Erin Energy (ERINQ) 10-Q/A 18 Jul 14 2014 Q1 Quarterly report (amended) Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	6-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'CAMAC Energy Inc.	'
Document Type	'10-Q/A	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	1,259,844,291
Amendment Flag	'true	'
Amendment Description	'This Amendment No. 1 to the Quarterly Report on Form 10-Q/A of CAMAC Energy Inc. (the “Company”) for the three months ended March 31, 2014 is being filed to amend and restate in their entirety the following items of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 that was filed on May 9, 2014 (the “Original Form 10-Q”): (i) Item 1 of Part I, “Financial Information”; (ii) Item 2 of Part I, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; (iii) Item 4 of Part I, “Controls and Procedures”; and (iv) Item 6 of Part II, “Exhibits.” We have also updated the signature page, the certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2, respectively, and our unaudited consolidated financial statements formatted in Extensible Business Reporting Language (XBRL) in Exhibit 101. No other sections were affected or have been changed. However, for the convenience of the reader, this Form 10-Q/A restates in its entirety the Original Form 10-Q. This Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way, other than as required to reflect the restatement. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s other filings made with the Securities and Exchange Commission subsequent to the filing of the Original Form 10-Q, including any amendments to those filings. This Form 10-Q/A, and the restated financial statements contained herein, is being filed because of errors discovered by management in the unaudited consolidated financial statements included in the Original Form 10-Q. Further details of the errors and the impact on the unaudited financial statements set forth in the Original Form 10-Q are contained in “Note 3 – Restatement” in the Notes to the Unaudited Consolidated Financial Statements in this Form 10-Q/A.	'
Entity Central Index Key	'0001402281	'
Entity Filer Category	'Accelerated Filer	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$36,235	$163
Accounts receivable	4,154	1,112
Crude oil inventory	8,190	16,254
Prepaids and other current assets	7,031	856
Total current assets	55,610	18,385
Property, plant and equipment:	'	'
Oil and gas properties (successful efforts method of accounting), net	432,954	435,035
Other property, plant and equipment, net	955	752
Total property, plant and equipment, net	433,909	435,787
Other assets	52	52
Total Assets	489,571	454,224
Current liabilities:	'	'
Accounts payable	35,475	31,668
Accrued expenses	10,999	7,446
Asset retirement obligations	12,751	12,479
Note payable - related party	92,147	6,496
Total current liabilities	151,372	58,089
Asset retirement obligations	8,291	8,122
Long-term note payable - related party	50,000	'
Other long-term liabilities	68	67
Total liabilities	209,731	66,278
Equity:	'	'
Preferred stock $0.001 par value - 50,000,000 shares authorized; zero issued and outstanding at March 31, 2014 and December 31, 2013	'	'
Common stock $0.001 par value - 2,500,000,000 shares authorized; 1,070,430,276 and 382,362,236 shares issued and outstanding as of March 31, 2014 and December 31, 2013	1,070	382
Paid-in capital	642,520	736,456
Accumulated deficit	-363,750	-348,892
Total equity	279,840	387,946
Total liabilities and equity	$489,571	$454,224

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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	2,500,000,000	2,500,000,000
Common stock, issued shares	1,070,430,276	382,362,236
Common stock, outstanding shares	1,070,430,276	382,362,236

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Oil and gas revenue	$19,894	$22,006
Operating costs and expenses:	'	'
Production costs	22,897	22,113
Exploratory expenses	2,276	1,198
Depreciation, depletion and amortization	4,971	5,467
General and administrative expenses	4,433	3,712
Total operating costs and expenses	34,577	32,490
Operating loss	-14,683	-10,484
Other income (expense):	'	'
Interest expense	-185	-4
Other, net	10	'
Total other income (expense)	-175	-4
Loss before income taxes	-14,858	-10,488
Income tax expense	'	'
Net loss	($14,858)	($10,488)
Net (loss) income per common share:	'	'
Basic	($0.02)	($0.03)
Diluted	($0.02)	($0.03)
Weighted average common shares outstanding:	'	'
Basic	676,927	379,880
Diluted	676,927	379,880

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
In Thousands
Balance at Dec. 31, 2013	$387,946	$382	$736,456	($348,892)
Common stock issued	135,416	688	134,728	'
Stock-based employee compensation	507	'	507	'
Net loss	-14,858	'	'	-14,858
Allied transaction	-220,000	'	-220,000	'
Adjustments to net assets of Allied	-9,171	'	-9,171	'
Balance at Mar. 31, 2014	$279,840	$1,070	$642,520	($363,750)

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities	'	'
Net loss	($14,858)	($10,488)
Adjustments to reconcile net loss to cash used in operating activities:	'	'
Depreciation, depletion and amortization	4,531	4,926
Asset retirement obligation accretion	440	541
Stock-based compensation	507	338
Other	'	1
Changes in operating assets and liabilities:	'	'
(Increase) decrease in accounts receivable	-3,042	-348
(Increase) decrease in inventories	7,437	1,033
(Increase) decrease in other current assets	-6,175	39
Increase (decrease) in accounts payable and accrued liabilities	7,388	1,245
Net cash used in operating activities	-3,772	-2,713
Cash flows from investing activities	'	'
Capital expenditures	-2,050	-352
Acquisition - related party	-85,000	'
Net cash used in investing activities	-87,050	-352
Cash flows from financing activities	'	'
Proceeds from issuance of common stock	135,000	'
Adjustments to the net assets of Allied	-9,171	1,591
Proceeds from note payable - related party	650	'
Proceeds from exercise of stock options	415	'
Net cash provided by financing activities	126,894	1,591
Net increase (decrease) in cash and cash equivalents	36,072	-1,474
Cash and cash equivalents at beginning of period	163	3,806
Cash and cash equivalents at end of period	36,235	2,332
Cash paid for:	'	'
Interest, net	$8	$4

