Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.0.8
Segment Information
 3 Months Ended
Mar. 31, 2014
Segment Information

8.       SEGMENT INFORMATION

The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 1.  Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations.

 

Segment activity for the three months March 31, 2014 and 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

 

Gabon

 

 

Angola

 

 

Equatorial Guinea

 

 

USA

 

 

and Other

 

 

Total

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

27,741

 

 

$

-

 

 

$

-

 

 

$

330

 

 

$

-

 

 

$

28,071

 

Income (loss) from operations

 

 

2,687

 

 

 

(1,126

)

 

 

(200

)

 

 

(63

)

 

 

(1,948

)

 

 

(650

)

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

43,655

 

 

$

-

 

 

$

-

 

 

$

482

 

 

$

-

 

 

$

44,137

 

Income (loss) from operations

 

 

30,862

 

 

 

(1,203

)

 

 

(290

)

 

 

(5,692

)

 

 

(2,174

)

 

 

21,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

Total Assets

 

Gabon

 

 

Angola

 

 

Equatorial Guinea

 

 

USA

 

 

and Other

 

 

Total

 

As of March 31, 2014

 

$

236,481

 

 

$

12,443

 

 

$

10,041

 

 

$

9,680

 

 

$

28,416

 

 

$

297,061

 

As of December 31, 2013

 

 

256,033

 

 

 

12,204

 

 

 

10,059

 

 

 

9,660

 

 

 

20,211

 

 

 

308,167