Page
|
|||
Summary
|
|
1
|
|
Risk
Factors
|
|
3
|
|
Special
Note Regarding Forward-Looking Statements
|
|
16
|
|
Dividend
Policy
|
|
16
|
|
Use
Of Proceeds
|
|
16
|
|
Price
Range Of Common Stock
|
|
17
|
|
Selected
Financial Data
|
|
18
|
|
Management’s
Discussion And Analysis Of Financial Condition And Results Of
Operations
|
|
19
|
|
Business
|
|
45
|
|
Management
|
|
62
|
|
Principal
And Selling Stockholders
|
|
77
|
|
Certain
Relationships And Related Transactions
|
|
118
|
|
Description
Of Capital Stock
|
|
120
|
|
Plan
Of Distribution
|
|
124
|
|
Legal
Matters
|
|
126
|
|
Experts
|
|
126
|
|
Where
You Can Find Additional Information
|
|
126
|
|
Index
to Financial Statements
|
|
F-1
|
|
Common
stock currently outstanding (1)
|
106,317,127 shares
|
|
|
Common
stock offered by the selling stockholders (2)
|
102,133,821
shares
|
|
|
Common
stock outstanding after the offering (3)
|
129,168,679 shares
|
|
|
Use
of Proceeds
|
We
will not receive any proceeds from the sale of common stock offered
by
this prospectus. We will receive the proceeds from any warrant exercises,
which we intend to use for general corporate purposes, including
for
working capital.
|
American
Stock Exchange
|
GTE
|
|
|
Toronto
Stock Exchange Symbol
|
GTE
|
(1)
|
Amount
is as of May 15, 2008 and includes 11,351,586 shares of common stock
which
are issuable upon the exchange of exchangeable shares of Goldstrike
Exchange Co.
|
(2)
|
Includes
22,851,552 shares
of common stock underlying warrants, and 11,351,586 shares of common
stock
underlying exchangeable shares, issued to the selling
stockholders.
|
(3)
|
Assumes
the full exercise of warrants to purchase an aggregate of
22,851,552 shares
of common stock held by the selling stockholders, and full exchange
of
exchangeable shares in exchange for an aggregate of 11,351,586 shares
of
common stock, in each case held by the selling stockholders as of
May
15,
2008.
|
|
·
|
expand
our systems effectively or efficiently or in a timely
manner;
|
|
·
|
allocate
our human resources optimally;
|
|
·
|
identify
and hire qualified employees or retain valued employees;
or
|
|
·
|
incorporate
effectively the components of any business that we may acquire in
our
effort to achieve growth.
|
|
·
|
all
bilateral aid, except anti-narcotics and humanitarian aid, would
be
suspended,
|
|
·
|
the
Export-Import Bank of the United States and the Overseas Private
Investment Corporation would not approve financing for new projects
in
Colombia,
|
|
·
|
United
States representatives at multilateral lending institutions would
be
required to vote against all loan requests from Colombia, although
such
votes would not constitute vetoes,
and
|
|
·
|
the
President of the United States and Congress would retain the right
to
apply future trade sanctions.
|
|
·
|
effective
legal redress in the courts of such jurisdictions, whether in respect
of a
breach of law or regulation, or, in an ownership dispute, being more
difficult to obtain;
|
|
·
|
a
higher degree of discretion on the part of governmental
authorities;
|
|
·
|
the
lack of judicial or administrative guidance on interpreting applicable
rules and regulations;
|
|
·
|
inconsistencies
or conflicts between and within various laws, regulations, decrees,
orders
and resolutions; and
|
|
·
|
relative
inexperience of the judiciary and courts in such
matters.
|
·
|
dilution
caused by our issuance of additional shares of common stock and other
forms of equity securities, which we expect to make in connection
with
future capital financings to fund our operations and growth, to attract
and retain valuable personnel and in connection with future strategic
partnerships with other companies;
|
·
|
announcements
of new acquisitions, reserve discoveries or other business initiatives
by
our competitors;
|
·
|
fluctuations
in revenue from our oil and natural gas business as new reserves
come to
market;
|
·
|
changes
in the market for oil and natural gas commodities and/or in the capital
markets generally;
|
·
|
changes
in the demand for oil and natural gas, including changes resulting
from
the introduction or expansion of alternative fuels;
and
|
·
|
changes
in the social, political and/or legal climate in the regions in which
we
will operate.
