Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'EGY | ' |
Entity Registrant Name | 'VAALCO ENERGY INC /DE/ | ' |
Entity Central Index Key | '0000894627 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 56,928,108 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalent | $80,721 | $130,529 |
Restricted Cash | 12,159 | 12,366 |
Receivables: | ' | ' |
Trade | 87 | 16,972 |
Accounts with partners, net of allowance of zero at March 31, 2014 and $7.6 million at December 31, 2013 | 40,963 | 307 |
Other | 4,462 | 4,435 |
Crude oil inventory | 1,152 | 352 |
Materials & supplies | 468 | 164 |
Prepayments and others | 6,312 | 2,339 |
Total current assets | 146,324 | 167,464 |
Property and equipment - successful efforts method | ' | ' |
Wells, platforms and other production facilities | 217,805 | 215,701 |
Undeveloped acreage | 22,919 | 23,705 |
Work in progress | 74,311 | 64,489 |
Equipment & other | 7,801 | 6,831 |
Property, plant and equipment, gross, Total | 322,836 | 310,726 |
Accumulated depreciation , depletion and amortization | -176,000 | -172,202 |
Net property and equipment | 146,836 | 138,524 |
Other assets: | ' | ' |
Restricted cash | 830 | 830 |
Deferred tax assets | 1,349 | 1,349 |
Deferred finance charge | 1,722 | ' |
Total Assets | 297,061 | 308,167 |
Current Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 38,446 | 42,561 |
Accounts with partners | 1,732 | 3,268 |
Total current liabilities | 40,178 | 45,829 |
Asset retirement obligations | 11,630 | 11,464 |
Total Liabilities | 51,808 | 57,293 |
Commitments and Contingencies (note 4) | ' | ' |
Owners' Equity | ' | ' |
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,976,646 and 64,012,914 shares issued with 7,094,705 and 7,162,573 shares in treasury at March 31, 2014 and December 31, 2013 respectively | 6,408 | 6,408 |
Additional paid-in capital | 56,502 | 55,455 |
Retained earnings | 217,404 | 224,442 |
Less treasury stock, at cost | -35,061 | -35,431 |
Total Equity | 245,253 | 250,874 |
Total Liabilities & Owners' Equity | $297,061 | $308,167 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for accounts with partners | $0 | $7.60 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 63,976,646 | 64,012,914 |
Treasury stock, shares | 7,094,705 | 7,162,573 |
CONDENSED_STATEMENTS_OF_CONSOL
CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Oil and gas sales | $28,071 | $44,137 |
Operating costs & expenses | ' | ' |
Production expenses | 9,650 | 8,384 |
Exploration expenses | 11,323 | 6,106 |
Depreciation, depletion and amortization | 4,160 | 3,626 |
General and administrative expenses | 3,588 | 3,639 |
Bad debt expense and other expenses | ' | 879 |
Total operating expenses | 28,721 | 22,634 |
Operating (loss) income | -650 | 21,503 |
Other income (expenses): | ' | ' |
Interest income | 29 | 25 |
Other, net | -291 | -94 |
Total other expenses | -262 | -69 |
(Loss) income before income taxes | -912 | 21,434 |
Income tax expense | -6,126 | -14,246 |
Net (loss) income | ($7,038) | $7,188 |
Earnings per share - basic: | ' | ' |
Basic net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders | ($0.12) | $0.12 |
Earnings per share - diluted: | ' | ' |
Diluted net (loss) income per share attributable to VAALCO Energy, Inc. common shareholders | ($0.12) | $0.12 |
Basic weighted-average shares outstanding | 56,860,172 | 57,906,967 |
Diluted weighted-average shares outstanding | 56,860,172 | 59,069,992 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock |
In Thousands | |||||
Beginning Balance at Dec. 31, 2013 | $250,874 | $6,408 | $55,455 | $224,442 | ($35,431) |
Stock based compensation | 1,417 | ' | 1,417 | ' | ' |
Reissuance of treasury stock under stock based compensation plans | ' | ' | -370 | ' | 370 |
Net loss | -7,038 | ' | ' | -7,038 | ' |
Ending Balance at Mar. 31, 2014 | $245,253 | $6,408 | $56,502 | $217,404 | ($35,061) |
CONDENSED_STATEMENTS_OF_CONSOL1
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities: | ' | ' |
Net loss | ($7,038) | $7,188 |
Adjustments to reconcile net income to net cash used in operating activities | ' | ' |
Depreciation, depletion and amortization | 4,160 | 3,626 |
Unrealized foreign exchange loss | 22 | 22 |
Dry hole costs and impairment loss on unproved leasehold | 10,505 | 4,896 |
Stock based compensation | 1,417 | 1,406 |
Bad debt expense | ' | 879 |
Change in operating assets and liabilities: | ' | ' |
Trade receivables | 16,885 | -16,541 |
Accounts with partners | -42,192 | -11,260 |
