Document:

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT (the "Agreement") is made and entered
into this February ___, 2009 between DIALYSIS CORPORATION OF AMERICA, a
Florida corporation (the "Company," which term includes all of its
subsidiaries or affiliated companies), and ______________________
("Indemnitee").

                                WITNESSETH THAT:

     WHEREAS, the Company and Indemnitee recognize that, directors, officers,
and other persons in service to corporations or business enterprises are
being increasingly subjected to expensive and time-consuming litigation
relating to, among other things, matters that traditionally would have been
brought only against the Company or business enterprise itself, the result of
which being highly competent persons have become reluctant to join, and if
already employed or affiliated, to continue to serve corporations as
directors, officers, or in other capacities unless they are provided with
adequate protection against inordinate risks of claims and actions against
them arising out of their service to and activities on behalf of the
corporation;

     WHEREAS, the Company and Indemnitee recognize the consistently
increasing costs of liability insurance as well as the general reductions or
exceptions in the coverage of such insurance;

     WHEREAS, the uncertainties relating to such insurance and to
indemnification can increase the difficulty of attracting and retaining such
persons;

     WHEREAS, the Board of Directors of the Company (the "Board") has
determined that any resulting difficulty in attracting and retaining such
persons is detrimental to the best interests of the Company and its
stockholders and that the Company should act to assure such persons that
there will be increased certainty of such protection in the future;

     WHEREAS, although the certificate of incorporation and bylaws, as
amended (the "Charter Documents") of the Company require indemnification of
the persons serving the Company pursuant to the Florida Business Corporation
Act ("FBCA"), the bylaws and the FBCA expressly provide that the
indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and
members of the Board, officers and other persons with respect to
indemnification; as a result the Company believes that it is reasonable,
prudent and necessary for the Company contractually to obligate itself to
indemnify, and to advance expenses on behalf of, such persons to the fullest
extent permitted by applicable law so that they will serve or continue to
serve the Company free from undue concern that they will not be so
indemnified;

     WHEREAS, this Agreement is a supplement to and in furtherance of the
Company's Charter Documents and any resolutions adopted pursuant thereto, and
shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder;

     WHEREAS, Indemnitee does not regard the protection available under the
Company's Charter Documents adequate in the present circumstances, and is not
willing to serve or continue

<PAGE> 1

to serve as an officer or director of the Company or other Enterprise (as
defined below) without adequate protection, and the Company desires
Indemnitee to serve and continue to serve in such capacity(ies); and

     WHEREAS, Indemnitee is willing to serve, continue to serve and to take
on additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified.

     NOW, THEREFORE, in consideration of Indemnitee's agreement to serve or
continue to serve the Company in his or her designated capacity from and
after the date hereof and in consideration of the covenants contained herein,
the Company and the Indemnitee agree as follows:

1. Definitions. For purposes of this Agreement:
   -----------

     (a) "Change in Control" shall mean any one of the following events to
occur after the date of this Agreement:

         (i) Acquisition of Stock by Third Party.  Any Person (as defined
below) or Persons acting as a group that is or becomes the Beneficial Owner
(as defined below), directly or indirectly, of securities of the Company
representing twenty-five percent (25%) or more of the combined voting power
of the Company's then outstanding securities;

         (ii) Change in Board of Directors.  During any period of two (2)
consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the
Board, and any new director (other than a director designated by a person who
has entered into an agreement with the Company to effect a transaction
described in subsections (i),(iii) or (iv)) whose election by the Board or
nomination for election by the Company's stockholders was approved by a vote
of at least two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a
least a majority of the members of the Board;

         (iii) Corporate Transactions.  The effective date of a merger or
consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company,
which are outstanding immediately prior to such merger or consolidation,
continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50% of
the combined voting power of the voting securities of the surviving entity
outstanding immediately after such merger or consolidation and with the power
to elect at least a majority of the board of directors or other governing
body of such surviving entity;

         (iv) Liquidation.  The approval by the stockholders of the Company
of a complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's
assets; and

         (v) Other Events.  There occurs any other event of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or a response to any similar item on any similar schedule or
form) promulgated under the Exchange

<PAGE> 2

Act (as defined below), whether or not the Company is then subject to such
reporting requirement.

     (b) "Beneficial Owner" shall have the meaning given to such term in Rule
13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall
exclude any Person otherwise becoming a Beneficial Owner by reason of the
stockholders of the Company approving a merger of the Company with another
entity.

     (c) "Corporate Status" describes the status of a person who is or was a
director, officer, employee or agent of the Company or is or was a director,
officer, employee or agent of any other Enterprise (as defined below).

     (d) "Disinterested Director" means a director of the Company who is not
and was not a party to the Proceeding (as defined below) in respect of which
indemnification is sought by Indemnitee.

     (e) "Enterprise" shall mean the Company and any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the
Company as a director, officer, employee or agent.

     (f) "Evaluation Date" shall mean, as to any Indemnification Request (as
defined in Section 9(a)), the date that is forty-five (45) calendar days
after the date of receipt by the Company of such Indemnification Request
provided, however, that such 45-day period may be extended for a reasonable
time, not to exceed an additional thirty (30) days, if the person(s) making
such determination with respect to entitlement to indemnification in good
faith requires such additional time to obtain or evaluate documentation
and/or information relating thereto.

     (g) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

     (h) "Expenses" shall include all reasonable attorneys' fees, court
costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, participating, or being or preparing to
be a witness in a Proceeding, or responding to, or objecting to, a request to
provide discovery in any Proceeding.  Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding and any
federal, state, local or foreign taxes imposed on the Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement,
including without limitation the premium, security for, and other costs
relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent.  Expenses, however, shall not include amounts paid in settlement
by Indemnitee or the amount of judgments, penalties or fines against
Indemnitee.

     (i) "Independent Counsel" means a law firm, or a member of a law firm,
that is experienced in matters of corporation law and neither presently is,
nor in the past five years has been, retained to represent:  (i) the Company
or Indemnitee in any matter material to either such party (other than with
respect to other indemnitees under similar indemnification agreements), or
(ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder.  Notwithstanding the foregoing, the term
"Independent Counsel" shall not include any person

<PAGE> 3

who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee's rights under this
Agreement.  The Company agrees to pay the reasonable fees and expenses of the
Independent Counsel referred to above and to fully indemnify such counsel
against any and all Expenses, claims, liabilities and damages arising out of
or relating to this Agreement or its engagement pursuant hereto.

     (j) "Person" shall mean any individual, corporation, company, general or
limited partnership, limited liability company, joint venture, trust, or
other entity; provided, however, Person shall exclude (i) the Company, (ii)
any trustee or other fiduciary holding securities under an employee benefit
plan of the Company, and (iii) any corporation, partnership, joint venture,
trust, employment benefit plan or other enterprise owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

     (k) "Proceeding" includes any threatened, pending or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought by or in the right of the Company or otherwise
and whether civil, criminal, administrative or investigative, in which
Indemnitee was, is or will be involved as a party or otherwise, by reason of
Indemnitee's Corporate Status, by reason of any action taken by Indemnitee or
of any inaction on Indemnitee's part during Indemnitee's Corporate Status, or
by reason of Indemnitee's Corporate Status serving  another Enterprise; in
each case whether or not Indemnitee is acting or serving in any such capacity
at the time any liability or Expense is incurred for which indemnification,
including advancement of Expenses can be provided under this Agreement.

     (l) "Statute" means Section 607.0850 of the FBCA or any successor
provisions(s) thereto.

2. Services to the Company. Indemnitee will serve or continue to serve in
   -----------------------
Indemnitee's capacity as a(n) _________________ [insert Indemnitee's
Corporate Status] of the Company for so long as Indemnitee is duly elected,
appointed or otherwise has an agreement to so serve or until Indemnitee
tenders Indemnitee's resignation, Indemnitee's term of service or agreement
expires, or Indemnitee is otherwise terminated by the Company.

3. Indemnification of Indemnitee.  The Company hereby agrees to hold harmless
   -----------------------------
and indemnify Indemnitee and, as part of such indemnification advance
Expenses to Indemnitee, as provided in this Agreement and to the fullest
extent permitted by applicable law in effect on the date hereof, and as such
may be amended from time to time.  In furtherance of the foregoing
indemnification, and without limiting the generality thereof:

     (a) Third-Party Proceedings.  Indemnitee shall be entitled to the rights
of indemnification provided in this Section 3(a) if, by reason of
Indemnitee's Corporate Status, the Indemnitee was or is, or is threatened to
be made, a party to or participant in any Proceeding other than as provided
in Section 3(b).  Pursuant to this Section 3(a), Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred, as well as
any judgments, penalties, fines (including an excise tax assessed with
respect to any employee benefit plan) and amounts paid in settlement which
were incurred by Indemnitee, or on Indemnitee's behalf, in

<PAGE> 4

connection with such Proceeding or any matter therein, or appeal thereof, if
the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company or
other Enterprise, and with respect to any criminal Proceeding, had no
reasonable cause to believe the Indemnitee's conduct was unlawful.

     (b) Derivative Proceedings.

         (i) Indemnitee shall be entitled to the rights of indemnification
provided in this Section 3(b) if, by reason of Indemnitee's Corporate Status,
the Indemnitee was or is, or is threatened to be made, a party to or
participant in any Proceeding brought by or in the right of the Company to
procure a judgment in its favor.  Pursuant to this Section 3(b), Indemnitee
shall be indemnified against all Expenses and, subject to the provisions of
subparagraph (ii) below, amounts paid in settlement not exceeding, in the
judgment of the Board, the estimated Expense of litigating the Proceeding to
conclusion, actually and reasonably incurred by the Indemnitee, or on the
Indemnitee's behalf, in connection with the defense or settlement of such
Proceeding or any matter therein or appeal thereof.  The indemnification
provided for hereby shall be authorized if the Indemnitee acted in good faith
and in a manner the Indemnitee reasonably believed to be in, or not opposed
to, the best interests of the Company.  If applicable law so provides, no
indemnification under this Section 3(b) shall be made in respect of any
claim, issue or matter as to which Indemnitee shall have been adjudged to be
liable unless, and only to the extent that the court in which the Proceeding
was brought, or any other court of competent jurisdiction, shall determine
upon application by Indemnitee that, despite the adjudication of liability
but in view of all the circumstances of the case, the Indemnitee is fairly
and reasonably entitled to indemnification.

         (ii) Indemnification for amounts paid in settlement of the
Proceeding noted in paragraph (i) above shall not exceed, in the judgment of
the Board, the estimated Expense of litigating the Proceeding to conclusion;
provided however that to the extent that Indemnitee is not satisfied with the
amount estimated by the Board, Indemnitee may retain, at Indemnitee's own
expense, an independent consultant/agent to assess and provide an amount of
the estimated Expense of litigating the Proceeding to conclusion.  Indemnitee
shall present such independent analyses to the Board and to the extent of any
discrepancy in the amounts estimated between the Board and the Indemnitee,
and further to the extent that the Indemnitee and Board cannot resolve the
differences between them, the parties agree to submit the matter to binding
arbitration or mediation in accordance with the Commercial Arbitration Rules
of the American Arbitration Association in or about the county of Cumberland,
Pennsylvania.  The costs associated with any arbitration or mediation shall
be borne entirely by the Company.

         (iii) To the extent indemnification is not provided to Indemnitee
under this Section 3(b) because Indemnitee was adjudged to be liable, and
applicable law does not otherwise provide for indemnification, and provided
further that the court in which the Proceeding was brought, or any other
court of competent jurisdiction, has not made any prior determination that
indemnification is available, Indemnitee may apply to the court in which the
Proceeding was brought, or to any other court of competent jurisdiction, for
a determination that notwithstanding the adjudication of Indemnitee as liable
in the Proceeding, Indemnitee is entitled to indemnification in view of the
circumstances of the Proceeding. To the extent that Indemnitee is successful
in obtaining a finding by the court that Indemnitee is entitled to
indemnification irrespective of the adjudication of liability, the Company
hereby agrees to reimburse Indemnitee

<PAGE> 5

for all reasonable Expenses of Indemnitee incurred by Indemnitee in
connection with such application for indemnification.  The Company further
agrees to stay any claim or demand for return of any advanced Expenses to
Indemnitee in connection with the Proceeding during the pendency of
Indemnitee's application to the court for indemnification per this paragraph
(iii).  A finding by the court in such case that Indemnitee is entitled to
retain any advanced Expenses per this Agreement shall be considered as a
determination by such court that Indemnitee was entitled to indemnification
irrespective of an adjudication of liability and in such case the Company
shall be responsible for reimbursing Indemnitee for the Expense of such
application.

