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LEASES | 12 Months Ended
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Dec. 31, 2012
LEASES |
LEASES | NOTE F — LEASES Capital Lease Obligations The Company leases vehicles and certain specialized seismic equipment under leases classified as capital leases. The following is a schedule showing the future minimum lease payments under capital leases by years and the present value of the minimum lease payments as of December 31, 2012.
Year Ending |  |  |
December 31, |  |  |
2013 |  | $ | 2,146,272 |
2014 |  | 1,356,995 |
2015 |  | 586,123 |
2016 |  | 35,340 |
Total minimum lease payments required |  | 4,124,730 |
Less: Amount representing interest |  | (279,290 | )
Present value of minimum lease payments |  | 3,845,440 |
Less current maturities |  | (1,960,503 | )
|  | $ | 1,884,937 |
The net book value of the capital assets leased was approximately $4,957,000 and $3,604,000 as of December 31, 2012 and 2011, respectively. Total accumulated depreciation for fixed assets under capital lease with remaining obligations was approximately $5,114,466 and $3,743,000 as of December 31, 2012, and 2011, respectively. Interest rates on these leases range from 5.11% to 10.51%. Operating Lease Obligations The Company leases six offices and two warehouse facilities under operating leases that expire at various dates between April 2013 and September 2017 with two leases on a month-to-month basis. One of the office facilities, used by the Company as its corporate headquarters, is located in Plano, Texas. One of the office facilities, used by Eagle Canada, is located in Calgary, Alberta. The warehouse facilities, used as warehouse and equipment repair facilities, are located in Denison, Texas, and Calgary, Alberta. Three office facilities are used as sales offices and are located in Houston, Texas, Midland, Texas, and Oklahoma City, Oklahoma. The remaining office facility, located in Pratt, Kansas, is used as a permitting office. Rent expense for these facilities for the years ended December 31, 2012, 2011, and 2010 was approximately $700,000, $605,000, and $580,000, respectively. The following is a schedule by years of future minimum rental payments required under the operating leases as of December 31, 2012:
2013 |  | $ | 717,834 |
2014 |  | 519,082 |
2015 |  | 349,532 |
2016 |  | 245,434 |
2017 and thereafter |  | 118,924 |
Total minimum payments required |  | $ | 1,950,806 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 13 -Paragraph 16 -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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