Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

18.         Subsequent Events

a)  ILDE Transaction

On November 21, 2011, the Company completed a private placement transaction with The Israel Land Development Company – Energy Ltd. (“ILDE”) and entered into certain other agreements in connection therewith (the “ILDE Transaction”).

In connection with the ILDE Transaction, The Company and ILDE entered into a Securities Purchase and Exchange Agreement, pursuant to which the Company has agreed, upon receiving stockholder approval to (a) issue ILDE 32,740,479 shares of Common Stock of the Company and 16,466,639 Warrants to purchase shares of the Company's Common Stock at $0.30 in exchange for 28,402,262 ordinary shares of ILDE and (b) grant ILDE the right, exercisable in whole or in part through July 31, 2012 to purchase 16,466,639 Units, each Unit consisting of one share of the Company's Common Stock at $0.24 and one Warrant to purchase shares of the Company's Common Stock at $0.30.

On February 10, 2012, the Company received stockholder approval to the ILDE Transaction and it is expected to close on or before March 29, 2012.  The Company agreed to issue 1,975,996 additional Warrants to purchase Common Stock to the placement agent.  Moreover, under the Securities Purchase and Exchange Agreement, ILDE is entitled to up to a 50% participation right in the total of any issuances during the period from November 21, 2011 to May 1, 2012.

b)  Private Placement

On March 2, 2012, the Company completed a private placement offering and issued 2,500,000 Units at a price of $0.25 per Unit for gross proceeds of $625,000.  Each Unit consists of one share of the Company's Common Stock and one Warrant to purchase one additional share of Common Stock of the Company at an exercise price of $0.32 until March 2, 2014.