Note 24 - Operating Leases and Purchase Obligations

12 Months Ended

Dec. 31, 2014

Operating Leases And Purchase Obligations [Abstract]

Operating Leases And Purchase Obligations [Text Block]

Note 24 — Operating Leases and Purchase Obligations

The Company is committed under various operating leases. Rent expense incurred for the year ended December 31, 2014, 2013 and 2012 was approximately $3.9 million, $2.9 million and $1.2 million, respectively. See Note-18, “Standby Costs,” for drilling rig equipment expense included in the Consolidated Statements of Operations.

Minimum non-cancelable lease, purchase commitments and current liabilities as of December 31, 2014 are as follows (in thousands):

2015	$	23,889
2016		1,095
2017		1,049
2018		1,071
2019		724
Thereafter		11,265
Total minimum lease, purchase commitments and current liabilities	$	39,093

Includes operating leases for the Company's executive office in Houston, Texas (expires in 2016), the Company's branch offices in Peru (expires in 2016 and 2019) and warehouses in Peru (expires in 2038), respectively.

Includes current liabilities ($22.5 million) related to exploratory expenditures for Block Z-1 under funding by Pacific Rubiales of the exploratory expenditures in Block Z-1 incurred in 2012. This amount will be settled by the Company and Pacific Rubiales under terms of the SPA.