Well, from what I saw, the borrowing base declined from $205 million to $195 million.
If you look at the last press release (3rd Q earnings), they note that they included a Liquidity update:
"The company had a cash balance of $13.2 million as of September 30, 2010. Outstanding debt under the company’s credit facility currently totals $171.5 million, leaving the company with $33.5 million in available borrowing capacity at the company’s current borrowing base of $205 million."
I am actually surprised it only declined to $195 million. I figured the banks would tighten the noose and go down to around $180-$185 or lower.
CEP has gained some breathing room until the next review (6 months from now). They will, unfortunately, be forced to put most of their cash flow into debt reduction to stay ahead of the borrowing base reductions.