Common use of Sharing of Set-Offs Clause in Contracts

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 Section 4.02 Presumption of Payment by the Borrower 37 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Section 5.02 Break Funding Payments 40 Section 5.03 Taxes 41 Section 5.04 Designation of Different Lending Office 44 Section 5.05 Illegality 44 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 Section 7.02 Authority; Enforceability 49 Section 7.03 Approvals; No Conflicts 49 Section 7.04 Financial Condition; No Material Adverse Change 49 Section 7.05 Litigation 50 Section 7.06 Environmental Matters 50 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 Section 7.08 Investment Company Act 51 Section 7.09 Taxes 51 Section 7.10 ERISA 52 Section 7.11 Disclosure; No Material Misstatements 52 Section 7.12 Insurance 53 Section 7.13 Restriction on Liens 53 Section 7.14 Subsidiaries 53 Section 7.15 Location of Business and Offices 53 Section 7.16 Properties; Titles, Etc 54 Section 7.17 Maintenance of Properties 55 Section 7.18 Gas Imbalances, Prepayments 55 Section 7.19 Marketing of Production 55 Section 7.20 Swap Agreements 55 Section 7.21 Use of Loans and Letter of Credit 56 Section 7.22 Solvency 56 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 Section 7.25 Money Laundering Laws; Embargoed Persons 57 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 58 Section 4.02 Presumption of Payment by the Borrower 37 59 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 59 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 60 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 60 Section 5.02 Break Funding Payments 40 61 Section 5.03 Taxes 41 62 Section 5.04 Designation Mitigation Obligations; Replacement of Different Lending Office 44 Lenders 65 Section 5.05 Illegality 44 66 Section 5.06 Availability of LIBOR Market Index Loans 67 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 67 Section 6.02 Each Credit Event 72 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 73 Section 7.02 Authority; Enforceability 49 73 Section 7.03 Approvals; No Conflicts 49 73 Section 7.04 Financial Condition; No Material Adverse Change 49 74 Section 7.05 Litigation 50 74 Section 7.06 Environmental Matters 50 74 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 or Borrowing Base Deficiency 76 Section 7.08 Investment Company Act 51 76 Section 7.09 Taxes 51 76 Section 7.10 ERISA 52 76 Section 7.11 Disclosure; No Material Misstatements 52 77 Section 7.12 Insurance 53 77 Section 7.13 Restriction on Liens 53 78 Section 7.14 Subsidiaries 53 78 Section 7.15 Location of Business and Offices 53 78 Section 7.16 Properties; Titles, Etc 54 Etc. 78 Section 7.17 Maintenance of Properties 55 79 Section 7.18 Gas Imbalances, Prepayments 55 80 Section 7.19 Marketing of Production 55 80 Section 7.20 Swap Agreements 55 and Qualified ECP Guarantor 80 Section 7.21 Use of Loans and Letter Letters of Credit 56 80 Section 7.22 Solvency 56 81 Section 7.23 Sanctions Anti-Corruption Laws and Regulations 56 81 Section 7.24 Foreign Corrupt Practices 57 OFAC 81 Section 7.25 Money Laundering Laws; Embargoed Persons 57 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 37 Section 4.02 Presumption of Payment by the Borrower 37 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. Costs 39 Section 5.02 Break Funding Payments 40 Section 5.03 Taxes 41 40 Section 5.04 Designation of Different Lending Office 44 41 Section 5.05 Illegality 44 41 Section 5.06 Replacement of a Lender 41 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Closing Date 45 42 Section 6.02 Each Credit Event 44 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 45 Section 7.02 Authority; Enforceability 49 45 Section 7.03 Approvals; No Conflicts 49 46 Section 7.04 Financial Condition; No Material Adverse Change 49 Statements 46 Section 7.05 Litigation 50 46 Section 7.06 Environmental Matters 50 46 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 Agreements 47 Section 7.08 Investment Company Act 51 47 Section 7.09 Taxes 51 47 Section 7.10 ERISA 52 48 Section 7.11 Disclosure; No Material Misstatements 52 48 Section 7.12 Insurance 53 49 Section 7.13 Restriction on Liens 53 49 Section 7.14 Subsidiaries 53 49 Section 7.15 Location of Business and Offices 53 49 Section 7.16 Properties; Titles, ; Etc 54 49 Section 7.17 Title 51 Section 7.18 Security Instruments 51 Section 7.19 Maintenance of Properties 55 51 Section 7.18 7.20 Gas Imbalances, ; Prepayments 55 52 Section 7.19 7.21 Marketing of Production 55 52 Section 7.20 7.22 Swap Agreements 55 52 Section 7.21 7.23 Use of Loans and Letters of Credit 52 Section 7.24 Solvency 53 Section 7.25 Patriot Act 53 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Ratings Change; Other Information 54 Section 8.02 Notices of Material Events 56 Section 8.03 Existence; Conduct of Business 57 Section 8.04 Payment of Obligations 57 Section 8.05 Performance of Obligations Under Loan Documents 57 Section 8.06 Operation and Maintenance of Properties 57 Section 8.07 Insurance 58 Section 8.08 Books and Records; Inspection Rights 58 Section 8.09 Compliance with Laws 58 Section 8.10 Environmental Matters 58 Section 8.11 Further Assurances 59 Section 8.12 Title Information 59 Section 8.13 Additional Collateral; Additional Guarantors 60 Section 8.14 ERISA Compliance 61 Section 8.15 Marketing Activities 62 Section 8.16 Title 62 ARTICLE IX NEGATIVE COVENANTS Section 9.01 Financial Covenants 62 Section 9.02 Debt 63 Section 9.03 Liens 63 Section 9.04 Dividends, Distributions and Redemptions 64 Section 9.05 Investments, Loans and Advances 64 Section 9.06 Nature of Business 65 Section 9.07 Limitation on Leases 65 Section 9.08 Proceeds of Notes 65 Section 9.09 ERISA Compliance 65 Section 9.10 Sale or Discount of Receivables 66 Section 9.11 Mergers; Etc 66 Section 9.12 Sale of Properties 67 Section 9.13 Transactions with Affiliates 67 Section 9.14 Subsidiaries 67 Section 9.15 Negative Pledge Agreements; Dividend Restrictions 67 Section 9.16 Gas Imbalances, Take-or-Pay or Other Prepayments 67 Section 9.17 Swap Agreements 68 Section 9.18 Tax Status as Partnership; Operating Agreements 69 Section 9.19 Acquisition Properties 69 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 69 Section 10.02 Remedies 71 Section 10.03 Disposition of Proceeds 71 ARTICLE XI THE ADMINISTRATIVE AGENT AND COLLATERAL AGENT Section 11.01 Appointment; Powers 72 