Segment and Geographic Reporting (Tables)

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Segment and Geographic Reporting [Abstract]

Reportable Geographic Segments

The following tables present information on the Company's reportable segments and other activities:

		Year Ended December 31, 2011
(Thousands of U.S. Dollars except per unit of production amounts)		Colombia	Argentina			Peru			All Other			Total
Oil and natural gas sales	$	543,999		48,016			-			4,176			$	596,191
Interest income		492		66			140			518				1,216
DD&A expenses		141,133		45,506			42,035			2,561				231,235
DD&A - per unit of production		26.17		49.61			-			59.48				36.39
Income (loss) before income taxes		313,516		(32,635	)		(46,249	)		(385	)			234,247
Segment capital expenditures (1)	$	202,551		36,289			36,224			52,583			$	327,647

	Year Ended December 31, 2010
(Thousands of U.S. Dollars except per unit of production amounts)	Colombia		Argentina			Peru			All Other			Total
Oil and natural gas sales	$	359,302	$	13,984		$	-		$	-		$	373,286
Interest income		460		26			-			688			1,174
DD&A expenses		133,728		29,416			40			389			163,573
DD&A - per unit of production		26.80		103.56			-			-			31.02
Income (loss) before income taxes		142,486		(27,247	)		(1,430	)		(19,403	)		94,406
Segment capital expenditures (1)	$	105,482	$	33,930		$	15,029		$	22,598		$	177,039

	Year Ended December 31, 2009
(Thousands of U.S. Dollars except per unit of production amounts)	Colombia		Argentina			Peru			All Other			Total
Oil and natural gas sales	$	248,834	$	13,795		$	-		$	-		$	262,629
Interest income		466		127			-			494			1,087
DD&A expenses		127,213		8,339			-			311			135,863
DD&A - per unit of production		29.64		24.72			-			-			29.35
Income (loss) before income taxes		55,827		(4,230	)		(396	)		(12,906	)		38,295
Segment capital expenditures (1)	$	81,364	$	4,532		$	1,606		$	622		$	88,124

(1) Net of proceeds from the farm out of a 50% interest in the Santa Victoria Block and the sale of a blow-out preventer in Argentina in 2011 (see Note 6), the Garibay overriding royalty in Colombia in 2010 (see Note 6) and the Guachiria Blocks in Colombia in 2009 (see Note 6).

Long-lived Assets by Geographical Area

During the year ended December 31, 2011, interest expense of $1.6 million was recorded in G&A in Argentina (2010 and 2009 – nil).

	As at December 31, 2011
(Thousands of U.S. Dollars)	Colombia		Argentina			Peru		All Other		Total
Property, plant and equipment	$	816,396			129,072		34,305		65,069		$	1,044,842
Goodwill		102,581			-		-		-			102,581
Other assets		269,843			34,672		9,597		165,245			479,357
Total Assets	$	1,188,820		$	163,744	$	43,902	$	230,314		$	1,626,780

	As at December 31, 2010
(Thousands of U.S. Dollars)	Colombia		Argentina		Peru		All Other		Total
Property, plant and equipment	$	654,416	$	29,031	$	28,578	$	14,999	$	727,024
Goodwill		102,581		-		-		-		102,581
Other assets		155,798		15,220		18,575		230,056		419,649
Total Assets	$	912,795	$	44,251	$	47,153	$	245,055	$	1,249,254