-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J3eQ3mIXcbAQemWdZViE0YuXDMyUnkjbc4TXfETu8AqW3d4OlN+ndrYjJYLfjg6w encn90A8/oqYeY2vN8cO+g== 0000950134-98-005982.txt : 19980717 0000950134-98-005982.hdr.sgml : 19980717 ACCESSION NUMBER: 0000950134-98-005982 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19980716 SROS: NYSE GROUP MEMBERS: FIRST RESERVE CORP /CT/ /ADV GROUP MEMBERS: FIRST RESERVE FUND VII LP GROUP MEMBERS: FIRST RESERVE GP V11 LP GROUP MEMBERS: JOHN A HILL GROUP MEMBERS: WILLIAM E. MACAULAY SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PATINA OIL & GAS CORP CENTRAL INDEX KEY: 0001006264 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752629477 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47499 FILM NUMBER: 98667484 BUSINESS ADDRESS: STREET 1: 1625 BROADWAY STREET 2: STE 2000 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3035928500 MAIL ADDRESS: STREET 1: 777 MAIN ST STREET 2: STE 2500 CITY: FORT WORTH STATE: TX ZIP: 76102 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FIRST RESERVE CORP /CT/ /ADV CENTRAL INDEX KEY: 0000814313 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 061210123 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 475 STEAMBOAT RD CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2036616601 FORMER COMPANY: FORMER CONFORMED NAME: FIRST RESERVE CORP /CT/ /ADV DATE OF NAME CHANGE: 19950630 SC 13D/A 1 AMENDMENT NO. 1 TO SCHEDULE 13D 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 1) Patina Oil & Gas Corporation - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock (par value $0.01) - -------------------------------------------------------------------------------- (Title of Class of Securities) 703224 - 10 - 5 --------------------------------------------------------- (CUSIP Number) Thomas R. Denison, Esq. GIBSON, DUNN & CRUTCHER LLP 1801 California Street, Suite 4100 Denver, Colorado 80202 (303) 298-5700 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) July 6, 1998 --------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Statement because of Rule 13d-1(b)(3) or (4), check the following box: [ ] Check the following box if a fee is being paid with the statement: [ ] Page 1 of 8 2 - ------------------------------ CUSIP No. 703224 - 10 - 5 SCHEDULE 13D - ------------------------------ - --------------------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FIRST RESERVE FUND VII, LIMITED PARTNERSHIP I.R.S. IDENTIFICATION NO.: 06-1457408 - --------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [ ] (b [X] - --------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - --------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* 00 - --------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - --------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - --------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 2,421,498 NUMBER OF ------------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ------------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 2,421,498 ------------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - --------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,421,498 - --------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - --------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.0% - --------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* PN - ---------------------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 2 of 8 3 - ------------------------------ CUSIP No. 703224 - 10 - 5 SCHEDULE 13D - ------------------------------ - ------------------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FIRST RESERVE CORPORATION I.R.S. IDENTIFICATION NO.: 06-1210123 - ------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [ ] (b [X] - ------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - ------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - ------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 2,421,498 NUMBER OF ---------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ---------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 2,421,498 ---------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,421,498 - ------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.0% - ------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 3 of 8 4 - ------------------------------ CUSIP No. 703224 - 10 - 5 SCHEDULE 13D - ------------------------------ - ------------------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON FIRST RESERVE GP VII, LIMITED PARTNERSHIP I.R.S. IDENTIFICATION NO.: 06-1520256 - ------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [ ] (b [X] - ------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - ------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - ------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 2,421,498 NUMBER OF ---------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ---------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 2,421,498 ---------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,421,498 - ------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - ------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.0% - ------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO - -------------------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 4 of 8 5 - ------------------------------ CUSIP No. 703224 - 10 - 5 SCHEDULE 13D - ------------------------------ - ------------------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON WILLIAM E. MACAULAY - ------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [ ] (b [X] - ------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NOT APPLICABLE - ------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - ------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - ------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ----------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ----------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON 