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 58 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Section 4.04 Disposition of Proceeds 60 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 Section 5.02 Break Funding Payments 61 Section 5.03 Taxes 62 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 Section 5.05 Illegality 66 Section 5.06 Availability of LIBOR Market Index Loans 67 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 Section 6.02 Each Credit Event 72 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 Section 7.02 Authority; Enforceability 73 Section 7.03 Approvals; No Conflicts 73 Section 7.04 Financial Condition; No Material Adverse Change 74 Section 7.05 Litigation 74 Section 7.06 Environmental Matters 74 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 Section 7.08 Investment Company Act 76 Section 7.09 Taxes 76 Section 7.10 ERISA 76 Section 7.11 Disclosure; No Material Misstatements 77 Section 7.12 Insurance 77 Section 7.13 Restriction on Liens 78 Section 7.14 Subsidiaries 78 Section 7.15 Location of Business and Offices 78 Section 7.16 Properties; Titles, Etc. 78 Section 7.17 Maintenance of Properties 79 Section 7.18 Gas Imbalances, Prepayments 80 Section 7.19 Marketing of Production 80 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 Section 7.21 Use of Loans and Letters of Credit 80 Section 7.22 Solvency 81 Section 7.23 Anti-Corruption Laws 81 Section 7.24 OFAC 81 Section 7.25 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 58 54 Section 4.02 Presumption of Payment by the Borrower 59 55 Section 4.03 Certain Deductions by the Administrative Agent 59 56 Section 4.04 Disposition of Proceeds 60 56 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 56 Section 5.02 Break Funding Payments 61 57 Section 5.03 Taxes 62 58 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 61 Section 5.05 Illegality 66 62 Section 5.06 Availability of LIBOR Market Index Loans 67 62 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 63 Section 6.02 Each Credit Event 72 67 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 68 Section 7.02 Authority; Enforceability 73 68 Section 7.03 Approvals; No Conflicts 73 68 Section 7.04 Financial Condition; No Material Adverse Change 74 69 Section 7.05 Litigation 74 69 Section 7.06 Environmental Matters 74 69 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 71 Section 7.08 Investment Company Act 76 71 Section 7.09 Taxes 76 71 Section 7.10 ERISA 76 71 Section 7.11 Disclosure; No Material Misstatements 77 72 Section 7.12 Insurance 77 72 Section 7.13 Restriction on Liens 78 73 Section 7.14 Subsidiaries 78 73 Section 7.15 Location of Business and Offices 78 73 Section 7.16 Properties; Titles, Etc. 78 73 Section 7.17 Maintenance of Properties 79 74 Section 7.18 Gas Imbalances, Prepayments 80 75 Section 7.19 Marketing of Production 80 75 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 75 Section 7.21 Use of Loans and Letters of Credit 80 75 Section 7.22 Solvency 81 76 Section 7.23 Anti-Corruption Laws 81 Foreign Corrupt Practices 76 Section 7.24 OFAC 76 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; 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 7.25 No EEA Financial Institution 8.05 Performance of Obligations under Loan Documents 81 Section 7.26 Corporate Reorganization 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 IX 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 81 ARTICLE VIII97 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 58 62 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Agent; Defaulting Lender 63 Section 4.04 4.03 Disposition of Proceeds 60 65 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTSREIMBURSEMENT OF PREPAYMENT COSTS; TAXES; ILLEGALITY INTEREST RATE AVAILABILITY Section 5.01 Increased Costs 60 65 Section 5.02 Break Funding Payments 61 Reimbursement of Prepayment Costs 67 Section 5.03 Taxes 62 67 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 71 