Section 11.02 Duties and Obligations of Administrative Agent and Collateral Agent 72 Section 11.03 Action by Agent 72 Section 11.04 Reliance by Agent 73 Section 11.05 Subagents 73 Section 11.06 Resignation or Removal of Agents 74 Section 11.07 Agents and Lenders 74 Section 11.08 No Reliance 74 Section 11.09 Administrative Agent and Collateral Agent May File Proofs of Claim 74 Section 11.10 Authority of Administrative Agent and Collateral Agent to Release Collateral and Liens 75 Section 11.11 The Arrangers and the Syndication Agents 75 ARTICLE XII MISCELLANEOUS Section 12.01 Notices 75 Section 12.02 Waivers; Amendments 77 Section 12.03 Expenses; Indemnity; Damage Waiver 78 Section 12.04 Successors and Assigns 80 Section 12.05 Survival; Revival; Reinstatement 82 Section 12.06 Counterparts; Integration; Effectiveness 83 Section 12.07 Severability 83 Section 12.08 Right of Setoff 83 Section 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS 84 Section 12.10 Headings 84 Section 12.11 Confidentiality 85 Section 12.12 Maximum Interest 85 Section 12.13 EXCULPATION PROVISIONS 86 Section 12.14 Collateral Matters; Swap Agreements 86 Section 12.15 No Third Party Beneficiaries 86 Section 12.16 USA Patriot Act Notice 86 Annex I List of Maximum Credit Amounts Exhibit A Form of Note Exhibit B Form of Compliance Certificate Exhibit C Security Instruments Exhibit D Form of Assignment and Assumption Exhibit E Form of Borrowing Request Exhibit F Form of Interest Election Request Exhibit G Form of Notice of Letter of Credit 56 Section Request Schedule 7.05 Litigation Schedule 7.06 Environmental Matters Schedule 7.11 Material Debt and Other Obligations Schedule 7.14 Subsidiaries and Partnerships Schedule 7.20 Gas Imbalances Schedule 7.21 Marketing Contracts Schedule 7.22 Solvency 56 Section 7.23 Sanctions Laws Swap Agreements AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of November 13, 2009, is by and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 Section 7.25 Money Laundering Laws; Embargoed Persons 57 ARTICLE VIIIamong Constellation Energy Partners LLC, a limited liability company duly formed and existing under the laws of the State of Delaware (the “Borrower”), each of the Lenders from time to time party hereto, The Royal Bank of Scotland plc (in its individual capacity, “RBS”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”), The Bank of Nova Scotia (“Scotia”), as co-syndication agent, and BNP Paribas (“BNP”), as co-syndication agent (BNP together with Scotia, collectively in such capacity, the “Syndication Agents”).

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 55 Section 4.02 Presumption of Payment by the Borrower 37 56 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 56 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 56 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 57 Section 5.02 Break Funding Payments 40 58 Section 5.03 Taxes 41 59 Section 5.04 Designation Mitigation Obligations; Replacement of Different Lending Office 44 Lenders 62 Section 5.05 Illegality 44 63 Section 5.06 Availability of LIBOR Market Index Loans 63 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 ARTICLE VII 63 Section 6.02 Each Credit Event 67 REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 68 Section 7.02 Authority; Enforceability 49 68 Section 7.03 Approvals; No Conflicts 49 69 Section 7.04 Financial Condition; No Material Adverse Change 49 69 Section 7.05 Litigation 50 70 Section 7.06 Environmental Matters 50 70 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 or Borrowing Base Deficiency 71 Section 7.08 Investment Company Act 51 71 Section 7.09 Taxes 51 71 Section 7.10 ERISA 52 72 Section 7.11 Disclosure; No Material Misstatements 52 72 Section 7.12 Insurance 53 73 Section 7.13 Restriction on Liens 53 73 Section 7.14 Subsidiaries 53 73 Section 7.15 Location of Business and Offices 53 73 Section 7.16 Properties; Titles, Etc 54 Etc. 74 Section 7.17 Maintenance of Properties 55 75 Section 7.18 Gas Imbalances, Prepayments 55 75 Section 7.19 Marketing of Production 55 75 Section 7.20 Swap Agreements 55 and Qualified ECP Guarantor 75 Section 7.21 Use of Loans and Letter Letters of Credit 56 76 Section 7.22 Solvency 56 76 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 76 Section 7.25 Money Laundering Laws; Embargoed Persons 57 7.24 OFAC 77 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 58 Section 4.02 Presumption of Payment by the Borrower 37 59 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 59 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 60 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 60 Section 5.02 Break Funding Payments 40 61 Section 5.03 Taxes 41 62 Section 5.04 Designation Mitigation Obligations; Replacement of Different Lending Office 44 Lenders 65 Section 5.05 Illegality 44 66 Section 5.06 Availability of LIBOR Market Index Loans 66 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 67 Section 6.02 Each Credit Event 71 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 72 Section 7.02 Authority; Enforceability 49 72 Section 7.03 Approvals; No Conflicts 49 72 Section 7.04 Financial Condition; No Material Adverse Change 49 73 Section 7.05 Litigation 50 73 Section 7.06 Environmental Matters 50 74 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 or Borrowing Base Deficiency 75 Section 7.08 Investment Company Act 51 75 Section 7.09 Taxes 51 75 Section 7.10 ERISA 52 76 Section 7.11 Disclosure; No Material Misstatements 52 76 Section 7.12 Insurance 53 77 Section 7.13 Restriction on Liens 53 77 Section 7.14 Subsidiaries 53 77 Section 7.15 Location of Business and Offices 53 77 Section 7.16 Properties; Titles, Etc 54 78 Section 7.17 Maintenance of Properties 55 78 Section 7.18 Gas Imbalances, Prepayments 55 79 Section 7.19 Marketing of Production 55 79 Section 7.20 Swap Agreements 55 and Qualified ECP Guarantor 79 Section 7.21 Use of Loans and Letter Letters of Credit 56 80 Section 7.22 Solvency 56 80 Section 7.23 Sanctions Anti-Corruption Laws and Regulations 56 80 Section 7.24 Foreign Corrupt Practices 57 OFAC 80 Section 7.25 Money Laundering Laws; Embargoed Persons 57 No EEA Financial Institution 80 Section 7.26 Corporate Reorganization Agreements 81 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 4550 Section 4.02 Presumption of Payment by the Borrower 37 51 Section 4.03 Payments and Deductions to a Defaulting Lender 37 by the Administrative