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Debt | 9 Months Ended
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Sep. 30, 2012
Debt [Abstract] |
Debt | 8) Debt At September 30, 2012, total debt in the amount of $18.1 million consists of $9.7 million in debt on our multifamily housing project, $8.0 million in debt from our reserve based senior credit facility and $400,000 in debt related to the purchase of land near our Mt. Emmons molybdenum property. On May 5, 2011 we borrowed $10.0 million from a commercial bank against Remington Village. At September 30, 2012, the balance due on this note is $9.7 million. The note is collateralized by the Company's multi-family property in Gillette, Wyoming. The note is amortized over 20 years with a balloon payment at the end of five years with an interest rate of 5.50% per annum. Proceeds of the note were used to fund general business obligations. When Remington is sold, the proceeds from the sale will first be applied to the retirement of the debt and the remainder applied to general corporate overhead and project development. Therefore, the debt is included in current liabilities held for sale. On May 1, 2012, we borrowed $5.0 million under our reserve based senior credit facility to fund our oil and gas programs. On September 13, 2012 we borrowed an additional $3.0 million under our reserve based senior credit facility. Each borrowing under the senior credit facility has a term of six months, but can be continued at our election through July 2014 if we remain in compliance with the covenants under the facility. Our intent is to extend this debt and therefore we have classified it as a long-term liability. The current interest rate on this debt is 2.98%. As of September 30, 2012, Energy One was in compliance with all the covenants under the senior credit facility. The land debt of $400,000 bears an interest rate of 6.0% per annum and is due in two equal annual payments of $200,000 plus accrued interest. The next payment is due on January 2, 2013.

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- Definition The entire disclosure for long-term debt. + 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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