0 WITH ----------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - ------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0% - ------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 5 of 8 6 - ------------------------------ CUSIP No. 703224 - 10 - 5 SCHEDULE 13D - ------------------------------ - ------------------------------------------------------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON JOHN A. HILL - ------------------------------------------------------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a [ ] (b [X] - ------------------------------------------------------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NOT APPLICABLE - ------------------------------------------------------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - ------------------------------------------------------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES - ------------------------------------------------------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 NUMBER OF ----------------------------------------------------------------------------------------- SHARES 8 SHARED VOTING POWER BENEFICIALLY OWNED BY 0 EACH ----------------------------------------------------------------------------------------- REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 ----------------------------------------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 0 - ------------------------------------------------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - ------------------------------------------------------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [X] - ------------------------------------------------------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0% - ------------------------------------------------------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 6 of 8 7 This Amendment to the statement on Schedule 13D (the "Statement") originally filed on October 24, 1997 pursuant to Rule 13d-1 of the Securities Exchange Act of 1934, is filed by First Reserve Fund VII, Limited Partnership ("Fund VII"), First Reserve GP VII, L.P. ("GPVII"), First Reserve Corporation ("First Reserve"), William E. Macaulay and John A. Hill (together with Mr. Macaulay, Fund VII, GPVII and First Reserve, the "Reporting Parties") relating to the shares of Common Stock, $.01 par value per share (the "Common Stock") of Patina Oil & Gas Corporation, a Delaware corporation (the "issuer" or "Patina"). The Statement is hereby supplemented and amended as set forth below. Item 2. IDENTITY AND BACKGROUND Item 2 is hereby amended by adding the following after the second paragraph: GPVII is a Delaware limited partnership. On July 6, 1998, First Reserve assigned all of its interest in Fund VII as its general partner to GPVII in consideration of the assumption by GPVII of all of First Reserve's obligations relating to Fund VII. GPVII's principal purpose is to manage the investments of Fund VII. First Reserve is the sole general partner of GPVII, a special purpose entity formed to hold First Reserve's interest in Fund VII and to be the general partner of Fund VII. GPVII's principal business and office address is 475 Steamboat Road, Greenwich, CT 06830. As a managing entity inserted between Fund VII and First Reserve, GPVII will now be reporting jointly with Fund VII and First Reserve, as well as Messrs. Macaulay and Hill, and this amendment is filed on behalf of all the foregoing persons and entities. The agreement among the reporting persons is attached as Exhibit E hereto. Item 5. INTEREST IN SECURITIES OF THE ISSUER Item 5 is hereby amended by adding the following immediately prior to paragraph (b): GPVII, as the general partner of Fund VII, and First Reserve, as the general partner of GPVII, both have the power to direct the voting of and disposition of any shares of Common or Preferred Stock beneficially owned by Fund VII. As a result, under the definition of beneficial ownership set forth in Rule 13d-3 of the Exchange Act, GPVII and First Reserve may be deemed to beneficially own the shares directly owned by Fund VII. Since the date the Statement was filed, Fund VII has received dividends on the Preferred Stock it owns in additional shares of Preferred Stock as follows: 13,641 shares on December 31, 1997, 17,829 shares on March 31, 1998 and 18,208 shares on June 30, 1998. These 49,678 shares of Preferred Stock are convertible into 130,732 shares of Common Stock and have increased the shares of Common Stock deemed owned by Fund VII to 2,421,498, 15% of the 16,100,321 shares of the issuer's common stock outstanding on May 5, 1998. Item 6. CONTRACTS, ARRANGEMENTS OR UNDERSTANDINGS WITH RESPECT TO SECURITIES OF THE ISSUER. Item 6 is hereby amended by adding the following after the last paragraph thereof: Under the Assignment and Assumption Agreement executed by and between First Reserve and GPVII and attached hereto as Exhibit F, First Reserve assigned all of its interest in Fund VII as its general partner in consideration of the assumption by GPVII of all of First Reserve's obligations relating to Fund VII. Page 7 of 8 8 Item 7. Material to be Filed as Exhibits. Item 7 is hereby amended by adding the following: E. Joint Filing Agreement, dated July 6, 1998, between First Reserve Fund VII, Limited Partnership, First Reserve GP VII, L.P., First Reserve Corporation, and Messrs. Macaulay and Hill relating to the filing of a joint statement on Schedule 13D. F. Assignment and Assumption Agreement dated July 6, 1998 by and between First Reserve Corporation and First Reserve GP VII, L.P. whereunder First Reserve assigned all of its interest in Fund VII as its general partner in consideration of the assumption by GPVII of all of First Reserve's obligations relating to Fund VII. