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 Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Oil and gas sales $ 24,486 $ 37,740 $ 104,659 $ 110,995
Operating costs and expenses        
Production expense 7,145 12,576 21,643 27,975
Exploration expense 598 11,070 15,213 21,456
Depreciation, depletion and amortization 4,289 3,954 15,444 11,011
General and administrative expense 3,967 1,893 10,689 7,995
Bad debt expense and other expense 1,800 143 1,800 1,284
Total operating cost and expenses 17,799 29,636 64,789 69,721
Operating income 6,687 8,104 39,870 41,274
Other income (expenses):        
Interest income 19 16 65 57
Other, net 164 (72) (250) (168)
Total other income (expenses) 183 (56) (185) (111)
Income before income taxes 6,870 8,048 39,685 41,163
Income tax expense (3,761) (5,662) (18,897) (24,467)
Net income $ 3,109 $ 2,386 $ 20,788 $ 16,696
Earnings per share - basic:        
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.05 $ 0.04 $ 0.36 $ 0.29
Earnings per share - diluted:        
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.05 $ 0.04 $ 0.36 $ 0.29
Basic weighted-average shares outstanding 57,304,763 56,600,866 57,040,166 57,464,763
Diluted weighted-average shares outstanding 57,867,303 57,115,614 57,575,305 58,200,208