Sky Petroleum (SKPI) 10-Q 19 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document - Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'SKPI	'
Entity Registrant Name	'SKY PETROLEUM, INC.	'
Entity Central Index Key	'0001183276	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	76,133,709

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$69,076	$277,995
Other current assets	1,240	0
Total Current Assets	70,316	277,995
Investment in oil and gas properties, net	0	0
Fixed assets, net	9,535	13,575
Deposits and other assets	11,929	11,929
Total Assets	91,780	303,499
Current liabilities:	'	'
Accounts payable and accrued liabilities	1,082,370	2,004,712
Accounts payable, related party	13,950	238,344
Current portion of long term note payable	176,989	0
Accrued interest	2,959	11,704
Note payable, related party	150,000	150,000
Total Current Liabilities	1,426,268	2,404,760
Long term note payable	125,210	0
Total Liabilities	1,551,478	2,404,760
Stockholders' deficit:	'	'
Common stock, $0.001 par value, 150,000,000 shares authorized, 76,133,709 and 68,133,709 shares issued and 76,383,704 and 68,383,709 outstanding, respectively	76,134	68,134
Additional paid-in capital	43,720,569	43,316,055
Obligations due from Shareholders, related party	-225,000	0
Accumulated deficit	-52,851,401	-53,305,450
Total Stockholders' deficit:	-1,459,698	-2,101,261
Total Liabilities and Stockholders’ Deficit	91,780	303,499
Series A Preferred Stock [Member]	'	'
Stockholders' deficit:	'	'
Preferred stock	0	0
Series B Preferred Stock [Member]	'	'
Stockholders' deficit:	'	'
Preferred stock	$7,820,000	$7,820,000

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	31-May-14	Dec. 31, 2013	31-May-12	Oct. 31, 2011	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 08, 2010
						Series A Preferred Stock [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]
Preferred stock, par value	'	'	'	'	'	$0.00	$0.00	'	'	'	'
Preferred stock, shares authorized	'	'	'	'	'	10,000,000	10,000,000	5,000,000	5,000,000	'	5,000,000
Preferred stock, shares issued	'	'	'	'	'	'	'	3,863,636	3,863,636	'	'
Preferred stock, shares outstanding	'	'	'	'	'	0	0	3,863,636	3,863,636	3,863,636	'
Common stock, par value	$0.00	$0.00	$0.00	$0.00	$0.00	'	'	'	'	'	'
Common stock, shares authorized	150,000,000	'	150,000,000	'	'	'	'	'	'	'	'
Common stock, shares issued	76,133,709	'	68,133,709	'	'	'	'	'	'	'	'
Common stock, shares outstanding	76,383,704	'	68,383,709	'	'	'	'	'	'	'	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Oil revenues	$0	$0	$0	$0
Expenses:	'	'	'	'
Depreciation	1,489	2,550	4,040	5,100
Arbitration expense	0	-106,544	0	941,314
Legal and accounting	40,082	171,696	118,548	584,863
Travel	0	199,925	0	218,925
Consulting services	7,944	58,097	49,091	116,557
Impairment expense of oil & gas investment in Albania	0	0	0	10,205,220
Gain on settlement of accounts payable	-760,202	0	-760,202	0
Other general and administrative	44,217	141,470	127,574	240,868
Total expenses (income)	-666,470	467,194	-460,949	12,312,847
Net operating income (loss)	666,470	-467,194	460,949	-12,312,847
Interest expense	-3,974	0	-6,900	0
Net income (loss)	$662,496	($467,194)	$454,049	($12,312,847)
Basic earnings (loss) per share - net income	$0.01	($0.01)	$0.01	($0.18)
Diluted earnings (loss) per share - net income	$0.01	($0.01)	$0.01	($0.18)
Weighted average number of common shares outstanding: Basic	71,196,896	68,383,709	69,790,302	68,383,709
Weighted average number of common shares outstanding: Diluted	71,796,896	68,383,709	69,790,302	68,383,709

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	$454,049	($12,312,847)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation	4,040	5,100
Share based compensation	12,514	29,182
Amortization of debt discount	1,015	0
Impairment of oil & gas investment in Albania	0	10,205,220
Gain on settlement of accounts payable	-760,202	0
Changes in operating assets and liabilities:	'	'
Other current assets	-1,240	95,218
Accounts payable and accrued liabilities	-66,595	622,813
Net cash used in operating activities	-356,419	-1,355,314
Cash flows from financing activities:	'	'
Proceeds from convertible debt issuance	0	150,000
Proceeds from issuance of shares	175,000	'
Payments on debt	-27,500	0
Net cash provided by financing activities	147,500	150,000
Net decrease in cash and cash equivalents	-208,919	-1,205,314
Cash and cash equivalents at the beginning of period	277,995	1,546,058
Cash and cash equivalents at the end of period	69,076	340,744
Supplemental disclosures of cash flow information:	'	'
Total non-cash exchange of accounts payable for debt	350,000	0
Total cash paid for interest - related party	$14,630	$0

