SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 12—SUBSEQUENT EVENTS

In March 2013, the Company entered into a settlement agreement with SK Innovation, operator of the 345,452 acre CPO 4 prospect in Colombia, pursuant to which the Company assigned to SK Innovation its 37.5% interest in the prospect and each party provided mutual releases of all rights and obligations relating to the prospect, including any obligation on our part relating to past and future funding obligations.

In March 2013, our board of directors approved an amendment to our Certificate of Incorporation to increase the authorized shares of common stock from 100,000,000 shares to 150,000,000 shares.  The amendment to the Certificate of Incorporation is subject to approval by our shareholders.

In March 2013, our board of directors approved an amendment to our 2008 Equity Incentive Plan to increase the shares reserved thereunder to 6,000,000 shares. The amendment to the plan is subject to approval by our shareholders.