Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Consolidated Operations (Unaudited)

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Condensed Statements of Consolidated Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues:        
Oil and gas sales $ 37,630 $ 37,350 $ 141,734 $ 142,669
Operating costs and expenses:        
Production expenses 5,941 4,473 18,004 15,513
Exploration expense 699 1,264 5,036 3,572
Depreciation, depletion and amortization 4,861 5,153 16,715 17,796
General and administrative expenses 2,546 2,580 9,067 8,055
Bad debt expenses 369 4,061 959 4,061
Impairment of proved properties 7,620    7,620   
Total operating costs and expenses 22,036 17,531 57,401 48,997
Operating income 15,594 19,819 84,333 93,672
Other income (expense):        
Interest income 36 53 109 136
Other, net (27) 700 556 1,098
Total other income, net 9 753 665 1,234
Income before income taxes 15,603 20,572 84,998 94,906
Income tax expense 14,191 17,117 60,740 65,046
Net income 1,412 3,455 24,258 29,860
Less net income attributable to noncontrolling interest (1,306) (1,056) (4,708) (4,436)
Net income attributable to VAALCO Energy, Inc. $ 106 $ 2,399 $ 19,550 $ 25,424
Basic net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.00 $ 0.04 $ 0.34 $ 0.45
Diluted net income per share attributable to VAALCO Energy, Inc. common shareholders $ 0.00 $ 0.04 $ 0.33 $ 0.44
Basic weighted shares outstanding 57,846 57,072 57,614 57,023
Diluted weighted shares outstanding 58,947 57,878 58,785 57,993