Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 05, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CAMAC Energy Inc. | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,070,343,982 | ' |
Entity Public Float | ' | ' | $35,977,130 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001402281 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $163 | $3,806 |
Accounts receivable | 1,112 | 6,103 |
Prepaids and other current assets | 857 | 1,013 |
Total current assets | 2,132 | 10,922 |
Property, plant and equipment, net: | ' | ' |
Oil and gas properties (successful efforts method of accounting), net | 184,408 | 188,630 |
Other property and equipment, net | 752 | 456 |
Total property, plant and equipment, net | 185,160 | 189,086 |
Other assets | 51 | 11 |
Noncurrent assets of discontinued operations | ' | 36 |
Total Assets | 187,343 | 200,055 |
Current liabilities: | ' | ' |
Accounts payable | 6,239 | 15,112 |
Accrued expenses | 7,446 | 2,770 |
Note payable - related party | 6,496 | ' |
Total current liabilities | 20,181 | 17,882 |
Long-term note payable - related party | ' | 872 |
Other long-term liabilities | 67 | 55 |
Total liabilities | 20,248 | 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 - 730,440,000 shares authorized, 382,362,236 and 380,060,948 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 382 | 380 |
Paid-in capital | 464,590 | 462,577 |
Accumulated deficit | -297,877 | -281,929 |
Accumulated other comprehensive income (loss) | 0 | 224 |
Total stockholders' equity - CAMAC Energy Inc. | 167,095 | 181,252 |
Noncontrolling interests of discontinued operations | ' | -6 |
Total equity | 167,095 | 181,246 |
Total liabilities and equity | $187,343 | $200,055 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 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 | 730,440,000 | 730,440,000 |
Common stock, issued shares | 382,362,236 | 380,060,948 |
Common stock, outstanding shares | 382,362,236 | 380,060,948 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Continuing Operations | ' | ' | ' |
Crude oil sales, net of royalties | $7,873 | $16,624 | $37,922 |
Operating costs and expenses: | ' | ' | ' |
Production costs | -666 | 326 | 30,882 |
Exploratory expenses | 5,501 | 3,236 | 890 |
Depreciation, depletion and amortization | 4,528 | 10,750 | 13,477 |
General and administrative expenses | 14,460 | 10,998 | 13,336 |
Total operating costs and expenses | 23,823 | 25,310 | 58,585 |
Operating loss | -15,950 | -8,686 | -20,663 |
Other income (expense), net | 38 | -582 | -328 |
Loss from continuing operations before income taxes | -15,912 | -9,268 | -20,991 |
Income tax expense | 0 | 0 | 0 |
Net loss from continuing operations | -15,912 | -9,268 | -20,991 |
Discontinued Operations | ' | ' | ' |
Net loss from discontinued operations, net of tax | -36 | -991 | -4,012 |
Gain on divestiture, net | ' | 4,160 | ' |
Net income (loss) from discontinued operations | -36 | 3,169 | -4,012 |
Net loss | -15,948 | -6,099 | -25,003 |
Noncontrolling interests - discontinued operations | ' | 8 | 90 |
Net loss attributable to CAMAC Energy Inc. | ($15,948) | ($6,091) | ($24,913) |
Net (loss) income per common share attributable to CAMAC Energy Inc. - basic | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.04) | ($0.02) | ($0.06) |
Discontinued operations (in Dollars per share) | $0 | $0.01 | ($0.01) |
Total (in Dollars per share) | ($0.04) | ($0.02) | ($0.07) |
Net (loss) income per common share attributable to CAMAC Energy Inc. - diluted | ' | ' | ' |
Continuing operations (in Dollars per share) | ($0.04) | ($0.02) | ($0.06) |
Discontinued operations (in Dollars per share) | $0 | $0.01 | ($0.01) |
Total (in Dollars per share) | ($0.04) | ($0.02) | ($0.07) |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in Shares) | 381,255 | 379,373 | 376,312 |
Diluted (in Shares) | 381,255 | 379,373 | 376,312 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net loss | ($15,948) | ($6,099) | ($25,003) |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency transactions | -224 | 94 | -31 |
Unrealized gain (loss) on investments, net of taxes | ' | 395 | -114 |
Total other comprehensive income (loss) | -224 | 489 | -145 |
Comprehensive loss | -16,172 | -5,610 | -25,148 |
Comprehensive loss attributable to noncontrolling interests | ' | 8 | 88 |
Comprehensive loss attributable to CAMAC Energy Inc. | ($16,172) | ($5,602) | ($25,060) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2010 | $374 | $458,303 | ($250,925) | ($120) | ($643) | $206,989 |
Balance (Shares) (in Shares) at Dec. 31, 2010 | 374,014 | ' | ' | ' | ' | ' |
Stock issued for services | 2 | 705 | ' | ' | ' | 707 |
Stock issued for services (in Shares) | 2,045 | ' | ' | ' | ' | ' |
Exercise of warrants and options | 1 | 176 | ' | ' | ' | 177 |
Exercise of warrants and options (Shares) (in Shares) | 786 | ' | ' | ' | ' | ' |
Vesting of restricted stock | 1 | -1 | ' | ' | ' | ' |
Vesting of restricted stock (Shares) (in Shares) | 1,488 | ' | ' | ' | ' | ' |
Stock-based employee compensation | ' | 2,484 | ' | ' | ' | 2,484 |
Adjustments to noncontrolling interest | ' | -733 | ' | ' | 735 | 2 |
Net loss | ' | ' | -24,913 | ' | -90 | -25,003 |
Foreign currency gain (loss) | ' | ' | ' | -31 | ' | -31 |
Unrealized gain/loss on investments, net of taxes | ' | ' | ' | -114 | ' | -114 |
Balance at Dec. 31, 2011 | 378 | 460,934 | -275,838 | -265 | 2 | 185,211 |
Balance (Shares) (in Shares) at Dec. 31, 2011 | 378,333 | ' | ' | ' | ' | ' |
Exercise of warrants and options | ' | 3 | ' | ' | ' | 3 |
Exercise of warrants and options (Shares) (in Shares) | 17 | ' | ' | ' | ' | ' |
Vesting of restricted stock | 1 | ' | ' | ' | ' | 1 |
Vesting of restricted stock (Shares) (in Shares) | 1,251 | ' | ' | ' | ' | ' |
Contingent consideration stock issued | 1 | 889 | ' | ' | ' | 890 |
Contingent consideration stock issued (in Shares) | 460 | ' | ' | ' | ' | ' |
Stock-based employee compensation | ' | 739 | ' | ' | ' | 739 |
Net loss | ' | ' | -6,091 | ' | -8 | -6,099 |
Foreign currency gain (loss) | ' | 12 | ' | 94 | ' | 106 |
Unrealized gain/loss on investments, net of taxes | ' | ' | ' | 395 | ' | 395 |
Balance at Dec. 31, 2012 | 380 | 462,577 | -281,929 | 224 | -6 | 181,246 |
Balance (Shares) (in Shares) at Dec. 31, 2012 | 380,061 | ' | ' | ' | ' | ' |
Vesting of restricted stock | 2 | ' | ' | ' | ' | 2 |
Vesting of restricted stock (Shares) (in Shares) | 2,301 | ' | ' | ' | ' | ' |
Stock-based employee compensation | ' | 2,013 | ' | ' | ' | 2,013 |
Adjustments to noncontrolling interest | ' | ' | ' | ' | 6 | 6 |
Net loss | ' | ' | -15,948 | ' | ' | -15,948 |
Foreign currency gain (loss) | ' | ' | ' | -224 | ' | -224 |
Balance at Dec. 31, 2013 | $382 | $464,590 | ($297,877) | ' | ' | $167,095 |
Balance (Shares) (in Shares) at Dec. 31, 2013 | 382,362 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net loss | ($15,948) | ($6,099) | ($25,003) |
Adjustments to reconcile net loss to cash used in operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 4,528 | 10,758 | 13,530 |
Stock-based compensation | 2,013 | 739 | 2,484 |
Currency transaction (gain) loss | -224 | 22 | -31 |
Dry hole costs | ' | -37 | 2,176 |
Gain on divestiture, net | ' | -4,160 | ' |
Other | 16 | 55 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in accounts receivable | -3,046 | 12,836 | -8,528 |
Decrease in other current assets | 156 | 649 | 1,841 |
Decrease in inventories | ' | ' | 72 |
Increase (decrease) in accounts payable | 438 | -20,772 | 35,834 |
Increase (decrease) in accrued expenses | 4,676 | 112 | -37,029 |
Net cash used in operating activities | -7,391 | -5,897 | -14,654 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -602 | -3,576 | -7,159 |
Proceeds on divestiture, net | ' | 2,364 | ' |
Net sales of available for sale securities | ' | ' | 256 |
Decrease in other assets | ' | 465 | 43 |
Proceeds on long-term investments | ' | 1,966 | ' |
Net cash (used in) provided by investing activities | -602 | 1,219 | -6,860 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from note payable - related party | 4,350 | 5,000 | 31,000 |
Repayments of note payable - related party | ' | -10,128 | -25,000 |
Proceeds from exercise of warrants and stock options | ' | 3 | 177 |
Net cash provided by (used in) financing activities | 4,350 | -5,125 | 6,177 |
Effect of exchange rate on cash and cash equivalents | ' | -17 | 45 |
Net decrease in cash and cash equivalents | -3,643 | -9,820 | -15,292 |
Cash and cash equivalents at beginning of period | 3,806 | 13,626 | 28,918 |
Cash and cash equivalents at end of period | 163 | 3,806 | 13,626 |
Cash paid for: | ' | ' | ' |
Interest, net | 99 | 117 | 120 |
Contingent consideration stock | ' | 890 | ' |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' |
Nonsubsidiary common stock received as partial proceeds for divestiture, net | ' | 1,877 | ' |
Common stock issued for services | ' | ' | 706 |
Related party accounts payable, net, settled with note payable - related party | $1,274 | ' | ' |
Note_1_Company_Description
Note 1 - Company Description | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1. --- COMPANY DESCRIPTION | |
CAMAC Energy, Inc. (NYSE MKT: CAK, JSE: CME) is an independent exploration and production company engaged in the acquisition and development of energy resources in Africa. The Company’s asset portfolio consists of 8 licenses in 3 countries covering an area of approximately 41,000 square kilometers (approximately 10 million acres). The Company owns producing properties and conducts exploration activities as a non-operator in Nigeria, conducts explorations activities as an operator onshore and offshore Kenya, and conducts exploration activities as an operator in The Gambia. | |
