Atlas Resource Partners, L.P. disclosed that based on projected market conditions, continued declines in commodity prices and recent conversations with its administrative agent under its Revolving Credit Agreement, it expected that its regular semi-annual borrowing base redetermination would result in a reduction of its borrowing base under the Revolving Credit Agreement to a level below its outstanding borrowings of $676.2 million (which includes $4.2 million in letters of credit) as of March 31, 2016. Consistent with the foregoing, on June 8, 2016, the Partnership received notice from Wells Fargo Bank, National Association, as administrative agent under the Partnership's Second Amended and Restated Credit Agreement that its borrowing base had been redetermined in accordance with the Revolving Credit Agreement and reduced from $700.0 million to $530.0 million. The new borrowing base will remain in effect until it is redetermined or adjusted in accordance with the Revolving Credit Agreement. As of June 14, 2016, $673.7 million in borrowings were outstanding (which includes $4.2 million in letters of credit) under the Revolving Credit Agreement, resulting in a borrowing base deficiency of $143.7 million. The Revolving Credit Agreement provides that within 30 days after the Partnership's receipt of a notification of a borrowing base deficiency, the Partnership must elect to cure the borrowing base deficiency through any combination of the following actions: (i) repay amounts outstanding under the Revolving Credit Agreement sufficient to cure the borrowing base deficiency, either within 30 days after receipt of the borrowing base deficiency notice or in four equal monthly installments beginning on July 11, 2016; or (ii) pledge as collateral additional oil and gas properties acceptable to the administrative agent and lenders sufficient to cure the borrowing base deficiency within 60 days after receipt of the borrowing base deficiency notice.