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 71 Section 5.06 Availability Right of LIBOR Market Index Loans 67 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 67 74 Section 6.02 Each Credit Event 72 76 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 77 Section 7.02 Authority; Enforceability 73 77 Section 7.03 Approvals; No Conflicts 73 77 Section 7.04 Financial Condition; No Material Adverse Change 74 77 Section 7.05 Litigation 74 78 Section 7.06 Environmental Matters 74 78 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 79 Section 7.08 Investment Company Act 76 79 Section 7.09 Taxes 76 79 Section 7.10 ERISA 76 79 Section 7.11 Disclosure; No Material Misstatements 77 80 Section 7.12 Insurance 77 80 Section 7.13 Restriction on Liens 78 81 Section 7.14 Subsidiaries 78 81 Section 7.15 Location of Business and Offices 78 81 Section 7.16 Properties; Titles, Etc. 78 Etc 81 Section 7.17 Maintenance of Properties 79 82 Section 7.18 Gas Imbalances, Prepayments 80 Section 7.19 Marketing of Production 80 82 Section 7.19 Swap Agreements 82 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 Section 7.21 Use of Loans and Letters of Credit 80 82 Section 7.21 Solvency 82 Section 7.22 Solvency 81 Section 7.23 Anti-Corruption Laws 81 and Sanctions 83 Section 7.23 Affected Financial Institutions 83 Section 7.24 OFAC 81 Security Instruments 83 ARTICLE VIII AFFIRMATIVE COVENANTS Section 7.25 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 EEA 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 Institution 81 Institutions. 128 Section 7.26 Corporate Reorganization 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 81 ARTICLE VIIISchedule 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 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 each 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 58 67 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Agent; Defaulting Lender 68 Section 4.04 4.03 Disposition of Proceeds 60 69 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTSREIMBURSEMENT OF PREPAYMENT COSTS; TAXES; ILLEGALITY LIBO RATE AVAILABILITY Section 5.01 Increased Costs 60 70 Section 5.02 Break Funding Payments 61 Reimbursement of Prepayment Costs 71 Section 5.03 Taxes 62 72 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 75 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 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 LIBOR Market Index Loans 67 Lenders to Fund through Branches and Affiliates 78 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 Effectiveness 78 Section 6.02 Each Credit Event 72 81 Section 6.03 Additional Conditions to Credit Events 82 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 82 Section 7.02 Authority; Enforceability 73 83 Section 7.03 Approvals; No Conflicts 73 83 Section 7.04 Financial Condition; No Material Adverse Change 74 83 Section 7.05 Litigation 74 84 Section 7.06 Environmental Matters 74 84 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 85 Section 7.08 Investment Company Act 76 85 Section 7.09 Taxes 76 85 Section 7.10 ERISA 76 86 Section 7.11 Disclosure; No Material Misstatements 77 Misstatements; Beneficial Ownership 86 Section 7.12 Insurance 77 87 Section 7.13 Restriction on Liens 78 87 Section 7.14 Subsidiaries 78 87 Section 7.15 Location of Business and Offices 78 [Reserved] 87 Section 7.16 Properties; Titles, Etc. 78 Etc 87 Section 7.17 Maintenance of Properties 79 88 Section 7.18 Gas Imbalances, Prepayments 80 88 Section 7.19 Marketing of Production 80 88 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 88 Section 7.21 Use of Loans and Letters of Credit 80 89 Section 7.22 Solvency 81 89 Section 7.23 Anti-Corruption Laws 81 and Sanctions 89 Section 7.24 OFAC 81 EEA Financial Institutions 89 Section 7.25 Security Instruments 89 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; 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 IX 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 EEA Financial Institution 81 