VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Liquidity And Going Concern (Details)

Liquidity And Going Concern (Details)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 14, 2016

USD ($)

Dec. 31, 2015

USD ($)

$ / Boe

Sep. 30, 2015

USD ($)

^[1]

Jun. 30, 2015

USD ($)

^[1]

Mar. 31, 2015

USD ($)

^[1]

Dec. 31, 2014

USD ($)

^[1]

Sep. 30, 2014

USD ($)

^[1]

Jun. 30, 2014

USD ($)

$ / Boe

Mar. 31, 2014

USD ($)

^[1]

Dec. 31, 2015

USD ($)

$ / Boe

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Liquidity And Going Concern [Line Items]

Oil and natural gas sales

$ 17,523

^[1]

$ 17,546

$ 27,137

$ 18,239

$ 23,037

$ 24,486

$ 52,098

^[1]

$ 28,071

$ 80,445

$ 127,691

$ 169,277

Borrowings under credit facility

15,000

Credit facility borrowing base

$ 20,100

Energy Related Derivative [Member]

Liquidity And Going Concern [Line Items]

Crude oil, average price per Barrel | $ / Boe

33.56

103.23

33.56

Sonangol P&P [Member] | Subsequent Event [Member]

Liquidity And Going Concern [Line Items]

Joint interest owner payments

$ 19,000

[1]

As discussed in Note 3 to the consolidated financial statements an error was identified the prepaid royalty account that caused previous periods to be misstated. Total revenues were corrected through an out of period adjustment in the fourth quarter of 2015 with reduction of $2.3 million, overstating operating loss and net loss by $2.3 million.

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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