Annual report pursuant to Section 13 and 15(d)

Partner Realignment Agreement

Partner Realignment Agreement
12 Months Ended
Dec. 31, 2011
Partner Realignment Agreement [Abstract]  
Partner Realignment Agreement


On June 3, 2009, a realignment agreement was signed with a joint venture partner that originally did not participate in an appraisal well and one of the development wells in the Ebouri field, offshore Gabon. Pursuant to the realignment agreement, the joint venture partner paid its proportionate share of capital expenditures for the wells, which reduced the Company's capital expenditures by $5.7 million. In addition, the Company benefited from a $15.0 million ($6.5 million net to the Company) risk premium being paid by the partner benefiting the other joint venture partners that originally participated in those two wells which the Company received and recognized as other operating income in 2009.