     (c) Indemnitee Wholly or Partly Successful on the Merits.
Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of Indemnitee's Corporate Status, a party to and is
successful on the merits or otherwise, in defense of any Proceeding referred
to in Section 3(a) or (b) above, Indemnitee shall be indemnified to the
maximum extent permitted by law, as such may be amended from time to time,
against all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee's behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful on the merits or otherwise as
to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection with each successfully resolved claim, issue or matter.  The
Company acknowledges that a settlement or other disposition of a Proceeding
referred to in Sections 3(a) or (b) above short of final judgment, including,
without limitation, dismissal of the Proceeding or a claim, issue or matter
therein as against Indemnitee, with or without prejudice, may be deemed an
otherwise successful defense of such Proceeding or claim, issue or matter
therein.  In the event that any Proceeding referred to in Sections 3(a) or
(b) above to which Indemnitee is a party, or any claim, issue or matter
therein, is resolved in any manner other than by adverse judgment against
Indemnitee, it shall be presumed that Indemnitee has been successful on the
merits or otherwise in such Proceeding or the particular claim, issue or
matter therein.  Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing
evidence.

4. Termination of Proceeding Non-conclusive. The termination of any
   ----------------------------------------
Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its
equivalent, shall not (except as otherwise expressly provided in this
Agreement) of itself adversely affect the right of Indemnitee to
indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which Indemnitee reasonably believed to be in, or not
opposed to, the best interests of the Company or, with respect to any
criminal Proceeding, that Indemnitee had reasonable cause to believe that
Indemnitee's conduct was unlawful.

5. No Employment Rights.  Nothing contained in this Agreement is intended to
   --------------------
create in Indemnitee any right to continued employment or to continue in the
position of Indemnitee's Corporate Status.

6. Additional Indemnification.  Notwithstanding any other provision of this
   --------------------------
Agreement, the Company hereby agrees to indemnify the Indemnitee to the
fullest extent permitted by law, notwithstanding that such indemnification is
not specifically authorized by the other provisions of this Agreement, the
Company's Charter Documents or by statute.  In the event of any change,

<PAGE> 6

after the date of this Agreement, in any applicable law, statute or rule
which expands the right of a Florida corporation, partnership, joint venture,
trust, employment benefit plan or other enterprise to indemnify a member of
its board of directors, board of trustees, or similar board, an officer, an
employee or an agent, such changes shall be, in and of itself, within the
purview of the Indemnitee's rights and the Company's obligations under this
Agreement.  In the event of any change in any applicable law, statute or rule
which narrows the right of a Florida corporation, partnership, joint venture,
trust, employment benefit plan or other enterprise to indemnify a member of
its board of directors, board of trustees, or similar board, an officer, an
employee or an agent, such changes, to the extent not otherwise required by
such law, statute or rule to be applied to this Agreement shall have no
effect on this Agreement or the parties' rights and obligations hereunder.

7. Indemnification for Expenses of a Witness.  Notwithstanding any other
   -----------------------------------------
provision of this Agreement, to the extent that Indemnitee is, by reason of
his Corporate Status, a witness, or is made (or asked to) respond to
discovery requests, in any Proceeding to which Indemnitee is not a party,
Indemnitee shall be indemnified against all Expenses actually and reasonably
incurred by him or on his behalf in connection therewith.

8. Advancement of Expenses.  Notwithstanding any other provision of this
   -----------------------
Agreement, the Company shall, prior to the disposition of such Proceeding,
advance all reasonable Expenses incurred by or on behalf of Indemnitee in
defending any civil or criminal Proceeding by reason of Indemnitee's
Corporate Status within fifteen (15) days after the receipt by the Company of
a written statement or statements from Indemnitee requesting such advance or
advances from time to time, provided that such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee and shall be
accompanied by a written undertaking by or on behalf of Indemnitee to repay
any and all of such Expenses advanced if it shall ultimately be determined
that Indemnitee is not entitled to be indemnified against such Expenses, or
Indemnitee is adjudged liable in a Proceeding set forth in Section 3(b) above
and Indemnitee's subsequent application to a court of competent jurisdiction
for indemnification notwithstanding such judgment, has been denied by such
court.  Any advances and undertakings to repay pursuant to this Section 8
shall be unsecured and interest free.

9. Procedures and Presumptions for Determination of Entitlement to
   ---------------------------------------------------------------
Indemnification.  It is the intent of this Agreement to secure for Indemnitee
---------------
rights of indemnity that are at least as favorable as may be permitted under
the FBCA and public policy of the State of Florida.  Accordingly, the parties
agree that the following procedures and presumptions shall apply with respect
to the determination that indemnification of the Indemnitee pursuant to this
Agreement is proper under the circumstances because the Indemnitee has met
the standards of conduct provided in this Agreement.

     (a) To obtain indemnification under this Agreement, Indemnitee shall
timely submit to the Company, to its corporate Secretary, a written request
("Indemnification Request"), including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification.  The Secretary of the Company shall, promptly
upon receipt of such Indemnification Request, advise the Board in writing
that Indemnitee has requested indemnification.

<PAGE> 7

     (b) Provided that payment of indemnification by the Company in a
particular Proceeding has not already been determined by a court of competent
jurisdiction, upon the Indemnification Request pursuant to the first sentence
of Section 9(a) hereof, a determination with respect to Indemnitee's
entitlement thereto shall be made in the specific case:  (1) by the Board by
the majority vote of a quorum consisting of disinterested directors; and if
no such quorum exists, then (2) by the majority vote of a committee of the
Board consisting of not less than two disinterested directors which has been
duly designated by the Board (directors who are parties to the Proceeding at
hand having the right to participate in the designation of such committee);
and if no such committee is able to be designated under the circumstances,
then (3) by either of (i) Independent Counsel selected by a majority vote of
the full Board (wherein directors who are parties to the Proceeding at hand
may participate in such vote), or (ii) by a majority vote of a quorum of the
Company's disinterested shareholder's (if such quorum is obtainable, and if
not obtainable because of an interest in the Proceeding at hand, then a
majority vote of the shareholders who are not parties to the Proceeding).
The above notwithstanding, in the event of a Change of Control the
determination of entitlement to indemnification for Indemnitee shall be made
solely by Independent Counsel in accordance with the procedures set forth
below in subsection (c).  For purposes hereof, disinterested directors are
those members of the Board who are not parties to the Proceeding in respect
of which indemnification is sought by Indemnitee.

     (c) If the determination of entitlement to indemnification is to be made
by Independent Counsel pursuant to Section 9(b) hereof, the Independent
Counsel shall be selected as provided in this Section 9(c).  If a Change of
Control shall not have occurred, the Independent Counsel shall be selected by
the Board as provided in Section 9(b)(3), and the Company shall give written
notice to the Indemnitee advising him of the identity of the Independent
Counsel so selected within fifteen (15) days of its receipt of the
Indemnification Request from the Indemnitee.  If a Change of Control shall
have occurred, the Independent Counsel shall be selected by Indemnitee
(unless the Indemnitee shall request that such selection be made by the then
existing Board, in which event the preceding sentence shall apply), and
Indemnitee shall give written notice to the Company advising it of the
identity of the Independent Counsel so selected at the time the Indemnitee
provides Indemnitee's Indemnification Request.  In either event, the party
receiving such written notice of selection may, within ten (10) days after
such written notice shall have been given, deliver to the notifying party a
written objection to such selection; provided, however, that such objection
may be asserted only on the grounds that the Independent Counsel so selected
does not meet the requirements of "Independent Counsel" as defined in
Sections 1(i) and 9 of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion.  Absent a proper and
timely objection, the person so selected shall act as Independent Counsel.
If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit.
Either the Company or Indemnitee may petition a court of competent
jurisdiction for resolution of any objection which shall have been made by
the Indemnitee or the Company to the other's selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the
court or by such other person as the court shall designate, and the person
with respect to whom all objections are so resolved or the person so
appointed shall act as Independent Counsel under this Section 9.  The Company
shall pay any and all reasonable fees and expenses of Independent Counsel
incurred by such Independent Counsel in connection with acting pursuant to
this Section 9, and the Company shall pay all reasonable fees and expenses
incident to the

<PAGE> 8

procedures of this Section 9(c), regardless of the manner in which such
Independent Counsel was selected or appointed.

     (d) In making a determination with respect to entitlement to
indemnification hereunder, the person(s) making such determination shall
review the Indemnification Request and related materials and endeavor to
determine whether the Indemnitee is entitled to indemnification under this
Agreement with the respect to the matters described therein.   As of the
Evaluation Date, unless otherwise delayed by virtue of disagreement on the
appointment of Independent Counsel (in which case, the Evaluation Date shall
be delayed until the applicable period of time after such Independent Counsel
has been appointed), and unless the person(s) making such determination has
determined that the Indemnitee is not entitled to indemnification under this
Agreement with respect to the matters described in such Indemnification
Request, there shall be created the presumption that Indemnitee is entitled
to indemnification under this Agreement and the requisite determination of
entitlement to indemnification shall be deemed to have been made, in which
case Indemnitee shall be entitled to such indemnification absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee's statement in connection with the
Indemnification Request not materially misleading, or (ii) a prohibition of
such indemnification under this Agreement or applicable law; provided,
further, that the foregoing provisions of this Section 9(d) shall not apply
if the determination of entitlement to indemnification is to be made by the
stockholders pursuant to Section 9(b) of this Agreement.  Such presumption
shall continue, and indemnification shall be provided under this Agreement
unless and until such time as the person(s) making such determination shall
reasonably determine that the Indemnitee is not entitled to indemnification
under this Agreement.  Subject to applicable law, a determination by the
applicable person(s) that the Indemnitee is not entitled to indemnification
under this Agreement shall be given effect under this Agreement only to the
extent such determination is made in good faith and is based upon clear and
convincing evidence.

     (e) In furtherance of this Section 9 regarding the determination of the
propriety of indemnification, it shall in any event be presumed that
Indemnitee has at all times acted in good faith and in a manner Indemnitee
reasonably believed to be in, or not opposed to, the best interests of the
Company, and with respect to a criminal action or proceeding had no
reasonable cause to believe that Indemnitee's conduct was unlawful.  Anyone
seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

     (f) Indemnitee shall cooperate with the person(s) charged with making
such determination with respect to Indemnitee's entitlement to
indemnification, including providing to such person(s) upon reasonable
advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination.  Any Independent
Counsel, member of the Board or stockholder of the Company shall act
reasonably and in good faith in making a determination regarding the
Indemnitee's entitlement to indemnification under this Agreement.  Any
Expenses incurred by Indemnitee in so cooperating with the person(s) making
such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee's entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

<PAGE> 9

10. Remedies of Indemnitee.
    ----------------------

     (a) In the event that (i) a determination is made pursuant to Section 9
hereof that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to
Section 8 of this Agreement, (iii) no determination of entitlement to
indemnification is made pursuant to Section 9(d) of this Agreement within 75
days after receipt by the Company of the Indemnification Request, or (iv)
payment of indemnification is not made within ten (10) days after a
determination has been made that Indemnitee is entitled to indemnification or
such determination is deemed to have been made pursuant to Section 9 of this
Agreement, Indemnitee shall be entitled to petition the court in which the
Proceeding is or was brought or such other court of competent jurisdiction,
for an adjudication of Indemnitee's entitlement to such indemnification or
advancement of Expenses.  Indemnitee agrees that Indemnitee shall commence
any such action seeking an adjudication within 180 days following the date on
which Indemnitee first has the right to commence such proceeding pursuant to
this Section 10(a).  The Company shall not interfere with, prevent or oppose
the Indemnitee's timely commencement of such action. Upon such timely
commencement of an action by Indemnitee, and provided that the court in
question has all requisite jurisdiction over the parties and subject matter,
said court shall have the exclusive authority to make such determination
unless and until the court dismisses or otherwise terminates such action
without having made a decision.  Notwithstanding the above, alternatively,
the Indemnitee, at Indemnitee's option, may seek an award for entitlement to
such indemnification in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration
Association in or about the county of Cumberland, Pennsylvania.

