Exhibit 10.16

SECOND MODIFICATION TO

LOAN AND SECURITY AGREEMENT

This Second Modification to Loan and Security Agreement (“Second Modification Agreement”) is made effective and entered into this 31st day of January, 2014, by and between BISON DRILLING AND FIELD SERVICES LLC, a Delaware limited liability company (“Borrower”) and INTERNATIONAL BANK OF COMMERCE (the “Lender”).

WITNESSETH:

WHEREAS, on or about May 31, 2013, Borrower and Lender entered into that certain Loan and Security Agreement (the “Loan Agreement”) pursuant to which Borrower executed and delivered to Lender two promissory notes, as follows (1) that certain Revolving Line of Credit Promissory Note in the face amount of $5,000,000, with a maturity date of June 1, 2014 (“Revolving Note”); and (2) that certain Promissory Note in the face amount of $30,000,000, with a maturity date of April 1, 2017 (the “Term Note”) (the Revolving Note and Term Note are collectively referred to as the “Notes”);

WHEREAS, on or about August 27, 2013, Borrower and Lender executed that certain First Modification to Loan and Security Agreement (the “First Modification”) which modified certain provisions of the Loan Agreement, specifically relating to Collateral, Use of Proceeds and the Fixed Charge Coverage Ratio;

WHEREAS, Borrower has requested Lender to advance additional funds to Borrower in order to fund an acquisition of additional drilling equipment to be included as Collateral under the Loan Agreement;

WHEREAS, Lender has agreed to such an advance and Borrower and Lender wish to modify certain terms of the Loan Agreement, as provided for herein; and

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Lender and Borrower hereby covenant and agree as follows:

1. Modification of Loan: Subject to the conditions to lending set forth below, Lender agrees to lend to Borrower an additional Twenty-Five Million Dollars ($25,000,000) under the terms of that certain Amended and Restated Promissory Note (the “Amended Term Note”) and agrees to modify the Loan Agreement as set forth in this Second Modification Agreement:

(a) Conditions to Lending. Prior to advancing funds under the Amended Term Note, Lender requires the following conditions to be met:

(i) Borrower must provide Lender copies of the fully executed agreements with Forrest Oil and Lantern Drilling as well as documentation supporting Borrower’s acquisition of five additional drilling rigs from each of Siemens Financial Services, Inc., Banc of America Leasing Capital, LLC, Wells Fargo Equipment Finance Inc. and RBS

Asset Finance, Inc. for a total purchase price of Forty-Seven Million Dollars ($47,000,000) (the “New Rigs”), which documentation shall include payoff letters and proposed forms of bills of sale or other transfer documentation from each financial institution; and all of the agreements and transfer documentation when read together must provide Lender with reasonable assurances that the New Rigs are free of any and all encumbrances and that Lender is reasonably protected against the same;

(ii) Borrower must provide Lender with a detailed manifest of all equipment comprising the New Rigs, complete with serial numbers or VIN numbers where appropriate;

(iii) Borrower must provide Lender with verifiable proof of Borrower’s additional source of funds needed to acquire the New Rigs, and such proof must evidence a capital infusion by one of the Members of Borrower and must not be in the form of a loan; and

(iv) Borrower must obtain and deliver to Lender certain Limited Guaranty Agreements executed by each of Wexford Capital, L.P. and Lambda Investors, LLC.

(b) Omnibus Modification. All references to the “Term Loan” or “Term Note” in the Loan Agreement and the First Modification are hereby modified to include the Amended Term Note and to reflect a principal balance of $51,863,284.12, as set forth in the Amended Term Note. The Amended Term Note is accepted not in payment of but to increase and modify the terms of the Term Note.

2. Modification/Addition of Collateral: Lender and Borrower desire to amend the descriptions of Collateral contained on Schedule 1 of the Loan Agreement to include the New Rigs, as follows:

(a) Schedule 1: Schedule 1 of the Loan Agreement is hereby modified and supplemented with the Schedule 1-Supplement attached hereto to reflect the additional Collateral that makes up the New Rigs.

(b) Additional UCC Filings: Lender is authorized make any and all UCC filings necessary to reflect Lender’s security interest in the additional Collateral that makes up the New Rigs.

3. Modification and/or Replacement of Certain Provisions.

(a) The following definition is hereby added as Section 1.42 to “Section 1. CONSTRUCTION AND DEFINITION OF TERMS” of the Loan Agreement:

1.42. “Limited Guaranties” shall mean those certain Limited Guaranty Agreements executed of even date herewith by each of Wexford Partners 11, L.P. and Lambda Investors, LLC. The Limited Guaranties are specifically included in the definition of the “Loan Documents”.

