SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Amendment to Revolving Credit Facility

On November 8, 2019, the Company entered into an amendment (the “Amendment”) to its amended and restated credit agreement, dated October 5, 2018 (the “Credit Agreement”), governing the Company’s Revolving Credit Facility. Pursuant to the Amendment, the Credit Agreement has been amended to (i) adjust the maximum ratio of total net debt to EBITDAX (as defined in the Credit Agreement) that the Company is permitted to maintain as of the end of any fiscal quarter to 3.75 to 1.00, and (ii) adjust the minimum current ratio (as defined in the Credit Agreement) that the Company is required to maintain as follows: 0.85 to 1.00 as of September 30, 2019; 0.65 to 1.00 as of December 31, 2019; 0.90 to 1.00 as of March 31, 2020; and 1.00 to 1.00 as of any subsequent fiscal quarter end.