     (b) The court or arbitrator shall make its independent determination
pursuant to Section 607.0850(9) of the FBCA or successor Statute or rule, as
the same may be subsequently amended; provided, that there shall exist a
rebuttable presumption that the Indemnitee is entitled to indemnification
under this Agreement and the burden of rebutting this presumption by clear
and convincing evidence shall be on the Company or such other party
challenging such indemnification. Neither the failure of the Board or such
other person(s) to have made a determination prior to the commencement of any
action by Indemnitee pursuant to this Section 10 that indemnification is
proper in the circumstances because Indemnitee has met the applicable
standard of conduct, shall (i) constitute a defense to the action brought by
Indemnitee hereunder, (ii) create a presumption that Indemnitee is not
entitled to indemnification under this Agreement, or (iii) otherwise alter
the presumption in favor of the Indemnitee referred to in the preceding
sentence of this subsection.  In the event that a determination shall have
been made pursuant to Section 9(b) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced
pursuant to this Section 10 shall be conducted in all respects as a de novo
trial or arbitration on the merits, and the Indemnitee shall not be
prejudiced by reason of that adverse determination.

     (c) If the court or arbitrator determines that the Indemnitee is
entitled to be indemnified for any liabilities (other than Expenses) and/or
Expenses, or to receive the advancement of Expenses, in any case pursuant to
this Agreement, unless otherwise ordered by the court or arbitrator, the
Company shall pay such liabilities and/or Expenses (net of any Expenses, if
any previously advanced to the Indemnitee under Section 8 above), within ten
(10) business days of the rendering of such determination by the court or
arbitrator.

<PAGE> 10

     (d) The Indemnitee shall pay all Expenses incurred by Indemnitee in
connection with Indemnitee's seeking a judicial adjudication or arbitration
under this Section 10 of Indemnitee's rights under, or to recover damages for
breach of, this Agreement, or to recover under any directors' and officers'
liability insurance policies that may be maintained by the Company, unless it
shall be ultimately determined by the court or arbitrator that Indemnitee is
entitled, in whole or in part, to be indemnified by, or to receive advances
of Expenses from, the Company, as authorized by this Agreement, in which case
the Expenses incurred by Indemnitee in seeking his remedies under this
Section 10 shall be paid or reimbursed by the Company in addition to the
monies otherwise due Indemnitee under this Agreement.  All Expenses incurred
by Indemnitee in connection with any subsequent appeal by Indemnitee of any
judicial or arbitration determination provided for in this subsection (d)
shall be paid by Indemnitee regardless of the disposition of such appeal.

     (e) The Company shall be precluded from asserting in any judicial or
arbitration proceeding commenced pursuant to this Section 10 that the
procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court or arbitration that the
Company is bound by all the provisions of this Agreement.

     (f) The parties agree and acknowledge that in the event of a breach by
the Company of its obligations under this Agreement, or a breach of any other
material provision of this Agreement, damages at law may be an insufficient
remedy to the Indemnitee.  Accordingly the parties agree that, in addition to
any other remedies or rights that may be available to the Indemnitee, the
Indemnitee shall also be entitled, upon application to a court of competent
jurisdiction, to obtain temporary or permanent injunctions to compel specific
performance of the obligation of the Company under this Agreement.

11. Non-Exclusivity.  The rights of indemnification as provided by this
    ---------------
Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Company's
Charter Documents, any agreement, or a vote of stockholders or disinterested
directors or otherwise, of the Company.  No amendment, alteration or repeal
of this Agreement or of any provision hereof shall limit or restrict any
right of Indemnitee under this Agreement in respect of any Proceeding to
which Indemnitee is or becomes a party which arises prior to such amendment,
alteration or repeal or which is based upon action taken or omitted by
Indemnitee in Indemnitee's Corporate Status prior to the amendment,
alteration or repeal of this Agreement.  No right or remedy herein conferred
is intended to be exclusive of any other right or remedy, and every other
right and remedy shall be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy.

12. Insurance; Subrogation.
    ----------------------

     (a) The Company may purchase and maintain an insurance policy or
policies providing liability insurance coverage for Indemnitee against any
liability or Expense asserted  or incurred by or on behalf of Indemnitee in
Indemnitee's capacity as a director, officer, employee or agent of the
Company or of any other Enterprise, or arising out of Indemnitee's Corporate
Status, whether or not the Company would have power to indemnify Indemnitee
against such liability or advance Expenses under the provisions of this
Agreement or under the

<PAGE> 11

Statute as it may then be in effect.  Except as expressly provided herein,
the purchase and maintenance of such insurance shall not in any way limit or
affect the rights and obligations of the Company and the Indemnitee under
this Agreement and the execution and delivery of this Agreement by the
Company and Indemnitee shall not in any way be construed to limit or affect
the rights and obligations of the Company and of the other party or parties
thereto under any such policy or agreement of insurance.

     (b) If the Indemnitee shall receive payment from any insurance carrier
or from any other source other than the Company in connection with any
Proceeding in respect of indemnified amounts after payment on account of all
or part of such indemnified amounts have been made by the Company pursuant to
this Agreement, the Indemnitee shall promptly reimburse the Company for the
amount, if any, by which the sum of such payment by such insurance carrier or
other payment source and the payments by the Company hereunder exceed such
indemnified amounts, and if before payment on account of all or part of such
indemnified amounts have been made by the Company pursuant to this Agreement,
the payments received by Indemnitee from any insurance carrier or other
source shall be treated as a set-off or reduction of the actual amounts
required to be paid by the Company in respect of such indemnified amounts.
The above notwithstanding, portions, if any, of insurance proceeds that are
required to be reimbursed to the insurance carrier under the terms of the
insurance policy, such as co-insurance, retention or deductible amounts,
shall not be deemed as payments to the Indemnitee hereunder by such insurance
carrier.

     (c) Upon payment of indemnified amounts under this Agreement, the
Company shall be subrogated to the Indemnitee's rights against any insurance
carrier in respect of such indemnified amounts and the Indemnitee shall
execute and deliver any and all instruments and documents, and perform any
and all other acts or deeds that the Company deems necessary or advisable to
secure such rights.  The Indemnitee shall do nothing to prejudice such rights
of recovery or subrogation.

     (d) The Company's obligation to indemnify or advance Expenses hereunder
to Indemnitee who is or was serving at the request of the Company as a
director, officer, employee or agent of any other Enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification or
advancement of Expenses from such other Enterprise.

13. Exception to Right of Indemnification. Notwithstanding any provision in
    -------------------------------------
this Agreement to the contrary, the Indemnitee shall not be entitled to any
indemnification or advancement of Expenses for indemnification, and the
Company shall not be obligated to and shall not indemnify, contribute or
advance Expenses to the Indemnitee:

     (a) with respect to any Proceeding for an accounting of profits made
from the purchase and sale (or sale and purchase) by Indemnitee of securities
of the Company within the meaning of Section 16(b) of the Exchange Act or
similar provisions of state statutory law or common law;

     (b) in connection with any Proceeding (or any part of any Proceeding)
initiated or brought voluntarily by Indemnitee and not by way of defense,
including any Proceeding (or any part of any Proceeding) initiated by
Indemnitee against the Company or its directors, officers, employees or other
indemnitees, unless (i) the Board authorized the Proceeding (or any part of

<PAGE> 12

any Proceeding) prior to its initiation or (ii) the Proceeding is brought to
establish or enforce a right to indemnification, contribution or an advance
of Expenses under Section 10 hereof, the Statute, the Charter Documents, or
other applicable law then in effect; or

     (c) if a judgment or other final adjudication establishes that
Indemnitee's actions or omissions to act were material to the Proceeding so
adjudicated and constitute: (i) a violation of criminal law, except where the
Indemnitee had reasonable cause to believe Indemnitee's conduct was lawful or
had no reasonable cause to believe Indemnitee's conduct was unlawful; (ii) a
transaction from which the Indemnitee derived an improper personal benefit;
(iii) a violation of Section 607.0834 (unlawful distributions) of the FBCA;
or (iv) willful misconduct or a conscious disregard for the best interests of
the Company in a Proceeding by or in the right of the Company to procure a
judgment in its favor or in a Proceeding by or in the right of a shareholder.

14. Contribution.
    ------------

     (a) Subject to this Section 14 and the provisions of Section 13 above,
in the event that indemnification provided herein is not available for any
reason whatsoever, the Company in lieu of indemnifying the Indemnitee shall
contribute to the amount incurred by or on behalf of Indemnitee for
liabilities and/or for reasonable Expenses in connection with any Proceeding
in such proportion as is deemed fair and reasonable by the Board or other
designated authority in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and the
Indemnitee as a result of the events or transactions giving rise to such
Proceeding; and/or (ii) the relative fault of the Company (and it other
executives, employees and agents) and the Indemnitee in connection with such
events or transactions.

     (b) The relative fault of the Company (and its other executives,
employees and agents) on the one hand, and of the Indemnitee on the other
hand shall be determined by reference to, among other things, the parties'
relative intent, knowledge, access to information and opportunity to correct
or prevent the circumstances resulting in the liabilities and Expenses as
well as the degree to which their actions were motivated by intent to gain
personal profit or advantage, the degree to which their liability is primary
or secondary and the degree to which their conduct is active or passive.

     (c) The Company's payment of, and the Indemnitee's right to,
contribution under this Section 14 shall be made and determined in accordance
with, pursuant to and in the same manner as, the provisions in Section 9
hereof as applicable, relating to the Company's payment of, and the
Indemnitee's right to, indemnification under this Agreement.

15. Duration of Agreement.  All agreements and obligations of the Company
    ---------------------
contained herein shall continue during the period Indemnitee is an officer,
director, employee or agent of the Company (or is or was serving at the
request of the Company as a director, officer, employee or agent of another
Enterprise) and shall continue thereafter so long as Indemnitee shall be
subject to any Proceeding by reason of his Corporate Status, whether or not
he is acting or serving in any such capacity at the time any liability or
Expense is incurred for which indemnification can be provided under this
Agreement.

<PAGE> 13

16. Consideration; Entire Agreement.
    -------------------------------

     (a) The Company expressly confirms and agrees that it has entered into
this Agreement and assumes the obligations imposed on it hereby in order to
induce Indemnitee to serve or continue to serve as a(n) _________________
[insert Indemnitee's Corporate Status] of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving or
continuing to serve as a(n) _________________ [insert Indemnitee's Corporate
Status]  Director of the Company.

     (b) This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof.

17. Severability.  The invalidity or unenforceability of any provision hereof
    ------------
shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended
to confer upon Indemnitee indemnification rights to the fullest extent
permitted by applicable law.  In the event any provision hereof conflicts
with any applicable law to the effect that it restricts or narrows the
application of such law with respect to indemnification of Indemnitee, such
provision shall be deemed modified, consistent with the aforementioned
intent, to the extent necessary to resolve such conflict.

18. Modification and Waiver.  No supplement, modification, termination or
    -----------------------
amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto.  No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver.

19. Notice by Indemnitee.  Indemnitee agrees promptly to notify the Company
    --------------------
in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification
covered hereunder.  The failure to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this
Agreement or otherwise unless and only to the extent that such failure or
delay materially prejudices the Company.

20. Notices.  All notices and other communications given or made pursuant to
    -------
this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by
confirmed electronic mail or facsimile if sent during normal business hours
of the recipient, and if not so confirmed, then on the next business day, (c)
three (3) business days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (d) one (1) business day
after deposit with a nationally recognized overnight courier, specifying next
day delivery, with written verification of receipt.  All communications shall
be sent:

     (a) To Indemnitee: at the address set forth below Indemnitee signature.

<PAGE> 14

     (b) To Company: Dialysis Corporation of America
                     1302 Concourse Drive, Suite 204
                     Linthicum, MD 21090
                     Attention: Stephen W. Everett, President & CEO

         cc:         Company Counsel Jaffe & Falk, LLC
                     777 Terrace Avenue, Suite 503
                     Hasbrouck Heights, NJ 07604
                     Attention: Joshua M. Jaffe, Esq.

or to such other address as may have been furnished to Indemnitee by the
Company or to the Company by Indemnitee, as the case may be prior to the date
of the notice being sent.

