Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 130,529 $ 130,800
Restricted cash 12,366 1,257
Receivables:    
Trade 16,972 7,961
Accounts with partners, net of allowance of $7.6 million in 2013 and $6.0 million in 2012 307 689
Other 4,435 4,463
Crude oil inventory 352 683
Materials and supplies 164 337
Prepayments and other 2,339 2,935
Total current assets 167,464 149,125
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 215,701 188,208
Undeveloped acreage 23,705 28,657
Work in progress 64,489 38,137
Equipment and other 6,831 7,574
Property, plant and equipment, gross, Total 310,726 262,576
Accumulated depreciation, depletion and amortization (172,202) (155,968)
Net property and equipment 138,524 106,608
Other assets:    
Deferred tax asset 1,349 1,349
Restricted cash 830 10,874
Total Assets 308,167 267,956
Current liabilities:    
Accounts payable and accrued liabilities 42,561 30,326
Accounts with partners 3,268 14,737
Total current liabilities 45,829 45,063
Asset retirement obligations 11,464 10,368
Total liabilities 57,293 55,431
Commitments and contingencies (Note 6)      
VAALCO Energy Inc. shareholders’ equity:    
Common stock, $0.10 par value, 100,000,000 authorized shares, 64,012,914 and 63,135,772 shares issued with 7,162,573 and 5,257,638 shares in treasury at Dec. 31, 2013 and 2012, respectively 6,408 6,314
Additional paid-in capital 55,455 48,816
Retained earnings 224,442 181,370
Less treasury stock, at cost (35,431) (23,975)
Total Equity 250,874 212,525
Total Liabilities and Equity $ 308,167 $ 267,956