The Fort Worth-based oil and gas partnership voluntarily cut its borrowing base in half as part of the renewed agreement.

February 26, 2026

Energy 11, L.P., a Delaware-based oil and gas limited partnership headquartered in Fort Worth, Texas, has renewed and extended its credit facility with BancFirst for an additional year, according to a regulatory report filed with the Securities and Exchange Commission on February 25, 2026.

The partnership and its wholly-owned subsidiary entered into a seventh amendment to their existing loan agreement with BancFirst, which serves as both administrative agent and lender. The updated agreement carries an effective date of March 1, 2026, and pushes the credit facility’s maturity out to March 1, 2027.

Voluntary Borrowing Base Reduction

One notable feature of the amendment is that the partnership chose to voluntarily reduce its borrowing base to $10 million. While this represents a self-imposed cap rather than a lender-mandated restriction, it signals a conservative posture toward leverage as the partnership manages its balance sheet going forward.

Key Changes Under the New Terms

The revised agreement introduced several updated provisions alongside the maturity extension:

• The incremental borrowing fee was reduced from 50 basis points to 25 basis points, cutting that cost in half.
• The partnership paid BancFirst a one-time renewal fee of $25,000 upon execution of the amendment.
• All costs associated with the amendment are to be expensed as of the March 1, 2026 effective date.
• All other terms from the original loan agreement and its prior amendments remain unchanged.

No Outstanding Borrowings

As of the time of the filing, the partnership carried no outstanding borrowings under the credit facility, meaning the renewed arrangement functions primarily as a financial backstop rather than an active source of debt financing.

The report was signed by David S. McKenney, Chief Financial Officer of Energy 11 GP, LLC, the general partner of the partnership. The full terms of the seventh amendment were filed as an exhibit with the SEC.

Energy 11, L.P. operates as an oil and gas partnership and is registered with the SEC under file number 000-55615. The partnership’s principal offices are located in Fort Worth, Texas.