The Company’s corporate headquarters is located in Houston, Texas and has offices in Nairobi, Kenya, Banjul, The Gambia and Lagos, Nigeria. | |
CAMAC’s operating subsidiaries are CAMAC Energy Limited (“CEL”), CAMAC Petroleum Limited (“CPL”), CAMAC Energy International Limited (“CEIL”), CAMAC Energy Ghana Limited, CAMAC Energy Kenya Limited, CAMAC Energy Gambia A5 Limited, and CAMAC Energy Gambia A2 Limited. | |
CAMAC’s related parties are CAMAC Energy Holdings Limited (“CEHL”), CAMAC International Nigeria Limited (“CINL”), CAMAC International Limited (“CIL”) and Allied Energy PLC (“Allied”). | |
Dr. Kase Lawal, the Company’s Executive Chairman and member of the Board of Directors, and Chief Executive Officer, is a director of each of the above listed related parties. Dr. Lawal also owns 27.7% of CIL, which indirectly owns 100% of CEHL. As a result, Dr. Lawal may be deemed to have an indirect material interest in transactions contemplated with any of the above companies and their affiliates named above as the Company’s related. |
Note_2_Basis_of_Presentation_a
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
NOTE 2. --- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The terms “we,” “us,” “our,” “Company,” and “our Company” refer to CAMAC and its subsidiaries and affiliates. | |
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned and majority-owned direct and indirect subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant intercompany transactions and balances have been eliminated in consolidation. The consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations for the indicated periods. All such adjustments are of a normal recurring nature. | |
In August 2012, the Company divested its wholly owned Hong Kong subsidiary Pacific Asia Petroleum Limited for cash and shares of stock. 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 3, Discontinued Operations, for more information regarding the sale. | |
As a result of the above transaction, the Company is reporting its China operations, including other inactive operations not involved in this sale, for all presented periods in discontinued operations. | |
On January 24, 2014 the Company’s Board of Directors declared the stock dividend on all shares of the Company's outstanding Common Stock entitling all stockholders of record as of the close of business on February 13, 2014, to recieve an additional 1.4348 shares of Common Stock for every share of Common Stock held (the "Stock Dividend"). Payment of the Stock Dividend was conditioned on (i) approval of the Company’s stockholders at the special meeting of stockholders to be held on February 13, 2014 of certain proposals related to the Allied Transaction, including a proposal to amend the Company’s certificate of incorporation to increase the number of authorized shares of Common Stock and (ii) approval of the listing of the Company’s Common Stock on the JSE. On February 13, 2014, the Company held a special meeting of its stockholders to consider and vote upon the proposals mentioned above and other related agenda items. All of the proposals presented at the meeting received the requisite shareholder approval and the approval of the JSE listing was successfully obtained. On February 21, 2014, the Company paid the Stock Dividend pursuant to which each share of stock of record as of the close of business on February 13, 2014, carried the right to receive 1.4348 shares of Common Stock for every one share of Common Stock held. | |
Per Accounting Standard Codification (“ASC”) 505, Equity, the above Stock Dividend is to be accounted for as a Stock Split due to its large nature (exceeds 25% of the total shares outstanding prior to the distribution). The effect is a retroactive adjustment to the financial statements and associated footnotes as if the dividend had occurred in the first period presented. | |
Significant Accounting Policies | |
Principles of Consolidation | |
The consolidated financial statements include the accounts and activities of the Company, subsidiaries in which the Company has a controlling financial interest, and entities for which the Company is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions. Estimates affect the reported amounts of assets and liabilities, disclosure of contingent liabilities, and the reported amounts of revenues and expenses during the reporting periods. Accordingly, our accounting estimates require the exercise of judgment. While management believes that the estimates and assumptions used in preparation of consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates that may have a significant effect include oil and natural gas reserve quantities, depletion and amortization relating to oil and natural gas properties, and income taxes. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained and our operating environment changes. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand, demand deposits and short-term investments with initial maturities of three months or less. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are accounted for at cost less allowance for doubtful accounts. We establish provisions for losses on accounts receivables if it is determined that collection of all or a part of an outstanding balance is not probable. Collectability is reviewed regularly and an allowance is established or adjusted, as necessary, using the specific identification method. As of December 31, 2013 and 2012, no allowance for doubtful accounts was necessary. | |
Successful Efforts Method of Accounting for Oil and Gas Activities | |
The Company follows the successful efforts method of accounting of its costs of acquisition, exploration and development of oil and gas properties. Under this method, oil and gas lease acquisition costs and intangible drilling costs associated with exploration efforts that result in the discovery of proved reserves and costs associated with development drilling, whether or not successful, are capitalized when incurred. Drilling costs of exploratory wells are capitalized pending determination that proved reserves have been found. If the determination is dependent upon the results of planned additional wells and require additional capital expenditures to develop the reserves, the drilling costs will be capitalized as long as sufficient reserves have been found to justify completion of the exploratory well as a producing well, and additional wells are underway or firmly planned to complete the evaluation of the well. Exploratory wells not meeting the criteria for continued capitalization are expensed when such a determination is made. Other exploration costs are expensed as incurred. | |
Depreciation, depletion and amortization for productive oil and gas properties are recorded on a unit-of-production basis. For other depreciable property, depreciation is recorded on a straight line basis over the estimated useful life of the assets which ranges between three to five years or the lease term. Repairs and maintenance costs are charged to expense as incurred. | |
Impairment of Long-Lived Assets | |
The Company reviews its long-lived assets in property, plant and equipment for impairment in accordance with ASC Topic 360, (Property, Plant and Equipment). Review for impairment of long-lived assets occurs whenever changes in circumstances indicate that the carrying amount of assets may not be fully recoverable. Possible indicators of impairment include current period losses combined with a history of losses, significant downward oil and gas reserve revisions, or when changes in other circumstances indicate the carrying amount of an asset may not be recoverable. An impairment loss is recognized for assets to be held and used when the estimated undiscounted future cash flows expected to result from the asset including ultimate disposition are less than its carrying amount. In the case of oil and gas properties, the Company estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows are determined on the basis of reasonable and documented assumptions that represent the best estimate of the future economic conditions during the remaining useful life of the asset. The Company’s cash flow projections into the future include assumptions on variables such as future sales, sales prices, operating costs, economic conditions, market competition and inflation. Prices used to quantify the expected future cash flows are estimated based on forward prices prevailing in the marketplace and management’s long-term planning assumptions. Impairment is measured by the excess of carrying amount over the fair value of the assets. No impairment charges were recorded for the years ended December 31, 2013, 2012 or 2011, respectively. | |
Asset Retirement Obligations | |
The Company accounts for asset retirement obligations in accordance with ASC Topic 410 (Asset Retirement and Environmental Obligations), which requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred. ASC 410 requires the Company to record a liability for the present value using a credit-adjusted risk free interest rate of the estimated site restoration costs with a corresponding increase to the carrying amount of the related long-lived assets. As of December 31, 2013 and 2012, the Company did not have the obligation to participate in any of the capital expenditures for OMLs 120 and 121, and therefore did not have any asset retirement obligations. | |
