Subsequent Events (Unaudited)

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events (Unaudited)

NOTE 18. SUBSEQUENT EVENTS (UNAUDITED)

In January 2017, we consummated a follow–on debt exchange transaction with certain of the Holders whereby we issued an aggregate principal amount of $139.2 million in additional second lien notes due 2023 in exchange for $137.8 million aggregate principal amount of the 2019 Notes and $60.0 million aggregate principal amount of the 2024 Notes held by the Holders.  

In February 2017, we received a letter from the Department of Justice (“DOJ”) advising us that the DOJ has closed its investigation into our operations in Angola.  This formally concluded the DOJ investigation, which was the last investigation by any U.S. regulatory agency into our Angolan operations.  No regulatory action has been taken against us as a result of these investigations.  

In March 2017, the SEC informed us by telephone that it had initiated an informal inquiry regarding the Company related to the Sonangol Research and Technology Center (the “Technology Center”).  As background, in December 2011, we executed the Block 20 Production Sharing Contract under which we and BP Exploration Angola (Kwanza Benguela) Limited are required to make certain social contributions to Sonangol, including for the Technology Center.  In March 2017, we also received a voluntary request for information regarding such inquiry.  We believe our activities in Angola have complied with all applicable laws, including the Foreign Corrupt Practices Act, and we will cooperate with the SEC’s inquiry.

We evaluated subsequent events for appropriate accounting and disclosure through the date these consolidated financial statements were issued and determined that there were no other material items that required recognition or disclosure in our consolidated financial statements.