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Long-Term Debt | 12 Months Ended
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Dec. 31, 2014
Long-Term Debt [Abstract] |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following: (in thousands)
December 31, |  | 2014 |  |  | 2013 |
Revolving credit facility, with interest only payment until maturity. | $ | 734 |  | $ | 3,257 |
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 $10 |  | 155 |  |  | 200 |
Total long-term debt |  | 889 |  |  | 3,457 |
Less current maturities |  | (65 | ) |  | (82 | )
Long-term debt, less current maturities | $ | 824 |  | $ | 3,375 |
Future debt payments to unrelated entities as of December 31, 2014 consisted of the following: (in thousands)
|  | 2015 |  | 2016 |  | 2017 |  | Total
Bank Credit Facility | $ | - | $ | - | $ | 734 | $ | 734
Company Vehicles | $ | 65 | $ | 56 | $ | 34 | $ | 155
Total | $ | 65 | $ | 56 | $ | 768 | $ | 889
At December 31, 2014, the Company had a revolving credit facility with Prosperity Bank (formerly F&M Bank & Trust Company). 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 Companys borrowing base in effect from time to time. As of December 31, 2014, the Companys borrowing base was $14.3 million and the interest rate of prime plus 0.50% per annum. The Companys interest rate at December 31, 2014 was 3.75%, and matures on January 27, 2017. The borrowing base remains subject to the existing periodic redetermination provision in the credit facility. The credit facility is secured by substantially all of the Companys producing and non-producing oil and gas properties and the Companys Manufactured Methane facilities. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, and minimum liquidity ratios. The Company is in compliance with all of the credit facility covenants. On March 16, 2015, the Companys senior credit facility with Prosperity Bank was amended to decrease the Companys borrowing base from $14.3 million to $7.8 million and extend the term of the facility to January 27, 2017. The borrowing base remains subject to the existing periodic redetermination provisions in the credit facility. The interest rate remained prime plus 0.50% per annum. The maximum line of credit of the Company under the Prosperity Bank credit facility remained $40 million. The total borrowing by the Company under the Prosperity Bank facility at December 31, 2014 and December 31, 2013 was $734,000 and $3.3 million, respectively. The next borrowing base review will take place in July 2015.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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