Revenues | |
Revenues are recognized when a lifting (sale) occurs. The recognition criteria are satisfied when there exists a signed contract with defined pricing, delivery and acceptance (as defined in the contract) of the product or service have occurred, there is no significant uncertainty of collectability, and the amount is not subject to refund. Crude oil revenues are net of royalties. | |
Income Taxes | |
The Company provides for income taxes using the asset and liability method of accounting for income taxes in accordance with ASC Topic 740 (Income Taxes). Under the asset and liability method, deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be fully realized. | |
The Company routinely evaluates any tax deduction and tax refund positions in a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained. If that test is met, the second step is to determine the amount of benefit to recognize in the consolidated financial statements. See Note 8 – Income Taxes for further information. | |
Stock-Based Compensation | |
The Company recognizes all stock-based payments to employees, including grants of employee stock options, in the consolidated financial statements based on their grant-date fair values in accordance with ASC Topic 718-10 (Stock Compensation). The Company values its stock options awarded using the Black-Scholes option pricing model, and the restricted stock is valued at the grant date closing market price. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). Stock-based compensation paid to non-employees in vested stock is valued at the fair value at the applicable measurement date and charged to expense as services are rendered. | |
Net Earnings (Loss) Per Common Share | |
The Company computes earnings or loss per share under ASC Topic 260 (Earnings per Share). Net earnings or loss per common share is computed by dividing net earnings or loss by the weighted average number of shares of common stock and applicable dilutive common stock equivalents outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's stock options, unvested restricted stock, and warrants (calculated using the treasury stock method). Potential dilutive common shares that have an anti-dilutive effect (e.g., those that increase earnings per share or decrease net loss per share) are excluded from diluted earnings (loss) per share. | |
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. The required disclosures have been included in Note 5, Accumulated Other Comprehensive Income (Loss) of the Notes to Consolidated Financial Statements | |
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_Discontinued_Operations
Note 3 - Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||
NOTE 3 – DISCONTINUED OPERATIONS | |||||||||||||
In August 2012, the Company divested its wholly owned Hong Kong subsidiary Pacific Asia Petroleum Limited (“PAPL”) for net cash consideration of $2.4 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 assets, liabilities and the results of operations for China to discontinued operations for all periods presented. | |||||||||||||
Results of operations from discontinued operations are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Costs and expenses: | |||||||||||||
Exploratory expenses | $ | - | $ | 204 | $ | 2,545 | |||||||
Depreciation, depletion and amortization | - | 8 | 53 | ||||||||||
General and administrative expenses | 36 | 779 | 1,642 | ||||||||||
Other income | - | - | (228 | ) | |||||||||
Total costs and expenses | 36 | 991 | 4,012 | ||||||||||
Loss before income taxes | (36 | ) | (991 | ) | (4,012 | ) | |||||||
Income tax expense | - | - | - | ||||||||||
Net loss before noncontrolling interests | (36 | ) | (991 | ) | (4,012 | ) | |||||||
Noncontrolling interests | - | 8 | 90 | ||||||||||
Net loss | $ | (36 | ) | $ | (983 | ) | $ | (3,922 | ) | ||||
Assets and liabilities of discontinued operations are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2012 | |||||||||||||
(In thousands) | |||||||||||||
Other assets | $ | 36 | |||||||||||
Total assets | $ | 36 | |||||||||||
Note_4_Acquisitions
Note 4 - Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
NOTE 4. -- ACQUISITIONS | |
Award of Kenya Exploration Blocks | |
In May 2012, the Company, through a wholly owned subsidiary, entered into four production sharing contracts with the Government of the Republic of Kenya, covering exploration blocks L1B and L16, and new offshore exploration blocks L27 and L28. For all blocks, the Company is the operator, with the Government having the right to participate up to 20%, either directly or through an appointee, in any area subsequent to declaration of a commercial discovery. The Company is responsible for all exploration expenditures. | |
The Kenya PSCs for blocks L1B and L16 each provide for an initial exploration period of two years with specified minimum work obligations during that period. Prior to the end of the initial exploration period, the Company will conduct for each block a gravity and magnetic survey and acquire, process and interpret 2D seismic data. The gravity and magnetic survey on blocks L1B and L16 was completed in April, 2013. The Company has the right to apply for up to two additional two-year exploration periods with specified additional minimum work obligations, including the acquisition of 3D seismic data and the drilling of one exploratory well on each block during each such additional period. In December 2013, the company initiated an Environmental and Social Impact Assessment (ESIA) study in blocks L1B and L16 in order to obtain the license to carry out a 2D seismic survey. | |
The Kenya PSCs for blocks L27 and L28 each provide for an initial exploration period of three years with specified minimum work obligations during that period. Prior to the end of the initial exploration period, the Company will conduct for each block a regional geological and geophysical study, acquire 2D seismic data and acquire, process and interpret 3D seismic data. The Company has the right to apply for up to two additional two-year exploration periods with specified additional minimum work obligations, including the drilling of one exploratory well on each block, during each such additional period. CAMAC is participating in a multi-client combined gravity / magnetic and 2D seismic survey which are currently underway in blocks L27 and L28. | |
In addition to the minimum work obligations, each of the Kenya PSCs requires annual surface rental payments, training fund payments and contributions to local community development projects. | |
Award of The Gambia Licenses | |
In May 2012, the Company, through a wholly owned subsidiary, signed two Petroleum Exploration, Development & Production Licenses with The Republic of The Gambia, for exploration blocks A2 and A5. For both blocks, the Company is the operator, with the GNPC having the right to elect to participate up to a 15% interest, following approval of a development and production plan. The Company is responsible for all expenditures prior to such approval even if the GNPC elects to participate. | |
The Gambia Licenses for both blocks provide for an initial exploration period of four years with specified work obligations during that period. Prior to the end of the initial exploration period, the Company will conduct, for each block, a regional geological study, acquire, process and interpret 750 sq. km of 3D seismic data, drill one exploration well to the total depth of 5,000 meters below mean sea level and evaluate drilling results, with the first two work obligations (regional geological study and 3D seismic data acquisition and processing) due prior to the end of the second year. The Company has the right to apply for up to two additional two-year exploration periods with specified additional minimum work obligations, including the drilling of one exploration well during each additional period for each block. | |
In addition to the minimum work obligations, The Gambia Licenses require annual rental payments, training and community fees. |
Note_5_Accumulated_Other_Compr
Note 5 - Accumulated Other Comprehensive Income | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Comprehensive Income (Loss) Note [Text Block] | ' | ||||
NOTE 5. --- ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||
The following summarizes the changes in the balances of each component of accumulated other comprehensive income (loss): | |||||
Foreign | |||||
Currency | |||||
Gain (Loss) | |||||
(In thousands) | |||||
Balance at December 31, 2012 | $ | 224 | |||
Realized foreign currency gain | (224 | ) | |||
Balance at December 31, 2013 | $ | - | |||
Note_6_Property_Plant_and_Equi
Note 6 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 6. --- PROPERTY, PLANT AND EQUIPMENT | |||||||||
Property, plant and equipment were comprised of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Oil and gas properties: | (In thousands) | ||||||||
Proved oil and gas properties | $ | 206,212 | $ | 206,212 | |||||
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 | |||||||
Other property and equipment | 1,590 | 989 | |||||||
Accumulated depreciation | (838 | ) | (533 | ) | |||||
Other property and equipment, net | 752 | 456 | |||||||
Total property, plant and equipment | $ | 185,160 | $ | 189,086 | |||||
Note_7_Note_Payable_Related_Pa
