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Long-Term Debt | 12 Months Ended
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Dec. 31, 2012
Long-Term Debt [Abstract] |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following: (in thousands)
December 31, |  | 2012 |  |  | 2011 |
Note payable to a financial institution, with interest only payment until maturity. | $ | 10,138 |  | $ | 11,531 |
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum |  |  |  |  |  |
collateralized by vehicles with monthly payments including interest, insurance and |  |  |  |  |  |
maintenance of approximately $20,000 |  | 208 |  |  | 266 |
Total long-term debt |  | 10,346 |  |  | 11,797 |
Less current maturities |  | (100 | ) |  | (103 | )
Long-term debt, less current maturities | $ | 10,246 |  | $ | 11,694 |
Future debt payments to unrelated entities as of December 31, 2012 consisted of the following: (in thousands)
Year |  | Bank Credit Facility |  | Company Vehicles
2013 | $ | - | $ | 100
2014 | $ | - | $ | 83
2015 | $ | 10,138 | $ | 25
The bank credit facility payment is based on a maturity date of January 27, 2015. At December 31, 2012, the Company had a revolving credit facility with F&M Bank & Trust Company ("F&M Bank"). Under the credit facility, loans and letters of credit are available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $40 million or the Company's borrowing base in effect from time to time. As of December 31, 2012, the Company's borrowing base was $21.5 million. The borrowing base was reduced to $20.5 million with the March 6, 2013 amendment to the credit agreement. The credit facility is secured by substantially all of the Company's producing and non-producing oil and gas properties and pipeline and the Company's Methane Project assets. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, minimum liquidity, and general and administrative coverage ratios. The Company is in compliance with all covenants. On March 14, 2012, the Company's senior credit facility with F&M Bank after F&M Bank's semiannual review of the Company's then owned producing properties was amended to increase the Company's borrowing base from $20 million to $23 million and extend the term of the facility to January 27, 2014. The interest rate remained the greater of prime plus 0.25% or 5.25% per annum. The Company's interest rate at December 31, 2012 was 5.25%. On September 12, 2012, the Company's senior credit facility with F&M Bank after F&M Bank's semiannual review of the Company's then owned producing properties was amended to decrease the Company's borrowing base from $23 million to $21.5 million. The term of the facility and interest rate remained unchanged. On January 31, 2013, the Company's senior credit facility with F&M Bank was amended to revise the "Change in Control" definition. No other changes were made to the credit facility. On March 6, 2013, the Company's senior credit facility with F&M Bank after F&M Bank's semiannual review of the Company's then owned producing properties was amended to reduce the Company's borrowing base from $21.5 million to $20.5 million and extend the term of the facility to January 27, 2015. The interest rate remained the greater of prime plus 0.25% or 5.25% per annum. The total borrowing by the Company under the facility at December 31, 2012 and December 31, 2011 was $10.1 million and $11.5 million, respectively. The next borrowing base review will take place in June 2013.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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