Agent 4651 Section 4.04 Disposition Collection of Proceeds 38 Section 4.05 Defaulting Lenders 38 of Production 4652 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 52 Section 5.02 Break Funding Payments 40 53 Section 5.03 Taxes 41 4853 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 44 5157 Section 5.05 Replacement of Lenders 57 Section 5.06 Illegality 44 57 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 5258 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 60 Section 7.02 Authority; Enforceability 49 60 Section 7.03 Approvals; No Conflicts 49 61 Section 7.04 Financial Condition; No Material Adverse Change 49 61 Section 7.05 Litigation 50 5661 Section 7.06 Environmental Matters 50 62 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 63 Section 7.08 Investment Company Act 51 63 Section 7.09 Taxes 51 63 Section 7.10 ERISA 52 63 Section 7.11 Disclosure; No Material Misstatements 52 64 Section 7.12 Insurance 53 64 Section 7.13 Restriction on Liens 53 65 Section 7.14 Subsidiaries 53 65 Section 7.15 Location of Business and Offices 53 65 Section 7.16 Properties; Titles, Etc 54 65 Section 7.17 Maintenance of Properties 55 66 Section 7.18 Gas Imbalances, Prepayments 55 66 Section 7.19 Marketing of Production 55 66 Section 7.20 Swap Agreements 55 and Qualified ECP Counterparty 67 Section 7.21 Use of Loans and Letter of Credit 56 67 Section 7.22 Solvency 56 67 Section 7.23 Sanctions Anti-Corruption Laws and Regulations 56 Sanctions 67 Section 7.24 Foreign Corrupt Practices 57 EEA Financial Institutions 68 Section 7.25 Money Laundering Laws; Embargoed Persons 57 Senior Debt Status 68 Section 7.26 Security Instruments 68 Section 7.27 PATRIOT Act 68 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 33 Section 4.02 Presumption of Payment by the Borrower 37 34 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 34 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 34 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 34 Section 5.02 Break Funding Payments 40 35 Section 5.03 Taxes 41 36 Section 5.04 Designation of Different Lending Office 44 Mitigation Obligations 39 Section 5.05 Illegality 44 40 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 40 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 43 Section 7.02 Authority; Enforceability 49 43 Section 7.03 Approvals; No Conflicts 49 43 Section 7.04 Financial Condition; No Material Adverse Change 49 44 Section 7.05 Litigation 50 44 Section 7.06 Environmental Matters 50 45 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 46 Section 7.08 Investment Company Act 51 46 Section 7.09 Taxes 51 [Reserved] 46 Section 7.10 ERISA 52 Taxes 46 Section 7.11 ERISA 46 Section 7.12 Disclosure; No Material Misstatements 52 Section 7.12 Insurance 53 47 Section 7.13 Insurance 48 Section 7.14 Restriction on Liens 53 Section 7.14 Subsidiaries 53 48 Section 7.15 Subsidiaries 48 Section 7.16 Location of Business and Offices 53 48 Section 7.16 7.17 Properties; Titles, Etc 54 48 Section 7.17 7.18 Maintenance of Properties 55 49 Section 7.18 7.19 Gas Imbalances, Prepayments 55 50 Section 7.19 7.20 Marketing of Production 55 Section 7.20 Swap Agreements 55 50 Section 7.21 Hedging Agreements 50 Section 7.22 Use of Loans and Letter of Credit 56 Section 7.22 Solvency 56 50 Section 7.23 Sanctions Laws and Regulations 56 Solvency 50 Section 7.24 OFAC 50 Section 7.25 Foreign Corrupt Practices 51 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Other Information 51 Section 8.02 Notices of Material Events 55 Section 8.03 Existence; Conduct of Business 55 Section 8.04 Payment of Obligations 55 Section 8.05 Performance of Obligations under Loan Documents 56 Section 8.06 Operation and Maintenance of Properties 56 Section 8.07 Insurance 56 Section 8.08 Books and Records; Inspection Rights 56 Section 8.09 Compliance with Laws 57 Section 7.25 Money Laundering Laws8.10 Environmental Matters 57 Section 8.11 Further Assurances 58 Section 8.12 Reserve Reports 58 Section 8.13 Title Information 59 Section 8.14 Additional Collateral; Embargoed Persons 57 Additional Guarantors 59 Section 8.15 ERISA Compliance 61 Section 8.16 Unrestricted Subsidiaries 61 Section 8.17 Patriot Act 61 ARTICLE VIIIIX NEGATIVE COVENANTS Section 9.01 Financial Covenants 62 Section 9.02 Debt 63 Section 9.03 Liens 64 Section 9.04 Restricted Payments 64 Section 9.05 Investments 64 Section 9.06 Nature of Business; International Operations 66 Section 9.07 Limitation on Operating Leases 66 Section 9.08 Proceeds of Loans 66 Section 9.09 ERISA Compliance 66 Section 9.10 Sale or Discount of Receivables 67 Section 9.11 Mergers, Etc 67 Section 9.12 Sale of Properties 67 Section 9.13 Environmental Matters 69 Section 9.14 Transactions with Affiliates 69 Section 9.15 Subsidiaries 69 Section 9.16 Amendments of First Lien Documents and Payments of Senior Notes 69 Section 9.17 Negative Pledge Agreements; Dividend Restrictions 69 Section 9.18 Take-or-Pay or Other Prepayments 70 Section 9.19 Hedging Agreements 70 Section 9.20 Designation and Conversion of Restricted and Unrestricted Subsidiaries 70 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 71 Section 10.02 Remedies 73 ARTICLE XI THE AGENTS Section 11.01 Appointment; Powers 74 Section 11.02 Duties and Obligations of Administrative Agent 74 Section 11.03 Action by Administrative Agent 74 Section 11.04 Reliance by Administrative Agent 75 Section 11.05 Subagents 75 Section 11.06 Resignation of Agents 75 Section 11.07 Agents as Lenders 76 Section 11.08 No Reliance 76 Section 11.09 Authority to Release Guarantors, Collateral and Liens 76 Section 11.10 The Arranger and Agents 77 Section 11.11 Filing of Proofs of Claim 77 ARTICLE XII MISCELLANEOUS Section 12.01 Notices 78 Section 12.02 Waivers; Amendments 79 Section 12.03 Expenses, Indemnity; Damage Waiver 80 Section 12.04 Successors and Assigns 82 Section 12.05 Survival; Revival; Reinstatement 85 Section 12.06 Counterparts; Integration; Effectiveness 86 Section 12.07 Severability 86 Section 12.08 Right of Setoff 86 Section 12.09 Governing Law; Jurisdiction; Consent to Service of Process 86 Section 12.10 Headings 87 Section 12.11 Confidentiality 87 Section 12.12 EXCULPATION PROVISIONS 88 Section 12.13 No Third Party Beneficiaries 88 Section 12.14 US Patriot Act Notice 88 Section 12.15 No Fiduciary Duty 89 Annexes, Exhibits and Schedules Exhibit B Form of Borrowing Request Exhibit B - Page 1 Exhibit C Form