21. Counterparts.  This Agreement may be executed in two or more
    ------------
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same Agreement.  This Agreement may
also be executed and delivered by facsimile signature and in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

22. Headings.  The headings of the paragraphs of this Agreement are inserted
    --------
for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

23. Governing Law.  This Agreement and the legal relations among the parties
    -------------
shall be governed by, and construed and enforced in accordance with, the laws
of the State of Florida applicable to contracts made and to be performed
therein, without regard to its conflict of laws rules.

24. Assignment; No Third Party Beneficiaries.
    ----------------------------------------

     (a) Any claim, right, title, benefit, remedy, or interest of the
Indemnitee in, to or under or arising out of or in connection with this
Agreement is personal and may not be sold, assigned, transferred, pledged, or
hypothecated, but the provisions hereof shall survive the death, disability
or other incapacity of the Indemnitee or the termination of the Indemnitee's
services as a director, officer, employee or agent of the Company, or in any
other capacity as to which indemnification is available under this Agreement,
and shall inure to the benefit of the Indemnitee's heirs, devisees,
executors, administrators and other legal representatives.  This Agreement
shall inure to the benefit of and shall be binding upon the successors in
interest and assigns of the Company, including any successor corporation
resulting from a merger, consolidation, recapitalization, reorganization,
sale of all or substantially all of the assets of the Company, or any other
transaction resulting in the successor corporation assuming the liabilities
of the Company under this Agreement (by operation of law or otherwise).

     (b) This Agreement is not intended to benefit, and has not been entered
into for the benefit of, any third party, and other than as set forth in the
preceding paragraph as to heirs, devisees, assignees, executors,
administrators, other legal representatives and successors.  Nothing in this
Agreement, whether expressed or implied, is intended or should be construed
to confer upon, or to grant to any person, except the Company and the
Indemnitee, and except as

<PAGE> 15

provided in subparagraph (a) above, any claim, right, benefit or remedy under
or because of this Agreement or any provision hereof.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
and as of the day and year first above written.

                                  DIALYSIS CORPORATION OF AMERICA

                                  By: ------------------------------------
                                      Name:
                                      Title:

                                  INDEMNITEE

                                  -----------------------------------------
                                  Name:
                                  Address:

<PAGE> 16exv10w32

Exhibit 10.32

FIRST AMENDMENT TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     This First Amendment to Second Amended and Restated Credit Agreement (this “First
Amendment”), dated as of March 2, 2009, is by and among DELTA PETROLEUM CORPORATION, a Delaware
corporation (“Borrower”), JPMORGAN CHASE BANK, N.A., a national banking association, as
Administrative Agent (“Administrative Agent”), and each of the financial institutions a
party hereto as Banks (hereinafter collectively referred to as “Executing Banks,” and
individually, an “Executing Bank”).

W I T N E S S E T H:

     WHEREAS, Borrower, Administrative Agent and the financial institutions party thereto as Banks
are parties to that certain Second Amended and Restated Credit Agreement dated as of November 3,
2008 (the “Credit Agreement”); and

     WHEREAS, Borrower has requested that Banks (i) amend certain terms of the Credit Agreement,
and (ii) provide limited waivers of certain matters more particularly described herein; and

     WHEREAS, subject to and upon the terms and conditions set forth herein, Executing Banks have
agreed to Borrower’s requests; and

     NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged and confessed, Borrower, Administrative Agent and Executing Banks hereby agree
as follows:

     SECTION 1. First Amendment Definitions. Capitalized terms used and not otherwise
defined herein shall have the same meanings as set forth in the Credit Agreement. In addition, the
following terms shall have the following meanings:

     “3/31/09 Current Ratio Test” has the meaning given such term in Section
4 hereof.

     “Accounts Payable Default” has the meaning given such term in Section 3
hereof.

     “Claims” has the meaning given such term in Section 10.6 hereof.

     “Current Ratio Default” has the meaning given such term in Section 3 hereof.

     “Effective Date” has the meaning given such term in Section 9 hereof.

     “Equity Issuances” has the meaning given such term in Section 9 hereof.

     “Equity Issuance Documents” has the meaning given such term in Section
9 hereof.

1

 

     “Equity Issuance Net Proceeds” has the meaning given such term in Section
9 hereof.

     “Forbearance Period” means the period commencing on the Signing Date and
continuing through and including the Forbearance Period Termination Date, unless earlier
terminated pursuant to the terms and provisions of this First Amendment.

     “Forbearance Period Termination Date” means 5:00 p.m. (Chicago, Illinois Time)
on March 17, 2009; provided, that (a) if Borrower files a Form S-3 registration statement
after the Signing Date but on or prior to March 17, 2009 in contemplation of the Equity
Issuances (the “Registration Statement”), then the Forbearance Period Termination
Date shall automatically be extended to April 15, 2009, and (b) if the Securities Exchange
Commission (the “SEC”) has notified Borrower on or prior to April 15, 2009 that
(i) the Registration Statement will not be subject to SEC review, then the Forbearance
Period Termination Date shall automatically be extended to April 30, 2009, or (ii) the
Registration Statement will be subject to SEC review and Borrower has received gross
proceeds of $75,000,000, which result in Borrower’s receipt of Net Proceeds of at least
$70,000,000 on or prior to April 15, 2009 from issuance(s) by Borrower after the Signing
Date (the “Interim Issuance”) of additional Equity of Borrower other than pursuant
to the Registration Statement, then the Forbearance Period Termination Date shall
automatically be extended to May 15, 2009. If the Forbearance Period Termination Date has
been automatically extended to May 15, 2009 due to the application of clause (b)(ii) above,
then the Forbearance Period Termination Date shall be further automatically extended to
June 15, 2009 if the Registration Statement is declared effective by the SEC on or prior to
May 15, 2009.

     “Forbearance Period Termination Event” means the occurrence of any of the
following: (a) any representation or warranty made or deemed made by Borrower in this First
Amendment shall be false, misleading or erroneous in any material respect when made or
deemed to have been made, (b) Borrower shall fail to perform, observe or comply timely with
any covenant, agreement or term contained in this First Amendment, or (c) any Default or
Event of Default, other than the Specified Defaults, shall occur under this First Amendment,
the Credit Agreement or any of the other Loan Papers.

     “Lender-Related Parties” has the meaning given such term in
Section 10.6 hereof.

     “Potential Statutory Liens Default” has the meaning given such term in
Section 4 hereof.

     “Signing Date” has the meaning given such term in Section 8 hereof.

     “Specified Defaults” has the meaning given such term in Section 3 hereof.

     “Statutory Liens” means (a) inchoate statutory or operators’ Liens securing
obligations for labor, services, materials and supplies furnished to Mineral Interests, and
(b) mechanic’s, materialmen’s, warehouseman’s, journeyman’s and carrier’s Liens and other
similar Liens arising by operation of Law in the ordinary course of business, in each

2

 

case relating to obligations which are more than sixty (60) days delinquent and not
otherwise permitted by Section 8.7 of the Credit Agreement.

     “Statutory Liens Waiver Period” means the period commencing on the Signing Date
and continuing through and including the first to occur of (a) the Forbearance Period
Termination Date, (b) a Forbearance Period Termination Event, and (c) April 30, 2009.

     “Unrestricted Subsidiary Liability Default” has the meaning given such term in
Section 4 hereof.

     SECTION 2. Signing Date Amendments. In reliance on the representations, warranties,
covenants and agreements contained in this First Amendment, and subject to the satisfaction of each
condition precedent set forth in Section 8 hereof, the Credit Agreement is hereby amended
effective as of the Signing Date in the manner provided in this Section 2.

          2.1 Amendments to Credit Agreement Definitions. The following definitions contained
in Section 1.1 of the Credit Agreement shall be amended to read in full as follows:

     “Applicable Margin” means, on any date, with respect to each Type of Revolving
Loan, an amount determined by reference to the ratio of Outstanding Credit to the Conforming
Borrowing Base on such date in accordance with the table below:

	 	 	 	 	 
	Ratio of Outstanding Credit to	 	Applicable Margin for	 	Applicable Margin for
	Conforming Borrowing Base	 	Eurodollar Loans	 	Base Rate Loans
	> 1 to 1
	 	5.000%
	 	4.125%
	> .90 to 1 and < 1 to 1
	 	3.500%
	 	2.625%
	> .75 to 1 and < .90 to 1
	 	3.000%
	 	2.125%
	> .50 to 1 and < .75 to 1
	 	2.750%
	 	1.875%
	< .50 to 1
	 	2.500%
	 	1.625%

     “Loan Papers” means this Agreement, the First Amendment, the Notes, each
Facility Guaranty which may now or hereafter be executed, each Borrower Pledge Agreement
which may now or hereafter be executed, each Subsidiary Pledge Agreement which may now or
hereafter be executed, the Existing Mortgages (including all amendments thereto), all
Mortgages now or at any time hereafter delivered pursuant to Section 5.1, all
Letters of Credit, the Certificate of Effectiveness and all other certificates, documents or
instruments delivered in connection with this Agreement, as the foregoing may be amended
from time to time.

     “Prepayment Event” means, at any time on or following the Closing Date but
prior to the Conforming Date, (a) any sale, transfer or other disposition (including
pursuant to a sale and leaseback transaction) of any property or asset of any Credit Party
permitted by Section 9.5 (other than dispositions of inventory or obsolete or
worn-out property in the ordinary course of business), (b) the issuance by the Borrower of
any Equity, (c) the receipt of any Net Proceeds as a result of any settlement or other

3

 

resolution, agreement or arrangement in respect of Borrower’s claims under the breach of
contract lawsuit Amber Resources Company et al. v. United States, Case No. 2-30
or any actions related thereto, or (d) the incurrence by any Credit Party of Debt permitted
by Section 9.1(i).

     “Redetermination” means any Scheduled Redetermination or Special
Redetermination.

     “Redetermination Date” means (a) with respect to any Scheduled Redetermination,
February 1, 2009, and thereafter each March 1 and September 1 commencing September 1, 2009,
and (b) with respect to any Special Redetermination, the first day of the first month which
is not less than twenty (20) Domestic Business Days following the date of a request for a
Special Redetermination. The Closing Date shall also constitute a Redetermination Date for
purposes of this Agreement.

     “Required Reserve Value” means Proved Mineral Interests that have a Recognized
Value of not less than ninety percent (90%) of the Recognized Value of all Proved Mineral
Interests held by Borrower and its Subsidiaries and included in the Borrowing Base or
Conforming Borrowing Base.

     “Specified Asset Sales” means [Intentionally Deleted].

          2.2 Additional Credit Agreement Definitions. Section 1.1 of the Credit Agreement
shall be amended to add the following definitions to such Section:

     “Approved Counterparty” means (a) any Bank or any Affiliate of a Bank, and
(b) any other Person whose long term senior unsecured debt rating is A-/A3 by S&P or Moody’s
(or their equivalent) or higher.

     “Capital Expenditures” means, without duplication, any expenditure or
commitment to expend money for any purchase or other acquisition of any asset which would be
classified as a fixed or capital asset on a consolidated balance sheet of Borrower and its
Subsidiaries prepared in accordance with GAAP.

     “First Amendment” means that certain First Amendment to Second Amended and
Restated Credit Agreement dated as of March 2, 2009, among Borrower, Administrative Agent
and Banks party thereto.

     “Permitted Refinancing Debt” means Debt (for purposes of this definition,
“new Debt”) incurred in exchange for, or proceeds of which are used to refinance,
all of any other Debt (the “Refinanced Debt”); provided that (a) such new Debt is in
an aggregate principal amount not in excess of the sum of (i) the aggregate principal amount
then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired
for an amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration thereof, such lesser amount) and (ii) an amount necessary to pay
any fees and expenses, including premiums, related to such exchange or refinancing; (b) such
new Debt has a stated maturity no earlier than the stated maturity of the Refinanced Debt
and an average life no shorter than the average life of the Refinanced

4

 

Debt; (c) such new
Debt does not have a stated interest rate in excess of the stated interest
rate of the Refinanced Debt; (d) such new Debt does not contain any covenants which are
more onerous to the Borrower and its Restricted Subsidiaries than those imposed by the
Refinanced Debt, and (e) such new Debt (and any guarantees thereof) is subordinated in right
of payment to the Obligations to at least the same extent as the Refinanced Debt and is
otherwise subordinated on terms substantially reasonably satisfactory to the Administrative
Agent.

