Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company’s current operations are based in Nigeria, Kenya and The Gambia. Management reviews and evaluates the operations of each geographic segment separately. Operations 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).

Segment activity for the three and nine months ended September 30, 2014 and 2013 are as follows (In thousands):

	Nigeria			Kenya			The Gambia			Corporate and Other			Total
Three months ended September 30,
2014
Revenues	$	19,010		$	-		$	-		$	-		$	19,010
Operating loss	$	(37,039	)	$	(614	)	$	(341	)	$	(3,552	)	$	(41,546	)
2013
Revenues	$	21,723		$	-		$	-		$	-		$	21,723
Operating loss	$	(6,182	)	$	(426	)	$	(217	)	$	(3,576	)	$	(10,401	)
Nine months ended September 30,
2014
Revenues	$	53,844		$	-		$	-		$	-		$	53,844
Operating loss	$	(51,349	)	$	(2,689	)	$	(983	)	$	(12,479	)	$	(67,500	)
2013
Revenues	$	63,736		$	-		$	-		$	-		$	63,736
Operating loss	$	(18,406	)	$	(2,091	)	$	(653	)	$	(11,659	)	$	(32,809	)

Total assets by segment are as follows (In thousands):

	Nigeria		Kenya		The Gambia		Corporate and Other		Total
Total Assets
As of September 30, 2014	$	582,104	$	1,467	$	2,223	$	4,389	$	590,183
As of December 31, 2013	$	449,856	$	1,484	$	2,025	$	859	$	454,224