Note 6 - Note Receivable

12 Months Ended

Sep. 30, 2013

Notes

Note 6 - Note Receivable:

NOTE 6 – NOTE RECEIVABLE:

We had a $1,350,000 note receivable as a portion of the consideration received from the sale of Timberline Drilling in November 2011 (see Note 14).  The note receivable was unsecured and subordinated and bore interest at 10% per annum, payable monthly, with the principal to be repaid on or before May 9, 2013.  The note receivable was fully repaid on April 19, 2013.

The following table summarizes activity in the Company’s note receivable for the years ended September 30, 2013 and 2012:

	2013		2012
Beginning balance	$	1,350,000	$	-
Note receivable acquired		-		1,350,000
Payment received on note receivable		(1,350,000)		-
Ending balance	$	-	$	1,350,000

We recorded interest income on this note of $66,164 and $120,945 for the years ended September 30, 2013 and 2012, respectively.