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10-Q - FORM 10Q FOR MARCH 31, 2012 - GEOGLOBAL RESOURCES INC.form10q.htm
EX-32.1 - EXHIBIT 32.1 CEO CERTIFICATION - GEOGLOBAL RESOURCES INC.exh321.htm
EX-31.1 - EXHIBIT 31.1 CEO CERTIFICATION - GEOGLOBAL RESOURCES INC.exh311.htm
EX-32.2 - EXHIBIT 32.2 CFO CERTIFICATION - GEOGLOBAL RESOURCES INC.exh322.htm
EX-31.2 - EXHIBIT 31.2 CFO CERTIFICATION - GEOGLOBAL RESOURCES INC.exh312.htm
EXCEL - IDEA: XBRL DOCUMENT - GEOGLOBAL RESOURCES INC.Financial_Report.xls
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v2.4.0.6
Property and Equipment
3 Months Ended
Mar. 31, 2012
Property and Equipment [Abstract]  
Property and Equipment
6.           Property and Equipment
 
The amounts capitalized as oil and natural gas properties were incurred for the purchase, exploration and ongoing development of various properties.
 
   
March 31, 2012
  
December 31, 2011
 
   $   $  
Oil and natural gas properties (using the full-cost method)
        
Unproved properties
  45,138,185   43,540,400 
Proved properties
  29,872,886   30,348,218 
Total oil and natural gas properties
  75,011,071   73,888,618 
Building
  889,609   889,609 
Computer, office and other equipment
  634,672   625,277 
Total property and equipment
  76,535,352   75,403,504 
Accumulated impairment of oil and natural gas properties
  (30,757,015)  (30,757,015)
Accumulated depletion
  (1,493,500)  (1,394,200)
Accumulated depreciation
  (691,922)  (672,184)
Total property and equipment, net
  43,592,915   42,580,105 
 
 
The Company has capitalized $74,310 for the three months ended March 31, 2012 (March 31, 2011 - $191,543) of general and administrative expenses directly related to exploration activities.  These amounts include $8,532 (March 31, 2011 - $98,496) of capitalized stock-based compensation expense and capitalized support equipment depreciation of $8,736 (March 31, 2011 - $9,961).
 
Impairment of Oil and Gas Properties
The Company performed a ceiling test calculation at March 31, 2012, to assess the ceiling limitation of its proved oil properties.  At March 31, 2012, the Company's net capitalized costs of proved oil and natural gas properties did not exceed the ceiling limitation.