The real problem is that the banks continue to lower their revolver. CEP is forced to divert most of their cash flow to paying down debt so that they stay under the limit, which is on a downward trajectory.
If they could prevent the revolver from being reduced, they could divert $20 to $30 million to drilling for oil and liquids rich gas. That would allow them some breathing room, to arrest the ever decreasing quarterly production and perhaps firm up the unit price. If they could offer equity, they might be able to save the company.