Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.1.9
Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
Segment Information

9.

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 2 of the financial statements included in the Company’s Form 10-K for the year ended December 31, 2014. 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 ended March 31, 2015 and 2014 and segment assets as of March 31, 2015 and December 31, 2014 are as follows:

 

2015

 

Gabon

 

 

Angola

 

 

Equatorial

Guinea

 

 

USA

 

 

Corporate

and Other

 

 

Total

 

Revenues

 

$

18,100

 

 

$

-

 

 

$

-

 

 

$

139

 

 

$

-

 

 

$

18,239

 

Operating income (loss)

 

 

(4,546

)

 

 

(27,866

)

 

 

(239

)

 

 

248

 

 

 

(2,875

)

 

 

(35,278

)

 

 

Total Assets

 

Gabon

 

 

Angola

 

 

Equatorial

Guinea

 

 

USA

 

 

Corporate

and Other

 

 

Total

 

As of March 31, 2015

 

$

191,202

 

 

$

19,433

 

 

$

10,315

 

 

$

6,606

 

 

$

13,074

 

 

$

240,630

 

As of December 31, 2014

 

 

192,957

 

 

 

22,305

 

 

 

10,197

 

 

 

6,611

 

 

 

16,779

 

 

 

248,849