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Basis of Presentation	'
	Organization and Basis of Presentation
	The Company was organized on August 22, 2002 under the laws of the State of Nevada, as The Flower Valet. On December 20,
	2004 the Company amended its articles of incorporation to change its name to Seaside Explorations, Inc. Subsequently, on March 28, 2005 the Company changed its name to Sky Petroleum, Inc. ("Sky", "Sky Petroleum", or "Company"). The Company has four wholly-owned subsidiaries, two incorporated in Cyprus: Sastaro Limited (“Sastaro”) and Bekata Limited (Bekata”) which owns 100% of Sastaro, of which the companies relate to our Mubarek field operations, and a third Sky Petroleum (Albania) Inc., ("Sky Petroleum Albania") a Cayman Islands corporation, incorporated for the purposes of holding and operating interests in Albania. The company owns 100% of Sky Petroleum UK Limited (the "JV Sub"), incorporated in England and Wales which owns 75% of Hyde Resources Ltd. (the "JV Corporation"). The purpose of the JV Corporation is to obtain licenses and to conduct technical, environmental and exploration due diligence; raise capital and enter into one or more joint venture projects (each a “JVC Project”) for the purposes of conducting, exploration, development and commercialization of oil and gas project in an Area of Interest. The Company is engaged in the exploration and development of oil and natural gas properties of others under arrangements in which we finance the costs in exchange for interests in the oil or natural gas revenue generated by the properties. Such arrangements are commonly referred to as farm-ins to us, or farm-outs by the property owners farming out to us.
	The Company cannot be certain that its existing sources of cash will be adequate to meet our liquidity requirements. However,
	management has implemented plans to improve liquidity through slowing or stopping certain planned expenditures and
	negotiations with creditors to reduce its debt obligations. Management plans to obtain funding through equity, debt or other securities offerings. There can be no assurance that the capital raising efforts will be successful or that our results of operations will materially improve in either the short-term or long-term and accordingly, we may be unable to meet our obligations as they become due.
	Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in this Form 10- Q Quarterly Report pursuant to certain rules and regulations of the Securities and Exchange Commission ("SEC"). These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	A fundamental principle of the preparation of financial statements in accordance with generally accepted accounting principles is the assumption that an entity will continue in existence as a going concern, which contemplates continuity of operations and the realization of assets and settlement of liabilities occurring in the ordinary course of business. However, this principle is applicable to all entities except for entities in liquidation or entities for which liquidation appears imminent. In accordance with this requirement, our policy is to prepare our consolidated financial statements on a going concern basis unless we intend to liquidate or have no other alternative but to liquidate. The Company's consolidated financial statements have been prepared on a going concern basis and do not reflect any adjustments that might specifically result from the outcome of this uncertainty.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
	United States of America ("U.S. GAAP") pursuant to the rules and regulations of the SEC and stated in US dollars.
	Basis of Consolidation
	The financial statements present the consolidated accounts of the Company and its wholly owned subsidiaries, Bekata, Sastaro
	and Sky Petroleum Albania and Sky Petroleum UK Limited (which owns 75% of Hyde Resources Ltd. All intercompany account balances and transactions have been eliminated.
	Nature of Operations
	The Company's focus is on the acquisition, development and exploitation of long-lived oil and natural gas reserves and, to a lesser extent, exploration for new oil and natural gas reserves.
	Property and Equipment
	Oil and natural gas properties:
	The Company uses the full cost method of accounting for its oil and natural gas producing activities. Accordingly, all costs associated with acquisition, exploration, and development of oil and natural gas reserves, including directly related overhead costs, are capitalized. Management and service fees received under contractual arrangements, if any, are treated as reimbursement of costs, offsetting the costs incurred to provide those services.
	Depletion is provided using the units-of-production method based upon estimates of proved oil and natural gas reserves with oil
	and natural gas production being converted to a common unit of measure based upon their relative energy content. Investments
	in unproved properties and major development projects are not amortized until proved reserves associated with the projects can
	be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the carrying
	value of the assets is reduced accordingly. Once the assessment of unproved properties is complete and when major development projects are evaluated, the costs previously excluded from amortization are transferred to the full cost pool and amortization begins.
	Under the full cost method of accounting, the net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling limitation is the discounted estimated after-tax future net cash flows from proved oil and natural gas properties. In calculating future net cash flows, current prices and costs are generally held constant indefinitely. The net book value of oil and natural gas properties, less related deferred income taxes is compared to the ceiling on a quarterly and annual basis. Any excess of the net book value, less related deferred income taxes, is generally written off as an expense. Under rules and regulations of the Securities Exchange Commission ("SEC"), all or a portion of the excess above the ceiling may not be written off if, subsequent to the end of the quarter or year but prior to the release of the financial results, prices have increased sufficiently that all or a portion of such excess above the ceiling would not have existed if the increased prices were used in the calculations.
	As of June 30, 2014, the net carrying value of the Company's acquisition and development costs for oil and gas projects in
	Albania was $0.
	Sales of proved and unproved properties are accounted for as an adjustment of capitalized costs with no gain or loss recognized,
	unless such adjustments would significantly alter the relationship between capitalized costs and proved oil and natural gas reserves, in which case the gain or loss is recognized.
	Other Property and Equipment:
	Maintenance and repairs are charged to operations. Renewals and betterments are capitalized to the appropriate property and
	equipment accounts.
	Upon retirement or disposition of assets other than oil and natural gas properties, the cost and related accumulated depreciation
	are removed from the accounts with the resulting gains or losses, if any, recognized in income. Depreciation of other property and equipment is computed using the straight-line method based on the estimated useful lives of the property and equipment.
	Income Taxes
	Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.
	Undistributed earnings of the Company's foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no
	provision for U.S. federal income taxes has been provided thereon. Upon distribution of those earnings in the form of dividends
	or otherwise, the Company may be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and
	withholding taxes payable to the foreign countries.
	The Company's wholly owned subsidiaries have prepared required foreign tax returns that were due for the years ended
	December 31, 2005 through 2012. The Company has accrued approximately $33,000. This amount includes potential tax
	liabilities, penalties and interest which will be due upon filing the returns with the appropriate countries.
	Stock-Based Compensation
	The Company measures all share-based payments, including grants of employee stock options, using a fair-value based method
	in accordance with U.S. GAAP. The cost of services received in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the grant date fair value of those awards amortized over the requisite service period.
	Use of Estimates in the Preparation of Consolidated Financial Statements
	Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted
	in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Fair Value of Financial Instruments
	Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management for each period presented herein. Fair values were assumed to approximate carrying values for cash and cash equivalents, and accounts payable and accrued expenses because they are short term in nature and their carrying amounts approximate fair values.
	The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short maturity of these instruments. None of these instruments are held for trading purposes.
	U.S. GAAP establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available (Level 1). If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters (Level 2). Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the customer's creditworthiness, among other things, as well as unobservable parameters (Level 3). Any such valuation adjustments are applied consistently over time.
	Cash Equivalents
	For purposes of the consolidated statements of cash flows, the Company considers all demand deposits, money market accounts
	and certificates of deposit purchased with an original maturity of three months or less to be cash equivalents.
	Revenue Recognition
	Oil and natural gas revenues are recorded using the sales method, whereby the Company recognizes oil and natural gas revenue
	based on the amount of oil and natural gas sold to purchasers. As of June 30, 2014 and December 31, 2013, the Company
	did not have any oil or natural gas imbalances recorded. The Company does not recognize revenues until they are realized or
	realizable and earned. Revenues are considered realized or realizable and earned when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller's price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured.
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No, 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of adopting the guidance on our consolidated financial statements.

Investment_in_Oil_and_Gas_Prop

Investment in Oil and Gas Properties	6 Months Ended
	Jun. 30, 2014
Extractive Industries [Abstract]	'
Investment in Oil and Gas Properties	'
	Investment in Oil and Gas Properties
	As of June 30, 2014, the Company's investment in oil and gas properties was zero.
	On June 24, 2010, Sky entered into a Production Sharing Contract (“PSC”) with the Ministry of Economy, Trade and Energy of
	Albania, acting through the National Agency of Natural Resources of Albania (“AKBN”). The PSC grants Sky Petroleum exclusive rights to three exploration blocks (Block Four, Block Five and Block Dumre) in the Republic of Albania (the “Concession Area”). The Concession Area covered approximately 1.2 million acres, representing approximately 20% of the landmass of Albania.
	On December 23, 2011, Sky Petroleum delivered Notice of Arbitration under the Arbitration Rules of the United Nations
	Commission on Internal Trade Law to National Agency of Natural Resources and to the Ministry of Economy, Trade and Energy of Albania to institute an arbitration proceeding against the Ministry of Economy, Trade and Energy of Albania, acting by and through AKBN, for breach of the PSC in accordance with Article XXI of the PSC. The arbitration proceeding arose out of the alleged termination of the PSC in breach of the expressed termination provisions in the PSC. The Arbitration Tribunal ruled that the PSC was properly terminated. See "Commitments & Contingencies" in Note 7 to the condensed Consolidated Financial Statements for further details.
	The Company's expenditures related to the Albania exploration blocks consisted of acquisition costs totaling $50,000, and
	$700,000 for fees to consultants for locating and negotiating the Company's investment in the Albania exploration blocks,
	$415,220 for fees related to evaluations and assessments of the concession area, and $50,000 towards the $100,000 allocation
	for training and education for the first year exploration period. In addition, 3 million shares of common stock with a fair value
	of $1,170,000, plus 3,863,636 Preferred Shares Series B with a value of $7,820,000, were issued to a Consultant for expertise
	provided to the Company in acquiring and negotiating the acquisition of oil and gas properties.
	As a result of the ruling Sky Petroleum impaired Investment in Oil and Gas Properties, net, related to acquisition and
	development costs for oil and gas projects in Albania to $0, and for the year ended December 31, 2013, Sky Petroleum had an
	impairment charge of $10,205,220; and accrued a liability of $501,511 (EUR 382,774) related to liability arising from the
	obligation to reimburse AKBN for total fees and expenses in connection with the Arbitration proceeding. As of June 30, 2014, the obligation to pay AKBN remains outstanding.
	On May 18, 2005, our wholly owned subsidiary Sastaro entered into a Participation Agreement with Buttes Gas and Oil Co.
	International Inc. (which we refer to as “Buttes”), a wholly-owned subsidiary of Crescent Petroleum Company International
	Limited (which we refer to as “Crescent”) for the financing of a drilling program in the Mubarek field. The field is an offshore
	region in a concession area surrounding Abu Musa Island in the Arabian Gulf. Under the terms of the Participation Agreement,
	the Company participated in a share of the future production revenue by contributing $25 million in drilling and completion
	costs related to two wells in an off-shore oil and natural gas project in the United Arab Emirates. The operator of the drilling program, Crescent completed the first well in 2006 and the second well in 2007. As of December 31, 2009, the first well produced a total of 150,413 gross barrels, and the second well produced a total of 149,471 gross barrels. Both wells terminated production in 2009.
	On December 31, 2009, Sastaro received written notice from Buttes that Buttes unilaterally and solely determined that the
	Mubarek Field had reached the end of its economic life. Buttes also notified Sastaro that the Concession Agreement, dated
	December 29, 1969, between the His Highness Sheikh Sultan bin Mohamed Al-Qassimi III, The Ruler of Sharjah, UAE and
	Buttes with respect to the Mubarek Field was terminated. Buttes stated it handed over the Mubarek Field operations and
	facilities to representatives of His Highness Sheikh Sultan bin Mohamed Al-Qassimi III on December 28, 2009.

Bank_Guarantee

Bank Guarantee	6 Months Ended
	Jun. 30, 2014
Bank Guarantee [Abstract]	'
Restricted Cash and Bank Guarantee	'
	Bank Guarantee
	On August 10, 2011, the Company delivered a bank guarantee in the form of a letter of credit under the terms of the PSC with AKBN. In connection with the bank guarantee, Sky Petroleum made a cash deposit of $1,500,000 with Texas Citizens Bank N.A. in 2011. The cash deposit was considered restricted cash.
	The letter of credit was effective through February 22, 2013. The principal under the letter of credit would be reduced every month or three months, as agreed between AKBN and the Company during the First Exploration Period, as defined under the PSC, by an amount equal to the sum spent by the Company on its Work Program obligations, as defined under the PSC, during such month or three months, such reductions to be effected in accordance with monthly or quarterly written statements issued by AKBN to the Company. As of March 29, 2013 the letter of credit had matured and the proceeds were moved to unrestricted cash.