Other receivables | -108 | -3,020 |
Crude oil inventory | -996 | 287 |
Materials and supplies | -304 | 12 |
Prepayment and other | -3,975 | 256 |
Accounts payable and accrued liabilities | -1,918 | 3,280 |
Net cash used in operating activities | -23,542 | -8,969 |
Cash Flows from Investing Activities | ' | ' |
Decrease (increase) in restricted cash | 207 | -818 |
Property and equipment expenditures | -24,751 | -18,372 |
Net cash used in investing activities | -24,544 | -19,190 |
Cash Flows from Financing Activities | ' | ' |
Debt issuance costs capitalized | -1,722 | ' |
Net cash used in financing activities | -1,722 | ' |
Net Change in Cash and Cash Equivalents | -49,808 | -28,159 |
Cash and Cash Equivalent at Beginning of Period | 130,529 | 130,800 |
Cash and Cash Equivalent at End of Period | 80,721 | 102,641 |
Supplemental disclosure of cash flow information | ' | ' |
Income taxes paid | 9,538 | 9,741 |
Investment in property and equipment not paid | 11,304 | 11,777 |
Receivable from employees for stock option exercise | ' | $135 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Financial Statements and Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Unaudited Condensed Consolidated Financial Statements and Accounting Policies | ' |
1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND ACCOUNTING POLICIES | |
The condensed consolidated financial statements of VAALCO Energy, Inc. and subsidiaries (collectively, “VAALCO” or the “Company”), included herein are unaudited, but include all adjustments consisting of normal recurring accruals which the Company deems necessary for a fair presentation of its financial position, results of operations and cash flows for the interim period. Such results are not necessarily indicative of results to be expected for the full year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2013, which also contains a summary of the significant accounting policies followed by the Company in the preparation of its consolidated financial statements. These policies were also followed in preparing the quarterly report included herein. The Company follows the successful efforts method of accounting for oil and gas exploration and development costs. | |
VAALCO Energy, Inc., a Delaware corporation, is a Houston-based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. VAALCO owns producing properties and conducts exploration activities as operator of consortiums internationally in Gabon and Angola and has conducted exploration activities as a non-operator in Equatorial Guinea, West Africa. Domestically, the Company has interests in Texas, Montana, Alabama, and the Louisiana Gulf Coast area. | |
VAALCO’s international subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Angola (Kwanza), Inc., VAALCO UK (North Sea), Ltd., VAALCO International, Inc., VAALCO Energy (EG), Inc. and VAALCO Energy Mauritius (EG) Limited. VAALCO Energy (USA), Inc. holds interests in properties located in the United States. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share | ' | |||||||
2. EARNINGS PER SHARE | ||||||||
Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. Diluted EPS assumes the exercise of all stock options, restricted and unrestricted shares having exercise prices less than the average market price of the common stock using the treasury stock method. | ||||||||
Diluted shares consist of the following: | ||||||||
Three months ended, | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Basic weighted average common | 56,860,172 | 57,906,967 | ||||||
stock issued and outstanding | ||||||||
Dilutive options | - | 1,163,025 | ||||||
Total dilutive shares | 56,860,172 | 59,069,992 | ||||||
As the Company recognized a net loss for the three months ended March 31, 2014, there were no dilutive options. Options to purchase 4,542,350 and 1,018,900 shares were excluded in the three months March 31, 2014, and 2013, respectively, because they would have been anti-dilutive. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
3. STOCK-BASED COMPENSATION | ||||||||||||||||
Stock options are granted under the Company’s long-term incentive plan and have an exercise price that may not be less than the fair market value of the underlying shares on the date of grant. In general, stock options granted to employees will become exercisable over a period determined by the Compensation Committee which in the past has been a five year life. A portion of the stock options granted in March 2014 and 2013 vested immediately with the remainder vesting over a two year period. In addition, stock options will become exercisable upon a change in control, unless provided otherwise by the Compensation Committee of our Board of Directors. At March 31, 2014, there were 320,707 shares subject to options authorized but not granted. | ||||||||||||||||
