Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 137,796 $ 137,139
Restricted cash 1,226 1,314
Receivables:    
Trade 19,991 10,087
Accounts with partners, net of allowance of $5.0 million and $4.4 million at June 30, 2012 and December 31, 2011, respectively 2,135 6,974
Other 5,068 4,239
Crude oil inventory 1,379 757
Materials and supplies 415 235
Prepayments and other 3,754 2,178
Total current assets 171,764 162,923
Property and equipment - successful efforts method:    
Wells, platforms and other production facilities 189,317 178,653
Undeveloped acreage 24,605 25,344
Work in progress 26,482 20,703
Equipment and other 6,636 4,543
Property, Plant and Equipment, Gross, Total 247,040 229,243
Accumulated depreciation, depletion and amortization (140,922) (129,395)
Net property and equipment 106,118 99,848
Other assets:    
Deferred tax asset 1,349 1,349
Restricted cash 10,895 10,895
Total Assets 290,126 275,015
Current liabilities:    
Accounts payable and accrued liabilities 20,794 25,090
Total current liabilities 20,794 25,090
Other liabilities 2,480 2,330
Asset retirement obligations 9,463 14,528
Total Liabilities 32,737 41,948
Commitments and Contingencies (Note 4)      
VAALCO Energy, Inc. shareholders' equity:    
Common stock, $0.10 par value, 100,000,000 authorized shares, 63,103,437 and 62,376,563 shares issued with 5,257,638 and 5,257,638 shares in treasury at June 30, 2012 and December 31, 2011, respectively 6,310 6,238
Additional paid-in capital 71,123 66,122
Retained earnings 200,183 180,739
Less treasury stock, at cost (23,975) (23,975)
Total VAALCO Energy, Inc. shareholders' equity 253,641 229,124
Noncontrolling interest 3,748 3,943
Total Equity 257,389 233,067
Total Liabilities and Equity $ 290,126 $ 275,015