Reliance on Administrative Agent’s Customer Identification Program 120 Section 7.26 Corporate Reorganization Agreements 81 11.16 Certain ERISA Matters 120 Section 11.17 Acknowledgments of Lenders and Issuing Banks 122 ARTICLE VIIIXII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 58 34 Section 4.02 Presumption of Payment by the Borrower 59 35 Section 4.03 Certain Deductions by the Administrative Agent 59 36 Section 4.04 Disposition of Proceeds 60 36 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs 60 36 Section 5.02 Break Funding Payments 61 37 Section 5.03 Taxes 62 37 Page Section 5.04 Mitigation Obligations; Designation of Different Lending Office 40 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 40 Section 5.06 Availability of LIBOR Market Index Loans 67 Illegality 40 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 41 Section 6.02 Each Credit Event 72 Additional Conditions 43 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 44 Section 7.02 Authority; Enforceability 73 44 Section 7.03 Approvals; No Conflicts 73 44 Section 7.04 Financial Condition; No Material Adverse Change 74 45 Section 7.05 Litigation 74 45 Section 7.06 Environmental Matters 74 45 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 46 Section 7.08 Investment Company Act 76 47 Section 7.09 Taxes 76 No Margin Stock Activities 47 Section 7.10 ERISA 76 Taxes 47 Section 7.11 ERISA 47 Section 7.12 Disclosure; No Material Misstatements 77 Section 7.12 Insurance 77 48 Section 7.13 Insurance 48 Section 7.14 Restriction on Liens 78 Section 7.14 Subsidiaries 78 49 Section 7.15 Subsidiaries 49 Section 7.16 Location of Business and Offices 78 49 Section 7.16 7.17 Properties; Titles, Etcetc. 78 49 Section 7.17 7.18 Maintenance of Properties 79 Section 7.18 Gas Imbalances, Prepayments 80 50 Section 7.19 Gas Imbalances 51 Section 7.20 Marketing of Production 80 51 Section 7.20 7.21 Swap Agreements and Qualified ECP Guarantor 80 Section 7.21 Use of Loans and Letters of Credit 80 51 Section 7.22 Solvency 81 51 Section 7.23 Anti-Corruption Laws 81 Foreign Corrupt Practices 51 Section 7.24 OFAC 81 Section 7.25 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 52 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 58 37 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Section 4.04 Disposition of Proceeds 60 38 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 39 Section 5.02 Break Funding Payments 61 40 Section 5.03 Taxes 62 40 Section 5.04 Mitigation Obligations; Replacement Designation of Lenders 65 Different Lending Office 41 Section 5.05 Illegality 66 41 Section 5.06 Availability Replacement of LIBOR Market Index Loans 67 a Lender 41 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Closing Date 67 42 Section 6.02 Each Credit Event 72 44 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 45 Section 7.02 Authority; Enforceability 73 45 Section 7.03 Approvals; No Conflicts 73 46 Section 7.04 Financial Condition; No Material Adverse Change 74 Statements 46 Section 7.05 Litigation 74 46 Section 7.06 Environmental Matters 74 46 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 Agreements 47 Section 7.08 Investment Company Act 76 47 Section 7.09 Taxes 76 47 Section 7.10 ERISA 76 48 Section 7.11 Disclosure; No Material Misstatements 77 48 Section 7.12 Insurance 77 49 Section 7.13 Restriction on Liens 78 49 Section 7.14 Subsidiaries 78 49 Section 7.15 Location of Business and Offices 78 49 Section 7.16 Properties; Titles, Etc. 78 ; Etc 49 Section 7.17 Title 51 Section 7.18 Security Instruments 51 Section 7.19 Maintenance of Properties 79 51 Section 7.18 7.20 Gas Imbalances, ; Prepayments 80 52 Section 7.19 7.21 Marketing of Production 80 52 Section 7.20 7.22 Swap Agreements and Qualified ECP Guarantor 80 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 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 81 Section 7.23 AntiSwap Agreements AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of November 13, 2009, is