XML 71 R12.htm IDEA: XBRL DOCUMENT

Notes Receivable Related Party	12 Months Ended
Dec. 31, 2014
Receivables [Abstract]
Notes Receivable Related Party	(5) NOTES RECEIVABLE – RELATED PARTY In March 2013, we entered into a new loan agreement (the “Global 2013 Note”) with Global to refinance the outstanding $5 million Global Note Receivable and the $12 million Global Loan into one $17 million note. The Global 2013 Note extended the maturity date to June 15, 2015 and initially increased the interest rate from 12.5% to 12.75%. During September 2014, pursuant to provisions of the Global 2013 Note agreement, the interest rate charged was increased from 12.75% up to 13.5% due to Global’s nonconformity with performance conditions as of June 30, 2014. This new stated interest rate was to remain in effect until the maturity of the loan agreement. Beginning June 30, 2014, the Global 2013 Note was classified as a current asset because all quarterly payments on the Global 2013 Note had been received in accordance with the stated repayment terms, and we believed the remaining payments would also be made as scheduled. In December 2014, Global announced it had completed the sale of its rights and obligations for its contract areas within the Llanos Basin. Global used a portion of the net sale proceeds to repay the Global 2013 Note. We received $7.5 million in outstanding principal, $225 thousand in prepayment penalty, $200 thousand in accrued interest and recognized the remaining $47 thousand of unamortized origination fees. During the years ended December 31, 2014 and 2013, we received interest payments from Global of approximately $1.2 million and $2 million, respectively and recognized deferred origination fees of $177 thousand and $282 thousand, respectively.

Notes Receivable Related Party

12 Months Ended

Dec. 31, 2014

(5) NOTES RECEIVABLE – RELATED PARTY

In March 2013, we entered into a new loan agreement (the “Global 2013 Note”) with Global to refinance the outstanding $5 million Global Note Receivable and the $12 million Global Loan into one $17 million note. The Global 2013 Note extended the maturity date to June 15, 2015 and initially increased the interest rate from 12.5% to 12.75%. During September 2014, pursuant to provisions of the Global 2013 Note agreement, the interest rate charged was increased from 12.75% up to 13.5% due to Global’s nonconformity with performance conditions as of June 30, 2014. This new stated interest rate was to remain in effect until the maturity of the loan agreement. Beginning June 30, 2014, the Global 2013 Note was classified as a current asset because all quarterly payments on the Global 2013 Note had been received in accordance with the stated repayment terms, and we believed the remaining payments would also be made as scheduled.

In December 2014, Global announced it had completed the sale of its rights and obligations for its contract areas within the Llanos Basin. Global used a portion of the net sale proceeds to repay the Global 2013 Note. We received $7.5 million in outstanding principal, $225 thousand in prepayment penalty, $200 thousand in accrued interest and recognized the remaining $47 thousand of unamortized origination fees.

During the years ended December 31, 2014 and 2013, we received interest payments from Global of approximately $1.2 million and $2 million, respectively and recognized deferred origination fees of $177 thousand and $282 thousand, respectively.