Look I don't wish to argue with you. IMO we are talking 2 different things. IMO, you are talking about the Credit Facility Borrowing Base or Loan Amount and I agree that lenders will use their own price decks and they vary according to their risk appetite. Sometimes they do use the Strip Pricing and I HAVE SEEN IT WRITTEN SO IN THE ACTUAL CREDIT AGREEMENT.
Now, I'm talking specifically about the loan covenant ratios, which are based on the actual reported numbers. EBITDAX is a reported number on the Qtrly and not dependent on a price deck.
Here is an excerpt from an actual credit facility for a company that I had invested in (and still own a trivial amount)
If you look hard enough you'll see an example of what you are talking about ...
(1) Asset Coverage Ratio which relies on a PV9% number in this case and on the lenders price deck. This was NOT a ratio I referenced.
(2) Leverage Ratio which is Debt to Adjusted consolidated EBITDAX in this instance and the Interest Coverage Ratio (as opposed to Debt Service as this is not a P&I loan). These are examples of what I referenced.
The definitions from the Credit Facility
and the PV9% on Strip not the lenders price deck
That ought to be sufficient shouldn't it.
I stand by my comments as both accurate and truthful. And I would again say I'm not talking about a borrowing base redetermination which is reliant upon recalculation based on Reserves.
I also would say that unless you work for Macquarie Bank and the lending team for OEL, then you don't know for a fact what is in their credit agreement either. I was simply giving a view to what normal course covenants are.
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