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Long-Term Debt | 3 Months Ended
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Mar. 31, 2023
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | (In thousands)
Revolving Credit Facility (1) | ​ | $ | 125,000 | ​ | $ | 190,000
Total long-term debt | ​ | $ | 125,000 | ​ | $ | 190,000
| (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 $195.0 million as of March 31, 2023, which is guaranteed by the Company and all of its current subsidiaries. The Revolving Credit Facility matures on May 31, 2024. 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 December 9, 2022, OLLC entered into the Borrowing Base Redetermination Agreement and Seventh Amendment to Credit Agreement, among Amplify Acquisitionco LLC, a Delaware limited liability company (“Acquistionco”), the guarantors party thereto, the lenders party thereto and KeyBank National Association, as administrative agent (the “Seventh Amendment”). The Seventh Amendment amends the Revolving Credit Facility, to, among other things:
| ● | extend the maturity date from November 2, 2023 to May 31, 2024;
| ● | reduce the borrowing base under the Revolving Credit Facility to $215.0 million; provided that, beginning on December 31, 2022, the borrowing base will be reduced by $5.0 million per month on the last calendar day of each month. The borrowing base, as reduced on each date pursuant to the foregoing sentence, shall remain in effect until otherwise redetermined or adjusted in accordance with the provisions of the Credit Agreement;
| ● | adjust the minimum hedging requirements;
| ● | reduce the maximum consolidated net leverage ratio (as defined in the Revolving Credit Facility) requirement from 4.00 to 1.00 to 3.00 to 1.00;
| ● | transition from London Inter-Bank Offered Rate to Secured Overnight Financing Rate based interest rates; and
| ● | remove the Borrower’s ability to pay dividends through the maturity date.
As of March 31, 2023, 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 | ​ |
​ | ​ | March 31, | ​ |
​ | ​ | 2023 | ​ | 2022 | ​ |
Revolving Credit Facility | ​ | 9.73 | % | 3.79 | % | ​
​ Letters of Credit At March 31, 2023, 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 $1.1 million at March 31, 2023. For the three months ended March 31, 2023, the Company wrote-off $0.2 million of deferred financing costs in connection with the decrease in the Company’s borrowing base.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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