          2.3 Amendment to Mandatory Prepayments. Section 2.6(c) of the Credit Agreement shall
be amended to read in full as follows:

     “(c) In the event and on each occasion that any Net Proceeds are received by or on
behalf of any Credit Party in respect of any Prepayment Event, the Borrower shall, promptly
(and in any event within five days) after such Net Proceeds are received by any Credit
Party, prepay the Obligations in an aggregate amount equal to (x) in the case of a
Prepayment Event described in clause (b) of the definition of the term “Prepayment
Event”, 50% of such Net Proceeds, (y) in the case of a Prepayment Event described in
clause (c) of the definition of the term “Prepayment Event”, 50% of such Net
Proceeds, and (z) in the case of all other Prepayment Events, 100% of such Net Proceeds. In
connection with any mandatory prepayment as required under this Section 2.6(c),
there shall also be a corresponding automatic reduction in the Borrowing Base, without the
need for any additional Bank approval, in the amount of such required prepayment;
provided, that, (i) no reduction in the Borrowing Base pursuant to this
Section 2.6(c) shall reduce the Borrowing Base to an amount less than the then
existing Conforming Borrowing Base, (ii) there shall be no reduction in the Borrowing Base
pursuant to this Section 2.6(c) in connection with any Equity Issuance (as defined
in the First Amendment) other than the Interim Issuance (as defined in the First Amendment),
(iii) following the Effective Date (as defined in the First Amendment), there shall be no
reduction in the Borrowing Base pursuant to this Section 2.6(c) in connection with
prepayments of Net Proceeds arising from sales, transfers or other dispositions of any
property or assets of any Credit Party that do not constitute Borrowing Base Properties, and
(iv) any reduction in the Borrowing Base pursuant to
Section 2.6(c)(y) shall be
capped at $30,000,000 in the aggregate and there shall be no reduction in the Borrowing Base
with respect to Net Proceeds received by or on behalf of any Credit Party after the
Effective Date (as defined in the First Amendment) in respect of any Prepayment Event
described in clause (c) of the definition of the term “Prepayment Event”. For the
avoidance of doubt, any reductions to the Borrowing Base arising in connection with an
Equity Issuance other than the Interim Issuance are set forth in Section 6 of the First
Amendment.”

          2.4 Amendments to Information Covenant. Section 8.1 of the Credit Agreement shall be
amended as follows:

     (i) Clause (b) of Section 8.1 of the Credit Agreement shall be amended to add a reference to
“(i)” in front of the reference to “as soon as available” at the beginning of such clause (b) and
to add a sub clause (ii) at the end of such clause (b) which shall read in full as follows:

5

 

     “(ii) as soon as available and in any event within twenty (20) days after the end of
each calendar month of each Fiscal Year, consolidated balance sheets of Borrower as of the
end of such calendar month and the related consolidated statements of income and statements
of cash flow for such calendar month and for the portion of Borrower’s Fiscal Year ended at
the end of such calendar month, setting forth in each case in comparative form the figures
for the corresponding month and the corresponding portion of Borrower’s previous Fiscal
Year; all financial statements delivered pursuant to this Section 8.1(b) shall be
certified as to fairness of presentation, substantially in accordance with GAAP (except for
the absence of footnotes and normal year end adjustments) and consistency by a Financial
Officer of Borrower;

     (ii) Clause (c) of Section 8.1 of the Credit Agreement shall be amended to replace the
reference to “Section 8.1(a) and Section 8.1(b)” with a reference to “Section
8.1(a), Section 8.1(b)(i) and Section 8.1(b)(ii)”.

     (iii) Section 8.1 of the Credit Agreement shall be amended to add the following subsection (o)
to the end thereof:

     “(o) as soon as available but in any event within five (5) Domestic Business Days after
the end of each calendar month and at such other times as may be requested by the
Administrative Agent, as of the month then ended, a schedule and aging of the Credit
Parties’ accounts payable, delivered in a format acceptable to the Administrative Agent.”

          2.5 Amendment to Affirmative Covenants. Article VIII of the Credit Agreement shall be
amended to add the following Section 8.14 to the end thereof:

     “Section 8.14 Oil and Gas Hedge Transactions. Within five (5) Domestic
Business Days following the Signing Date (as defined in the First Amendment), Borrower shall
purchase one or more commodity price floors or collars for crude oil and natural gas
(i) with one or more Approved Counterparties, (ii) which have a floor strike price of not
less than 95% of the quoted forward contract price per barrel (NYMEX/WTI basis adjusted
equivalent) in respect of crude oil and per mcf (CIG basis) in respect of natural gas for
delivery on a specified future date, (iii) which have aggregate notional volumes of at least
the following percentages of Borrower’s and the Restricted Subsidiaries’ reasonably
anticipated projected production of crude oil and natural gas from Proved Mineral Interests
(as reflected in the most recent Reserve Report delivered to Administrative Agent pursuant
to Section 4.1 hereof) for the following periods of time: (1) 40% for the last two
Fiscal Quarters of 2009, (2) 70% for the calendar year 2010, and (3) 50% for the calendar
year 2011, and (iv) which are otherwise on terms and conditions satisfactory to the
Administrative Agent and in compliance with Section 9.11 of this Agreement.
Borrower shall maintain the hedge position established by the Oil and Gas Hedge Transactions
entered into pursuant to the preceding sentence during the periods specified thereby and
shall neither assign, terminate or unwind any such Oil and Gas Hedge Transaction nor sell
any Oil and Gas Hedge Transaction if the effect of such action (when taken together with any
other Oil and Gas Hedge Transaction entered into contemporaneously with the taking of such
action) would have the effect of canceling its positions under such Oil and Gas Hedge
Transactions. Any replacement Oil and Gas

6

 

Hedge Transaction entered into in connection with this Section 8.14 must be on
terms and conditions satisfactory to the Administrative Agent and otherwise in compliance
with Section 9.11 of this Agreement. Promptly upon entering into any Oil and Gas
Hedge Transaction, Borrower shall provide to each Bank the certificate required by
Section 8.1(n) hereof.”

          2.6 Amendment to Debt Covenant. Section 9.1 of the Credit Agreement shall be amended
to read in full as follows:

     “Section 9.1. Incurrence of Debt. Borrower will not, nor will Borrower permit
any other Credit Party to, incur, become or remain liable for any Debt other than (a) the
Obligations, (b) payables incurred in the ordinary course of business (other than in
connection with a loan or lending transaction) that are not more than ninety (90) days past
due, from the date of the original invoice or demand, except such payables being contested
in good faith in accordance with Section 8.7 hereof, (c) Permitted Senior Unsecured
Debt, (d) Guarantees of Permitted Senior Unsecured Debt, (e) Permitted Senior Convertible
Debt, (f) Guarantees of Permitted Senior Convertible Debt, (g) Debt evidenced by the
Acquisition Letters of Credit, (h) non-recourse Debt existing on the Signing Date (as
defined in the First Amendment) listed on Schedule 9.1 hereto incurred for the
acquisition of surface rights with respect to ranch land and Permitted Refinancing Debt
thereof; provided, that such Debt is secured only by such surface rights in such ranch land
and no Mineral Interests or other property of any Credit Party nor any other collateral of
Banks or Administrative Agent shall be provided by any Credit Party to secure such Debt, and
(i) other unsecured Debt in an aggregate amount outstanding at any time not to exceed
$25,000,000.”

          2.7 Amendment to Restricted Payment Covenant. Section 9.2 of the Credit Agreement
shall be amended to read in full as follows:

     “Section 9.2 Restricted Payments. Borrower will not, nor will Borrower permit
any other Credit Party to, directly or indirectly, declare or pay, or incur any liability to
declare or pay, any Restricted Payment; provided, that (a) any Subsidiary of
Borrower may make Distributions to Borrower, (b) any Credit Party may make Distributions to
any other Credit Party that has provided a Facility Guaranty, and all of the Equity of which
owned by Borrower or any Indirect Restricted Subsidiary has been pledged to Administrative
Agent pursuant to a Borrower Pledge Agreement or a Subsidiary Pledge Agreement (as
applicable), (c) Borrower may make dividends to its stockholders consisting solely of
additional common or preferred stock or rights to purchase common or preferred stock, and
(d) for purposes of clarity, regularly scheduled payments of interest made under, and
pursuant to the terms of, the Permitted Senior Convertible Debt shall not be deemed
“Restricted Payments” hereunder.”

          2.8 Amendment to Asset Dispositions Covenant. Section 9.5 of the Credit Agreement
shall be amended to read in full as follows:

     “Section 9.5 Asset Dispositions. Borrower will not, nor will Borrower permit
any other Credit Party to, sell, lease, transfer, abandon or otherwise dispose of any asset

7

 

other than (a) the sale in the ordinary course of business of Hydrocarbons produced
from Borrower’s Mineral Interests, and (b) the sale, lease, transfer, abandonment, exchange
or other disposition of other assets; provided, that, no sale, lease,
transfer, abandonment, exchange or other disposition by Borrower or any of its Subsidiaries
of Borrowing Base Properties with an aggregate value (which, in the case of assets
consisting of Mineral Interests, shall be the Recognized Value of such Mineral Interests
and, in the case of any exchange, shall be the net value or net Recognized Value realized or
resulting from such exchange) in any period between Scheduled Redeterminations (for purposes
of this clause (b) the Closing Date will be deemed to be a Scheduled Redetermination) in
excess of five percent (5%) of the Borrowing Base then in effect shall be permitted pursuant
to this clause (b). In no event will Borrower sell, transfer or dispose of any Equity in
any Restricted Subsidiary nor will any Credit Party (other than Borrower) issue or sell any
Equity or any option, warrant or other right to acquire such Equity or security convertible
into such Equity to any Person other than a Credit Party which is directly or indirectly
wholly-owned by a Credit Party. For the avoidance of doubt, Borrower shall not, nor will
Borrower permit any other Credit Party to, sell, lease, transfer, abandon or otherwise
dispose of the Midway Loop Assets or the Newton Assets without the prior written consent of
the Majority Banks.”

          2.9 Amendment to Hedge Transaction Covenant. Section 9.11 of the Credit Agreement
shall be amended to read in full as follows:

     “Section 9.11 Hedge Transactions. Borrower will not, nor will Borrower permit
any other Credit Party to, enter into any Oil and Gas Hedge Transactions (a) with a tenor of
greater than thirty-six (36) months, or (b) which would cause the amount of oil or gas which
is the subject of Oil and Gas Hedge Transactions in existence at such time to exceed eighty
percent (80%) of Borrower’s and the Restricted Subsidiaries’ anticipated production of oil
and gas from Proved Mineral Interests (as reflected in the most recent Reserve Report
delivered to Administrative Agent pursuant to Section 4.1 hereof). Promptly upon
entering into any Oil and Gas Hedge Transaction, Borrower shall provide to each Bank the
certificate required by Section 8.1(n) hereof. Borrower will not, and will not
permit any of its Subsidiaries to, terminate any Oil and Gas Hedge Transaction, now existing
or hereafter arising, without the prior written consent of the Administrative Agent.”

          2.10 Amendment to Unrestricted Subsidiaries Covenant. Section 9.14 of the Credit
Agreement shall be amended to read in full as follows:

     “Section 9.14 Obligations to Unrestricted Subsidiaries. Borrower will not,
nor will Borrower permit any other Credit Party to, incur any liability, Debt or obligation
to any Unrestricted Subsidiary of any nature, or have any liability (whether by operation of
law or otherwise) for any liability, Debt or obligation of any Unrestricted Subsidiary;
provided, that the Credit Parties may incur liabilities and obligations to DHS for drilling
services performed by DHS in the ordinary course of the Credit Parties’ business and
otherwise in compliance with this Agreement, including, without limitation,
Section 9.1 and Section 9.9 of this Agreement.”

8

 

          2.11 Amendment to Financial Covenants. Article X of the Credit Agreement shall be
amended to add the following Section 10.3 to the end thereof:

     “Section 10.3 Capital Expenditures. Borrower will not, nor will it permit any
other Credit Party to, incur or make any Capital Expenditures in an amount exceeding in the
aggregate for all Credit Parties (a) $20,800,000 for the second Fiscal Quarter of calendar
year 2009, and (b) $10,000,000 for the third Fiscal Quarter of calendar year 2009.”

