Annual report pursuant to Section 13 and 15(d)

Statements Of Consolidated Operations

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Statements Of Consolidated Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
Oil and gas sales $ 210,436 $ 134,472 $ 115,298
Operating costs and expenses:      
Production expense 26,731 22,112 21,978
Exploration expense 5,708 6,813 36,464
Depreciation, depletion and amortization 25,596 20,021 20,760
General and administrative expense 10,417 7,403 9,580
Bad debt expenses 4,448    
Impairment of proved properties 4,975    
Other operating income     (6,503)
Total operating costs and expenses 77,875 56,349 82,279
Operating income 132,561 78,123 33,019
Other income (expense):      
Interest income 184 151 654
Interest expense     (450)
Other, net 1,285 (627) (465)
Total other income (expense) 1,469 (476) (261)
Income before income taxes 134,030 77,647 32,758
Income tax expense 93,468 35,260 36,902
Net income (loss) 40,562 42,387 (4,144)
Less net income attributable to noncontrolling interest (6,417) (5,047) (3,745)
Net income (loss) attributable to VAALCO Energy, Inc. $ 34,145 $ 37,340 $ (7,889)
Basic net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders $ 0.60 $ 0.66 $ (0.14)
Diluted net income (loss) per share attributable to VAALCO Energy, Inc. common shareholders $ 0.59 $ 0.65 $ (0.14)
Basic weighted average shares outstanding 57,048 56,466 57,407
Diluted weighted average shares outstanding 57,973 57,038 57,407