Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details)

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Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - Etame Marine Block [Member]
$ / shares in Units, shares in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
$ / shares
shares
Crude oil, natural gas and natural gas liquids sales $ 121,127 [1]
Operating income 61,427,000 [2]
Net income $ 31,039,000 [3]
Basic net income per share: (in dollars per share) | $ / shares $ 0.29
Basic weighted average shares outstanding (in shares) | shares 108,009
Diluted net income per share: (in dollars per share) | $ / shares $ 0.29
Diluted weighted average shares outstanding (in shares) | shares 108,486
[1] The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method.
[2] The unaudited pro forma operating income for the three months ended March 31, 2022 removes the $26.0 million impairment reversal recorded by TransGlobe in 2022, excludes $10.2 million of severance costs associated with the Arrangement, excludes $6.5 million of TransGlobe transaction costs associated with the Arrangement, reclassifies depreciation for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the Arrangement based on the purchase price allocation.
[3] The unaudited pro forma net income for the year ended March 31, 2022 excludes $14.6 million of transaction costs incurred by VAALCO associated with the Arrangement, excludes the bargain purchase gain of $9.4 million and reclassifies interest expense, for certain leases identified as operating leases, as production expense.