Stockholders_Equity

Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

'

Stockholders' Equity

'

Stockholders' Equity

Preferred Stock

We have authorized 10 million shares of $0.001 par value Preferred Stock. There were no shares of Preferred Stock outstanding as of June 30, 2014 and December 31, 2013, respectively.

On October 8, 2010, pursuant to the terms of a consulting agreement ("the Consulting Agreement"), dated May 18, 2010, as amended September 29, 2010 and October 3, 2010, by and between the Company and consultant, the Company filed a Certificate of Designation with the Secretary of State for the State of Nevada to designate 5,000,000 shares of the Company's preferred stock as shares of Series B Preferred Stock (the "Series B Preferred Shares").

The Series B Preferred Shares are participating with no preferences or voting rights, and shall not be converted by any holder, in whole or in part for a period of twelve months from the date of initial issuance. Each Series B Preferred Share is convertible into 4.4 shares of common stock of the Company, however, the shares may not be converted into more than 4.99% of beneficial ownership unless the holder waives the beneficial ownership limitation with 61 days notice.

In connection with the Series B designation and the Consultant Agreement, the Company issued 3,863,636 shares, with a fair value of $7,820,000. These shares were issued to the Consultant for expertise provided to the Company in acquiring and negotiating the acquisition of oil and gas properties in Albania. As of June 30, 2014 and December 31, 2014, 3,863,636 shares of Series B Preferred Stock were outstanding.

On June 25, 2012, the Company issued a stop order notice to its transfer agent under which the transfer agent was instructed to:

not to remove the restrictive legends from the share certificates representing the Shares; not to effect or facilitate the transfer, assignment, conveyance or sale of any of the Series B Preferred Shares; and not to effect the conversion of the Series B Preferred Stock into shares of common stock of the Company, unless the transfer agent receives the expressed written instructions of the Secretary of the Registrant. The Company has determined that consultant breached numerous terms of the Consulting Agreement and committed other actions that resulted in substantial harm and damage to the Company and its shareholders.

Common Stock and Stock Options

On July 26, 2005, the Company adopted the Sky Petroleum, Inc. Non-U.S. Stock Option Plan (the “Non-U.S. Plan”), effective as of April 1, 2005. The Non-U.S. Plan authorizes the issuance of stock options to acquire up to 10% of the Company's issued and outstanding shares of common stock.

On August 25, 2005, the Company adopted the Sky Petroleum, Inc. 2005 U.S. Stock Incentive Plan (the “U.S. Plan”). The U.S.

Plan authorizes the issuance of stock options and other awards to acquire up to a maximum of 3,321,600 shares of the Company's common stock (less the number of shares issuable upon exercise of options granted by the Company under all other stock incentive plans on the date of any grant under the U.S. Plan). The U.S. Plan provides for the grant of incentive stock options (within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended), options that are not incentive stock options, stock appreciation rights and various other stock-based grants.

On August 7, 2012, the Company granted 300,000 stock options under the Non-US Plan. The options are exercisable at $0.25 per share with vesting over the next three years and were valued at $56,767.

The 2012 stock options fair value was determined using the following attributes and assumptions for each separate issuance: share prices ranging from $0.05 to $0.18, risk-free interest rates of approximately 1.55%, expected dividend yields of 0%, expected life of 4 years, and expected volatility of 207% to 291%. The Company estimates forfeitures based on historical experience.

For the three and six months ended June 30, 2014, the Company recorded $6,174 and 12,514, respectively of compensation expense based on its use of the Black Scholes model to estimate the grant-date fair value of these stock option awards. No options were granted or exercised for the three and six months ended June 30, 2014. Compensation expense is based upon straight-line amortization of the grant-date fair value over the vesting period of the underlying stock option. In accordance with U.S. GAAP, the fair value of each stock option grant was estimated on the date of the grant, using the Black-Scholes option-pricing model. As of June 30, 2014, there was approximately $37,049 unrecognized compensation expenses related to non-vested stock option agreements.

A summary of stock options outstanding as of June 30, 2014, is as follows:

Shares Underlying Options Outstanding

Shares Underlying Options Exercisable

Range of

Shares

Weighted

Weighted

Shares

Weighted

Exercise Prices

Underlying

Average

Average

Underlying

Average

Options

Remaining

Exercise

Options

Exercise

Outstanding

Contractual

Price

Exercisable

Price

Life (Years)

$

0.18

750,000

3.95

$

0.18

716,667

$

0.18

$

0.25

550,000

4.33

$

0.25

350,000

$

0.25

$

0.5

200,000

2.35

$

0.5

200,000

$

0.5

$

1.29

600,000

1.25

$

1.29

600,000

$

1.29

The aggregate intrinsic value of exercisable options as of June 30, 2014 is $0.  The aggregate intrinsic value of options outstanding as of June 30, 2014 is $0.

The following is a summary of stock option activity for the six months ended June 30, 2014:

Number

Weighted

Weighted Average

Of Shares

Average

Remaining Contract Life (Years)

Exercise Price

Balance, December 31, 2013

2,100,000

0.55

3.36

Options canceled

—

Options granted

—

Balance, June 30, 2014

2,100,000

0.55

3.11

Exercisable, June 30, 2014

1,866,667

$

0.58

2.98

Class A Units and Class A Warrants and Class B Units and Class B Warrants

In October 2011, the Company initiated subscriptions agreements for a non-brokered private placement to raise $1,000,000. Upon receipt of proceeds the Company issued 4,000,000 Class A Units at $0.25 per unit to investors. Each Class A Unit consisted of one share of common stock of the Company, par value $0.001 and one Class A Warrant. Each Class A Warrant was exercisable to acquire one Class B Unit of the Company at an exercise price of $0.35 per Class B Unit until January 20, 2013, which expired. Each Class B Unit consists of one share of common stock of the Company, par value $0.001 and one Class B Warrant. Each Class B Warrant was exercisable to acquire one common share of the Company, par value $0.001 at an exercise price of $0.60 per Class B Warrant Share until January 20, 2014, which expired. The Company received $860,000 in proceeds prior to the year ended December 31, 2011 for the offering, and received $140,000 in 2012. The Company had received all $1,000,000 in proceeds as of December 31, 2012.

In connection with the offering of the Class A Units, the Corporation issued a reservation order reserving Common Shares for

issuance as follows:

Warrant Class/

Number of Shares

Aggregate Exercise

Exercise Price

Common Stock

Price

(Reserved)

Class A Warrants

4,000,000

1,400,000

(US$0.35)

Class B Warrants

4,000,000

2,400,000

(US$0.60)

Total

8,000,000

3,800,000

In May 2012, the Company initiated subscriptions agreements for a non-brokered private placement to raise $500,000. The

Company issued 2,000,000 Class A Units at $0.25 per unit to an investor in May 2012. Each Class A Unit consisted of one share of common stock of the Company, par value $0.001 and one Class A Warrant. Each Class A Warrant was exercisable to acquire one Class B Unit of the Company at an exercise price of $0.35 per Class B Unit until May 14, 2013, which expired. Each Class B Unit consists of one share of common stock of the Company, par value $0.001 and one Class B Warrant. Each Class B Warrant is exercisable to acquire one common share of the Company, par value $0.001 at an exercise price of $0.60 per Class B Warrant Share until May 14, 2014, which expired. The Company received $500,000 in proceeds as of December 31, 2012.

In connection with the offering of the Class A Units, the Corporation issued a reservation order reserving Common Shares for

issuance as follows:

Warrant Class/

Number of Shares

Aggregate Exercise

Exercise Price

Common Stock

Price

(Reserved)

Class A Warrants

2,000,000

700,000

(US$0.35)

Class B Warrants

4,000,000

2,400,000

(US$0.60)

Total

6,000,000

3,100,000

Class D Units

In May 2014, the Company initiated subscriptions agreements for a non-brokered private placement to raise $400,000. Upon

receipt of proceeds the Company will issue up to 8,000,000 Class D Units at $0.05 per unit to investors. Each Class D Unit consists of one share of common stock of the Company, par value US$0.001 (a “Common Share”) and one Class D Warrant (each, a “Class D Warrant”). Each Class D Warrant is exercisable to acquire one common share of the Company, par value US$0.001 at an exercise price of US$0.10 per Class D Warrant Share until May 29, 2016 (the two (2) year anniversary of the Closing Date) a related party invested $325,000 in units and paid in multiple transactions. The first payment was on June 23, 2014 for $55,000. The second payment was on June 25, 2014 for $45,000. A receivable of $225,000 is due as of June 30, 2014, see Note 9, Related Party Transactions. A third payment was received on July 7, 2014 for $69,000 leaving a balance of $156,000 receivable from shareholder as of the date of this filing. Another accredited investor invested $75,000 in units and paid on June 12, 2014. As of June 30, 2014, the 8,000,000 common shares were granted to the investors.

