Company Description (as filed with the SEC)
We are an emerging independent oil and gas exploration company that was incorporated in 1996 as a Delaware corporation. As described below, through our wholly-owned subsidiary, SCS Corporation, (“SCS”), we possess certain contract rights for and engage in the exploration and exploitation of oil and gas in an approximately 9,650 square mile concession off the coast of the Republic of Guinea (“Guinea”) in West Africa. As discussed below, our rights in Guinea derive from a Hydrocarbon Production Sharing Contract (“PSC”) that we entered into in 2006 with Guinea, as amended. Certain terms of the PSC have been modified in part by Amendment No.1 to the PSC that we entered into with the government of Guinea during March 2010 (the “PSC Amendment”), as discussed below. The PSC, as amended, was approved by the Government of Guinea through the issuance of a Presidential Decree in May 2010. ... More ...