          2.12 Amendment to Event of Default. Section 11.1(c) of the Credit Agreement shall be
amended to read in full as follows:

     “(c) Borrower shall fail to observe or perform any covenant or agreement contained in
Section 4.5, Section 8.1, Section 8.2, Section 8.3,
Section 8.6, Section 8.7, Section 8.14, Article IX or
Article X of this Agreement;”

          2.13 Addition of Schedule 9.1. Schedule 9.1 to this First Amendment shall be
added to the Credit Agreement as Schedule 9.1 thereto.

     SECTION 3. Forbearance. Borrower hereby acknowledges that (i) Borrower has failed to
comply with Section 9.1 of the Credit Agreement as a result of the existence of overdue accounts
payable in amounts which are not otherwise permitted under such Section (the “Accounts Payable
Default”), (ii) Borrower has failed to comply with Section 10.1 of the Credit Agreement as a
result of its current ratio being less than 1.0 to 1.0 as of the end of the Fiscal Quarter ending
December 31, 2008 (the “Current Ratio Default”, and together with the Accounts Payable
Default, the “Specified Defaults”), and (iii) the Specified Defaults constitute Events of
Default under the Credit Agreement. In reliance on the representations, warranties, covenants and
agreements contained in this First Amendment, and subject to the satisfaction of each condition
precedent set forth in Section 8 hereof but only so long as no Forbearance Period
Termination Event shall have occurred, Administrative Agent (on behalf of the Banks) hereby agree
to forbear until the Forbearance Period Termination Date from exercising their rights and remedies
arising as a result of the occurrence of the Specified Defaults. Notwithstanding the foregoing,
the forbearance granted by Administrative Agent (on behalf of the Banks) pursuant hereto shall not
constitute and shall not be deemed to constitute a waiver of any of the Specified Defaults or of
any other Default or Event of Default under the Loan Papers. On and after the Forbearance Period
Termination Date, or such earlier date on which a Forbearance Period Termination Event occurs,
Administrative Agent’s (on behalf of the Banks) agreement hereunder to forbear shall terminate
automatically without further act or action by Banks, and Administrative Agent and Banks shall be
entitled to exercise any and all rights and remedies available to them under the Credit Agreement
or any of the other Loan Papers, at law, in equity, or otherwise without any further lapse of time,
expiration of applicable grace periods, or requirements of notice, all of which are hereby
expressly waived by Borrower and the other Credit Parties. Borrower and the other Credit Parties
hereby acknowledge and understand that upon the expiration or termination of the Forbearance
Period, if all the Specified Defaults have not been waived in accordance with this First Amendment,
or if there shall at such time exist any additional Default or Event of Default, then
Administrative Agent and Banks shall have the right to proceed to exercise any or all available
rights and remedies, which may include foreclosure on

9

 

the collateral for the Obligations and/or institution of legal proceedings. Administrative
Agent and Banks shall have no obligation whatsoever to extend the Forbearance Period, waive any
Defaults or Events of Default, defer any payments, or further forbear from exercising their rights
and remedies.

     SECTION 4. Signing Date Limited Waivers. Borrower hereby (a) acknowledges that
(i) Borrower has failed to comply with Section 9.14 of the Credit Agreement as a result of the
Credit Parties’ incurring certain liabilities and obligations to DHS for drilling services
performed by DHS prior to the Signing Date (the “Unrestricted Subsidiary Liability
Default”), and (ii) the Unrestricted Subsidiary Liability Default constitutes an Event of
Default under the Credit Agreement, and (b) requests that Required Banks waive the Unrestricted
Subsidiary Liability Default and compliance with the current ratio covenant set forth in Section
10.1 of the Credit Agreement solely for the Fiscal Quarter ending on March 31, 2009 (“3/31/09
Current Ratio Test”). In addition to the above-requested waivers, Borrower hereby requests
that Required Banks waive during the Statutory Liens Waiver Period any Default or Event of Default
arising as a result of the existence of any Statutory Liens which would violate Section 8.7(b)
and/or Section 9.3 of the Credit Agreement (the “Potential Statutory Liens Default”). In
reliance on the representations, warranties, covenants and agreements contained in the Credit
Agreement and this First Amendment, and subject to the satisfaction of the conditions precedent set
forth in Section 8 hereof, Required Banks hereby (A) waive the Unrestricted Subsidiary
Liability Default and compliance with the 3/31/09 Current Ratio Test, and (B) waive the Potential
Statutory Liens Default but only during the Statutory Liens Waiver Period. The limited waiver of
the Unrestricted Subsidiary Liability Default contained in this Section 4 is limited solely
to Section 9.14 of the Credit Agreement and applies solely for liabilities and obligations owed to
DHS for drilling services performed by DHS in the ordinary course of the Credit Parties’ business
and prior to the Signing Date. The limited waiver of the 3/31/09 Current Ratio Test contained in
this Section 4 is limited solely to Section 10.1 of the Credit Agreement and applies solely
to the calculation of Borrower’s ratio of Consolidated Current Assets to Consolidated Current
Liabilities as of the Fiscal Quarter ending on March 31, 2009. The limited waiver of the Potential
Statutory Liens Default contained in this Section 4 is limited solely to Section 8.7(b) and
Section 9.3 of the Credit Agreement and applies solely during the Statutory Liens Waiver Period.
The limited waivers set forth in this Section 4 are limited, one-time waivers (and in the
case of the Potential Statutory Liens Default, a temporary waiver), and nothing contained herein
shall obligate Banks to grant any additional or future waiver with respect to, or in connection
with, any provisions of the Credit Agreement or any other Loan Paper. Borrower and the other
Credit Parties hereby acknowledge and understand that upon the expiration or termination of the
Statutory Liens Waiver Period, if a Default or Event of Default exists as a result of the existence
of Statutory Liens, or if there shall at such time exist any additional Default or Event of
Default, then Administrative Agent and Banks shall have the right to proceed to exercise any or all
available rights and remedies, which may include foreclosure on the collateral for the Obligations
and/or institution of legal proceedings.

     SECTION 5. Effective Date Amendments. In reliance on the representations, warranties,
covenants and agreements contained in this First Amendment, and subject to the satisfaction of each
condition precedent set forth in Section 9 hereof, the Credit Agreement shall be amended
effective as of the Effective Date in the manner provided in this Section 5.

10

 

          5.1 Amendment to Definition. The definition of “Termination Date” contained in
Section 1.1 of the Credit Agreement shall be amended to read in full as follows:

          “Termination Date” means January 15, 2011.

          5.2 Deletion of Definition. The definition of “Consolidated Net Debt” contained in
Section 1.1 of the Credit Agreement shall be deleted in its entirety.

          5.3 Amendment to Organizational Document Covenant. Section 9.6 of the Credit
Agreement shall be amended to add the following clause (d) to the end thereof:

     “, or (d) any Equity Issuance Document (as defined in the First Amendment), other than
amendments, modifications and waivers which will not, individually or in the aggregate,
adversely effect any Credit Party or the Banks in any material respect.”

          5.4 Amendment to Financial Covenant. Section 10.2 of the Credit Agreement shall be
amended to read in full as follows:

     “Section 10.2 Senior Secured Leverage Ratio. Commencing with the Fiscal
Quarter ending December 31, 2008, Borrower will not permit, as of the last day of any Fiscal
Quarter, its ratio of the outstanding principal amount of the Obligations (as of the Fiscal
Quarter ending on such date) to Consolidated EBITDAX (for the Rolling Period ending on such
date) to be greater than 4.0 to 1.0.”

     SECTION 6. Borrowing Base Redetermination. Notwithstanding anything to the contrary
contained in the Credit Agreement, in reliance on the representations, warranties, covenants and
agreements contained in the Credit Agreement and this First Amendment, and subject to the
satisfaction of the conditions precedent set forth in Section 9 hereof, Administrative
Agent, Required Banks and Borrower hereby agree that effective as of the Effective Date (a) the
Borrowing Base in effect for the period from the Effective Date until the date of the next
Redetermination thereof shall be $225,000,000, and (b) the Conforming Borrowing Base in effect for
the period from the Effective Date until the date of the next Redetermination thereof shall be
$185,000,000. Borrower, Administrative Agent and Required Banks hereby further agree that the
Redetermination provided for in this Section 6 is the February 1, 2009 Scheduled
Redetermination and shall not be construed or deemed to be a Special Redetermination for purposes
of Section 4.3 of the Credit Agreement.

     SECTION 7. Effective Date Limited Waivers. Borrower hereby requests that Banks waive
the Specified Defaults. In reliance on the representations, warranties, covenants and agreements
contained in the Credit Agreement and this First Amendment, and subject to the satisfaction of the
conditions precedent set forth in Section 9 hereof, Required Banks hereby waive the
Specified Defaults effective as of the Effective Date. The limited waivers contained in this
Section 7 are limited solely to Sections 9.1 and 10.1 of the Credit Agreement, and apply
(A) with respect to the Accounts Payable Default, solely for overdue accounts payable existing
prior to the Effective Date and paid by Borrower from its working capital (and not from Borrowings)
received from Equity Issuances pursuant to Section 9.1 hereof, and (B) with respect to the
Current Ratio Default, solely for the Fiscal Quarter ending December 31, 2008 and not for any other
Fiscal Quarter. The limited waivers set forth in this Section 7 are limited, one-time

11

 

waivers, and nothing contained herein shall obligate Banks to grant any additional or future
waiver with respect to, or in connection with, any provisions of the Credit Agreement or any other
Loan Paper.

     SECTION 8. Signing Date Conditions Precedent. This First Amendment shall be effective
(other than with respect to Section 5, Section 6 and Section 7 hereof which
shall only be effective on the Effective Date) on the date that each condition precedent set forth
in this Section 8 is satisfied (the “Signing Date”):

          8.1 Closing Delivery. Administrative Agent shall have received counterparts of this
First Amendment duly executed by Borrower and Required Banks and acknowledged by each Restricted
Subsidiary.

          8.2 Amendment Fee. Borrower shall have paid to Administrative Agent, for the benefit
of Executing Banks, a fee in the amount of 50 basis points on each Executing Bank’s Commitment
Percentage of $225,000,000.

          8.3 Fees and Expenses. Borrower shall have paid (a) all fees and amounts as Borrower
shall be required to pay to Administrative Agent and its Affiliates pursuant to any separate
agreement between or among Borrower, Administrative Agent and/or its Affiliates, and (b) all
reasonable fees and expenses incurred by Administrative Agent in connection with the preparation,
negotiation and execution of this First Amendment.

          8.4 Other Documentation. Administrative Agent shall have received such other
documents, instruments and agreements as it may reasonably request, all in form and substance
reasonably satisfactory to Administrative Agent.

     SECTION 9. Effective Date Conditions Precedent. Section 5, Section 6
and Section 7 of this First Amendment shall be effective on the date that each condition
precedent set forth in this Section 9 is satisfied (the “Effective Date”):

          9.1 Equity Issuances. Prior to the Forbearance Period Termination Date, Borrower
shall have successfully completed one or more issuances of common and/or preferred stock or rights
to purchase common and/or preferred stock on terms and conditions satisfactory to the
Administrative Agent (together with the Interim Issuance, the “Equity Issuances”) pursuant
to which Borrower shall have received total gross proceeds of at least $150,000,000, which result
in Borrower’s receipt of Net Proceeds of at least $140,000,000 (the “Equity Issuance Net
Proceeds”), in consideration of such issuances, and such Equity Issuance Net Proceeds shall
have been applied as follows: (a) if the Forbearance Period Termination Date has not been
automatically extended or has been automatically extended to April 30, 2009 pursuant to
clause (b)(i) of the definition of “Forbearance Period Termination Date”, then (i) the
first $100,000,000 of Equity Issuance Net Proceeds to payment of the Obligations, (ii) the next
$40,000,000 of Equity Issuance Net Proceeds to be retained by the Borrower as working capital, and
(iii) all remaining Equity Issuance Net Proceeds to payment of the Obligations then outstanding,
(b) if the Forbearance Period Termination Date has been extended to May 15, 2009 pursuant to
clause (b)(ii) of the definition of “Forbearance Period Termination Date”, then (i) fifty
(50%) percent of the Equity Issuance Net Proceeds of the Interim Issuance to payment of

12

 

the Obligations with a corresponding automatic reduction in the Borrowing Base (but not below
the then existing Conforming Borrowing Base) in accordance with Section 2.6(c) of the Credit
Agreement, (ii) fifty (50%) percent of the Equity Issuance Net Proceeds of the Interim Issuance to
the Borrower to be retained as working capital up to a maximum of $40,000,000 of the Equity
Issuance Net Proceeds, and (iii) all remaining Equity Issuance Net Proceeds to payment of the
Obligations then outstanding, and (c) if the Forbearance Period Termination Date has been extended
to June 15, 2009 pursuant to the last sentence in the definition of “Forbearance Period
Termination Date”, then all Equity Issuance Net Proceeds received after the Signing Date with
respect to Equity Issuances other than the Interim Issuance shall be applied (i) first to the
payment of the Obligations until such Equity Issuance Net Proceeds together with the Equity
Issuance Net Proceeds received by Borrower from the Interim Issuance and applied to reduce the
Obligations total $100,000,000, (ii) second, to be retained by the Borrower as working capital,
until such Equity Issuance Net Proceeds together with the Equity Issuance Net Proceeds received by
Borrower from the Interim Issuance and not applied to reduce the Obligations total $40,000,000, and
(iii) all remaining Equity Issuance Net Proceeds to payment of the Obligations then outstanding.