In connection with the offering of the Class D Units, the Company issued a reservation order reserving Common Shares for issuance as follows:

Warrant Class/

Number of Shares

Aggregate Exercise

Exercise Price

Common Stock

Price

(Reserved)

Class D Warrants

8,000,000

$800,000

(US$0.10)

Total

8,000,000

$800,000

Restricted Stock

Restricted stock awards are awards of common stock that are subject to the restrictions on transfer and to a risk of forfeiture if the awardee terminates with the Company prior to the lapse of the restrictions. During the six months ended June 30, 2014, the Company issued 100,000 shares of restricted stock. The shares vest 50,000 over 90 days and 50,000 over one year. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. For the three months ended June 30, 2014 we recognized $166 of stock-based compensation expense related to restricted stock awards. As of June 30, 2014 there was approximately $5,804 of unrecognized compensation expense related to restricted stock awards.

The following table summarizes the restricted stock activity for the six months ended June 30, 2014 :

Number

Weighted

Of Shares

Average

Grant Date Fair Value Per Share

Nonvested, March 31, 2014

—

—

Granted

100,000

0.06

Vested

—

Canceled/Forfeited

—

Nonvested, June 30, 2014

100,000

0.06

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	For the three months ended June 30, 2014, the Company had net operating loss carryforwards, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At June 30, 2014, the Company has accumulated operating losses totaling approximately $60 million. The net operating loss carry forwards will begin to expire in 2020 if not utilized. The Company has recorded net operating losses in each year since its inception through June 30, 2014. Based upon all available objective evidence, including the Company’s loss history, management believes it is more likely than not that, the net deferred assets will not be fully realized. Therefore, the Company has provided a valuation allowance against its deferred tax assets at June 30, 2014.
	Undistributed earnings of the Company’s foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no provision for U.S. federal income taxes has been provided thereon. Upon distribution of those earnings in the form of dividends
	or otherwise, the Company may be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the foreign countries.
	The Company’s wholly owned subsidiaries have prepared the required foreign tax returns for the years ended December 31, 2005 through December 31, 2008. Foreign taxes have been estimated at approximately $33,000 for tax years 2005 through 2008. Management has engaged qualified firms to identify and prepare foreign tax returns for filing for the years ended December 31, 2005 through 2012. The Company believes amounts due, if any, would not be material due to changes in Cyprus tax laws during those periods, and due to net operating losses from foreign operations carried forward.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	Contingencies
	Commitments and Contingencies
	On May 7, 2013, the Arbitration Tribunal ruled that the PSC was properly terminated on November 17, 2011, and ruled Sky Petroleum to reimburse AKBN for total fees and expenses in connection with the Arbitration proceeding in the amount of EUR 382,774 ($501,511). As a result of the ruling Sky Petroleum impaired Investment in Oil and Gas Properties, net, related to acquisition and development costs for oil and gas projects in Albania to $0, and for the period ended September 30, 2013, Sky Petroleum had an impairment charge of $10,205,220; and accrued a liability of $501,511 (EUR 382,774) related to liability arising from the obligation to reimburse AKBN for total fees and expenses in connection with the Arbitration proceeding. We have not had sufficient funds to pay this award and have received demands for payment from the Tri

Note_Payable_Related_Party_Tra

Note Payable, Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Note Payable, Related Party Transactions [Abstract]	'
Note Payable, Related Party Transactions	'
	Note Payable, Related Party Transactions
	On January 8, 2013, Mark Rachovides, Director of the Company, gave proceeds in the amount of $150,000 for a convertible
	promissory note at 8% to mature on January 8, 2014. The note converts to 600,000 shares of Common Stock of the Company.
	Subsequent to the period-end, the note was extended to May 8, 2015.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	In May 2014, OceanRidge Investments S.A., a company controlled by Karim Jobanputra, the Company's Chairman and Interim Principal Executive Officer, was issued share certificates representing 6,500,000 Class D Units representing shares of common stock at US$0.05 per unit for aggregate consideration of US$325,000 in proceeds and one Class D Warrant (each, a “Class D Warrant”). Each Class D Warrant is exercisable to acquire one common share of the Company, par value US$0.001 (a “Class D Warrant Share”) at an exercise price of US$0.10 per Class D Warrant Share until May 29, 2016 (the two (2) year anniversary of the Closing Date).
	As of June 30, 2014, OceanRidge, paid the subscription price as follows: $100,000 in cash ($55,000 on June 23, 2014; $45,000 on June 25, 2014) and $225,000 was considered a receivable from shareholder.

LongTerm_Note_Payable

Long-Term Note Payable	6 Months Ended
	Jun. 30, 2014
Notes Payable [Abstract]	'
Long-Term Note Payable	'
	Long-Term Note Payable
	Effective May 15, 2014, the Company and Dorsey & Whitney LLP , ("Dorsey") entered into a Fee Settlement Arrangement to
	settle an obligation for professional fees for services rendered and for expenses and other disbursement through April 30, 2014 in an amount of $1,088,886. On the terms and subject to the conditions of this Agreement, the Company agreed to pay Dorsey an aggregate of $350,000 (the "Settlement Payment") in full satisfaction of these obligations. The Settlement Payment will be paid as follows: (a) $50,000 on or before May 30, 2014 (paid), and (b) $300,000 paid in eighteen (18) monthly installments of $16,667 beginning on September 1, 2014: provided, however, the Company will pay the balance of the settlement payment on the earlier of (i) the date the Company raises financing in the aggregate of $5,000,000 or more in one or more transactions or (ii) the date the Company closes an Acquisition Transaction. "Acquisition Transaction" means (i) any sale of equity securities or securities convertible into equity securities of the Company; (ii) any merger, consolidation, statutory share exchange or acquisition transaction involving the Company or any material subsidiary of the Company; (iii) any sale of substantially all of the assets of the Company or any material subsidiary of the Company; (iv) any similar transaction involving the issuance, cancellation or restructuring of equity securities of the Company unless, following the completion of such transaction, the then existing shareholder of Company own or control, directly or indirectly, at least 50% of the voting power or liquidation rights of Company or the successor of such merger, consolidation or statutory share exchange. This settlement resulted in the Company having a gain of $760,202 for the three and six months ended June 30, 2014.
	The debt obligation is at a 0% interest rate, management calculated the imputed interest rates at 8% which is the rate the Company is currently paying for other debt obligations. Unamortized debt discount in the amount of $20,301 is netted against the note payable and is displayed net of discount.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	Earnings Per Share
	U.S. GAAP provides for the calculation of basic and diluted earnings per share. Basic earnings per share includes no dilution and is computed by dividing income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company.
	Potential common stock shares consist of shares that may arise from outstanding dilutive common stock warrants and options (the number of which is computed using the "treasury stock method" and from outstanding convertible debentures (the number of which is computed using the "if converted method".
	Diluted EPS considers the potential dilution that could occur if the Company's outstanding common stock options, warrants, and convertible debentures were converted into common stock that then shared in the Company's earnings (as adjusted for interest expense) that would longer occur if the debentures were converted.
		Three Months Ended June 30, 2014		Three Months Ended June 30, 2013			Six Months Ended June 30, 2014		Six Months Ended June 30, 2013
	Basic earnings per share:
	Net Income	$	662,496	$	(467,194	)	$	454,049	$	(12,312,847	)
	Average number of common shares outstanding	71,196,896		68,383,709			69,790,302		68,383,709
	Basic earnings per share - net income	$0.01		($0.01)			$0.01		($0.18)
	Net Income	662,496		(467,194		)	454,049		(12,312,847		)
	Adjustment to net earnings from assumed conversion of debentures (1)	2,992		—			—		—
	Adjusted Net Income	664,932		(467,194		)	454,049		(12,312,847		)
	Average number of common share outstanding:
	Common shares outstanding	71,196,896		68,383,709			69,790,302		68,383,709
	Potential dilutive shares resulting from exercise of warrant and options (2)	—		—			—		—
	Potential dilutive shares resulting from conversion of debentures (3)	600,000		—			—		—
	Total average number of common shares outstanding used for dilution	71,796,896		68,383,709			69,790,302		68,383,709
	Diluted earnings per share - net income	$0.01		($0.01)			$0.01		($0.18)
	(1) Represents interest expense on dilutive convertible debentures that would not occurred if they were assumed converted.
	(2) All outstanding warrants and options were not considered for the EPS computation as upside down on price per share. these totaled 2,100,000 outstanding options, 8,000,000 outstanding warrants, and 100,000 in restricted stock.
	(3) Convertible debentures (principal) outstanding at the three and six months ended June 30, 2014 totaling $150,000 were convertible into common stock at a price of $0.25 per share in 2014. No potential dilutive share for each of the three and six month periods ended June 30, 2013 have been excluded from earnings per share due to being anti-dilutive