of Interest Election Request Exhibit C - Page 1 Schedule 1.02 Approved Counterparties Schedule 1.02 - Page 1 Schedule 7.05 Litigation Schedule 7.05 - Page 1 Schedule 7.19 Gas Imbalances Schedule 7.20 Marketing Contracts Schedule 7.20 - Page 1 Schedule 7.21 Hedging Agreements Schedule 7.21 - Page 1 Schedule 7.26 Deposit Accounts and Securities Accounts Schedule 7.26 - Page 1 This SECURED TERM LOAN AGREEMENT, dated as of December 30, 2014, is among Resolute Energy Corporation, a Delaware corporation (the “Borrower”), certain subsidiaries of the Borrower as guarantors, each of the Lenders from time to time party hereto and Bank of Montreal, as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 34 Section 4.02 Presumption of Payment by the Borrower 37 35 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 36 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 36 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs. 39 Costs 36 Section 5.02 Break Funding Payments 40 37 Section 5.03 Taxes 41 37 Page Section 5.04 Designation of Different Lending Office 44 40 Section 5.05 Replacement of Lenders 40 Section 5.06 Illegality 44 40 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 41 Section 6.02 Additional Conditions 43 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 44 Section 7.02 Authority; Enforceability 49 44 Section 7.03 Approvals; No Conflicts 49 44 Section 7.04 Financial Condition; No Material Adverse Change 49 45 Section 7.05 Litigation 50 45 Section 7.06 Environmental Matters 50 45 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 46 Section 7.08 Investment Company Act 51 47 Section 7.09 Taxes 51 No Margin Stock Activities 47 Section 7.10 ERISA 52 Taxes 47 Section 7.11 ERISA 47 Section 7.12 Disclosure; No Material Misstatements 52 Section 7.12 Insurance 53 48 Section 7.13 Insurance 48 Section 7.14 Restriction on Liens 53 Section 7.14 Subsidiaries 53 49 Section 7.15 Subsidiaries 49 Section 7.16 Location of Business and Offices 53 49 Section 7.16 7.17 Properties; Titles, Etc 54 etc. 49 Section 7.17 7.18 Maintenance of Properties 55 Section 7.18 Gas Imbalances, Prepayments 55 50 Section 7.19 Gas Imbalances 51 Section 7.20 Marketing of Production 55 51 Section 7.20 7.21 Swap Agreements 55 Section 7.21 Use of Loans and Letter of Credit 56 51 Section 7.22 Solvency 56 51 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 51 Section 7.25 Money Laundering Laws; Embargoed Persons 57 7.24 OFAC 52 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 34 Section 4.02 Presumption of Payment by the Borrower 37 35 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 36 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 36 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs. 39 Costs 36 Section 5.02 Break Funding Payments 40 37 Section 5.03 Taxes 41 38 Section 5.04 Designation of Different Lending Office 44 42 Section 5.05 Replacement of Lenders 42 Section 5.06 Illegality 44 42 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 43 Section 6.02 Additional Conditions 46 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 47 Section 7.02 Authority; Enforceability 49 47 Section 7.03 Approvals; No Conflicts 49 47 Section 7.04 Financial Condition; No Material Adverse Change 49 47 Section 7.05 Litigation 50 48 Section 7.06 Environmental Matters 50 48 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 50 Section 7.08 Investment Company Act 51 50 Section 7.09 Taxes 51 No Margin Stock Activities 50 Section 7.10 ERISA 52 Taxes 50 Section 7.11 ERISA 50 Section 7.12 Disclosure; No Material Misstatements 51 Section 7.13 Insurance 52 Section 7.12 Insurance 53 Section 7.13 7.14 Restriction on Liens 53 Section 7.14 Subsidiaries 53 52 Section 7.15 Subsidiaries 52 Section 7.16 Location of Business and Offices 53 Section 7.16 7.17 Properties; Titles, Etc 54 etc 53 Section 7.17 7.18 Maintenance of Properties 55 Section 7.18 7.19 Gas Imbalances, Prepayments Imbalances 55 Section 7.19 7.20 Marketing of Production 55 Section 7.20 7.21 Swap Agreements 55 Section 7.21 Use of Loans and Letter of Credit 56 Section 7.22 Solvency 56 Section 7.23 Sanctions Laws and Regulations Foreign Corrupt Practices 56 Section 7.24 Foreign Corrupt Practices 57 Section 7.25 Money Laundering Laws; Embargoed Persons 57 OFAC 56 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 49 Section 4.02 Presumption of Payment by the Borrower 37 50 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 50 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 50 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 51 Section 5.02 Break Funding Payments 40 52 Section 5.03 Taxes 41 52 Section 5.04 Designation Mitigation Obligations; Replacement of Different Lending Office 44 Lenders 56 Section 5.05 Illegality 44 57 Page ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 57 Section 6.02 Each Credit Event 60 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 61 Section 7.02 Authority; Enforceability 49 61 Section 7.03 Approvals; No Conflicts 49 61 Section 7.04 Financial Condition; No Material Adverse Change 49 62 Section 7.05 Litigation 50 62 Section 7.06 Environmental Matters 50 62 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 64 Section 7.08 Investment Company Act 51 64 Section 7.09 Taxes 51 64 Section 7.10 ERISA 52 65 Section 7.11 Disclosure; No Material Misstatements 52 65 Section 7.12 Insurance 53 66 Section 7.13 Restriction on Liens 53 66 Section 7.14 Subsidiaries 53 66 Section 7.15 Location of Business and Offices 53 Entity Information 66 Section 7.16 Properties; Titles, Etc 54 67 Section 7.17 Maintenance of Properties 55 68 Section 7.18 Gas Imbalances, Prepayments 55 Swap Agreements and Qualified ECP Guarantor 68 Section 7.19 Marketing of Production 55 Section 7.20 Swap Agreements 55 Section 7.21 Use of Loans and Letter Letters of Credit 56 68 Section 7.22 7.20 Solvency 56 69 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 7.21 Foreign Corrupt Practices 57 69 Section 7.25 Money Laundering Laws7.22 OFAC 69 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Embargoed Persons 57 Other Information 70 Section 8.02 Notices of Material Events 72 Section 8.03 Existence; Conduct of Business 73 Section 8.04 Payment of Obligations 73 Section 8.05 Performance of Obligations under Loan Documents 73 Section 8.06 Operation and Maintenance of Properties; Subordination of Affiliated Operators’ Liens 73 Section 8.07 Insurance 74 Section 8.08 