining and maintaining compliance with any and all necessary environmental permits, registrations,
authorizations, licenses, approvals or consents from relevant organizations and governmental authorities.

 

9.Regulatory.
The Manager shall (a) engage and manage regulatory consultants and cause the admission of Owner into regional and industry associations
if such admission would, in the judgment of Owner, be required or desirable for the operations of the Owner’s business, and
(b) with the approval of Owner, engage and manage representation in lobbying, studies, special or extraordinary sessions determined
to involve or be in the interest of the Owner, including assisting Owner in its dealings with governmental, semi-governmental,
administrative, fiscal or judicial bodies, departments, commissions, authorities, agencies or other entities having jurisdiction
or regulatory power over the Owner’s business activities.

 

10.Insurance.
At the request of the Owner and at the Owner’s expense, the Manager shall procure the insurance required to be maintained
by the Owner under the NASAA Guidelines. The Manager shall make recommendations to Owner in respect of the types, amounts and content
of insurance necessary or desirable for Owner and its business or the business and Assets of the Owner. At the direction of Owner,
the Manager shall procure, on behalf of Owner, insurance policies providing the coverage and in the amounts specified by Owner,
and maintain such policies in full force and effect. The Manager shall be named as an additional insured in respect of all liability
insurance policies maintained by the Owner, with waiver of subrogation.

 

11.Supervision.
The Manager shall provide supervisory services for Owner or the Owner’s contractors and operators in connection with the
operation of the Owner’s business and Assets.

 

    	Exhibit A-2

    	 

    

 

12.Staffing.
As authorized, coordinated and approved by Owner (including pursuant to an Annual Budget), the Manager will contract out those
services most effectively and efficiently provided by third parties on behalf of the Owner.

 

13.Compliance
with Credit Documentation. Upon the reasonable request by the Owner at any time or from time to time the Manager will assist
the Owner in the negotiation of an Approved Credit Facility subject to any applicable limitations thereon set forth in the Partnership
Agreement that the Manager has been notified by Owner apply in respect of such Approved Credit Facility. The Manager shall provide
a statement indicating the compliance, or failure to comply, of the Owner with any financial covenants, cash flow requirements,
maintenance ratios and reserve balances in any Approved Credit Facility for the periods covered by such financial statements.

 

14.Business
Development. The Manager will use reasonable commercial efforts to identify Property Acquisitions for the Owner to directly
or indirectly acquire that the Manager believes may be an appropriate opportunity for the Owner. If the Owner elects in accordance
with Section 9.1 to pursue a Property Acquisition, Manager will use its commercially reasonable efforts to negotiate with
the Seller and submit to Owner for execution, a Purchase and Sale Agreement and other applicable transaction documents which, to
the extent reasonably possible, shall comply with the General Parameters. The Manager will provide Owner with each Proposal for
any Property Acquisition the information specified in Section 9.1(c), copies of all title reports and environmental reports
obtained by the Manager with respect to such Property Acquisitions and such other information that is available to the Manager
and that is reasonably requested by the Owner regarding such Property Acquisition, and upon the Owner’s request will meet
with the Owner and its advisors to discuss the evaluation any Property Acquisition pursued by the Owner.

 

15.Sale Preparation.
At Owner’s request, the Manager will take such actions to prepare (and arrange for) all or any portion of the Owner’s
Assets to be sold or otherwise disposed of or liquidated (including through a dissolution or winding up of the Owner).

 

16.Financing
Coordination. At Owner’s request, at any time or from time to time, the Manager will take such actions (a) to investigate
and evaluate financing alternatives for (i) any Property Acquisition, (ii) the ownership, development and operation of any
portion of the Owner’s Assets, or (iii) any refinancing of the foregoing, (b) will advise the Owner of financing alternatives
that the Manager believes to be appropriate under the circumstances for Owner’s consideration, and (c) at Owner’s request
will assist Owner in negotiating the final definitive terms of any Loan documents for execution by Owner and any of its affiliates
subject to any applicable limitations thereon set forth in the Partnership Agreement that the Manager has been notified by Owner
apply in respect of such Loan documents.

 

The following services
shall constitute “Operating Services”:

 

1.Lease Operations.
The Manager shall perform all Lease Operations in accordance with the Standards set forth in Section 2.3. The Manager shall
manage the progress, evaluation and implementation of all projects (including multi-well drilling, workover and recompletion projects
and secondary/tertiary recovery projects) being carried out in connection with the performance of Lease Operations.

 

    	Exhibit A-3

    	 

    

 

2.The Manager shall
apply, pay for (subject to reimbursement by the Owner as set forth herein), obtain, and maintain in a timely manner all approvals,
authorizations, licenses and permits necessary or advisable for or in connection with the Owner’s ownership of the Assets
and operation of its Business (the “Permits”).

 

3.Authorizations.
The Manager shall provide the oversight to assure that the operator of the Owner’s Assets acquires all permits, consents,
approvals, surface or other rights that may be required for or in connection with the conduct of the Lease Operations.