by and among 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-Corruption Laws 81 Section 7.24 OFAC 81 Section 7.25 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 ARTICLE VIIIsyndication 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 58 35 Section 4.02 Presumption of Payment by the Borrower 59 36 Section 4.03 Certain Payments and Deductions by the Administrative Agent 59 to a Defaulting Lender 37 Section 4.04 Disposition of Proceeds 60 39 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 39 Section 5.02 Break Funding Payments 61 40 Section 5.03 Taxes 62 41 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 Obligations 42 Section 5.05 Illegality 66 Section 5.06 Availability of LIBOR Market Index Loans 67 42 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 42 Section 6.02 Each Credit Event 72 ARTICLE VII 45 REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 46 Section 7.02 Authority; Enforceability 73 46 Section 7.03 Approvals; No Conflicts 73 46 Section 7.04 Financial Condition; No Material Adverse Change 74 46 Section 7.05 Litigation 74 47 Section 7.06 Environmental Matters 74 47 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 48 Section 7.08 Investment Company Act 76 49 Section 7.09 Taxes 76 49 Section 7.10 ERISA 76 49 Section 7.11 Disclosure; No Material Misstatements 77 50 Section 7.12 Insurance 77 50 Section 7.13 Restriction on Liens 78 50 Section 7.14 Subsidiaries 78 50 Section 7.15 Location of Business and Offices 78 50 Section 7.16 Properties; Titles, Etc. 78 Etc 51 Section 7.17 Maintenance of Properties 79 52 Section 7.18 Gas Imbalances, Prepayments 80 52 Section 7.19 Marketing of Production 80 52 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 53 Section 7.21 Use of Loans and Letters of Credit 80 53 Section 7.22 Solvency 81 Section 7.23 Anti-Corruption Laws 81 Section 7.24 OFAC 81 Section 7.25 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 53 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 58 33 Section 4.02 Presumption of Payment by the Borrower 59 34 Section 4.03 Certain Deductions by the Administrative Agent 59 34 Section 4.04 Disposition of Proceeds 60 34 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 34 Section 5.02 Break Funding Payments 61 35 Section 5.03 Taxes 62 36 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 Obligations 39 Section 5.05 Illegality 66 Section 5.06 Availability of LIBOR Market Index Loans 67 40 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 Section 6.02 Each Credit Event 72 40 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 43 Section 7.02 Authority; Enforceability 73 43 Section 7.03 Approvals; No Conflicts 73 43 Section 7.04 Financial Condition; No Material Adverse Change 74 44 Section 7.05 Litigation 74 44 Section 7.06 Environmental Matters 74 45 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 46 Section 7.08 Investment Company Act 76 46 Section 7.09 Taxes 76 [Reserved] 46 Section 7.10 ERISA 76 Taxes 46 Section 7.11 ERISA 46 Section 7.12 Disclosure; No Material Misstatements 77 Section 7.12 Insurance 77 47 Section 7.13 Insurance 48 Section 7.14 Restriction on Liens 78 Section 7.14 Subsidiaries 78 48 Section 7.15 Subsidiaries 48 Section 7.16 Location of Business and Offices 78 48 Section 7.16 7.17 Properties; Titles, Etc. 78 Etc 48 Section 7.17 7.18 Maintenance of Properties 79 49 Section 7.18 7.19 Gas Imbalances, Prepayments 80 50 Section 7.19 7.20 Marketing of Production 80 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 50 Section 7.21 Hedging Agreements 50 Section 7.22 Use of Loans and Letters of Credit 80 Section 7.22 Solvency 81 50 Section 7.23 Anti-Corruption Laws 81 Solvency 50 Section 7.24 OFAC 81 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 8.10 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; Additional Guarantors 59 Section 8.15 ERISA Compliance 61 Section 8.16 Unrestricted Subsidiaries 61 Section 8.17 Patriot Act 61 ARTICLE IX 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 