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. FIRST RESERVE CORPORATION By: /s/ Thomas R. Denison ----------------------------------- Thomas R. Denison Managing Director FIRST RESERVE G.P. VII, L.P. By First Reserve Corporation, as General Partner By: /s/ Thomas R. Denison ----------------------------------- Thomas R. Denison Managing Director FIRST RESERVE FUND VII, LIMITED PARTNERSHIP By First Reserve GP VII, L.P., as General Partner By First Reserve Corporation, as General Partner By: /s/ Thomas R. Denison ----------------------------------- Thomas R. Denison Managing Director /s/ William E. Macaulay ----------------------------------- William E. Macaulay /s/ John A. Hill ----------------------------------- John A. Hill Schedule I is hereby amended by adding the following at the end thereof: Thomas R. Denison Managing Director, General Counsel, Chief Administrative Officer and Assistant Secretary Dated July 15, 1998 Page 8 of 8 9 INDEX TO EXHIBITS The Index to Exhibits is hereby amended by adding the following: E. Joint Filing Agreement, dated July 6, 1998, between First Reserve Fund VII, Limited Partnership, First Reserve GP VII, L.P. and First Reserve Corporation relating to the filing of a joint statement on Schedule 13D. F. Assignment and Assumption Agreement dated July 6, 1998 by and between First Reserve Corporation and First Reserve GP VII, L.P. EX-99.E 2 JOINT FILING AGREEMENT 1 Exhibit E JOINT FILING AGREEMENT We, the signatories of the statement on Schedule 13D to which this Agreement is attached, hereby agree that such statement is, and any amendments thereto filed by any of us will be, filed on behalf of each of us. FIRST RESERVE CORPORATION By: /s/ Thomas R. Denison ----------------------------------- Thomas R. Denison Managing Director FIRST RESERVE GP VII, L.P. By First Reserve Corporation, as General Partner By: /s/ Thomas R. Denison --------------------------------- Thomas R. Denison Managing Director FIRST RESERVE FUND VII, LIMITED PARTNERSHIP By First Reserve GP VII, L.P., as General Partner By First Reserve Corporation, as General Partner By: /s/ Thomas R. Denison --------------------------------- Thomas R. Denison Managing Director /s/ William E. Macaulay ----------------------------------- William E. Macaulay /s/ John A. Hill ----------------------------------- John A. Hill EX-99.F 3 ASSIGNMENT AND ASSUMPTION AGREEMENT 1 Exhibit F ASSIGNMENT AND ASSUMPTION AGREEMENT ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of July 6, 1998, between First Reserve Corporation, a Delaware corporation (the "Assignor") and First Reserve GP VII, L.P., a Delaware limited partnership (the "Assignee"). WHEREAS, the Assignor is the general partner of First Reserve Fund VII, Limited Partnership, a Delaware limited partnership (the "Partnership"), pursuant to the Amended and Restated Limited partnership Agreement of the Partnership dated as of February 28, 1997, by and among the Assignor and the parties listed therein as limited partners of the Partnership (the "Partnership Agreement"); WHEREAS, the Assignor desires to transfer and assign to the Assignee all of Assignor's interest in the Partnership as the General Partner thereof (the "Transferred Interest") in consideration of the assumption by the Assignee of all the Assignor's obligations relating to the Transferred Interest; and WHEREAS, the Assignee has agreed to acquire the Transferred Interest for such consideration, to become a party to and be bound by the terms of the Partnership Agreement and to be admitted to the Partnership as a substituted general partner with respect to the Transferred Interest as provided in the Partnership Agreement; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and intending to be legally bound, the parties hereto hereby agree as follows: 1. Capitalized terms used herein which are not defined herein shall have their respective meanings set forth in the Partnership Agreement. 2. The Assignor hereby assigns to the Assignee all of its right, title and interest as the General Partner in the Partnership represented by the Transferred Interest, including all amounts due and to become due to the Assignor with respect to the Transferred Interest, in exchange for the assumption by the Assignee of the obligations referred to in Section 3 below. 3. The Assignee hereby assumes, and agrees to pay and perform, all unperformed obligations of the Assignor under and pursuant to the Partnership Agreement relating to the Transferred Interest. By virtue of the parties' execution and delivery of this Agreement the Assignee shall become a party to the Partnership Agreement (and shall be deemed to have executed and delivered a counterpart thereof), and the Assignee hereby accepts and agrees to be bound by all of the terms and provisions of the Partnership Agreement as the General Partner of the Partnership. 2 4. All the parties hereto agree that as a result of the execution and delivery of this Agreement, for purposes of the Partnership Agreement the Assignee shall be substituted as General Partner of the Partnership in the stead of the Assignor, and the Assignor shall withdraw as a general partner of the Partnership immediately thereafter. 5. This Agreement may be executed in several counterparts, all of which will together constitute a single agreement among the parties. This Agreement will be governed by, and interpreted in accordance with, the laws of the State of Delaware. IN WITNESS WHEREOF, the undersigned have executed this Agreement with effect as of July 6, 1998. ASSIGNOR: FIRST RESERVE CORPORATION By: /s/ William Macaulay ------------------------------- William Macaulay Managing Director ASSIGNEE: FIRST RESERVE GP VII, L.P. By: First Reserve Corporation, its General Partner By: /s/ William Macaulay ------------------------------- William Macaulay Managing Director -----END PRIVACY-ENHANCED MESSAGE-----