PURCHASE AND SALE AGREEMENT by Black Elk Energy Offshore Operations, LLC

Processing Fee:
$34.99

Company: Black Elk Energy Offshore Operations, LLC
SEC CIK: 1518909
SEC Type: EX-10.1
SIC Code: 1311
SIC Industry: CRUDE PETROLEUM & NATURAL GAS
Date Filed: 2013-04-02

Date Filed: 
04/02/2013
SKU: RDPKMD-D-2YT2-2
EX-10.1

Exhibit 10.1

EXECUTION COPY

PURCHASE AND SALE AGREEMENT

BY AND BETWEEN

BLACK ELK ENERGY OFFSHORE OPERATIONS, LLC

AS SELLER

AND

RENAISSANCE OFFSHORE, LLC

AS PURCHASER

Dated as of March 1, 2013


TABLE OF CONTENTS

 

ARTICLE 1 PURCHASE AND SALE

     1   

Section 1.1

 

Purchase and Sale

     1   

Section 1.2

 

Assets

     1   

Section 1.3

 

Excluded Assets

     3   

Section 1.4

 

Effective Time; Proration of Costs and Revenues

     5   

Section 1.5

 

Delivery of Records

     6   

ARTICLE 2 PURCHASE PRICE

     7   

Section 2.1

 

Purchase Price

     7   

Section 2.2

 

Allocation of Purchase Price

     7   

Section 2.3

 

Adjustments to Purchase Price

     7   

Section 2.4

 

Deposit

     9   

Section 2.5

 

Allocation of Purchase Price

     9   

ARTICLE 3 TITLE MATTERS

     10   

Section 3.1

 

Seller’s Title

     10   

Section 3.2

 

Definition of Defensible Title

     10   

Section 3.3

 

Definition of Permitted Encumbrances

     12   

Section 3.4

 

Notice of Title Defect Adjustments

     14   

Section 3.5

 

Casualty or Condemnation Loss

     18   

Section 3.6

 

Limitations on Title Defects

     19   

Section 3.7

 

Limitations on Applicability

     19   

ARTICLE 4 ENVIRONMENTAL MATTERS

     21   

Section 4.1

 

Assessment

     21   

Section 4.2

 

NORM, Wastes and Other Substances

     24   

Section 4.3

 

Environmental Defects

     24   

Section 4.4

 

Inspection Indemnity

     25   

Section 4.5

 

Exclusive Remedy

     26   

ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER

     26   

Section 5.1

 

Generally

     26   

Section 5.2

 

Existence and Qualification

     26   

Section 5.3

 

Power

     27   

Section 5.4

 

Authorization and Enforceability

     27   

Section 5.5

 

No Conflicts

     27   

Section 5.6

 

Liability for Brokers’ Fees

     27   

Section 5.7

 

Litigation

     27   

Section 5.8

 

Taxes and Assessments

     28   

 

i


Section 5.9

 

Condemnation

     28   

Section 5.10

 

Contracts

     28   

Section 5.11

 

Payments for Hydrocarbon Production

     28   

Section 5.12

 

Governmental Authorizations

     29   

Section 5.13

 

Outstanding Capital Commitments

     29   

Section 5.14

 

Imbalances

     29   

Section 5.15

 

Bankruptcy

     29   

Section 5.16

 

Affiliated Contracts

     30   

Section 5.17

 

Foreign Person

     30   

Section 5.18

 

Preference Rights

     30   

Section 5.19

 

Transfer Requirements and Other Consents

     30   

Section 5.20

 

No Violation of Laws

     30   

Section 5.21

 

Environmental

     30   

Section 5.22

 

Suspended Funds

     30   

Section 5.23

 

Non-Consent Operations

     31   

Section 5.24

 

BOEM or BSEE Incidents of Non-Compliance and Suspensions

     31   

Section 5.25

 

Casualty Losses

     31   

Section 5.26

 

Third Party Beneficiary

     31   

Section 5.27

 

Condition of Personal Property

     31   

Section 5.28

 

Bonds, Letters of Credit, Guarantees and Other Securities

     31   

Section 5.29

 

Idle Iron

     31   

Section 5.30

 

Seller’s Insurance Coverage

     32   

ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF PURCHASER

     32   

Section 6.1

 

Existence and Qualification

     32   

Section 6.2

 

Power

     32   

Section 6.3

 

Authorization and Enforceability

     32   

Section 6.4

 

No Conflicts

     32   

Section 6.5

 

Liability for Brokers’ Fees

     33   

Section 6.6

 

Litigation

     33   

Section 6.7

 

Financing

     33   

Section 6.8

 

Limitation

     33   

Section 6.9

 

SEC Disclosure

     33   

Section 6.10

 

Bankruptcy

     33   

Section 6.11

 

Qualification

     34   

Section 6.12

 

Consents

     34   

Section 6.13

 

Independent Evaluation

     34   

Section 6.14

 

NORM, Wastes and Other Substances

     34   

 

ii


ARTICLE 7 COVENANTS OF THE PARTIES

     35   

Section 7.1

 

HSR Act

     35   

Section 7.2

 

Government Reviews

     35   

Section 7.3

 

Breaches

     35   

Section 7.4

 

Letters-in-Lieu; Transition Agreement; Assignments; Operatorship

     36   

Section 7.5

 

Public Announcements

     36   

Section 7.6

 

Operation of Business

     36   

Section 7.7

 

Preference Rights and Transfer Requirements

     37   

Section 7.8

 

Tax Matters

     39   

Section 7.9

 

Further Assurances

     39   

Section 7.10

 

Performance Bond

     40   

    PDF Preview File: 
    Doc Preview File: 
    Embed Document: