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Segment Information | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Segment Information |
12. | SEGMENT INFORMATION
The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. The chief operating decision maker, the CEO and management review and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 2. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. Segment activity for the years ended December 31, 2014, 2013 and 2012 are as follows: (in thousands)
2014 |  | Gabon |  |  | Angola |  |  | Equatorial Guinea |  |  | USA |  |  | Corporate and Other |  |  | Total |
Revenues |  | $ | 126,322 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,369 |  |  | $ | - |  |  | $ | 127,691 |
Depreciation, depletion and amortization |  |  | 19,079 |  |  |  | 12 |  |  |  | - |  |  |  | 901 |  |  |  | 94 |  |  |  | 20,086 |
Operating income (loss) |  |  | (42,105 | ) |  |  | (3,798 | ) |  |  | (1,525 | ) |  |  | (119 | ) |  |  | (6,859 | ) |  |  | (54,406 | )
Interest income |  |  | 42 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 33 |  |  |  | 75 |
Income taxes |  |  | 22,486 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,486 |
Bad debt and other expenses |  |  | 2,400 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,400 |
Impairment of proved properties |  |  | 98,341 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 98,341 |
Additions to properties and equipment |  |  | 83,170 |  |  |  | 3,117 |  |  |  | - |  |  |  | 8 |  |  |  | 816 |  |  |  | 87,111 |
Long lived assets |  |  | 76,247 |  |  |  | 14,645 |  |  |  | 10,000 |  |  |  | 6,359 |  |  |  | 873 |  |  |  | 108,124 |
Total assets |  |  | 192,957 |  |  |  | 22,305 |  |  |  | 10,197 |  |  |  | 6,611 |  |  |  | 16,779 |  |  |  | 248,849 |
2013 |  | Gabon |  |  | Angola |  |  | Equatorial Guinea |  |  | USA |  |  | Corporate and Other |  |  | Total |
Revenues |  | $ | 167,386 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,891 |  |  | $ | - |  |  | $ | 169,277 |
Depreciation, depletion and amortization |  |  | 15,310 |  |  |  | 28 |  |  |  | - |  |  |  | 1,528 |  |  |  | 63 |  |  |  | 16,929 |
Operating income (loss) |  |  | 98,795 |  |  |  | (3,018 | ) |  |  | (768 | ) |  |  | (11,869 | ) |  |  | (5,915 | ) |  |  | 77,225 |
Interest income |  |  | 40 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 33 |  |  |  | 73 |
Income taxes |  |  | 34,115 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 34,115 |
Bad debt and other expenses |  |  | 1,764 |  |  |  | 1,562 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,326 |
Additions to properties and equipment |  |  | 53,015 |  |  |  | 629 |  |  |  | - |  |  |  | - |  |  |  | 47 |  |  |  | 53,691 |
Long lived assets |  |  | 109,597 |  |  |  | 11,540 |  |  |  | 10,000 |  |  |  | 7,235 |  |  |  | 152 |  |  |  | 138,524 |
Total assets |  |  | 256,033 |  |  |  | 12,204 |  |  |  | 10,059 |  |  |  | 9,660 |  |  |  | 20,211 |  |  |  | 308,167 |
2012 |  | Gabon |  |  | Angola |  |  | Equatorial Guinea |  |  | USA |  |  | Corporate and Other |  |  | Total |
Revenues |  | $ | 192,489 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,798 |  |  | $ | - |  |  | $ | 195,287 |
Depreciation, depletion and amortization |  |  | 15,954 |  |  |  | 28 |  |  |  | - |  |  |  | 3,872 |  |  |  | 59 |  |  |  | 19,913 |
Operating income (loss) |  |  | 147,985 |  |  |  | (3,293 | ) |  |  | (754 | ) |  |  | (48,940 | ) |  |  | (8,405 | ) |  |  | 86,593 |
Interest income |  |  | 60 |  |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | 86 |  |  |  | 145 |
Income taxes |  |  | 81,813 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 81,813 |
Bad debt and expenses |  |  | - |  |  |  | 1,621 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,621 |
Impairment of proved properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,620 |  |  |  | - |  |  |  | 7,620 |
Additions to properties and equipment |  |  | 22,731 |  |  |  | - |  |  |  | 10,000 |  |  |  | 13,558 |  |  |  | 77 |  |  |  | 46,366 |
Long lived assets |  |  | 71,225 |  |  |  | 10,938 |  |  |  | 10,000 |  |  |  | 14,279 |  |  |  | 166 |  |  |  | 106,608 |
Total assets |  |  | 190,652 |  |  |  | 11,405 |  |  |  | 10,000 |  |  |  | 17,314 |  |  |  | 38,585 |  |  |  | 267,956 |
Information about our most significant customers In Gabon, starting in the second quarter of 2014, the Company switched to an agency model to sell its crude oil. The Company contracted with a third party in order to sell, based on a fixed barrel fee, on the spot market. Prior to the second quarter in 2014, the Company sold oil under contracts with Mercuria Trading NV (“Mercuria”) beginning with the calendar year 2011. For the first quarter of 2015, the Company will also sell its oil under the agency model on the spot market.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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