The Company recognized non-cash compensation expense of $1.4 million related to stock options in each of the three months ended March 31, 2014 and 2013. These amounts were recorded as general and administrative expense. Because the Company does not pay significant United States federal income taxes, no amounts were recorded for tax benefits. | ||||||||||||||||
A summary of the stock option activity for the three months ended March 31, 2014 is provided below: | ||||||||||||||||
Number of Shares Underlying Options (in thousands) | Weighted Average Exercise Price Per Share | Weighted | Aggregate | |||||||||||||
Average | Intrinsic Value | |||||||||||||||
Remaining Contractual Term | (in millions) | |||||||||||||||
Outstanding at the beginning of period | 4,927 | $ | 6.95 | 2.85 | $ | 2.81 | ||||||||||
Granted | 1,060 | $ | 6.98 | 4.93 | ||||||||||||
Exercised | - | $ | - | - | ||||||||||||
Forfeited | (26 | ) | $ | 8.5 | 2.91 | |||||||||||
Outstanding at the end of period | 5,961 | $ | 6.95 | 3.01 | $ | 2.92 | ||||||||||
Vested and expected to vest - end of period | 4,366 | $ | 6.82 | 2.57 | $ | 2.75 | ||||||||||
The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. | ||||||||||||||||
Shares of restricted stock are granted under the Company’s long-term incentive plan using the fair market value of the underlying shares on the date of grant. In general, restricted stocks granted to employees will vest over a period determined by the Compensation Committee which is generally a four year period, with the initial one-third vesting on the first grant date anniversary. | ||||||||||||||||
A summary of the restricted stock activity for the three months ended March 31, 2014 is provided below: | ||||||||||||||||
Restricted Stock | Grant Date Fair Value per Share | |||||||||||||||
Outstanding at the beginning of period | 100,000 | $ | 5.89 | |||||||||||||
Granted | 99,468 | $ | 6.98 | |||||||||||||
Vested | (31,600 | ) | $ | 6.98 | ||||||||||||
Forfeited | - | $ | - | |||||||||||||
Outstanding at the end of period | 167,868 | $ | 6.32 | |||||||||||||
As of March 31, 2014, unrecognized compensation costs totaled $4.6 million. The expense is expected to be recognized over a weighted average period of 2.8 years. | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies | ' |
4. COMMITMENTS AND CONTINGENCIES | |
Offshore Gabon | |
As part of securing the second ten year production license with the government of Gabon for the Etame Marin block, the Company agreed to a cash funding arrangement for the eventual abandonment of the offshore wells, platforms and facilities. The agreement is pending final approval and will provide for annual funding over the remaining life of the production license. The amounts paid will be reimbursed through the cost account and are non-refundable to the Company. The funding is expected to begin in the first half of 2014. As in prior periods, the obligation for abandonment of the Gabon offshore facilities is included in the asset retirement obligation shown on the Company’s balance sheet. | |
Angola | |
In November 2006, the Company signed a production sharing contract for Block 5 offshore Angola. The four year primary term with an optional three year extension awarded the Company exploration rights to 1.4 million acres offshore central Angola. The Company’s working interest is 40%. Additionally, the Company is required to carry the Angolan national oil company, Sonangol P&P, for 10% of the work program. The Company’s seismic obligation was met in 2008 and the requirement to drill two exploratory wells remains as an obligation. Additional time extensions have been granted for drilling the two exploration commitment wells with a current expiration date of November 30, 2014. In April 2014, the Company received a letter and contractual amendment proposal from Sonangol E. P. which is expected to be approved in the near term by the government of Angola. The contractual amendment provides for a three year time extension for the exploration permit until November 30, 2017 and outlines the timing for the drilling of the two exploration wells, an obligation under the terms of the original agreement. The amendment provides for spudding one exploration well prior to the expiration of the current November 30, 2014 time extension, and the second well by early 2016. Each well is subject to a $5.0 million penalty ($10.0 million in aggregate for both wells) if not drilled by the expiration date. The $10.0 million obligation is currently recorded as short term restricted cash and is held at a financial institution located in the United States. | |
