As at December 31, 2011, the Company holds a 45% interest in the share capital of McCallan Oil & Gas (UK) Ltd. (“McCallan”), a United Kingdom private company. The Company does not have representation on the board of McCallan nor does it have significant influence over decision making. Accordingly, the Company does not consider McCallan as an equity investment; it is accounted for as an available-for-sale investment measured at fair market value with changes in fair value recognized in other comprehensive income. During the year ended December 31, 2011, the Company determined that its investment in McCallan was impaired. As at December 31, 2011, the Company holds 2,000,000 common shares of Eurogas, which represents approximately a 1% interest in Eurogas. The investment in Eurogas is accounted for as an available-for-sale investment which is subsequently measured at fair market value with changes in fair value recognized in other comprehensive income. As a result of a lack of available information to the Company, and no active market, the Company determined that its long term investments are impaired. Accordingly, the carrying value of its investments of $2,005,552 was written off to operations during the year ended December 31, 2011. Noch Fragen?!?
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