Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 40,701 $ 69,051
Restricted cash 1,072 1,584
Receivables:    
Trade 6,984 19,527
Accounts with partners, net of allowance $7.6 million at September 30, 2015 and December 31, 2014 17,930 10,903
Other, net of allowance of $2.4 million at December 31, 2014 569 3,285
Crude oil inventory 957 1,905
Materials and supplies 232 286
Prepayments and other 5,285 6,509
Total current assets 73,730 113,050
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 399,485 338,641
Undeveloped acreage 18,787 22,133
Work in progress 2,099 25,157
Equipment and other 15,279 11,907
Property, plant and equipment, gross, Total 435,650 397,838
Accumulated depreciation, depletion and amortization (340,321) (289,714)
Net property and equipment 95,329 108,124
Other assets:    
Restricted cash 15,830 20,830
Value added tax, net of allowance of $5.1 million at September 30, 2015 3,818  
Deferred tax asset 1,349 1,349
Deferred finance charge 1,486 1,959
Abandonment funding 3,537 3,537
Total Assets 195,079 248,849
Current liabilities:    
Accounts payable and accrued liabilities 57,790 38,540
Total current liabilities 57,790 38,540
Asset retirement obligations 16,198 14,846
Long term debt 15,000 15,000
Total liabilities $ 88,988 $ 68,386
Commitments and contingencies (Note 11)
VAALCO Energy Inc. shareholders’ equity:    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 65,918,112 and 65,194,828 shares issued, $0.10 par value, 100,000,000 shares authorized $ 6,592 $ 6,519
Additional paid-in capital 68,355 64,351
Less treasury stock, 7,508,699 and 7,393,714 shares at cost (37,871) (37,299)
Retained earnings 69,015 146,892
Total equity 106,091 180,463
Total liabilities and equity $ 195,079 $ 248,849