8. Long-Term Debt

Long-term debt consisted of the following: (in thousands)



	December 31,
	2015		2014
Revolving credit facility, with interest only payment until maturity	$	869	$	734
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $8		152		155
Total long-term debt		1,021		889
Less current maturities		(65)		(65)
Long-term debt, less current maturities	$	956	$	824

Future debt payments to unrelated entities as of December 31, 2015 consisted of the following: (in thousands)



	2016		2017		2018		Total
Bank Credit Facility	$	—	$	—	$	869	$	869
Company Vehicles	$	65	$	52	$	35	$	152
Total	$	65	$	52	$	904	$	1,021

At December 31, 2015, the Company had a revolving credit facility with Prosperity Bank. Under the credit facility, loans and letters of credit are available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $40 million or the Company’s borrowing base in effect from time to time. As of December 31, 2015, the Company’s borrowing base was $7.8 million and the interest rate of prime plus 0.50% per annum. The Company’s borrowing base was reduced to approximately $3.2 million with the March 28, 2016 amendment to the credit agreement. The Company’s interest rate at December 31, 2015 was 4.00%, and matures on January 30, 2018 as amended. The borrowing base remains subject to the existing periodic redetermination provision in the credit facility. The credit facility is secured by substantially all of the Company’s producing and non-producing oil and gas properties and the Company’s Manufactured Methane facilities. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, and minimum liquidity ratios. During 2013, 2014, and the first three quarters of 2015, the Company was in compliance with all covenants. However, during the quarter ended December 31, 2015, the Company was not in compliance with the leverage and interest coverage ratios. After the covenant modifications and waivers included in the March 28, 2016 amendment, the Company is now in compliance with all covenants.

On March 28, 2016, the Company’s senior credit facility with Prosperity Bank after Prosperity Bank’s most recent review of the Company’s currently owned producing properties was amended to decrease the Company’s borrowing base from $7.8 million to approximately $3.2 million, extend the term of the facility to January 30, 2018, and delete the Leverage Ratio covenant. For the quarter ended December 31, 2015, the Company was in default on compliance with the Leverage Ratio covenant. In addition, the amendment also added a Debt to Tangible Net Worth covenant, waived the default on the Interest Coverage ratio for the quarter ended December 31, 2015, waived the anticipated default for the quarter ended March 31, 2016, and waived compliance with the Interest Coverage ratio for all applicable periods through the maturity date. Although the Company was in default of the Leverage and Interest Coverage ratios for the quarter ended December 31, 2015, the Company is now in compliance as a result of the amendment and waivers. The borrowing base remains subject to the existing periodic redetermination provisions in the credit facility. The interest rate remained prime plus 0.50% per annum. This rate was 4.00% at the date of the amendment. The maximum line of credit of the Company under the Prosperity Bank credit facility remained $40 million.

The total borrowing by the Company under the Prosperity Bank facility at December 31, 2015 and December 31, 2014 was $869,000 and $734,000 million, respectively. The next borrowing base review will take place in September 2016.