ENERGY RESOURCES 12, L.P.: debt financing — Energy Resources 12 enters $20M revolver with BancFirst; initial borrowing base $10M

ENERGY RESOURCES 12, L.P.

$20M maximum revolving credit facility; initial borrowing base of $10M, redetermined semi-annually based on proven oil & gas reserves.
$1.5M borrowed at May 2, 2024 closing; interest rate = WSJ Prime + 0.50% (currently 9.00%) with 4.50% floor.
Maturity March 1, 2026; first-lien mortgage on ≥80% of producing wells secures the facility.
Covenants require minimum debt service coverage ratio and current ratio; distributions limited only if debt service coverage is in default.
Upfront fees $100,000; 0.25% unused facility fee; 0.50% fee on borrowing base increases.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ENERGY RESOURCES 12, L.P. incurred revolving credit of $20 million with BancFirst at Wall Street Journal Prime Rate plus 0.50%, with a floor of 4.50% maturing March 1, 2026.

Instrument: revolving credit
Principal: $20 million
Counterparty: BancFirst
Rate: Wall Street Journal Prime Rate plus 0.50%, with a floor of 4.50%
Maturity: March 1, 2026
Event: incurrence

Exact text from the filing

On May 2, 2024, the Partnership and its wholly-owned subsidiary, as borrowers, entered into a loan agreement (“Loan Agreement”) with BancFirst (the “Lender”), which provides for a revolving credit facility (“Credit Facility”) with an approved maximum credit amount (“Maximum Credit Amount”) of $20 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ENERGY RESOURCES 12, L.P. entered into Loan Agreement with BancFirst valued at $20 million revolving credit facility, initial borrowing base $10 million (effective 2024-05-02).

Action: entry
Agreement: credit facility
Counterparty: BancFirst
Value: $20 million revolving credit facility, initial borrowing base $10 million
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024, the Partnership and its wholly-owned subsidiary, as borrowers, entered into a loan agreement (“Loan Agreement”) with BancFirst (the “Lender”), which provides for a revolving credit facility (“Credit Facility”) with an approved maximum credit amount (“Maximum Credit Amount”) of $20 million, subject to borrowing base restrictions.

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Source: SEC EDGAR

accession 0001185185-24-000471

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