Yep, it is current. Ditto on MemberMark:) Also some other small things, they paid back about $150K I think on the loan they took out for the Tarrant Cty purchase within about a month and a half (see below). So they're paying it back pretty quickly if they keep that up.
They have the share buyback ongoing. But obviously fairly spotty with the few shares OS.
From 10Q:
As of December 31, 2007, the balance outstanding under this agreement was **$3,075,000**. The borrowing base is evaluated annually, on or about August 1. Amounts borrowed under this agreement are collateralized by the common stock of our wholly owned subsidiary and all oil and gas properties. Two letters of credit for $50,000 each, in lieu of a plugging bond covering the properties we operate, are outstanding under the facility, one with the Texas Railroad Commission and one with the State of New Mexico. Interest under this agreement is payable monthly at the prime rate (7.25% and 8.25% at December 31, 2007 and 2006, respectively). This agreement generally restricts our ability to transfer assets or control of the Company, incur debt, extend credit, change the nature of our business, substantially change management personnel or pay cash dividends. The balance outstanding on the line of credit as of February 14, 2008 was **$2,925,000**.
I put stars for the #s so you can see the paydown of debt quickly. I like to see mngmnt stay aggressive with paying down debt, also might hint at cash flows with the new wells (hopefully, but they had the cash on the balance sheet at Q end anyways so may have just reduced the cash position).
I don't mind stealing bread from the mouths of decadence... But I can't feed on the powerless when my cup's already overfilled.
-Temple of the Dog
"We didn't build this company on the sniff of an oily rag."
-Anonymous
AI
