26. Supplemental Oil and Gas Information (Unaudited)

12 Months Ended

Dec. 31, 2012

Extractive Industries [Abstract]

Supplemental Oil and Gas Information (Unaudited)

Supplemental Oil and Gas Information (Unaudited)

The following supplemental information regarding our oil and gas activities is presented pursuant to the disclosure requirements promulgated by the SEC and the FASB.

Estimated Quantities of Proved Oil and Gas Reserves (Unaudited)

Reported proved reserves and future net cash flows estimates for our U.S. Gulf of Mexico oil and natural gas properties were determined to be uneconomical during 2012.  In addition, on November 6, 2012, we announced that BDEX entered into the Indonesia SPA with Blue Sky for the disposal of Indonesia. Our interests associated with Indonesia were discontinued in 2012. As a result, no reserve reports were prepared as of December 31, 2012.

Estimates of our future net recoverable oil and natural gas as of December 31, 2011 were prepared by independent petroleum engineering consulting firms. Estimated proved net recoverable reserves included only those quantities that were expected to be commercially recoverable. Estimated reserves for the twelve months ended December 31, 2011 were computed using benchmark prices based on the unweighted arithmetic average of the first-day-of-the-month prices for oil and natural gas during each month of 2011, as required by SEC Release No. 33-8995, “Modernization of Oil and Gas Reporting,” effective December 31, 2009. Costs were estimated using costs in effect at the balance sheet dates under existing regulatory practices and with conventional equipment and operating methods. The reserves reflected for the twelve months ended December 31, 2011 included oil and gas interests in both the North Sumatra Basin offshore Indonesia and U.S. Gulf of Mexico.

Proved reserves are estimated quantities of gas, crude oil, and condensate that geological and engineering data demonstrate, with reasonable certainty, are recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Proved reserves cannot be measured exactly because the estimation of reserves involves numerous judgmental determinations. Accordingly, reserve estimates must be continually revised as a result of new information obtained from drilling and production history, new geological and geophysical data and changes in economic conditions.

	Oil			Natural Gas
Quantity of Proved Oil and Gas Reserves	(Bbls)			(Mcf)
Total proved reserves at December 31, 2011		-			-
Reserves acquired		182,574			12,930
Revisions to previous estimates		(182,574	)		(12,930	)
Total proved reserves at December 31, 2012		-			-