Debt limits were just reaffirmed in May 2015, reduced to 2.6 Billion from 3.0 Billion. All ready accounted for the price of oil reduction. Good for another year!
"Borrowing base redeterminations under our Bank Credit Agreement occur annually, and with the first such redetermination having been completed in early-May 2015, our next scheduled redetermination is set for May 2016. However, the lenders may, at their election, request one interim redetermination between annual scheduled redeterminations. In connection with the borrowing base redetermination completed in early-May 2015, we elected to maintain our aggregate lender commitments at $1.6 billion; however, due to a reduction in oil prices used by our lenders in determining the borrowing base value of our proved reserves attributable to our oil and natural gas properties, our borrowing base was reduced from the previous level of $3.0 billion to $2.6 billion. Because we continue to maintain a significant cushion between our borrowing base and the aggregate lender commitments, and because we had significant availability with respect to our aggregate lender commitments as of June 30, 2015, this borrowing base reduction has no impact on our liquidity."