Books and Records; Inspection Rights 75 Section 8.09 Compliance with Laws 75 Section 8.10 Environmental Matters 75 Section 8.11 Further Assurances 76 Section 8.12 Reserve Reports 76 Section 8.13 Title Information 77 Page Section 8.14 Collateral and Guarantors 78 Section 8.15 ERISA Compliance 79 Section 8.16 Marketing Activities 80 Section 8.17 Unrestricted Subsidiaries 80 Section 8.18 Commodity Exchange Act Keepwell Provisions 80 ARTICLE VIIIIX NEGATIVE COVENANTS Section 9.01 Financial Covenants 81 Section 9.02 Debt 81 Section 9.03 Liens 83 Section 9.04 Dividends and Distributions and Payments in Respect of Permitted Unsecured Notes 83 Section 9.05 Investments, Loans and Advances 84 Section 9.06 Designation and Conversion of Restricted and Unrestricted Subsidiaries 85 Section 9.07 Nature of Business 86 Section 9.08 Proceeds of Notes 86 Section 9.09 ERISA 86 Section 9.10 Mergers, etc 87 Section 9.11 Sale of Properties and Termination of Swap Agreements 87 Section 9.12 Transactions with Affiliates 88 Section 9.13 Subsidiaries 88 Section 9.14 Negative Pledge Agreements; Dividend and Other Restrictions 89 Section 9.15 Gas Imbalances, Take-or-Pay or Other Prepayments 89 Section 9.16 Swap Agreements 89 Section 9.17 Non-Qualified ECP Guarantors 91 Section 9.18 Amendments to Permitted Unsecured Notes Documents 91 Section 9.19 Fiscal Year 92 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 92 Section 10.02 Remedies 94 ARTICLE XI THE AGENTS Section 11.01 Appointment; Powers 95 Section 11.02 Duties and Obligations of Administrative Agent 95 Section 11.03 Action by Administrative Agent 96 Section 11.04 Reliance by Administrative Agent 97 Section 11.05 Subagents 97 Section 11.06 Resignation or Removal of Administrative Agent 97 Section 11.07 Agents as Lenders 98 Section 11.08 No Reliance 98 Section 11.09 Administrative Agent May File Proofs of Claim 98 Section 11.10 Authority of Administrative Agent to Release Collateral, Liens and Guarantors; Assignment of Swap Agreements 99 Section 11.11 The Arranger; Agents 100 Page ARTICLE XII MISCELLANEOUS Section 12.01 Notices 100 Section 12.02 Waivers; Amendments 101 Section 12.03 Expenses, Indemnity; Damage Waiver 102 Section 12.04 Successors and Assigns 105 Section 12.05 Survival; Revival; Reinstatement 109 Section 12.06 Counterparts; Integration; Effectiveness 109 Section 12.07 Severability 110 Section 12.08 Right of Setoff 110 Section 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS 110 Section 12.10 Headings 111 Section 12.11 Confidentiality 111 Section 12.12 Interest Rate Limitation 112 Section 12.13 EXCULPATION PROVISIONS 113 Section 12.14 Collateral Matters; Swap Agreements 113 Section 12.15 No Third Party Beneficiaries 114 Section 12.16 USA Patriot Act Notice 114 Section 12.17 No Advisory or Fiduciary Responsibility 114 Section 12.18 Amendment and Restatement 115 Section 12.19 True-up Loans 115 ANNEXES, EXHIBITS AND SCHEDULES Annex I List of Maximum Credit Amounts and Elected Commitments Annex II Existing Letters of Credit Exhibit A Form of Note Exhibit B Form of Borrowing Request Exhibit C Form of Interest Election Request Exhibit D Form of Compliance Certificate Exhibit E Security Instruments as of the Effective Date Exhibit F Form of Guaranty and Pledge Agreement Exhibit G Form of Assignment and Assumption Exhibit H-1 Form of U.S. Tax Compliance Certificate (Foreign Lenders; not partnerships) Exhibit H-2 Form of U.S. Tax Compliance Certificate (Foreign Participants; not partnerships) Exhibit H-3 Form of U.S. Tax Compliance Certificate (Foreign Participants; partnerships) Exhibit H-4 Form of U.S. Tax Compliance Certificate (Foreign Lenders; partnerships) Exhibit I Form of Elected Commitment Increase Certificate Exhibit J Form of Additional Lender Certificate Schedule 7.05 Litigation Schedule 7.06 Environmental Matters Schedule 7.14 Subsidiaries and Unrestricted Subsidiaries Schedule 7.18 Swap Agreements Schedule 9.02 Existing Debt Schedule 9.05 Existing Investments THIS AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 7, 2014, is among: APPROACH RESOURCES INC., a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”); each of the Lenders from time to time party hereto; JPMORGAN CHASE BANK, N.A. (in its individual capacity, “JPMorgan”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”); and KEYBANK NATIONAL ASSOCIATION, as documentation agent for the Lenders (in such capacity, together with its successors in such capacity, the “Documentation Agent”).

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 35 Section 4.02 Presumption of Payment by the Borrower 37 36 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 39 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. Costs 39 Section 5.02 Break Funding Payments 40 Section 5.03 Taxes 41 Section 5.04 Designation of Different Lending Office 44 Mitigation Obligations 42 Section 5.05 Illegality 44 42 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 42 Section 6.02 Each Credit Event 45 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 46 Section 7.02 Authority; Enforceability 49 46 Section 7.03 Approvals; No Conflicts 49 46 Section 7.04 Financial Condition; No Material Adverse Change 49 46 Section 7.05 Litigation 50 47 Section 7.06 Environmental Matters 50 47 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 48 Section 7.08 Investment Company Act 51 49 Section 7.09 Taxes 51 49 Section 7.10 ERISA 52 49 Section 7.11 Disclosure; No Material Misstatements 52 50 Section 7.12 Insurance 53 50 Section 7.13 Restriction on Liens 53 50 Section 7.14 Subsidiaries 53 50 Section 7.15 Location of Business and Offices 53 50 Section 7.16 Properties; Titles, Etc 54 51 Section 7.17 Maintenance of Properties 55 52 Section 7.18 Gas Imbalances, Prepayments 55 52 Section 7.19 Marketing of Production 55 52 Section 7.20 Swap Agreements 55 53 Section 7.21 Use of Loans and Letter Letters of Credit 56 53 Section 7.22 Solvency 56 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 Section 7.25 Money Laundering Laws; Embargoed Persons 57 53 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 54 Section 4.02 Presumption of Payment by the Borrower 37 55 Section 4.03 Payments and Certain Deductions to a Defaulting Lender 37 by the Administrative Agent 56 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 56 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs. 39 Costs 56 Section 5.02 Break Funding Payments 40 57 Section 