Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.4.0.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 24,156 $ 25,357
Restricted cash 796 1,048
Receivables:    
Trade 5,423 5,353
Accounts with partners, net of allowance of $7.6 million at December 31, 2015 23,139 27,856
Other 133 42
Crude oil inventory 920 639
Materials and supplies 174 194
Prepayments and other 3,578 3,253
Total current assets 58,319 63,742
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 412,593 412,593
Undeveloped acreage 10,000 10,000
Equipment and other 10,726 10,948
Property, plant and equipment, gross, Total 433,319 433,541
Accumulated depreciation, depletion and amortization (402,157) (400,168)
Net property and equipment 31,162 33,373
Other noncurrent assets:    
Restricted cash 15,830 15,830
Value added tax receivable, net of allowance of $4.7 million and $4.2 million at March 31, 2016 and December 31, 2015 4,690 4,221
Deferred finance charge 1,552 1,655
Abandonment funding 5,137 5,137
Total assets 116,690 123,958
Current liabilities:    
Accounts payable 43,671 46,848
Foreign taxes payable 2,967  
Accrued liabilities and other 19,803 19,868
Total current liabilities 66,441 66,716
Asset retirement obligations 16,418 16,166
Long term debt 15,000 15,000
Total liabilities $ 97,859 $ 97,882
Commitments and contingencies (Note 6)
VAALCO Energy Inc. shareholders’ equity:    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 66,041,338 and 66,041,338 shares issued, $0.10 par value, 100,000,000 shares authorized $ 6,604 $ 6,604
Additional paid-in capital 69,977 69,118
Less treasury stock, 7,554,977 and7,514,169 shares at cost (37,923) (37,882)
Retained deficit (19,827) (11,764)
Total equity 18,831 26,076
Total liabilities and equity $ 116,690 $ 123,958