Note 7 - Note Payable - Related Party | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Short-term Debt [Text Block] | ' |
NOTE 7. --- 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 the 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 September 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 $10.0 million for general corporate purposes and to pledge the stock of the subsidiary of CEI that holds the exploration licenses in The Gambia and Kenya as collateral pursuant to an equitable share mortgage arrangement. As of December 31, 2013, the book value of the exploration licenses in The Gambia and Kenya was $3.2 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. In January 2014, Allied agreed to amend the Promissory Note and extend the maturity date to July 15, 2015 in the event the Company is not successful in obtaining external financing arrangements by June 30, 2014. The Company has guaranteed all of CPL’s obligations under the Promissory Note. As of December 31, 2013, $6.5 million was outstanding under the Promissory Note. | |
Dr. Kase Lawal, the Company’s Executive Chairman and member of the Board of Directors, and Chief Executive Officer, is a director of each of CEHL, CINL, and the Lender. Dr. Lawal also owns 27.7% of CIL, which indirectly owns 100% of CEHL, and CINL and the Lender are each wholly-owned subsidiaries of CEHL. As a result, Dr. Lawal is deemed to have an indirect material interest in the transaction contemplated by the Promissory Note. Dr. Lawal fully disclosed the material facts as to his relationship to the Lender prior to Board approval. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
NOTE 8. --- INCOME TAXES | |||||||||||||
Following is a reconciliation of the expected statutory U.S. Federal income tax provision to the actual income tax expense for the respective periods: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net loss attributable to CAMAC Energy Inc. before income tax expense | $ | (15,948 | ) | $ | (6,091 | ) | $ | (24,913 | ) | ||||
Expected income tax provision at statutory rate of 35% | $ | (5,582 | ) | $ | (2,132 | ) | $ | (8,720 | ) | ||||
Increase (decrease) due to: | |||||||||||||
Foreign-incorporated subsidiaries | (26 | ) | (4,463 | ) | 4,102 | ||||||||
Net losses not realizable currently for U.S. tax purposes | 5,608 | 6,595 | 4,618 | ||||||||||
Total income tax expense | $ | - | $ | - | $ | - | |||||||
Significant components of our deferred tax assets are as follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Basis difference in fixed assets | $ | 927 | $ | 113 | |||||||||
Net operating losses | 24,951 | 19,114 | |||||||||||
Share-based compensation | 837 | 368 | |||||||||||
26,715 | 19,595 | ||||||||||||
Valuation allowance | (26,715 | ) | (19,595 | ) | |||||||||
Net deferred income tax assets | $ | - | $ | - | |||||||||
The Company’s foreign net operating losses in Nigeria are not subject to expiration, and can be carried forward indefinitely. The foreign operating losses in Gambia and Kenya are included in the respective subsidiaries cost oil accounts, which will be offset against future taxable revenues. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized. The Company does not expect to utilize the net operating losses in the short term, due to continued operating losses in its foreign subsidiaries. On the basis of this evaluation, valuation allowances of $26.7 million and $19.6 million were recorded as of December 31, 2013 and 2012, respectively. | |||||||||||||
At December 31, 2013, the Company was subject to foreign and United States federal taxes only, with no allocations made to state and local taxes. | |||||||||||||
The following table summarizes the tax years that remain subject to examination by major tax jurisdictions: |
Note_9_Stock_Based_Compensatio
Note 9 - Stock Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
NOTE 9. --- STOCK BASED COMPENSATION | |||||||||||||
Under the Company’s amended 2009 Equity Incentive Plan (“2009 Plan”), the Company may issue restricted stock awards and stock options to result in issuance of a maximum aggregate of 100,000,000 shares of Common Stock. Options awarded expire between five and 10 years from date of grant, or shorter term as fixed by the Board of Directors. On February 18, 2014, the Company executed the amendment to the 2009 Plan thereby increasing the number of shares that may be granted thereunder to 100,000,000. | |||||||||||||
In 2013, the Company granted a total of 8,003,874 stock options with vesting periods from three years to five years. | |||||||||||||
Stock Options | |||||||||||||
A summary of stock option activity for the year ended December 31, 2013, is presented below. | |||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||
Underlying | Exercise Price | Remaining | |||||||||||
Options | Contractual Term | ||||||||||||
(Years) | |||||||||||||
Stock Options | |||||||||||||
Outstanding at January 1, 2013 | 6,124,703 | $0.37 | 3.5 | ||||||||||
Granted | 8,003,874 | $0.28 | 4.3 | ||||||||||
Exercised | - | ||||||||||||
Forfeited | (353,046 | ) | $0.69 | ||||||||||
Outstanding as of December 31, 2013 | 13,775,531 | $0.31 | 3.7 | ||||||||||
Expected to vest | 13,775,531 | $0.31 | 3.7 | ||||||||||
Exercisable at December 31, 2013 | 3,376,648 | $0.37 | 2.7 | ||||||||||
The total intrinsic values of options outstanding and options exercisable were $0.9 million at December 31, 2013. The total intrinsic values realized by recipients on options exercised were $0 in 2013, $0 in 2012, and $0.2 million in 2011. | |||||||||||||
The Company recorded compensation expense relative to stock options in 2013, 2012 and 2011 of $1.1 million , $0.2 million and $1.3 million, respectively. | |||||||||||||
The fair values of stock options used in recording compensation expense are computed using the Black-Scholes option pricing model. The table below shows the weighted-average amounts for the assumptions used in the model for options awarded in each year under equity incentive plans. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected price volatility | 77.9 | % | 120.5 | % | 103.7 | % | |||||||
Risk free interest rate (U.S. treasury bonds) | 0.5 | % | 0.5 | % | 0.8 | % | |||||||
Expected annual dividend yield | - | - | - | ||||||||||
Expected option term (years) | 3.5 | 3.5 | 3.1 | ||||||||||
Grant date fair value per share | $ | 0.23 | $ | 0.26 | $ | 0.34 | |||||||
Restricted Stock Awards (“RSA”) | |||||||||||||
In addition to stock options, our 2009 Plan allows for the grant of restricted stock awards, or RSA. We determine the fair value of RSAs based on the market price of our common stock on the date of grant. Compensation cost for RSAs is recognized on a straight-line basis over the vesting or service period and is net of forfeitures. | |||||||||||||
A summary of restricted stock activity for the year ended December 31, 2013, is presented below. | |||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Restricted Stock | |||||||||||||
Nonvested at January 1, 2013 | 2,676,724 | $0.32 | |||||||||||
Granted | 4,163,374 | $0.26 | |||||||||||
Vested | (2,301,312 | ) | $0.32 | ||||||||||
Forfeited | - | ||||||||||||
Nonvested as of December 31, 2013 | 4,538,786 | $0.27 | |||||||||||
The Company recorded compensation expense relative to RSA’s in 2013, 2012 and 2011 of $0.9 million, $0.6 million and $1.2 million, respectively. | |||||||||||||
The total grant date fair value of RSA shares that vested during 2013 was approximately $0.5 million. As of December 31, 2013, there was approximately $1.2 million of total unrecognized compensation cost related to nonvested RSAs, with $0.9 million, and $0.3 million to be recognized during the years ended December 31, 2014 and 2015, respectively. |
Note_10_Earnings_or_Loss_Per_C
Note 10 - Earnings or Loss Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
NOTE 10. --- EARNINGS OR LOSS PER COMMON SHARE | |||||||||||||
Basic earnings or loss per common share (“EPS”) is computed by dividing net income or 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 basic and diluted EPS for years ended December 31, 2013, 2012, and 2011, respectively, were as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Basic | 381,255 | 379,373 | 376,312 | ||||||||||
Diluted | 381,255 | 379,373 | 376,312 | ||||||||||
The number of stock options, warrants issued in stock offerings and nonvested restricted stock excluded from dilutive shares outstanding in the above periods, as these potentially dilutive securities are anti-dilutive because the Company was in a loss position, were as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Stock options | - | 4 | 238 | ||||||||||
Warrants issued in stock offerings | - | - | 14 | ||||||||||
Nonvested restricted stock awards | 2,154 | 796 | 158 | ||||||||||
2,154 | 800 | 410 | |||||||||||
Note_11_Financial_Instruments_
Note 11 - Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
NOTE 11. --- FINANCIAL INSTRUMENTS AND CONCENTRATION OF CREDIT RISK | |
Fair Value of Financial Instruments | |
The estimated fair value of financial instruments is the amount at which the instrument could be exchanged currently between willing parties. 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 December 31, 2013 and 2012, respectively, principally due to the short-term nature, maturities or nature of interest rates of the above listed items. | |
Concentration of Credit Risk | |
The Company is currently not exposed to any concentration of credit risk. |
Note_12_Commitments_and_Contin
