some fuel switching will also occur from prb to ilb in newly scrubbed utilities located near ilb coal supply . growth in international coal import demand has resulted primarily from increased demand for thermal coal for electricity generation by emerging global economies , particularly by asian countries in the pacific market where coal is the primary fuel source for new power generation . we believe that the widening of the panama canal in 2014 should lower freight rates which would enhance coal exports to asia . in europe , domestic coal supply has declined due to reduction in domestic production as a result of the region 's declining coal reserve base and a reduction in government subsidies for coal mining , particularly in poland , germany and spain . additionally , the international atomic energy agency projects slower global growth in nuclear power capacity following the 2011 earthquake in japan and related nuclear incident . germany , in particular , has closed certain older facilities and is planning to shut down its remaining nuclear plants by 2022. coal-fired generation is expected to meet a large portion of this additional demand . we believe that the decline in domestic production in europe , coupled with an expected increase in coal-fired power generation , will result in an increase in thermal coal imports . 19 due to the location of our coal mine , we expect to continue concentrating our efforts on supplying the domestic market . we expect as more coal is exported from the ilb , the coal that remains for the domestic market will increase in value . as discussed further under “ competitive pressures ” on page nine , natural gas has increased its share as a fuel in electrical generation in recent years . yorktown distribution as previously disclosed , each time after we filed our 2011 form 10-qs for the first three quarters , we were advised by yorktown energy partners vi , l.p. , an investor for the last sixyears , that it had distributed shares of our common stock to its limited and general partners . first and second quarter distributions were 750,000 shares each and the third quarter distribution was 556,000 shares for a total of 2,056,000 shares . after the three distributions , yorktown and its affiliates collectively hold about 13 million shares of our common stock representing about 46 % of total shares outstanding . while we do not know yorktown 's ultimate strategy to realize the value of their hallador investment for their partners , we expect that over time distributions such as these will improve our liquidity and float . if and when we are advised of another yorktown distribution after this form 10-k is filed , we will timely report such on a form 8-k. our consolidated financial statements should be read in conjunction with this discussion . prospective information see page four of this report for a table that illustrates the status of our current coal contracts . story_separator_special_tag font-size : 10pt ; font-weight : bold `` > our effective tax rate for 2011 and 2010 was in the 37-39 % range and we expect such rate to be in the 32-36 % range for 2012 . 45 % ownership in savoy savoy operates almost exclusively in michigan . they have an interest in the trenton-black river play in southern michigan . they hold 200,000 gross acres ( about 100,000 net ) in hillsdale and lenawee counties . during 2011 savoy drilled 17 gross wells in this play of which 8 were dry and 9 were successful . during 2012 savoy plans on drilling 25 additional wells in the play . drilling locations in this play are identified based on the evaluation of extensive 3-d seismic shoots . savoy operates their own wells and their working interest averages between 40 and 50 % and their net revenue interest averages between 34 and 42 % . savoy 's net daily oil production currently averages about 805 barrels of oil and 340 ( mcf ) of gas . savoy has an interest in about 63 wells ( 25 net ) . loe was about $ 8 per barrel of oil . savoy 's proved reserves are stated below and also in note 5 to the financial statements . the pre-tax ( savoy is a partnership ) present value of their future cash flows discounted at 10 % ( pv10 ) was about $ 97 million . investors should note that the above numbers are to the 100 % ; our ownership in savoy is about 45 % so our share of the pv10 using sec prices would be about $ 44 million . the 2011 reserve report was prepared by netherland , sewell & associates , inc. ( nsai ) . see note 5 for the qualifications of nsai . the 2010 reserve report was prepared by timothy lovseth , our full-time geologist who has 30 years of experience in the oil and gas industry . mr. lovseth has no ownership in savoy . 