Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v2.4.0.8
Segment Information
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segment Information
7. SEGMENT INFORMATION

The Company’s main operations are based in Gabon, Angola, Equatorial Guinea, and in the United States. Minor activities for the Company’s United Kingdom subsidiary is included in the “Corporate and Other” column in the table. Management reviews 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. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. Segment activity for the three months and six months ended June 30, 2013 and 2012 are as follows:

 

($ thousands)    Gabon      Angola     EG     USA     Corporate
and Other 		    Total  

Three months ended June 30,

              

2013

              

Revenues

    $ 28,574       $ —        $ —        $ 544      $ —        $ 29,118   

Income from operations

      14,853         (379 )      (165 )      (1,336 )      (1,307 )      11,666   

2012

              

Revenues

    $ 57,886       $ —        $ —        $ 932      $ —        $ 58,818   

Income from operations

      45,258         (585 )      —          (3,843 )      (2,198 )      38,632   
($ thousands)    Gabon      Angola     EG     USA     Corporate
and Other		     Total  

Six months ended June 30,

              

2013

              

Revenues

    $ 72,229       $ —        $ —        $ 1,026      $ —        $ 73,255   

Income from operations

      45,717         (1,582 )      (455 )      (7,028 )      (3,482 )      33,170   

2012

              

Revenues

    $ 102,613       $ —        $ —        $ 1,491        $ 104,104   

Income from operations

      79,605         (1,199 )      —          (4,606 )      (5,061 )      68,739   

Total Assets

($ thousands)

    Gabon      Angola     EG     USA     Corporate
and Other		     Total  

As of June 30, 2013

    $ 208,545       $ 12,126      $ 10,010      $ 14,696      $ 26,846      $ 272,223   

As of December 31, 2012

      190,652         11,405        10,000        17,314        38,585        267,956