          9.2 Equity Issuance Documentation. Administrative Agent shall have received copies of
all documentation entered into by Borrower in connection with the Equity Issuances, certified by an
Authorized Officer as true and correct and otherwise in form and substance reasonably satisfactory
to Administrative Agent (collectively, the “Equity Issuance Documents”).

          9.3 Representations and Warranties. Each representation and warranty of each Credit
Party contained in this First Amendment, the Credit Agreement and the other Loan Papers shall be
true and correct in all material respects (except to the extent such representations and warranties
are expressly made as of a particular date, in which event such representations and warranties
shall be true and correct as of such date).

          9.4 No Default or Event of Default. After giving effect to the Redetermination
contained in Section 6 hereof and the limited waivers granted in Section 7 hereof,
no Default, Event of Default or Borrowing Base Deficiency shall exist.

          9.5 Signing Date. The Signing Date has occurred.

     SECTION 10. Representations and Warranties of Borrower. To induce Executing Banks and
Administrative Agent to enter into this First Amendment, Borrower hereby represents and warrants to
Banks and Administrative Agent as follows:

          10.1 Due Authorization; No Conflict. The execution, delivery and performance by
Borrower of this First Amendment are within Borrower’s corporate powers, have been duly authorized
by all necessary action, require no action by or in respect of, or filing with, any governmental
body, agency or official and do not violate or constitute a default under any provision of
applicable law or any Material Agreement binding upon Borrower or result in the creation or
imposition of any Lien upon any of the assets of the Credit Parties except Permitted Encumbrances.

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          10.2 Validity and Enforceability. This First Amendment constitutes the valid and
binding obligation of Borrower enforceable in accordance with its terms, except as (a) the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditor’s rights generally, and (b) the availability of equitable remedies may be limited by
equitable principles of general application.

          10.3 Accuracy of Representations and Warranties. Each representation and warranty of
each Credit Party contained in the Loan Papers is true and correct in all material respects as of
the date hereof (except to the extent such representations and warranties are expressly made as of
a particular date, in which event such representations and warranties were true and correct as of
such date).

          10.4 Absence of Defaults. Except for the Specified Defaults and after giving effect
to the limited waiver granted in Section 4 hereof, no Default, Event of Default or
Borrowing Base Deficiency has occurred which is continuing.

          10.5 No Defense. Borrower has no defense to payment of, or any counterclaim or rights
of set-off with respect to, all or any portion of the Obligations.

          10.6 Employment Matters. Borrower’s board of directors has recommended and approved
the following workforce, salary and compensation reductions which will be implemented no later than
March 15, 2009: (a) a workforce reduction of at least fifty employees, (b) salary reductions of at
least 20% for each of Borrower’s ten most senior executive officers, and (c) compensation
reductions of at least 20% for each director serving on Borrower’s board of directors, in each case
from levels in effect on February 27, 2009.

          10.7 NO CLAIMS. THE BORROWER AND EACH OTHER CREDIT PARTY REPRESENTS AND WARRANTS THAT
IT HAS NO CLAIMS (AS THE TERM IS DEFINED IN THIS PARAGRAPH), DEFENSES, OFFSETS, OR COUNTERCLAIMS OF
ANY NATURE WHATSOEVER AGAINST ADMINISTRATIVE AGENT, BANKS AND THEIR RESPECTIVE PREDECESSORS,
AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ATTORNEYS, REPRESENTATIVES, SUCCESSORS, AND
ASSIGNS (COLLECTIVELY, THE “LENDER-RELATED PARTIES”). IT IS THE INTENTION OF THE PARTIES
THAT THE LENDER-RELATED PARTIES HAVE NO LIABILITY TO THE BORROWER OR ANY OTHER CREDIT PARTY BY
REASON OF ANYTHING OCCURRING PRIOR TO THE DATE OF THIS FIRST AMENDMENT RELATING TO CLAIMS COVERED
BY THIS FIRST AMENDMENT. ACCORDINGLY, THIS FIRST AMENDMENT IS MADE TO COMPROMISE, RESOLVE, SETTLE,
DISCHARGE, AND TERMINATE ALL ACTUAL AND POTENTIAL CLAIMS OF THE BORROWER AND THE OTHER CREDIT
PARTIES BY REASON OF ANYTHING OCCURRING PRIOR TO THE DATE OF THIS FIRST AMENDMENT RELATING TO
CLAIMS COVERED BY THIS FIRST AMENDMENT. THE TERM “CLAIMS” AS USED IN THIS FIRST AMENDMENT
MEANS ALL ACCOUNTS, AGREEMENTS, AVOIDANCE ACTIONS, BILLS, BONDS, CAUSES, CAUSES OF ACTION, CHARGES,
CLAIMS, COMPLAINTS, CONTRACTS, CONTROVERSIES, COSTS, COUNTERCLAIMS, DAMAGES, DEBTS, DEMANDS,
EQUITABLE PROCEEDINGS, EXECUTIONS, EXPENSES, LEGAL PROCEEDINGS, LIABILITIES, LOSSES, MATTERS,
OBJECTIONS,

14

 

OBLIGATIONS, ORDERS, PROCEEDINGS, RECKONINGS, REMEDIES, RIGHTS, SETOFF, SUITS, SUMS OF MONEY,
OF EVERY SORT AND DESCRIPTION, INCLUDING BUT NOT LIMITED TO BREACH OF CONTRACT, BREACH OF ANY
SPECIAL RELATIONSHIP, BREACH OR ABUSE OF ANY FIDUCIARY DUTY, CONCEALMENT, CONFLICTS OF INTEREST,
CONSPIRACY, COURSE OF CONDUCT OR DEALING, DEBT RECHARACTERIZATION, DECEIT, DECEPTIVE TRADE
PRACTICES, DEEPENING INSOLVENCY, DEFAMATION, CONTROL, DISCLOSURE, DURESS, ECONOMIC DURESS,
EQUITABLE SUBORDINATION, FRAUD, FRAUDULENT CONVEYANCE, FRAUDULENT TRANSFER, GROSS NEGLIGENCE,
INSOLVENCY LAW VIOLATIONS, INTERFERENCE WITH CONTRACTUAL AND BUSINESS RELATIONSHIPS,
MISREPRESENTATION, MISUSE OF INSIDER INFORMATION, NEGLIGENCE, OBLIGATION OF FAIR DEALING,
OBLIGATION OF GOOD FAITH AND FAIR DEALING, OBLIGATION OF GOOD FAITH, PREFERENCE, SECRECY,
SECURITIES AND ANTITRUST LAWS VIOLATIONS, SUBSTANTIVE CONSOLIDATION, TYING ARRANGEMENTS,
UNCONSCIONABILITY, USURY, VIOLATIONS OF STATUTES AND REGULATIONS OF GOVERNMENTAL ENTITIES,
INSTRUMENTALITIES AND AGENCIES, WRONGFUL SETOFF, WHETHER DIRECT AND INDIRECT, FIXED OR CONTINGENT,
KNOWN OR UNKNOWN, WHETHER SOUNDING IN TORT, OR BROUGHT UNDER CONTRACT OR STATUTE, AT LAW OR IN
EQUITY, WHETHER OR NOT LIQUIDATED, WHICH MAY HAVE ARISEN AT ANY TIME ON OR PRIOR TO THE DATE OF
THIS FIRST AMENDMENT AND WHICH WERE IN ANY MANNER RELATED TO ANY OF THE LOAN PAPERS OR THE
ENFORCEMENT OR ATTEMPTED ENFORCEMENT BY ADMINISTRATIVE AGENT OR BANKS OF RIGHTS, REMEDIES OR
RECOURSES RELATED THERETO. TO THE EXTENT THAT ANY CLAIMS, DEFENSES, OR OFFSETS EXIST AS OF THE
DATE HEREOF, THEY ARE HEREBY WAIVED AND RELEASED BY THE BORROWER AND EACH OTHER CREDIT PARTY IN
CONSIDERATION OF BANKS’ EXECUTION OF THIS FIRST AMENDMENT. THE BORROWER AND EACH OTHER CREDIT
PARTY REPRESENTS AND WARRANTS THAT IT HAS NOT ASSIGNED ANY CLAIMS, OFFSETS OR DEFENSES TO ANY
PERSON, INDIVIDUAL AND/OR ENTITY.

     SECTION 11. Covenants. Borrower hereby covenants and agrees that, from and after the
Signing Date, it will perform, observe and comply with each of the following covenants:

          11.1 Information. Borrower will provide Administrative Agent with such information as
may be reasonably requested by Administrative Agent from time to time, within three (3) Domestic
Business Days of such request, including, without limitation, (a) copies of any bank or other
financial institution statements, (b) financial statements, (c) accounts receivable and accounts
payable agings, (d) transactional documentation, (e) litigation pleadings, depositions, related
documents and transcripts, (f) letters of intent or offers to purchase, lease or license part, all
or substantially all of the assets or Equity of Borrower, and (g) letters of intent or commitments
for any capital investment, loan or other financing in or to Borrower. Without limiting the
generality of the foregoing, Borrower will provide Administrative Agent on Tuesday of each week an
update on the status of any of Borrower’s proposed Equity Issuances.

          11.2 Working Capital. During the Forbearance Period (but not thereafter) Borrower
shall not, nor shall Borrower permit any other Credit Party to, (a) retain cash or cash

15

 

equivalents (other than cash pledged to secure the Acquisition Letters of Credit) in an amount
in excess of the projected working capital cash requirements for the following four week period and
Borrower shall, and shall cause the other Credit Parties to, utilize their remaining available cash
and cash equivalents to pay accounts payable owing in the ordinary course of business, (b) enter
into any new material commitments or other agreements other than in the ordinary course of business
and consistent with past practice, and (c) make, or agree to make, any new Capital Expenditures
other than Capital Expenditures necessary to complete the Gray 31-23 well located in Section 31,
Township 6 North, Range 22 East, Klickitat County, Washington and being drilled as of the Signing
Date.

          11.3 Statutory Liens. Following the Statutory Liens Waiver Period, Borrower shall
promptly cause all notices filed of record in connection with any Statutory Lien to be released of
record.

          11.4 Access. Administrative Agent and its agents shall have reasonable access during
normal business hours to Borrower’s and Restricted Subsidiaries’ business premises to review,
appraise and evaluate the collateral for the Obligations and to inspect the financial records and
other records of Borrower concerning the operation of the Credit Parties’ businesses, the Credit
Parties’ financial condition, the transfers and expenditures of funds generated therefrom, the
accrual of expenses relating thereto, and any and all other records relating to the operations of
the Credit Parties. Borrower will, and will cause each other Credit Party to, fully cooperate with
Administrative Agent and its agents regarding such reviews, evaluations, and inspections, and
Borrower shall, and shall cause each other Credit Party to, make its employees and consultants and
professionals reasonably available to Administrative Agent and Administrative Agent’s professionals
and consultants in conducting such reviews, evaluations, and inspections. Without limiting the
generality of the foregoing, Administrative Agent’s agents entitled to access the premises shall
include (i) Administrative Agent’s internal audit team, and (ii) a financial consulting firm
selected by the Banks and at Borrower’s expense.

