Erin Energy (ERINQ) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CAMAC Energy Inc.	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	157,040,513
Amendment Flag	'false	'
Entity Central Index Key	'0001402281	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$435	$3,806
Accounts receivable	8,715	6,103
Other current assets	899	1,013
Total current assets	10,049	10,922
Oil and gas properties (successful efforts method of accounting), net	184,408	188,630
Property, plant and equipment, other, net	822	456
Total property, plant and equipment, net	185,230	189,086
Other assets	53	11
Noncurrent assets of discontinued operations	'	36
Total assets	195,332	200,055
Current liabilities:	'	'
Accounts payable	5,397	15,112
Note payable - related party	11,683	'
Accrued expenses	6,379	2,770
Total current liabilities	23,459	17,882
Long-term note payable - related party	'	872
Other long-term liabilities	58	55
Total liabilities	23,517	18,809
Commitments and contingencies	'	'
Equity	'	'
Preferred stock $0.001 par value - 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock $0.001 par value - 300,000,000 shares authorized, 157,040,511 and 156,095,346 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively	157	156
Paid-in capital	464,268	462,801
Accumulated deficit	-292,834	-281,929
Accumulated other comprehensive income	224	224
Total stockholders' equity - CAMAC Energy Inc.	171,815	181,252
Noncontrolling interests of discontinued operations	'	-6
Total equity	171,815	181,246
Total liabilities and equity	$195,332	$200,055

Consolidated_Balance_Sheets_Cu1

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock par value (in Dollars per share)	$0.00	$0.00
Preferred stock, authorized shares	50,000,000	50,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, authorized shares	300,000,000	300,000,000
Common stock, issued shares	157,040,511	156,095,346
Common stock, outstanding shares	157,040,511	156,095,346

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Crude oil sales, net of royalties	$7,873	$13,617
Lease operating expenses and production costs	-266	255
Exploratory expenses	4,064	2,167
Depreciation, depletion and amortization	4,446	8,739
General and administrative expenses	10,508	8,773
Total operating costs and expenses	18,752	19,934
Operating loss	-10,879	-6,317
Other expense, net	26	96
Loss from continuing operations before income taxes	-10,905	-6,413
Net loss from continuing operations	-10,905	-6,413
Net loss from discontinued operations, net of tax	'	-988
Gain on divestiture, net	'	4,160
Net income from discontinued operations	'	3,172
Net (loss) income	-10,905	-3,241
Net loss attributable to noncontrolling interests - discontinued operations	'	8
Net loss attributable to CAMAC Energy Inc.	-10,905	-3,233
Continuing operations (in Dollars per share)	($0.07)	($0.04)
Discontinued operations (in Dollars per share)	'	$0.02
Total (in Dollars per share)	($0.07)	($0.02)
Continuing operations (in Dollars per share)	($0.07)	($0.04)
Discontinued operations (in Dollars per share)	'	$0.02
Total (in Dollars per share)	($0.07)	($0.02)
Basic (in Shares)	156,433	155,718
Diluted (in Shares)	156,433	155,718
Three Months Ended [Member]	'	'
Crude oil sales, net of royalties	3,480	7,945
Lease operating expenses and production costs	-93	76
Exploratory expenses	967	1,012
Depreciation, depletion and amortization	1,892	5,384
General and administrative expenses	3,394	3,417
Total operating costs and expenses	6,160	9,889
Operating loss	-2,680	-1,944
Other expense, net	16	36
Loss from continuing operations before income taxes	-2,696	-1,980
Income tax expense	0	0
Net loss from continuing operations	-2,696	-1,980
Net loss from discontinued operations, net of tax	'	-142
Gain on divestiture, net	'	4,160
Net income from discontinued operations	'	4,018
Net (loss) income	($2,696)	$2,038
Continuing operations (in Dollars per share)	($0.02)	($0.01)
Discontinued operations (in Dollars per share)	$0	$0.03
Total (in Dollars per share)	($0.02)	$0.01
Continuing operations (in Dollars per share)	($0.02)	($0.01)
Discontinued operations (in Dollars per share)	$0	$0.03
Total (in Dollars per share)	($0.02)	$0.01
Basic (in Shares)	156,202	155,964
Diluted (in Shares)	156,202	155,964