EEA Financial Institution 81 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 Corporate Reorganization Agreements 81 ARTICLE VIIIDeposit 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 58 4550 Section 4.02 Presumption of Payment by the Borrower 59 51 Section 4.03 Certain Deductions by the Administrative Agent 59 4651 Section 4.04 Disposition Collection of Proceeds 60 of Production 4652 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 52 Section 5.02 Break Funding Payments 61 53 Section 5.03 Taxes 62 4853 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 5157 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 57 Section 5.06 Availability of LIBOR Market Index Loans 67 Illegality 57 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 Section 6.02 Each Credit Event 72 5258 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 60 Section 7.02 Authority; Enforceability 73 60 Section 7.03 Approvals; No Conflicts 73 61 Section 7.04 Financial Condition; No Material Adverse Change 74 61 Section 7.05 Litigation 74 5661 Section 7.06 Environmental Matters 74 62 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 63 Section 7.08 Investment Company Act 76 63 Section 7.09 Taxes 76 63 Section 7.10 ERISA 76 63 Section 7.11 Disclosure; No Material Misstatements 77 64 Section 7.12 Insurance 77 64 Section 7.13 Restriction on Liens 78 65 Section 7.14 Subsidiaries 78 65 Section 7.15 Location of Business and Offices 78 65 Section 7.16 Properties; Titles, Etc. 78 Etc 65 Section 7.17 Maintenance of Properties 79 66 Section 7.18 Gas Imbalances, Prepayments 80 66 Section 7.19 Marketing of Production 80 66 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 Counterparty 67 Section 7.21 Use of Loans and Letters of Credit 80 67 Section 7.22 Solvency 81 67 Section 7.23 Anti-Corruption Laws 81 and Sanctions 67 Section 7.24 OFAC 81 EEA Financial Institutions 68 Section 7.25 No EEA Financial Institution 81 Senior Debt Status 68 Section 7.26 Corporate Reorganization Agreements 81 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 58 34 Section 4.02 Presumption of Payment by the Borrower 59 35 Section 4.03 Certain Deductions by the Administrative Agent 59 36 Section 4.04 Disposition of Proceeds 60 36 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs 60 36 Section 5.02 Break Funding Payments 61 37 Section 5.03 Taxes 62 38 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 42 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 42 Section 5.06 Availability of LIBOR Market Index Loans 67 Illegality 42 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 43 Section 6.02 Each Credit Event 72 Additional Conditions 46 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 47 Section 7.02 Authority; Enforceability 73 47 Section 7.03 Approvals; No Conflicts 73 47 Section 7.04 Financial Condition; No Material Adverse Change 74 47 Section 7.05 Litigation 74 48 Section 7.06 Environmental Matters 74 48 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 50 Section 7.08 Investment Company Act 76 50 Section 7.09 Taxes 76 No Margin Stock Activities 50 Section 7.10 ERISA 76 Taxes 50 Section 7.11 ERISA 50 Section 7.12 Disclosure; No Material Misstatements 77 Section 7.12 Insurance 77 51 Section 7.13 Insurance 52 Section 7.14 Restriction on Liens 78 Section 7.14 Subsidiaries 78 52 Section 7.15 Subsidiaries 52 Section 7.16 Location of Business and Offices 78 53 Section 7.16 7.17 Properties; Titles, Etc. 78 etc 53 Section 7.17 7.18 Maintenance of Properties 79 Section 7.18 Gas Imbalances, Prepayments 80 55 Section 7.19 Gas Imbalances 55 Section 7.20 Marketing of Production 80 55 Section 7.20 7.21 Swap Agreements and Qualified ECP Guarantor 80 Section 7.21 Use of Loans and Letters of Credit 80 56 Section 7.22 Solvency 81 56 Section 7.23 Anti-Corruption Laws 81 Foreign Corrupt Practices 56 Section 7.24 OFAC 81 Section 7.25 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 56 ARTICLE VIII

