Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Consolidated Operations (Unaudited)

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Condensed Statements of Consolidated Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues:        
Oil and gas sales $ 58,818 $ 58,547 $ 104,104 $ 105,319
Operating costs and expenses:        
Production expenses 6,537 5,807 12,063 11,040
Exploration expense 3,484 1,189 4,337 2,308
Depreciation, depletion and amortization 6,850 6,545 11,854 12,643
General and administrative expenses 3,040 2,494 6,521 5,475
Bad debt expenses 275    590   
Total operating costs and expenses 20,186 16,035 35,365 31,466
Operating income 38,632 42,512 68,739 73,853
Other income (expense):        
Interest income 32 47 73 83
Other, net 382 592 583 398
Total other income (expense) 414 639 656 481
Income before income taxes 39,046 43,151 69,395 74,334
Income tax expense 26,729 29,641 46,549 47,929
Net income 12,317 13,510 22,846 26,405
Less net income attributable to noncontrolling interest (1,893) (1,723) (3,402) (3,380)
Net income attributable to VAALCO Energy, Inc. $ 10,424 $ 11,787 $ 19,444 $ 23,025
Basic net income attributable to VAALCO Energy, Inc. common shareholders $ 0.18 $ 0.21 $ 0.34 $ 0.40
Diluted net income attributable to VAALCO Energy, Inc. common shareholders $ 0.18 $ 0.20 $ 0.33 $ 0.40
Basic weighted shares outstanding 57,797 57,027 57,496 56,999
Diluted weighted shares outstanding 59,000 58,021 58,701 58,113