Effective as of June 30, 2019, Dawson Geophysical Company entered into an amendment to the amended and restated loan and security agreement for the purpose of amending and extending the company's line of credit with its lender, Veritex Community Bank, a Texas state bank (“Veritex Bank”). The amended loan agreement continues to provide for a revolving credit facility in an amount up to the lesser of $20,000,000 or a sum equal to the 80% of the Company's eligible accounts receivable (less the outstanding principal balance of term loans and letters of credit under the Amended Loan Agreement) and the lesser of 50% of the value of certain of the Company's core equipment or $12,500,000. As of June 30, 2019, the company has not borrowed any amounts under the Revolving Credit Facility. The Revolving Credit Facility now matures on September 30, 2019, which date was extended in the Amended Loan Agreement from a previous maturity of June 30, 2019. The company and Veritex Bank have mutually agreed to use commercially reasonable efforts to extend the Revolving Credit Facility, in accordance with past practice, for a period of two years from the date of the Amendment. The company continues to be obligated to meet certain financial covenants quarterly, including maintaining a minimum tangible net worth. The Amended Loan Agreement now provides that the Company will maintain a required tangible net worth of not less than $75,000,000. The remaining terms and conditions of the Amended Loan Agreement generally continue in the form existing prior to the Amendment.

Effective as of June 30, 2019, Wayne A. Whitener, Executive Vice Chairman of the company, retired from his position as an officer and employee of the Company and resigned from the Company's board of directors (the “Board”).