February 12, 2024
EXHIBIT 10.2.11
EVOLUTION PETROLEUM CORPORATION
EVOLUTION PETROLEUM OK, INC.
NGS TECHNOLOGIES, INC.
EVOLUTION ROYALTIES, INC.
EVOLUTION PETROLEUM WEST, INC.
0000 Xxxxx Xxxxxxx Xx. Suite 425
Houston, Texas 77079
Attention: Xxxxx Xxxx
E-mail: xxxxx@xxxxxxxxxxxxxxxxxx.xxx
Re: | Credit Agreement dated as of April 11, 2016, as amended, by and among EVOLUTION PETROLEUM CORPORATION, a Nevada corporation ("EPC"), EVOLUTION PETROLEUM OK, INC., a Texas corporation (“Evolution Texas”), NGS TECHNOLOGIES, INC., a Delaware corporation (“NGS”), EVOLUTION ROYALTIES, INC., a Delaware corporation (“Evolution Royalties”; EPC, Evolution Texas, NGS, and Evolution Royalties are collectively referred to herein as the “Original Borrowers”), EVOLUTION PETROLEUM WEST, INC., a Delaware corporation (“Evolution West”; Evolution West and the Original Borrowers are collectively referred to herein as the “Borrowers”) and MIDFIRST BANK, a federally chartered savings association ("Lender"). |
Dear Xx. Xxxx:
This letter is in reference to the Credit Agreement referenced above. Capitalized terms not otherwise defined herein shall be defined as set forth in the Credit Agreement. Your execution below memorializes your acknowledgement and agreement to the following:
The hedging requirements of Section 7.18 notwithstanding, Borrower hereby agrees to enter into within 30 days of the date hereof and maintain in effect, for each fiscal month during the twelve (12) full-fiscal month period immediately following the date hereof and on a rolling twelve (12) month basis thereafter, one or more Swap Contracts, to the extent necessary to cause the Swap Contracts of the Borrower to cover notional volumes of crude oil and natural gas, calculated separately, at least equal to a combination of 40% monthly oil xxxxxx or 25% oil and gas xxxxxx per month for each fiscal month during such twelve (12) full-fiscal month periods (rolling), which Swap Contracts (i) shall have the purpose and effect of fixing crude oil and natural gas prices in respect of such portion of the reasonably anticipated production of crude oil and natural gas for such fiscal month from the Proved Developed Producing Reserves of the Loan Parties and any newly formed subsidiaries, (ii) shall be on terms reasonably satisfactory to the Lender, and (iii) shall otherwise comply with the limitations set forth in Section 8.07.
The rest and remainder of the Credit Agreement and all other Loan Documents executed in connection therewith shall remain unchanged and in full force and effect, except as amended and changed by this Amendment.
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20119564.1:613505.02679
Executed this 12th day of February, 2024.
Respectfully submitted,
MIDFIRST BANK, a federally chartered savings bank
| /s/ XXXX XXXXXX |
By: | Xxxx Xxxxxx |
Title: | 1st Vice President |
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20119564.1:613505.02679
ACKNOWLEDGED, AGREED AND ACCEPTED, this 12 day of February , 2024.
EVOLUTION PETROLEUM CORPORATION, a Nevada corporation
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | Chief Executive Officer and President |
EVOLUTION PETROLEUM OK, INC., a Texas corporation
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | Chief Executive Officer and President |
NGS TECHNOLOGIES, INC., a Delaware corporation
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | Chief Executive Officer and President |
EVOLUTION ROYALTIES, INC., a Delaware corporation
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | Chief Executive Officer and President |
EVOLUTION PETROLEUM WEST, INC., a Delaware corporation
By: | /s/ XXXXX XXXX |
Name: | Xxxxx Xxxx |
Title: | Chief Executive Officer and President |
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20119564.1:613505.02679