          11.5 RELEASE OF CLAIMS; COVENANT NOT TO SUE. EACH OF THE BORROWER AND EACH OTHER
CREDIT PARTY HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES, REMISES, ACQUITS, AND FULLY AND FOREVER
RELEASES AND DISCHARGES THE LENDER-RELATED PARTIES FROM ANY AND ALL CLAIMS WHICH THE BORROWER OR
ANY OTHER CREDIT PARTY EVER HAD OR NOW HAVE AGAINST THE LENDER-RELATED PARTIES. EACH OF THE
BORROWER AND EACH OTHER CREDIT PARTY COVENANTS AND AGREES NEVER TO COMMENCE, VOLUNTARILY AID IN ANY
WAY, FOMENT, PROSECUTE OR CAUSE TO BE COMMENCED OR PROSECUTED AGAINST ANY OF THE LENDER-RELATED
PARTIES ANY ACTION OR OTHER PROCEEDING BASED UPON ANY OF THE CLAIMS WHICH MAY HAVE ARISEN AT ANY
TIME ON OR PRIOR TO THE DATE OF THIS FIRST AMENDMENT AND WERE IN ANY MANNER RELATED TO ANY OF THE
LOAN PAPERS. WITHOUT IN ANY WAY MODIFYING OR LIMITING THE FOREGOING, AND IN ADDITION TO THE
FOREGOING, BORROWER AND EACH OTHER CREDIT PARTY HEREBY INCORPORATES INTO THIS FIRST AMENDMENT,
RESTATES, ACKNOWLEDGES, AFFIRMS AND AGREES TO EVERY WAIVER AND RELEASE OF ANY CLAIMS AS SET FORTH
IN THE LOAN PAPERS AS IF THE SAME WERE SET FORTH HEREIN.

16

 

     SECTION 12. Miscellaneous.

          12.1 Other Terms. No act committed or action taken by Administrative Agent or any
Bank under this First Amendment or any other Loan Paper will be used, construed, or deemed to hold
such person to be in control of Borrower or any other Credit Party, or the governance, management
or operations of Borrower or any other Credit Party for any purpose, without limitation, or to be
participating in the management of Borrower or any other Credit Party or acting as a “responsible
person” or “owner or operator” or a person in “control” with respect to the governance, management
or operation of Borrower or any other Credit Party or their respective businesses (as such terms,
or any similar terms, are used in the Bankruptcy Code, the Internal Revenue Code, or the
Comprehensive Environmental Response, Compensation and Liability Act, each as may be amended from
time to time, or any other federal or state statute, at law, in equity, or otherwise) by virtue of
the interests, rights, and remedies granted to or conferred upon Administrative Agent and Banks
under this First Amendment or the other Loan Papers.

          12.2 Reaffirmation of Loan Papers. Any and all of the terms and provisions of the
Credit Agreement and the other Loan Papers shall, except as amended and modified hereby, remain in
full force and effect, and are hereby ratified and confirmed. The amendments, forbearance and
limited waiver contemplated hereby shall not limit or impair any Liens securing the Obligations,
each of which are hereby ratified, affirmed and extended to secure the Obligations.

          12.3 Confirmation of Loan Papers and Liens. As a material inducement to Banks to make
the agreements and grant the amendments, forbearance and limited waiver set forth herein, each of
Borrower and each of the other Credit Parties hereby (a) acknowledges and confirms the continuing
existence, validity and effectiveness of the Loan Papers and the Liens granted thereunder,
(b) agrees that the execution, delivery and performance of this First Amendment and the
consummation of the transactions contemplated hereby shall not in any way release, diminish,
impair, reduce or otherwise adversely affect such Loan Papers and Liens, and (c) acknowledges and
agrees that the Liens granted under the Loan Papers secure, and after the consummation of the
transactions contemplated hereby will continue to secure, the payment and performance of the
Obligations as first priority perfected Liens, subject to the Permitted Encumbrances.

          12.4 No Implied Waivers. No failure or delay on the part of Administrative Agent or
any Bank in exercising, and no course of dealing with respect to, any right, power or privilege
under this First Amendment, the Credit Agreement or any other Loan Paper shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege under this First
Amendment, the Credit Agreement or any other Loan Paper preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.

          12.5 INDEMNIFICATION. IN ADDITION TO, AND WITHOUT LIMITATION OF, ANY AND ALL
INDEMNITIES PROVIDED IN THE LOAN PAPERS, BORROWER AND EACH OTHER CREDIT PARTY SHALL AND DO HEREBY,
JOINTLY AND SEVERALLY, INDEMNIFY AND HOLD EACH OF THE LENDER-RELATED PARTIES HARMLESS FROM AND
AGAINST ANY AND ALL CLAIMS, LIABILITY,

17

 

LOSSES, DAMAGES, CAUSES OF ACTION, SUITS, JUDGMENTS, COSTS, AND EXPENSES, INCLUDING, WITHOUT
LIMITATION, ATTORNEYS’ FEES, ARISING OUT OF OR FROM OR RELATED TO ANY OF THE LOAN PAPERS. IF ANY
ACTION, SUIT, OR PROCEEDING IS BROUGHT AGAINST ANY OF THE LENDER-RELATED PARTIES, BORROWER AND EACH
OTHER CREDIT PARTY SHALL, AT SUCH LENDER-RELATED PARTY’S REQUEST, DEFEND THE SAME AT THEIR SOLE
COST AND EXPENSE, SUCH COST AND EXPENSE TO BE A JOINT AND SEVERAL LIABILITY OF BORROWER AND THE
OTHER CREDIT PARTIES, BY COUNSEL SELECTED BY SUCH LENDER-RELATED PARTY. NOTWITHSTANDING ANY
PROVISION OF THIS FIRST AMENDMENT OR ANY OTHER LOAN PAPER, THIS SECTION SHALL REMAIN IN FULL FORCE
AND EFFECT AND SHALL SURVIVE ANY DELIVERY AND PAYMENT ON THE OBLIGATIONS, THIS FIRST AMENDMENT AND
THE OTHER LOAN PAPERS.

          12.6 Review and Construction of Documents. Borrower and each other Credit Party each
hereby acknowledge, and represent and warrant to Administrative Agent and Banks, that (a) Borrower
and such other Credit Party have had the opportunity to consult with legal counsel of their own
choice and have been afforded an opportunity to review this First Amendment with their legal
counsel, (b) Borrower and such other Credit Party have reviewed this First Amendment and fully
understand the effects thereof and all terms and provisions contained herein, and (c) Borrower and
such other Credit Party have executed this First Amendment of their own free will and volition.

          12.7 Tolling of Statutes of Limitation. The parties hereto agree that all applicable
statutes of limitations with respect to the Loan Papers shall be tolled and not begin running until
the Forbearance Period Termination Date.

          12.8 Arms-Length/Good Faith. This First Amendment has been negotiated at arms-length
and in good faith by the parties hereto.

          12.9 Parties in Interest. All of the terms and provisions of this First Amendment
shall bind and inure to the benefit of the parties hereto and their respective successors and
assigns.

          12.10 Legal Expenses. Borrower hereby agrees to pay on demand all reasonable fees and
expenses of counsel to Administrative Agent incurred by Administrative Agent in connection with the
preparation, negotiation and execution of this First Amendment.

          12.11 Counterparts. This First Amendment may be executed in counterparts, and all
parties need not execute the same counterpart; however, no party shall be bound by this First
Amendment until Administrative Agent, Borrower and Required Banks have executed a counterpart and
all Restricted Subsidiaries have executed the attached consent and acknowledgement. Facsimiles
shall be effective as originals.

          12.12 Complete Agreement. THIS FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER
LOAN PAPERS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR,

18

 

CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN OR AMONG THE PARTIES.

          12.13 Headings. The headings, captions and arrangements used in this First Amendment
are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or
modify the terms of this First Amendment, nor affect the meaning thereof.

          12.14 Governing Law. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed by
their respective Authorized Officers on the date and year first above written.

[Signature pages to follow]

19

 

	 	 	 	 	 	 	 
	 	 	BORROWER:

DELTA PETROLEUM CORPORATION,

a Delaware corporation

 	 	 
	 	 	By:  	/s/ Kevin K. Nanke	 	 
	 	 	 	Kevin K. Nanke, 	 	 
	 	 	 	Chief Financial Officer and Treasurer 	 	 
	 	 	 

     Each of the undersigned (i) consent and agree to this First Amendment, and (ii) agree that the
Loan Papers to which it is a party shall remain in full force and effect and shall continue to be
the legal, valid and binding obligation of such Person, enforceable against it in accordance with
its terms.

	 	 	 	 	 	 	 
	 	 	ACKNOWLEDGED AND AGREED TO BY:	 	 
	 
	 	 	 	 	 	 
	 	 	DELTA EXPLORATION COMPANY, INC., a Colorado
corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin K. Nanke	 	 
	 

	 	 	 	 

Kevin K. Nanke,
	 	 
	 

	 	 	 	Chief Financial Officer and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	PIPER PETROLEUM COMPANY, a Colorado corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin K. Nanke	 	 
	 

	 	 	 	 

Kevin K. Nanke,
	 	 
	 

	 	 	 	Chief Financial Officer and Treasurer	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CASTLE TEXAS EXPLORATION LIMITED PARTNERSHIP, a Texas limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Delta Petroleum Corporation, a Delaware

corporation, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin K. Nanke	 
	 	 	 	 	 	 	 
	 	 	 	 	Kevin K. Nanke,	 	 
	 	 	 	 	Chief Financial Officer and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	DPCA LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kevin K. Nanke	 
	 	 	 	 	 	 	 
	 	 	 	 	Kevin K. Nanke,	 	 
	 	 	 	 	Chief Financial Officer and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	DELTA PIPELINE, LLC, a Colorado limited liability

company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Delta Petroleum Corporation, a Delaware
corporation, its sole manager and sole member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Kevin K. Nanke
	 

	 	 	 	 	 	 

Kevin K. Nanke,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	DELTA RISK MANAGEMENT, LLC, a Colorado limited

liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Delta Petroleum Corporation, a Delaware
corporation, its sole manager and sole member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Kevin K. Nanke
	 

	 	 	 	 	 	 

Kevin K. Nanke,
	 	 
	 

	 	 	 	 	 	Chief Financial Officer and Treasurer	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., 

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Ryan Fuessel	 	 
	 

	 	 	 	 

Ryan Fuessel,
	 	 
	 

	 	 	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Ryan Fuessel	 	 
	 

	 	 	 	 

Ryan Fuessel,
	 	 
	 

	 	 	 	Senior Vice President	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF MONTREAL	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Gumaro Tijerina	 	 
	 

	 	Name:
	 	Gumaro Tijerina 

	 	 
	 

	 	Title:
	 	Director 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Dusan Lazarov	 	 
	 

	 	Name:
	 	Dusan Lazarov 

	 	 
	 

	 	Title:
	 	Vice President 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Erin Morrissey	 	 
	 

	 	Name:
	 	Erin Morrissey 

	 	 
	 

	 	Title:
	 	Vice President 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Angela McCracken	 	 
	 

	 	Name:
	 	Angela McCracken 

	 	 
	 

	 	Title:
	 	Senior Vice President 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark E. Thompson	 	 
	 

	 	Name:
	 	Mark E. Thompson 

	 	 
	 

	 	Title:
	 	Senior Vice President 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF OKLAHOMA, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	NATIXIS

(f.k.a. Natexis Banques Populaires)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Donovan C. Broussard	 	 
	 

	 	Name:
	 	Donovan C. Broussard 

	 	 
	 

	 	Title:
	 	Managing Director 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Linda Tchernyshera	 	 
	 

	 	Name:
	 	Linda Tchernyshera 

	 	 
	 

	 	Title:
	 	Director 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Maria Lund	 	 
	 

	 	Name:
	 	Maria Lund 

	 	 
	 

	 	Title:
	 	Vice President 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF SCOTLAND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

	 	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	CAPITAL ONE, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Wes Fontana	 	 
	 

	 	Name:
	 	Wes Fontana 

	 	 
	 

	 	Title:
	 	Assistant Vice President 

	 	 
	 

	 	 	 	 

	 	 

Signature Page

First Amendment to Second Amended and Restated Credit Agreement

DELTA PETROLEUM CORPORATION

 

 

SCHEDULE 9.1

Debt

None.

Schedule 9.1

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