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E. NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
NOTES PAYABLE | Notes payable is comprised of the following (in thousands):
|  | 2017 |  |  | 2016 |
Bank Debt |  |  | 359 |  |  |  | 432 |
Deferred Borrowing Costs |  | $ | (35 | ) |  | $ | (40 | )
|  | $ | 324 |  |  | $ | 392 |
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, 2017 are as follows (in thousands):
| 2018 |  |  |  | 81 |
| 2019 |  |  |  | 58 |
| 2020 |  |  |  | 55 |
| 2021 |  |  |  | 55 |
| 2022 |  |  |  | 55 |
| Thereafter |  |  |  | 55 |
|  |  |  | $ | 359 |
| Deferred borrowing costs |  |  |  | (35 | )
|  |  |  | $ | 324 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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