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 12. --- COMMITMENTS AND CONTINGENCIES | |
Commitments | |
We rent office space and miscellaneous office equipment under non-cancelable operating leases. Office rent expense, net of sublease income, for the years ended December 31, 2013, 2012, and 2011 was $0.7 million, $0.5 million and $0.5 million, respectively. At December 31, 2013, minimum future rental commitments for operating leases were a total of $2.2 million as follows: $0.4 million in 2014, $0.4 million in 2015, $0.4 million in 2016, $0.4 million in 2017 and $0.6 in 2018 and thereafter. | |
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. At December 31, 2013, minimum future work obligations were a total of $148.4 million as follows: $14.8 million in 2014 and $133.6 million in the years 2015 and 2016. | |
Contingencies | |
From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of December 31, 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 net income or loss. |
Note_13_Related_Party_Transact
Note 13 - Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||||||
NOTE 13. --- RELATED PARTY TRANSACTIONS | |||||||||||||
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 period: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
CEHL, accounts receivable | $ | 1,026 | $ | 6,103 | |||||||||
CEHL, other current assets | $ | 624 | $ | 624 | |||||||||
CEHL, accounts payable | $ | 292 | $ | 10,213 | |||||||||
CEHL, note payable-related party | $ | 6,496 | $ | - | |||||||||
CEHL, accrued expenses | $ | 804 | $ | 25 | |||||||||
CEHL, long-term note payable-related party | $ | - | $ | 872 | |||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
CEHL, total operating costs and expenses | $ | (1,167 | ) | $ | 81 | $ | 3,243 | ||||||
CEHL, other expense, net | $ | 99 | $ | 122 | $ | 120 | |||||||
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 $150.0 thousand 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. | |||||||||||||
In June 2011, CPL, a wholly owned subsidiary of the Company, executed a Promissory Note in favor of Allied. See Note 7 - Note Payable – Related Party, for details relating to the Promissory Note. As of December 31, 2013, $6.5 million was outstanding under the Promissory Note. |
Note_14_Selected_Unaudited_Qua
Note 14 - Selected Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
NOTE 14. — SELECTED UNAUDITED QUARTERLY FINANCIAL DATA | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenues | $ | 2,452 | $ | 1,941 | $ | 3,480 | $ | - | |||||||||
Operating loss | $ | (3,774 | ) | $ | (4,425 | ) | $ | (2,680 | ) | $ | (5,071 | ) | |||||
Net loss attributable to CAMAC Energy Inc. | $ | (3,778 | ) | $ | (4,431 | ) | $ | (2,696 | ) | $ | (5,043 | ) | |||||
Net loss per share | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||
Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenues | $ | 5,672 | $ | - | $ | 7,945 | $ | 3,007 | |||||||||
Operating loss | $ | (879 | ) | $ | (3,496 | ) | $ | (1,944 | ) | $ | (2,367 | ) | |||||
Net (loss) income attributable to CAMAC Energy Inc. (1) | $ | (1,296 | ) | $ | (3,975 | ) | $ | 2,038 | $ | (2,858 | ) | ||||||
Net (loss) income income per share | |||||||||||||||||
Basic | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.01 | ) | ||||||
Diluted | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.01 | ) | ||||||
-1 | In 2012, The Company divested its China operations. See Note 3 – Discontinued Operations for details of the sale. | ||||||||||||||||
Note_15_Subsequent_Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 15. — SUBSEQUENT EVENTS | |
In November 2013, the Company entered into a Transfer Agreement (the “Transfer Agreement”) pursuant to which the Company agreed to acquire from Allied Energy Plc (“Allied”), a wholly owned subsidiary of CEHL (the 57.2% majority stockholder of the Company), all remaining economic interests in the PSC and related assets, contracts and rights pertaining to OMLs 120 and 121 including the currently producing Oyo Field (the “Allied Assets”). In consideration for the Allied Assets, the Company agreed to issue 497,454,857 shares of the Company’s Common Stock, deliver to Allied a $50.0 million convertible subordinated promissory note (the “Convertible Subordinated Note”) and pay $170.0 million in cash (the “Allied Transaction”). | |
To fund the cash portion of the Allied Transaction and a portion of the anticipated capital expenditures for development of the Oyo Field, the Company also entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with the Public Investment Corporation (SOC) Limited, a state-owned company registered and duly incorporated in the Republic of South Africa ("PIC"), for an aggregate cash investment of $270.0 million through a private placement of 376,884,422 shares of Common Stock (the “Private Placement”), representing an approximate 30% ownership interest in the Company after completion of the transactions. The Share Purchase Agreement provides that the Private Placement will be completed in two installments. The first installment of $135.0 million (the “First Closing”) in exchange for 188,442,211 shares of the Company’s Common Stock was due at the closing of the Allied Transaction. The second installment (the “Second Closing”) of $135.0 million in exchange for 188,442,211 shares of the Company’s Common Stock is expected in mid 2014. In connection with the Private Placement, the Company agreed to list its Common Stock on the Johannesburg Stock Exchange ("JSE") in addition to the Company’s listing on the NYSE MKT. | |
On February 13, 2014, the Company held a special meeting of its stockholders to consider and vote upon the proposal to approve the Transfer Agreement as mentioned above and other related agenda items. Additionally, the Company had previously declared the Stock Dividend, which was subject to shareholder approval of the proposals presented at the above special meeting. All of the proposals presented at the meeting were approved by the requisite majority of the minority shareholders of the Company. The Stock Dividend was paid on February 21, 2014 to all shareholders of record at the close of business on February 13, 2014. | |
On February 21, 2014, the Company completed the Allied Transaction and the First Closing of the Private Placement in accordance with the terms of the Transfer Agreement and the Share Purchase Agreement, respectively. Pursuant to the terms of the Transfer Agreement, the Company, as partial consideration for the Allied Assets, paid $85.0 million in cash to Allied, issued 497,454,857 shares of the Company’s Common Stock to Allied and delivered the Convertible Subordinated Note to Allied under which $25.0 million was deemed to be advanced. The Company’s Common Stock also began trading on the JSE on February 24, 2014. Within two business days following the Second Closing of the Private Placement, the Company will be required to pay to Allied an additional $85.0 million in cash, as may be adjusted pursuant to the Transfer Agreement, and an additional $25.0 million will be deemed to be advanced to Allied under the Convertible Subordinated Note. The Second Closing of the Private Placement is expected to take place in the second quarter of 2014. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The consolidated financial statements include the accounts and activities of the Company, subsidiaries in which the Company has a controlling financial interest, and entities for which the Company is the primary beneficiary. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions. Estimates affect the reported amounts of assets and liabilities, disclosure of contingent liabilities, and the reported amounts of revenues and expenses during the reporting periods. Accordingly, our accounting estimates require the exercise of judgment. While management believes that the estimates and assumptions used in preparation of consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates that may have a significant effect include oil and natural gas reserve quantities, depletion and amortization relating to oil and natural gas properties, and income taxes. The accounting estimates used in the preparation of the consolidated financial statements may change as new events occur, more experience is acquired, additional information is obtained and our operating environment changes. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand, demand deposits and short-term investments with initial maturities of three months or less. | |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are accounted for at cost less allowance for doubtful accounts. We establish provisions for losses on accounts receivables if it is determined that collection of all or a part of an outstanding balance is not probable. Collectability is reviewed regularly and an allowance is established or adjusted, as necessary, using the specific identification method. As of December 31, 2013 and 2012, no allowance for doubtful accounts was necessary. | |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Successful Efforts Method of Accounting for Oil and Gas Activities | |