23 the table below illustrates the growth in savoy over the last two years ; such unaudited amounts are to the 100 % , in other words not shown proportionate to our 45 % interest ( financial statement data in thousands ) : replace_table_token_2_th 24 critical accounting estimates and significant accounting policies we believe that the estimates of our coal reserves and our deferred tax assets and liability accounts are our only critical accounting estimates . since the carlisle mine has only been in production since february 2007 we do not have a long history to rely on . the reserve estimates are used in the dd & a calculation , in our impairment test and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated ; our dd & a expense and impairment test may be affected . furthermore , if our coal reserves are materially story_separator_special_tag some fuel switching will also occur from prb to ilb in newly scrubbed utilities located near ilb coal supply . growth in international coal import demand has resulted primarily from increased demand for thermal coal for electricity generation by emerging global economies , particularly by asian countries in the pacific market where coal is the primary fuel source for new power generation . we believe that the widening of the panama canal in 2014 should lower freight rates which would enhance coal exports to asia . in europe , domestic coal supply has declined due to reduction in domestic production as a result of the region 's declining coal reserve base and a reduction in government subsidies for coal mining , particularly in poland , germany and spain . additionally , the international atomic energy agency projects slower global growth in nuclear power capacity following the 2011 earthquake in japan and related nuclear incident . germany , in particular , has closed certain older facilities and is planning to shut down its remaining nuclear plants by 2022. coal-fired generation is expected to meet a large portion of this additional demand . we believe that the decline in domestic production in europe , coupled with an expected increase in coal-fired power generation , will result in an increase in thermal coal imports . 19 due to the location of our coal mine , we expect to continue concentrating our efforts on supplying the domestic market . we expect as more coal is exported from the ilb , the coal that remains for the domestic market will increase in value . as discussed further under “ competitive pressures ” on page nine , natural gas has increased its share as a fuel in electrical generation in recent years . yorktown distribution as previously disclosed , each time after we filed our 2011 form 10-qs for the first three quarters , we were advised by yorktown energy partners vi , l.p. , an investor for the last sixyears , that it had distributed shares of our common stock to its limited and general partners . first and second quarter distributions were 750,000 shares each and the third quarter distribution was 556,000 shares for a total of 2,056,000 shares . after the three distributions , yorktown and its affiliates collectively hold about 13 million shares of our common stock representing about 46 % of total shares outstanding . while we do not know yorktown 's ultimate strategy to realize the value of their hallador investment for their partners , we expect that over time distributions such as these will improve our liquidity and float . if and when we are advised of another yorktown distribution after this form 10-k is filed , we will timely report such on a form 8-k. our consolidated financial statements should be read in conjunction with this discussion . prospective information see page four of this report for a table that illustrates the status of our current coal contracts . story_separator_special_tag font-size : 10pt ; font-weight : bold `` > our effective tax rate for 2011 and 2010 was in the 37-39 % range and we expect such rate to be in the 32-36 % range for 2012 . 45 % ownership in savoy savoy operates almost exclusively in michigan . they have an interest in the trenton-black river play in southern michigan . they hold 200,000 gross acres ( about 100,000 net ) in hillsdale and lenawee counties . during 2011 savoy drilled 17 gross wells in this play of which 8 were dry and 9 were successful . during 2012 savoy plans on drilling 25 additional wells in the play . drilling locations in this play are identified based on the evaluation of extensive 3-d seismic shoots . savoy operates their own wells and their working interest averages between 40 and 50 % and their net revenue interest averages between 34 and 42 % . savoy 's net daily oil production currently averages about 805 barrels of oil and 340 ( mcf ) of gas . savoy has an interest in about 63 wells ( 25 net ) . loe was about $ 8 per barrel of oil . savoy 's proved reserves are stated below and also in note 5 to the financial statements . the pre-tax ( savoy is a partnership ) present value of their future cash flows discounted at 10 % ( pv10 ) was about $ 97 million . investors should note that the above numbers are to the 100 % ; our ownership in savoy is about 45 % so our share of the pv10 using sec prices would be about $ 44 million . the 2011 reserve report was prepared by netherland , sewell & associates , inc. ( nsai ) . see note 5 for the qualifications of nsai . the 2010 reserve report was prepared by timothy lovseth , our full-time geologist who has 30 years of experience in the oil and gas industry . mr. lovseth has no ownership in savoy . 