|
·
|
quarterly
variations in our revenues and operating
expenses;
|
·
|
changes
in the valuation of similarly situated companies, both in our industry
and
in other industries;
|
·
|
changes
in analysts’ estimates affecting our company, our competitors and/or our
industry;
|
·
|
changes
in the accounting methods used in or otherwise affecting our
industry;
|
·
|
additions
and departures of key personnel;
|
·
|
announcements
of technological innovations or new products available to the oil
and
natural gas industry;
|
·
|
announcements
by relevant governments pertaining to incentives for alternative
energy
development programs;
|
·
|
fluctuations
in interest rates, exchange rates and the availability of capital
in the
capital markets; and
|
·
|
significant
sales of our common stock, including sales by future investors in
future
offerings we expect to make to raise additional
capital.
|
|
High
|
Low
|
|||||
Second
Quarter (through June 4,
2008)
|
$
|
7.00
|
$
|
3.29
|
|||
First
Quarter 2008
|
$
|
4.26
|
$
|
2.31
|
|||
Fourth
Quarter 2007
|
$
|
2.69
|
$
|
1.39
|
|||
Third
Quarter 2007
|
$
|
2.16
|
$
|
1.31
|
|||
Second
Quarter 2007
|
$
|
1.49
|
$
|
0.90
|
|||
First
Quarter 2007
|
$
|
1.64
|
$
|
0.88
|
|||
Fourth
Quarter 2006
|
$
|
1.85
|
$
|
1.08
|
|||
Third
Quarter 2006
|
$
|
3.70
|
$
|
1.45
|
|||
Second
Quarter 2006
|
$
|
5.12
|
$
|
2.57
|
|||
First
Quarter 2006
|
$
|
6.06
|
$
|
2.94
|
Plan
category
|
Number
of
securities
to be issued upon
exercise
of options
|
Weighted
average
exercise price of
outstanding
options
|
Number
of securities
remaining
available for future
issuance
|
|||||||
Equity
compensation plans approved by security holders
|
5,724,168
|
$
|
1.52
|
3,275,832
|
||||||
Equity
compensation plans not approved by security holders
|
—
|
—
|
—
|
|||||||
Total
|
5,724,168
|
3,725,832
|
Period
Ended December 31,
|
Three
Months
Ended
March 31,
|
|||||||||||||||
2007
|
2006
|
2005
|
2008
|
2007
|
||||||||||||
Statement
of Operations Data
|
||||||||||||||||
Revenues
and other income
|
||||||||||||||||
Oil
sales
|
$
|
31,808
|
$
|
11,646
|
$
|
946
|
$
|
20,749
|
$
|
4,276
|
||||||
Natural
gas sales
|
45
|
75
|
113
|
-
|
48
|
|||||||||||
Interest
|
426
|
352
|
—
|
70
|
193
|
|||||||||||
Total
revenues
|
32,278
|
12,073
|
1,059
|
20,819
|
4,517
|
|||||||||||
Expenses
|
||||||||||||||||
Operating
|
10,474
|
4,233,470
|
395
|
2,527
|
2,181
|
|||||||||||
Depletion,
depreciation and accretion
|
9,415
|
4,088,437
|
462
|
3,064
|
2,324
|
|||||||||||
General
and administrative
|
10,232
|
6,998,804
|
2,482
|
4,133
|
1,939
|
|||||||||||
Liquidated
damages
|
7,367
|
1,527,988
|
—
|
-
|
4,132
|
|||||||||||
Derivative
financial instruments
|
3,040
|
—
|
—
|
1,184
|
657
|
|||||||||||
Foreign
exchange (gain) loss
|
(77
|
)
|
370,538
|
(31
|
)
|
14
|
232
|
|||||||||
Total
expenses
|
40,451
|
17,219,237
|
3,308
|
10,922
|
11,465
|
|||||||||||
Loss
before income tax
|
(8,172
|
)
|
(5,146
|
)
|
(2,249
|
)
|
9,897
|
(6,948
|
)
|
|||||||
Income
tax
|
(295
|
)
|
(677
|
)
|
29
|
(5,221