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Consolidation	'
	The financial statements present the consolidated accounts of the Company and its wholly owned subsidiaries, Bekata, Sastaro
	and Sky Petroleum Albania and Sky Petroleum UK Limited (which owns 75% of Hyde Resources Ltd. All intercompany account balances and transactions have been eliminated.
Property and Equipment	'
	Oil and natural gas properties:
	The Company uses the full cost method of accounting for its oil and natural gas producing activities. Accordingly, all costs associated with acquisition, exploration, and development of oil and natural gas reserves, including directly related overhead costs, are capitalized. Management and service fees received under contractual arrangements, if any, are treated as reimbursement of costs, offsetting the costs incurred to provide those services.
	Depletion is provided using the units-of-production method based upon estimates of proved oil and natural gas reserves with oil
	and natural gas production being converted to a common unit of measure based upon their relative energy content. Investments
	in unproved properties and major development projects are not amortized until proved reserves associated with the projects can
	be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the carrying
	value of the assets is reduced accordingly. Once the assessment of unproved properties is complete and when major development projects are evaluated, the costs previously excluded from amortization are transferred to the full cost pool and amortization begins.
	Under the full cost method of accounting, the net book value of oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling limitation is the discounted estimated after-tax future net cash flows from proved oil and natural gas properties. In calculating future net cash flows, current prices and costs are generally held constant indefinitely. The net book value of oil and natural gas properties, less related deferred income taxes is compared to the ceiling on a quarterly and annual basis. Any excess of the net book value, less related deferred income taxes, is generally written off as an expense. Under rules and regulations of the Securities Exchange Commission ("SEC"), all or a portion of the excess above the ceiling may not be written off if, subsequent to the end of the quarter or year but prior to the release of the financial results, prices have increased sufficiently that all or a portion of such excess above the ceiling would not have existed if the increased prices were used in the calculations.
	As of June 30, 2014, the net carrying value of the Company's acquisition and development costs for oil and gas projects in
	Albania was $0.
	Sales of proved and unproved properties are accounted for as an adjustment of capitalized costs with no gain or loss recognized,
	unless such adjustments would significantly alter the relationship between capitalized costs and proved oil and natural gas reserves, in which case the gain or loss is recognized.
	Other Property and Equipment:
	Maintenance and repairs are charged to operations. Renewals and betterments are capitalized to the appropriate property and
	equipment accounts.
	Upon retirement or disposition of assets other than oil and natural gas properties, the cost and related accumulated depreciation
	are removed from the accounts with the resulting gains or losses, if any, recognized in income. Depreciation of other property and equipment is computed using the straight-line method based on the estimated useful lives of the property and equipment.
Income Taxes	'
	Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.
	Undistributed earnings of the Company's foreign subsidiaries are considered to be indefinitely reinvested and, accordingly, no
	provision for U.S. federal income taxes has been provided thereon. Upon distribution of those earnings in the form of dividends
	or otherwise, the Company may be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and
	withholding taxes payable to the foreign countries.
	The Company's wholly owned subsidiaries have prepared required foreign tax returns that were due for the years ended
	December 31, 2005 through 2012. The Company has accrued approximately $33,000. This amount includes potential tax
	liabilities, penalties and interest which will be due upon filing the returns with the appropriate countries.
Stock-Based Compensation	'
	The Company measures all share-based payments, including grants of employee stock options, using a fair-value based method
	in accordance with U.S. GAAP. The cost of services received in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the grant date fair value of those awards amortized over the requisite service period.
Use of Estimates in the Preparation of Consolidated Financial Statements	'
	Preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted
	in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments	'
	Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management for each period presented herein. Fair values were assumed to approximate carrying values for cash and cash equivalents, and accounts payable and accrued expenses because they are short term in nature and their carrying amounts approximate fair values.
	The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this additional information in the notes to consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of accounts payable and accrued liabilities approximate their carrying amounts due to the relatively short maturity of these instruments. None of these instruments are held for trading purposes.
	U.S. GAAP establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. In general, fair values of financial instruments are based upon quoted market prices, where available (Level 1). If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters (Level 2). Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the customer's creditworthiness, among other things, as well as unobservable parameters (Level 3). Any such valuation adjustments are applied consistently over time.
Cash Equivalents	'
	For purposes of the consolidated statements of cash flows, the Company considers all demand deposits, money market accounts
	and certificates of deposit purchased with an original maturity of three months or less to be cash equivalents.
Revenue Recognition	'
	Oil and natural gas revenues are recorded using the sales method, whereby the Company recognizes oil and natural gas revenue
	based on the amount of oil and natural gas sold to purchasers. As of June 30, 2014 and December 31, 2013, the Company
	did not have any oil or natural gas imbalances recorded. The Company does not recognize revenues until they are realized or
	realizable and earned. Revenues are considered realized or realizable and earned when: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred or services have been rendered; (iii) the seller's price to the buyer is fixed or determinable; and (iv) collectability is reasonably assured.
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No, 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently evaluating the impact of adopting the guidance on our consolidated financial statements.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Schedule of Stock Option Outstanding	'
	A summary of stock options outstanding as of June 30, 2014, is as follows:
	Shares Underlying Options Outstanding									Shares Underlying Options Exercisable
	Range of				Shares		Weighted	Weighted		Shares	Weighted
	Exercise Prices				Underlying		Average	Average		Underlying	Average
					Options		Remaining	Exercise		Options	Exercise
					Outstanding		Contractual	Price		Exercisable	Price
							Life (Years)
	$	0.18			750,000		3.95	$	0.18	716,667	$	0.18
	$	0.25			550,000		4.33	$	0.25	350,000	$	0.25
	$	0.5			200,000		2.35	$	0.5	200,000	$	0.5
	$	1.29			600,000		1.25	$	1.29	600,000	$	1.29
Schedule of Stock Options Activity	'
	The following is a summary of stock option activity for the six months ended June 30, 2014:
		Number		Weighted		Weighted Average
		Of Shares		Average		Remaining Contract Life (Years)
				Exercise Price
	Balance, December 31, 2013	2,100,000		0.55		3.36
	Options canceled	—
	Options granted	—
	Balance, June 30, 2014	2,100,000		0.55		3.11
	Exercisable, June 30, 2014	1,866,667		$	0.58	2.98
Schedule of Warrants by Class Reserved	'
	In connection with the offering of the Class A Units, the Corporation issued a reservation order reserving Common Shares for
	issuance as follows:
	Warrant Class/	Number of Shares	Aggregate Exercise
	Exercise Price	Common Stock	Price
		(Reserved)
	Class A Warrants	2,000,000	700,000
	(US$0.35)
	Class B Warrants	4,000,000	2,400,000
	(US$0.60)
	Total	6,000,000	3,100,000
	In connection with the offering of the Class D Units, the Company issued a reservation order reserving Common Shares for issuance as follows:
	Warrant Class/	Number of Shares	Aggregate Exercise
	Exercise Price	Common Stock	Price
		(Reserved)
	Class D Warrants	8,000,000	$800,000
	(US$0.10)
	Total	8,000,000	$800,000
	In connection with the offering of the Class A Units, the Corporation issued a reservation order reserving Common Shares for
	issuance as follows:
	Warrant Class/	Number of Shares	Aggregate Exercise
	Exercise Price	Common Stock	Price
		(Reserved)
	Class A Warrants	4,000,000	1,400,000
	(US$0.35)
	Class B Warrants	4,000,000	2,400,000
	(US$0.60)
	Total	8,000,000	3,800,000
Schedule of Unvested Restricted Stock Units Roll Forward	'
	The following table summarizes the restricted stock activity for the six months ended June 30, 2014 :
		Number		Weighted
		Of Shares		Average
				Grant Date Fair Value Per Share
	Nonvested, March 31, 2014	—		—
	Granted	100,000		0.06
	Vested	—
	Canceled/Forfeited	—
	Nonvested, June 30, 2014	100,000		0.06

