VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Supplemental Information on Oil and Gas Producing Activities - Costs Incurred in Oil and Gas Property - Acquisition, Exploration and Development Activities (Detail)

Supplemental Information on Oil and Gas Producing Activities - Costs Incurred in Oil and Gas Property - Acquisition, Exploration and Development Activities (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities
Exploration - expensed	$ 15,358us-gaap_ExplorationExpense	$ 23,928us-gaap_ExplorationExpense	$ 41,037us-gaap_ExplorationExpense
Development	52,800us-gaap_CostsIncurredDevelopmentCosts
United States
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities
Exploration - capitalized			2,602
Exploration - expensed		11,497	38,159
Acquisition			1,630
Development	8	113	9,689
Total	8	11,610	52,080
Foreign Tax Authority
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities
Exploration - capitalized		2,942	5,916
Exploration - expensed	15,358	12,431	2,878
Acquisition			10,000
Development	79,722	54,420	4,022
Total	$ 95,080	$ 69,793	$ 22,816

- Definition

Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells.

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