I'm just an amateur in these things, but the way I read it:

A deal at Big Chunk depended on the Alaska vote. Now that the vote has passed the fees on the claims are due and the deal has not yet been signed.

The loan is to pay the fees on the claims so we don't lose them. It's purpose is to help the company stay afloat while they try to do a deal in Alaska, and wait for results from NPSP.

According to recent communications from Tracy the drilling did occur at NPSP and we're waiting for Xstate to release results.