The 4.5 million acres of land under mineral rights ownership or outright ownership should be sufficient collateral for all of the debt of PWE with plenty of flexibility to borrow more. Book equity to debt, a most conservative metric means PWE has a strong balance sheet. Its book equity to debt ratio is above 1:1, strong by any measure. And this is after sizeable, conservative goodwill and impairments. What's more, PWE owns far more in contingent reserves than its proved + probable, much yet unexplored with reserves indeterminate. But we know from the types of geophysical characteristics of the land that reserves, contingent although their status, are substantial.
The point of this is PWE has allowed the typical entrapment of the loan sharks to maintain ratios having to do with EBITDA that are totally unnecessary for reasonable protection of said lenders. This may impose upon PWE and its shareholders unnecessary of capex expenditures to arbitrarily maintain the covenant ratios.