Segment Information

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014 and 2013 are as follows:

												Corporate
	Gabon		Angola			Equatorial Guinea			USA			and Other			Total
Three Months Ended September 30,
2014
Revenues	$	24,132	$	-		$	-		$	354					$	24,486
Income (loss) from operations		10,326		(1,319	)		(254	)		(100	)		(1,966	)		6,687
2013
Revenues	$	37,253	$	-		$	-		$	487		$	-		$	37,740
Income (loss) from operations		14,156		(538	)		(149	)		(4,754	)		(611	)		8,104

												Corporate
	Gabon		Angola			Equatorial Guinea			USA			and Other			Total
Nine Months Ended September 30,
2014
Revenues	$	103,507	$	-		$	-		$	1,152		$	-		$	104,659
Income (loss) from operations		49,239		(3,165	)		(591	)		(33	)		(5,580	)		39,870
2013
Revenues	$	109,482	$	-		$	-		$	1,513		$	-		$	110,995
Income (loss) from operations		59,871		(2,120	)		(604	)		(11,782	)		(4,091	)		41,274

									Corporate
Total Assets	Gabon		Angola		Equatorial Guinea		USA		and Other		Total
As of September 30, 2014	$	302,356	$	15,066	$	10,223	$	9,497	$	25,714	$	362,856
As of December 31, 2013		256,033		12,204		10,059		9,660		20,211		308,167