Company_Description

Company Description	3 Months Ended
	Mar. 31, 2014
Company Description	'
	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 nine licenses in four countries covering an area of approximately 43,000 square kilometers (approximately 10 million acres). The Company has producing properties and conducts exploration activities in Nigeria, as well as exploration licenses with significant hydrocarbon potential onshore and offshore Kenya, offshore The Gambia and offshore Ghana.
	The Company’s corporate headquarters is located in Houston, Texas.  In addition, the Company has offices in Nairobi, Kenya, Banjul, The Gambia and Lagos, Nigeria.
	The Company’s operating subsidiaries are CAMAC Energy Limited, CAMAC Petroleum Limited (“CPL”), CAMAC Energy International Limited, CAMAC Energy Ghana Limited, CAMAC Energy Kenya Limited, CAMAC Energy Gambia A5 Limited and CAMAC Energy Gambia A2 Limited. The terms “we,” “us,” “our,” “Company,” and “our Company” refer to CAMAC and its subsidiaries and affiliates.
	The Company’s related parties include CAMAC Energy Holdings Limited (“CEHL”), CAMAC International Nigeria Limited, CAMAC International Limited and Allied Energy Plc. (“Allied”).

Basis_of_Presentation_and_Rece

Basis of Presentation and Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2014
Basis of Presentation and Recently Issued Accounting Standards	'
	2. Basis of Presentation and Recently Issued Accounting Standards
	The accompanying unaudited consolidated financial statements and related disclosures in this Amendment No. 1 on Form 10-Q/A have been restated.  For further discussion, see “Note 3 – Restatement”.
	The accompanying unaudited 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 unaudited 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.  This Form 10-Q should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	In February 2014, the Company completed the acquisition of the remaining economic interests that it did not already own in the Production Sharing Contract (“PSC”) covering Oil Mining Leases 120 and 121 (“OMLs 120 and 121”) offshore Nigeria, which include the currently producing Oyo Field (the “Allied Assets”), from Allied (the “Allied Transaction”). Allied is a subsidiary of CEHL, the Company’s majority shareholder and deemed to be under common control (transactions between subsidiaries of the same parent). Accordingly, the net assets acquired from Allied were recorded at their respective carrying values as of the acquisition date. The financial statements presented for all periods included herein are presented as though the transfer of the Allied assets had occurred at the beginning of the first period presented.
	Recently Issued Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance that changes the criteria for reporting discontinued operations including enhanced disclosure requirements. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization´s operations and financial results. The standards update is effective for fiscal years beginning after December 15, 2014. We will adopt this standards update, as required, beginning with the first quarter of 2015. The adoption of this standards update affects presentation only and, as such, is not expected to have a material impact on our consolidated financial statements.

Restatement

Restatement	3 Months Ended
	Mar. 31, 2014
Restatement	'
	3. Restatement
	While preparing recast historical financial information of the Company to account for the Allied Transaction as a combination of businesses under common control and subsequent to the filing of the Original Form 10-Q, management discovered errors in the Company’s unaudited financial statements included in the Original Form 10-Q.  This recast historical financial information was being prepared in connection with the anticipated filing of a registration statement as required by the registration rights agreement between the Company and Allied.
	In preparing this recast historical financial information, the Company discovered that it had miscalculated the crude oil inventory of the Allied Assets, misclassified the adjustments to the net assets of Allied on the cash flow statement and under accrued for certain production costs in connection with preparing the Original Form 10-Q. The miscalculation resulted in an understatement of crude oil inventory as of December 31, 2013 and errors in the First Quarter 10-Q that were substantial enough to require a restatement of our unaudited financial statements included in the Original Form 10-Q.  Further, Allied informed the Company that it had received additional production cost information from third party vendors that required Allied to correct certain financial information previously provided to the Company with respect to the Allied Assets.
	The effects of the restatement are as follows:
	Consolidated Balance Sheets
	(In thousands)
		As of March 31, 2014									As of December 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Crude oil inventory	$	8,927		$	(737	)	$	8,190		$	6,787		$	9,467		$	16,254
	Total current assets	$	56,347		$	(737	)	$	55,610		$	8,918		$	9,467		$	18,385
	Oil and gas properties (successful efforts method of accounting), net	$	433,721		$	(767	)	$	432,954		$	436,471		$	(1,436	)	$	435,035
	Total property, plant and equipment, net	$	434,676		$	(767	)	$	433,909		$	437,223		$	(1,436	)	$	435,787
	Total assets	$	491,075		$	(1,504	)	$	489,571		$	446,193		$	8,031		$	454,224
	Paid-in capital	$	638,365		$	4,155		$	642,520		$	732,985		$	3,471		$	736,456
	Accumulated deficit	$	(358,091	)	$	(5,659	)	$	(363,750	)	$	(353,452	)	$	4,560		$	(348,892	)
	Total equity	$	281,344		$	(1,504	)	$	279,840		$	379,915		$	8,031		$	387,946
	Total liabilities and equity	$	491,075		$	(1,504	)	$	489,571		$	446,193		$	8,031		$	454,224
	Consolidated Statements of Operations
	(In thousands, except per share amounts)
		Three Months Ended March 31, 2014									Three Months Ended March 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Production costs	$	12,678		$	10,219		$	22,897		$	19,658		$	2,455		$	22,113
	Total operating costs and expenses	$	24,358		$	10,219		$	34,577		$	30,035		$	2,455		$	32,490
	Operating loss	$	(4,464	)	$	(10,219	)	$	(14,683	)	$	(8,029	)	$	(2,455	)	$	(10,484	)
	Loss before income taxes	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Net loss	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Net loss per common share:
	Basic	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.03	)
	Diluted	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.03	)
	Consolidated Statements of Cash Flows
	(In thousands)
		Three Months Ended March 31, 2014									Three Months Ended March 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Cash flows from operating activities:
	Net loss	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Adjustments to the net assets of Allied	$	(9,855	)	$	9,855		$	-		$	1,591		$	(1,591	)	$	-
	(Increase) decrease in inventories	$	(2,098	)	$	9,535		$	7,437		$	(1,422	)	$	2,455		$	1,033
	Net cash used in operating activities	$	(12,943	)	$	9,171		$	(3,772	)	$	(1,122	)	$	(1,591	)	$	(2,713	)
	Cash flows from financing activities:
	Adjustments to the net assets of Allied	$	-		$	(9,171	)	$	(9,171	)	$	-		$	1,591		$	1,591
	Net cash provided by financing activities	$	136,065		$	(9,171	)	$	126,894		$	-		$	1,591		$	1,591