5.03 Taxes 41 58 Section 5.04 Designation Mitigation Obligations; Replacement of Different Lending Office 44 Lenders 61 Section 5.05 Illegality 44 62 Section 5.06 Availability of LIBOR Market Index Loans 62 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 63 Section 6.02 Each Credit Event 67 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 68 Section 7.02 Authority; Enforceability 49 68 Section 7.03 Approvals; No Conflicts 49 68 Section 7.04 Financial Condition; No Material Adverse Change 49 69 Section 7.05 Litigation 50 69 Section 7.06 Environmental Matters 50 69 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 or Borrowing Base Deficiency 71 Section 7.08 Investment Company Act 51 71 Section 7.09 Taxes 51 71 Section 7.10 ERISA 52 71 Section 7.11 Disclosure; No Material Misstatements 52 72 Section 7.12 Insurance 53 72 Section 7.13 Restriction on Liens 53 73 Section 7.14 Subsidiaries 53 73 Section 7.15 Location of Business and Offices 53 73 Section 7.16 Properties; Titles, Etc 54 Etc. 73 Section 7.17 Maintenance of Properties 55 74 Section 7.18 Gas Imbalances, Prepayments 55 75 Section 7.19 Marketing of Production 55 75 Section 7.20 Swap Agreements 55 and Qualified ECP Guarantor 75 Section 7.21 Use of Loans and Letter Letters of Credit 56 75 Section 7.22 Solvency 56 76 Section 7.23 Sanctions Laws and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 76 Section 7.25 Money Laundering Laws7.24 OFAC 76 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Embargoed Persons 57 Other Information 77 Section 8.02 Notices of Material Events 80 Section 8.03 Existence; Conduct of Business 80 Section 8.04 Payment of Obligations 81 Section 8.05 Performance of Obligations under Loan Documents 81 Section 8.06 Operation and Maintenance of Properties 81 Section 8.07 Insurance 82 Section 8.08 Books and Records; Inspection Rights 82 Section 8.09 Compliance with Laws 82 Section 8.10 Environmental Matters 82 Section 8.11 Further Assurances 83 Section 8.12 Reserve Reports 84 Section 8.13 Title Information 85 Section 8.14 Additional Collateral; Additional Guarantors 86 Section 8.15 ERISA Compliance 87 Section 8.16 Commodity Price Risk Management Policy 88 Section 8.17 Unrestricted Subsidiaries 88 Section 8.18 Post-Closing Covenant 88 Section 8.19 Commodity Exchange Act Keepwell Provisions 88 ARTICLE VIIIIX NEGATIVE COVENANTS Section 9.01 Financial Covenants 89 Section 9.02 Debt 89 Section 9.03 Liens 90 Section 9.04 Dividends and Distributions; Repayment of Certain Debt; Amendments to Certain Debt Documents 91 Section 9.05 Investments and Loans 92 Section 9.06 Nature of Business; No International Operations 93 Section 9.07 Limitation on Leases 93 Section 9.08 Proceeds of Notes 93 Section 9.09 ERISA Compliance 94 Section 9.10 Sale or Discount of Receivables 95 Section 9.11 Mergers, Etc. 95 Section 9.12 Sale of Properties 95 Section 9.13 Environmental Matters 96 Section 9.14 Transactions with Affiliates 96 Section 9.15 Subsidiaries 97 Section 9.16 Negative Pledge Agreements; Dividend Restrictions 97 Section 9.17 Gas Imbalances, Take-or-Pay or Other Prepayments 97 Section 9.18 Swap Agreements 97 Section 9.19 Amendments to Certain Documents 99 Section 9.20 Marketing Activities 99 Section 9.21 Sale and Leaseback 99

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 67 Section 4.02 Presumption of Payment Deductions by the Borrower 37 Administrative Agent; Defaulting Lender 68 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 69 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTSREIMBURSEMENT OF PREPAYMENT COSTS; TAXES; ILLEGALITY LIBO RATE AVAILABILITY Section 5.01 Increased Costs. 39 Costs 70 Section 5.02 Break Funding Payments 40 Reimbursement of Prepayment Costs 71 Section 5.03 Taxes 41 72 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 44 75 Section 5.05 Illegality 44 Replacement of Lenders 76 Section 5.06 Circumstances Affecting LIBO Rate Availability 77 Section 5.07 Laws Affecting LIBO Rate Availability 77 Section 5.08 Eurodollar Lending Office 78 Section 5.09 Right of Lenders to Fund through Branches and Affiliates 78 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 Effectiveness 78 Section 6.02 Each Credit Event 81 Section 6.03 Additional Conditions to Credit Events 82 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 82 Section 7.02 Authority; Enforceability 49 83 Section 7.03 Approvals; No Conflicts 49 83 Section 7.04 Financial Condition; No Material Adverse Change 49 83 Section 7.05 Litigation 50 84 Section 7.06 Environmental Matters 50 84 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 85 Section 7.08 Investment Company Act 51 85 Section 7.09 Taxes 51 85 Section 7.10 ERISA 52 86 Section 7.11 Disclosure; No Material Misstatements 52 Misstatements; Beneficial Ownership 86 Section 7.12 Insurance 53 87 Section 7.13 Restriction on Liens 53 87 Section 7.14 Subsidiaries 53 87 Section 7.15 Location of Business and Offices 53 [Reserved] 87 Section 7.16 Properties; Titles, Etc 54 87 Section 7.17 Maintenance of Properties 55 88 Section 7.18 Gas Imbalances, Prepayments 55 88 Section 7.19 Marketing of Production 55 88 Section 7.20 Swap Agreements 55 88 Section 7.21 Use of Loans and Letter Letters of Credit 56 89 Section 7.22 Solvency 56 89 Section 7.23 Sanctions Anti-Corruption Laws and Regulations 56 Sanctions 89 Section 7.24 Foreign Corrupt Practices 57 EEA Financial Institutions 89 Section 7.25 Money Laundering LawsSecurity Instruments 89 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Embargoed Persons 57 Other Information 90 Section 8.02 Notices of Material Events 92 Section 8.03 Existence; Conduct of Business 92 Section 8.04 Payment of Obligations 92 Section 8.05 [Reserved] 93 Section 8.06 Operation and Maintenance of Properties 93 Section 8.07 Insurance 93 Section 8.08 Books and Records; Inspection Rights 94 Section 8.09 Compliance with Laws 94 Section 8.10 Environmental Matters 94 Section 8.11 Further Assurances 95 Section 8.12 Reserve Reports 95 Section 8.13 Title Information 96 Section 8.14 Agreement to Pledge; Additional Guarantors 97 Section 8.15 ERISA Compliance 98 Section 8.16 Marketing Activities 98 Section 8.17 Unrestricted Subsidiaries 98 Section 8.18 Account Control Agreements 99 Section 8.19 [Reserved] 99 Section 8.20 Minimum Hedged Volume 99 Section 8.21 Consolidated Cash Balance 100 ARTICLE VIIIIX NEGATIVE COVENANTS Section 9.01 Financial Covenants 100 Section 9.02 Debt 