Debt	3 Months Ended
Mar. 31, 2019
Debt
Debt	10. Debt Reserves-Based Revolving Credit Facility (“RBL”) At March 31, 2019 and December 31, 2018, the Company maintained an RBL with a borrowing base of $170.0 million . During the three months ended March 31, 2019, the Company drew down $36.0 million, net on its RBL. At March 31, 2019 and December 31, 2018, the Company had $59.1 million and $23.1 million, respectively, drawn on the RBL and had outstanding letters of credit obligations totaling $1.9 million. As a result, at March 31, 2019, the Company had $109.0 million of availability on the RBL. The RBL matures on September 30, 2020, and bears interest at LIBOR plus 4.50% per annum, subject to a 1.00% LIBOR floor. At March 31, 2019, the weighted-average interest rate, excluding amortization expense of deferred financing costs and commitment fees, was 7.0%. Unamortized debt issuance costs of $1.0 million and $1.2 million associated with the RBL are included in other noncurrent assets on the unaudited interim condensed consolidated balance sheets at March 31, 2019 and December 31, 2018, respectively. In addition to interest expense, the RBL requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 0.50% per annum based on the average daily amount by which the borrowing base exceeds outstanding borrowings during each quarter. The RBL, as amended, includes certain financial maintenance covenants that are required to be calculated on a quarterly basis for compliance purposes. These financial maintenance covenants include EBITDA to interest expense for the trailing four fiscal quarters of not less than 2.50:1.00 and a limitation of Total Net Indebtedness (as defined in the RBL) to EBITDA for the trailing four fiscal quarters of not more than 4.00:1.00. On November 15, 2018, the Company entered into a Second Amendment to the RBL (the “Second Amendment”). The Second Amendment provides the Company with the ability to make dividends and distributions, including repurchases of its equity interests in cash, in each case, so long as both before and after giving effect to any such repurchase (i) the Company and its subsidiaries maintain liquidity of at least $50.0 million, (ii) no default or event of default exists under the RBL, (iii) the ratio of total net indebtedness to adjusted EBITDA for the most recent period of four fiscal quarters for which financial statements have been delivered pursuant to the RBL shall not exceed 1.50:1.00 and (iv) all repurchased equity interests of the Company must be immediately retired. In addition, the RBL contains various other covenants that, among other things, may restrict the Company’s ability to: (i) incur additional indebtedness or guarantee indebtedness (ii) make loans and investments; (iii) pay dividends on capital stock and make other restricted payments, including the prepayment or redemption of other indebtedness; (iv) create or incur certain liens; (v) sell, transfer or otherwise dispose of certain assets; (vi) enter into certain types of transactions with the Company’s affiliates; (vii) acquire, consolidate or merge with another entity upon certain terms and conditions; (viii) sell all or substantially all of the Company’s assets; (ix) prepay, redeem or repurchase certain debt; (x) alter the business the Company conducts and make amendments to the Company’s organizational documents, (xi) enter into certain derivative transactions and (xii) enter into certain marketing agreements and take-or-pay arrangements. During the first quarter of 2019, the Company partially funded the stock buyback by drawing down $39.0 million from our RBL, as noted in “— Note 11. Equity and Share-Based Compensation” below, with the remainder funded by cash on hand. The Company was in compliance with all debt covenants at March 31, 2019. On April 11, 2019, the Company’s borrowing base was redetermined at the existing amount of $170.0 million. The Company believes the carrying amount of the RBL at March 31, 2019 approximates its fair value (Level 2) due to the variable nature of the RBL interest rate.

10. Debt

Reserves-Based Revolving Credit Facility (“RBL”)

At March 31, 2019 and December 31, 2018, the Company maintained an RBL with a borrowing base of $170.0 million . During the three months ended March 31, 2019, the Company drew down $36.0 million, net on its RBL. At March 31, 2019 and December 31, 2018, the Company had $59.1 million and $23.1 million, respectively, drawn on the RBL and had outstanding letters of credit obligations totaling $1.9 million. As a result, at March 31, 2019, the Company had $109.0 million of availability on the RBL.

The RBL matures on September 30, 2020, and bears interest at LIBOR plus 4.50% per annum, subject to a 1.00% LIBOR floor. At March 31, 2019, the weighted-average interest rate, excluding amortization expense of deferred financing costs and commitment fees, was 7.0%. Unamortized debt issuance costs of $1.0 million and $1.2 million associated with the RBL are included in other noncurrent assets on the unaudited interim condensed consolidated balance sheets at March 31, 2019 and December 31, 2018, respectively.

In addition to interest expense, the RBL requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 0.50% per annum based on the average daily amount by which the borrowing base exceeds outstanding borrowings during each quarter.

The RBL, as amended, includes certain financial maintenance covenants that are required to be calculated on a quarterly basis for compliance purposes. These financial maintenance covenants include EBITDA to interest expense for the trailing four fiscal quarters of not less than 2.50:1.00 and a limitation of Total Net Indebtedness (as defined in the RBL) to EBITDA for the trailing four fiscal quarters of not more than 4.00:1.00.

On November 15, 2018, the Company entered into a Second Amendment to the RBL (the “Second Amendment”). The Second Amendment provides the Company with the ability to make dividends and distributions, including repurchases of its equity interests in cash, in each case, so long as both before and after giving effect to any such repurchase (i) the Company and its subsidiaries maintain liquidity of at least $50.0 million, (ii) no default or event of default exists under the RBL, (iii) the ratio of total net indebtedness to adjusted EBITDA for the most recent period of four fiscal quarters for which financial statements have been delivered pursuant to the RBL shall not exceed 1.50:1.00 and (iv) all repurchased equity interests of the Company must be immediately retired.

In addition, the RBL contains various other covenants that, among other things, may restrict the Company’s ability to: (i) incur additional indebtedness or guarantee indebtedness (ii) make loans and investments; (iii) pay dividends on capital stock and make other restricted payments, including the prepayment or redemption of other indebtedness; (iv) create or incur certain liens; (v) sell, transfer or otherwise dispose of certain assets; (vi) enter into certain types of transactions with the Company’s affiliates; (vii) acquire, consolidate or merge with another entity upon certain terms and conditions; (viii) sell all or substantially all of the Company’s assets; (ix) prepay, redeem or repurchase certain debt; (x) alter the business the Company conducts and make amendments to the Company’s organizational documents, (xi) enter into certain derivative transactions and (xii) enter into certain marketing agreements and take-or-pay arrangements. During the first quarter of 2019, the Company partially funded the stock buyback by drawing down $39.0 million from our RBL, as noted in “— Note 11. Equity and Share-Based Compensation” below, with the remainder funded by cash on hand.

The Company was in compliance with all debt covenants at March 31, 2019.

On April 11, 2019, the Company’s borrowing base was redetermined at the existing amount of $170.0 million.

The Company believes the carrying amount of the RBL at March 31, 2019 approximates its fair value (Level 2) due to the variable nature of the RBL interest rate.