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:
• our ability to successfully and efficiently execute our project appraisal, development and
exploration activities;
• our liquidity and ability to finance our exploration, appraisal, development, and acquisition
activities;
• oil and gas prices;
• lack or delay of partner, government and regulatory approvals related to our operations;
• projected and targeted capital expenditures and other costs and commitments;
• uncertainties inherent in making estimates of our oil and natural gas data;
• our dependence on our key management personnel and our ability to attract and retain qualified
personnel;
• current and future government regulation of the oil and gas industry and our operations;
• changes in environmental, safety and health laws and regulations or the implementation or
interpretation of those laws and regulations;
• our and our partners’ ability to obtain permits and licenses and drill and develop our prospects
and discoveries in the U.S. Gulf of Mexico and offshore West Africa;
• termination of or intervention in concessions, licenses, permits, rights or authorizations granted
by the United States, Angolan and Gabonese governments to us;
• competition;
• our ability to find, acquire or gain access to new prospects and renew our exploration portfolio;
• the availability, cost and reliability of drilling rigs, containment resources, production equipment
and facilities, supplies, personnel and oilfield services;
• 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 infrastructure around and transportation to
our prospects, discoveries and appraisal and development projects;
• military operations, civil unrest, disease, piracy, terrorist acts, wars or embargoes;
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