 

4.Technical
Evaluation. The Manager shall provide the oversight to assure that the operator of the Owner’s Assets performs the technical,
geological, petroleum engineering and related evaluations that are necessary or appropriate under the Standards set forth in Section 2.3
to perform the Lease Operations and to evaluate proposed acquisitions of oil and gas properties by the Owner.

 

5.Marketing
and Transportation. The Manager shall provide the oversight to assure that the operator of the Owner’s Assets arranges
for the purchase, transportation and storage of all hydrocarbons and all supplies, materials and equipment needed in order to perform
the Lease Operations.

 

6.Safety.
The Manager shall provide the oversight to assure that the operator of the Owner’s Assets takes customary measures consistent
with the Standards set forth in Section 2.3 for the protection of life, health, the environment and property in the case
of an emergency.

 

7.Releases.
The Manager shall provide the oversight necessary or appropriate to assure that the operator of the Owner’s Assets reports
any spill and environmental releases to the appropriate state or federal regulatory agencies as required by applicable Law.

 

8.Information.
The Manager shall maintain the following data and reports as they are produced or compiled from Lease Operations: (a) copies of
all logs and surveys furnished by the operator(s) of the Owner Assets; (b) regular drilling, workover or similar operations reports
furnished by the operator(s) of Owner’s Assets; (c) copies of all plugging reports; (d) copies of all geological and
geophysical maps and reports; (e) well tests, completion and similar operations reports furnished by the operator(s) of Owner’s
Assets; (f) if prepared, engineering studies, development schedules and annual progress reports on development projects; (g) field
and well performance reports, including reservoir studies and reserve estimates; (h) lease documents, contracts, agreements, title
instruments and title files; and (i) such additional information as would be maintained by a Reasonably Prudent Operator.

 

    	Exhibit A-4

    	 

    

 

EXHIBIT B

MANAGER’S INSURANCE

 

	TYPE OF INSURANCE	POLICY LIMITS
	
        General Liability

        Including coverage for Personal & Advertising
        Injury, Products-Completed Operations and Underground Resources

        General aggregate

        Each occurrence
	
         

         

         

        $10,000,000

        $10,000,000

	
        Automobile Liability

        Any auto – Each
        accident
	
         

        $10,000,000

	
        Employers Liability

        Each accident
	
         

        $10,000,000

	Workers’ Compensation	Statutory limits
	
        Pollution Liability

        Each claim

        Policy aggregate
	
         

        $1,000,000

        $2,000,000

	
        

        Limits required herein may be satisfied by
        a combination of self-insurance, primary and excess/umbrella insurance.

         

        Owner named as Alternate Employer under Workers
        Compensation and Employers Liability policies except where a state’s monopolistic workers compensation program does not permit.

         

        Owner named as an additional insured on all
        other policies.

         

        Waiver of Subrogation in favor of
Owner applies to all policies.

 

    	Exhibit B

    	 

    

 

EXHIBIT C

 

COST REIMBURSEMENT

 

Part I

The Monthly Management Fee paid to the
Manager shall be the sole source for the reimbursement to the Manager of the following overhead expenses incurred by the Manager
in performing the Services:

 

Personnel salaries and bonuses

Personnel burdens and benefits

Pension, retirement and insurance
plans

Unemployment, payroll and other
taxes

Administrative contractors or
consultants

Office rent and occupancy costs

Office equipment and rentals

Office supplies

Office utilities

Data processing

Office maintenance and repairs

Employee parking

Telephone and communications

Postage and delivery expense

Business meals

Professional dues and subscriptions

Training expenses

Club memberships

Computer and software support

Payroll and other fees

Banking and industry relationships

General land services (unless
associated with a Proposal and other than contract land services)

 

Part II

Except to the extent that the following
Services are included within the items for which the Manager is responsible as provided above, the Manager shall be entitled to
reasonable reimbursement in accordance with Section 5.2 of the Management Agreement for the following out-of-pocket expenses
to the extent such costs and expenses are incurred in accordance with the terms of the Agreement and any applicable joint operating
agreement or applicable law:

 

Audit expense

Independent geological, geophysical
and engineering services

Tax return services

Investor reporting expense incurred
on behalf of Owner

Legal services (other than legal
services for prosecuting or defending claims regarding breach of this Agreement or claims brought by employees, consultants, officers,
directors or agents or in formation of the Manager)

 

    	Exhibit C-1

    	 

    

 

Outsourced accounting services

Contract land services

Costs incurred in coordinating
financing on behalf of the Owner, including, without limitation, the Approved Credit Facility and any amendment, restatement or
replacement thereof and any waiver thereunder

Reimbursements to the Manager
(or its designated Affiliate) pursuant to any Operating Agreement and COPAS accounting procedure under which the Manager (or its
designated Affiliate) is the Operator, but excluding from such reimbursements overhead of the Manager (or its designated Affiliate)

Insurance

Franchise or state taxes

Third Party marketing fees

 

    	Exhibit C-2

    	 

    

 

EXHIBIT D

OPERATING AGREEMENT

 

 

    	Exhibit D

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