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net (loss) income	($10,905)	($3,241)
Foreign currency adjustments	'	104
Unrealized loss on investments, net of tax	'	-102
Total other comprehensive income (loss)	'	2
Comprehensive (loss) income	-10,905	-3,239
Comprehensive loss attributable to noncontrolling interests - discontinued operations	'	8
Comprehensive loss attributable to CAMAC Energy Inc.	-10,905	-3,231
Three Months Ended [Member]	'	'
Net (loss) income	-2,696	2,038
Foreign currency adjustments	'	104
Unrealized loss on investments, net of tax	'	-249
Total other comprehensive income (loss)	'	-145
Comprehensive (loss) income	($2,696)	$1,893

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating activities	'	'
Net loss	($10,905)	($3,241)
Adjustments to reconcile net loss to cash used in operating activities:	'	'
Depreciation, depletion and amortization	4,446	8,747
Stock-based compensation	1,468	423
Currency transaction loss	'	10
Dry hole expenses	'	-37
Gain on divestiture, net	'	-4,160
Changes in operating assets and liabilities:	'	'
(Increase) decrease in accounts receivable	-2,612	16,056
Decrease in other current assets	114	221
Decrease in accounts payable	-404	-20,742
Increase (decrease) in accrued expenses	3,609	-2,598
Other	3	'
Net cash used in operating activities	-4,281	-5,321
Investing activities	'	'
Capital expenditures	-590	-3,426
Proceeds on divestiture, net	'	2,364
Decrease in other assets	'	2
Net cash used in investing activities	-590	-1,060
Financing activities	'	'
Proceeds from note payable - related party	1,500	5,000
Payments to note payable - related party	'	-6,581
Proceeds from exercise of stock options	'	3
Net provided by (used in) financing activities	1,500	-1,578
Effect of exchange rate on cash and cash equivalents	'	-6
Net decrease in cash and cash equivalents	-3,371	-7,965
Cash and cash equivalents at beginning of period	3,806	13,626
Cash and cash equivalents at end of period	435	5,661
Cash paid for:	'	'
Interest, net	26	96
Supplemental disclosure of non-cash investing and financing activities:	'	'
Nonsubsidiary common stock received as partial proceeds for divestiture, net	'	1,877
Related party accounts payable settled with note payable - related party	$9,311	'

Note_1_Company_Description

Note 1 - Company Description	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1. Company Description
	CAMAC Energy, Inc. (NYSE MKT: CAK) is an independent exploration and production company engaged in the acquisition and development of energy resources in Africa. The Company's principal assets include interests in OMLs 120 and 121 in Nigeria, which include our current production in the Oyo Field, and additional exploration blocks in Kenya and The Gambia.
	The Company’s corporate headquarters is located in Houston, Texas and has offices in Nairobi, Kenya, Banjul, The Gambia and Lagos, Nigeria.

