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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
- Capitalization of Exploratory Well Costs (Policies)
Notes Tables
Notes Details

Supplemental Information on Oil and Gas Producing Activities - Net Proved Reserves (Detail)

v2.4.1.9

Supplemental Information on Oil and Gas Producing Activities - Net Proved Reserves (Detail)	12 Months Ended
	Dec. 31, 2014 MBbls	Dec. 31, 2013 MBbls	Dec. 31, 2012 MBbls	Dec. 31, 2011 MBbls
Oil
Proved Reserves:
Beginning Balance	7,232	7,488	6,048
Production	(1,351)	(1,549)	(1,741)
Revisions of previous estimates	2,312	771	2,200
Extensions and discoveries	67	522	981
Ending Balance	8,260	7,232	7,488
Proved Developed Reserves	3,224	3,305	3,750	3,854
Gas
Proved Reserves:
Beginning Balance	1,333,000	1,544,000	1,925,000
Production	(227,000)	(325,000)	(532,000)
Revisions of previous estimates	300,000	114,000	151,000
Ending Balance	1,406,000	1,333,000	1,544,000
Proved Developed Reserves	1,406,000	1,333,000	1,544,000	856,000

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Additions to proved reserves that result from (1) extension of the proved acreage of previously discovered (old) reservoirs through additional drilling in periods after discovery and (2) discovery of new fields with proved reserves or of new reservoirs of proved reserves in old fields.

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The net quantity of proved reserves as of the balance sheet date. Proved oil reserves are the estimated quantities of crude oil and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable.

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Production of proved reserves.

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Revisions represent changes in previous estimates of proved reserves, either upward or downward, resulting from new information (except for an increase in proved acreage) normally obtained from development drilling and production history or resulting from change in economic factors.

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Net quantities of an enterprise's interests in proved developed reserves of either crude oil (including condensate and natural gas liquids), natural gas, synthetic oil and gas, or other nonrenewable natural resource that is intended to be upgraded into synthetic oil and gas as of the beginning and the end of the year. "Net" quantities of reserves include those relating to the enterprise's operating and nonoperating interests in properties. Quantities of reserves relating to royalty interests owned are included in "net" quantities if the necessary information is available to the enterprise. "Net" quantities does not include reserves relating to interests of others in properties owned by the enterprise. The unit of measure for reserve quantities is defined as "barrels" for oil and synthetic oil reserves or "cubic feet" or "cubic meters" for natural gas and synthetic gas reserves.

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