Acquisitions_Restated

Acquisitions - Restated	3 Months Ended
	Mar. 31, 2014
Acquisitions - Restated	'
	4. Acquisitions – Restated
	In February 2014, the Company completed the Allied Transaction thereby acquiring the Allied Assets. 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 a $50.0 million Convertible Subordinated Note (the “Convertible Subordinated Note”) to Allied under which $25.0 million was deemed advanced, with interest accruing per the terms of the Convertible Subordinated Note.
	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”). 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 completed 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 was completed in May 2014.
	Following the Second Closing with the PIC, the Company was required to pay to Allied the additional $85.0 million in cash, and the additional $25.0 million Convertible Subordinated Note was deemed advanced with interest accruing per the terms of the Convertible Subordinated Note. As of the First Closing and pursuant to the terms of the Transfer Agreement, the Company was obligated for the full $50.0 million Convertible Subordinated Note and accordingly recorded this on the balance sheet at that time.
	The contractual purchase consideration to be paid and the assets acquired and liabilities assumed are as follows (In thousands):
	Cash consideration paid upon First Closing	$	85,000
	Cash consideration to be paid upon Second Closing		85,000
	CAMAC common stock		-
	Long-term convertible subordinated note payable - related party		50,000
	Total purchase price	$	220,000
	Asset acquired and liabilities assumed:
	Property, plant and equipment, net		248,736
	Accounts payable		(25,429	)
	Asset retirement obligations		(20,890	)
	Net assets acquired		202,417
	Consideration in excess of carrying value acquired	$	17,583
	The Allied Transaction is being accounted for as a transfer of entities under common control, whereby the net assets acquired are combined with the Company’s assets at their historical amounts.  Since the cash and debt consideration exceeds the carrying cost of the assets acquired, no value was assigned to the shares issued.

Property_and_Equipment_Restate

Property and Equipment - Restated	3 Months Ended
	Mar. 31, 2014
Property and Equipment - Restated	'
	5. Property and Equipment – Restated
	Property, plant and equipment is comprised of the following (In thousands):
		March 31,			December 31,
		2014			2013
	Wells and production facilities	$	28,874		$	28,874
	Proved properties		386,196			386,196
	Warehouse inventory		25,429			25,429
	Work in progress		62,955			61,205
	Oilfield assets		503,454			501,704
	Accumulated depletion		(78,740	)		(74,909	)
	Oilfield assets, net		424,714			426,795
	Unevaluated leaseholds		8,240			8,240
	Oil and gas properties, net		432,954			435,035
	Other property and equipment		1,866			1,590
	Accumulated depreciation		(911	)		(838	)
	Other property and equipment, net		955			752
	Total property, plant and equipment, net	$	433,909		$	435,787

Suspended_Exploratory_Well_Cos

Suspended Exploratory Well Costs - Restated	3 Months Ended
	Mar. 31, 2014
Suspended Exploratory Well Costs - Restated	'
	6. Suspended Exploratory Well Costs - Restated
	In November 2013, the Company achieved both its primary and secondary drilling objectives for the Oyo-7 well. The primary drilling objective was to establish production from the existing Pliocene reservoir.  The secondary drilling objective confirmed the presence of hydrocarbons in the Miocene formation. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted by the logging while drilling (“LWD”) data. Management is making plans to further explore the Miocene formation.  As of March 31, 2014, the Company has capitalized $26.5 million for the costs related to the Miocene exploratory drilling activities.

Asset_Retirement_Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2014
Asset Retirement Obligations	'
	7. Asset Retirement Obligations
	The Company’s asset retirement obligations primarily represent the estimated fair value of the amounts that will be incurred to plug, abandon and remediate our producing properties at the end of their productive lives. Significant inputs used in determining such obligations include, but are not limited to, estimates of plugging and abandonment costs, estimated future inflation rates and changes in property lives. The inputs are calculated based on historical data as well as current estimated costs.
	The following summarizes changes in the Company’s asset retirement obligations during the three months ended March 31, 2014:
		2014
		(In thousands)
	Carrying amount at January 1	$	20,601
	Accretion expense		440
	Carrying amount at March 31	$	21,041
	Accretion expense is recognized as a component of depreciation, depletion and amortization expense in the accompanying statements of operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
	8. Debt
	Note Payable – Related Party
	Promissory Note
	In June 2011, CPL, a wholly owned subsidiary of the Company, executed a $25.0 million Promissory Note (the “Promissory Note”) in favor of Allied.  Interest accrues on the outstanding principal under the Promissory Note at a rate of the 30 day London Interbank Offered Rate (“LIBOR”) plus 2% per annum.  The Promissory Note is set to mature and become due July 2014.  In January 2014, Allied agreed to amend the Promissory Note and extend the maturity date to July 2015 in the event the Company is not successful in obtaining external financing by June 2014. The Company has guaranteed all of CPL’s obligations under the Promissory Note. As of March 31, 2014, $7.1 million was outstanding under the Promissory Note.
	Allied Transaction
	Included in the note payable – related party is $85.0 million due to Allied for the remaining cash consideration upon the Second Closing of the Private Placement with PIC.  See “Note 4 – Acquisitions - Restated”, for details relating to the Allied Transaction.
	Long-Term Note Payable – Related Party
	As partial consideration in connection with the February 2014 closing of the Allied Transaction, the Company issued the $50.0 million Convertible Subordinated Note in favor of Allied. The principal of the Convertible Subordinated Note was deemed advanced in two equal $25.0 million tranches at each of the First Closing and the Second Closing of the Private Placement. Interest on the Convertible Subordinated Note accrues at a rate per annum of one-month LIBOR plus 5%, payable quarterly in cash until the maturity of the Convertible Subordinated Note five years from the closing of the Allied Transaction. At the election of the holder, the Convertible Subordinated Note will be convertible into shares of the Company’s common stock at an initial conversion price of $0.7164 per share, subject to customary anti-dilution adjustments. The Convertible Subordinated Note is subordinated to the Company’s existing and future senior indebtedness and is subject to acceleration upon an Event of Default (as defined in the Convertible Subordinated Note). The Company may, at its option prepay the note, in whole or in part, at any time, without premium or penalty. The note is subject to mandatory prepayment upon (i) the Company’s issuance of capital stock or incurrence of indebtedness, the proceeds of which the Company does not apply to repayment of senior indebtedness or (ii) any capital markets debt issuance to the extent the net proceeds of such issuance exceed $250.0 million. Allied may assign all or any part of its rights and obligations under the Convertible Subordinated Note to any person upon written notice to the Company.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2014
Share-Based Compensation	'
	9. Share-Based Compensation
	During the three months ended March 31, 2014, the Company issued 710,196 shares of common stock as a result of the vesting of restricted stock awards. During the three months ended March 31, 2014, the Company granted employees a total of  3,670,735 shares of restricted stock and options to purchase a total of 2,023,914 shares of common stock, with vesting periods from 24 months to 36 months.

