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

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Dispositions (Tables)

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2022

Acquisitions and Dispositions [Abstract]

Fair Value of Assets and Liabilities Acquired


		February 25, 2021
		(in thousands)
Purchase Consideration
Cash	$	33,959
Fair value of contingent consideration		4,647
Total purchase consideration	$	38,606

		February 25, 2021
		(in thousands)
Assets acquired:
Wells, platforms and other production facilities	$	37,176
Equipment and other		5,568
Value added tax and other receivables		1,234
Abandonment funding		11,781
Accounts receivable - trade		11,220
Other current assets		3,963
Liabilities assumed:
Asset retirement obligations		(14,564)
Accrued liabilities and other		(10,121)
Bargain purchase gain		(7,651)
Total purchase price	$	38,606

Pro Forma Results of Acquisition


	Three Months Ended March 31,
	2021
	(in thousands)
Pro forma (unaudited)
Crude oil and natural gas sales	$	57,547
Operating income		25,025
Net income		11,736	(a)

Basic net income loss per share:
Income from continuing operations	$	0.20
Net income per share	$	0.20
Basic weighted average shares outstanding		57,636
Diluted net income per share:
Income from continuing operations	$	0.20
Net income per share	$	0.20
Diluted weighted average shares outstanding		58,461

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(a)The pro forma net loss for the three months ended March 31, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.