Note_2_Basis_of_Presentation_a

Note 2 - Basis of Presentation and Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	2. Basis of Presentation and Recently Issued Accounting Standards
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for the filing of Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation. Prior interim period data has been reclassified to conform to the current period presentation. These reclassifications have no effect on previously reported results of operations. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any subsequent quarter or for the year ending December 31, 2013. This Form 10-Q should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.
	In July 2012, the Company signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan Gas Block in China. This transaction was completed on August 6, 2012. The Company has classified the current and historical results of its China operations, including other inactive operations not involved in this sale, as discontinued operations, net of tax, in the accompanying consolidated statements of operations. See Note 4, Discontinued Operations, for more information regarding the sale. Unless otherwise indicated, the information in these notes to the consolidated financial statements relates to the Company’s continuing operations.
	Recently Issued Accounting Standards
	In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in ASU 2013-02 to Topic 220, Comprehensive Income, update, supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 and 2011-12. ASU 2013-02 requires either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the guidance required as of January 1, 2013, and determined that there were no significant amounts reclassified in the current period that would require enhanced disclosure.
	In February 2013, the FASB issued ASU 2013-04, Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The amendments in ASU 2013-04 to Topic 405, Liabilities, provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the update is fixed at the reporting date, except for obligations addressed with existing U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations. The amendment is effective retrospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
	In April 2013 the FASB issued ASU 2013-07, Liquidation Basis of Accounting. The amendments in ASU 2013-07 to Topic 205, Presentation of Financial Statements, clarify when an entity should apply the liquidation basis of accounting and provide principles for the recognition and measurement of associated assets and liabilities. In accordance with the amendments, the liquidation basis is used when liquidation is imminent. Liquidation is considered imminent when the likelihood is remote that the organization will return from liquidation and either: (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties; or (b) a plan for liquidation is being imposed by other forces. The amendments in ASU 2013-07 are effective prospectively for entities that determine liquidation is imminent for reporting periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
	In July 2013 the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 to Topic 740, Income Taxes, clarify that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in ASU 2013-11 are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. The Company is currently evaluating the possible impact of ASU 2013-11, but does not anticipate that it will have a material impact on the Company’s consolidated financial statements.

Note_3_Going_Concern

Note 3 - Going Concern	9 Months Ended
	Sep. 30, 2013
Going Concern [Abstract]	'
Going Concern [Text Block]	'
	3. Going Concern
	The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern. To date, the Company has incurred substantial losses from operations and during the three months ending September 30, 2013, the Company’s outstanding Promissory Note of $11.7 million became payable within the next 12 months. This significantly affected the working capital position, and as of September 30, 2013, current liabilities exceed current assets by $13.4 million.  The Company has minimal liquid assets and negative operating cash flows, and internal cash flow models do not forecast enough operating cash flows to fund operations and pay outstanding liabilities for the next 12 months. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company is in active discussions concerning potential transactions that, if successfully concluded, would result in additional capital funding for the Company. If the Company is not successful in completing one or more of these potential transactions, amending the current terms of the Promissory Note or generating additional capital through the issuance of debt or equity, the Company may not be able to continue as a going concern.
	There can be no assurance that any additional financing will be available on acceptable terms, if at all. To the extent the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business.
	Although there are no assurances that the Company’s plans will be realized, the Company believes that it will be able to continue operations in the future. Accordingly, no adjustments relating to the recoverability and classification of recorded asset amounts and the classification of liabilities has been made to the accompanying consolidated financial statements in anticipation of the Company not being able to continue as a going concern.

Note_4_Discontinued_Operations

Note 4 - Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	4. Discontinued Operations
	In August 2012, the Company divested its wholly owned Hong Kong subsidiary Pacific Asia Petroleum Limited for cash consideration of $2.5 million and 9.6 million fully paid ordinary shares, net of selling expenses, of Leyshon Resources Limited, a natural resources mining company based in Beijing, China. The Leyshon shares had a fair market value of $1.9 million, and have since been sold.
	PAPL held the Company’s interest in the Zijinshan production sharing contract relating to the Zijinshan Block in the Shanxi Province of China. Since 2008, the Company engaged in exploration activities on this Block in search of coalbed methane and other gas. The Company made a strategic decision to monetize this asset and withdraw from activity in China in order to focus its efforts and capital resources on its core Africa activities.
	The Company has reclassified all the results of its China operations, including other inactive operations not involved in this sale, to discontinued operations for all periods presented.
	Results of operations from discontinued operations are as follows:
		Three Months Ended September 30,			Nine Months Ended September 30,
		2012			2012
	Costs and expenses:	(In thousands)
	Exploratory expenses	$	27		$	204
	Depreciation, depletion and amortization		1			8
	General and administrative expenses		114			776
	Total costs and expenses		142			988
	Loss before income taxes		(142	)		(988	)
	Income tax expense		-			-
	Net loss before noncontrolling interests		(142	)		(988	)
	Noncontrolling interests		-			8
	Net loss	$	(142	)	$	(980	)
	Assets and liabilities of discontinued operations are as follows:
		December 31,
		2012
		(In thousands)
	Other assets	$	36
	Total assets	$	36