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted	'
	Diluted EPS considers the potential dilution that could occur if the Company's outstanding common stock options, warrants, and convertible debentures were converted into common stock that then shared in the Company's earnings (as adjusted for interest expense) that would longer occur if the debentures were converted.
		Three Months Ended June 30, 2014		Three Months Ended June 30, 2013			Six Months Ended June 30, 2014		Six Months Ended June 30, 2013
	Basic earnings per share:
	Net Income	$	662,496	$	(467,194	)	$	454,049	$	(12,312,847	)
	Average number of common shares outstanding	71,196,896		68,383,709			69,790,302		68,383,709
	Basic earnings per share - net income	$0.01		($0.01)			$0.01		($0.18)
	Net Income	662,496		(467,194		)	454,049		(12,312,847		)
	Adjustment to net earnings from assumed conversion of debentures (1)	2,992		—			—		—
	Adjusted Net Income	664,932		(467,194		)	454,049		(12,312,847		)
	Average number of common share outstanding:
	Common shares outstanding	71,196,896		68,383,709			69,790,302		68,383,709
	Potential dilutive shares resulting from exercise of warrant and options (2)	—		—			—		—
	Potential dilutive shares resulting from conversion of debentures (3)	600,000		—			—		—
	Total average number of common shares outstanding used for dilution	71,796,896		68,383,709			69,790,302		68,383,709
	Diluted earnings per share - net income	$0.01		($0.01)			$0.01		($0.18)
	(1) Represents interest expense on dilutive convertible debentures that would not occurred if they were assumed converted.
	(2) All outstanding warrants and options were not considered for the EPS computation as upside down on price per share. these totaled 2,100,000 outstanding options, 8,000,000 outstanding warrants, and 100,000 in restricted stock.
	(3) Convertible debentures (principal) outstanding at the three and six months ended June 30, 2014 totaling $150,000 were convertible into common stock at a price of $0.25 per share in 2014. No potential dilutive share for each of the three and six month periods ended June 30, 2013 have been excluded from earnings per share due to being anti-dilutive

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details)	Jun. 30, 2014
Sky Petroleum UK Limited [Member]	'
Productive Wells [Line Items]	'
Noncontrolling interest, ownership percentage by parent	100.00%
Hyde Resources Limited [Member]	'
Productive Wells [Line Items]	'
Noncontrolling interest, ownership percentage by parent	75.00%
Sastaro [Member]	'
Productive Wells [Line Items]	'
Wholly-owned subsidiary, ownership percentage	100.00%
Bekata Limited [Member]	'
Productive Wells [Line Items]	'
Wholly-owned subsidiary, ownership percentage	100.00%
Sky Petroleum (Albania) Inc. [Member]	'
Productive Wells [Line Items]	'
Wholly-owned subsidiary, ownership percentage	100.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)

3 Months Ended

6 Months Ended

96 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2012

31-May-14

Dec. 31, 2013

31-May-12

Oct. 31, 2011

Dec. 31, 2013

7-May-13

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

31-May-14

Jun. 26, 2014

Jun. 26, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mubarek Wells [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

Hyde Resources Limited [Member]

Class D Warrants (US$0.10) [Member]

Over Ninety Day Period [Member]

Over One Year Period [Member]

Common Stock [Member]

Warrant [Member]

Restricted Stock [Member]

Loss Contingencies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling interest, ownership percentage by parent

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

'

'

'

'

Cost-method investments, aggregate carrying amount

'

'

'

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

Impairment of investment

0

0

0

10,205,220

'

'

'

'

'

'

10,205,220

10,205,220

'

'

'

'

'

'

'

'

Investment in oil and gas properties, net

0

'

0

'

'

'

0

'

'

'

0

0

0

'

'

'

'

'

'

'

Foreign taxes recorded

'

'

'

'

33,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercisable stock options

1,866,667

'

1,866,667

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equivalents, common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,100,000

8,000,000

100,000

Stock options granted

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

50,000

50,000

'

'

'

Increasing in capital

'

'

'

'

'

$400,000

'

$500,000

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

Class of warrant or right, reserved

'

'

'

'

'

8,000,000

'

6,000,000

8,000,000

'

'

'

'

'

8,000,000

'

'

'

'

'

Common stock, par value

$0.00

'

$0.00

'

'

$0.00

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares outstanding

76,383,704

'

76,383,704

'

'

'

68,383,709

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment_in_Oil_and_Gas_Prop1

Investment in Oil and Gas Properties (Details)

3 Months Ended

6 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

7-May-13

Jun. 24, 2010

Dec. 31, 2013

Jun. 30, 2014

Apr. 05, 2011

7-May-13

7-May-13

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2009

Dec. 31, 2009

Dec. 31, 2013

18-May-05

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Mubarek Wells [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

Mubarek H2 [Member]

Mubarek K2-ST4 [Member]

Albania Exploration Blocks [Member]

Buttes [Member]

Orsett [Member]

Series B Preferred Stock [Member]

Series B Preferred Stock [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

Boe

Boe

USD ($)

Mubarek Wells [Member]

USD ($)

USD ($)

USD ($)

blocks

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

acre

Productive Wells [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost-method investments, aggregate carrying amount

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of exploration blocks

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of land

'

'

'

'

'

'

'

1,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of land, percentage of landmass

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount allocated for training and education

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount paid toward allocation for training and education

'

'

'

'

'

'

'

'

'

'

50,000

'

'

'

'

'

'

'

'

'

'

'

Consideration transferred

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000

'

'

'

'

Consulting fees paid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

'

'

'

Evaluations and assessments fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

415,220

'

'

'

'

Common stock, shares issued

76,133,709

'

76,133,709

'

68,133,709

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

Common stock, value issued

76,134

'

76,134

'

68,134

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,170,000

'

'

Preferred stock, shares issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,863,636

3,863,636

Preferred stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,820,000

7,820,000

Investment in oil and gas properties, net

0

'

0

'

0

'

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of investment

0

0

0

10,205,220

'

'

10,205,220

'

10,205,220

'

'

'

'

'

'

'

'

'

'

'

'

'

Litigation settlement, expense

'

'

'

'

'

'

'

'

'

'

'

501,511

382,774

501,511

382,774

'

'

'

'

'

'

'

Contribution in drilling and completion costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25,000,000

'

'

'

Number of produced gross barrels

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,413

149,471

'

'

'

'

'

Bank_Guarantee_Details

Bank Guarantee (Details) (Letter of Credit [Member], Texas Citizens Bank N.A. [Member], USD $)	Aug. 10, 2011
In Thousands, unless otherwise specified
Letter of Credit [Member] | Texas Citizens Bank N.A. [Member]	'
Productive Wells [Line Items]	'
Expenditure commitments	$1,500

Stockholders_Equity_Preferred_

Stockholders' Equity (Preferred Stock) (Narrative) (Details) (USD $)	0 Months Ended
	Oct. 08, 2010	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Maximum [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Percent of beneficial ownership that can be converted	4.99%	'	'	'
Series A Preferred Stock [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Preferred stock, shares authorized	'	10,000,000	10,000,000	'
Preferred stock, par value	'	$0.00	$0.00	'
Preferred stock, shares outstanding	'	0	0	'
Preferred stock	'	$0	$0	'
Series B Preferred Stock [Member]	'	'	'	'
Class of Stock [Line Items]	'	'	'	'
Preferred stock, shares authorized	5,000,000	5,000,000	5,000,000	'
Preferred stock, shares outstanding	'	3,863,636	3,863,636	3,863,636
Preferred share converted into common stock	4.4	'	'	'
Preferred stock, shares issued	'	3,863,636	3,863,636	'
Preferred stock	'	$7,820,000	$7,820,000	'

Stockholders_Equity_Common_Sto

Stockholders' Equity (Common Stock and Stock Options) (Narrative) (Details) (USD $)	6 Months Ended		12 Months Ended		0 Months Ended			6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2012	Dec. 31, 2013	Aug. 07, 2012	Jun. 30, 2014	Aug. 25, 2005	Jun. 30, 2014
					Non-U.S. Plan [Member]	Non-U.S. Plan [Member]	U.S. Plan [Member]	Stock Option [Member]
							Maximum [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'	'
Percent to be acquired of entity issued and outstanding common stock	'	'	'	'	'	10.00%	'	'
Common stock, shares authorized	150,000,000	'	'	150,000,000	'	'	3,321,600	'
Stock options granted	0	'	'	'	300,000	'	'	'
Range of exercise prices	'	'	$0.05	'	$0.25	'	'	'
Vesting period	'	'	'	'	'3 years	'	'	'
Range of exercise prices, maximum	'	'	$0.18	'	'	'	'	'
Risk-free interest rates	'	'	1.55%	'	'	'	'	'
Expected dividend yields	'	'	0.00%	'	'	'	'	'
Expected life	'	'	'4 years	'	'	'	'	'
Expected volatility, minimum	'	'	207.00%	'	'	'	'	'
Expected volatility, maximum	'	'	291.00%	'	'	'	'	'
Share based compensation	$12,514	$29,182	'	'	'	'	'	$6,174
Unrecognized compensation expenses related to non-vested option agreements	37,049	'	'	'	'	'	'	'
Aggregate intrinsic value of exercisable shares	0	'	'	'	56,767	'	'	'
Aggregate intrinsic value of options outstanding	$0	'	'	'	'	'	'	'

