Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets (USD $)
In Thousands
Jun. 30, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 114,467 $ 81,234
Funds in escrow 11,043 14,932
Receivables:    
Trade 11,050 14,068
Accounts with partners 11,532 16,180
Other 10,352 10,412
Crude oil inventory 891 548
Materials and supplies 472 501
Prepayments and other 2,363 1,482
Total current assets 162,170 139,357
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 167,355 168,139
Undeveloped acreage 19,245 16,692
Work in progress 16,333 8,812
Equipment and other 2,837 2,634
Property, Plant and Equipment, Gross, Total 205,770 196,277
Accumulated depreciation, depletion and amortization (111,604) (99,457)
Net property and equipment 94,166 96,820
Other assets:    
Deferred tax asset 1,349 1,349
Funds in escrow 874 874
Total Assets 258,559 238,400
Current liabilities:    
Accounts payable and accrued liabilities 19,597 26,702
Total current liabilities 19,597 26,702
Other liabilities 2,230 2,030
Asset retirement obligations 14,592 13,425
Total Liabilities 36,419 42,157
Commitments and Contingencies (Note 4)    
VAALCO Energy, Inc. shareholders' equity:    
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,046,139 and 62,822,805 shares issued with 6,005,547 and 6,005,547 shares in treasury at June 30, 2011 and December 31, 2010, respectively 6,305 6,282
Additional paid-in capital 66,980 64,314
Retained earnings 169,619 146,594
Less treasury stock, at cost (25,665) (25,665)
Total VAALCO Energy, Inc. shareholders' equity 217,239 191,525
Noncontrolling interest 4,901 4,718
Total Equity 222,140 196,243
Total Liabilities and Equity $ 258,559 $ 238,400