|
)
|
298
|
||||||||
Net
loss
|
$
|
(8,467
|
)
|
$
|
(5,824
|
)
|
$
|
(2,220
|
)
|
$
|
4,676
|
$
|
(6,650
|
)
|
||
Net
loss per common share — basic
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
$
|
(0.16
|
)
|
$
|
0.05
|
$
|
(0.07
|
)
|
||
Net
loss per common share — diluted
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
$
|
(0.16
|
)
|
$
|
0.04
|
$
|
(0.07
|
)
|
Statement
of Cash Flows Data
|
(As
Restated)(1)
|
(As
Restated)(1)
|
(As
Restated)(1)
|
|||||||||||||
Operating
activities
|
$
|
8,761
|
$
|
2,010
|
$
|
(1,877
|
)
|
$
|
9,153
|
$
|
(2,908
|
)
|
||||
Investing
activities
|
(15,393
|
)
|
(48,207
|
)
|
(9,108
|
)
|
$
|
(6,538
|
)
|
$
|
(8,889
|
)
|
||||
Financing
activities
|
719
|
68,076
|
13,206
|
$
|
(5,220
|
)
|
$
|
(1,010
|
)
|
|||||||
(Decrease)
Increase in cash
|
(5,912
|
)
|
21,879
|
2,221
|
December
31,
|
March
31,
|
|||||||||||||||
Balance
Sheet Data
|
2007
|
|
2006
|
|
2005
|
|
2008
|
|
2007
|
|||||||
Cash
and cash equivalents
|
$
|
18,189
|
$
|
24,101
|
$
|
2,221
|
$
|
26,024
|
$
|
18,139
|
||||||
Working
capital (including cash)
|
8,058
|
14,541
|
2,765
|
14,454
|
8,058
|
|||||||||||
Oil
and gas properties
|
63,202
|
56,093
|
7,887
|
69,229
|
63,202
|
|||||||||||
Deferred
tax asset
|
2,058
|
444
|
—
|
987
|
220
|
|||||||||||
Total
assets
|
112,797
|
105,537
|
12,371
|
139,051
|
112,797
|
|||||||||||
Deferred
tax liability
|
(11,675
|
)
|
(9,876
|
)
|
—
|
736
|
1,108
|
|||||||||
Other
long-term liabilities
|
(1,986
|
)
|
(634
|
)
|
(68
|
)
|
131
|
132
|
||||||||
Shareholders’
equity
|
(76,792
|
)
|
(76,195
|
)
|
(11,039
|
)
|
87,280
|
76,792
|
·
|
an
additional 50% WI in Nacatimbay;
|
·
|
an
additional 50% WI in Ipaguazu;
|
·
|
50%
WI in El Vinalar (oil production);
|
·
|
100%
WI in Chivil (oil production);
|
·
|
100%
WI in Surubi (exploration land);
|
·
|
100%
WI in Santa Victoria (exploration land);
and,
|
·
|
93.2%
WI in Valle Morado (exploration
land).
|
•
|
Net
income and basic income per share - increased to $4.7 million ($0.05
basic
income per share) for the three months ended March 31, 2008 from
a net
loss of $6.7 million ($0.07 basic loss per share) in the first quarter
of
2007.
|
•
|
Production,
net of royalties, increased 146% to 2,843 barrels per day for the
first
quarter of 2008.
|
•
|
Combined
realized price for crude oil and natural gas liquids (“NGLs”) increased
95% for the first quarter of 2008.
|
•
|
Operating
costs per barrel of equivalent oil (“Boe”) decreased 53% for the first
quarter of 2008.
|
-
|
Costayaco-2
which commenced drilling in December 2007, and successfully tested
for oil
in February 2008;
|
-
|
Costayaco-3
which was drilled in the first quarter of 2008 and successfully tested
for
oil production in April 2008;
|
-
|
Costayaco
- 4 which commenced drilling in March
2008;
|
-
|
Costayaco
- 5 to 7 to be drilled during the remainder of the
year;
|
-
|
Juanambu
- 2 planned for drilling in the second and third quarters of 2008;
and,
|
- |
Three
oil exploration wells, two in Colombia and one in
Argentina.