The Company follows the successful efforts method of accounting of its costs of acquisition, exploration and development of oil and gas properties. Under this method, oil and gas lease acquisition costs and intangible drilling costs associated with exploration efforts that result in the discovery of proved reserves and costs associated with development drilling, whether or not successful, are capitalized when incurred. Drilling costs of exploratory wells are capitalized pending determination that proved reserves have been found. If the determination is dependent upon the results of planned additional wells and require additional capital expenditures to develop the reserves, the drilling costs will be capitalized as long as sufficient reserves have been found to justify completion of the exploratory well as a producing well, and additional wells are underway or firmly planned to complete the evaluation of the well. Exploratory wells not meeting the criteria for continued capitalization are expensed when such a determination is made. Other exploration costs are expensed as incurred. | |
Depreciation, depletion and amortization for productive oil and gas properties are recorded on a unit-of-production basis. For other depreciable property, depreciation is recorded on a straight line basis over the estimated useful life of the assets which ranges between three to five years or the lease term. Repairs and maintenance costs are charged to expense as incurred. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Impairment of Long-Lived Assets | |
The Company reviews its long-lived assets in property, plant and equipment for impairment in accordance with ASC Topic 360, (Property, Plant and Equipment). Review for impairment of long-lived assets occurs whenever changes in circumstances indicate that the carrying amount of assets may not be fully recoverable. Possible indicators of impairment include current period losses combined with a history of losses, significant downward oil and gas reserve revisions, or when changes in other circumstances indicate the carrying amount of an asset may not be recoverable. An impairment loss is recognized for assets to be held and used when the estimated undiscounted future cash flows expected to result from the asset including ultimate disposition are less than its carrying amount. In the case of oil and gas properties, the Company estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows are determined on the basis of reasonable and documented assumptions that represent the best estimate of the future economic conditions during the remaining useful life of the asset. The Company’s cash flow projections into the future include assumptions on variables such as future sales, sales prices, operating costs, economic conditions, market competition and inflation. Prices used to quantify the expected future cash flows are estimated based on forward prices prevailing in the marketplace and management’s long-term planning assumptions. Impairment is measured by the excess of carrying amount over the fair value of the assets. No impairment charges were recorded for the years ended December 31, 2013, 2012 or 2011, respectively. | |
Asset Retirement Obligations, Policy [Policy Text Block] | ' |
Asset Retirement Obligations | |
The Company accounts for asset retirement obligations in accordance with ASC Topic 410 (Asset Retirement and Environmental Obligations), which requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred. ASC 410 requires the Company to record a liability for the present value using a credit-adjusted risk free interest rate of the estimated site restoration costs with a corresponding increase to the carrying amount of the related long-lived assets. As of December 31, 2013 and 2012, the Company did not have the obligation to participate in any of the capital expenditures for OMLs 120 and 121, and therefore did not have any asset retirement obligations. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
Revenues | |
Revenues are recognized when a lifting (sale) occurs. The recognition criteria are satisfied when there exists a signed contract with defined pricing, delivery and acceptance (as defined in the contract) of the product or service have occurred, there is no significant uncertainty of collectability, and the amount is not subject to refund. Crude oil revenues are net of royalties. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Company provides for income taxes using the asset and liability method of accounting for income taxes in accordance with ASC Topic 740 (Income Taxes). Under the asset and liability method, deferred tax assets and liabilities are recognized for temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be fully realized. | |
The Company routinely evaluates any tax deduction and tax refund positions in a two-step process. The first step is to determine whether it is more likely than not that a tax position will be sustained. If that test is met, the second step is to determine the amount of benefit to recognize in the consolidated financial statements. See Note 8 – Income Taxes for further information. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation | |
The Company recognizes all stock-based payments to employees, including grants of employee stock options, in the consolidated financial statements based on their grant-date fair values in accordance with ASC Topic 718-10 (Stock Compensation). The Company values its stock options awarded using the Black-Scholes option pricing model, and the restricted stock is valued at the grant date closing market price. Such costs are recognized over the period during which an employee is required to provide service in exchange for the award (which is usually the vesting period). Stock-based compensation paid to non-employees in vested stock is valued at the fair value at the applicable measurement date and charged to expense as services are rendered. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
Net Earnings (Loss) Per Common Share | |
The Company computes earnings or loss per share under ASC Topic 260 (Earnings per Share). Net earnings or loss per common share is computed by dividing net earnings or loss by the weighted average number of shares of common stock and applicable dilutive common stock equivalents outstanding during the year. Dilutive common stock equivalents consist of shares issuable upon the exercise of the Company's stock options, unvested restricted stock, and warrants (calculated using the treasury stock method). Potential dilutive common shares that have an anti-dilutive effect (e.g., those that increase earnings per share or decrease net loss per share) are excluded from diluted earnings (loss) per share. | |
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. The required disclosures have been included in Note 5, Accumulated Other Comprehensive Income (Loss) of the Notes to Consolidated Financial Statements | |
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_Discontinued_Operations1
Note 3 - Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Statements [Member] | ' | ||||||||||||
Note 3 - Discontinued Operations (Tables) [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Costs and expenses: | |||||||||||||
Exploratory expenses | $ | - | $ | 204 | $ | 2,545 | |||||||
Depreciation, depletion and amortization | - | 8 | 53 | ||||||||||
General and administrative expenses | 36 | 779 | 1,642 | ||||||||||
Other income | - | - | (228 | ) | |||||||||
Total costs and expenses | 36 | 991 | 4,012 | ||||||||||
Loss before income taxes | (36 | ) | (991 | ) | (4,012 | ) | |||||||
Income tax expense | - | - | - | ||||||||||
Net loss before noncontrolling interests | (36 | ) | (991 | ) | (4,012 | ) | |||||||
Noncontrolling interests | - | 8 | 90 | ||||||||||
Net loss | $ | (36 | ) | $ | (983 | ) | $ | (3,922 | ) | ||||
Balance Sheets [Member] | ' | ||||||||||||
Note 3 - Discontinued Operations (Tables) [Line Items] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
2012 | |||||||||||||
(In thousands) | |||||||||||||
Other assets | $ | 36 | |||||||||||
Total assets | $ | 36 |
Note_5_Accumulated_Other_Compr1
Note 5 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||
Foreign | |||||
Currency | |||||
Gain (Loss) | |||||
(In thousands) | |||||
Balance at December 31, 2012 | $ | 224 | |||
Realized foreign currency gain | (224 | ) | |||
Balance at December 31, 2013 | $ | - |
Note_6_Property_Plant_and_Equi1
Note 6 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Oil and gas properties: | (In thousands) | ||||||||
Proved oil and gas properties | $ | 206,212 | $ | 206,212 | |||||
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 | |||||||
Other property and equipment | 1,590 | 989 | |||||||
Accumulated depreciation | (838 | ) | (533 | ) | |||||
Other property and equipment, net | 752 | 456 | |||||||
Total property, plant and equipment | $ | 185,160 | $ | 189,086 |
Note_8_Income_Taxes_Tables
Note 8 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net loss attributable to CAMAC Energy Inc. before income tax expense | $ | (15,948 | ) | $ | (6,091 | ) | $ | (24,913 | ) | ||||
Expected income tax provision at statutory rate of 35% | $ | (5,582 | ) | $ | (2,132 | ) | $ | (8,720 | ) | ||||
Increase (decrease) due to: | |||||||||||||
Foreign-incorporated subsidiaries | (26 | ) | (4,463 | ) | 4,102 | ||||||||
Net losses not realizable currently for U.S. tax purposes | 5,608 | 6,595 | 4,618 | ||||||||||
Total income tax expense | $ | - | $ | - | $ | - | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Basis difference in fixed assets | $ | 927 | $ | 113 | |||||||||
Net operating losses | 24,951 | 19,114 | |||||||||||
Share-based compensation | 837 | 368 | |||||||||||
26,715 | 19,595 | ||||||||||||
Valuation allowance | (26,715 | ) | (19,595 | ) | |||||||||
Net deferred income tax assets | $ | - | $ | - |
Note_9_Stock_Based_Compensatio1
