VAALCO Energy, Inc. Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

A summary of the stock option activity for the three months ended March 31, 2015 is provided below:

	Number of Shares Underlying Options (in thousands)			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding at beginning of period		4,765		$	7.41		2.62	$	1,610
Granted		1,339			4.98		4.93
Exercised		(245	)		4.28		0.00
Forfeited		(88	)		7.33		3.41
Outstanding at end of period		5,772			6.98		3.06	$	-
Vested and expected to vest - end of period		5,720		6.98			3.06	$	-

A summary of the restricted stock activity for the three months ended March 31, 2015 is provided below:

	Restricted Stock			Weighted Average Grant Price
Non-Vested Shares Outstanding December 31, 2014		147,868		$	6.39
Awards granted		238,783		$	4.98
Awards vested		(105,529	)	$	5.40
Awards forfeited		-			-
Non-Vested Shares Outstanding March 31, 2015		281,122		$	5.56