secwatch.observer — SEC 8-K summary
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Issuer:     ENERGY RESOURCES 12, L.P. (—)
CIK:        0001696088
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001185185-24-000471
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Energy Resources 12 enters $20M revolver with BancFirst; initial borrowing base $10M
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/0001185185-24-000471-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1696088/000118518524000471/er1220240506_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000471

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