NOTES PAYABLE

12 Months Ended

Dec. 31, 2014

NOTES PAYABLE

NOTES PAYABLE

8 NOTES PAYABLE

Notes payable consisted of the following as of December 31, 2014 and 2013, respectively:

Description	InterestRate			Maturity	December 31,2014		December31, 2013
Short-Term
Owl Holdings		-		-	$	3,000	$	3,000
JAZ-CEH Holdings, LLC		7.5	%	October 31, 2015		105,000		-
Accrued interest						9,489		-
Total JAZ-CEH holdings, LLC						114,489		-
Total Short term notes payable						117,489		3,000
Long-Term
JAZ-CEH Holdings, LLC		7.5	%	October 31, 2015		-		105,000
Accrued interest						-		1,532
Total Long-Term Notes Payable						-		106,532
Total Notes Payable					$	117,489	$	109,532

Owl Holdings

The note payable advanced by Owl Holdings to the Company has no interest rate and is repayable on demand.

JAZ-CEH Holdings, LLC

In October 2013, Novas Energy USA, Inc, entered into an unsecured promissory note with JAZ-CEH Holdings LLC with a face value of $105,000. The note bears interest at 7.5% per annum and matures on October 31, 2015.

Subsequent to year end, on February 20, 2015, the note to JAZ-CEH Holdings, LLC was repaid for a total amount of $115,590, including additional interest of $1,101, accrued from January 1, 2015 to the repayment date.