Note_5_Property_Plant_and_Equi

Note 5 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	5.  Property, Plant and Equipment
	Property, plant and equipment is comprised of the following:
		September 30,			December 31,
		2013			2012
	Oil and gas properties:	(In thousands)
	Proved oil and gas properties	$	206,212		$	206,212
	Less: Accumulated depreciation, depletion and amortization		(30,044	)		(25,822	)
	Proved oil and gas properties, net		176,168			180,390
	Unproved oil and gas properties		8,240			8,240
	Oil and gas properties, net		184,408			188,630
	Property, plant and equipment, other		1,578			989
	Less: Accumulated depreciation		(756	)		(533	)
	Property, plant and equipment, other, net		822			456
	Total property, plant and equipment	$	185,230		$	189,086

Note_6_Note_Payable_Related_Pa

Note 6 - Note Payable - Related Party	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Short-term Debt [Text Block]	'
	6. Note Payable – Related Party
	In June 2011, CPL, a wholly owned subsidiary of the Company, executed a Promissory Note in favor of Allied. Under the initial terms of the Promissory Note, Allied agreed to make loans to CPL from time to time for purposes of making payments relating to the workover of Oyo well #5 in an aggregate sum of up to $25.0 million. Interest accrues on the outstanding principal under the Promissory Note at a rate of 30 day LIBOR plus 2% per annum. In August 2013, CPL and Allied agreed to amend the Promissory Note to, among other things, allow for borrowings up to an aggregate of $10.0 million for general corporate purposes other than making payments relating to the workover of Oyo well #5. As of September 30, 2013, borrowings for general corporate purposes totaled $1.5 million. Pursuant to the initial terms of the Promissory Note, the outstanding principal amount of all loans was to mature on June 6, 2013. In August 2012, the Promissory Note was amended to extend the maturity date to October 15, 2013, and in March 2013 the Promissory Note was again amended to extend the maturity date to July 15, 2014.  On September 10, 2013, the Company and Allied amended the Promissory Note and the Guaranty to add the Company as a borrower, to allow for borrowings of up to $10 million for general corporate purposes and to pledge the stock of the subsidiary of CEI that holds the exploration licenses in Gambia and Kenya as collateral pursuant to an equitable share mortgage arrangement. The Company has guaranteed all of CPL’s obligations under the Promissory Note.   As of September 30, 2013, $11.7 million was outstanding.

Note_7_Accounts_Payable_and_Ac

Note 7 - Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	'
	7. Accounts Payable and Accrued Expenses
	As of September 30, 2013, the Company had approximately $5.4 million of approved and unpaid workover invoices related to Oyo well #5, and $15.1 million as of December 31, 2012.
	Accrued expenses are as follows:
		September 30,		December 31,
		2013		2012
		(In thousands)
	Accrued professional fees	$	2,338	$	565
	Accrued lease related costs		1,677		524
	Accrued payroll and benefits		868		397
	Accrued workover costs		538		538
	Other		958		746
	Total accrued expenses	$	6,379	$	2,770

Note_8_Equity

Note 8 - Equity	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	8.  Equity
	During the three and nine months ended September 30, 2013, the Company issued 176,099 and 945,165, respectively, shares of Common Stock upon the vesting of restricted stock awards. During the nine months ended September 30, 2013, the Company granted employees options to purchase a total of 3,287,282 shares of common stock and granted 1,009,943 shares of restricted stock with vesting periods from 24 months to 36 months.
	The Company also grants shares of restricted stock to non-employee Directors. During the nine months ended September 30, 2013, the Company granted 700,002 shares of restricted stock to non-employee Directors, which vest after a one year period.

