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Note 14 - Contingencies
 12 Months Ended
Dec. 31, 2011
Commitments and Contingencies Disclosure [Text Block]
Note 14 – Contingencies

The Company is involved in various inquiries, administrative proceedings and litigation relating to matters arising in the normal course of business.  The Company is not currently a defendant in any material litigation and is not aware of any threatened litigation that could have a material effect on the Company.  Management is not able to estimate the minimum loss to be incurred, if any, as a result of the final outcome of these matters but believes they are not likely to have a material adverse effect upon the Company’s financial position or results of operations and, accordingly, no provision for loss has been recorded.

In connection with the transfer of the Ante5 assets to us, we assumed certain liabilities of Ante4 relating to the previous WPT business. We also agreed to indemnify Ante4 and related individuals from (a) liabilities and expenses relating to operations of Ante4 prior to the effective date of the merger between Ante4, Inc. and Plains Energy Investments, Inc., (b) operation or ownership of Ante5’s assets after the merger effective date, and (c) certain tax liabilities of Ante4.  Ante5’s obligation to indemnify Ante4 with respect to its former operations and certain tax liabilities is limited to $2.5 million in the aggregate, and terminates on or about April 15, 2012, subject to customary exceptions from this cap and time limit.  In July of 2011 the Internal Revenue Service completed an examination of federal income tax returns of Voyager Oil and Gas (Ante4) for the years ended January 3, 2010 and December 28, 2008.  As a result of the examination we reimbursed Voyager Oil and Gas for their payments of $11,417 of federal taxes and, based on the federal examination, amended state returns in California that totalled an additional $48,666 in state taxes.  In addition, we reimbursed Voyager Oil and Gas for their payments of an additional $37,903 in California payroll taxes related to an underpayment by Ante4 from 2010.

The Company periodically maintains cash balances at banks in excess of federally insured amounts.  The extent of loss, if any, to be sustained as a result of any future failure of a bank or other financial institution is not subject to estimation at this time.

The Company has recorded a contingent consideration receivable pursuant to FASB ASC 310-10-35 from the sale of substantially all of the assets of WPT Enterprises, Inc. prior to our spin-off from Ante4, Inc. on April 16, 2010.  Circumstances involving non-performance, or limited performance, by the original seller have caused us to seek monetary relief through arbitration, as pursued in February of 2011.  The potential outcome of this case is unknown at this time.