Note 9 - Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Shares | Weighted-Average | Weighted-Average | |||||||||||
Underlying | Exercise Price | Remaining | |||||||||||
Options | Contractual Term | ||||||||||||
(Years) | |||||||||||||
Stock Options | |||||||||||||
Outstanding at January 1, 2013 | 6,124,703 | $0.37 | 3.5 | ||||||||||
Granted | 8,003,874 | $0.28 | 4.3 | ||||||||||
Exercised | - | ||||||||||||
Forfeited | (353,046 | ) | $0.69 | ||||||||||
Outstanding as of December 31, 2013 | 13,775,531 | $0.31 | 3.7 | ||||||||||
Expected to vest | 13,775,531 | $0.31 | 3.7 | ||||||||||
Exercisable at December 31, 2013 | 3,376,648 | $0.37 | 2.7 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected price volatility | 77.9 | % | 120.5 | % | 103.7 | % | |||||||
Risk free interest rate (U.S. treasury bonds) | 0.5 | % | 0.5 | % | 0.8 | % | |||||||
Expected annual dividend yield | - | - | - | ||||||||||
Expected option term (years) | 3.5 | 3.5 | 3.1 | ||||||||||
Grant date fair value per share | $ | 0.23 | $ | 0.26 | $ | 0.34 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Shares | Weighted-Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Restricted Stock | |||||||||||||
Nonvested at January 1, 2013 | 2,676,724 | $0.32 | |||||||||||
Granted | 4,163,374 | $0.26 | |||||||||||
Vested | (2,301,312 | ) | $0.32 | ||||||||||
Forfeited | - | ||||||||||||
Nonvested as of December 31, 2013 | 4,538,786 | $0.27 |
Note_10_Earnings_or_Loss_Per_C1
Note 10 - Earnings or Loss Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Basic | 381,255 | 379,373 | 376,312 | ||||||||||
Diluted | 381,255 | 379,373 | 376,312 | ||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Stock options | - | 4 | 238 | ||||||||||
Warrants issued in stock offerings | - | - | 14 | ||||||||||
Nonvested restricted stock awards | 2,154 | 796 | 158 | ||||||||||
2,154 | 800 | 410 |
Note_13_Related_Party_Transact1
Note 13 - Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Balance Sheets [Member] | ' | ||||||||||||
Note 13 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
CEHL, accounts receivable | $ | 1,026 | $ | 6,103 | |||||||||
CEHL, other current assets | $ | 624 | $ | 624 | |||||||||
CEHL, accounts payable | $ | 292 | $ | 10,213 | |||||||||
CEHL, note payable-related party | $ | 6,496 | $ | - | |||||||||
CEHL, accrued expenses | $ | 804 | $ | 25 | |||||||||
CEHL, long-term note payable-related party | $ | - | $ | 872 | |||||||||
Income Statements [Member] | ' | ||||||||||||
Note 13 - Related Party Transactions (Tables) [Line Items] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
CEHL, total operating costs and expenses | $ | (1,167 | ) | $ | 81 | $ | 3,243 | ||||||
CEHL, other expense, net | $ | 99 | $ | 122 | $ | 120 |
Note_14_Selected_Unaudited_Qua1
Note 14 - Selected Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenues | $ | 2,452 | $ | 1,941 | $ | 3,480 | $ | - | |||||||||
Operating loss | $ | (3,774 | ) | $ | (4,425 | ) | $ | (2,680 | ) | $ | (5,071 | ) | |||||
Net loss attributable to CAMAC Energy Inc. | $ | (3,778 | ) | $ | (4,431 | ) | $ | (2,696 | ) | $ | (5,043 | ) | |||||
Net loss per share | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||
Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenues | $ | 5,672 | $ | - | $ | 7,945 | $ | 3,007 | |||||||||
Operating loss | $ | (879 | ) | $ | (3,496 | ) | $ | (1,944 | ) | $ | (2,367 | ) | |||||
Net (loss) income attributable to CAMAC Energy Inc. (1) | $ | (1,296 | ) | $ | (3,975 | ) | $ | 2,038 | $ | (2,858 | ) | ||||||
Net (loss) income income per share | |||||||||||||||||
Basic | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.01 | ) | ||||||
Diluted | $ | (0.00 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.01 | ) |
Note_1_Company_Description_Det
Note 1 - Company Description (Details) (Chief Executive Officer [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
CAMAC International Limited (CIL) [Member] | ' |
Note 1 - Company Description (Details) [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 27.70% |
CEHL and CINL [Member] | ' |
Note 1 - Company Description (Details) [Line Items] | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 100.00% |
Note_2_Basis_of_Presentation_a1
Note 2 - Basis of Presentation and Significant Accounting Policies (Details) | 1 Months Ended | 12 Months Ended | |
Feb. 13, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | |
Note 2 - Basis of Presentation and Significant Accounting Policies (Details) [Line Items] | ' | ' | ' |
Common Stock Dividends, Shares (in Shares) | 1.4348 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '3 years | '5 years |
Note_3_Discontinued_Operations2
Note 3 - Discontinued Operations (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, except Share data in Millions, unless otherwise specified | Aug. 31, 2012 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | $2,400 | $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_3_Discontinued_Operations3
Note 3 - Discontinued Operations (Details) - Results of Operations From Discontinued Operations (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations From Discontinued Operations [Abstract] | ' | ' | ' |
Exploratory expenses | ' | $204 | $2,545 |
Depreciation, depletion and amortization | ' | 8 | 53 |
General and administrative expenses | 36 | 779 | 1,642 |
Other income | ' | ' | -228 |
Total costs and expenses | 36 | 991 | 4,012 |
Loss before income taxes | -36 | -991 | -4,012 |
Income tax expense | 0 | 0 | 0 |
Net loss before noncontrolling interests | -36 | -991 | -4,012 |
Noncontrolling interests | ' | 8 | 90 |
Net loss | ($36) | ($983) | ($3,922) |
Note_3_Discontinued_Operations4
Note 3 - 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_4_Acquisitions_Details
Note 4 - Acquisitions (Details) | 1 Months Ended |
31-May-12 | |
Per Block [Member] | Award of Kenya Exploration Blocks, Blocks L1B and L16 [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Number of Exploratory Wells Drilled During Additional Period | 1 |
Per Block [Member] | Award of Kenya Exploration Blocks, Block L27 and L28 [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Exploratory Wells Drilled, Net Productive | 1 |
Per Block [Member] | Award of The Gambia Offshore Exploration Blocks [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Number of Exploratory Wells Drilled During Additional Period | 1 |
Exploratory Wells Drilled, Net Productive | 1 |
Award of Kenya Exploration Blocks [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Number of Production Sharing Contracts with Governments or Authorities | 4 |
Maximum Participation Percentage | 20.00% |
Award of Kenya Exploration Blocks, Blocks L1B and L16 [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Initial Exploration Period | '2 years |
Maximum Number of Additional Exploration Period | 2 |
Exploration Period | '2 years |
Award of Kenya Exploration Blocks, Block L27 and L28 [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Initial Exploration Period | '3 years |
Maximum Number of Additional Exploration Period | 2 |
Exploration Period | '2 years |
Award of The Gambia Offshore Exploration Blocks [Member] | ' |
Note 4 - Acquisitions (Details) [Line Items] | ' |
Number of Production Sharing Contracts with Governments or Authorities | 2 |
Maximum Participation Percentage | 15.00% |
Initial Exploration Period | '4 years |
Maximum Number of Additional Exploration Period | 2 |
Exploration Period | '2 years |
Note_5_Accumulated_Other_Compr2
Note 5 - Accumulated Other Comprehensive Income (Details) - Component of Accumulated Other Comprehensive Income (Loss) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Component of Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' |
Balance | $0 | $224 |
Realized foreign currency gain | -224 | ' |
Balance | $0 | $224 |
Note_6_Property_Plant_and_Equi2
Note 6 - Property, Plant and Equipment (Details) - Property, Plant and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Proved oil and gas properties | $206,212 | $206,212 |
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 |
Other property and equipment | 1,590 | 989 |
Accumulated depreciation | -838 | -533 |
Other property and equipment, net | 752 | 456 |
Total property, plant and equipment | $185,160 | $189,086 |
Note_7_Note_Payable_Related_Pa1
Note 7 - Note Payable - Related Party (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2011 |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | London Interbank Offered Rate (LIBOR) [Member] | Promissory Note to Allied[Member] | Promissory Note to Allied[Member] | Promissory Note to Allied[Member] | ||
CAMAC International Limited (CIL) [Member] | CEHL and CINL [Member] | Promissory Note to Allied[Member] | |||||
Note 7 - Note Payable - Related Party (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
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 | ' |
Exploration Licenses | 3,200,000 | ' | ' | ' | ' | ' | ' |
Notes Payable, Related Parties, Current | $6,496,000 | ' | ' | ' | $6,500,000 | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 27.70% | ' | ' | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | ' | ' | 100.00% | ' | ' | ' | ' |
Note_8_Income_Taxes_Details
Note 8 - Income Taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred Tax Assets, Valuation Allowance | $26,715 | $19,595 |
Note_8_Income_Taxes_Details_Re
