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Subsequent Events
3 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

Note 15. Subsequent Events

Senior Secured Credit Facility

On October 1, 2022, the Company was notified by MidFirst Bank that the borrowing base remained at $50.0 million and the Margined Collateral Value, as defined in the Ninth Amendment to the Senior Secured Credit Facility, was set as $130.0 million.

Appointment of Chief Executive Officer

On October 27, 2022, the Company announced that the Board of Directors selected Kelly W. Loyd as President and Chief Executive Officer (“CEO”). Mr. Loyd had been serving as Interim CEO since June 2022 and has served as a

member of the Board of Directors since 2008. Upon commencing employment, Mr. Loyd will no longer receive compensation for his services as a member of the Board of Directors.

Dividend Declaration

On November 7, 2022, the Company declared a quarterly cash dividend of $0.120 per share of common stock to shareholders of record on December 15, 2022 and payable on December 30, 2022.