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

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 58 55 Section 4.02 Presumption of Payment by the Borrower 59 56 Section 4.03 Certain Deductions by the Administrative Agent 59 56 Section 4.04 Disposition of Proceeds 60 56 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 57 Section 5.02 Break Funding Payments 61 58 Section 5.03 Taxes 62 59 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 62 Section 5.05 Illegality 66 63 Section 5.06 Availability of LIBOR Market Index Loans 67 63 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 63 Section 6.02 Each Credit Event 72 ARTICLE VII 67 REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 68 Section 7.02 Authority; Enforceability 73 68 Section 7.03 Approvals; No Conflicts 73 69 Section 7.04 Financial Condition; No Material Adverse Change 74 69 Section 7.05 Litigation 74 70 Section 7.06 Environmental Matters 74 70 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 71 Section 7.08 Investment Company Act 76 71 Section 7.09 Taxes 76 71 Section 7.10 ERISA 76 72 Section 7.11 Disclosure; No Material Misstatements 77 72 Section 7.12 Insurance 77 73 Section 7.13 Restriction on Liens 78 73 Section 7.14 Subsidiaries 78 73 Section 7.15 Location of Business and Offices 78 73 Section 7.16 Properties; Titles, Etc. 78 74 Section 7.17 Maintenance of Properties 79 75 Section 7.18 Gas Imbalances, Prepayments 80 75 Section 7.19 Marketing of Production 80 75 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 75 Section 7.21 Use of Loans and Letters of Credit 80 76 Section 7.22 Solvency 81 76 Section 7.23 Anti-Corruption Laws 81 Foreign Corrupt Practices 76 Section 7.24 OFAC 81 Section 7.25 No EEA Financial Institution 81 Section 7.26 Corporate Reorganization Agreements 81 77 ARTICLE VIII

Sharing of Set-Offs. Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs 58 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Section 4.04 Disposition of Proceeds 60 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 Section 5.02 Break Funding Payments 61 Section 5.03 Taxes 62 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 Section 5.05 Illegality 66 Section 5.06 Availability of LIBOR Market Index Loans 67 66 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 Section 6.02 Each Credit Event 72 71 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 72 Section 7.02 Authority; Enforceability 73 72 Section 7.03 Approvals; No Conflicts 73 72 Section 7.04 Financial Condition; No Material Adverse Change 74 73 Section 7.05 Litigation 74 73 Section 7.06 Environmental Matters 74 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 75 Section 7.08 Investment Company Act 76 75 Section 7.09 Taxes 76 75 Section 7.10 ERISA 76 Section 7.11 Disclosure; No Material Misstatements 77 76 Section 7.12 Insurance 77 Section 7.13 Restriction on Liens 78 77 Section 7.14 Subsidiaries 78 77 Section 7.15 Location of Business and Offices 78 77 Section 7.16 Properties; Titles, Etc. Etc 78 Section 7.17 Maintenance of Properties 79 78 Section 7.18 Gas Imbalances, Prepayments 80 79 Section 7.19 Marketing of Production 80 79 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 79 Section 7.21 Use of Loans and Letters of Credit 80 Section 7.22 Solvency 81 80 Section 7.23 Anti-Corruption Laws 81 80 Section 7.24 OFAC 81 80 Section 7.25 No EEA Financial Institution 81 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 58 49 Section 4.02 Presumption of Payment by the Borrower 59 50 Section 4.03 Certain Deductions by the Administrative Agent 59 50 Section 4.04 Disposition of Proceeds 60 50 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY Section 5.01 Increased Costs 60 51 Section 5.02 Break Funding Payments 61 52 Section 5.03 Taxes 62 52 Section 5.04 Mitigation Obligations; Replacement of Lenders 65 56 Section 5.05 Illegality 66 Section 5.06 Availability of LIBOR Market Index Loans 67 57 Page ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 57 Section 6.02 Each Credit