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Schedule I - Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2015
Schedule I - Parent Company Financial Statements [Abstract] |
Schedule I - Parent Company Financial Statements | SCH EDULE I — PARENT COMPANY FINANCIAL STATEMENTS VAALCO ENERGY, INC. UNCONSOLIDATED BALANCE SHEETS (in thousands of dollars, except number of shares and par value amounts)
|  | December 31, |  | December 31,
|  | 2015 |  | 2014
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | - |  | $ | 3,780
Receivables: |  |  |  |  |  |
Other |  |  | - |  |  | 264
Prepayments and other |  |  | 741 |  |  | 505
Total current assets |  |  | 741 |  |  | 4,549
Property and equipment - successful efforts method: |  |  |  |  |  |
Equipment and other |  |  | 1,222 |  |  | 1,316
|  |  | 1,222 |  |  | 1,316
Accumulated depreciation, depletion and amortization |  |  | (428) |  |  | (442)
Net property and equipment |  |  | 794 |  |  | 874
Other noncurrent assets: |  |  |  |  |  |
Restricted cash |  |  | 1,582 |  |  | 10,000
Deferred tax asset |  |  | - |  |  | 1,349
Investment in subsidiaries |  |  | 26,781 |  |  | 166,232
Total assets |  | $ | 29,898 |  | $ | 183,004
LIABILITIES AND EQUITY |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Accounts payable |  | $ | 968 |  | $ | 215
Accrued liabilities and other |  |  | 2,854 |  |  | 2,326
Total liabilities |  |  | 3,822 |  |  | 2,541
Commitments and contingencies |  |  |  |  |  |
VAALCO Energy Inc. shareholders’ equity: |  |  |  |  |  |
Preferred stock, none issued, 500,000 shares authorized, $25 par value |  |  | - |  |  | -
Common stock, 66,041,338 and 65,194,828 shares issued, $0.10 par value, 100,000,000 shares authorized |  |  | 6,604 |  |  | 6,519
Additional paid-in capital |  |  | 69,118 |  |  | 64,351
Less treasury stock, 7,514,169 and 7,393,714 shares at cost |  |  | (37,882) |  |  | (37,299)
Retained earnings (deficit) |  |  | (11,764) |  |  | 146,892
Total equity |  |  | 26,076 |  |  | 180,463
Total liabilities and equity |  | $ | 29,898 |  | $ | 183,004
See accompanying notes to the unconsolidated financial statements. VAALCO ENERGY, INC. STATEMENTS OF UNCONSOLIDATED OPERATIONS (in thousand dollars)
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Revenues: |  |  |  |  |  |  |  |  |
Oil and gas sales |  | $ | - |  | $ | - |  | $ | -
Operating costs and expenses: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 240 |  |  | 94 |  |  | 63
General and administrative expense |  |  | 7,550 |  |  | 6,740 |  |  | 5,750
General and administrative expense related to shareholder matters |  |  | 2,372 |  |  | - |  |  | -
Other costs and expenses |  |  | - |  |  | - |  |  | -
Total operating costs and expenses |  |  | 10,162 |  |  | 6,834 |  |  | 5,813
Operating income (loss) |  |  | (10,162) |  |  | (6,834) |  |  | (5,813)
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net |  |  | (181) |  |  | 33 |  |  | 33
Other, net |  |  | (469) |  |  | 450 |  |  | -
Equity in subsidiary earnings (losses) |  |  | (146,495) |  |  | (71,199) |  |  | 48,852
Total other income (expense) |  |  | (147,145) |  |  | (70,716) |  |  | 48,885
Income (loss) before income taxes |  |  | (157,307) |  |  | (77,550) |  |  | 43,072
Income tax expense |  |  | (1,349) |  |  | - |  |  | -
Net income (loss) |  | $ | (158,656) |  | $ | (77,550) |  | $ | 43,072
VAALCO ENERGY, INC. STATEMENTS OF UNCONSOLIDATED CASH FLOWS (in thousands of dollars)
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (158,656) |  | $ | (77,550) |  | $ | 43,072
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 240 |  |  | 94 |  |  | 63
Deferred tax asset |  |  | 1,349 |  |  | - |  |  | -
Stock-based compensation |  |  | 3,810 |  |  | 3,322 |  |  | 3,005
Equity in (earnings) losses from subsidiaries |  |  | 146,495 |  |  | 71,199 |  |  | (48,852)
Change in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Other receivables |  |  | 293 |  |  | (257) |  |  | 180
Prepayments and other |  |  | (236) |  |  | (416) |  |  | (16)
Accounts payable |  |  | 753 |  |  | (34) |  |  | 213
Accrued liabilities and other |  |  | 517 |  |  | 187 |  |  | 158
Net cash used in operating activities |  |  | (5,435) |  |  | (3,455) |  |  | (2,177)
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | (7,044) |  |  | (4,371) |  |  | (8,245)
Decrease in restricted cash |  |  | 8,418 |  |  | - |  |  | -
Property and equipment expenditures |  |  | (160) |  |  | (816) |  |  | (47)
Net cash provided by (used in) investing activities |  |  | 1,214 |  |  | (5,187) |  |  | (8,292)
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from the issuances of common stock |  |  | 441 |  |  | 5,685 |  |  | 3,729
Purchases of treasury stock |  |  | - |  |  | (1,868) |  |  | (11,456)
Net cash provided by (used in) financing activities |  |  | 441 |  |  | 3,817 |  |  | (7,727)
NET CHANGE IN CASH AND CASH EQUIVALENTS |  |  | (3,780) |  |  | (4,825) |  |  | (18,196)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |  |  | 3,780 |  |  | 8,605 |  |  | 26,801
CASH AND CASH EQUIVALENTS AT END OF PERIOD |  | $ | - |  | $ | 3,780 |  | $ | 8,605
See accompanying notes to the unconsolidated financial statements. Notes to Unconsolidated Financial Statements Note 1- The financial statements of VAALCO Energy, Inc. (the “Parent Company”) have been prepared pursuant to Rule 5-04 of Regulation S-X of the Securities Exchange Act of 1934, as amended, because certain of VAALCO’s subsidiaries are contractually prohibited from making payments, loans or transferring assets to the Parent Company or other affiliated entities. Specifically, under the terms of our IFC credit facility, VAALCO Etame (Gabon), Inc. could be restricted from transferring assets or making dividends, if the positive and negative covenants are not in compliance with the credit facility. The restricted net assets associated with each of these entities exceed 25% of the consolidated net assets of VAALCO Energy, Inc. as of December 31, 2015 and 2014. For purposes of these financial statements, the Parent Company’s investments in wholly owned subsidiaries are accounted for under the equity method. Under this method, the accounts of the subsidiaries are not consolidated. The investments in and advances to subsidiaries are recorded in the unconsolidated balance sheets. The Parent Company’s share of income (loss) from operations of the subsidiaries is reported as equity in subsidiary earnings, net of tax, in its unconsolidated statements of operations. These statements should be read in conjunction with the consolidated financial statements and notes thereto, included in Part II, Item 8 of in this Annual Report on Form 10-K. The Parent Company and certain of its subsidiaries file a consolidated tax return for U.S. federal income taxes. The amount of income tax expense for the Parent Company financial statements represents the amount attributable to the U.S. federal and state tax jurisdictions. Income tax expense for foreign jurisdictions has been included in the applicable subsidiary’s results.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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