|
|
Three
Months Ended March 31,
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
2008
|
|
2007
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
||||||||||
Production,
net of royalties (2)
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
43,345
|
215,337
|
258,682
|
56,250
|
47,880
|
104,130
|
(23
|
)%
|
350
|
%
|
148
|
%
|
||||||||||||||||
Gas
(Mcf)
|
808
|
-
|
808
|
18,155
|
-
|
18,155
|
(96
|
)%
|
-
|
(96
|
)%
|
|||||||||||||||||
Oil,
Gas and NGLs (Boe) (1)
|
43,385
|
215,337
|
258,722
|
57,158
|
47,880
|
105,038
|
(24
|
)%
|
350
|
%
|
146
|
%
|
||||||||||||||||
Revenue
and other income (000’s except average price
amounts)
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
$
|
1,384
|
$
|
19,365
|
$
|
20,749
|
$
|
2,088
|
$
|
2,188
|
$
|
4,276
|
(34
|
)%
|
785
|
%
|
385
|
%
|
||||||||||
Gas
|
-
|
-
|
-
|
48
|
-
|
48
|
(100
|
)%
|
-
|
(100
|
)%
|
|||||||||||||||||
Interest
(excluding Corporate)
|
5
|
62
|
67
|
-
|
94
|
94
|
100
|
%
|
(34
|
)%
|
(29
|
)%
|
||||||||||||||||
|
$
|
1,389
|
$
|
19,427
|
$
|
20,816
|
$
|
2,136
|
$
|
2,282
|
$
|
4,418
|
(35
|
)%
|
751
|
%
|
371
|
%
|
||||||||||
Other
- Corporate
|
3
|
99
|
(97
|
)%
|
||||||||||||||||||||||||
|
$
|
20,819
|
$
|
4,517
|
361
|
%
|
||||||||||||||||||||||
Average
Prices
|
||||||||||||||||||||||||||||
Oil
and NGLs (Per Bbl)
|
$
|
31.94
|
$
|
89.93
|
$
|
80.21
|
$
|
37.13
|
$
|
45.69
|
$
|
41.06
|
(14
|
)%
|
97
|
%
|
95
|
%
|
||||||||||
Gas
(Per Mcf)
|
$
|
0.41
|
-
|
$
|
0.41
|
$
|
2.65
|
-
|
$
|
2.65
|
(84
|
)%
|
--
|
(84
|
)%
|
|
Three
Months Ended March 31,
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
2008
|
|
2007
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
||||||||||
Operating
expense (000’s except per Boe amounts)
|
||||||||||||||||||||||||||||
Operating
expense
|
$
|
902
|
$
|
1,610
|
$
|
2,512
|
$
|
1,820
|
$
|
361
|
$
|
2,181
|
(50
|
)%
|
346
|
%
|
15
|
%
|
||||||||||
Other
- Corporate - Peru Operations
|
15
|
-
|
100
|
%
|
||||||||||||||||||||||||
|
$
|
2,527
|
$
|
2,181
|
16
|
%
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating
expense per Boe
|
$
|
20.79
|
$
|
7.48
|
$
|
9.77
|
$
|
31.84
|
$
|
7.54
|
$
|
20.76
|
(35
|
)%
|
1
|
%
|
(53
|
)%
|
|
Three
Months Ended March 31,
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
2008
|
|
2007
|
|
Change
from Prior Period
|
|
|||||||||||||||||||||
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
|
Argentina
|
|
Colombia
|
|
Total
|
||||||||||
DD&A
(000’s except per Boe
amounts)
|
||||||||||||||||||||||||||||
DD&A
|
$
|
567
|
$
|
2,467
|
$
|
3,034
|
$
|
475
|
$
|
1,824
|
$
|
2,299
|
19
|
%
|
35
|
%
|
32
|
%
|
||||||||||
Other
- Corporate
|
30
|
25
|
20
|
%
|
||||||||||||||||||||||||
|
$
|
3,064
|
$
|
2,324
|
32
|
%
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||
DD&A
per Boe
|
$
|
13.06
|
$
|
11.45
|
$
|
11.84
|
$
|
8.30
|
$
|
38.10
|
$
|
22.13
|
57
|
%
|
(70
|
)%
|
(46
|
)%
|
|
Three
Months Ended March 31,
|
|
|
|
||||||||||||||||||||||||
|
2008
|
2007
|
Change
from Prior Period
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
G&A
(000’s except per Boe amounts)
|
