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NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2014
Notes Payable {1} |
NOTES PAYABLE | NOTE E – NOTES PAYABLE Notes payable is comprised of the following (in thousands):
|  | 2014 |  |  | 2013 |
Notes payable from the acquisition of Mountaineer State Energy, Inc. |  | $ | 1,514 |  |  | $ | 1,499 |
Bank Debt |  | $ | 795 |  |  | $ | 881 |
|  | $ | 2,309 |  |  | $ | 2,380 |
Mountaineer State Energy, Inc. was acquired in 2008. As part of the purchase price the Company issued non-interesting bearing notes with the first payment being required in 2015 and the final payment due in 2032. The balance reflected above is the present value of those obligations. Bank debt represent loans from a bank to finance drilling and equipment at the Company’s oil and gas operation. The interest rate ranges from 5% to 5 ½ %. The loans are collateralized by the Company’s oil & gas leases as well as real property and equipment. Aggregate annual principal maturities of long-term debt at December 31, 2014 are as follows (in thousands):
2014 |  |  | 881 |
2015 |  |  | 263 |
2016 |  |  | 261 |
2017 |  |  | 256 |
2018 |  |  | 107 |
Thereafter |  |  | 541 |
|  | $ | 2,309 |

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