VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

Asset Retirement Obligations

6 Months Ended

Jun. 30, 2015

Asset Retirement Obligation [Abstract]

8. ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations represent the present value of our future obligations for the future abandonment costs of tangible assets such as platforms, well, pipelines and other facilities. Changes in our asset retirement obligations are presented as follows:



	Six Months Ended
(In Thousands)	June 30, 2015
Balance at January 1, 2015	$	14,846
Accretion expense		492
Additions		613
Balance at June 30, 2015	$	15,951

In the six months ended June 30, 2015, we increased the asset retirement obligation to recognize abandonment liabilities for additional development wells offshore Gabon.