SEC Contract Filing

Filing Date: 2024-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2_11
<SEQUENCE>5
<FILENAME>epm-20240331xex10d211.htm
<DESCRIPTION>EX-10.2_11
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 10.6.125.0--><!--Created on: 5/8/2024 03:35:47 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title>June __, 2005</title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:14.4pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">EXHIBIT 10.2.11</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><img src="epm-20240331xex10d211001.jpg" alt="Graphic" style="display:inline-block;height:48.6pt;width:235.65pt;"></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:24pt 0pt 18pt 0pt;"><font style="font-size:12pt;"><a name="_Hlk154725832"></a></font>February 12, 2024</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;"><font style="font-variant:small-caps;">EVOLUTION PETROLEUM CORPORATION</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;"><font style="font-variant:small-caps;">EVOLUTION PETROLEUM OK, INC.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">NGS TECHNOLOGIES, INC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">EVOLUTION ROYALTIES, INC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">EVOLUTION PETROLEUM WEST, INC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">1155 Dairy Ashford Rd. Suite 425</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">Houston, Texas 77079</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 0pt 0pt;">Attention: &#160;Kelly Loyd</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 12pt 0pt;">E-mail: &#160;kloyd@evolutionpetroleum.com</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0pt;margin:0pt 36pt 12pt 0pt;"><font style="font-size:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:10pt;">Re:</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="font-size:10pt;">Credit Agreement dated as of April 11, 2016, as amended, by and among EVOLUTION PETROLEUM CORPORATION, a Nevada corporation (&quot;EPC&quot;), EVOLUTION PETROLEUM OK, INC., a Texas corporation (&#8220;Evolution Texas&#8221;), NGS TECHNOLOGIES, INC., a Delaware corporation (&#8220;NGS&#8221;), EVOLUTION ROYALTIES, INC., a Delaware corporation (&#8220;Evolution Royalties&#8221;; EPC, Evolution Texas, NGS, and Evolution Royalties are collectively referred to herein as the &#8220;Original Borrowers&#8221;), EVOLUTION PETROLEUM WEST, INC., a Delaware corporation (&#8220;Evolution West&#8221;; Evolution West and the Original Borrowers are collectively referred to herein as the &#8220;Borrowers&#8221;) and MIDFIRST BANK, a federally chartered savings association (&quot;Lender&quot;).</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Dear Mr. Loyd:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">This letter is in reference to the Credit Agreement referenced above. Capitalized terms not otherwise defined herein shall be defined as set forth in the Credit Agreement. Your execution below memorializes your acknowledgement and agreement to the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0.6pt 12pt 0pt;">The hedging requirements of Section 7.18 notwithstanding, Borrower hereby agrees to enter into within 30 days of the date hereof and maintain in effect, for each fiscal month during the twelve (12) full-fiscal month period immediately following the date hereof and on a rolling twelve (12) month basis thereafter, one or more Swap Contracts, to the extent necessary to cause the Swap Contracts of the Borrower to cover notional volumes of crude oil and natural gas, calculated separately, at least equal to a combination of 40% monthly oil hedges or 25% oil and gas hedges per month for each fiscal month during such twelve (12) full-fiscal month periods (rolling), which Swap Contracts (i) shall have the purpose and effect of fixing crude oil and natural gas prices in respect of such portion of the reasonably anticipated production of crude oil and natural gas for such fiscal month from the Proved Developed Producing Reserves of the Loan Parties and any newly formed subsidiaries, (ii) sha