Note_9_Earnings_Loss_Per_Commo

Note 9 - Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	9. Earnings (Loss) Per Common Share
	Basic earnings (loss) per common share are computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2013 and 2012 were as follows:
	Basic and diluted EPS shares by period indicated:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(In thousands)
	Basic		156,202		155,964		156,433		155,718
	Diluted		156,202		155,964		156,433		155,718
	The number of stock options and restricted stock awards that were excluded from dilutive shares outstanding as these potentially dilutive securities are anti-dilutive because the Company was in a loss position were as follows:
	Anti-dilutive additional shares by period indicated:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(In thousands)
	Stock options		-		-		-		5
	Nonvested restricted stock awards		810		161		558		287

Note_10_Financial_Instruments_

Note 10 - Financial Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	10. Financial Instruments and Fair Value Measurements
	The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, trade receivables, deposits, accounts payable, accrued expenses, other long-term liabilities and debt at floating interest rates approximate their fair values at September 30, 2013, principally due to the short-term nature, maturities or nature of interest rates of the above listed items.

Note_11_Commitments_and_Contin

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	11. Commitments and Contingencies
	Commitments
	The Company has substantial commitments related to its Kenya PSCs and The Gambia Licenses. To maintain compliance and ownership, the Company is and will be required to fulfill minimum work obligations and to make certain payments as stated in each PSC and License.
	Contingencies
	From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of September 30, 2013, and through the filing date of this report, we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our results of operations.

Note_12_Related_Party_Transact

Note 12 - Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	12. Related Party Transactions
	The Company entered into a technical services agreement with Allied effective September 1, 2012, whereby the Company agreed to provide services related to the Oyo Field in Nigeria.  Pursuant to the terms of the Technical Service Agreement, Allied agreed to pay the Company $150,000 per month. The amounts earned under the agreement are recorded as a reduction to lease operating expenses and production costs and general and administrative expenses.
	During 2012, the Company made cash severance payments totaling an aggregate of $169,167 to two former executives pursuant to the terms of separation agreements entered into with each former executive.
	In June 2011, CPL, a wholly owned subsidiary of the Company, executed a Promissory Note in favor of Allied. Refer to Note 6, Note Payable – Related Party, for details relating to the Promissory Note. As of September 30, 2013, $11.7 million was outstanding.
	The Company has transactions in the normal course of business with its shareholders, CEHL and their affiliates. The following tables summarize related party transactions and balances for the respective periods.
		September 30,			December 31,
		2013			2012
		(In thousands)
	CEHL, accounts receivable	$	8,556		$	6,103
	CEHL, other current assets	$	624		$	624
	CEHL, accounts payable	$	841		$	10,213
	CEHL, note payable-related party	$	11,683		$	-
	CEHL, accrued expenses	$	51		$	25
	CEHL, long-term note payable-related party	$	-		$	872
	CEHL, other long-term liabilities	$	58		$	55
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013			2012
		(In thousands)
	CEHL, total operating costs and expenses	$	(221	)	$	252	$	(800	)	$	544
	CEHL, other expense, net	$	17		$	36	$	26		$	97