101 Section 9.03 Liens 102 Section 9.04 Restricted Payments 103 Section 9.05 Investments, Loans and Advances 104 Section 9.06 Nature of Business; Organizational Changes 105 Section 9.07 Proceeds of Loans 105 Section 9.08 ERISA Compliance 106 Section 9.09 Sale or Discount of Receivables 106 Section 9.10 Mergers, Etc 106 Section 9.11 Sale of Properties 107 Section 9.12 Transactions with Affiliates 108 Section 9.13 [Reserved] 109 Section 9.14 Negative Pledge Agreements; Dividend Restrictions 109 Section 9.15 Gas Imbalances 109 Section 9.16 Swap Agreements 109 Section 9.17 Designation and Conversion of Subsidiaries and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries 110 Section 9.18 Junior Debt 111 Section 9.19 Use of Proceeds and Letters of Credit 111 Section 9.20 Changes in Fiscal Periods; Accounting Change 112 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 112 Section 10.02 Remedies 114 ARTICLE XI THE AGENTS Section 11.01 Appointment of Administrative Agent 115 Section 11.02 [Reserved] 115 Section 11.03 Scope of Administrative Agent’s Duties 115 Section 11.04 Successor Administrative Agent 116 Section 11.05 Credit Decisions 117 Section 11.06 Authority of Administrative Agent to Enforce This Agreement 117 Section 11.07 Indemnification of Administrative Agent 117 Section 11.08 Knowledge of Default 118 Section 11.09 Administrative Agent’s Authorization; Action by Lenders 118 Section 11.10 Enforcement Actions by Administrative Agent 118 Section 11.11 Collateral Matters 118 Section 11.12 Agents in their Individual Capacities 119 Section 11.13 Administrative Agent’s Fees 119 Section 11.14 Syndication Agent, Documentation Agent or other Titles 119 Section 11.15 No Reliance on Administrative Agent’s Customer Identification Program 120 Section 11.16 Certain ERISA Matters 120 Section 11.17 Acknowledgments of Lenders and Issuing Banks 122 ARTICLE XII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 62 Section 4.02 Presumption of Payment Deductions by the Borrower 37 Administrative Agent; Defaulting Lender 63 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 65 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTSREIMBURSEMENT OF PREPAYMENT COSTS; TAXES; ILLEGALITY INTEREST RATE AVAILABILITY Section 5.01 Increased Costs. 39 Costs 65 Section 5.02 Break Funding Payments 40 Reimbursement of Prepayment Costs 67 Section 5.03 Taxes 41 67 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 44 71 Section 5.05 Illegality 44 Replacement of Lenders 71 Section 5.06 Right of Lenders to Fund through Branches and Affiliates 72 Section 5.07 Alternate Rate of Interest 72 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 74 Section 6.02 Each Credit Event 76 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 77 Section 7.02 Authority; Enforceability 49 77 Section 7.03 Approvals; No Conflicts 49 77 Section 7.04 Financial Condition; No Material Adverse Change 49 77 Section 7.05 Litigation 50 78 Section 7.06 Environmental Matters 50 78 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 79 Section 7.08 Investment Company Act 51 79 Section 7.09 Taxes 51 79 Section 7.10 ERISA 52 79 Section 7.11 Disclosure; No Material Misstatements 52 80 Section 7.12 Insurance 53 80 Section 7.13 Restriction on Liens 53 81 Section 7.14 Subsidiaries 53 81 Section 7.15 Location of Business and Offices 53 81 Section 7.16 Properties; Titles, Etc 54 81 Section 7.17 Maintenance of Properties 55 82 Section 7.18 Gas Imbalances, Prepayments 55 Section 7.19 Marketing of Production 55 82 Section 7.19 Swap Agreements 82 Section 7.20 Swap Agreements 55 Section 7.21 Use of Loans and Letters of Credit 82 Section 7.21 Solvency 82 Section 7.22 Anti-Corruption Laws and Sanctions 83 Section 7.23 Affected Financial Institutions 83 Section 7.24 Security Instruments 83 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Other Information 83 Section 8.02 Notices of Material Events 86 Section 8.03 Existence; Conduct of Business 86 Section 8.04 Payment of Obligations 86 Section 8.05 Performance of Obligations under Loan Documents 86 Section 8.06 Operation and Maintenance of Properties 86 Section 8.07 Insurance 87 Section 8.08 Books and Records; Inspection Rights 87 Section 8.09 Compliance with Laws 87 Section 8.10 Environmental Matters 88 Section 8.11 Further Assurances 88 Section 8.12 Reserve Reports 89 Section 8.13 Title Information 89 Section 8.14 Additional Collateral; Additional Guarantors 90 Section 8.15 ERISA Compliance 91 Section 8.16 Marketing Activities 92 Section 8.17 Unrestricted Subsidiaries 92 Section 8.18 Account Control Agreements 93 Section 8.19 Post-Closing Undertakings 93 ARTICLE IX NEGATIVE COVENANTS Section 9.01 Financial Covenants 94 Section 9.02 Debt 94 Section 9.03 Liens 95 Section 9.04 Restricted Payments 96 Section 9.05 Investments, Loans and Advances 96 Section 9.06 Nature of Business 97 Section 9.07 Proceeds of Loans 97 Section 9.08 Mergers, Etc 97 Section 9.09 Sale or Discount of Receivables 98 Section 9.10 Sale of Properties 98 Section 9.11 Transactions with Affiliates 99 Section 9.12 Subsidiaries 99 Section 9.13 Negative Pledge Agreements; Dividend Restrictions 99 Section 9.14 Swap Agreements 99 Section 9.15 Permitted Unsecured Notes Restrictions 100 Section 9.16 Amendments to Organizational Documents 101 Section 9.17 Changes in Fiscal Periods 101 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 101 Section 10.02 Remedies 103 ARTICLE XI THE AGENTS Section 11.01 Authorization and Action 104 Section 11.02 Administrative Agent’s Reliance, Indemnification, Etc. 106 Section 11.03 Posting of Communications 107 Section 11.04 The Administrative Agent Individually 109 Section 11.05 Successor Administrative Agent 109 Section 11.06 Acknowledgements of Lenders and Issuing Banks. 110 Section 11.07 Collateral Matters 110 Section 11.08 Credit Bidding 111 Section 11.09 Certain ERISA Matters 112 Section 11.10 Administrative Agent’s Fees 114 Section 11.11 Erroneous Payments 114 ARTICLE XII MISCELLANEOUS Section 12.01 Notices 115 Section 12.02 Waivers; Amendments 115 Section 12.03 Expenses, Indemnity; Damage Waiver 116 Section 12.04 Successors and Assigns 118 Section 12.05 Survival; Revival; Reinstatement 121 Section 12.06 Counterparts; Integration; Effectiveness 122 Section 12.07 Severability 123 Section 12.08 Right of Setoff 123 Section 12.09 GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVER OF TRIAL BY JURY 123 Section 12.10 Headings 124 Section 12.11 Confidentiality 125 Section 12.12 Interest Rate Limitation 125 Section 12.13 EXCULPATION PROVISIONS 126 Section 12.14 Collateral Matters; Swap Agreements; Cash Management 127 Section 12.15 No Third Party Beneficiaries 127 Section 12.16 USA Patriot Act Notice 127 Section 12.17 Keepwell 128 Section 12.18 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. 