Long-term debt

As of the dates indicated, long-term debt consisted of the following:



	March 31, 2014		December 31, 2013
9.875% Senior Notes due 2020, net of discount of $5,304 and $5,444, respectively	$	294,695	$	294,556
8.25% Senior Notes due 2021	400,000		400,000
7.625% Senior Notes due 2022, including premium of $5,501 and $5,719, respectively	555,501		555,719
Senior secured revolving credit facility	319,000		272,000
Real estate mortgage notes, principal and interest payable monthly, bearing interest at rates ranging from 2.54% to 5.46%, due August 2021 through December 2028; collateralized by real property	11,081		11,202
Installment notes payable, principal and interest payable monthly, bearing interest at rates ranging from 2.85% to 5.99%, due April 2014 through February 2018 collateralized by automobiles, machinery and equipment	5,178		5,235
Capital lease obligations	23,579		24,150
	1,609,034		1,562,862
Less current maturities	5,502		5,334
	$	1,603,532	$	1,557,528

Senior Notes

The senior notes, which, as of March 31, 2014, include our 9.875% senior notes due 2020, our 8.25% senior notes due 2021, and our 7.625% senior notes due 2022 (collectively, our “Senior Notes”) are our senior unsecured obligations, rank equally in right of payment with all our existing and future senior debt, and rank senior to all of our existing and future subordinated debt.

Senior secured revolving credit facility

In April 2010, we entered into an Eighth Restated Credit Agreement (our “senior secured revolving credit facility”), which is collateralized by our oil and natural gas properties and, as amended, matures on November 1, 2017. During the three months ended March 31, 2014, we had borrowings of $50,000 and repayments of $3,000 on our senior secured revolving credit facility. The increased borrowings were utilized to fund our capital expenditures and for general corporate purposes.

Availability under our senior secured revolving credit facility is subject to a borrowing base which is set by the banks semiannually on May 1 and November 1 of each year. In addition, the lenders may request a borrowing base redetermination once between each scheduled redetermination and in the event of early termination of our derivative contracts. Effective April 22, 2014, our borrowing base was reaffirmed at $600,000.

We believe we were in compliance with all covenants under our senior secured revolving credit facility as of March 31, 2014.

Capital Leases

During 2013, we entered into lease financing agreements with U.S. Bank National Association for $24,500 through the sale and subsequent leaseback of existing compressors owned by us. The carrying value of these compressors is included in our oil and gas full cost pool. The lease financing obligations are for 84-month terms and include the option to purchase the equipment for a specified price at 72 months as well as an option to purchase the equipment at the end of the lease term for its then-current fair market value. Lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.8%. Minimum lease payments are approximately $3,181 annually.