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation
	The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for the filing of Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation. Prior interim period data has been reclassified to conform to the current period presentation. These reclassifications have no effect on previously reported results of operations. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for any subsequent quarter or for the year ending December 31, 2013. This Form 10-Q should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.
	In July 2012, the Company signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan Gas Block in China. This transaction was completed on August 6, 2012. The Company has classified the current and historical results of its China operations, including other inactive operations not involved in this sale, as discontinued operations, net of tax, in the accompanying consolidated statements of operations. See Note 4, Discontinued Operations, for more information regarding the sale. Unless otherwise indicated, the information in these notes to the consolidated financial statements relates to the Company’s continuing operations.
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recently Issued Accounting Standards
	In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in ASU 2013-02 to Topic 220, Comprehensive Income, update, supersede and replace the presentation requirements for reclassifications out of accumulated other comprehensive income in ASUs 2011-05 and 2011-12. ASU 2013-02 requires either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted the guidance required as of January 1, 2013, and determined that there were no significant amounts reclassified in the current period that would require enhanced disclosure.
	In February 2013, the FASB issued ASU 2013-04, Obligations Resulting From Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The amendments in ASU 2013-04 to Topic 405, Liabilities, provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the update is fixed at the reporting date, except for obligations addressed with existing U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations. The amendment is effective retrospectively for reporting periods beginning after December 15, 2013. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
	In April 2013 the FASB issued ASU 2013-07, Liquidation Basis of Accounting. The amendments in ASU 2013-07 to Topic 205, Presentation of Financial Statements, clarify when an entity should apply the liquidation basis of accounting and provide principles for the recognition and measurement of associated assets and liabilities. In accordance with the amendments, the liquidation basis is used when liquidation is imminent. Liquidation is considered imminent when the likelihood is remote that the organization will return from liquidation and either: (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties; or (b) a plan for liquidation is being imposed by other forces. The amendments in ASU 2013-07 are effective prospectively for entities that determine liquidation is imminent for reporting periods beginning after December 15, 2013, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
	In July 2013 the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 to Topic 740, Income Taxes, clarify that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in ASU 2013-11 are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. The Company is currently evaluating the possible impact of ASU 2013-11, but does not anticipate that it will have a material impact on the Company’s consolidated financial statements.

Note_4_Discontinued_Operations1

Note 4 - Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2013
Income Statements [Member]	'
Note 4 - Discontinued Operations (Tables) [Line Items]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		Three Months Ended September 30,			Nine Months Ended September 30,
		2012			2012
	Costs and expenses:	(In thousands)
	Exploratory expenses	$	27		$	204
	Depreciation, depletion and amortization		1			8
	General and administrative expenses		114			776
	Total costs and expenses		142			988
	Loss before income taxes		(142	)		(988	)
	Income tax expense		-			-
	Net loss before noncontrolling interests		(142	)		(988	)
	Noncontrolling interests		-			8
	Net loss	$	(142	)	$	(980	)
Balance Sheets [Member]	'
Note 4 - Discontinued Operations (Tables) [Line Items]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		December 31,
		2012
		(In thousands)
	Other assets	$	36
	Total assets	$	36

Note_5_Property_Plant_and_Equi1

Note 5 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment [Table Text Block]	'
		September 30,			December 31,
		2013			2012
	Oil and gas properties:	(In thousands)
	Proved oil and gas properties	$	206,212		$	206,212
	Less: Accumulated depreciation, depletion and amortization		(30,044	)		(25,822	)
	Proved oil and gas properties, net		176,168			180,390
	Unproved oil and gas properties		8,240			8,240
	Oil and gas properties, net		184,408			188,630
	Property, plant and equipment, other		1,578			989
	Less: Accumulated depreciation		(756	)		(533	)
	Property, plant and equipment, other, net		822			456
	Total property, plant and equipment	$	185,230		$	189,086

Note_7_Accounts_Payable_and_Ac1

Note 7 - Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Schedule of Accrued Liabilities [Table Text Block]	'
		September 30,		December 31,
		2013		2012
		(In thousands)
	Accrued professional fees	$	2,338	$	565
	Accrued lease related costs		1,677		524
	Accrued payroll and benefits		868		397
	Accrued workover costs		538		538
	Other		958		746
	Total accrued expenses	$	6,379	$	2,770

