Segment Information

3 Months Ended

Mar. 31, 2014

Segment Information

13. Segment Information

The Company’s operations are based in Nigeria, Kenya and The Gambia. Management reviews and evaluates the operations of each geographic segment separately. Segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues and expenditures are recognized at the relevant geographical location. The Company evaluates each segment based on operating income (loss).

The Company did not previously report separate segment information because management reviewed and evaluated the operations of the company as a whole. However, beginning in the first quarter 2014, pursuant to the Allied Transaction and the significant exploration activities undertaken in several of our subsidiaries, management began to evaluate the operations of each geographic segment separately.

Segment activity for the three months ended March 31, 2014 and 2013 are as follows:

	Nigeria			Kenya			The Gambia			Corporate and Other			Total
Three months ended March 31,	(In thousands)
2014
Revenues	$	19,894			-			-			-		$	19,894
Operating income (loss)	$	2,313			(1,992	)		(268	)		(4,517	)	$	(4,464	)
2013
Revenues	$	22,006			-			-			-		$	22,006
Operating income (loss)	$	(3,088	)		(654	)		(236	)		(4,051	)	$	(8,029	)
	Nigeria			Kenya			The Gambia			Corporate and Other			Total
Total Assets	(In thousands)
As of March 31, 2014	$	450,693			1,549			2,045			36,788		$	491,075
As of December 31, 2013	$	441,826			1,484			2,025			858		$	446,193