New Source Energy Partners LP (NSLP) has a pending borrowing base deficiency under its revolving credit facility, preventing it from paying the quarterly cash distribution on its 11% series A cumulative convertible preferred units, the company said Sept. 28.
Kristian Kos, chairman and CEO, said the company is not currently in a deficiency, but one is expected. The biannual redetermination of the facility is scheduled for early October, he said. The company is working with its lenders, he added.
Oklahoma City-based New Source Energy Partners L.P operates in east-central Oklahoma.
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