FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial assets 2014 (in USD)	Level 1	Level 2	Level 3
Investment in associate (Petromanas)	2,549,020	-	-
Total	2,549,020	-	-

Financial assets 2013 (in USD)	Level 1	Level 2	Level 3
Investment in associate (Petromanas)	7,478,799	-	-
Total	7,478,799	-	-

Schedule of Fair Value, by Balance Sheet Grouping [Table Text Block]

	June 30, 2014		Dec 31, 2013		Fair Value
	Carrying	Fair Value	Carrying	Fair Value	Levels	Reference
	Amount		Amount
Cash and cash equivalents	7,047,161	7,047,161	3,063,947	3,063,947	1	Note 4
Restricted cash	215,033	215,033	46,738	46,738	1
Transaction prepayment	10,000,000	10,000,000	10,111,656	10,111,656	1	Note 5
Accounts receivable	22,968	22,968	32,508	32,508	1
Investment in Petromanas	2,549,020	2,549,020	7,478,799	7,478,799	1	Note 11
Accounts Payable	691,084	691,084	447,736	447,736	1