|6 Months Ended|
Jun. 30, 2016
|Subsequent Events [Abstract]|
|Subsequent Events [Text Block]||
12. SUBSEQUENT EVENTS
On July 28, 2016, we signed a purchase and sale agreement to acquire an additional 2.98% working interest in the Etame Marin block located offshore the Republic of Gabon from Sojitz Etame Limited (“Sojitz”), which represents the full interest owned by Sojitz in the concession. The acquisition has an effective date of August 1, 2016, and closing is expected within 90 days, subject to customary closing conditions. Payment for the acquisition is expected to be primarily funded by cash on hand. We intend to request to borrow the $5.0 million under the Additional Term Loan before December 31, 2016.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.