The government-assigned working interest partner was removed from the production sharing contract for cause by governmental decree dated December 1, 2010. In the first quarter of 2014, this working interest was assigned to Sonangol P&P, by Sonangol E.P., the concessionaire. Both Sonangol entities and the Company have been working together to determine the work program for the block including the timing for drilling the two exploration obligation wells. Subject to final approval of the contract amendment provided by Sonangol E.P., the agreed work plan will include the drilling of one exploration well in 2014 and the second exploration well by early 2016. As discussed above, the expiration date of the primary term of the production sharing contract is expected to be extended to November 30, 2017. Additionally, the Company in the first quarter of 2014 has already proceeded with the purchase and processing of 3D seismic in the outboard segment of the block, which may have a bearing on the location for drilling the second exploration well. | |
Asset Retirement Obligation | |
The Company is carrying $11.6 million of asset retirement obligation as of March 31, 2014, representing the present value of our future obligations for the future abandonment costs of tangible assets such as platforms, well, pipelines and other facilities. | |
Capitalization_of_Exploratory_
Capitalization of Exploratory Well Costs | 3 Months Ended |
Mar. 31, 2014 | |
Capitalization of Exploratory Well Costs | ' |
5. CAPITALIZATION OF EXPLORATORY WELL COSTS | |
ASC Topic 932—Extractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entity’s uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. | |
Offshore Gabon: In the second and third quarters of 2010, the Company drilled a discovery well in the Southeast Etame field.In the second quarter of 2012, the Company and its partners approved a development plan featuring a fixed leg platform for developing both the Southeast Etame discovery area and the North Tchibala field. The final investment decision was approved in the fourth quarter of 2012 for the construction of the platform. The platform is scheduled for installation in the second half of 2014 and a rig has been contracted to drill development wells targeting both fields in 2015. The Company has capitalized $7.8 million for the discovery well in accordance with the criteria contained in the ASC Topic 932. | |
Onshore Gabon: In the third and fourth quarters of 2012, the Company drilled a discovery well (N’Gongui No. 2) in the Mutamba Iroru block onshore Gabon. A revised production sharing contract (“PSC”) including exploration rights was submitted in April 2014 for approval by the Republic of Gabon. After the PSC is approved, an application for a development area is expected to be issued without further delay. At that point, a plan of development will be submitted to the Republic of Gabon. However, the Company can provide no assurances that such a request will be granted. The Company has capitalized $8.9 million for the discovery well in accordance with the criteria contained in ASC Topic 932. | |
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt | ' |
6. DEBT | |
In January 2014, the Company executed a loan agreement with the International Finance Corporation (“IFC”) for a $65.0 million revolving credit facility which is secured by the assets of the Company’s Gabon subsidiary. The revolving facility matures in January 2019 at which point it can be extended or converted to a term loan. Since the execution of the debt agreement, the Company had not borrowed under the loan. As of March 31, 2014, the Company has no borrowings outstanding under the loan. |
Capitalization_of_Interest
Capitalization of Interest | 3 Months Ended |
Mar. 31, 2014 | |
Capitalization of Interest | ' |
7. CAPITALIZATION OF INTEREST | |