||||||||||||||||||||||||||||
G&A
|
$
|
570
|
$
|
1,022
|
$
|
1,592
|
$
|
322
|
$
|
409
|
$
|
731
|
77
|
%
|
150
|
%
|
118
|
%
|
||||||||||
Other
- Corporate
|
$
|
2,
541
|
$
|
1,208
|
110
|
%
|
||||||||||||||||||||||
|
$
|
4,133
|
$
|
1,939
|
113
|
%
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||
G&A
per Boe
|
$
|
13.13
|
$
|
4.75
|
$
|
15.98
|
$
|
5.64
|
$
|
8.53
|
$
|
18.46
|
133
|
%
|
(44
|
)%
|
(13
|
)%
|
|
Three
Months Ended March 31,
|
|||||||||
|
2008
|
2007
|
Change
from Prior Year
|
|||||||
Liquidated
damages (000’s)
|
$
|
-
|
$
|
4,132
|
(100
|
)%
|
|
Three
Months Ended March 31,
|
||||||
Financial
derivative loss (000’s)
|
2008
|
2007
|
|||||
Realized
financial derivative loss
|
$
|
491
|
$
|
-
|
|||
Unrealized
financial derivative loss
|
693
|
657
|
|||||
Financial
derivative loss
|
$
|
1,184
|
$
|
657
|
|
Three
Months Ended March 31,
|
|||||||||
|
2008
|
2007
|
Change
from Prior Period
|
|||||||
Foreign
exchange loss (000’s)
|
$
|
14
|
$
|
232
|
(94
|
)%
|
|
Three
Months Ended March 31,
|
||||||
|
2008
|
2007
|
|||||
Income
tax expense (recovery) (000’s)
|
$
|
5,221
|
$
|
(298
|
)
|
|
Year
Ended December 31,
|
|
||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
Production,
net of royalties (2)
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
207,912
|
333,157
|
541,069
|
127,712
|
129,209
|
256,921
|
63
|
%
|
158
|
%
|
111
|
%
|
||||||||||||||||
Gas
(Mcf)
|
26,631
|
-
|
26,631
|
41,447
|
-
|
41,447
|
-36
|
%
|
-
|
-36
|
%
|
|||||||||||||||||
Oil,
Gas and NGLs (Boe) (1)
|
209,244
|
333,157
|
542,401
|
129,784
|
129,209
|
258,993
|
61
|
%
|
158
|
%
|
109
|
%
|
||||||||||||||||
Revenue
and other income
|
||||||||||||||||||||||||||||
Oil
and NGLs (Bbls)
|
$
|
8,059,486
|
$
|
23,748,155
|
$
|
31,807,641
|
$
|
5,033,363
|
$
|
6,612,190
|
$
|
11,645,553
|
60
|
%
|
259
|
%
|
173
|
%
|
||||||||||
Gas
|
44,971
|
-
|
44,971
|
75,488
|
-
|
75,488
|
-40
|
%
|
-
|
-40
|
%
|
|||||||||||||||||
Interest
(excluding Corporate)
|
15,225
|
222,785
|
238,010
|
-
|
-
|
-
|
100
|
%
|
100
|
%
|
100
|
%
|
||||||||||||||||
|
$
|
8,119,682
|
$
|
23,970,940
|
$
|
32,090,622
|
$
|
5,108,851
|
$
|
6,612,190
|
$
|
11,721,041
|
59
|
%
|
263
|
%
|
174
|
%
|
||||||||||
Other
- Corporate
|
187,532
|
351,872
|
-47
|
%
|
||||||||||||||||||||||||
|
$
|
32,278,154
|
$
|
12,072,913
|
167
|
%
|
||||||||||||||||||||||
Average
Prices
|
||||||||||||||||||||||||||||
Oil
and NGLs (Per Bbl)
|
$
|
38.76
|
$
|
71.28
|
$
|
58.79
|
$
|
39.41
|
$
|
51.17
|
$
|
45.33
|
-2
|
%
|
39
|
%
|
30
|
%
|
||||||||||
Gas
(Per Mcf)
|
$
|
1.69
|
-
|
$
|
1.69
|
$
|
1.82
|
-
|
$
|
1.82
|
-7
|
%
|
-
|
-7
|
%
|
|
Year
Ended December 31,
|
|
||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
Operating
Expense
|
||||||||||||||||||||||||||||
Operating
Expense
|
$
|
6,327,276
|
$
|
4,097,336
|
$
|
10,424,612
|
$
|
2,846,705
|
$
|
1,386,765
|
$
|
4,233,470
|
122
|
%
|
195
|
%
|
146
|
%
|
||||||||||
Other
- Corporate - Peru Operations
|
|
|
49,756
|
|
|
-
|
|
|
100
|
%
|
||||||||||||||||||
|
$
|
6,327,276
|
$
|
4,097,336
|
$
|
10,474,368
|
$
|
2,846,705
|
$
|
1,386,765
|
$
|
4,233,470
|
|
|
147
|