23 the table below illustrates the growth in savoy over the last two years ; such unaudited amounts are to the 100 % , in other words not shown proportionate to our 45 % interest ( financial statement data in thousands ) : replace_table_token_2_th 24 critical accounting estimates and significant accounting policies we believe that the estimates of our coal reserves and our deferred tax assets and liability accounts are our only critical accounting estimates . since the carlisle mine has only been in production since february 2007 we do not have a long history to rely on . the reserve estimates are used in the dd & a calculation , in our impairment test and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated ; our dd & a expense and impairment test may be affected . furthermore , if our coal reserves are materially

liquidity and capital resources for 2011 we generated $ 61 million in cash from operations which enabled us to reduce our bank debt by $ 10 million , invest $ 24 million in the carlisle mine , buy land for about $ 9 million for the allerton project and pay a special dividend of $ 3.5 million . for 2012 we are scheduled to extinguish our bank debt in december and we anticipate our capital expenditures for the carlisle mine falling to $ 10-12 million . we expect next year 's cash from operations to be lower due to the non-recurring gain of $ 10.7 million . future cash flow from operations could be negatively impacted depending on the final outcome of our contract negotiations as discussed on page four of this report . our cash flow from operations will also be negatively impacted by payments of state and federal income taxes . 20 we do not anticipate any liquidity issues in the foreseeable future . eventually , when we develop a new reserve , we intend to incur additional debt and restructure our existing credit facility . we have no material off-balance sheet arrangements . during may 2010 we declared our first cash dividend of $ 0.10 per common share of which there were 27,782,028 outstanding . furthermore , our board approved that the dividend would also apply to the 1,150,000 outstanding rsus and to the 434,167 outstanding stock options on that date . the total cash payment for all the outstanding securities was about $ 2.9 million . during may 2011 we declared another special dividend of $ 0.12 per share . as was done last year , the dividend also applied to our outstanding rsus and stock options . the total cash payment for all the outstanding securities was about $ 3.5 million . we evaluated our cash position and capital requirements and decided to declare another special cash dividend of $ .14 per share payable in april 2012. the total payment , which also covers our outstanding rsus and options , will be about $ 4.1million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources for 2011 we generated $ 61 million in cash from operations which enabled us to reduce our bank debt by $ 10 million , invest $ 24 million in the carlisle mine , buy land for about $ 9 million for the allerton project and pay a special dividend of $ 3.5 million . for 2012 we are scheduled to extinguish our bank debt in december and we anticipate our capital expenditures for the carlisle mine falling to $ 10-12 million . we expect next year 's cash from operations to be lower due to the non-recurring gain of $ 10.7 million . future cash flow from operations could be negatively impacted depending on the final outcome of our contract negotiations as discussed on page four of this report . our cash flow from operations will also be negatively impacted by payments of state and federal income taxes . 20 we do not anticipate any liquidity issues in the foreseeable future . eventually , when we develop a new reserve , we intend to incur additional debt and restructure our existing credit facility . we have no material off-balance sheet arrangements . during may 2010 we declared our first cash dividend of $ 0.10 per common share of which there were 27,782,028 outstanding . furthermore , our board approved that the dividend would also apply to the 1,150,000 outstanding rsus and to the 434,167 outstanding stock options on that date . the total cash payment for all the outstanding securities was about $ 2.9 million . during may 2011 we declared another special dividend of $ 0.12 per share . as was done last year , the dividend also applied to our outstanding rsus and stock options . the total cash payment for all the outstanding securities was about $ 3.5 million . we evaluated our cash position and capital requirements and decided to declare another special cash dividend of $ .14 per share payable in april 2012. the total payment , which also covers our outstanding rsus and options , will be about $ 4.1million .