Earnings_Loss_Per_Common_Share

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2014
Earnings (Loss) Per Common Share	'
	10. Earnings (Loss) Per Common Share
	Basic earnings (loss) per common share are computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted earnings (loss) per common share for the three months ended March 31, 2014 and 2013 were as follows:
		Three Months Ended March 31,
		2014		2013
		(In thousands)
	Basic		676,927		379,880
	Diluted		676,927		379,880
	The number of stock options and restricted stock awards that were excluded from dilutive shares outstanding as these potentially dilutive securities are anti-dilutive because the Company was in a loss position for the three months ended March 31, 2014 and 2013 were as follows:
		Three Months Ended March 31,
		2014		2013
		(In thousands)
	Stock options		7,433		353
	Nonvested restricted stock awards		7,500		1,561
			14,933		1,914

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Financial Instruments and Fair Value Measurements	'
	11. Financial Instruments and Fair Value Measurements
	The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, trade receivables, inventory, accounts payable, accrued expenses, other long-term liabilities and debt at floating interest rates approximate their fair values at March 31, 2014, principally due to the short-term nature, maturities or nature of interest rates of the above listed items.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	12. Commitments and Contingencies
	Commitments
	In January 2014, a long-term drilling contract was signed for the drillship Energy Searcher. The rig is expected to be delivered to the Oyo Field in OML 120 in May 2014 to commence the planned Oyo Field development campaign.  The agreement covers an initial term of one year, with an option to extend the contract for an additional one year. The minimum commitment pursuant to the initial term of the agreement is approximately $86.0 million.
	In February 2014, a long-term contract was signed for the floating, production, storage, and offloading system (“FPSO”) Armada Perdana, the vessel that is currently connected to the Company’s producing wells Oyo-5 and Oyo-6 in OML 120. The contract provides for an initial term of seven years beginning January 1, 2014, with an automatic extension for an additional term of two years unless terminated by the Company with prior notice. The FPSO can process up to 40,000 barrels of liquid per day, with a storage capacity of approximately one million barrels.  The annual minimum commitment per the terms of the agreement is approximately $35.0 million in the first year and approximately $48.0 million thereafter.
	The Company has substantial commitments related to four production sharing contracts with the Government of the Republic of Kenya (the “Kenya PSCs”) and two Petroleum Exploration, Development & Production Licenses with the Republic of The Gambia (the “Gambia Licenses”), in each case entered into by the Company through a wholly owned subsidiary. 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 of the Kenya PSCs and The Gambia Licenses.
	Legal Proceedings
	From time to time we may be involved in various legal proceedings and claims in the ordinary course of our business. As of March 31, 2014, and through the filing date of this report, we do not believe the ultimate resolution of such actions or potential actions of which we are currently aware will have a material effect on our consolidated financial position or our results of operations.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
	13. Related Party Transactions
	The Company has transactions in the normal course of business with its shareholders, CEHL and their affiliates. The following table summarizes related party transactions for the respective periods:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Accounts receivable	$	4,154	$	1,026
	Other current assets	$	624	$	624
	Accounts payable and accrued expenses	$	27,047	$	25,721
	Note payable-related party	$	92,147	$	6,496
	Long-term note payable-related party	$	50,000	$	-
	The Company was owed $4.2 million and $1.0 million as of March 31, 2014 and December 31, 2013, respectively, for both crude oil lifting receivables and billings under the Technical Services Agreement (“TSA”) signed with Allied in January 2013. Under the TSA, the Company agreed to provide certain services related to the Oyo Field within OMLs 120 and 121, in exchange for payments from Allied of $150,000 per month with effect from September 2012.  The TSA was terminated as of the closing of the Allied Acquisition in February, 2014 pursuant to the Transfer Agreement.
	The Company was owed $0.6 million as of March 31, 2014 and December 31, 2013, respectively, as a result of a prepayment made for royalty and petroleum profit taxes in Nigeria under the PSC.
	As of March 31, 2014 and December 31, 2013, the Company owed $27.0 million and $25.7 million, respectively, to Allied as reimbursement for costs incurred for the benefit of the Company.
	As of March 31, 2014 and December 31, 2013, the Company had outstanding notes payable balances of $92.1 million and $6.5 million, respectively, owed to Allied. Included in the note payable balance at March 31, 2014 is an amount of $85.0 million due to Allied for the remaining cash consideration upon the Second Closing of the Private Placement with PIC and the remaining principal balance of the Promissory Note with Allied.  See “Note 4 – Acquisitions - Restated”, for details relating to the Allied Transaction, and “Note 8 – Debt”, for details relating to the Promissory Note.
	As partial consideration in connection with the February 2014 closing of the Allied Acquisition, the Company issued a $50.0 million Convertible Subordinated Note in favor of Allied.  See “Note 8 – Debt”, for details relating to the Convertible Subordinated Note.

