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 Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:      
Oil and gas sales $ 195,287 $ 210,436 $ 134,472
Operating costs and expenses:      
Production expense 26,724 26,731 22,112
Exploration expense 41,037 5,708 6,813
Depreciation, depletion and amortization 19,913 25,596 20,021
General and administrative expense 11,779 10,417 7,403
Bad debt expenses 1,621 4,448  
Impairment of proved properties 7,620 4,975  
Total operating costs and expenses 108,694 77,875 56,349
Operating income 86,593 132,561 78,123
Other income (expense):      
Interest income 145 184 151
Other, net 414 1,285 (627)
Total other income (expense) 559 1,469 (476)
Income before income taxes 87,152 134,030 77,647
Income tax expense 81,813 93,468 35,260
Net income 5,339 40,562 42,387
Less net income attributable to noncontrolling interest (4,708) (6,417) (5,047)
Net income attributable to VAALCO Energy, Inc. $ 631 $ 34,145 $ 37,340
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.01 $ 0.60 $ 0.66
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.01 $ 0.59 $ 0.65
Basic weighted average shares outstanding 57,673,342 57,047,531 56,465,800
Diluted weighted average shares outstanding 58,832,059 57,972,581 57,038,053