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 event reported): October 7, 2024 (October 3, 2024)
ENERGY 11, L.P. |
(Exact name of registrant as specified in its charter) |
Delaware | 000-55615 | 46-3070515 |
(State or other jurisdiction of | (Commission File Number) | (IRS Employer |
incorporation) | Identification No.) |
120 W 3rd Street, Suite 220 Fort Worth, Texas | 76102 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (817) 882-9192
Not Applicable
(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:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Energy 11, L.P. (the “Partnership”) is filing this report in accordance with Items 1.01 and 2.03 of Form 8-K.
Item 1.01 – Entry into a Material Definitive Agreement
On October 3, 2024, the Partnership and its wholly-owned subsidiary, as borrowers, and BancFirst, as administrative agent and lender (“Lender), entered into an amendment (“Sixth Amendment”) that, beginning with the quarter ended September 30, 2024, allows the Partnership to include any unused amount of the Partnership’s credit facility (“BF Credit Facility”) in its calculation of current assets. Current assets are an input in the Current Ratio calculation, which, as defined in Section 9.01 of the original loan agreement (“BF Loan Agreement”), requires the Partnership maintain a minimum ratio of current assets to current liabilities of 1.00 to 1.00.
All other terms and conditions of the BF Loan Agreement and its subsequent amendments remain in effect. The BF Credit Facility matures on March 1, 2026, and at the time of the filing of this Form 8-K, the outstanding balance on the BF Credit Facility was approximately $1.3 million.
The foregoing summary of the Sixth Amendment does not purport to be complete statements of the terms and conditions under the Sixth Amendment, of which are qualified in their entirety by the full terms and conditions of the Sixth Amendment, which is filed as exhibit 10.1.
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 of this report is hereby incorporated by reference into this Item 2.03.
Item 9.01 – Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
EXHIBIT NUMBER | Description Of Exhibit | |
10.1 | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
* Filed herewith
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.
Date: October 7, 2024 | |||
ENERGY 11, L.P. | |||
By: | /s/ David S. McKenney | ||
David S. McKenney | |||
Chief Financial Officer of Energy 11 GP, LLC | |||