%
|
||||||||||||
Operating
expense per Boe
|
$
|
30.24
|
$
|
12.30
|
$
|
19.31
|
$
|
21.93
|
$
|
10.73
|
$
|
16.35
|
38
|
%
|
15
|
%
|
18
|
%
|
|
Year
Ended December 31,
|
|
||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
DD&A
|
||||||||||||||||||||||||||||
DD&A
|
$
|
2,476,834
|
$
|
6,850,086
|
$
|
9,326,920
|
$
|
1,550,544
|
$
|
2,494,317
|
$
|
4,044,861
|
60
|
%
|
175
|
%
|
131
|
%
|
||||||||||
Other
- Corporate
|
87,987
|
43,576
|
102
|
%
|
||||||||||||||||||||||||
|
$
|
9,414,907
|
$
|
4,088,437
|
130
|
%
|
||||||||||||||||||||||
DD&A
per Boe
|
$
|
11.84
|
$
|
20.56
|
$
|
17.36
|
$
|
11.95
|
$
|
19.30
|
$
|
15.79
|
-1
|
%
|
7
|
%
|
10
|
%
|
|
Year
Ended December 31,
|
|
||||||||||||||||||||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
Argentina
|
Colombia
|
Total
|
|||||||||||||||||||
G&A
|
||||||||||||||||||||||||||||
G&A
|
$
|
1,704,410
|
$
|
1,695,825
|
$
|
3,400,235
|
$
|
1,122,980
|
$
|
897,494
|
$
|
2,020,474
|
52
|
%
|
89
|
%
|
68
|
%
|
||||||||||
Other
- Corporate
|
$
|
6,831,717
|
$
|
4,978,330
|
37
|
%
|
||||||||||||||||||||||
|
$
|
10,231,952
|
$
|
6,998,804
|
46
|
%
|
||||||||||||||||||||||
G&A
per Boe
|
$
|
8.15
|
$
|
5.09
|
$
|
18.86
|
$
|
8.65
|
$
|
6.95
|
$
|
27.02
|
-6
|
%
|
-27
|
%
|
-30
|
%
|
|
Year
Ended December 31,
|
|||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||
Liquidated
Damages
|
$
|
7,366,949
|
$
|
1,527,988
|
382
|
%
|
Financial
Derivative Loss
|
Year
Ended
December
31, 2007
|
|||
Realized
financial derivative loss
|
$
|
391,345
|
||
Current
portion of unrealized financial derivative Loss
|
$
|
1,593,629
|
||
Long-term
portion of unrealized financial derivative loss
|
$
|
1,054,716
|
||
Total
unrealized financial derivative loss
|
$
|
2,648,345
|
||
Financial
derivative loss
|
$
|
3,039,690
|
|
Year
Ended December 31,
|
|||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||
Foreign
Exchange (Gain) Loss
|
$
|
(77,275
|
)
|
$
|
370,538
|
121
|
%
|
|
Year
Ended December 31,
|
|||||||||
|
2007
|
2006
|
Change
from Prior Year
|
|||||||
Income
Tax
|
$
|
294,767
|
$
|
677,380
|
-56
|
%
|
Year
Ended December 31,
|
|||||||||||||||||||||||||||||||||||||
2007
|
2006
|
Change
from Prior Year
|
|||||||||||||||||||||||||||||||||||
|
Argentina
|
Colombia
|
Corporate
|
Total
|
Argentina
|
Colombia
|
Corporate
|
Total
|
Argentina
|
Colombia
|
Corporate
|
Total
|
|||||||||||||||||||||||||
Net
Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net
loss (income) before income tax
|
$
|
2,474,990
|
$
|
(11,484,448
|
)
|
$
|
17,181,895
|
$
|
8,172,437
|
$
|
411,028
|
$
|
(1,486,075
|
)
|
$
|
6,221,371
|
$
|
5,146,324
|
502
|
%
|
673
|
%
|
176
|
%
|
59
|
%
|
|||||||||||
Income
tax
|
|
294,767
|
677,380
|
-56
|
%
|
||||||||||||||||||||||||||||||||
Net
Loss
|
$
|
8,467,204
|
$
|
5,823,704
|
45
|
%
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||
Loss
per share - Basic and Diluted
|
|||||||||||||||||||||||||||||||||||||
Weighted
Average Outstanding Common Shares - Basic and Diluted
|
95,096,311
|
72,443,501
|
31
|
%
|
|||||||||||||||||||||||||||||||||
Loss
per share - Basic and Diluted
|
$
|
0.09
|
$
|