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COMMITMENTS AND CONTINGENT LIABILITIES
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Dec. 31, 2013
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| COMMITMENTS AND CONTINGENT LIABILITIES |
NOTE 10 COMMITMENTS AND CONTINGENT LIABILITIES
Standby Letters of Credit A commercial bank has issued standby letters of credit on behalf of the Company to the states of Texas and Kansas totaling $145,000 to allow the Company to do business in those states. The Company intends to renew the standby letters of credit for as long as the Company does business in those states. No amounts have been drawn under the standby letters of credit.
Operating leases The following table summarizes our future estimated lease payments for periods subsequent to December 31, 2013. The leases pertain to approximately 3,700 square feet of space for our corporate headquarters in Midland, Texas, approximately 3,700 square feet of office space for our accounting offices in Tulsa, Oklahoma and approximately 2,000 square feet of office space for our field office in Andrews, Texas. The Company incurred lease expense of $141,593 and $208,091 for the years ended December 31, 2013 and 2012, respectively. The following table reflects the future minimum lease payments under the operating lease as of December 31, 2013.
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