{"schema_version":"secwatch.filing_event.v1","accession":"0001185185-24-000471","form_type":"8-K","ticker":null,"cik":"0001696088","company_name":"ENERGY RESOURCES 12, L.P.","filed_at":"2024-05-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:19.640750+00:00","generated_at":"2026-06-02T19:02:52.528312+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Energy Resources 12 enters $20M revolver with BancFirst; initial borrowing base $10M","bullets":["$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."],"urls":{"canonical":"https://secwatch.observer/filing/0001185185-24-000471","json":"https://secwatch.observer/filing/0001185185-24-000471.json","markdown":"https://secwatch.observer/filing/0001185185-24-000471.md","text":"https://secwatch.observer/filing/0001185185-24-000471.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/0001185185-24-000471-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/er1220240506_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-02T19:02:52.528312+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f957038f4b8f6e3443d7827b93a4998f0455b42a","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/0001185185-24-000471-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"$20 million"},{"label":"Counterparty","value":"BancFirst"},{"label":"Rate","value":"Wall Street Journal Prime Rate plus 0.50%, with a floor of 4.50%"},{"label":"Maturity","value":"March 1, 2026"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"d7b41f7cf3565273252d59c7b0983e9e519ece5b","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/0001185185-24-000471-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"BancFirst"},{"label":"Value","value":"$20 million revolving credit facility, initial borrowing base $10 million"},{"label":"Effective","value":"2024-05-02"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}