128 Section 12.19 Amendment and Restatement 128 Section 12.20 Flood Insurance 129 Section 12.21 Acknowledgement Regarding Any Supported QFCs 129 Section 12.22 Assignment and Assumption of Assigned Interests 129 Schedules and Exhibits: Schedule 1.1 Applicable Margin Schedule 1.2 Allocations Schedule 1.3 Compliance Information Schedule 1.4 Existing Letters of Credit Schedule Schedule 1.09 Sustainability Table Schedule 7.04(c) Material Debt and Liabilities Schedule 7.05 Litigation Schedule 7.06 Environmental Matters Schedule 7.14 Subsidiaries Schedule 7.18 Marketing Agreements Schedule 7.19 Swap Agreements Schedule 9.02(f) Existing Unsecured Notes Schedule 9.05 Investments Schedule 9.11 Affiliate Transactions Schedule 12.01 Notices Exhibit A Form of Revolving Credit Note Exhibit B Form of Revolving Credit Borrowing Request Exhibit C Form of Compliance Certificate Exhibit D Security Instruments Exhibit E Form of Assignment and Assumption Exhibit F Form of Request for Swing Line Loan Exhibit G Form of Swing Line Note Exhibit H Form of Swing Line Participation Certificate Exhibit I Form of Notice of Issuance of Letter of Credit 56 Section 7.22 Solvency 56 Section 7.23 Sanctions Laws Exhibit J-1 Form of U.S. Tax Compliance Certificate (Foreign Lenders; not partnerships) Exhibit J-2 Form of U.S. Tax Compliance Certificate (Foreign Participants; not partnerships) Exhibit J-3 Form of U.S. Tax Compliance Certificate (Foreign Participants; partnerships) Exhibit J-4 Form of U.S. Tax Compliance Certificate (Foreign Lenders; partnerships) Exhibit K Form of Elected Commitment Increase Certificate Exhibit L Form of Additional Lender Certificate FIFTH AMENDED AND RESTATED CREDIT AGREEMENT THIS FIFTH AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 2, 2021, is among PDC Energy, Inc., a Delaware corporation (the “Borrower”), each of the Lenders from time to time party hereto, JPMorgan Chase Bank, N.A. as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and Regulations 56 Section 7.24 Foreign Corrupt Practices 57 Section 7.25 Money Laundering Laws; Embargoed Persons 57 ARTICLE VIIIeach of the other parties from time to time party hereto.

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 36 59 Section 4.02 Presumption of Payment Deductions by the Borrower 37 Administrative Agent; Defaulting Lender 60 Section 4.03 Payments and Deductions to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 38 Section 4.05 Defaulting Lenders 38 61 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs. 39 Costs 62 Section 5.02 Break Funding Payments 40 63 Section 5.03 Taxes 41 63 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 44 66 Section 5.05 Illegality 44 Replacement of Lenders 66 Section 5.06 Alternate Rate of Interest 67 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 45 Effectiveness 69 Section 6.02 Each Credit Event 71 Section 6.03 Additional Conditions to Credit Events 72 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 48 72 Section 7.02 Authority; Enforceability 49 72 Section 7.03 Approvals; No Conflicts 49 72 Section 7.04 Financial Condition; No Material Adverse Change 49 73 Section 7.05 Litigation 50 73 Section 7.06 Environmental Matters 50 73 Section 7.07 Compliance with the Laws and Agreements; No Defaults 51 74 Section 7.08 Investment Company Act 51 74 Section 7.09 Taxes 51 74 Section 7.10 ERISA 52 75 Section 7.11 Disclosure; No Material Misstatements 52 Misstatements; Beneficial Ownership 75 Section 7.12 Insurance 53 75 Section 7.13 Restriction on Liens 53 76 Section 7.14 Subsidiaries 53 76 Section 7.15 Location of Business and Offices 53 [Reserved] 76 Section 7.16 Properties; Titles, Etc 54 76 Section 7.17 Maintenance of Properties 55 77 Section 7.18 Gas Imbalances, Prepayments 55 77 Section 7.19 Marketing of Production 55 77 Section 7.20 Swap Agreements 55 77 Section 7.21 Use of Loans and Letter Letters of Credit 56 77 Section 7.22 Solvency 56 77 Section 7.23 Sanctions Anti-Corruption Laws and Regulations 56 Sanctions 78 Section 7.24 Foreign Corrupt Practices 57 Affected Financial Institutions 78 Section 7.25 Money Laundering LawsSecurity Instruments 78 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; Embargoed Persons 57 Other Information 78 Section 8.02 Notices of Material Events 80 Section 8.03 Existence; Conduct of Business 80 Section 8.04 Payment of Obligations 80 Section 8.05 [Reserved] 81 Section 8.06 Operation and Maintenance of Properties 81 Section 8.07 Insurance 81 Section 8.08 Books and Records; Inspection Rights 81 Section 8.09 Compliance with Laws 82 Section 8.10 Environmental Matters 82 Section 8.11 Further Assurances 82 Section 8.12 Reserve Reports 83 Section 8.13 Title Information 83 Section 8.14 Agreement to Pledge; Additional Guarantors 84 Section 8.15 ERISA Compliance 85 Section 8.16 Marketing Activities 85 Section 8.17 Unrestricted Subsidiaries 85 Section 8.18 Account Control Agreements 86 Section 8.19 Consolidated Cash Balance 86 Section 8.20 Post-Closing Covenants 87 ARTICLE VIIIIX NEGATIVE COVENANTS Section 9.01 Financial Covenants 87 Section 9.02 Debt 87 Section 9.03 Liens 89 Section 9.04 Restricted Payments 90 Section 9.05 Investments, Loans and Advances 91 Section 9.06 Nature of Business; Organizational Changes 92 Section 9.07 Proceeds of Loans 92 Section 9.08 ERISA Compliance 93 Section 9.09 Sale or Discount of Receivables 93 Section 9.10 Mergers, Etc 93 Section 9.11 Sale of Properties 93 Section 9.12 Transactions with Affiliates 95 Section 9.13 Negative Pledge Agreements; Dividend Restrictions 95 Section 9.14 Gas Imbalances 96 Section 9.15 Swap Agreements 96 Section 9.16 Designation and Conversion of Subsidiaries and Unrestricted Subsidiaries; Debt of Unrestricted Subsidiaries 96 Section 9.17 Junior Debt 97 Section 9.18 Use of Proceeds and Letters of Credit 97 Section 9.19 Changes in Fiscal Periods; Accounting Change. 97 ARTICLE X EVENTS OF DEFAULT; REMEDIES Section 10.01 Events of Default 98 Section 10.02 Remedies 99 ARTICLE XI THE AGENTS Section 11.01 Appointment of Administrative Agent 100