Stockholders_Equity_Schedule_o

Stockholders' Equity (Schedule of Stock Option Outstanding) (Details) (USD $)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2014	Mar. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'
Shares Underlying Options Outstanding, Range of Exercise Prices	'	'	'	'	$0.05
Shares Underlying Options Outstanding	2,100,000	'	2,100,000	2,100,000	'
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life (Years)	'3 years 1 month 10 days	'3 years 4 months 10 days	'3 years 4 months 10 days	'3 years 7 months 10 days	'4 years 7 months 10 days
Shares Underlying Options Outstanding, Weighted Average Exercise Price	$0.55	'	$0.55	$0.55	'
Shares Underlying Options Exercisable, Weighted Average Exercise Price	$0.58	'	$0.58	'	'
$0.18 [Member]	'	'	'	'	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'
Shares Underlying Options Outstanding, Range of Exercise Prices	'	'	$0.18	'	'
Shares Underlying Options Outstanding	750,000	'	750,000	'	'
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life (Years)	'	'	'3 years 11 months 12 days	'	'
Shares Underlying Options Outstanding, Weighted Average Exercise Price	$0.18	'	$0.18	'	'
Shares Underlying Options Exercisable	716,667	'	716,667	'	'
Shares Underlying Options Exercisable, Weighted Average Exercise Price	$0.18	'	$0.18	'	'
$0.25 [Member]	'	'	'	'	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'
Shares Underlying Options Outstanding, Range of Exercise Prices	'	'	$0.25	'	'
Shares Underlying Options Outstanding	550,000	'	550,000	'	'
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life (Years)	'	'	'4 years 3 months 29 days	'	'
Shares Underlying Options Outstanding, Weighted Average Exercise Price	$0.25	'	$0.25	'	'
Shares Underlying Options Exercisable	350,000	'	350,000	'	'
Shares Underlying Options Exercisable, Weighted Average Exercise Price	$0.25	'	$0.25	'	'
$0.50 [Member]	'	'	'	'	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'
Shares Underlying Options Outstanding, Range of Exercise Prices	'	'	$0.50	'	'
Shares Underlying Options Outstanding	200,000	'	200,000	'	'
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life (Years)	'	'	'2 years 4 months 6 days	'	'
Shares Underlying Options Outstanding, Weighted Average Exercise Price	$0.50	'	$0.50	'	'
Shares Underlying Options Exercisable	200,000	'	200,000	'	'
Shares Underlying Options Exercisable, Weighted Average Exercise Price	$0.50	'	$0.50	'	'
$1.29 [Member]	'	'	'	'	'
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'	'	'	'
Shares Underlying Options Outstanding, Range of Exercise Prices	'	'	$1.29	'	'
Shares Underlying Options Outstanding	600,000	'	600,000	'	'
Shares Underlying Options Outstanding, Weighted Average Remaining Contractual Life (Years)	'	'	'1 year 3 months	'	'
Shares Underlying Options Outstanding, Weighted Average Exercise Price	$1.29	'	$1.29	'	'
Shares Underlying Options Exercisable	600,000	'	600,000	'	'
Shares Underlying Options Exercisable, Weighted Average Exercise Price	$1.29	'	$1.29	'	'

Stockholders_Equity_Schedule_o1

Stockholders' Equity (Schedule of Stock Options Activity) (Details) (USD $)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2014	Mar. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]	'	'	'	'	'
Number Of Shares, Beginning Balance	'	'	2,100,000	'	'
Weighted Average Exercise Price, Beginning Balance	'	'	$0.55	'	'
Options cancelled	'	'	0	'	'
Number of Shares, Options granted	'	'	0	'	'
Number Of Shares, Ending Balance	2,100,000	'	2,100,000	2,100,000	'
Weighted Average Exercise Price, Ending Balance	$0.55	'	$0.55	$0.55	'
Weighted Average Remaining Contract Life (Years), Outstanding	'3 years 1 month 10 days	'3 years 4 months 10 days	'3 years 4 months 10 days	'3 years 7 months 10 days	'4 years 7 months 10 days
Weighted Average Exercise Price, Exercisable	$0.58	'	$0.58	'	'
Weighted Average Remaining Contract Life (Years), Exercisable	'2 years 11 months 23 days	'	'3 years 2 months 23 days	'	'

Stockholders_Equity_Class_A_Un

Stockholders' Equity (Class A Units and Class A Warrants and Class B Units and Class B Warrants) (Narrative) (Details) (USD $)

6 Months Ended

12 Months Ended

15 Months Ended

Jun. 30, 2014

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

31-May-14

Dec. 31, 2013

31-May-12

Oct. 31, 2011

31-May-12

Oct. 31, 2011

31-May-12

Oct. 31, 2011

31-May-12

Oct. 31, 2011

31-May-12

Oct. 31, 2011

31-May-14

Jun. 30, 2014

31-May-14

Jun. 12, 2014

31-May-14

31-May-14

31-May-14

31-May-14

Aug. 13, 2014

Class A Units [Member]

Class A Units [Member]

Class B Units [Member]

Class B Units [Member]

Class B Warrants (US$0.60) [Member]

Class B Warrants (US$0.60) [Member]

Class A Warrants (US$0.35) [Member]

Class A Warrants (US$0.35) [Member]

Class D Warrants (US$0.10) [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Payment on June 23, 2014 [Member]

Payment on June 25, 2014 [Member]

Payment on July 7, 2014 [Member]

Scenario, Forecast [Member]

Investor [Member]

Investor [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Class D Warrants [Member]

Class of Warrant or Right [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increasing in capital

'

'

'

'

$400,000

'

$500,000

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of warrant or right, reserved

'

'

'

'

8,000,000

'

6,000,000

8,000,000

2,000,000

4,000,000

'

'

4,000,000

4,000,000

2,000,000

4,000,000

8,000,000

'

8,000,000

'

'

'

'

'

'

Exercise price of warrants or rights

'

'

'

'

'

'

'

'

$0.25

$0.25

$0.35

$0.35

$0.60

'

'

'

'

'

$0.10

'

$0.05

'

'

'

'

Common stock, par value

$0.00

'

'

'

$0.00

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase of Units from Related Party, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

325,000

'

'

'

'

'

'

Payment from Related Party for Purchase of Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000

'

55,000

45,000

69,000

'

Due from Related Parties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

225,000

Proceeds from issuance of common stock

$175,000

$140,000

$860,000

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued

76,133,709

'

'

'

'

68,133,709

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

Common stock, shares outstanding

76,383,704

'

'

'

'

68,383,709

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

Stockholders_Equity_Schedule_o2

Stockholders' Equity (Schedule of Warrants by Class) (Details) (USD $)	31-May-14	31-May-12	Oct. 31, 2011
Class of Warrant or Right [Line Items]	'	'	'
Number of Shares Common Stock (Reserved)	8,000,000	6,000,000	8,000,000
Aggregate Exercise Price	$800,000	$3,100,000	$3,800,000
Class A Warrants (US$0.35) [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Number of Shares Common Stock (Reserved)	'	2,000,000	4,000,000
Aggregate Exercise Price	'	700,000	1,400,000
Class B Warrants (US$0.60) [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Warrant Class/Exercise Price (per Unit)	'	$0.60	'
Number of Shares Common Stock (Reserved)	'	4,000,000	4,000,000
Aggregate Exercise Price	'	2,400,000	2,400,000
Class D Warrants (US$0.10) [Member]	'	'	'
Class of Warrant or Right [Line Items]	'	'	'
Number of Shares Common Stock (Reserved)	8,000,000	'	'
Aggregate Exercise Price	$800,000	'	'