The Company capitalizes interest costs to oil and natural gas properties on expenditures made in connection with exploration and development projects that are not subject to current depletion. Interest is capitalized only for the period that activities are in progress to bring these projects to their intended use. For the three months ended March 31, 2014, the Company incurred interest expense of $0.2 million in connection with our IFC loan. The entire expense was capitalized in the period. The Company did not have any capitalized interest in 2013. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
8. SEGMENT INFORMATION | |||||||||||||||||||||||||
The Company’s operations are based in Gabon, Angola, Equatorial Guinea and the United States. Management reviews and evaluates the operation of each geographic segment separately. The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. The accounting policies of the reportable segments are the same as in Note 1. Revenues are based on the location of hydrocarbon production. The Company evaluates each segment based on income (loss) from operations. | |||||||||||||||||||||||||
Segment activity for the three months March 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 27,741 | $ | - | $ | - | $ | 330 | $ | - | $ | 28,071 | |||||||||||||
Income (loss) from operations | 2,687 | (1,126 | ) | (200 | ) | (63 | ) | (1,948 | ) | (650 | ) | ||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 43,655 | $ | - | $ | - | $ | 482 | $ | - | $ | 44,137 | |||||||||||||
Income (loss) from operations | 30,862 | (1,203 | ) | (290 | ) | (5,692 | ) | (2,174 | ) | 21,503 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Total Assets | Gabon | Angola | Equatorial Guinea | USA | and Other | Total | |||||||||||||||||||
As of March 31, 2014 | $ | 236,481 | $ | 12,443 | $ | 10,041 | $ | 9,680 | $ | 28,416 | $ | 297,061 | |||||||||||||
As of December 31, 2013 | 256,033 | 12,204 | 10,059 | 9,660 | 20,211 | 308,167 | |||||||||||||||||||
Capitalization_of_Exploratory_1
Capitalization of Exploratory Well Costs (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Extractive Industries | ' |
ASC Topic 932—Extractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entity’s uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. | |
Offshore Gabon: In the second and third quarters of 2010, the Company drilled a discovery well in the Southeast Etame field.In the second quarter of 2012, the Company and its partners approved a development plan featuring a fixed leg platform for developing both the Southeast Etame discovery area and the North Tchibala field. The final investment decision was approved in the fourth quarter of 2012 for the construction of the platform. The platform is scheduled for installation in the second half of 2014 and a rig has been contracted to drill development wells targeting both fields in 2015. The Company has capitalized $7.8 million for the discovery well in accordance with the criteria contained in the ASC Topic 932. | |
Onshore Gabon: In the third and fourth quarters of 2012, the Company drilled a discovery well (N’Gongui No. 2) in the Mutamba Iroru block onshore Gabon. A revised production sharing contract (“PSC”) including exploration rights was submitted in April 2014 for approval by the Republic of Gabon. After the PSC is approved, an application for a development area is expected to be issued without further delay. At that point, a plan of development will be submitted to the Republic of Gabon. However, the Company can provide no assurances that such a request will be granted. The Company has capitalized $8.9 million for the discovery well in accordance with the criteria contained in ASC Topic 932. | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Schedule of Diluted Shares | ' | |||||||
Diluted shares consist of the following: | ||||||||
Three months ended, | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Basic weighted average common | 56,860,172 | 57,906,967 | ||||||
stock issued and outstanding | ||||||||
Dilutive options | - | 1,163,025 | ||||||
Total dilutive shares | 56,860,172 | 59,069,992 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stock Option Activity | ' | |||||||||||||||
A summary of the stock option activity for the three months ended March 31, 2014 is provided below: | ||||||||||||||||
Number of Shares Underlying Options (in thousands) | Weighted Average Exercise Price Per Share | Weighted | Aggregate | |||||||||||||
Average | Intrinsic Value | |||||||||||||||
Remaining Contractual Term | (in millions) | |||||||||||||||