```    
 Suspicious Activity Report : some fuel switching will also occur from prb to ilb in newly scrubbed utilities located near ilb coal supply . growth in international coal import demand has resulted primarily from increased demand for thermal coal for electricity generation by emerging global economies , particularly by asian countries in the pacific market where coal is the primary fuel source for new power generation . we believe that the widening of the panama canal in 2014 should lower freight rates which would enhance coal exports to asia . in europe , domestic coal supply has declined due to reduction in domestic production as a result of the region 's declining coal reserve base and a reduction in government subsidies for coal mining , particularly in poland , germany and spain . additionally , the international atomic energy agency projects slower global growth in nuclear power capacity following the 2011 earthquake in japan and related nuclear incident . germany , in particular , has closed certain older facilities and is planning to shut down its remaining nuclear plants by 2022. coal-fired generation is expected to meet a large portion of this additional demand . we believe that the decline in domestic production in europe , coupled with an expected increase in coal-fired power generation , will result in an increase in thermal coal imports . 19 due to the location of our coal mine , we expect to continue concentrating our efforts on supplying the domestic market . we expect as more coal is exported from the ilb , the coal that remains for the domestic market will increase in value . as discussed further under “ competitive pressures ” on page nine , natural gas has increased its share as a fuel in electrical generation in recent years . yorktown distribution as previously disclosed , each time after we filed our 2011 form 10-qs for the first three quarters , we were advised by yorktown energy partners vi , l.p. , an investor for the last sixyears , that it had distributed shares of our common stock to its limited and general partners . first and second quarter distributions were 750,000 shares each and the third quarter distribution was 556,000 shares for a total of 2,056,000 shares . after the three distributions , yorktown and its affiliates collectively hold about 13 million shares of our common stock representing about 46 % of total shares outstanding . while we do not know yorktown 's ultimate strategy to realize the value of their hallador investment for their partners , we expect that over time distributions such as these will improve our liquidity and float . if and when we are advised of another yorktown distribution after this form 10-k is filed , we will timely report such on a form 8-k. our consolidated financial statements should be read in conjunction with this discussion . prospective information see page four of this report for a table that illustrates the status of our current coal contracts . story_separator_special_tag font-size : 10pt ; font-weight : bold `` > our effective tax rate for 2011 and 2010 was in the 37-39 % range and we expect such rate to be in the 32-36 % range for 2012 . 45 % ownership in savoy savoy operates almost exclusively in michigan . they have an interest in the trenton-black river play in southern michigan . they hold 200,000 gross acres ( about 100,000 net ) in hillsdale and lenawee counties . during 2011 savoy drilled 17 gross wells in this play of which 8 were dry and 9 were successful . during 2012 savoy plans on drilling 25 additional wells in the play . drilling locations in this play are identified based on the evaluation of extensive 3-d seismic shoots . savoy operates their own wells and their working interest averages between 40 and 50 % and their net revenue interest averages between 34 and 42 % . savoy 's net daily oil production currently averages about 805 barrels of oil and 340 ( mcf ) of gas . savoy has an interest in about 63 wells ( 25 net ) . loe was about $ 8 per barrel of oil . savoy 's proved reserves are stated below and also in note 5 to the financial statements . the pre-tax ( savoy is a partnership ) present value of their future cash flows discounted at 10 % ( pv10 ) was about $ 97 million . investors should note that the above numbers are to the 100 % ; our ownership in savoy is about 45 % so our share of the pv10 using sec prices would be about $ 44 million . the 2011 reserve report was prepared by netherland , sewell & associates , inc. ( nsai ) . see note 5 for the qualifications of nsai . the 2010 reserve report was prepared by timothy lovseth , our full-time geologist who has 30 years of experience in the oil and gas industry . mr. lovseth has no ownership in savoy . 