Event 72 60 ARTICLE VII REPRESENTATIONS AND WARRANTIES Section 7.01 Organization; Powers 73 61 Section 7.02 Authority; Enforceability 73 61 Section 7.03 Approvals; No Conflicts 73 61 Section 7.04 Financial Condition; No Material Adverse Change 74 62 Section 7.05 Litigation 74 62 Section 7.06 Environmental Matters 74 62 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 64 Section 7.08 Investment Company Act 76 64 Section 7.09 Taxes 76 64 Section 7.10 ERISA 76 65 Section 7.11 Disclosure; No Material Misstatements 77 65 Section 7.12 Insurance 77 66 Section 7.13 Restriction on Liens 78 66 Section 7.14 Subsidiaries 78 66 Section 7.15 Location of Business and Offices 78 Entity Information 66 Section 7.16 Properties; Titles, Etc. 78 Etc 67 Section 7.17 Maintenance of Properties 79 68 Section 7.18 Gas Imbalances, Prepayments 80 Section 7.19 Marketing of Production 80 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 68 Section 7.21 7.19 Use of Loans and Letters of Credit 68 Section 7.20 Solvency 69 Section 7.21 Foreign Corrupt Practices 69 Section 7.22 OFAC 69 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; 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 7.22 Solvency 8.17 Unrestricted Subsidiaries 80 Section 8.18 Commodity Exchange Act Keepwell Provisions 80 ARTICLE IX NEGATIVE COVENANTS Section 9.01 Financial Covenants 81 Section 7.23 Anti-Corruption Laws 9.02 Debt 81 Section 7.24 OFAC 81 9.03 Liens 83 Section 7.25 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 EEA Financial Institution 81 Reliance 98 Section 7.26 Corporate Reorganization 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 81 99 Section 11.11 The Arranger; Agents 100 Page ARTICLE VIIIXII 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 58 59 Section 4.02 Presumption of Payment by the Borrower 59 Section 4.03 Certain Deductions by the Administrative Agent 59 Agent; Defaulting Lender 60 Section 4.04 4.03 Disposition of Proceeds 60 61 ARTICLE V INCREASED COSTS; BREAK FUNDING PAYMENTS; TAXES; ILLEGALITY TAXES Section 5.01 Increased Costs 60 62 Section 5.02 Break Funding Payments 61 63 Section 5.03 Taxes 62 63 Section 5.04 Mitigation Obligations; Designation of Different Lending Office 66 Section 5.05 Replacement of Lenders 65 Section 5.05 Illegality 66 Section 5.06 Availability Alternate Rate of LIBOR Market Index Loans Interest 67 ARTICLE VI CONDITIONS PRECEDENT Section 6.01 Effective Date 67 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 73 72 Section 7.02 Authority; Enforceability 73 72 Section 7.03 Approvals; No Conflicts 73 72 Section 7.04 Financial Condition; No Material Adverse Change 74 73 Section 7.05 Litigation 74 73 Section 7.06 Environmental Matters 74 73 Section 7.07 Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency 76 74 Section 7.08 Investment Company Act 76 74 Section 7.09 Taxes 76 74 Section 7.10 ERISA 76 75 Section 7.11 Disclosure; No Material Misstatements 77 Misstatements; Beneficial Ownership 75 Section 7.12 Insurance 77 75 Section 7.13 Restriction on Liens 78 76 Section 7.14 Subsidiaries 78 76 Section 7.15 Location of Business and Offices 78 [Reserved] 76 Section 7.16 Properties; Titles, Etc. 78 Etc 76 Section 7.17 Maintenance of Properties 79 77 Section 7.18 Gas Imbalances, Prepayments 80 77 Section 7.19 Marketing of Production 80 77 Section 7.20 Swap Agreements and Qualified ECP Guarantor 80 77 Section 7.21 Use of Loans and Letters of Credit 80 77 Section 7.22 Solvency 81 77 Section 7.23 Anti-Corruption Laws and Sanctions 78 Section 7.24 Affected Financial Institutions 78 Section 7.25 Security Instruments 78 ARTICLE VIII AFFIRMATIVE COVENANTS Section 8.01 Financial Statements; 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 7.24 OFAC 8.06 Operation and Maintenance of Properties 81 Section 7.25 No EEA Financial Institution 8.07 Insurance 81 Section 7.26 Corporate Reorganization 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 81 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