Letter Agreement Regarding Borrowing Base Redetermination and Maturity Extension under Second Amended and Restated Credit Agreement between Union Bank of California and Edge Petroleum Entities

Summary

This letter agreement, dated August 9, 2002, is between Union Bank of California and Edge Petroleum Corporation, Edge Petroleum Exploration Company, and Edge Petroleum Operating Company, Inc. It confirms that the bank has redetermined the borrowing base at $25 million with no monthly reduction, effective immediately upon execution of legal documents. The maturity date of the credit facility is extended to October 6, 2004. All other terms of the original credit agreement remain unchanged.

EX-4.7 3 h99224exv4w7.txt LETTER AGREEMENT EXHIBIT 4.7 [UNION BANK OF CALIFORNIA LOGO] [ENERGY CAPITAL SERVICES LETTERHEAD] August 9, 2002 Edge Petroleum Corporation Edge Petroleum Exploration Company Edge Petroleum Operating Company, Inc. 2100 Texaco Heritage Plaza Houston, Texas 77002 Attention: Mr. Mike Long Gentlemen: Reference is hereby made to that certain Second Amended and Restated Credit Agreement in the amount of $25.0 million by and among Edge Petroleum Corporation, Edge Petroleum Exploration Company and Edge Petroleum Operating Company, Inc. as Borrowers and Union Bank of California, N.A. as Agent and Lender dated as of October 6, 2000 (the "Credit Agreement"). All capitalized terms herein shall have the meaning assigned to such terms in the Credit Agreement unless otherwise defined herein. The purpose of this letter is to inform you that the Agent and sole Lender has redetermined the Borrowing Base and the amount of the monthly Borrowing Base reduction pursuant to Section 2.10 of the Credit Agreement. Effective immediately upon your and the Lender's execution of appropriate legal documentation, the Borrowing Base shall be in the amount of $25.0 million and the monthly Borrowing Base reduction shall be zero. Both such figures shall be effective until the next redetermination thereof pursuant to Section 2.10 of the Credit Agreement. In addition, Lender has approved the extension of the Maturity Date of the Facility to October 6, 2004. This will be effective also upon your and the Lender's execution of appropriate legal documentation. All other terms and conditions contained in the Credit Agreement remain unchanged and in full force and effect. Sincerely, /s/ DAMIEN G. MEIBURGER - --------------------------- Damien G. Meiburger Senior Vice President