Note_9_Earnings_Loss_Per_Commo1

Note 9 - Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Weighted Average Number of Shares [Table Text Block]	'
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(In thousands)
	Basic		156,202		155,964		156,433		155,718
	Diluted		156,202		155,964		156,433		155,718
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	'
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
		(In thousands)
	Stock options		-		-		-		5
	Nonvested restricted stock awards		810		161		558		287

Note_12_Related_Party_Transact1

Note 12 - Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Balance Sheets [Member]	'
Note 12 - Related Party Transactions (Tables) [Line Items]	'
Schedule of Related Party Transactions [Table Text Block]	'
		September 30,			December 31,
		2013			2012
		(In thousands)
	CEHL, accounts receivable	$	8,556		$	6,103
	CEHL, other current assets	$	624		$	624
	CEHL, accounts payable	$	841		$	10,213
	CEHL, note payable-related party	$	11,683		$	-
	CEHL, accrued expenses	$	51		$	25
	CEHL, long-term note payable-related party	$	-		$	872
	CEHL, other long-term liabilities	$	58		$	55
Income Statements [Member]	'
Note 12 - Related Party Transactions (Tables) [Line Items]	'
Schedule of Related Party Transactions [Table Text Block]	'
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013			2012
		(In thousands)
	CEHL, total operating costs and expenses	$	(221	)	$	252	$	(800	)	$	544
	CEHL, other expense, net	$	17		$	36	$	26		$	97

Note_3_Going_Concern_Details

Note 3 - Going Concern (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Note 3 - Going Concern (Details) [Line Items]	'	'
Liabilities, Current	$23,459,000	$17,882,000
Long Term Debt Reclassified To Short Term Debt [Member]	'	'
Note 3 - Going Concern (Details) [Line Items]	'	'
Debt, Current	11,700,000	'
In Excess of Current Assets [Member]	'	'
Note 3 - Going Concern (Details) [Line Items]	'	'
Liabilities, Current	$13,400,000	'

Note_4_Discontinued_Operations2

Note 4 - Discontinued Operations (Details) (USD $)	1 Months Ended	9 Months Ended
In Thousands, except Share data in Millions, unless otherwise specified	Aug. 31, 2012	Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]	'	'
Proceeds from Divestiture of Businesses, Net of Cash Divested	$2,500	$2,364
Noncash or Part Noncash Divestiture, Shares Received (in Shares)	9.6	'
Noncash or Part Noncash Divestiture, Amount of Consideration Received	$1,900	$1,877

Note_4_Discontinued_Operations3

Note 4 - Discontinued Operations (Details) - Results of Operations From Discontinued Operations (USD $)	9 Months Ended		3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2012
			Discontinued Operations [Member]	Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Exploratory expenses	$4,064	$2,167	$27	$204
Depreciation, depletion and amortization	4,446	8,739	1	8
General and administrative expenses	'	'	114	776
Total costs and expenses	18,752	19,934	142	988
Loss before income taxes	'	'	-142	-988
Net loss before noncontrolling interests	'	3,172	-142	-988
Noncontrolling interests	'	'	'	8
Net loss	'	'	($142)	($980)

Note_4_Discontinued_Operations4

Note 4 - Discontinued Operations (Details) - Assets and Liabilities of Discontinued Operations (USD $)	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets and Liabilities of Discontinued Operations [Abstract]	'
Other assets	$36
Total assets	$36

Note_5_Property_Plant_and_Equi2

Note 5 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Property, Plant and Equipment [Abstract]	'	'
Proved oil and gas properties	$206,212	$206,212
Less: Accumulated depreciation, depletion and amortization	-30,044	-25,822
Proved oil and gas properties, net	176,168	180,390
Unproved oil and gas properties	8,240	8,240
Oil and gas properties, net	184,408	188,630
Property, plant and equipment, other	1,578	989
Less: Accumulated depreciation	-756	-533
Property, plant and equipment, other, net	822	456
Total property, plant and equipment	$185,230	$189,086

