XML 20 R10.htm IDEA: XBRL DOCUMENT

Long-Term Debt	9 Months Ended
Long-Term Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt: Bank Debt: The Company maintains a revolving corporate credit facility (the “Credit Facility”) with a group of financial institutions with aggregate loan commitments of $300 million, subject to a borrowing base that is determined semi-annually, with a maturity date of June 1, 2026. As of December 31, 2022, the borrowing base was $75 million and the Company had $11 million outstanding borrowings under the Credit Facility. The Credit Facility requires the Company to maintain a minimum current ratio and total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio, and places restrictions on the payment of dividends, the amount of treasury stock the Company may purchase, and commodity hedge agreements. As of June 30, 2023, the Company was in compliance with its debt covenants. Borrowings bear interest, at the option of the Company, based on a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 0.50% and (c) Adjusted Term SOFR (secured overnight financing rate as administered by the Federal Reserve Bank of New York) for a one-month tenor in effect on such day plus 1.00%, or a Term SOFR. Both options are subject to an additional margin, determined based upon the utilization of the borrowing base then in effect, ranging from 2.25% to 4.25% per annum. The Company also pays commitment fees on undrawn amounts under the Credit Facility of 0.50% per annum. Borrowings under the Credit Facility are secured by substantially all of the Company’s oil and gas properties. Effective January 20, 2023, in lieu of a formal amendment, a borrowing base letter authorized by all lenders and Prime of the 2022 Credit Agreement resulted in an adjustment to decrease the amount of the Borrowing Base available from $75 million to $60 million until such time as the next redetermination date as required by the agreement. Effective July 24, 2023 the borrowing base was increased to $65 million. The borrowing base as of September 30, 2023 remained at $65 million and the Company hand no outstanding borrowings under the Credit Facility at that time. As of November 15, 2023 the Company had no outstanding borrowings under the Credit Facility.