Outstanding at the beginning of period | 4,927 | $ | 6.95 | 2.85 | $ | 2.81 | ||||||||||
Granted | 1,060 | $ | 6.98 | 4.93 | ||||||||||||
Exercised | - | $ | - | - | ||||||||||||
Forfeited | (26 | ) | $ | 8.5 | 2.91 | |||||||||||
Outstanding at the end of period | 5,961 | $ | 6.95 | 3.01 | $ | 2.92 | ||||||||||
Vested and expected to vest - end of period | 4,366 | $ | 6.82 | 2.57 | $ | 2.75 | ||||||||||
Summary of Restricted Stock Activity | ' | |||||||||||||||
A summary of the restricted stock activity for the three months ended March 31, 2014 is provided below: | ||||||||||||||||
Restricted Stock | Grant Date Fair Value per Share | |||||||||||||||
Outstanding at the beginning of period | 100,000 | $ | 5.89 | |||||||||||||
Granted | 99,468 | $ | 6.98 | |||||||||||||
Vested | (31,600 | ) | $ | 6.98 | ||||||||||||
Forfeited | - | $ | - | |||||||||||||
Outstanding at the end of period | 167,868 | $ | 6.32 | |||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Activity | ' | ||||||||||||||||||||||||
Segment activity for the three months March 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||
Gabon | Angola | Equatorial Guinea | USA | and Other | Total | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Revenues | $ | 27,741 | $ | - | $ | - | $ | 330 | $ | - | $ | 28,071 | |||||||||||||
Income (loss) from operations | 2,687 | (1,126 | ) | (200 | ) | (63 | ) | (1,948 | ) | (650 | ) | ||||||||||||||
2013 | |||||||||||||||||||||||||
Revenues | $ | 43,655 | $ | - | $ | - | $ | 482 | $ | - | $ | 44,137 | |||||||||||||
Income (loss) from operations | 30,862 | (1,203 | ) | (290 | ) | (5,692 | ) | (2,174 | ) | 21,503 | |||||||||||||||
Corporate | |||||||||||||||||||||||||
Total Assets | Gabon | Angola | Equatorial Guinea | USA | and Other | Total | |||||||||||||||||||
As of March 31, 2014 | $ | 236,481 | $ | 12,443 | $ | 10,041 | $ | 9,680 | $ | 28,416 | $ | 297,061 | |||||||||||||
As of December 31, 2013 | 256,033 | 12,204 | 10,059 | 9,660 | 20,211 | 308,167 | |||||||||||||||||||
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Diluted Shares (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Diluted Shares | ' | ' |
Basic weighted average common stock issued and outstanding | 56,860,172 | 57,906,967 |
Dilutive options | ' | 1,163,025 |
Total dilutive shares | 56,860,172 | 59,069,992 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share (Textual) [Abstract] | ' | ' |
Option to purchase shares, anti-dilutive | 4,542,350 | 1,018,900 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Based Compensation (Textual) [Abstract] | ' | ' |
Stock options granted, exercisable life | '5 years | ' |
Stock options vesting period | '2 years | ' |
Stock options, authorized | 320,707 | ' |
Non-cash compensation expense | $1,417,000 | $1,406,000 |
Tax benefits related to stock based compensation | 0 | ' |
Unrecognized compensation costs | $4,600,000 | ' |
Compensation costs expected to be recognized | '2 years 9 months 18 days | ' |
Restricted Stock | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' |
Stock options granted, exercisable life | '4 years | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' |
Number of Shares Underlying Options, Outstanding at beginning of period | 4,927 | ' |
Number of Shares Underlying Options, Granted | 1,060 | ' |
Number of Shares Underlying Options, Exercised | ' | ' |
Number of Shares Underlying Options, Forfeited | -26 | ' |
Number of Shares Underlying Options, Outstanding at end of period | 5,961 | 4,927 |
Vested and expected to vest - end of period | 4,366 | ' |
Weighted Average Exercise Price Per Share, Outstanding at beginning of period | $6.95 | ' |
Weighted Average Exercise Price Per Share, Granted | $6.98 | ' |
Weighted Average Exercise Price Per Share, Exercisd | ' | ' |
Weighted Average Exercise Price Per Share, Forfeited | $8.50 | ' |
Weighted Average Exercise Price Per Share, Outstanding at end of period | $6.95 | $6.95 |
Vested and expected to vest - end of period | $6.82 | ' |
Weighted Average Remaining Contractual Term, Outstanding balance | '3 years 4 days | '2 years 10 months 6 days |
Weighted Average Remaining Contractual Term, Granted | '4 years 11 months 5 days | ' |
Weighted Average Remaining Contractual Term, Forfeited | '2 years 10 months 28 days | ' |
Vested and expected to vest - end of period | '2 years 6 months 26 days | ' |
Aggregate Intrinsic Value, Outstanding at beginning of period | $2.81 | ' |
