Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v2.4.0.8
Subsequent Events
 12 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events
Note 18 - Subsequent Events
Stock Based Compensation. Pursuant to the Company's compensation policy, a total of 96,330 shares of common stock were issued to non-employee directors on July 1, 2014.
On July 16, 2014 (effective August 15, 2014), C. Mark Brannum resigned as Vice President - General Counsel and Secretary of the Company. As a result Mr. Brannum forfeited 980,210 unvested stock options and 100,000 unvested shares of restricted stock.
Subsequent to the fiscal year ended June 30, 2014, 266,666 stock options were exercised resulting in the issuance of 203,360 shares of common stock, which number is net of shares withheld to satisfy certain employee tax and exercise price obligations.
Based on the activity related to our outstanding stock options and restricted stock after June 30, 2014, the Company had 819,323 shares, including forfeited shares, available for future issuance.
Line of Credit. On September 17, 2014, NP entered into a senior secured $8.0 million revolving line of credit note (the "LCN") with West Texas State Bank. The LCN will mature on September 30, 2015. The LCN is subject to quarterly floating interest payments based on the Prime Rate (currently approximately 3.25%) and a floor rate of 3.25%. The LCN is secured by substantially all of NP's assets including a first lien on NP's oil and gas leases from the surface to the top of the Bakken, but excluding any rights to assets within or below the Bakken. MPC provided a guarantee of the LCN secured by a pledge of its membership interest in NP. MPC and NP are subject to certain customary restrictive covenants under the terms of this loan.