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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Taxes [Abstract]  
Income Taxes

Note 6 – Income Taxes 

 

Our U.S. operations are taxed at a statutory rate of 35%.  However, we currently do not record tax benefits due to losses in the U.S. as there is no assurance that we will generate any U.S. taxable earnings, resulting in a full valuation allowance of all deferred tax assets generated.

 

Our income tax expense relates primarily to our operations in the U.K. which are taxed at a statutory rate of 62% plus an additional Petroleum Revenue Tax on our Alba field.  The current tax expense is related to Petroleum Revenue Tax on our Alba field.