Aggregate Intrinsic Value, Outstanding at end of period | 2.92 | 2.81 |
Vested and expected to vest - end of period | $2.75 | ' |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Restricted Stock, Outstanding at the beginning of period | 100,000 |
Restricted Stock, Granted | 99,468 |
Restricted Stock, Vested | -31,600 |
Restricted Stock, Forfeited | ' |
Restricted Stock, Outstanding at the end of period | 167,868 |
Grant Date Fair Value Per Share, Outstanding at the beginning of period | $5.89 |
Grant Date Fair Value Per Share, Granted | $6.98 |
Grant Date Fair Value Per Share, Vested | $6.98 |
Grant Date Fair Value Per Share, Forfeited | ' |
Grant Date Fair Value Per Share, Outstanding at the end of period | $6.32 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Angola, USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2006 | Mar. 31, 2014 |
Well | acre | |
Well | ||
Angola | ' | ' |
Commitments And Contingencies Textual Abstract | ' | ' |
Number of exploration wells | 2 | ' |
Area under acquire property exploration rights agreement term | ' | 1,400,000 |
Number of exploration wells drilling required to pay remaining obligation | ' | 2 |
Joint operation agreement related to third party in working interest percentage | ' | 40.00% |
Additional joint operation agreement related to third party in working interest percentage | ' | 10.00% |
Production license agreement term | '4 years | ' |
Production license agreement term extended by government | '3 years | ' |
Well penalty, minimum | ' | $5 |
Well penalty, maximum | ' | 10 |
Recorded restricted cash | ' | 10 |
Asset retirement obligation | ' | $11.60 |
Capitalization_of_Exploratory_2
Capitalization of Exploratory Well Costs - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
North Tchibala | ' |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Capitalization on development plan | $7.80 |
Mutamba Iroru | ' |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Capitalization on development plan | $8.90 |
Accounting Standards Update 2010-03 | ' |
Capitalized Costs Relating To Oil And Gas Producing Activities By Geographic Area [Line Items] | ' |
Accounting Standard Code for Extractive Industries followed for capitalization purposes - ASC Topic 932 | 'ASC Topic 932bExtractive Industries provides that the cost of an exploratory well shall be capitalized as part of the entitybs uncompleted wells pending the determination of whether the well has found proved reserves. Further, an exploration well that discovers oil and gas reserves, but those reserves cannot be classified as proved when drilling is completed, shall be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and the entity is making sufficient progress assessing the reserves and the economic and operating viability of the project. If either condition is not met, the exploration well that is not brought on to production would be assumed to be impaired and its costs would be charged to expense. |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Jan. 31, 2014 |
Debt Textual [Abstract] | ' | ' |
Maximium borrowing capacity under loan agreement | ' | $65,000,000 |
Borrowings outstanding under loan agreement | $0 | ' |
Capitalization_of_Interest_Add
Capitalization of Interest - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Interest expense | $0.20 |
Segment_Information_Segment_Ac
Segment Information - Segment Activity (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $28,071 | $44,137 | ' |
Income (loss) from operations | -650 | 21,503 | ' |
Total assets | 297,061 | ' | 308,167 |
Operating Segments | Corporate and Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Income (loss) from operations | -1,948 | -2,174 | ' |
Total assets | 28,416 | ' | 20,211 |
Operating Segments | Gabon | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 27,741 | 43,655 | ' |
Income (loss) from operations | 2,687 | 30,862 | ' |
Total assets | 236,481 | ' | 256,033 |
Operating Segments | Angola | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Income (loss) from operations | -1,126 | -1,203 | ' |
Total assets | 12,443 | ' | 12,204 |
Operating Segments | Equatorial Guinea | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | ' | ' | ' |
Income (loss) from operations | -200 | -290 | ' |
Total assets | 10,041 | ' | 10,059 |
Operating Segments | USA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 330 | 482 | ' |
Income (loss) from operations | -63 | -5,692 | ' |
Total assets | $9,680 | ' | $9,660 |