(b) The following provision is hereby added as Section 2.1(c) to the Loan Agreement:

2.1(c). Term Note Use of Additional Proceeds. Lender agrees to lend to Borrower the additional funds under the Amended Term Note for the specific purpose of partially funding Borrower’s acquisition of the New Rigs.

(c) Section 6.20 of the Loan Agreement and the First Modification is hereby deleted and replaced with the following provision:

6.20. Fixed Charge Coverage Ratio. Beginning with the quarter-ending June 30, 2014, Borrower will at all times maintain a Fixed Charge Coverage Ratio of not less than 1.35 to 1. Beginning with the quarter-ending June 30, 2014 through the quarter ending December 31, 2014, the Fixed Charge Coverage Ratio will be tested quarterly on the following basis: for the quarter-ending June 30, 2014 the test will cover the three months ending on June 30, 2014; for the quarter-ending September 30, 2014, the test will cover the six months ending September 30, 2014; for the quarter-ending December 31, 2014, the test will cover the nine months ending December 31, 2014. Beginning with the quarter-ending March 31, 2015, the Fixed Charge Coverage Ratio shall be calculated and tested quarterly on a rolling 4 quarters basis. The Fixed Charge Coverage Ratio is calculated as the EBITDA for the period minus Distributions, minus Non-Financed Capital Expenditures, divided by the sum of current maturities plus interest expense.

(d) Section 6.23 of the Loan Agreement is hereby deleted and replaced with the following provision:

6.23. Minimum Tangible Net Worth. Borrower shall maintain at all times a Tangible Net Worth of at least FIFTY MILLION and 00/100 DOLLARS ($50,000,000), calculated and tested quarterly.

(e) The following provision is hereby added as Section 6.26 to “Section 6. AFFIRMATIVE COVENANTS” of the Loan Agreement:

6.26. Calculation of Financial Covenants. All financial covenants calculated under the Loan Agreement shall be based solely upon Borrower’s financial information and shall exclude any special or extraordinary items such as one-time gains or capital contributions, investments, loans or any other capital infusions by any Member of Borrower or any Affiliate thereof, which could artificially impact the Borrower’s financial position.

(f) Section 8.4 of the Loan Agreement is hereby deleted and replaced with the following provision:

8.4. Default under Loan Documents. The occurrence of an Event of Default under any of the Loan Documents related to either the Term Loan or the Revolving Loan. For the avoidance of doubt, the occurrence of an Event of Default under either the Term Loan or the Revolving Loan or the breach of any provision of the Limited Guaranties shall also be considered an Event of Default under the other Loan.

4. Loan Fee & Costs: Borrower shall pay Lender at closing a fee equal to one percent (1%) of the increased principal amount of the Term Loan which is equal to Two Hundred Fifty Thousand Dollars ($250,000.00), plus Lender’s attorneys’ fees incurred as a result of this transaction.

5. Effectiveness of Loan Documents: Except as specifically modified by the terms and provisions hereof, each and every of the terms and provisions of the Loan Documents (as defined in Section 1.29 of the Loan Agreement) are and shall remain in full force and effect and are hereby assumed, ratified, and confirmed; and the execution, delivery, and effectiveness of this Second Modification Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under any of the Loan Documents nor constitute a waiver of any provision of any of the Loan Documents. The parties hereto agree that the modifications herein contained to the Loan Documents shall not affect or impair the Loan Documents or any lien(s) securing the same.

6. Execution Counterparts: This Second Modification Agreement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

7. Governing Law: The terms and provisions hereof shall be governed by, construed, and enforced in accordance with the laws of the State of Oklahoma.

8. Entire Agreement: This Second Modification Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, and may be amended only in writing, executed by all parties herein.

9. Modification Only. This agreement is only a modification of the Loan Agreement and not a novation. All terms and conditions of the Notes and all other Loan Documents executed in connection with said Notes shall remain in full force and effect.

10. Defined Terms. Any term not defined herein shall have the meaning set forth in the Loan Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Second Modification Agreement as of the date first above written.

SCHEDULE 1 - Supplement

To Loan and Security Agreement

(January 2014 supplement)

Additional Equipment Collateral

“New Rigs”

The Equipment described in Section 1.14(c) of the Loan and Security Agreement includes the additional equipment that makes up the New Rigs and includes but is not limited to the following listing:

RIG #10

RIG #14

RIG #15

RIG #16

RIG #17