Segment_Information_Restated

Segment Information - Restated	3 Months Ended
	Mar. 31, 2014
Segment Information - Restated	'
	14. Segment Information - Restated
	The Company’s operations are based in Nigeria, Kenya and The Gambia. Management reviews and evaluates the operations of each geographic segment separately. Segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues and expenditures are recognized at the relevant geographical location. The Company evaluates each segment based on operating income (loss).
	The Company did not previously report separate segment information because management reviewed and evaluated the operations of the Company as a whole. However, beginning in the first quarter 2014, pursuant to the Allied Transaction and the significant exploration activities undertaken in several of our subsidiaries, management began to evaluate the operations of each geographic segment separately.
	Segment activity for the three months ended March 31, 2014 and 2013 are as follows (In thousands):
		Nigeria			Kenya			The Gambia			Corporate and			Total
											Other
	Three months ended March 31,
	2014
	Revenues	$	19,894			-			-			-		$	19,894
	Operating loss	$	(7,906	)		(1,992	)		(268	)		(4,517	)	$	(14,683	)
	2013
	Revenues	$	22,006			-			-			-		$	22,006
	Operating loss	$	(5,543	)		(654	)		(236	)		(4,051	)	$	(10,484	)
	Total assets by segment are as follows (In thousands):
		Nigeria			Kenya			The Gambia			Corporate and Other			Total
	Total Assets
	As of March 31, 2014	$	449,189			1,549			2,045			36,788		$	489,571
	As of December 31, 2013	$	449,857			1,484			2,025			858		$	454,224

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
	15.  Subsequent Events
	In April 2014, the Company signed a Petroleum Agreement relating to the Expanded Shallow Water Tano block in Ghana.  The Company has been named technical operator and will hold a 30% interest in the block.  The block contains three discovered fields, and the work program requires the partners to determine, within nine months, the economic viability of developing the discovered fields.

Basis_of_Presentation_and_Rece1

Basis of Presentation and Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
	The accompanying unaudited consolidated financial statements and related disclosures in this Amendment No. 1 on Form 10-Q/A have been restated.  For further discussion, see “Note 3 – Restatement”.
	The accompanying unaudited 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 unaudited 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.  This Form 10-Q should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	In February 2014, the Company completed the acquisition of the remaining economic interests that it did not already own in the Production Sharing Contract (“PSC”) covering Oil Mining Leases 120 and 121 (“OMLs 120 and 121”) offshore Nigeria, which include the currently producing Oyo Field (the “Allied Assets”), from Allied (the “Allied Transaction”). Allied is a subsidiary of CEHL, the Company’s majority shareholder and deemed to be under common control (transactions between subsidiaries of the same parent). Accordingly, the net assets acquired from Allied were recorded at their respective carrying values as of the acquisition date. The financial statements presented for all periods included herein are presented as though the transfer of the Allied assets had occurred at the beginning of the first period presented.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued updated guidance that changes the criteria for reporting discontinued operations including enhanced disclosure requirements. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization´s operations and financial results. The standards update is effective for fiscal years beginning after December 15, 2014. We will adopt this standards update, as required, beginning with the first quarter of 2015. The adoption of this standards update affects presentation only and, as such, is not expected to have a material impact on our consolidated financial statements.

Restatement_Tables

Restatement (Tables) (Restatement Adjustment)	3 Months Ended
	Mar. 31, 2014
Restatement Adjustment	'
Effects of the Restatement of Consolidated Balance Sheets	'
	The effects of the restatement are as follows:
	Consolidated Balance Sheets
	(In thousands)
		As of March 31, 2014									As of December 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Crude oil inventory	$	8,927		$	(737	)	$	8,190		$	6,787		$	9,467		$	16,254
	Total current assets	$	56,347		$	(737	)	$	55,610		$	8,918		$	9,467		$	18,385
	Oil and gas properties (successful efforts method of accounting), net	$	433,721		$	(767	)	$	432,954		$	436,471		$	(1,436	)	$	435,035
	Total property, plant and equipment, net	$	434,676		$	(767	)	$	433,909		$	437,223		$	(1,436	)	$	435,787
	Total assets	$	491,075		$	(1,504	)	$	489,571		$	446,193		$	8,031		$	454,224
	Paid-in capital	$	638,365		$	4,155		$	642,520		$	732,985		$	3,471		$	736,456
	Accumulated deficit	$	(358,091	)	$	(5,659	)	$	(363,750	)	$	(353,452	)	$	4,560		$	(348,892	)
	Total equity	$	281,344		$	(1,504	)	$	279,840		$	379,915		$	8,031		$	387,946
	Total liabilities and equity	$	491,075		$	(1,504	)	$	489,571		$	446,193		$	8,031		$	454,224
Effects of the Restatement of Consolidated Statements of Operations	'
	The effects of the restatement are as follows:
	Consolidated Statements of Operations
	(In thousands, except per share amounts)
		Three Months Ended March 31, 2014									Three Months Ended March 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Production costs	$	12,678		$	10,219		$	22,897		$	19,658		$	2,455		$	22,113
	Total operating costs and expenses	$	24,358		$	10,219		$	34,577		$	30,035		$	2,455		$	32,490
	Operating loss	$	(4,464	)	$	(10,219	)	$	(14,683	)	$	(8,029	)	$	(2,455	)	$	(10,484	)
	Loss before income taxes	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Net loss	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Net loss per common share:
	Basic	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.03	)
	Diluted	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.01	)	$	(0.03	)
Effects of the Restatement of Consolidated Statements of Cash Flows	'
	The effects of the restatement are as follows:
	Consolidated Statements of Cash Flows
	(In thousands)
		Three Months Ended March 31, 2014									Three Months Ended March 31, 2013
		As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
	Cash flows from operating activities:
	Net loss	$	(4,639	)	$	(10,219	)	$	(14,858	)	$	(8,033	)	$	(2,455	)	$	(10,488	)
	Adjustments to the net assets of Allied	$	(9,855	)	$	9,855		$	-		$	1,591		$	(1,591	)	$	-
	(Increase) decrease in inventories	$	(2,098	)	$	9,535		$	7,437		$	(1,422	)	$	2,455		$	1,033
	Net cash used in operating activities	$	(12,943	)	$	9,171		$	(3,772	)	$	(1,122	)	$	(1,591	)	$	(2,713	)
	Cash flows from financing activities:
	Adjustments to the net assets of Allied	$	-		$	(9,171	)	$	(9,171	)	$	-		$	1,591		$	1,591
	Net cash provided by financing activities	$	136,065		$	(9,171	)	$	126,894		$	-		$	1,591		$	1,591