Note 8 - Income Taxes (Details) - Reconciliation of the Expected Statutory U.S. Federal Income Tax Provision (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Reconciliation of the Expected Statutory U.S. Federal Income Tax Provision [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net loss attributable to CAMAC Energy Inc. before income tax expense | ($5,043) | ($2,696) | ($4,431) | ($3,778) | ($2,858) | [1] | $2,038 | [1] | ($3,975) | [1] | ($1,296) | [1] | ($15,948) | ($6,091) | ($24,913) |
Expected income tax provision at statutory rate of 35% | ' | ' | ' | ' | ' | ' | ' | ' | -5,582 | -2,132 | -8,720 | ||||
Foreign-incorporated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -26 | -4,463 | 4,102 | ||||
Net losses not realizable currently for U.S. tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | 5,608 | 6,595 | 4,618 | ||||
Total income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ||||
[1] | In 2012, The Company divested its China operations. See Note 3 - Discontinued Operations for details of the sale. |
Note_8_Income_Taxes_Details_De
Note 8 - Income Taxes (Details) - Deferred Income Tax Assets by Category (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Income Tax Assets by Category [Abstract] | ' | ' |
Basis difference in fixed assets | $927 | $113 |
Net operating losses | 24,951 | 19,114 |
Share-based compensation | 837 | 368 |
26,715 | 19,595 | |
Valuation allowance | -26,715 | -19,595 |
Net deferred income tax assets | $0 | $0 |
Note_9_Stock_Based_Compensatio2
Note 9 - Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 8,003,874 | ' | ' |
Expense To Be Recognized During 2014 [Member] | Restricted Stock [Member] | 2009 Equity Incentive Plan [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $900,000 | ' | ' |
Expense To Be Recognized During 2015 [Member] | Restricted Stock [Member] | 2009 Equity Incentive Plan [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 300,000 | ' | ' |
Employee Stock Option [Member] | 2009 Equity Incentive Plan [Member] | Minimum [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '5 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' | ' |
Employee Stock Option [Member] | 2009 Equity Incentive Plan [Member] | Maximum [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 1,100,000 | 200,000 | 1,300,000 |
Restricted Stock [Member] | 2009 Equity Incentive Plan [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 500,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 900,000 | 600,000 | 1,200,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,200,000 | ' | ' |
2009 Equity Incentive Plan [Member] | ' | ' | ' |
Note 9 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 100,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 8,003,874 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 900,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $0 | $0 | $200,000 |
Note_9_Stock_Based_Compensatio3
Note 9 - Stock Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | ' | ' |
Options Outstanding | ' | 6,124,703 |
Options Outstanding, Weighted-Average Exercise Price | ' | $0.37 |
Options Outstanding, Weighted-Average Remaining Contractual Term (Years) | '3 years 255 days | '3 years 6 months |
Expected to vest | 13,775,531 | ' |
Expected to vest | $0.31 | ' |
Expected to vest | '3 years 255 days | ' |
Exercisable at December 31, 2013 | 3,376,648 | ' |
Exercisable at December 31, 2013 | $0.37 | ' |
Exercisable at December 31, 2013 | '2 years 255 days | ' |
Granted | 8,003,874 | ' |
Granted | $0.28 | ' |
Granted | '4 years 109 days | ' |
Forfeited | -353,046 | ' |
Forfeited | $0.69 | ' |
Options Outstanding | 13,775,531 | ' |
Options Outstanding, Weighted-Average Exercise Price | $0.31 | ' |
Options Outstanding, Weighted-Average Remaining Contractual Term (Years) | '3 years 255 days | '3 years 6 months |
Note_9_Stock_Based_Compensatio4
Note 9 - Stock Based Compensation (Details) - Valuation Assumptions (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valuation Assumptions [Abstract] | ' | ' | ' |
Expected price volatility | 77.90% | 120.50% | 103.70% |
Risk free interest rate (U.S. treasury bonds) | 0.50% | 0.50% | 0.80% |
Expected option term (years) | '3 years 6 months | '3 years 6 months | '3 years 36 days |
Grant date fair value per share (in Dollars per share) | $0.23 | $0.26 | $0.34 |
Note_9_Stock_Based_Compensatio5
Note 9 - Stock Based Compensation (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Note 9 - Stock Based Compensation (Details) - Restricted Stock Activity [Line Items] | ' |
Nonvested at January 1, 2013 | 2,676,724 |
Nonvested at January 1, 2013 | $0.32 |
Granted | 4,163,374 |
Granted | $0.26 |
Vested | -2,301,312 |
Vested | $0.32 |
Nonvested as of December 31, 2013 | 4,538,786 |
Nonvested as of December 31, 2013 | $0.27 |
Note_10_Earnings_or_Loss_Per_C2
Note 10 - Earnings or Loss Per Common Share (Details) - Weighted Average Number of Common Shares Outstanding | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted Average Number of Common Shares Outstanding [Abstract] | ' | ' | ' |
Basic | 381,255 | 379,373 | 376,312 |
Diluted | 381,255 | 379,373 | 376,312 |
Note_10_Earnings_or_Loss_Per_C3
Note 10 - Earnings or Loss Per Common Share (Details) - Antidilutive Securities | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities | 2,154 | 800 | 410 |
Equity Option [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities | ' | 4 | 238 |
Warrant [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities | ' | ' | 14 |
Restricted Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities | 2,154 | 796 | 158 |
Note_12_Commitments_and_Contin1
Note 12 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $0.70 | $0.50 | $0.50 |
Operating Leases, Future Minimum Payments Due | 2.2 | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 0.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 0.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 0.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 0.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 0.6 | ' | ' |
Kenya PSCs and The Gambia Licenses [Member] | ' | ' | ' |
Note 12 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Other Commitment | 148.4 | ' | ' |
Other Commitment, Due in Next Twelve Months | 14.8 | ' | ' |
Other Commitment, Due in Third Year | 133.6 | ' | ' |
Other Commitment, Due in Second Year | $133.60 | ' | ' |
Note_13_Related_Party_Transact2
Note 13 - Related Party Transactions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Note 13 - Related Party Transactions (Details) [Line Items] | ' |
Notes Payable, Related Parties, Current | $6,496,000 |
Monthly Revenue from Allied [Member] | ' |
Note 13 - Related Party Transactions (Details) [Line Items] | ' |
Revenue from Related Parties | 150,000 |
Allied [Member] | CPL [Member] | ' |
Note 13 - Related Party Transactions (Details) [Line Items] | ' |
Notes Payable, Related Parties, Current | $6,500,000 |
Note_13_Related_Party_Transact3
Note 13 - Related Party Transactions (Details) - Related Party Transactions (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
CEHL, accounts receivable | $1,026 | $6,103 |
CEHL, other current assets | 624 | 624 |
CEHL, accounts payable | 292 | 10,213 |
CEHL, note payable-related party | 6,496 | ' |
CEHL, accrued expenses | 804 | 25 |
CEHL, long-term note payable-related party | ' | $872 |
Note_13_Related_Party_Transact4
Note 13 - Related Party Transactions (Details) - Related Party Transactions (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract]0 | ' | ' | ' |
CEHL, total operating costs and expenses | ($1,167) | $81 | $3,243 |
CEHL, other expense, net | $99 | $122 | $120 |
Note_14_Selected_Unaudited_Qua2
Note 14 - Selected Unaudited Quarterly Financial Data (Details) - Unaudited Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Unaudited Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total revenues | ' | $3,480 | $1,941 | $2,452 | $3,007 | $7,945 | ' | $5,672 | ' | ' | ' | ||||
Operating loss | -5,071 | -2,680 | -4,425 | -3,774 | -2,367 | -1,944 | -3,496 | -879 | -15,950 | -8,686 | -20,663 | ||||
Net loss attributable to CAMAC Energy Inc. | ($5,043) | ($2,696) | ($4,431) | ($3,778) | ($2,858) | [1] | $2,038 | [1] | ($3,975) | [1] | ($1,296) | [1] | ($15,948) | ($6,091) | ($24,913) |
Basic (in Dollars per share) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | $0.01 | ($0.01) | $0 | ' | ' | ' | ||||
Diluted (in Dollars per share) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ($0.01) | $0.01 | ($0.01) | $0 | ' | ' | ' | ||||
[1] | In 2012, The Company divested its China operations. See Note 3 - Discontinued Operations for details of the sale. |
Note_15_Subsequent_Events_Deta
Note 15 - Subsequent Events (Details) (USD $) | 3 Months Ended | 2 Months Ended | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 21, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Nov. 30, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | CAMAC Energy Holdings Limited (CEHL) [Member] | |
First Closing [Member] | Second Closing [Member] | |||||
Note 15 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | 57.20% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | 497,454,857 | ' | ' |
Notes Issued | ' | ' | ' | $50 | ' | ' |
Other Payments to Acquire Businesses | ' | ' | 85 | 170 | 85 | ' |
Proceeds from Issuance of Private Placement | 135 | 135 | ' | 270 | ' | ' |
Stock Issued During Period, Shares, New Issues (in Shares) | 188,442,211 | 188,442,211 | ' | 376,884,422 | ' | ' |
Sale of Stock, Percentage of Ownership after Transaction | ' | ' | ' | 30.00% | ' | ' |
Advance on Subordinate Note | ' | ' | $25 | ' | $25 | ' |