SECOND AMENDED AND RESTATED MASTER SURFACE USE AGREEMENT, DATED JANUARY 1, 2026 BY AND BETWEEN US LAND GUILD, LLC AND BLACKBEARD OPERATING, LLC
PBT Land & Minerals, Inc.
SECOND AMENDED AND RESTATED
MASTER SURFACE USE AGREEMENT
This Amended and Restated Master Surface Use Agreement (this “Agreement”) is made and entered into this 1st day of January 2026 (the “Effective Date”), by and between US Land Guild, LLC, whose address is 1751 River Run, Suite 405, Fort Worth, TX 76107, (“Surface Owner”) and Blackbeard Operating, LLC, whose address is 300 N. Loraine, Suite 300, Midland, Texas 79701 (“Operator”). Together Operator and Surface Owner will hereinafter be referred to at times as the “Parties”.
WHEREAS, the Parties entered into that certain Master Surface Use Agreement, dated as of October 1, 2021 (the Original Agreement”);
WHEREAS, effective as of October 1, 2025 the Parties entered into an Amendment to the Original Agreement, to modify the description of the lands covered by the Original Agreement to include additional lands (the “First Amendment”);
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