RE:RE:RE:RE:Q3 report error- DebtWe the shareholders do not have 6 months to wait. Drilling must begin as soon as practical and the production numbers need to start increasing . The Revolving Facility which expires 7/1/24 is in jeopardy of not being renewed as per the company comments below: The executive committee's influence will be critical as to how the asset sale payment receipts are applied to operations and to debt repayment.
The Company remains in a challenging position with respect to its ability to meet its decommissioning liabilities, long-term debt obligations, and debt related financial covenants. With the Revolving Facility set to mature on July 1, 2024, and the Second Lien set to mature on December 31, 2024, the Company recognizes the significance of these upcoming maturities and is actively assessing strategies to effectively manage its debt obligations. Given the current commodity price environment and economic conditions there is no certainty the Company will be able to meet its cash flow requirements as they fall due. Also, there is no assurance that the lenders will maintain the borrowing base at current levels, which may result in a borrowing base shortfall. If the Company cannot repay a borrowing base shortfall, it would represent an event of default under both the Revolving Facility and Second Lien Notes. In such case, the lenders have the right to demand immediate repayment of all amounts owed under both