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EX-10.1 - EX-10.1 - Carbon Energy Corpa12-15305_1ex10d1.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K/A

(Amendment No. 1)

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of Earliest Event Reported): June 5, 2012

 

CARBON NATURAL GAS COMPANY

(Exact name of registrant as specified in charter)

 

Delaware

 

000-02040

 

26-0818050

(State or Other Jurisdiction

 

(Commission File

 

(IRS Employer

of Incorporation)

 

Number)

 

Identification No.)

 

1700 Broadway, Suite 1170, Denver, Colorado

 

80290

(Address of principal executive offices)

 

(Zip code)

 

(720) 407-7043

(Registrant’s telephone number including area code)

 

 

(Former Name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Explanatory Note:  On June 5, 2012, Carbon Natural Gas Company (the “Company”) filed a Current Report (the “Original Report”) on Form 8-K to report that it had agreed on the principal terms of an amendment to its credit facility with Bank of Oklahoma (the “Bank”), that the Bank had agreed to waive the funded debt ratio covenant during the remainder of 2012 and that the minimum interest rate and other applicable credit spreads had increased 25 basis points for the remainder of 2012.

 

This report (the “Amended Report”) amends the Original Report to confirm that the amendment to the credit facility has now been executed and to correct the information concerning the period during which the minimum interest rate and other applicable credit spreads are increased.

 

This Amended Report describes the same matters as described in the Form 8-K filed on June 5, 2012.

 

Section 8                             Other Events

 

Item 8.01                           Other Events

 

Nytis Exploration Company LLC (“NEC”), a subsidiary of Carbon Natural Gas Company, has entered into an amendment to its credit facility with Bank of Oklahoma.  The amendment has an effective date of June 1, 2012.  In connection with the amendment, Bank of Oklahoma reaffirmed the borrowing base at $20 million and the maximum credit available for hedging arrangements under the credit facility is $8.0 million.  Further, Bank of Oklahoma has agreed to waive the funded debt ratio covenant during the remainder of 2012 and the minimum interest rate has increased 25 basis points (from 4.5% to 4.75% per annum) during the period from July 1, 2012 through March 31, 2013.  Other applicable credit spreads under the facility were also increased 25 basis points during that same period.

 

Section 9                 Financial Statements and Exhibits.

 

Item 9.01               Financial Statements and Exhibits.

 

(d)         Exhibits:

 

Exhibit No.

 

Description

 

 

 

10.1*

 

Third Amendment of Amended And Restated Credit Agreement. Limited Waiver And Borrowing Base Redetermination

 


Filed herewith

 

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SIGNATURES

 

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.

 

 

CARBON NATURAL GAS COMPANY

 

 

 

/s/ Patrick R. McDonald

 

Patrick R. McDonald,

 

President and CEO

Dated: June 25, 2012

 

 

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