CA,Yes you are 100% correct.I was confusing covenants with a...

CA,
Yes you are 100% correct.
I was confusing covenants with a loan review.

However, the implication of your post was that there shouldn't be a problem with the MacQuarie facility.
The point that I was trying to make is that it is possible that MacQuarie has the ability to pull the loan based on a loan review that would be based on their price deck.

All Banks are getting hit hard at the moment, as their bad debts are going to increase significantly.
All Banks will be reviewing all loans as they always do in tough times.

However, based on your stated confidence and analysis of OEL, I would be surprised if OEL couldn't servie the loan at current commodity prices.

As I stated previously, my guess is that there is a "use of funds" issue, i.e., if Green Canyon is deferred, then they need to repay the facility.
Incidentally, this is the nest possible scenario IMO. Any other reason for a CR has to be worse news = a fundamental problem with the viability of the company.