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PART I
Cautionary Note Regarding Forward-Looking Statements
This Annual Report on Form 10-K contains estimates and forward-looking statements, principally in “Business,” “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Our estimates and forward-looking
statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our
businesses and operations. Although we believe that these estimates and forward-looking statements are based upon reasonable
assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to us. Many
important factors, in addition to the factors described in this Annual Report on Form 10-K, may adversely affect our results as
indicated in forward-looking statements. You should read this Annual Report on Form 10-K and the documents that we have filed as
exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect.
Our estimates and forward-looking statements may be influenced by the following factors, among others:
•
the timing or occurrence of the closing of the sale of our interests in Block 20 and 21 offshore Angola;
•
our liquidity and ability to finance our exploration, appraisal, development, and acquisition activities;
•
volatility and recent severe declines in oil and gas prices;
•
our ability to successfully and efficiently execute our project appraisal, development and exploration activities;
•
lack or delay of partner, government and regulatory approvals related to our business or required pursuant to
agreements we are party to;
•
changes in environmental, safety and health laws and regulations or the implementation or interpretation of those laws
and regulations;
•
current and future government regulation of the oil and gas industry and our operations;
•
oil and gas production rates on our properties that are currently producing oil and gas;
•
projected and targeted capital expenditures and other costs and commitments;
•
uncertainties inherent in making estimates of our oil and natural gas data;
•
our and our partners’ ability to obtain permits to drill and develop our properties in the U.S. Gulf of Mexico;
•
termination of or intervention in concessions, licenses, permits, rights or authorizations granted by the United States,
Angolan and Gabonese governments to us;
•
our dependence on our key management personnel and our ability to attract and retain qualified personnel;
•
the ability of the containment resources we have under contract to perform as designed or contain or cap any oil spill,
blow-out or uncontrolled flow of hydrocarbons;
•
the availability and cost of developing appropriate oil and gas transportation and infrastructure;
•
military operations, civil unrest, disease, piracy, terrorist acts, wars or embargoes;
•
our vulnerability to severe weather events, especially tropical storms and hurricanes in the U.S. Gulf of Mexico;
•
the cost and availability of adequate insurance coverage;
•
the results or outcome of any legal proceedings or investigations we may be subject to;
