Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CONSOLIDATED OPERATIONS (Unaudited)

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STATEMENTS OF CONSOLIDATED OPERATIONS (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues:      
Oil and gas sales $ 169,277 $ 195,287 $ 210,436
Operating costs and expenses:      
Production expense 36,615 26,724 26,731
Exploration expense 23,928 41,037 5,708
Depreciation, depletion and amortization 16,929 19,913 25,596
General and administrative expense 11,254 11,779 10,417
Bad debt and other expenses 3,326 1,621 4,448
Impairment of proved properties   7,620 4,975
Total operating costs and expenses 92,052 108,694 77,875
Operating income 77,225 86,593 132,561
Other income (expense):      
Interest income 73 145 184
Other, net (111) 414 1,285
Total other income (expense) (38) 559 1,469
Income before income taxes 77,187 87,152 134,030
Income tax expense 34,115 81,813 93,468
Net income 43,072 5,339 40,562
Less net income attributable to noncontrolling interest   (4,708) (6,417)
Net income attributable to VAALCO Energy, Inc. $ 43,072 $ 631 $ 34,145
Basic net income per share atributable to VAALCO Energy, Inc. common shareholders $ 0.75 $ 0.01 $ 0.60
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.74 $ 0.01 $ 0.59
Basic weighted average shares outstanding 57,298,910 57,673,342 57,047,531
Diluted weighted average shares outstanding 57,925,001 58,832,059 57,972,581