On May 1, 2015, New Source Energy Partners L.P. entered into an Eighth Amendment (the "Eighth Amendment") to Credit Agreement dated as of February 13, 2013, by and among, as borrower, Bank of Montreal, as administrative agent ("BMO"), and the other lenders party thereto (the "Credit Agreement"). The Eighth Amendment (i) permits to make cash distributions up to $6.0 million per year to holders of certain equity interests in us, (ii) amends the terms of a consent letter dated April 8, 2015 ("Consent Letter"), by and among, BMO and the other lenders party to the Credit Agreement, to postpone the redetermination of the borrowing base under credit facility from May 1, 2015 to May 8, 2015, (iii) makes null and void the waiver contained in the Seventh Amendment to the Credit Agreement permitting to make certain cash distributions to the holders of common units that are not otherwise permitted by the Credit Agreement and (iv) imposes certain hedging requirements for oil and natural gas assets if unwind any current hedges prior to the October 2015 redetermination date. The company expects that the borrowing base under credit facility will be reduced by approximately $24.0 million to approximately $60.0 million on May 8, 2015.

The amount of borrowings outstanding under the credit facility is currently $84.0 million. Under the terms of the Consent Letter, the company cannot declare or pay distributions on common equity if the amount of borrowings outstanding under credit facility exceeds $54.0 million. Under the terms of the Credit Agreement, will have three months to repay amounts outstanding in excess of the borrowing base in equal monthly installments beginning 30 days after receipt of notice of the new borrowing base.