Acquisitions_Restated_Tables

Acquisitions - Restated (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Purchase Consideration Assets Acquired and Liabilities Assumed	'
	The contractual purchase consideration to be paid and the assets acquired and liabilities assumed are as follows (In thousands):
	Cash consideration paid upon First Closing	$	85,000
	Cash consideration to be paid upon Second Closing		85,000
	CAMAC common stock		-
	Long-term convertible subordinated note payable - related party		50,000
	Total purchase price	$	220,000
	Asset acquired and liabilities assumed:
	Property, plant and equipment, net		248,736
	Accounts payable		(25,429	)
	Asset retirement obligations		(20,890	)
	Net assets acquired		202,417
	Consideration in excess of carrying value acquired	$	17,583

Property_and_Equipment_Restate1

Property and Equipment - Restated (Tables)	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment	'
	Property, plant and equipment is comprised of the following (In thousands):
		March 31,			December 31,
		2014			2013
	Wells and production facilities	$	28,874		$	28,874
	Proved properties		386,196			386,196
	Warehouse inventory		25,429			25,429
	Work in progress		62,955			61,205
	Oilfield assets		503,454			501,704
	Accumulated depletion		(78,740	)		(74,909	)
	Oilfield assets, net		424,714			426,795
	Unevaluated leaseholds		8,240			8,240
	Oil and gas properties, net		432,954			435,035
	Other property and equipment		1,866			1,590
	Accumulated depreciation		(911	)		(838	)
	Other property and equipment, net		955			752
	Total property, plant and equipment, net	$	433,909		$	435,787

Asset_Retirement_Obligations_T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Changes in Asset Retirement Obligations	'
	The following summarizes changes in the Company’s asset retirement obligations during the three months ended March 31, 2014:
		2014
		(In thousands)
	Carrying amount at January 1	$	20,601
	Accretion expense		440
	Carrying amount at March 31	$	21,041

Earnings_Loss_Per_Common_Share1

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Weighted Average Number of Common Shares Outstanding for Computing Basic and Diluted Earnings (Loss) Per Common Share	'
	Basic earnings (loss) per common share are computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. The weighted average number of common shares outstanding for computing basic and diluted earnings (loss) per common share for the three months ended March 31, 2014 and 2013 were as follows:
		Three Months Ended March 31,
		2014		2013
		(In thousands)
	Basic		676,927		379,880
	Diluted		676,927		379,880
Antidilutive Securities Excluded from Computation of Earnings Per Share	'
	The number of stock options and restricted stock awards that were excluded from dilutive shares outstanding as these potentially dilutive securities are anti-dilutive because the Company was in a loss position for the three months ended March 31, 2014 and 2013 were as follows:
		Three Months Ended March 31,
		2014		2013
		(In thousands)
	Stock options		7,433		353
	Nonvested restricted stock awards		7,500		1,561
			14,933		1,914

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Related Party Transactions and Balances	'
	The Company has transactions in the normal course of business with its shareholders, CEHL and their affiliates. The following table summarizes related party transactions for the respective periods:
		March 31,		December 31,
		2014		2013
		(In thousands)
	Accounts receivable	$	4,154	$	1,026
	Other current assets	$	624	$	624
	Accounts payable and accrued expenses	$	27,047	$	25,721
	Note payable-related party	$	92,147	$	6,496
	Long-term note payable-related party	$	50,000	$	-

Segment_Information_Restated_T

Segment Information - Restated (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Segment Activity	'
	Segment activity for the three months ended March 31, 2014 and 2013 are as follows (In thousands):
		Nigeria			Kenya			The Gambia			Corporate and			Total
											Other
	Three months ended March 31,
	2014
	Revenues	$	19,894			-			-			-		$	19,894
	Operating loss	$	(7,906	)		(1,992	)		(268	)		(4,517	)	$	(14,683	)
	2013
	Revenues	$	22,006			-			-			-		$	22,006
	Operating loss	$	(5,543	)		(654	)		(236	)		(4,051	)	$	(10,484	)
	Total assets by segment are as follows (In thousands):
		Nigeria			Kenya			The Gambia			Corporate and Other			Total
	Total Assets
	As of March 31, 2014	$	449,189			1,549			2,045			36,788		$	489,571
	As of December 31, 2013	$	449,857			1,484			2,025			858		$	454,224

Company_Description_Additional

Company Description - Additional Information (Details)	Mar. 31, 2014
	License
	Country
	acre
Company description [Abstract]	'
Area of land held for exploration activities	10,000,000
Number of countries company operates in Africa	4
Number of exploration and production licenses	9

Restatement_Additional_Informa

Restatement - Additional Information (Details) (Restatement Adjustment)	3 Months Ended
	Mar. 31, 2014
Restatement Adjustment	'
Restatement, description	'The miscalculation resulted in an understatement of crude oil inventory as of December 31, 2013 and errors in the First Quarter 10-Q that were substantial enough to require a restatement of our unaudited financial statements included in the Original Form 10-Q. Further, Allied informed the Company that it had received additional production cost information from third party vendors that required Allied to correct certain financial information previously provided to the Company with respect to the Allied Assets.