Note_6_Note_Payable_Related_Pa1

Note 6 - Note Payable - Related Party (Details) (USD $)	1 Months Ended
	Jun. 30, 2011	Sep. 30, 2013	Sep. 10, 2013	Aug. 31, 2013
Disclosure Text Block [Abstract]	'	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	$25,000,000	'	'	'
Debt Instrument, Basis Spread on Variable Rate	2.00%	'	'	'
Corporate Line Of Credit, Maximum Draw Capacity	'	'	10,000,000	10,000,000
Borrowings For Corporate Purposes	'	1,500,000	'	'
Notes Payable, Related Parties, Current	'	$11,683,000	'	'

Note_7_Accounts_Payable_and_Ac2

Note 7 - Accounts Payable and Accrued Expenses (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Disclosure Text Block Supplement [Abstract]	'	'
Accounts Payable, Current	$5,397	$15,112

Note_7_Accounts_Payable_and_Ac3

Note 7 - Accounts Payable and Accrued Expenses (Details) - Accrued Expenses (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accrued Expenses [Abstract]	'	'
Accrued professional fees	$2,338	$565
Accrued lease related costs	1,677	524
Accrued payroll and benefits	868	397
Accrued workover costs	538	538
Other	958	746
Total accrued expenses	$6,379	$2,770

Note_8_Equity_Details

Note 8 - Equity (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Note 8 - Equity (Details) [Line Items]	'	'
Stock Issued During Period, Shares, Restricted Stock Award, Gross	176,099	945,165
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	3,287,282
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'	1,009,943
Restricted Stock [Member] | Director [Member]	'	'
Note 8 - Equity (Details) [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'	700,002
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'	'1 year
Minimum [Member]	'	'
Note 8 - Equity (Details) [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'	'24 months
Maximum [Member]	'	'
Note 8 - Equity (Details) [Line Items]	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'	'36 months

Note_9_Earnings_Loss_Per_Commo2

Note 9 - Earnings (Loss) Per Common Share (Details) - Weighted Average Number of Common Shares Outstanding	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Weighted Average Number of Common Shares Outstanding [Abstract]	'	'	'	'
Basic	156,202	155,964	156,433	155,718
Diluted	156,202	155,964	156,433	155,718

Note_9_Earnings_Loss_Per_Commo3

Note 9 - Earnings (Loss) Per Common Share (Details) - Antidilutive Securities	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Equity Option [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	'	'	'	5
Restricted Stock [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities	810	161	558	287

Note_12_Related_Party_Transact2

Note 12 - Related Party Transactions (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013
		Monthly Revenue from Allied [Member]	Former Executives [Member]	CPL [Member]
Note 12 - Related Party Transactions (Details) [Line Items]	'	'	'	'
Revenue from Related Parties	'	$150,000	'	'
Severance Costs	'	'	169,167	'
Notes Payable, Related Parties, Current	$11,683,000	'	'	$11,700,000

Note_12_Related_Party_Transact3

Note 12 - Related Party Transactions (Details) - Related Party Transactions - Balance Sheet Accounts (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Related Party Transactions - Balance Sheet Accounts [Abstract]	'	'
CEHL, accounts receivable	$8,556	$6,103
CEHL, other current assets	624	624
CEHL, accounts payable	841	10,213
CEHL, note payable-related party	11,683	'
CEHL, accrued expenses	51	25
CEHL, long-term note payable-related party	'	872
CEHL, other long-term liabilities	$58	$55

Note_12_Related_Party_Transact4

Note 12 - Related Party Transactions (Details) - Related Party Transactions - Income Statements Accounts (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Related Party Transactions - Income Statements Accounts [Abstract]	'	'	'	'
CEHL, total operating costs and expenses	($221)	$252	($800)	$544
CEHL, other expense, net	$17	$36	$26	$97