Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.3.1.900
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 25,357 $ 69,051
Restricted cash 1,048 1,584
Receivables:    
Trade 5,353 19,527
Accounts with partners, net of allowance of $7.6 million at December 31, 2015 and 2014 27,856 10,903
Other, net of allowance of $2.4 million at December 31, 2014 42 3,285
Crude oil inventory 639 1,905
Materials and supplies 194 286
Prepayments and other 3,253 6,509
Total current assets 63,742 113,050
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 412,593 338,641
Undeveloped acreage 10,000 22,133
Work in progress   25,157
Equipment and other 10,948 11,907
Property, plant and equipment, gross, Total 433,541 397,838
Accumulated depreciation, depletion and amortization (400,168) (289,714)
Net property and equipment 33,373 108,124
Other noncurrent assets:    
Restricted cash 15,830 20,830
Value added tax receivable, net of allowance of $4.2 million at December 31, 2015 4,221  
Deferred tax asset   1,349
Deferred finance charge 1,655 1,959
Abandonment funding 5,137 3,537
Total assets 123,958 248,849
Current liabilities:    
Accounts payable 46,848 11,671
Accrued liabilities and other 19,868 26,869
Total current liabilities 66,716 38,540
Asset retirement obligations 16,166 14,846
Long term debt 15,000 15,000
Total liabilities $ 97,882 $ 68,386
Commitments and contingencies (Note 8)
VAALCO Energy Inc. shareholders’ equity:    
Preferred stock, none issued, 500,000 shares authorized, $25 par value
Common stock, 66,041,338 and 65,194,828 shares issued, $0.10 par value, 100,000,000 shares authorized $ 6,604 $ 6,519
Additional paid-in capital 69,118 64,351
Less treasury stock, 7,514,169 and 7,393,714 shares at cost (37,882) (37,299)
Retained earnings (deficit) (11,764) 146,892
Total equity 26,076 180,463
Total liabilities and equity $ 123,958 $ 248,849