Notice of Borrowing Base and Facility Amount Increase under Second Amended and Restated Credit Agreement between Clayton Williams Energy, Inc. and JPMorgan Chase Bank, N.A.
Clayton Williams Energy, Inc. and JPMorgan Chase Bank, N.A., as Administrative Agent, confirm an increase in the company's borrowing base from $475 million to $565 million and the maximum facility amount from $500 million to $565 million, effective May 22, 2012. All lenders have approved and agreed to participate in this increase, which will remain in effect until the next scheduled redetermination on November 1, 2012. This notice is issued under the terms of the existing credit agreement between the parties.
Exhibit 10.2
May 22, 2012
To: Clayton Williams Energy, Inc. (“Clayton Williams” or the “Company”)
From: JPMorgan Chase Bank, N.A. (“J.P. Morgan” or the “Administrative Agent”)
Re: Clayton Williams Spring Redetermination
The May 1, 2012 Redetermination of the Borrowing Base for Clayton Williams has been completed. Pursuant to Article III of the Second Amended and Restated Credit Agreement dated November 29, 2010, please be advised that all lenders have approved the proposed Borrowing Base increase from $475,000,000 to $565,000,000 and continuing until the next Redetermination scheduled for November 1, 2012. Additionally, the Administrative Agent and all Lenders have approved the increase in the Maximum Facility Amount from $500,000,000 to $565,000,000 effective as of May 22, 2012. All Lenders have elected to participate in the requested increase.
| CLAYTON WILLIAMS ENERGY, INC. | ||
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| Signature: | /s/ Michael L. Pollard |
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| Name: | Michael L. Pollard |
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| Title: | Senior Vice President and Chief Financial Officer |
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| Date: | 5/22/2012 |
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