Effects_of_the_Restatement_of_

Effects of the Restatement of Consolidated Balance Sheets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Crude oil inventory	$8,190	$16,254
Total current assets	55,610	18,385
Oil and gas properties (successful efforts method of accounting), net	432,954	435,035
Total property, plant and equipment, net	433,909	435,787
Total assets	489,571	454,224
Paid-in capital	642,520	736,456
Accumulated deficit	-363,750	-348,892
Total equity	279,840	387,946
Total liabilities and equity	489,571	454,224
As Previously Reported	'	'
Crude oil inventory	8,927	6,787
Total current assets	56,347	8,918
Oil and gas properties (successful efforts method of accounting), net	433,721	436,471
Total property, plant and equipment, net	434,676	437,223
Total assets	491,075	446,193
Paid-in capital	638,365	732,985
Accumulated deficit	-358,091	-353,452
Total equity	281,344	379,915
Total liabilities and equity	491,075	446,193
Adjustments	'	'
Crude oil inventory	-737	9,467
Total current assets	-737	9,467
Oil and gas properties (successful efforts method of accounting), net	-767	-1,436
Total property, plant and equipment, net	-767	-1,436
Total assets	-1,504	8,031
Paid-in capital	4,155	3,471
Accumulated deficit	-5,659	4,560
Total equity	-1,504	8,031
Total liabilities and equity	($1,504)	$8,031

Effects_of_the_Restatement_of_1

Effects of the Restatement of Consolidated Statements of Operations (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Production costs	$22,897	$22,113
Total operating costs and expenses	34,577	32,490
Operating loss	-14,683	-10,484
Loss before income taxes	-14,858	-10,488
Net loss	-14,858	-10,488
Net loss per common share:	'	'
Basic	($0.02)	($0.03)
Diluted	($0.02)	($0.03)
As Previously Reported	'	'
Production costs	12,678	19,658
Total operating costs and expenses	24,358	30,035
Operating loss	-4,464	-8,029
Loss before income taxes	-4,639	-8,033
Net loss	-4,639	-8,033
Net loss per common share:	'	'
Basic	($0.01)	($0.02)
Diluted	($0.01)	($0.02)
Adjustments	'	'
Production costs	10,219	2,455
Total operating costs and expenses	10,219	2,455
Operating loss	-10,219	-2,455
Loss before income taxes	-10,219	-2,455
Net loss	($10,219)	($2,455)
Net loss per common share:	'	'
Basic	($0.01)	($0.01)
Diluted	($0.01)	($0.01)

Effects_of_the_Restatement_of_2

Effects of the Restatement of Consolidated Statements of Cash Flows (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities	'	'
Net loss	($14,858)	($10,488)
(Increase) decrease in inventories	7,437	1,033
Net cash used in operating activities	-3,772	-2,713
Cash flows from financing activities	'	'
Adjustments to the net assets of Allied	-9,171	1,591
Net cash provided by financing activities	126,894	1,591
As Previously Reported	'	'
Cash flows from operating activities	'	'
Net loss	-4,639	-8,033
Adjustments to the net assets of Allied	-9,855	1,591
(Increase) decrease in inventories	-2,098	-1,422
Net cash used in operating activities	-12,943	-1,122
Cash flows from financing activities	'	'
Net cash provided by financing activities	136,065	'
Adjustments	'	'
Cash flows from operating activities	'	'
Net loss	-10,219	-2,455
Adjustments to the net assets of Allied	9,855	-1,591
(Increase) decrease in inventories	9,535	2,455
Net cash used in operating activities	9,171	-1,591
Cash flows from financing activities	'	'
Adjustments to the net assets of Allied	-9,171	1,591
Net cash provided by financing activities	($9,171)	$1,591

Acquisitions_Restated_Addition

Acquisitions - Restated - Additional information (Details) (USD $)	Mar. 31, 2014	Feb. 28, 2014	Feb. 28, 2014	31-May-14	Feb. 28, 2014	31-May-14
		Share Purchase Agreement	Share Purchase Agreement	Subsequent Event	Allied Transaction	Allied Transaction
		Private Placement	Installment One	Share Purchase Agreement	Convertible Subordinated Note	Subsequent Event
		Installment	Private Placement	Installment Two		Convertible Subordinated Note
				Private Placement
Business Acquisition [Line Items]	'	'	'	'	'	'
Convertible subordinate note issued	'	'	'	'	$50,000,000	'
Convertible Subordinated Note Deemed Advanced	'	'	'	'	25,000,000	25,000,000
Business acquisition, number of shares issued	'	376,884,422	188,442,211	188,442,211	497,454,857	'
Cash consideration	'	'	'	'	85,000,000	85,000,000
Business Acquisition, value of shares issued	'	270,000,000	135,000,000	135,000,000	'	'
Number of installments	'	2	'	'	'	'
Long-term note payable - related party	$50,000,000	'	'	'	'	'

Purchase_Consideration_Paid_an

Purchase Consideration Paid and Assets Acquired and Liabilities Assumed (Details) (USD $)	1 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2014	31-May-14
		Cash consideration paid upon First Closing	Subsequent Event
			Cash consideration to be paid upon Second Closing
Business Acquisition [Line Items]	'	'	'
Cash consideration	'	$85,000	$85,000
CAMAC common stock	'	'	'
Long-term convertible subordinated note payable - related party	50,000	'	'
Total purchase price	220,000	'	'
Property, plant and equipment, net	248,736	'	'
Accounts payable	-25,429	'	'
Asset retirement obligations	-20,890	'	'
Net assets acquired	202,417	'	'
Consideration in excess of carrying value acquired	$17,583	'	'

