Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Detail Comprising Debt and Related Book Values

A summary of the detail comprising the Company’s debt and the related book values for the respective periods presented is as follows (in thousands):

	Year Ended December 31,
	2022			2021
12.00% Second-Priority Senior Secured Notes – due January 2026	$	638,541		$	650,000
7.50% Senior Notes – due May 2022		—			6,060
Bank Credit Facility – matures November 2024		—			375,000
Total debt, before discount and deferred financing cost		638,541			1,031,060
Discount and deferred financing cost		(53,201	)		(68,333	)
Total debt, net of discount and deferred financing costs		585,340			962,727
Less: Current portion of long-term debt		—			6,060
Long-term debt, net of discount and deferred financing costs	$	585,340		$	956,667

Summary of Redemption Prices of 12.% Notes

Thereafter, the Company may redeem all or a portion of the 12.00% Notes in whole at any time or in part from time to time at the following redemption prices (expressed as percentages of principal amount) plus accrued and unpaid interest if redeemed during the period commencing on January 15 of the years set forth below

Period	Redemption Price
2023		106.00	%
2024		103.00	%
2025 and thereafter		100.00	%

Schedule of Pricing Grid for Borrowing Base Utilization Percentage

The pricing grid below shows the applicable margin for Term Benchmark Loans, RFR Loans and ABR Loans as well as the commitment fee rate, in each case, prior to closing of the EnVen Acquisition, based upon the applicable borrowing base utilization percentage:

Borrowing Base Utilization Percentage	Utilization	Term Benchmark Loans and RFR Loans	ABR Loans	Commitment Fee Rate
Level 1	< 25%	3.00%	2.00%	0.50%
Level 2	≥ 25% < 50%	3.25%	2.25%	0.50%
Level 3	≥ 50% < 75%	3.50%	2.50%	0.50%
Level 4	≥ 75% < 90%	3.75%	2.75%	0.50%
Level 5	≥ 90%	4.00%	3.00%	0.50%

The Ninth Amendment provides that the above applicable margins for Term Benchmark Loans, RFR Loans and ABR Loans, each decrease by an amount equal to 0.25% from and after the closing of the EnVen Acquisition. The commitment fee rate also decreases to 0.375% from and after the closing of the EnVen Acquisition when the borrowing base utilization percentage is less than 50%.