Exhibit 10
Vicki von Krause | Syndicated & Leveraged Finance | Telephone: 312-732-2036 | ||||
131 S. Dearborn | Fax: 312-732-2117 | |||||
Mail Suite IL1-0429 | E-Mail: victoria.von.krause@jpmorgan.com | |||||
Chicago, Illinois 60670-0429 |
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March 17, 2006
To the Lenders to
Denbury Onshore, LLC
Fifth Amended and Restated Credit Agreement
Dated September 1, 2004
Denbury Onshore, LLC
Fifth Amended and Restated Credit Agreement
Dated September 1, 2004
Re: Borrowing Base Determination – Spring 2006 (revised)
Ladies and Gentlemen;
JPMorgan Chase Bank, N.A., as Administrative Agent, proposes a $300,000,000 Borrowing Base, effective as of March 29, 2006 and continuing until the next Borrowing Base Determination. The Total Commitment will remain at $150,000,000.
Kindly, indicate your approval of the proposed Borrowing Base of $300,000,000 until the next re-determination by signing in the space indicated below and returning to the attention of Vicki von Krause by Tuesday, March 28, 2006 via facsimile to (312) 732-2117.
Determination of the Borrowing Base is governed by Section 5.2 of the Fifth Amended and Restated Credit Agreement dated September 1, 2004. Each Borrowing Base determination shall be made by the Banks in their sole discretion.
Sincerely,
Vicki von Krause
Page 2 of 2
March 17, 2006
March 17, 2006
APPROVAL OF $300,000,000 BORROWING BASE, EFFECTIVE MARCH 29, 2006 FOR DENBURY ONSHORE, LLC.
JPMORGAN CHASE BANK, N.A., as a Lender | ||||
and as Administrative Agent | ||||
By: | /s/ J. Scott Fowler | |||
Name: | J. Scott Fowler | |||
Title: | Vice President | |||
CALYON NEW YORK BRANCH | ||||
By: | /s/ Michael Willis | |||
Name: | Michael Willis | |||
Title: | Vice President | |||
By: | /s/ Bertrand Corohomme | |||
Name: | Bertrand Corohomme | |||
Title: | Director | |||
FORTIS CAPITAL CORP. | ||||
By: | /s/ David Montgomery | |||
Name: | David Montgomery | |||
Title: | Senior Vice President | |||
By: | /s/ Darrell Holley | |||
Name: | Darrell Holley | |||
Title: | Managing Director | |||
UNION BANK OF CALIFORNIA, N.A. | ||||
By: | /s/ Alison Fuqua | |||
Name: | Alison Fuqua | |||
Title: | Investment Banking Officer | |||
By: | /s/ Sean Murphy | |||
Name: | Sean Murphy | |||
Title: | Vice President | |||
COMERICA BANK | ||||
By: | /s/ Peter L. Sefzik | |||
Name: | Peter L. Sefzik | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A. | ||||
By: | /s/ Scott F. Davis | |||
Name: | Scott F. Davis | |||
Title: | Vice President | |||
WELLS FARGO BANK, N.A. | ||||
By: | /s/ Reed V. Thompson | |||
Name: | Reed Thompson | |||
Title: | Vice President | |||
BANK OF SCOTLAND | ||||
By: | /s/ Karen Welch | |||
Name: | Karen Welch | |||
Title: | Assistant Vice President | |||
COMPASS BANK | ||||
By: | /s/ Dorothy Marchand | |||
Name: | Dorothy Marchand | |||
Title: | Senior Vice President | |||