CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 7,047,161	$ 3,063,947
Restricted cash	215,033	46,738
Accounts receivable	22,968	32,508
Investment in associate (Petromanas)	2,549,020	7,478,799
Other prepaid expenses	569,287	302,713
Total current assets	10,403,469	10,924,705
Tangible fixed assets	118,794	132,374
Oil and gas properties (unproved)	742,361	772,855
Transaction prepayment	10,000,000	10,111,656
Total non-current assets	10,861,155	11,016,885
TOTAL ASSETS	21,264,624	21,941,590
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	691,084	447,736
Accrued expenses exploration costs	0	312,000
Other accrued expenses	125,700	332,835
Refundable deposits	1,648	0
Total current liabilities	818,432	1,092,571
Pension liabilities	142,271	142,271
Total non-current liabilities	142,271	142,271
TOTAL LIABILITIES	960,703	1,234,842
Common Stock (600,000,000 shares authorized as of June 30, 2014 and December 31, 2013, USD 0.001 par value, 172,592,292 and 172,592,292 shares, respectively, issued and outstanding)	172,592	172,592
Additional paid-in capital	78,570,284	78,527,990
Treasury stock	(102,242)	0
Retained deficit accumulated during the exploration stage	(58,375,033)	(58,044,835)
Currency translation adjustment	38,320	51,001
TOTAL SHAREHOLDERS' EQUITY	20,303,921	20,706,748
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 21,264,624	$ 21,941,590