New Source Energy Partners LP (NYSE: NSLP) postponed the semiannual redetermination of the borrowing base under its revolving credit facility, the company said April 10. New Source, and lenders including Bank of Montreal, agreed to postpone the April 1 redetermination to May 1.
The borrowing base was decreased to $84 million from $90 million, the company added. On April 8, there were $84 million in outstanding borrowings.
Under the agreement, New Source will not declare distributions on common units until the outstanding borrowings total $55 million or less.
Kristian Kos, chairman and CEO, said that the agreement allows New Source more time to secure financing opportunities currently under review.
New Source Energy Partners LP is a partnership developing east-central Oklahoma oil and natural gas. It is based in Oklahoma City.
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