Financial Restructuring and Elimination of Going Concern Assumption	12 Months Ended
Dec. 31, 2016
Financial Restructuring And Elimination Of Going Concern Assumption [Abstract]
Financial Restructuring and Elimination of Going Concern Assumption	2. Financial Restructuring and Elimination of Going Concern Assumption During 2016, we focused on several transactions to deleverage our balance sheet, repay our defaulted senior credit facility (the “Senior Credit Facility”) with BNP Paribas (Suisse) SA (“BNP”) and the International Finance Corporation (“IFC”) (see Note 9, “Loans Payable”), obtain new debt financing (see Note 9, “Loans Payable”), raise cash from asset sales (see Notes 17 & 18, “Assets and liabilities held for sale and discontinued operations” and “Subsequent events”, respectively) and refinance our 13.0% Senior Convertible Notes due 2017 (the “2017 Notes”) (see Note 5, “Series A Preferred Shares”). At December 31, 2015, we had $55.0 million in long-term debt, $35.5 million in short-term, $5.7 million in cash and a $24.5 million working capital deficit (excluding assets and liabilities held for sale). In addition, we had a $15.5 million borrowing base deficiency under the Senior Credit Facility, and we not in compliance with the current ratio financial covenant in the Senior Credit Facility. As of December 31, 2016, we had reduced our long-term debt to $3.8 million and our short-term debt to $38.2 million, increased our cash to $10.0 million and reduced our working capital deficit to $17.3 million (excluding assets and liabilities held for sale). Subsequent to year end, on February 24, 2017, we closed the sale of our ownership interests in our subsidiary Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”) for gross proceeds of $20.9 million, and approximate net cash proceeds of $16.3 million. The purchase price is subject to post-closing adjustments, and we agreed to escrow $3.1 million of the purchase price for 30 days to satisfy any agreed upon purchase price adjustments. We used $2.7 million of the net proceeds to repay short-term debt (see Note 18, “Subsequent events”). As a result of these transactions, we no longer believe there is substantial doubt about our ability to continue as a going concern, and we have eliminated the going concern assumption in our consolidated financial statements. Based on current forecasted oil prices for 2017 and beyond, we believe that our cash flows from operations and existing cash on hand are sufficient to conduct our planned operations and meet our contractual requirements, including license obligations through March 31, 2018.

2. Financial Restructuring and Elimination of Going Concern Assumption

During 2016, we focused on several transactions to deleverage our balance sheet, repay our defaulted senior credit facility (the “Senior Credit Facility”) with BNP Paribas (Suisse) SA (“BNP”) and the International Finance Corporation (“IFC”) (see Note 9, “Loans Payable”), obtain new debt financing (see Note 9, “Loans Payable”), raise cash from asset sales (see Notes 17 & 18, “Assets and liabilities held for sale and discontinued operations” and “Subsequent events”, respectively) and refinance our 13.0% Senior Convertible Notes due 2017 (the “2017 Notes”) (see Note 5, “Series A Preferred Shares”).

At December 31, 2015, we had $55.0 million in long-term debt, $35.5 million in short-term, $5.7 million in cash and a $24.5 million working capital deficit (excluding assets and liabilities held for sale). In addition, we had a $15.5 million borrowing base deficiency under the Senior Credit Facility, and we not in compliance with the current ratio financial covenant in the Senior Credit Facility.

As of December 31, 2016, we had reduced our long-term debt to $3.8 million and our short-term debt to $38.2 million, increased our cash to $10.0 million and reduced our working capital deficit to $17.3 million (excluding assets and liabilities held for sale).

Subsequent to year end, on February 24, 2017, we closed the sale of our ownership interests in our subsidiary Thrace Basin Natural Gas (Turkiye) Corporation (“TBNG”) for gross proceeds of $20.9 million, and approximate net cash proceeds of $16.3 million. The purchase price is subject to post-closing adjustments, and we agreed to escrow $3.1 million of the purchase price for 30 days to satisfy any agreed upon purchase price adjustments. We used $2.7 million of the net proceeds to repay short-term debt (see Note 18, “Subsequent events”).

As a result of these transactions, we no longer believe there is substantial doubt about our ability to continue as a going concern, and we have eliminated the going concern assumption in our consolidated financial statements. Based on current forecasted oil prices for 2017 and beyond, we believe that our cash flows from operations and existing cash on hand are sufficient to conduct our planned operations and meet our contractual requirements, including license obligations through March 31, 2018.