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Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
As of March 31, 2023, Riley Exploration - Permian, LLC ("REP LLC"), as borrower, and the Company, as parent guarantor, are parties to a credit agreement with Truist Bank and certain lenders party thereto, as amended, which provides for a borrowing base of $225 million (such agreement and the borrowing facility provided thereby, the “Credit Facility”). On February 22, 2023, the Company amended its Credit Facility to, among other things, allow for the issuance of unsecured senior notes of up to $200 million. On April 3, 2023, the Company amended its Credit Facility to, among other things, increase the borrowing base from $225 million to $325 million and completed its issuance of $200 million Senior Unsecured Notes due 2028 ("Senior Notes"). For more information on the amended Credit Facility and the issuance of the Senior Notes, see Note 13 - Subsequent Events. The Credit Facility is set to mature in April 2026. Substantially all of the Company’s assets are pledged to secure the Credit Facility.
The following table summarizes the Company's interest expense:
Three Months Ended March 31,
20232022
(In thousands)
Interest expense$1,294 $384 
Capitalized interest(615)— 
Amortization of deferred financing costs192 191 
Unused commitment fees145 103 
Total interest expense, net$1,016 $678 
As of March 31, 2023 and December 31, 2022, the weighted average interest rate on outstanding borrowings under the revolving credit facility was 7.86% and 7.17%, respectively.
As of March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants and had outstanding borrowings of $89 million and $56 million, respectively, and $136 million and $169 million, respectively, available under the borrowing base.