Form 8-K PostRock Energy Corp For: Jun 30

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________

FORM 8-K

______________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest reported event):  June 24, 2015

______________

POSTROCK ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

______________

Commission File No. 001-34635

 

 

Registrant’s Telephone Number, including Area Code:  (405) 600-7704

 

 

---

 

Item 1.01Entry into a Material Definitive Agreement.

On June 24, 2015, PostRock Energy Services Corporation and PostRock MidContinent Production, LLC, the borrowers under the Third Amended and Restated Credit Agreement, dated as of December 20, 2012 (the “Credit Agreement”), entered into an amendment to the Credit Agreement, which among other things, (a) reduces the borrowing base to $76,000,000 as a result of the May 2015 redetermination, (b) establishes a six-month schedule for the elimination of the resulting $10,380,000 borrowing base deficiency by December 22, 2015, and (c) provides for a further redetermination of the borrowing base to be effective on or about August 1, 2015 based on the borrowers’ December 31, 2014 reserve report, which redetermined borrowing base will then be in effect until the next regularly scheduled borrowing base determination in November 2015.  PostRock intends to repay the borrowing base deficiency using cash on hand, cash flow from operations, proceeds from the sale of assets and/or settlements of hedges. Until the borrowing base deficiency is paid in full, the borrowers will not be able to reborrow any amounts repaid under the Credit Agreement. 

---

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

---