LONG-TERM DEBT	9 Months Ended
Sep. 30, 2017
LONG-TERM DEBT.
LONG-TERM DEBT	NOTE 4—LONG-TERM DEBT In connection with its IPO, the Partnership entered into a $50.0 million secured revolving credit facility that is secured by substantially all of its assets and the assets of its wholly owned subsidiaries. Availability under the secured revolving credit facility equals the lesser of the aggregate maximum commitments of the lenders and the borrowing base. The borrowing base will be re-determined semi-annually on February 1 and August 1 of each year based on the value of the Partnership’s oil and natural gas properties and the oil and natural gas properties of the its wholly owned subsidiaries. In connection with the August 1 redetermination under the secured revolving credit facility, the borrowing base was reaffirmed at $100.0 million. Aggregate commitments remain at $50.0 million providing for maximum availability under the revolving credit facility of $50.0 million. The secured revolving credit facility permits aggregate commitments to be increased to $100.0 million, subject to the satisfaction of certain conditions and the procurement of additional commitments from new or existing lenders. The secured revolving credit facility matures on February 8, 2022. The secured revolving credit facility contains various affirmative, negative and financial maintenance covenants. These covenants limit the Partnership’s ability to, among other things, incur or guarantee additional debt, make distributions on, or redeem or repurchase, common units, make certain investments and acquisitions, incur certain liens or permit them to exist, enter into certain types of transactions with affiliates, merge or consolidate with another company and transfer, sell or otherwise dispose of assets. The secured revolving credit facility also contains covenants requiring the Partnership to maintain the following financial ratios or to reduce the Partnership’s indebtedness if the Partnership is unable to comply with such ratios: (i) a Debt to EBITDAX Ratio (as defined in the secured revolving credit facility) of not more than 4.0 to 1.0; and (ii) a ratio of current assets to current liabilities of not less than 1.0 to 1.0. The secured revolving credit facility also contains customary events of default, including non‑payment, breach of covenants, materially incorrect representations, cross‑default, bankruptcy and change of control. As of September 30, 2017, the Partnership’s outstanding balance was $22.2 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of September 30, 2017. During the period ended September 30, 2017, borrowings under the secured revolving credit facility bore interest at LIBOR plus a margin of 2.25% and Prime Rate (as defined in the secured revolving credit facility) plus a margin of 1.25%. For the period from February 8, 2017 to September 30, 2017, the weighted average interest rate on the Partnership’s outstanding borrowings was 3.51%. On January 31, 2014, the Predecessor entered into a credit agreement with Frost Bank for up to a $50.0 million revolving credit facility. The credit facility was subject to borrowing base restrictions and was collateralized by certain properties. The borrowing base on the Predecessor’s credit facility was $20.0 million with interest payable monthly on Alternate Base Rate loans or at the end of the interest period on any Eurodollar loans, with all principal and unpaid interest due at maturity on January 15, 2018. As of December 31, 2016, the Predecessor had outstanding advances on long-term debt totaling $10.6 million. On February 8, 2017, the Predecessor repaid the entire outstanding principal and interest balance on the credit facility with cash proceeds from the sale of the Predecessor’s mineral and royalty interests to the Partnership.

NOTE 4—LONG-TERM DEBT

In connection with its IPO, the Partnership entered into a $50.0 million secured revolving credit facility that is secured by substantially all of its assets and the assets of its wholly owned subsidiaries. Availability under the secured revolving credit facility equals the lesser of the aggregate maximum commitments of the lenders and the borrowing base. The borrowing base will be re-determined semi-annually on February 1 and August 1 of each year based on the value of the Partnership’s oil and natural gas properties and the oil and natural gas properties of the its wholly owned subsidiaries. In connection with the August 1 redetermination under the secured revolving credit facility, the borrowing base was reaffirmed at $100.0 million. Aggregate commitments remain at $50.0 million providing for maximum availability under the revolving credit facility of $50.0 million. The secured revolving credit facility permits aggregate commitments to be increased to $100.0 million, subject to the satisfaction of certain conditions and the procurement of additional commitments from new or existing lenders. The secured revolving credit facility matures on February 8, 2022.

The secured revolving credit facility contains various affirmative, negative and financial maintenance covenants. These covenants limit the Partnership’s ability to, among other things, incur or guarantee additional debt, make distributions on, or redeem or repurchase, common units, make certain investments and acquisitions, incur certain liens or permit them to exist, enter into certain types of transactions with affiliates, merge or consolidate with another company and transfer, sell or otherwise dispose of assets. The secured revolving credit facility also contains covenants requiring the Partnership to maintain the following financial ratios or to reduce the Partnership’s indebtedness if the Partnership is unable to comply with such ratios: (i) a Debt to EBITDAX Ratio (as defined in the secured revolving credit facility) of not more than 4.0 to 1.0; and (ii) a ratio of current assets to current liabilities of not less than 1.0 to 1.0. The secured revolving credit facility also contains customary events of default, including non‑payment, breach of covenants, materially incorrect representations, cross‑default, bankruptcy and change of control. As of September 30, 2017, the Partnership’s outstanding balance was $22.2 million. The Partnership was in compliance with all covenants included in the secured revolving credit facility as of September 30, 2017.

During the period ended September 30, 2017, borrowings under the secured revolving credit facility bore interest at LIBOR plus a margin of 2.25% and Prime Rate (as defined in the secured revolving credit facility) plus a margin of 1.25%. For the period from February 8, 2017 to September 30, 2017, the weighted average interest rate on the Partnership’s outstanding borrowings was 3.51%.

On January 31, 2014, the Predecessor entered into a credit agreement with Frost Bank for up to a $50.0 million revolving credit facility. The credit facility was subject to borrowing base restrictions and was collateralized by certain properties. The borrowing base on the Predecessor’s credit facility was $20.0 million with interest payable monthly on Alternate Base Rate loans or at the end of the interest period on any Eurodollar loans, with all principal and unpaid interest due at maturity on January 15, 2018. As of December 31, 2016, the Predecessor had outstanding advances on long-term debt totaling $10.6 million. On February 8, 2017, the Predecessor repaid the entire outstanding principal and interest balance on the credit facility with cash proceeds from the sale of the Predecessor’s mineral and royalty interests to the Partnership.