Note 14 – Monetary Production Payment

Our monetary production payment liability, net of repayments, consisted of the following at December 31, 2014:



	December 31,
	2014		2013
Monetary production payment	$	—	$	166,667
Less: current portion		—		74,167

Long-term monetary production payment	$	—	$	92,500

During 2013, we entered into various monetary production payment arrangements (collectively, the “Monetary Production Payments”) covering the proceeds of sale from a portion of EEUK’s entitlement to production from its interests in the certain fields located in the U.K. sector of the North Sea. We issued the Monetary Production Payments in the following manner:

In March through May 2013, a total of $125 million, with an effective interest rate of 10.0%, associated with production from our interests in the Alba and Bacchus fields;

In August 2013, $25 million, with an effective interest rate of 8.75%, associated with production from our interests in the Alba and Bacchus fields; and

In December 2013, $25 million, with an effective interest rate of 9.75%, associated with production from our interests in the Rochelle field.

On September 30, 2014, we repaid the balance of the Monetary Production Payments outstanding with proceeds from the Amended Term Loan Facility. Following the repayment, the Monetary Production Payments were terminated and all of the associated liens on the collateral securing our obligations were released (see Note 12 – Debt Obligations).