(8) Long-Term Debt

Long-term debt to unrelated entities consisted of the following: (in thousands)


		March 31, 2012			December 31, 2011
Note payable to a financial institution, with interest only
payment until maturity.	$	13,595		$	11,531
Installment notes bearing interest at the rate of 5.5% to 8.25% per annum collateralized by vehicles with monthly payments including interest, insurance and maintenance of approximately $20,000		245			266
Total long-term debt		13,840			11,797
Less current maturities		(99	)		(103	)
Long-term debt, less current maturities	$	13,741		$	11,694

At March 31, 2012, the Company had a revolving credit facility with F&M Bank & Trust Company ("F&M Bank"). Under the credit facility, loans and letters of credit are available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $40 million or the Company's borrowing base in effect from time to time. The credit facility is secured by substantially all of the Company's producing and non-producing oil and gas properties and pipeline and the Company's Methane Project assets. The credit facility includes certain covenants with which the Company is required to comply. These covenants include leverage, interest coverage, minimum liquidity, and general and administrative coverage ratios. At March 31, 2012 and December 31, 2011, the Company was in compliance with all covenants.

On March 14, 2012, the Company's senior credit facility with F&M Bank and Trust Company, N.A. of Dallas, Texas (F&M Bank") after F&M Bank's semiannual review of the Company's currently owned producing properties was amended to increase the Company's borrowing base from $20 million to $23 million and extend the term of the facility to January 27, 2014. The interest rate remained the greater of prime plus 0.25% or 5.25% per annum (rate at March 31, 2012 was 5.25%).

The total borrowing by the Company under the F&M Bank credit facility at March 31, 2012 and December 31, 2011 was $ 13.6 million and $11.5 million, respectively. The next borrowing base review will take place in June 2012.