Property_Plant_and_Equipment_D

Property, Plant and Equipment (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property Plant And Equipment [Line Items]	'	'
Wells and production facilities	$28,874	$28,874
Proved properties	386,196	386,196
Warehouse inventory	25,429	25,429
Work in progress	62,955	61,205
Oilfield assets	503,454	501,704
Accumulated depletion	-78,740	-74,909
Oilfield assets, net	424,714	426,795
Unevaluated leaseholds	8,240	8,240
Oil and gas properties, net	432,954	435,035
Other property and equipment	1,866	1,590
Accumulated depreciation	-911	-838
Other property and equipment, net	955	752
Total property, plant and equipment, net	$433,909	$435,787

Suspended_Exploratory_Well_Cos1

Suspended Exploratory Well Costs - Restated - Additional Information (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities [Line Items]	'
Capitalized exploratory drilling cost	$26.50

Asset_Retirement_Obligations_S

Asset Retirement Obligations - Summary of Change in Asset Retirement Obligations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Long Lived Assets To Be Abandoned [Line Items]	'	'
Carrying amount	$20,601	'
Accretion expense	440	541
Carrying amount	$21,041	'

Debt_Additional_Information_De

Debt - Additional Information (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Jun. 30, 2011	Feb. 28, 2014	Jun. 30, 2011	Feb. 28, 2014
			Promissory Note To Allied	Promissory Note To Allied	Convertible Subordinated Note to Allied	London Interbank Offered Rate (LIBOR)	London Interbank Offered Rate (LIBOR)
					Tranches	Promissory Note To Allied	Convertible Subordinated Note to Allied
Disclosure Debt Additional Information Details [Line Items]	'	'	'	'	'	'	'
Executed subsidiary Promissory Note	$92,100,000	$6,500,000	'	$25,000,000	'	'	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	'	2.00%	5.00%
Note payable - related party	92,147,000	6,496,000	7,100,000	'	'	'	'
Due to Related Parties	85,000,000	'	'	'	'	'	'
Convertible subordinate note issued	'	'	'	'	50,000,000	'	'
Number of tranches	'	'	'	'	2	'	'
Convertible Subordinated Note Deemed Advanced	'	'	'	'	25,000,000	'	'
Debt instrument, convertible, conversion price	'	'	'	'	$0.72	'	'
Long-term Debt, Description	'	'	'	'	'The note is subject to mandatory prepayment upon (i) the Companybs issuance of capital stock or incurrence of indebtedness, the proceeds of which the Company does not apply to repayment of senior indebtedness or (ii) any capital markets debt issuance to the extent the net proceeds of such issuance exceed $250.0 million.	'	'
Minimum threshold proceeds from capital market debt issuance for mandatory prepayment option	'	'	'	'	$250,000,000	'	'

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Stock Issued During Period, Shares, Restricted Stock Award, Gross	710,196
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,023,914
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,670,735
Minimum	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'24 months
Maximum	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'36 months

Weighted_Average_Number_of_Com

Weighted Average Number of Common Shares Outstanding for Computing Basic and Diluted Earnings (Loss) Per Common Share (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Weighted Average Number of Common Shares Outstanding [Abstract]	'	'
Basic	676,927	379,880
Diluted	676,927	379,880

Antidilutive_Securities_Exclud

Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'
Antidilutive securities	14,933	1,914
Stock options	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'
Antidilutive securities	7,433	353
Nonvested restricted stock awards	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'
Antidilutive securities	7,500	1,561

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
	bbl
Other Commitments [Line Items]	'
Minimum commitment	$86
Barrels processing capacity	40,000
Maximum storage capacity for the FPSO	1,000,000
Minimum commitment, due in first year	35
Minimum commitment, due thereafter	$48
the bKenya PSCsb	'
Other Commitments [Line Items]	'
Production sharing contracts with the Government of the Republic of Kenya	4
the bGambia Licensesb	'
Other Commitments [Line Items]	'
Petroleum Exploration, Development & Production Licenses with the Republic of the Gambia	2

Summary_of_Related_Party_Trans

Summary of Related Party Transactions and Balances (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'	'
Accounts receivable	$4,154	$1,026
Other current assets	624	624
Accounts payable and accrued expenses	27,047	25,721
Note payable - related party	92,147	6,496
Long-term note payable - related party	$50,000	'

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Feb. 28, 2014	Mar. 31, 2014
			Convertible Subordinated Note to Allied	Monthly Revenue From Allied
Related Party Transaction [Line Items]	'	'	'	'
Crude oil lifting receivables and billings	$4,154,000	$1,026,000	'	'
Revenue from Related Parties	'	'	'	150,000
Other current assets	624,000	624,000	'	'
Accounts payable and accrued expenses	27,047,000	25,721,000	'	'
Executed subsidiary Promissory Note	92,100,000	6,500,000	'	'
Due to Related Parties	85,000,000	'	'	'
Convertible subordinate note issued	'	'	$50,000,000	'

Segment_Activity_Details

Segment Activity (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'
Revenues	$19,894	$22,006	'
Operating loss	-14,683	-10,484	'
Total assets	489,571	'	454,224
Corporate and Other	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Operating loss	-4,517	-4,051	'
Total assets	36,788	'	858
Nigeria	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Revenues	19,894	22,006	'
Operating loss	-7,906	-5,543	'
Total assets	449,189	'	449,857
Kenya	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Operating loss	-1,992	-654	'
Total assets	1,549	'	1,484
Gambia	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Operating loss	-268	-236	'
Total assets	$2,045	'	$2,025

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event)	Apr. 01, 2014
	block
Subsequent Event	'
Subsequent Event [Line Items]	'
Percentage of interest in Expanded Shallow Water Tano block	30.00%
Number of discovered fields	3