Stockholders_Equity_Restricted

Stockholders' Equity (Restricted Stock) (Details) (USD $)	6 Months Ended			3 Months Ended	6 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 26, 2014	Jun. 26, 2014	Jun. 26, 2014	Jun. 26, 2014
				Restricted Stock [Member]	Restricted Stock [Member]	Over Ninety Day Period [Member]	Over One Year Period [Member]	Minimum [Member]	Minimum [Member]
								Over Ninety Day Period [Member]	Over One Year Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'	'
Document Period End Date	30-Jun-14	'	'	'	'	'	'	'	'
Share based compensation	$12,514	$29,182	'	$166	'	'	'	'	'
Unrecognized compensation expense	'	'	'	$5,804	'	'	'	'	'
Number Of Shares, Beginning Balance	2,100,000	'	'	'	0	'	'	'	'
Stock options granted	0	'	'	'	100,000	50,000	50,000	'	'
Vesting period	'	'	'	'	'	'	'	'90 days	'1 year
Vested	'	'	'	'	0	'	'	'	'
Canceled/Forfeited	0	'	'	'	0	'	'	'	'
Number Of Shares, Ending Balance	2,100,000	'	'	100,000	100,000	'	'	'	'
Weighted Average Grant Date Fair Value Per Share, Granted	'	'	'	'	$0.06	'	'	'	'
Weighted Average Grant Date Fair Value Per Share, Nonvested	$0.55	'	$0.55	$0.06	$0.06	'	'	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	6 Months Ended	96 Months Ended
	Jun. 30, 2014	Dec. 31, 2012
Income Tax Disclosure [Abstract]	'	'
Accumulated operating losses	$60,000,000	'
Expiration of operating loss carry forward	31-Dec-20	'
Foreign taxes recorded	'	$33,000

Contingencies_Details

Contingencies (Details)

3 Months Ended

6 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

7-May-13

Dec. 31, 2013

Jun. 30, 2014

7-May-13

7-May-13

Dec. 31, 2013

Dec. 31, 2013

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

ALBANIA [Member]

USD ($)

USD ($)

USD ($)

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

Production Sharing Breach of Contract [Member]

USD ($)

EUR (€)

USD ($)

EUR (€)

Loss Contingencies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Litigation settlement, expense

'

'

'

'

'

'

'

'

$501,511

€ 382,774

$501,511

€ 382,774

Investment in oil and gas properties, net

0

'

0

'

0

0

0

0

'

'

'

'

Impairment of investment

0

0

0

10,205,220

'

10,205,220

10,205,220

'

'

'

'

'

Settlement liabilities

'

'

'

'

'

'

'

'

$382,774

€ 501,511

'

'

Note_Payable_Related_Party_Tra1

Note Payable, Related Party Transactions (Details) (USD $)

0 Months Ended

0 Months Ended

Jan. 08, 2013

Jun. 30, 2014

31-May-14

Dec. 31, 2013

31-May-12

Oct. 31, 2011

31-May-14

29-May-14

Jan. 08, 2013

Jun. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Class D Warrants (US$0.10) [Member]

Class D Warrants (US$0.10) [Member]

Convertible Notes Payable [Member]

Subordinated Debt Obligations [Member]

Other Debt Obligations [Member]

Dorsey & Whitney LLP, (Dorsey) [Member]

On or before May 30, 2014 [Member]

Beginning on September 1, 2014 [Member]

Board of Directors Chairman [Member]

Dorsey & Whitney LLP, (Dorsey) [Member]

Dorsey & Whitney LLP, (Dorsey) [Member]

installment

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of debt

$150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate, stated percentage

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

Debt instrument, convertible, number of equity instruments

'

'

'

'

'

'

'

'

600,000

'

'

'

'

'

Class of warrant or right, reserved

'

'

8,000,000

'

6,000,000

8,000,000

8,000,000

6,500,000

'

'

'

'

'

'

Exercise price of warrants or rights

'

'

'

'

'

'

'

$0.05

'

'

'

'

'

'

Increasing in capital

'

'

400,000

'

500,000

1,000,000

'

325,000

'

'

'

'

'

'

Common stock, par value

'

$0.00

$0.00

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

'

Due to Related Parties

'

'

'

'

'

'

'

'

'

'

'

1,088,886

'

'

Settlement payment

'

'

'

'

'

'

'

'

'

'

'

350,000

50,000

300,000

Number of settlement periodic payment

'

'

'

'

'

'

'

'

'

'

'

'

'

18

Professional fees, periodic payment, amount

'

'

'

'

'

'

'

'

'

'

'

'

'

16,667

Minimum amount raised in a single or more transactions in order to make settlement payment

'

'

'

'

'

'

'

'

'

'

'

$5,000,000

'

'

Minimum Percent of Voting Power or Liquidation Rights Owned

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

Debt Instrument, Interest Rate, Effective Percentage

'

'

'

'

'

'

'

'

'

0.00%

8.00%

'

'

'

Related_Party_Transactions_Rel

Related Party Transactions Related Party Transactions (Details) (USD $)	6 Months Ended							0 Months Ended		6 Months Ended
	Jun. 30, 2014	31-May-14	Dec. 31, 2013	31-May-12	Oct. 31, 2011	31-May-14	31-May-14	Jun. 25, 2014	Jun. 23, 2014	Jun. 30, 2014	29-May-14
						Class D Warrants (US$0.10) [Member]	Class D Warrants [Member]	Board of Directors Chairman [Member]	Board of Directors Chairman [Member]	Board of Directors Chairman [Member]	Board of Directors Chairman [Member]
								Class D Warrants (US$0.10) [Member]	Class D Warrants (US$0.10) [Member]	Class D Warrants (US$0.10) [Member]	Class D Warrants (US$0.10) [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Class of warrant or right, reserved	'	8,000,000	'	6,000,000	8,000,000	8,000,000	8,000,000	'	'	'	6,500,000
Exercise price of warrants or rights	'	'	'	'	'	'	$0.10	'	'	'	$0.05
Increasing in capital	'	$400,000	'	$500,000	$1,000,000	'	'	'	'	'	$325,000
Common stock, par value	$0.00	$0.00	$0.00	$0.00	$0.00	'	'	'	'	'	'
Document Period End Date	30-Jun-14	'	'	'	'	'	'	'	'	'	'
Proceeds from Issuance of Warrants	'	'	'	'	'	'	'	45,000	55,000	100,000	'
Stockholders' Equity Note, Subscriptions Receivable	'	'	'	'	'	'	'	'	'	$225,000	'

LongTerm_Note_Payable_Details

Long-Term Note Payable (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
					Dorsey & Whitney LLP, (Dorsey) [Member]	On or before May 30, 2014 [Member]	Beginning on September 1, 2014 [Member]	Subordinated Debt Obligations [Member]	Other Debt Obligations [Member]
						Dorsey & Whitney LLP, (Dorsey) [Member]	Dorsey & Whitney LLP, (Dorsey) [Member]
							installment
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Due to Related Parties	'	'	'	'	$1,088,886	'	'	'	'
Gain (Loss) Related to Settlement of Accounts Payable	760,202	0	760,202	0	'	'	'	'	'
Document Period End Date	'	'	30-Jun-14	'	'	'	'	'	'
Debt Instrument, Interest Rate, Effective Percentage	'	'	'	'	'	'	'	0.00%	8.00%
Unamortized debt discount	20,301	'	20,301	'	'	'	'	'	'
Settlement payment	'	'	'	'	350,000	50,000	300,000	'	'
Number of settlement periodic payment	'	'	'	'	'	'	18	'	'
Professional fees, periodic payment, amount	'	'	'	'	'	'	16,667	'	'
Minimum amount raised in a single or more transactions in order to make settlement payment	'	'	'	'	$5,000,000	'	'	'	'
Minimum Percent of Voting Power or Liquidation Rights Owned	'	'	'	'	50.00%	'	'	'	'

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Net Income	$662,496	($467,194)	$454,049	($12,312,847)
Average number of common shares outstanding	71,196,896	68,383,709	69,790,302	68,383,709
Basic earnings per share - Net Income	$0.01	($0.01)	$0.01	($0.18)
Adjustment to net earning from assumed conversion of debentures	2,992	0	0	0
Adjusted Net Income	664,932	-467,194	454,049	-12,312,847
Potential dilutive shares resulting from exercise of warrant and options	0	0	0	0
Potential dilutive shares resulting from conversion of debentures	600,000	0	0	0
Total average number of common shares outstanding used for dilution	71,796,896	68,383,709	69,790,302	68,383,709
Diluted earnings per share - net income	$0.01	($0.01)	$0.01	($0.18)
Convertible debentures, outstanding amount	$150,000	'	$150,000	'
Convertible Debentures, Conversion Price per Common Share	$0.25	'	$0.25	'
Restricted Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Equivalents, Common Stock, Shares Outstanding	100,000	'	100,000	'
Warrant [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Equivalents, Common Stock, Shares Outstanding	8,000,000	'	8,000,000	'
Common Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Equivalents, Common Stock, Shares Outstanding	2,100,000	'	2,100,000	'