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Debt
6 Months Ended
Jun. 30, 2011
Debt Disclosure [Abstract]  
8) Debt
8)      Debt

At June 30, 2011, our debt consists of debt related to our oil and gas reserves, the purchase of land near our Mt. Emmons molybdenum property and debt on our multifamily housing project.  The oil and gas debt bears an interest rate of 2.70% per annum and the land debt bears an interest rate of 6.0% per annum.

The $3.0 million in oil and gas debt is for a term of six months and is due on August 18, 2011, but can be continued at our election if we remain in compliance with the covenants under the Senior Credit Facility through July 30, 2014.  Our intent is to extend this debt and therefore have classified it as a long-term liability. As of June 30, 2011, Energy One was in compliance with all the covenants under the Senior Credit Facility.

The land debt is due in three equal annual payments of $200,000 plus accrued interest. The next payment is due on January 2, 2012.

On May 5, 2011 we borrowed $10.0 million from a commercial bank.  The note is secured by the Company's multi-family property in Gillette, Wyoming.  The note has a term of five years and has an interest rate of 5.50% per annum.  The proceeds of the note are being used to facilitate our general business obligations.  The note replaces the $10.0 million line of credit that we had with the same commercial bank.  When Remington is sold, the proceeds from the sale will first be applied to the retirement of the $10.0 million debt balance and the remainder applied to general corporate overhead and project development.  Therefore, the debt is shown as a current liability in liabilities held for sale.