December 27, 2018
Exhibit 10.9
December 27, 2018
Energy Resources 12, L.P
Energy Resources 12 Operating Company (collectively, the "Borrowers")
0000 X. Xxxxxxx Xxxxxx
Xxxxxxxx Xxxx, XX 00000
Gentlemen.
Xxxxxxx Bank, as administrative agent for the Lenders signatory below, hereby agrees to amend existing Section 6.28 of the Revolver Loan Agreement between and among Borrowers, the Administrative Agent and the Lenders signatory party thereto dated August 31, 2018 (as amended, restated or otherwise modified from time to time, the "Revolver Agreement") to provide that the minimum hedging requirement is fifty percent (50%) of Borrowers' oil and gas monthly production initially based upon that certain reserve report prepared for Lenders by Xxxxxxx International Petroleum Consulting, LLC in connection with the closing of the Loan on a rolling eighteen (18) month basis through the Revolver Final Maturity Date (with engineering report(s) to be updated every six (6) months), and thereby eliminating, effective as of November 1, 2018, the initial eighty percent (80%) minimum hedging requirement and the requirement that Borrower comply with the minimum hedging requirement at eighty percent (80%) until March 31, 2019.
Please indicate your acceptance of this letter agreement where indicated below. This letter agreement is a Loan Document as defined in the Revolver Agreement and may be executed in multiple counterparts, each of which shall be deemed an original.
All other terms and provisions of the Revolver Agreement remain in full force and effect.
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Xxxxxxx Bank
By: /s/ Xxxxx Xxxxxx Xxxxx Xxxxxx Senior Vice President Agent and Lender |
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The foregoing letter agreement is accepted and agreed to by each of the undersigned Borrowers, as of the 27th day of December, 2018:
By: /s/ Xxxxx X. XxXxxxxx
Xxxxx X. XxXxxxxx
Chief Financial Officer
Energy Resources Operating Company, LLC
By: /s/ Xxxxx X. XxXxxxxx
Xxxxx X. XxXxxxxx
Chief Financial Officer
The foregoing letter agreement is accepted and agreed to by each of the undersigned Lenders to the Revolver Agreement, effective as of the 27th day of December, 2018.
Arvest Bank
By: /s/ S. Xxxx Xxxxxx
S. Xxxx Xxxxxx,
Vice President-Commercial Banking
West Texas National Bank
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
Xxxxxx X. Xxxxxxx, Xx.
Senior Vice President