23 the table below illustrates the growth in savoy over the last two years ; such unaudited amounts are to the 100 % , in other words not shown proportionate to our 45 % interest ( financial statement data in thousands ) : replace_table_token_2_th 24 critical accounting estimates and significant accounting policies we believe that the estimates of our coal reserves and our deferred tax assets and liability accounts are our only critical accounting estimates . since the carlisle mine has only been in production since february 2007 we do not have a long history to rely on . the reserve estimates are used in the dd & a calculation , in our impairment test and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated ; our dd & a expense and impairment test may be affected . furthermore , if our coal reserves are materially story_separator_special_tag some fuel switching will also occur from prb to ilb in newly scrubbed utilities located near ilb coal supply . growth in international coal import demand has resulted primarily from increased demand for thermal coal for electricity generation by emerging global economies , particularly by asian countries in the pacific market where coal is the primary fuel source for new power generation . we believe that the widening of the panama canal in 2014 should lower freight rates which would enhance coal exports to asia . in europe , domestic coal supply has declined due to reduction in domestic production as a result of the region 's declining coal reserve base and a reduction in government subsidies for coal mining , particularly in poland , germany and spain . additionally , the international atomic energy agency projects slower global growth in nuclear power capacity following the 2011 earthquake in japan and related nuclear incident . germany , in particular , has closed certain older facilities and is planning to shut down its remaining nuclear plants by 2022. coal-fired generation is expected to meet a large portion of this additional demand . we believe that the decline in domestic production in europe , coupled with an expected increase in coal-fired power generation , will result in an increase in thermal coal imports . 19 due to the location of our coal mine , we expect to continue concentrating our efforts on supplying the domestic market . we expect as more coal is exported from the ilb , the coal that remains for the domestic market will increase in value . as discussed further under “ competitive pressures ” on page nine , natural gas has increased its share as a fuel in electrical generation in recent years . yorktown distribution as previously disclosed , each time after we filed our 2011 form 10-qs for the first three quarters , we were advised by yorktown energy partners vi , l.p. , an investor for the last sixyears , that it had distributed shares of our common stock to its limited and general partners . first and second quarter distributions were 750,000 shares each and the third quarter distribution was 556,000 shares for a total of 2,056,000 shares . after the three distributions , yorktown and its affiliates collectively hold about 13 million shares of our common stock representing about 46 % of total shares outstanding . while we do not know yorktown 's ultimate strategy to realize the value of their hallador investment for their partners , we expect that over time distributions such as these will improve our liquidity and float . if and when we are advised of another yorktown distribution after this form 10-k is filed , we will timely report such on a form 8-k. our consolidated financial statements should be read in conjunction with this discussion . prospective information see page four of this report for a table that illustrates the status of our current coal contracts . story_separator_special_tag font-size : 10pt ; font-weight : bold `` > our effective tax rate for 2011 and 2010 was in the 37-39 % range and we expect such rate to be in the 32-36 % range for 2012 . 45 % ownership in savoy savoy operates almost exclusively in michigan . they have an interest in the trenton-black river play in southern michigan . they hold 200,000 gross acres ( about 100,000 net ) in hillsdale and lenawee counties . during 2011 savoy drilled 17 gross wells in this play of which 8 were dry and 9 were successful . during 2012 savoy plans on drilling 25 additional wells in the play . drilling locations in this play are identified based on the evaluation of extensive 3-d seismic shoots . savoy operates their own wells and their working interest averages between 40 and 50 % and their net revenue interest averages between 34 and 42 % . savoy 's net daily oil production currently averages about 805 barrels of oil and 340 ( mcf ) of gas . savoy has an interest in about 63 wells ( 25 net ) . loe was about $ 8 per barrel of oil . savoy 's proved reserves are stated below and also in note 5 to the financial statements . the pre-tax ( savoy is a partnership ) present value of their future cash flows discounted at 10 % ( pv10 ) was about $ 97 million . investors should note that the above numbers are to the 100 % ; our ownership in savoy is about 45 % so our share of the pv10 using sec prices would be about $ 44 million . the 2011 reserve report was prepared by netherland , sewell & associates , inc. ( nsai ) . see note 5 for the qualifications of nsai . the 2010 reserve report was prepared by timothy lovseth , our full-time geologist who has 30 years of experience in the oil and gas industry . mr. lovseth has no ownership in savoy . 23 the table below illustrates the growth in savoy over the last two years ; such unaudited amounts are to the 100 % , in other words not shown proportionate to our 45 % interest ( financial statement data in thousands ) : replace_table_token_2_th 24 critical accounting estimates and significant accounting policies we believe that the estimates of our coal reserves and our deferred tax assets and liability accounts are our only critical accounting estimates . since the carlisle mine has only been in production since february 2007 we do not have a long history to rely on . the reserve estimates are used in the dd & a calculation , in our impairment test and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated ; our dd & a expense and impairment test may be affected . furthermore , if our coal reserves are materially

