Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 61,048 $ 69,051
Restricted cash 1,194 1,584
Receivables:    
Trade 8,165 19,527
Accounts with partners, net of allowance $7.6 million at June 30, 2015 and December 31, 2014 19,054 10,903
Other, net of allowance of $2.4 million at June 30, 2015 and December 31, 2014 6,278 3,285
Crude oil inventory 447 1,905
Materials and supplies 254 286
Prepayments and other 5,069 6,509
Total current assets 101,509 113,050
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 368,734 338,641
Undeveloped acreage 18,787 22,133
Work in progress 23,684 25,157
Equipment and other 13,546 11,907
Property, plant and equipment, gross, Total 424,751 397,838
Accumulated depreciation, depletion and amortization (314,337) (289,714)
Net property and equipment 110,414 108,124
Other assets:    
Restricted cash 15,830 20,830
Deferred tax asset 1,349 1,349
Deferred finance charge 1,648 1,959
Abandonment funding 3,537 3,537
Total Assets 234,287 248,849
Current liabilities:    
Accounts payable and accrued liabilities 60,939 38,540
Accounts with partners 3,330  
Total current liabilities 64,269 38,540
Asset retirement obligations 15,951 14,846
Long term debt 15,000 15,000
Total liabilities $ 95,220 $ 68,386
Commitments and contingencies (Note 10)    
VAALCO Energy Inc. shareholders’ equity:    
Common stock, 65,782,113 and 65,194,828 shares issued, $0.10 par value, 100,000,000 shares authorized $ 6,578 $ 6,519
Additional paid-in capital 67,677 64,351
Less treasury stock, 7,508,699 and 7,393,714 shares at cost (37,871) (37,299)
Retained earnings 102,683 146,892
Total equity 139,067 180,463
Total liabilities and equity $ 234,287 $ 248,849