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Long-Term Debt | 9 Months Ended
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Sep. 30, 2022
Long-Term Debt |
Long-Term Debt | Note 7. Long-Term Debt The following table presents the Company’s consolidated debt obligations at the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
​ | ​ | (In thousands)
Revolving Credit Facility (1) | ​ | $ | 205,000 | ​ | $ | 230,000
Total long-term debt | ​ | $ | 205,000 | ​ | $ | 230,000
| (1) | The carrying amount of the Company’s Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates.
Revolving Credit Facility OLLC, the Company’s wholly owned subsidiary, is a party to a reserve-based revolving credit facility (the “Revolving Credit Facility”), subject to a borrowing base of $225.0 million as of September 30, 2022, which is guaranteed by the Company and all of its current subsidiaries. The Revolving Credit Facility matures on November 2, 2023. The Company’s borrowing base under its Revolving Credit Facility is subject to redetermination on at least a semi-annual basis, primarily based on a reserve engineering report. On June 20, 2022, OLLC entered into the Borrowing Base Redetermination Agreement and Sixth Amendment to Credit Agreement, among OLLC, Amplify Acquisitionco LLC, a Delaware limited liability company, the guarantors party thereto, the lenders party thereto and KeyBank National Association, as administrative agent (the “Sixth Amendment”). The Sixth Amendment amends the Revolving Credit Facility to, among other things:
| ● | terminate the automatic monthly reductions of the borrowing base;
| ● | reaffirm the borrowing base under the Revolving Credit Facility at $225.0 million; and
| ● | modify the affirmative hedging covenant.
As of September 30, 2022, the Company was in compliance with all the financial (current ratio and total leverage ratio) and non-financial covenants associated with its Revolving Credit Facility. Weighted-Average Interest Rates The following table presents the weighted-average interest rates paid, excluding commitment fees, on the Company’s consolidated variable-rate debt obligations for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended | ​ |
​ | ​ | September 30, | ​ | September 30, | ​ |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 | ​ |
Revolving Credit Facility | ​ | 5.91 | % | 3.64 | % | 4.73 | % | 3.65 | % | ​
​ Letters of Credit At September 30, 2022, the Company had no letters of credit outstanding. Unamortized Deferred Financing Costs Unamortized deferred financing costs associated with the Company’s Revolving Credit Facility was $0.6 million at September 30, 2022. Paycheck Protection Program On April 24, 2020, the Company received a $5.5 million from the Paycheck Protection Program (the “PPP Loan”). The PPP Loan was established as part of the Coronavirus Aid, Relief, and Economic Security Act to provide loans to qualifying businesses. The PPP Loan was not part of the Revolving Credit Facility as described above. The loan and accrued interest were potentially forgivable provided that the borrower uses the loan proceeds for eligible purposes. The term of the Company’s PPP Loan was two years with an annual interest rate of 1% and no payments of principal or interest due during the six-month period beginning on the date of the PPP Loan. The Company applied for forgiveness of the amount due on the PPP Loan based on spending the loan proceeds on eligible expenses as defined by the statute. On June 22, 2021, KeyBank notified the Company that the PPP Loan had been approved for full and complete forgiveness by the Small Business Association. For the nine months ended September 30, 2021, the Company reported a gain on extinguishment of debt of $5.5 million for the PPP Loan forgiveness in the Unaudited Condensed Consolidated Statements of Operations.

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