Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 140,329 $ 137,139
Restricted cash 947 1,314
Receivables:    
Trade 643 10,087
Accounts with partners, net of allowance of $4.7 million and $4.4 million at March 31, 2012 and December 31, 2011 respectively 13,649 6,974
Other 8,424 4,239
Crude oil inventory 1,842 757
Materials and supplies 450 235
Prepayments and other 4,966 2,178
Total current assets 171,250 162,923
Property and equipment-successful efforts method:    
Wells, platforms and other production facilities 192,207 178,653
Undeveloped acreage 24,647 25,344
Work in progress 22,526 20,703
Equipment and other 6,787 4,543
Property, Plant and Equipment, Gross, Total 246,167 229,243
Accumulated depreciation, depletion and amortization (134,733) (129,395)
Net property and equipment 111,434 99,848
Other assets:    
Deferred tax asset 1,349 1,349
Restricted cash 10,895 10,895
Total assets 294,928 275,015
Current liabilities:    
Accounts payable and accrued liabilities 33,461 25,090
Total current liabilities 33,461 25,090
Asset retirement obligations 14,874 14,528
Other liabilities 2,330 2,330
Total liabilities 50,665 41,948
Commitments and contingencies (Note 4)      
VAALCO Energy, Inc. shareholders' equity:    
Common stock, $0.10 par value, 100,000,000 authorized shares, 62,581,563 and 62,376,563 shares issued with 5,257,638 and 5,257,638 shares in treasury at March 31, 2012 and December 31, 2011, respectively 6,258 6,238
Additional paid-in capital 68,370 66,122
Retained earnings 189,757 180,739
Less treasury stock, at cost (23,975) (23,975)
Total VAALCO Energy, Inc. shareholders' equity 240,410 229,124
Noncontrolling interest 3,853 3,943
Total Equity 244,263 233,067
Total Liabilities and Equity $ 294,928 $ 275,015