New Source Energy Partners L.P. (NUSPQ)

[Timothy Smith]

New Source Energy Partners (NYSE:NSLP) discloses that it does not have sufficient cash resources to repay or additional collateral to cure its borrowing base deficiency.

NSLP says the Bank of Montreal lowered its borrowing base to $24M from $49M in its semi-annual re-determination; NSLP says it currently has $49M borrowed under its credit agreement, resulting in a $25M borrowing base deficiency.